Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 25, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
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 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | SGLB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,498,802 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash | $ 9,277,929 | $ 11,447,047 |
Accounts Receivable, net | 261,022 | 412,192 |
Inventory | 782,099 | 710,080 |
Prepaid Assets | 165,274 | 114,278 |
Total Current Assets | 10,486,324 | 12,683,597 |
Other Assets: | ||
Property and Equipment, net | 288,924 | 232,282 |
Intangible Assets, net | 978,984 | 925,111 |
Total Other Assets | 1,267,908 | 1,157,393 |
TOTAL ASSETS | 11,754,232 | 13,840,990 |
Current Liabilities: | ||
Accounts Payable | 320,547 | 206,442 |
Deferred Revenue | 160,276 | 148,855 |
Accrued Expenses | 416,643 | 625,942 |
Total Current Liabilities | 897,466 | 981,239 |
TOTAL LIABILITIES | 897,466 | 981,239 |
Stockholders’ Equity | ||
Preferred Stock, $0.001 par; 10,000,000 shares authorized; 465 shares issued and outstanding, respectively | 1 | 1 |
Common Stock, $0.001 par; 24,000,000 shares authorized; 10,498,802 shares issued and outstanding , respectively | 10,499 | 10,499 |
Additional Paid-In Capital | 53,661,061 | 53,442,431 |
Accumulated Deficit | (42,814,795) | (40,593,180) |
Total Stockholders’ Equity | 10,856,766 | 12,859,751 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 11,754,232 | $ 13,840,990 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 465 |
Preferred stock, shares outstanding | 465 | 465 |
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 | 10,498,802 |
Common stock, shares outstanding | 10,498,802 | 10,498,802 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
REVENUES | $ 51,844 | $ 458,140 |
COST OF REVENUE | 40,091 | 128,331 |
GROSS PROFIT | 11,753 | 329,809 |
OPERATING EXPENSES: | ||
Salaries & Benefits | 1,292,010 | 847,171 |
Stock-Based Compensation | 170,976 | 117,477 |
Operations and R&D Costs | 143,418 | 196,340 |
Investor & Public Relations | 94,326 | 108,341 |
Organization Costs | 58,749 | 77,616 |
Legal & Professional Service Fees | 211,416 | 176,847 |
Office Expenses | 205,432 | 148,225 |
Depreciation & Amortization | 31,584 | 23,031 |
Other Operating Expenses | 87,787 | 86,356 |
Total Operating Expenses | 2,295,698 | 1,781,404 |
LOSS FROM OPERATIONS | (2,283,945) | (1,451,595) |
OTHER INCOME (EXPENSE) | ||
Interest Income | 1,571 | 55 |
Gain on Derivative Liability | 802,285 | |
State Incentives | 76,628 | |
Exchange Rate Loss | (330) | (51) |
Interest Expense | (1,319) | (1,353) |
Total Other Income (Expense) | 76,550 | 800,936 |
LOSS BEFORE PROVISION FOR INCOME TAXES | (2,207,395) | (650,659) |
Provision for Income Taxes | ||
Net Loss | (2,207,395) | (650,659) |
Preferred Dividends | (14,220) | (60,908) |
Net Loss Applicable to Common Stockholders | $ (2,221,615) | $ (711,567) |
Net Loss per Common Share - Basic and Diluted | $ (0.21) | $ (0.09) |
Weighted Average Number of Shares Outstanding - Basic and Diluted | 10,498,802 | 7,790,121 |
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 |
Beginning balance, value at Dec. 31, 2020 | $ 1 | $ 5,995 | $ 38,262,744 | $ (33,105,008) | $ 5,163,732 |
Begining balance shares at Dec. 31, 2020 | 715 | 5,995,320 | |||
Net Loss | (650,659) | (650,659) | |||
Preferred Stock Dividends | $ 19 | 60,889 | (60,908) | ||
Preferred Stock Dividends, shares | 19,000 | ||||
Stock Options Awarded to Directors for Services | 61,471 | 61,471 | |||
Stock Options Awarded to Employees | 117,477 | 117,477 | |||
Common Shares Sold in Public Offerings | $ 3,902 | 14,865,997 | 14,869,899 | ||
Common Shares Sold in Public Offerings, shares | 3,901,783 | ||||
Derivative Liability Value on Issuance Date | (5,708,212) | (5,708,212) | |||
Common Shares issued for Exercise of Warrants | $ 476 | 1,135,534 | 1,136,010 | ||
Common Shares issued for Exercise of Warrants, shares | 475,995 | ||||
Common Shares Issued for Conversion of Preferred Shares | $ 100 | (100) | |||
Common Shares Issued for Conversion of Preferred Shares, shares | (250) | 100,000 | |||
Common Shares Issued for Third Party Services | $ 2 | 30,979 | 30,981 | ||
Common Shares Issued for Third Party Services, shares | 1,500 | ||||
Offering Costs | (1,600,967) | (1,600,967) | |||
Ending balance, value at Mar. 31, 2021 | $ 1 | $ 10,494 | 47,225,812 | (33,816,575) | 13,419,732 |
Ending balance, shares at Mar. 31, 2021 | 465 | 10,493,598 | |||
Beginning balance, value at Dec. 31, 2021 | $ 1 | $ 10,499 | 53,442,431 | (40,593,180) | 12,859,751 |
Begining balance shares at Dec. 31, 2021 | 465 | 10,498,802 | |||
Net Loss | (2,207,395) | (2,207,395) | |||
Preferred Stock Dividends | 14,220 | (14,220) | |||
Common Shares Issued for Third Party Services | 11,713 | 11,713 | |||
Stock Options Awarded to Directors for Services | 21,721 | 21,721 | |||
Stock Options Awarded to Employees | 170,976 | 170,976 | |||
Ending balance, value at Mar. 31, 2022 | $ 1 | $ 10,499 | $ 53,661,061 | $ (42,814,795) | $ 10,856,766 |
Ending balance, shares at Mar. 31, 2022 | 465 | 10,498,802 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net Loss | $ (2,207,395) | $ (650,659) |
Noncash Expenses: | ||
Depreciation and Amortization | 31,584 | 23,031 |
Gain on Derivative Liability | (802,285) | |
Stock Based Compensation Employees | 170,976 | 117,477 |
Stock Based Compensation – Third Party Services | 11,713 | 30,981 |
Stock Based Compensation - Directors | 21,721 | 61,471 |
Change in assets and liabilities: | ||
Accounts Receivable | 151,170 | (56,488) |
Inventory | (72,019) | (88,129) |
Prepaid Assets | (50,996) | (44,718) |
Accounts Payable | 114,105 | 151,500 |
Deferred Revenue | 11,421 | (1,540) |
Accrued Expenses | (209,299) | 18,773 |
NET CASH USED IN OPERATING ACTIVITIES | (2,027,019) | (1,240,586) |
INVESTING ACTIVITIES | ||
Purchase of Property and Equipment | (83,248) | (5,350) |
Purchase of Intangible Assets | (58,851) | (16,619) |
NET CASH USED IN INVESTING ACTIVITIES | (142,099) | (21,969) |
FINANCING ACTIVITIES | ||
Gross Proceeds from Public and Private Issuances of Securities | 14,869,899 | |
Less Offering Costs | (1,600,967) | |
Proceeds from Exercise of Warrants | 1,136,010 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 14,404,942 | |
NET CHANGE IN CASH FOR PERIOD | (2,169,118) | 13,142,387 |
CASH AT BEGINNING OF PERIOD | 11,447,047 | 3,700,814 |
CASH AT END OF PERIOD | 9,277,929 | 16,843,201 |
Noncash investing and financing activities disclosure: | ||
Issuance of Common Shares for Preferred Dividends | 14,220 | 60,908 |
Other noncash operating activities disclosure: | ||
Issuance of Securities for Services | 33,434 | 92,452 |
Disclosure of cash paid for: | ||
Interest | 1,319 | 1,353 |
Income Taxes |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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 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. For the three months ended March 31, 2021, the Company recorded a gain of $ 802,285 Loss Per Share Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share Three Months Ended March 31, 2022 2021 Warrants 3,825,781 1,797,931 Stock Options 1,547,797 856,082 Preferred Stock 148,918 124,483 Total Underlying Common Shares 5,522,496 2,778,496 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 March 31, 2022 and 2021: Schedule of Computing Loss Per Share Three Months Ended March 31 2022 2021 Net Loss per Common Share - Basic and Diluted $ (0.21 ) $ (0.09 ) Loss from continuing operations available to common stockholders (numerator) $ (2,221,615 ) $ (711,567 ) Weighted average number of common shares outstanding used in loss per share during the period (denominator) 10,498,802 7,790,121 Accounting Estimates |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | NOTE 2 – Inventory At March 31, 2022 and December 31, 2021, the Company’s inventory was comprised of: Schedule of Inventory March 31, 2022 December 31, 2021 Raw Materials $ 204,303 $ 202,015 Work in Process 251,580 224,079 Finished Goods 326,216 283,986 Total Inventory $ 782,099 $ 710,080 |
Deferral of Social Security Tax
Deferral of Social Security Tax Payments | 3 Months Ended |
Mar. 31, 2022 | |
Deferral Of Social Security Tax Payments | |
Deferral of Social Security Tax Payments | NOTE 3 – Deferral of Social Security Tax Payments 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 March 31, 2022, the total remaining amount of the deferral was $ 37,728 December 31, 2022 0 |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | NOTE 4 - Stockholders’ Equity Common Stock 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 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 4.445 8,736,487 12,000,000 24,000,000 2,190,000 4.32 May 24, 2021 175,200 8 125 5.55625 8.0 In March 2021, Company issued 1,500 4.99 Preferred Stock The Company is authorized to issue 10,000,000 0.001 465 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 Alternatively, a holder may at any time convert all, or any part, of its Series D Preferred Shares at an alternative conversion price equal to 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 Stock being redeemed At March 31, 2022, there were 132 87,267 Concurrent with the Institutional Private Placement, the Company entered into a Securities Purchase Agreement pursuant to which the Company issued and sold to certain of its directors and the Company’s previously largest shareholder 333 1,000 9 48,544 At March 31, 2022, all of the issued Series E Preferred Stock was outstanding, which if converted as of March 31, 2022, including the make-whole dividends, would result in the issuance of 61,651 Stock Options As of March 31, 2022, an aggregate of 187,762 In March 2022, the Company granted options to its non-employee directors to purchase up to an aggregate of 56,000 2.50 25 75 During the three months ended March 31, 2022, the Company granted four employees options to purchase up to an aggregate of 22,000 2.50 70,000 2.50 Also in March 2022, the Company granted two consultants options to purchase up to an aggregate of 14,000 2.50 50 50 June 30, 2022 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 a period from one to three years of service and expire five years from the grant date, 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 stock-based compensation expense included in the statements of operations for the three months ended March 31, 2022 and 2021 was $ 170,976 117,477 The fair value of share-based awards was estimated using the Black-Scholes model with the following weighted-average assumptions for the three months ended March 31, 2022 and the year ended December 31, 2021: Schedule of Share Based Payments Award Stock Options Valuation Assumptions Assumptions: 2022 2021 Dividend yield 0.00 % 0.00 % Risk-free interest rate 0.95 1.65 % 0.19 0.67 % Expected volatility 106.4 110.0 % 117.0 124.0 % Expected life (in years) 5 5 Option activity for the three months ended March 31, 2022 and the year ended December 31, 2021 was as follows: Schedule of Stock Option Activity Options Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Life (Yrs.) Aggregate Intrinsic Value ($) Options outstanding at December 31, 2020 713,010 5.15 4.40 477,802 Granted 698,831 3.29 4.39 46,800 Exercised (5,204 ) 2.50 - - Forfeited or cancelled (10,755 ) 3.49 - - Options outstanding at December 31, 2021 1,395,882 4.24 3.89 - Granted 162,000 2.50 4.94 - Exercised - - - - Forfeited or cancelled (10,085 ) 3.60 - - Options outstanding March 31, 2022 1,547,797 4.06 3.78 - Options expected to vest in the future as of March 31, 2022 526,617 3.29 4.12 - Options exercisable at March 31, 2022 1,021,180 4.46 3.60 - Options vested, exercisable, and options expected to vest at March 31, 2022 1,547,797 4.06 3.78 - The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the market price of our common stock for those awards that have an exercise price below the $ 2.04 closing price of our Common Stock on March 31, 2022. At March 31, 2022, no option grants had an exercise price below $ 2.04 . At March 31, 2022, there was $ 1,222,243 1.94 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 only in the form of stock appreciation rights payable in cash (“SARs”) and no shares of common stock are 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 vesting provisions, and to specify the provisions of the SAR Agreement relating to such grant. On January 3, 2022, the Company granted a total of 12,033 1.87 On February 16, 2022, the Company granted 30,000 2.50 On March 31, 2022, the Company granted 3,000 2.50 50 50 June 30, 2022 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 SARs are revalued at each reporting date in accordance with ASC 718 “Compensation-Stock Compensation”, and any changes in fair value are reflected in the Statement of Operations 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 three months ended March 31, 2022 and the year ended December 31, 2021: Schedule of Share Based Payments Award Stock Options Valuation Assumptions Assumptions: 2022 2021 Dividend yield 0.00 % 0.00 % Risk-free interest rate 0.82 1.65 % 0.39 0.40 % Expected volatility 108.4 119.0 123.0 Expected life (in years) 5 5 SARs activity for the three months ended March 31, 2022 and the year ended December 31, 2021 was as follows: Schedule of Stock Option Activity Options Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Life (Yrs.) Aggregate Intrinsic Value ($) - SARs outstanding at December 31, 2020 127,679 2.61 4.52 97,919 Granted 242,945 3.43 4.61 - Exercised - - - - Forfeited or cancelled - - - - SARs outstanding at December 31, 2021 370,624 3.15 4.24 - Granted 45,033 2.33 4.86 - Exercised - - - - Forfeited or cancelled - - - - SARs outstanding March 31, 2022 415,657 3.06 4.08 2,046 SARs expected to vest in the future as of March 31, 2022 339,732 3.16 4.16 - SARs exercisable at March 31, 2022 75,925 2.63 3.74 2,046 SARs vested, exercisable, and SARs expected to vest at March 31, 2022 415,657 3.06 1.08 2,046 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 $ 2.04 12,033 2.04 At March 31, 2022, there was $ 660,001 2.21 Warrants Warrant activity for the three months ended March 31, 2022 the year ended December 31, 2021 was as follows: Schedule of Warranty Activity Warrants Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Life (Yrs.) Warrants outstanding at December 31, 2020 1,881,429 7.57 4.16 Granted 2,602,143 4.36 1.63 Exercised (495,641 ) - - Forfeited or cancelled - - - Warrants outstanding at December 31, 2021 3,987,931 6.10 2.10 Granted - - - Exercised - - - Forfeited or cancelled (162,150 ) 40.00 - Warrants outstanding at March 31, 2022 3,825,781 4.66 1.94 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 5 - 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) | 3 Months Ended |
Mar. 31, 2022 | |
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 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. For the three months ended March 31, 2021, the Company recorded a gain of $ 802,285 |
Loss Per Share | Loss Per Share Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share Three Months Ended March 31, 2022 2021 Warrants 3,825,781 1,797,931 Stock Options 1,547,797 856,082 Preferred Stock 148,918 124,483 Total Underlying Common Shares 5,522,496 2,778,496 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 March 31, 2022 and 2021: Schedule of Computing Loss Per Share Three Months Ended March 31 2022 2021 Net Loss per Common Share - Basic and Diluted $ (0.21 ) $ (0.09 ) Loss from continuing operations available to common stockholders (numerator) $ (2,221,615 ) $ (711,567 ) Weighted average number of common shares outstanding used in loss per share during the period (denominator) 10,498,802 7,790,121 |
Accounting Estimates | Accounting Estimates |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share Three Months Ended March 31, 2022 2021 Warrants 3,825,781 1,797,931 Stock Options 1,547,797 856,082 Preferred Stock 148,918 124,483 Total Underlying Common Shares 5,522,496 2,778,496 |
Schedule of Computing Loss Per Share | 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 March 31, 2022 and 2021: Schedule of Computing Loss Per Share Three Months Ended March 31 2022 2021 Net Loss per Common Share - Basic and Diluted $ (0.21 ) $ (0.09 ) Loss from continuing operations available to common stockholders (numerator) $ (2,221,615 ) $ (711,567 ) Weighted average number of common shares outstanding used in loss per share during the period (denominator) 10,498,802 7,790,121 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | At March 31, 2022 and December 31, 2021, the Company’s inventory was comprised of: Schedule of Inventory March 31, 2022 December 31, 2021 Raw Materials $ 204,303 $ 202,015 Work in Process 251,580 224,079 Finished Goods 326,216 283,986 Total Inventory $ 782,099 $ 710,080 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Share Based Payments Award Stock Options Valuation Assumptions | Schedule of Share Based Payments Award Stock Options Valuation Assumptions Assumptions: 2022 2021 Dividend yield 0.00 % 0.00 % Risk-free interest rate 0.95 1.65 % 0.19 0.67 % Expected volatility 106.4 110.0 % 117.0 124.0 % Expected life (in years) 5 5 |
Schedule of Stock Option Activity | Option activity for the three months ended March 31, 2022 and the year ended December 31, 2021 was as follows: Schedule of Stock Option Activity Options Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Life (Yrs.) Aggregate Intrinsic Value ($) Options outstanding at December 31, 2020 713,010 5.15 4.40 477,802 Granted 698,831 3.29 4.39 46,800 Exercised (5,204 ) 2.50 - - Forfeited or cancelled (10,755 ) 3.49 - - Options outstanding at December 31, 2021 1,395,882 4.24 3.89 - Granted 162,000 2.50 4.94 - Exercised - - - - Forfeited or cancelled (10,085 ) 3.60 - - Options outstanding March 31, 2022 1,547,797 4.06 3.78 - Options expected to vest in the future as of March 31, 2022 526,617 3.29 4.12 - Options exercisable at March 31, 2022 1,021,180 4.46 3.60 - Options vested, exercisable, and options expected to vest at March 31, 2022 1,547,797 4.06 3.78 - |
Schedule of Warranty Activity | Warrant activity for the three months ended March 31, 2022 the year ended December 31, 2021 was as follows: Schedule of Warranty Activity Warrants Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Life (Yrs.) Warrants outstanding at December 31, 2020 1,881,429 7.57 4.16 Granted 2,602,143 4.36 1.63 Exercised (495,641 ) - - Forfeited or cancelled - - - Warrants outstanding at December 31, 2021 3,987,931 6.10 2.10 Granted - - - Exercised - - - Forfeited or cancelled (162,150 ) 40.00 - Warrants outstanding at March 31, 2022 3,825,781 4.66 1.94 |
Stock Appreciation Rights [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Share Based Payments Award Stock Options Valuation Assumptions | The fair value of SAR awards was estimated using the Black-Scholes model with the following weighted-average assumptions for the three months ended March 31, 2022 and the year ended December 31, 2021: Schedule of Share Based Payments Award Stock Options Valuation Assumptions Assumptions: 2022 2021 Dividend yield 0.00 % 0.00 % Risk-free interest rate 0.82 1.65 % 0.39 0.40 % Expected volatility 108.4 119.0 123.0 Expected life (in years) 5 5 |
Schedule of Stock Option Activity | SARs activity for the three months ended March 31, 2022 and the year ended December 31, 2021 was as follows: Schedule of Stock Option Activity Options Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Life (Yrs.) Aggregate Intrinsic Value ($) - SARs outstanding at December 31, 2020 127,679 2.61 4.52 97,919 Granted 242,945 3.43 4.61 - Exercised - - - - Forfeited or cancelled - - - - SARs outstanding at December 31, 2021 370,624 3.15 4.24 - Granted 45,033 2.33 4.86 - Exercised - - - - Forfeited or cancelled - - - - SARs outstanding March 31, 2022 415,657 3.06 4.08 2,046 SARs expected to vest in the future as of March 31, 2022 339,732 3.16 4.16 - SARs exercisable at March 31, 2022 75,925 2.63 3.74 2,046 SARs vested, exercisable, and SARs expected to vest at March 31, 2022 415,657 3.06 1.08 2,046 |
Schedule of Antidilutive Securi
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 5,522,496 | 2,778,496 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 3,825,781 | 1,797,931 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 1,547,797 | 856,082 |
Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 148,918 | 124,483 |
Schedule of Computing Loss Per
Schedule of Computing Loss Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounting Policies [Abstract] | ||
Net Loss per Common Share - Basic and Diluted | $ (0.21) | $ (0.09) |
Loss from continuing operations available to common stockholders (numerator) | $ (2,221,615) | $ (711,567) |
Weighted average number of common shares outstanding used in loss per share during the period (denominator) | 10,498,802 | 7,790,121 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Mar. 26, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Mar. 25, 2021 | Jan. 31, 2021 |
Accounting Policies [Abstract] | ||||||
Aggregate warrant purchase of shares | 2,190,000 | 136,943 | ||||
Warrant exercisable date | May 24, 2021 | |||||
Common shares authorized | 24,000,000 | 24,000,000 | 12,000,000 | 24,000,000 | 12,000,000 | |
Derivative liability | $ 802,285 |
Schedule of Inventory (Details)
Schedule of Inventory (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 204,303 | $ 202,015 |
Work in Process | 251,580 | 224,079 |
Finished Goods | 326,216 | 283,986 |
Total Inventory | $ 782,099 | $ 710,080 |
Deferral of Social Security T_2
Deferral of Social Security Tax Payments (Details Narrative) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Deferral Of Social Security Tax Payments | |
Deferred Liabilities | $ 37,728 |
Tax credit carryforward, expiration ate | Dec. 31, 2022 |
Deferred tax, interest rate | 0.00% |
Schedule of Share Based Payment
Schedule of Share Based Payments Award Stock Options Valuation Assumptions (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate, minimum | 0.95% | 0.19% |
Risk-free interest rate, maximum | 1.65% | 0.67% |
Expected volatility, minimum | 106.40% | 117.00% |
Expected volatility, maximum | 110.00% | 124.00% |
Expected life | 5 years | 5 years |
2020 Stock Appreciation Rights Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate, minimum | 0.82% | 0.39% |
Risk-free interest rate, maximum | 1.65% | 0.40% |
Expected volatility, minimum | 108.40% | |
Expected volatility, maximum | 119.00% | |
Expected life | 5 years | 5 years |
Expected volatility | 123.00% |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of Options, Outstanding, Beginning Balance | 1,395,882 | 713,010 | |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 4.24 | $ 5.15 | |
Weighted Average Remaining Contractual Life, Outstanding Balance | 3 years 9 months 10 days | 3 years 10 months 20 days | 4 years 4 months 24 days |
Aggregate Intrinsic Value, Outstanding Beginning Balance | $ 477,802 | ||
Number of Options, Granted | 162,000 | 698,831 | |
Weighted Average Exercise Price, Granted | $ 2.50 | $ 3.29 | |
Weighted Average Remaining Contractual Life, Granted | 4 years 11 months 8 days | 4 years 4 months 20 days | |
Aggregate Intrinsic Value, Granted | $ 46,800 | ||
Number of Options, Exercised | (5,204) | ||
Weighted Average Exercise Price, Exercised | $ 2.50 | ||
Aggregate Intrinsic Value, Exercised | |||
Number of Options, Forfeited or cancelled | (10,085) | (10,755) | |
Weighted Average Exercise Price, Forfeited or cancelled | $ 3.60 | $ 3.49 | |
Aggregate Intrinsic Value, Forfeited or cancelled | |||
Number of Options, Outstanding Ending Balance | 1,547,797 | 1,395,882 | 713,010 |
Weighted Average Exercise Price, Outstanding Outstanding Balance | $ 4.06 | $ 4.24 | $ 5.15 |
Aggregate Intrinsic Value, Outstanding Outstanding Balance | $ 477,802 | ||
Number of Options, Expected to vest in the future Ending Balance | 526,617 | ||
Weighted Average Exercise Price, Expected to Vest | $ 3.29 | ||
Weighted Average Remaining Contractual Life, Expected to Vest | 4 years 1 month 13 days | ||
Aggregate Intrinsic Value, Options expected to vest in the future | |||
Number of Options, Exercisable | 1,021,180 | ||
Weighted Average Exercise Price, Exercisable | $ 4.46 | ||
Weighted Average Remaining Contractual Life, Exercisable | 3 years 7 months 6 days | ||
Aggregate Intrinsic Value, Options exercisable | |||
Number of Options, Vested, Exercisable and Options Expected to Vest Ending Balance | 1,547,797 | ||
Weighted Average Exercise Price, Vested, Exercisable and Options Expected to Vest | $ 4.06 | ||
Weighted Average Remaining Contractual Life, Vested, Exercisable and Options Expected to Vest | 3 years 9 months 10 days | ||
Aggregate Intrinsic Value, Options vested, exercisable and options expected to vest | |||
Stock Appreciation Rights [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of Options, Outstanding, Beginning Balance | 370,624 | 127,679 | |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 3.15 | $ 2.61 | |
Weighted Average Remaining Contractual Life, Outstanding Balance | 4 years 29 days | 4 years 2 months 26 days | 4 years 6 months 7 days |
Aggregate Intrinsic Value, Outstanding Beginning Balance | $ 97,919 | ||
Number of Options, Granted | 45,033 | 242,945 | |
Weighted Average Exercise Price, Granted | $ 2.33 | $ 3.43 | |
Weighted Average Remaining Contractual Life, Granted | 4 years 10 months 9 days | 4 years 7 months 9 days | |
Aggregate Intrinsic Value, Granted | |||
Number of Options, Exercised | |||
Weighted Average Exercise Price, Exercised | |||
Aggregate Intrinsic Value, Exercised | |||
Number of Options, Forfeited or cancelled | |||
Weighted Average Exercise Price, Forfeited or cancelled | |||
Aggregate Intrinsic Value, Forfeited or cancelled | |||
Number of Options, Outstanding Ending Balance | 415,657 | 370,624 | 127,679 |
Weighted Average Exercise Price, Outstanding Outstanding Balance | $ 3.06 | $ 3.15 | $ 2.61 |
Aggregate Intrinsic Value, Outstanding Outstanding Balance | $ 2,046 | $ 97,919 | |
Number of Options, Expected to vest in the future Ending Balance | 339,732 | ||
Weighted Average Exercise Price, Expected to Vest | $ 3.16 | ||
Weighted Average Remaining Contractual Life, Expected to Vest | 4 years 1 month 28 days | ||
Aggregate Intrinsic Value, Options expected to vest in the future | |||
Number of Options, Exercisable | 75,925 | ||
Weighted Average Exercise Price, Exercisable | $ 2.63 | ||
Weighted Average Remaining Contractual Life, Exercisable | 3 years 8 months 26 days | ||
Aggregate Intrinsic Value, Options exercisable | $ 2,046 | ||
Number of Options, Vested, Exercisable and Options Expected to Vest Ending Balance | 415,657 | ||
Weighted Average Exercise Price, Vested, Exercisable and Options Expected to Vest | $ 3.06 | ||
Weighted Average Remaining Contractual Life, Vested, Exercisable and Options Expected to Vest | 1 year 29 days | ||
Aggregate Intrinsic Value, Options vested, exercisable and options expected to vest | $ 2,046 |
Schedule of Warranty Activity (
Schedule of Warranty Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Warrants Outstanding, Beginning Balance | 3,987,931 | 1,881,429 | |
Weighted Average Exercise Price Outstanding, Beginning Balance | $ 6.10 | $ 7.57 | |
Weighted Average Remaining Contractual Life Years, Ending Balance | 1 year 11 months 8 days | 2 years 1 month 6 days | 4 years 1 month 28 days |
Warrants, Granted | 2,602,143 | ||
Weighted Average Exercise Price Outstanding, Granted | $ 4.36 | ||
Weighted Average Remaining Contractual Life Years, Granted | 1 year 7 months 17 days | ||
Warrants, Exercised | (495,641) | ||
Weighted Average Exercise Price Outstanding, Exercised | |||
Warrants, Forfeited or cancelled | (162,150) | ||
Weighted Average Exercise Price Outstanding, Forfeited or cancelled | $ 40 | ||
Warrants Outstanding, Ending Balance | 3,825,781 | 3,987,931 | 1,881,429 |
Weighted Average Exercise Price Outstanding, Ending Balance | $ 4.66 | $ 6.10 | $ 7.57 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) | Mar. 31, 2022USD ($)$ / sharesshares | Feb. 16, 2022$ / sharesshares | Jan. 03, 2022$ / sharesshares | Mar. 26, 2021shares | Mar. 31, 2022USD ($)$ / sharesshares | Feb. 28, 2022$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | Feb. 28, 2021shares | Jan. 31, 2021USD ($)$ / sharesshares | Jan. 31, 2020$ / sharesshares | Mar. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2021$ / sharesshares | Mar. 25, 2021shares |
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Common stock issued during period | 1,711,783 | |||||||||||||
Share price per share | $ / shares | $ 3 | |||||||||||||
Proceeds from public offering | $ | $ 4,532,445 | |||||||||||||
Warrants to purchase shares of common stock | 2,190,000 | 136,943 | ||||||||||||
Warrant exercise price | $ / shares | $ 3.75 | |||||||||||||
Number of shares, warrants exercised | 495,641 | |||||||||||||
Common stock, shares authorized | 24,000,000 | 24,000,000 | 24,000,000 | 12,000,000 | 24,000,000 | 12,000,000 | 24,000,000 | 12,000,000 | ||||||
Warrants exercisable date | May 24, 2021 | |||||||||||||
Preferred stock, shares authorized | 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 | ||||||||||
Preferred stock, shares issued | 465 | 465 | 465 | 465 | ||||||||||
Preferred stock, shares outstanding | 465 | 465 | 465 | 465 | ||||||||||
Number of shares granted | 162,000 | 698,831 | ||||||||||||
Allocation share based compensation expense | $ | $ 170,976 | $ 117,477 | ||||||||||||
Options exercise price | $ / shares | $ 2.04 | |||||||||||||
Stock options compensation cost | $ | $ 1,222,243 | $ 1,222,243 | $ 1,222,243 | |||||||||||
Weighted average remaining recognition period | 1 year 11 months 8 days | |||||||||||||
Directors [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Number of shares granted | 56,000 | |||||||||||||
Option strike price | $ / shares | $ 2.50 | $ 2.50 | $ 2.50 | |||||||||||
Stock option grant percentage | 25.00% | |||||||||||||
Stock option remaining grant percentage | 75.00% | |||||||||||||
Four Employees [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Number of shares granted | 22,000 | |||||||||||||
President and CEO [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Number of shares granted | 70,000 | |||||||||||||
Option strike price | $ / shares | $ 2.50 | |||||||||||||
Options exercise price | $ / shares | $ 2.50 | |||||||||||||
Common shares granted for the period | 30,000 | |||||||||||||
Two Consultants [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Number of shares granted | 14,000 | |||||||||||||
Option strike price | $ / shares | $ 2.50 | $ 2.50 | $ 2.50 | |||||||||||
Stock option grant percentage | 50.00% | |||||||||||||
Stock option remaining grant percentage | 50.00% | |||||||||||||
Consultant [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Stock option grant percentage | 50.00% | |||||||||||||
Stock option remaining grant percentage | 50.00% | |||||||||||||
Vesting date | Jun. 30, 2022 | Jun. 30, 2022 | ||||||||||||
Options exercise price | $ / shares | $ 2.50 | |||||||||||||
Common shares granted for the period | 3,000 | |||||||||||||
Eleven Employees [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Options exercise price | $ / shares | $ 1.87 | |||||||||||||
Common shares granted for the period | 12,033 | |||||||||||||
2013 Stock Option Plan [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Common stock shares reserved for issuance | 187,762 | 187,762 | 187,762 | |||||||||||
2020 Stock Appreciation Rights Plan [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Options exercise price | $ / shares | $ 2.04 | |||||||||||||
Weighted average remaining recognition period | 2 years 2 months 15 days | |||||||||||||
Number of shares granted | 12,033 | |||||||||||||
Unrecognized share based compensation cost | $ | $ 660,001 | $ 660,001 | $ 660,001 | |||||||||||
Investor [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Share price per share | $ / shares | $ 4.99 | $ 4.99 | ||||||||||||
Stock issued during the period, service rendered | 1,500 | |||||||||||||
April 2020 Offering [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Common stock issued during period | 21,591 | |||||||||||||
Number of shares, warrants exercised | 191,204 | |||||||||||||
Placement Agent Warrants [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Warrant exercise price | $ / shares | $ 5.55625 | $ 5.55625 | ||||||||||||
Placement Agent Warrants [Member] | Measurement Input, Share Price [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Percentage of warrant exercise price | 1.25 | 1.25 | ||||||||||||
Common Stock [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Common stock issued during period | 3,901,783 | |||||||||||||
Stock issued during the period, service rendered | 1,500 | |||||||||||||
Common Stock [Member] | Placement Agent Warrants [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Warrants to purchase shares of common stock | 175,200 | 175,200 | ||||||||||||
Percentage of warrant exercise price | 0.08 | 0.08 | ||||||||||||
Common Stock [Member] | Placement Agent Warrants [Member] | Measurement Input, Share Price [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Percentage of warrant exercise price | 8 | 8 | ||||||||||||
Series D Convertible Preferred Stock [Member] | Common Stock [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Conversion of stock shares converted | 250 | |||||||||||||
Number of shares as in-kind payment, shares | 19,000 | |||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Common stock issued during period | 87,267 | |||||||||||||
Preferred stock, shares outstanding | 132 | 132 | 132 | |||||||||||
Series D Preferred Stock [Member] | Institutional Securities Purchase Agreement [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Preferred stock, par value | $ / shares | $ 1,000 | |||||||||||||
Sale of shares | 1,640 | |||||||||||||
Dividend percentage | 9.00% | |||||||||||||
Conversion price per share | $ / shares | $ 2.50 | |||||||||||||
Conversion description | Alternatively, a holder may at any time convert all, or any part, of its Series D Preferred Shares at an alternative conversion price equal to 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 Stock being redeemed | |||||||||||||
Series E Preferred Stock [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Common stock issued during period | 61,651 | |||||||||||||
Series E Preferred Stock [Member] | Other Securities Purchase Agreement [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Conversion of stock shares converted | 48,544 | |||||||||||||
Preferred stock, par value | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||
Sale of shares | 333 | |||||||||||||
Dividend percentage | 9.00% | |||||||||||||
Private Placement [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Common stock issued during period | 119,000 | 263,200 | ||||||||||||
Private Placement [Member] | Purchase Agreement [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Warrants to purchase shares of common stock | 2,190,000 | 2,190,000 | ||||||||||||
Warrant exercise price | $ / shares | $ 4.32 | $ 4.32 | ||||||||||||
Public Offering [Member] | ||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||
Common stock issued during period | 2,190,000 | |||||||||||||
Share price per share | $ / shares | $ 4.445 | $ 4.445 | ||||||||||||
Proceeds from public offering | $ | $ 8,736,487 |