Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-38015 | |
Entity Registrant Name | SIGMA ADDITIVE SOLUTIONS, 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 $0.001 per share | |
Trading Symbol | SASI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,772,713 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash | $ 368,443 | $ 2,845,931 |
Accounts Receivable, net | 45,454 | 371,620 |
Inventory | 940,034 | 950,943 |
Prepaid Assets | 137,105 | 105,226 |
Total Current Assets | 1,491,036 | 4,273,720 |
Other Assets: | ||
Property and Equipment, net | 227,787 | 304,903 |
Intangible Assets, net | 1,215,411 | 1,125,285 |
Total Other Assets | 1,443,198 | 1,430,188 |
TOTAL ASSETS | 2,934,234 | 5,703,908 |
Current Liabilities: | ||
Accounts Payable | 300,562 | 277,492 |
Deferred Revenue | 127,188 | 120,073 |
Accrued Expenses | 115,195 | 231,633 |
Total Current Liabilities | 542,945 | 629,198 |
TOTAL LIABILITIES | 542,945 | 629,198 |
Commitments & Contingencies | ||
Stockholders’ Equity | ||
Preferred Stock, $0.001 par value; 10,000,000 shares authorized; 316 and 465 shares issued and outstanding, respectively | 1 | 1 |
Common Stock, $ 0.001 par value; 24,000,000 shares authorized; 10,772,713 and 10,498,802 shares issued and outstanding, respectively | 10,773 | 10,499 |
Additional Paid-In Capital | 54,904,792 | 54,406,694 |
Accumulated Deficit | (52,524,277) | (49,342,484) |
Total Stockholders’ Equity | 2,391,289 | 5,074,710 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 2,934,234 | $ 5,703,908 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
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 | 316 | 465 |
Preferred stock, shares outstanding | 316 | 465 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 24,000,000 | 24,000,000 |
Common stock, shares issued | 10,772,713 | 10,498,802 |
Common stock, shares outstanding | 10,772,713 | 10,498,802 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
REVENUES | $ 97,043 | $ 236,660 | $ 227,202 | $ 288,504 |
COST OF REVENUE | 36,491 | 193,075 | 100,155 | 233,166 |
GROSS PROFIT | 60,552 | 43,585 | 127,047 | 55,338 |
OPERATING EXPENSES: | ||||
Salaries & Benefits | 554,182 | 1,184,818 | 1,485,764 | 2,476,828 |
Stock-Based Compensation | 138,489 | 167,439 | 363,339 | 338,415 |
Operations and R&D Costs | 105,259 | 146,885 | 231,971 | 290,303 |
Investor, Public Relations and Marketing | 57,824 | 152,300 | 112,768 | 246,626 |
Organization Costs | 38,240 | 60,817 | 89,438 | 119,566 |
Legal & Professional Service Fees | 152,025 | 144,528 | 336,276 | 355,944 |
Office Expenses | 94,190 | 303,600 | 248,689 | 509,032 |
Depreciation & Amortization | 21,470 | 29,861 | 49,597 | 61,445 |
Other Operating Expenses | 202,892 | 89,177 | 294,873 | 176,964 |
Total Operating Expenses | 1,364,571 | 2,279,425 | 3,212,715 | 4,575,123 |
LOSS FROM OPERATIONS | (1,304,019) | (2,235,840) | (3,085,668) | (4,519,785) |
OTHER INCOME (EXPENSE) | ||||
Interest Income | 9 | 1,176 | 17 | 2,747 |
State Incentives | 76,628 | |||
Exchange Rate Gain (Loss) | (849) | (10,436) | (3,352) | (10,766) |
Interest Expense | (3,235) | (2,070) | (6,471) | (3,389) |
Other Income | 35,680 | |||
Total Other Income (Expense) | (4,075) | (11,330) | 25,874 | 65,220 |
LOSS BEFORE PROVISION FOR INCOME TAXES | (1,308,094) | (2,247,170) | (3,059,794) | (4,454,565) |
Provision for income Taxes | ||||
Net Loss | (1,308,094) | (2,247,170) | (3,059,794) | (4,454,565) |
Preferred Dividends | (10,688) | (14,220) | (22,435) | (28,440) |
Net Loss Applicable to Common Stockholders | $ (1,318,782) | $ (2,261,390) | $ (3,082,229) | $ (4,483,005) |
Net Loss per Common Share – Basic | $ (0.12) | $ (0.22) | $ (0.29) | $ (0.43) |
Net Loss per Common Share - Diluted | $ (0.12) | $ (0.22) | $ (0.29) | $ (0.43) |
Weighted Average Number of Shares Outstanding – Basic | 10,772,713 | 10,498,802 | 10,731,922 | 10,498,802 |
Weighted Average Number of Shares Outstanding - Diluted | 10,772,713 | 10,498,802 | 10,731,922 | 10,498,802 |
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 at Dec. 31, 2021 | $ 1 | $ 10,499 | $ 53,442,431 | $ (40,593,180) | $ 12,859,751 |
Balance, shares at Dec. 31, 2021 | 465 | 10,498,802 | |||
Net Loss | (4,454,565) | (4,454,565) | |||
Preferred Stock Dividends | 28,440 | (28,440) | |||
Stock Options Awarded to Directors for Services | 43,442 | 43,442 | |||
Stock Options Issued for Third Party Services | 23,490 | 23,490 | |||
Stock Options Awarded to Employees | 338,415 | 338,415 | |||
Stock Options Issued for Third Party Services | (23,490) | (23,490) | |||
Balances at Jun. 30, 2022 | $ 1 | $ 10,499 | 53,876,218 | (45,076,185) | 8,810,533 |
Balance, shares at Jun. 30, 2022 | 465 | 10,498,802 | |||
Balances at Mar. 31, 2022 | $ 1 | $ 10,499 | 53,661,061 | (42,814,795) | 10,856,766 |
Balance, shares at Mar. 31, 2022 | 465 | 10,498,802 | |||
Net Loss | (2,247,170) | (2,247,170) | |||
Preferred Stock Dividends | 14,220 | (14,220) | |||
Stock Options Awarded to Directors for Services | 21,721 | 21,721 | |||
Stock Options Issued for Third Party Services | 11,777 | 11,777 | |||
Stock Options Awarded to Employees | 167,439 | 167,439 | |||
Stock Options Issued for Third Party Services | (11,777) | (11,777) | |||
Balances at Jun. 30, 2022 | $ 1 | $ 10,499 | 53,876,218 | (45,076,185) | 8,810,533 |
Balance, shares at Jun. 30, 2022 | 465 | 10,498,802 | |||
Balances at Dec. 31, 2022 | $ 1 | $ 10,499 | 54,406,694 | (49,342,484) | 5,074,710 |
Balance, shares at Dec. 31, 2022 | 465 | 10,498,802 | |||
Net Loss | (3,059,794) | (3,059,794) | |||
Preferred Stock Dividends | 44 | 22,391 | (22,435) | ||
Stock Options Awarded to Directors for Services | 13,523 | 13,523 | |||
Stock Options Issued to Employees | 363,339 | 363,339 | |||
Stock Options Issued for Third Party Services | 489 | 489 | |||
Preferred Stock Dividends, shares | 43,896 | ||||
Common Shares Issued for Conversion of Preferred Stock | $ 230 | (230) | |||
Common Shares Issued for Conversion of Preferred Stock, shares | (149) | 230,015 | |||
Common Warrant Issued for Conversion of Preferred Stock | 99,564 | (99,564) | |||
Stock Options Issued for Third Party Services | (489) | (489) | |||
Balances at Jun. 30, 2023 | $ 1 | $ 10,773 | 54,904,792 | (52,524,277) | 2,391,289 |
Balance, shares at Jun. 30, 2023 | 316 | 10,772,713 | |||
Balances at Mar. 31, 2023 | $ 1 | $ 10,773 | 54,749,821 | (51,205,495) | 3,555,100 |
Balance, shares at Mar. 31, 2023 | 316 | 10,772,713 | |||
Net Loss | (1,308,094) | (1,308,094) | |||
Preferred Stock Dividends | 10,688 | (10,688) | |||
Stock Options Awarded to Directors for Services | 5,794 | 5,794 | |||
Stock Options Issued to Employees | 138,489 | 138,489 | |||
Balances at Jun. 30, 2023 | $ 1 | $ 10,773 | $ 54,904,792 | $ (52,524,277) | $ 2,391,289 |
Balance, shares at Jun. 30, 2023 | 316 | 10,772,713 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net Loss | $ (3,059,794) | $ (4,454,565) |
Noncash Expenses: | ||
Depreciation and Amortization | 49,597 | 61,445 |
Change in assets and liabilities: | ||
Accounts Receivable | 326,166 | 120,434 |
Inventory | 10,909 | (73,586) |
Prepaid Assets | (31,879) | (17,197) |
Accounts Payable | 23,070 | 33,958 |
Deferred Revenue | 7,115 | (18,151) |
Accrued Expenses | (116,438) | (372,188) |
NET CASH USED IN OPERATING ACTIVITIES | (2,414,881) | (4,314,503) |
INVESTING ACTIVITIES | ||
Purchase of Property and Equipment | 42,516 | (83,848) |
Purchase of Intangible Assets | (105,123) | (115,197) |
NET CASH USED IN INVESTING ACTIVITIES | (62,607) | (199,045) |
FINANCING ACTIVITIES | ||
NET CASH PROVIDED BY FINANCING ACTIVITIES | ||
NET CHANGE IN CASH FOR PERIOD | (2,477,488) | (4,513,548) |
CASH AT BEGINNING OF PERIOD | 2,845,931 | 11,447,047 |
CASH AT END OF PERIOD | 368,443 | 6,933,499 |
Noncash investing and financing activities disclosure: | ||
Preferred Stock Dividends | 22,435 | 28,440 |
Conversion of Preferred Shares to Common Shares | 188,830 | |
Other noncash operating activities disclosure: | ||
Issuance of Securities for Services | 13,034 | 66,932 |
Disclosure of cash paid for: | ||
Interest | 6,471 | 3,389 |
Income Taxes | ||
Employees [Member] | ||
Noncash Expenses: | ||
Stock Based Compensation | 363,339 | 338,415 |
Third Party Services [Member] | ||
Noncash Expenses: | ||
Stock Based Compensation | (489) | 23,490 |
Director [Member] | ||
Noncash Expenses: | ||
Stock Based Compensation | $ 13,523 | $ 43,442 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 - Summary of Significant Accounting Policies Nature of Business Basis of Presentation Going Concern As reported in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 20, 2023, the Company estimates that it has sufficient cash and working capital to fund its scaled-back operations as described below through August 2023 only. Since June 30, 2023, the Company has reduced its employee headcount to five, discontinued all product development activities and ceased to pursue new customers while continuing to consider a possible reverse merger, sale of the company or all or a portion of its assets, and other alternatives. Except for possible sales of shares of our common stock under the At-The-Market Issuance Sales Agreement described in Note 5- Subsequent Events, we have no agreement or arrangement to obtain any financing. There is no assurance that we will be able to enter into a definitive agreement with respect to a possible transaction or sell the Company or any of its assets or, if so, when or on what terms. If we fail to complete the sale of the Company or its assets or shares of common stock or obtain additional financing, we will be forced to resort to the dissolution and liquidation or bankruptcy of the Company. For these reasons, there is substantial doubt about our ability to continue as a going concern. Fair Value of Financial Instruments The Company does not use derivative instruments for hedging market risk or for trading or speculative purposes. Loss Per Share Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share June 30, 2023 2022 Warrants 2,902,089 3,825,781 Stock Options 1,897,659 1,528,637 Preferred Stock 60,332 148,918 Total Underlying Common Shares 4,860,080 5,503,336 The following table shows the amounts used in computing loss per share and the effect on net loss and the weighted average number of potentially dilutive shares for the periods shown: Schedule of Computing Loss Per Share Three Months Ended Six Months Ended 2023 2022 2023 2022 Net Loss per Common Share - Basic and Diluted $ (0.12 ) $ (0.22 ) $ (0.29 ) $ (0.43 ) Net Loss per Common Share - Basic $ (0.12 ) $ (0.22 ) $ (0.29 ) $ (0.43 ) Loss Applicable to Common Stockholders (numerator) $ (1,318,782 ) $ (2,261,390 ) $ (3,082,229 ) $ (4,483,005 ) Weighted Average Number of Common Shares Outstanding Used in Loss Per Share During the Period (denominator) 10,772,713 10,498,802 10,731,922 10,498,802 Accounting Estimates Leases Long-Lived and Intangible Assets 17 Revenue Recognition Revenue from Contracts with Customers In January 2022, the Company began offering a subscription option to its customers pursuant to which it leases its PrintRite3D platform for terms of between 12 and 36 months and provide technical support and maintenance for the term of the arrangement, as well as installation and training. The Company has determined these are leases because they relate to discrete pieces of equipment to which customers have the right to substantially all the economic benefit and exclusive use during the term of the arrangement. These leases are classified as operating leases and the Company retains title to the underlying equipment. The leases may be renewed for successive one-year terms unless notice is given by either party of its intent not to renew at least 30 days before the end of the lease term. For leases with 36-month terms, the lessee may terminate the agreement after the first 18 months upon at least 30 days written notice. Some, but not all, of the leases permit lessees to purchase the equipment at any time at an amount that approximates fair value and are not reasonably certain to be exercised at the inception of the lease. There are no anticipated variable lease payments at the inception of the lease. There are two non-lease components in the arrangement that consist of technical support and maintenance, and installation and training, respectively. The Company has elected single component practical expedient accounting to combine the technical support and maintenance with the lease as they have the same pattern of transfer. The installation and training component does not have the same pattern of transfer; therefore, this component is not eligible for single component practical expedient accounting. The consideration has been allocated on a relative fair value basis of the underlying lease and non-lease components. The Company has estimated the residual value of the leased equipment based on its useful life, and the ability to refurbish and sell the equipment, as well as the Company’s ability to componentize the hardware and utilize subassemblies in other products. Revenue from these operating leases for the three and six months ended June 30, 2023 was $ 11,337 28,343 Accounts Receivable and Allowance for Doubtful Accounts 115,600 0 Minimum Lease Payments Receivable Minimum lease payments receivable for the succeeding years ending December 31 are as follows: Schedule of Minimum Lease Payments Receivable Year ending December 31, Amount 2023 (remaining) $ 17,006 2024 8,503 2025 - 2026 - Thereafter - Total $ 25,509 Equipment Underlying Operating Leases: Equipment under operating leases as of June 30, 2023 was comprised of the following: Schedule of Assets underlying Operating Leases June 30, 2023 PrintRite3D Hardware $ 77,208 Accumulated Depreciation (12,445 ) Net Book Value $ 64,763 The Company is depreciating the underlying equipment over its useful life of 7 |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | NOTE 2 – Inventory At June 30, 2023 and December 31, 2022, the Company’s inventory was comprised of the following: Schedule of Inventory June 30, 2023 December 31, 2022 Raw Materials $ 257,714 $ 294,194 Work in Process 165,777 140,723 Finished Goods 516,543 516,026 Total Inventory $ 940,034 $ 950,943 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 3 – Intangible Assets The Company’s intangible assets consist of patents and patent applications. The Company capitalizes costs incurred in connection with acquiring its patents. These costs include registration, documentation, and legal fees associated with the application. Costs incurred with patents that have been previously granted are expensed as incurred. Provisional patent applications are not amortized until a patent has been granted. Once a patent is granted, the Company will amortize the related costs over the estimated useful life of the patent. If a patent application is denied, then the costs will be expensed at that time. During the six months ended June 30, 2023, $ 27,571 The following is a summary of definite-life intangible assets less accumulated amortization as of June 30, 2023 and December 31, 2022, respectively: Summary of Definite-life Intangible Assets and Accumulated Amortization June 30, December 31, Provisional Patent Applications $ 752,802 $ 675,251 Patents 552,321 524,750 Less: Accumulated Amortization (89,712 ) (74,716 ) Net Intangible Assets $ 1,215,411 $ 1,125,285 Amortization expense on intangible assets was $ 14,996 10,993 The estimated aggregate amortization expense for years ending December 31 is as follows: Schedule of Aggregate Amortization Expense 2023 (Remaining) $ 15,596 2024 31,192 2025 31,192 2026 31,192 Thereafter 353,437 Intangible asset and amortization expense $ 462,609 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | NOTE 4 - Stockholders’ Equity Common Stock In the second quarter of 2023, the Company did not issue any shares of common stock. In the first quarter of 2023, the Company issued 227,587 132 43,241 Also in the first quarter of 2023, the Company issued 2,428 17 655 Preferred Stock The Company is authorized to issue 10,000,000 0.001 316 465 In January 2020, the Company entered into a Securities Purchase Agreement with certain institutional investors (the “Institutional Private Placement”), pursuant to which the Company issued and sold 1,640 1,000 9 0.58 On January 27, 2023, the holder of the remaining 132 270,828 At June 30, 2023, there were no 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 then largest stockholder 333 1,000 9 48,544 On January 23, 2023, the holder of 17 3,083 At June 30, 2023, 316 60,332 Stock Options The Company’s 2013 Equity Incentive Plan expired on March 15, 2023. As such, there were no On January 26, 2023, the Company granted options to its non-employee directors to purchase up to an aggregate of 52,380 0.58 50 50 On January 26, 2023, the Company granted 19 employees options to purchase up to an aggregate of 381,285 0.58 50 50 The Company generally grants stock options to employees and directors at exercise prices equal to the fair market value of the Company’s common stock on the grant date, but not less than 100% of the fair market value. 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 vesting period for each stock option award. Total stock-based compensation expense included in the statements of operations for the six months ended June 30, 2023 and 2022 was $ 363,339 338,415 The fair value of stock-based awards was estimated using the Black-Scholes model with the following weighted average assumptions for the six months ended June 30, 2023, and 2022: Schedule of Share Based Payments Award Stock Options Valuation Assumptions 2023 2022 Dividend yield 0.00 % 0.00 % Risk-free interest rate 4.05 % 0.95 1.65 % Expected volatility 100.23 100.25 % 106.4 110.0 % Expected life (in years) 5 5 Option activity for the six months ended June 30, 2023 and the year ended December 31, 2022 was as follows: Schedule of Share Based Compensation Stock Option Activity Options Weighted Weighted Aggregate Options outstanding at December 31, 2021 1,395,882 4.24 3.89 - Granted 487,473 2.50 4.43 - Exercised - - - - Forfeited or cancelled (84,302 ) 4.39 - - Options outstanding at December 31, 2022 1,799,053 3.76 3.30 - Granted 433,665 0.58 4.58 - Exercised - - - - Forfeited or cancelled (335,059 ) 3.60 - - Options outstanding at June 30, 2023 1,897,659 3.07 3.21 - Options expected to vest in the future as of June 30, 2023 409,974 1.93 4.03 - Options exercisable at June 30, 2023 1,487,685 3.38 2.98 - Options vested, exercisable, and options expected to vest at June 30, 2023 1,897,659 3.07 3.21 - 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 market price of our common stock. At June 30, 2023, no option had an exercise price below the $ 0.35 At June 30, 2023, there was $ 387,351 1.42 Stock Appreciation Rights On June 23, 2020, the board of directors (the “Board”) of the Company adopted the 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 stockholders 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 or will be issued pursuant to the Plan. 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 of common stock 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 the exercise price and vesting provisions, and to specify the provisions of the SAR Agreement relating to such grant. The Company did not grant any SAR’s during the six months ended June 30, 2023. The Company recognizes compensation expense and a corresponding liability for the fair value of the SARs over the vesting 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 six months ended June 30, 2023 and the year ended December 31, 2022: Schedule of Share Based Payments Award Stock Options Valuation Assumptions 2023 2022 Dividend yield - 0.00 % Risk-free interest rate - 0.82 2.79 % Expected volatility - 108.0 119.0 % Expected life (in years) - 5 SARs activity for the six months ended June 30, 2023 and the year ended December 31, 2022 was as follows: Schedule of Stock Option Activity SARs Weighted Weighted Aggregate SARs outstanding at December 31, 2021 370,624 3.15 4.24 - Granted 814,862 1.81 4.48 - Exercised - - - - Forfeited or cancelled (27,699 ) 2.91 - - SARs outstanding at December 31, 2022 1,157,787 2.21 4.11 - Granted - - - - Exercised - - - - Forfeited or cancelled (328,822 ) 2.10 - - SARs outstanding June 30, 2023 828,965 2.26 3.63 - SARs expected to vest in the future as of June 30, 2023 530,678 2.02 3.85 - SARs exercisable at June 30, 2023 298,287 2.68 3.24 - SARs vested, and exercisable, and SARs expected to vest at June 30, 2023 828,965 2.26 3.63 - 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 market price of our common stock. At June 30, 2023, no SAR had an exercise price below the $ 0.35 At June 30, 2023, there was $ 474,228 1.75 Warrants Warrant activity for the six months ended June 30, 2023 and the year ended December 31, 2022 was as follows: Schedule of Warranty Activity Warrants Weighted Weighted Warrants outstanding at December 31, 2021 3,987,931 6.10 2.10 Granted - - - Exercised - - - Forfeited or cancelled (164,652 ) - - Warrants outstanding at December 31, 2022 3,823,279 4.66 1.19 Granted 1,490,896 0.58 2.62 Exercised - - - Forfeited or cancelled (2,412,086 ) 4.54 - Warrants outstanding at June 30, 2023 2,902,089 2.08 2.34 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 5 - Subsequent Events In July 2023, the Company realized gross proceeds of approximately $ 135,000 On July 14, 2023, the employment of Stephan Kuehr, General Manager of European Operations, terminated. On August 14, 2023, the Company entered into an At-the-Market Issuance Sales Agreement (the “Sales Agreement”) with Lake Street Capital Markets, LLC, or Lake Street, pursuant to which the Company may issue and sell from time to time through Lake Street, as sales agent, shares of our common stock having an aggregate offering price of up to $ 1,500,000 Upon delivery of a placement notice, and subject to the terms and conditions of the Sales Agreement, Lake Street as sales agent may sell shares of common stock by methods deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. The sales agent is not required to purchase any shares of common stock from the Company or sell any specific number or dollar amount of common stock but will use its commercially reasonable efforts consistent with its normal trading and sales practices as our agent to sell shares of common stock in the Offering as instructed by us. The Company or Lake Street may suspend or terminate the Offering upon notice to the other and subject to other conditions. The Company has agreed to pay Lake Street a commission of 3.0 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business |
Basis of Presentation | Basis of Presentation |
Going Concern | Going Concern As reported in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 20, 2023, the Company estimates that it has sufficient cash and working capital to fund its scaled-back operations as described below through August 2023 only. Since June 30, 2023, the Company has reduced its employee headcount to five, discontinued all product development activities and ceased to pursue new customers while continuing to consider a possible reverse merger, sale of the company or all or a portion of its assets, and other alternatives. Except for possible sales of shares of our common stock under the At-The-Market Issuance Sales Agreement described in Note 5- Subsequent Events, we have no agreement or arrangement to obtain any financing. There is no assurance that we will be able to enter into a definitive agreement with respect to a possible transaction or sell the Company or any of its assets or, if so, when or on what terms. If we fail to complete the sale of the Company or its assets or shares of common stock or obtain additional financing, we will be forced to resort to the dissolution and liquidation or bankruptcy of the Company. For these reasons, there is substantial doubt about our ability to continue as a going concern. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company does not use derivative instruments for hedging market risk or for trading or speculative purposes. |
Loss Per Share | Loss Per Share Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share June 30, 2023 2022 Warrants 2,902,089 3,825,781 Stock Options 1,897,659 1,528,637 Preferred Stock 60,332 148,918 Total Underlying Common Shares 4,860,080 5,503,336 The following table shows the amounts used in computing loss per share and the effect on net loss and the weighted average number of potentially dilutive shares for the periods shown: Schedule of Computing Loss Per Share Three Months Ended Six Months Ended 2023 2022 2023 2022 Net Loss per Common Share - Basic and Diluted $ (0.12 ) $ (0.22 ) $ (0.29 ) $ (0.43 ) Net Loss per Common Share - Basic $ (0.12 ) $ (0.22 ) $ (0.29 ) $ (0.43 ) Loss Applicable to Common Stockholders (numerator) $ (1,318,782 ) $ (2,261,390 ) $ (3,082,229 ) $ (4,483,005 ) Weighted Average Number of Common Shares Outstanding Used in Loss Per Share During the Period (denominator) 10,772,713 10,498,802 10,731,922 10,498,802 |
Accounting Estimates | Accounting Estimates |
Leases | Leases |
Long-Lived and Intangible Assets | Long-Lived and Intangible Assets 17 |
Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers In January 2022, the Company began offering a subscription option to its customers pursuant to which it leases its PrintRite3D platform for terms of between 12 and 36 months and provide technical support and maintenance for the term of the arrangement, as well as installation and training. The Company has determined these are leases because they relate to discrete pieces of equipment to which customers have the right to substantially all the economic benefit and exclusive use during the term of the arrangement. These leases are classified as operating leases and the Company retains title to the underlying equipment. The leases may be renewed for successive one-year terms unless notice is given by either party of its intent not to renew at least 30 days before the end of the lease term. For leases with 36-month terms, the lessee may terminate the agreement after the first 18 months upon at least 30 days written notice. Some, but not all, of the leases permit lessees to purchase the equipment at any time at an amount that approximates fair value and are not reasonably certain to be exercised at the inception of the lease. There are no anticipated variable lease payments at the inception of the lease. There are two non-lease components in the arrangement that consist of technical support and maintenance, and installation and training, respectively. The Company has elected single component practical expedient accounting to combine the technical support and maintenance with the lease as they have the same pattern of transfer. The installation and training component does not have the same pattern of transfer; therefore, this component is not eligible for single component practical expedient accounting. The consideration has been allocated on a relative fair value basis of the underlying lease and non-lease components. The Company has estimated the residual value of the leased equipment based on its useful life, and the ability to refurbish and sell the equipment, as well as the Company’s ability to componentize the hardware and utilize subassemblies in other products. Revenue from these operating leases for the three and six months ended June 30, 2023 was $ 11,337 28,343 |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts 115,600 0 Minimum Lease Payments Receivable Minimum lease payments receivable for the succeeding years ending December 31 are as follows: Schedule of Minimum Lease Payments Receivable Year ending December 31, Amount 2023 (remaining) $ 17,006 2024 8,503 2025 - 2026 - Thereafter - Total $ 25,509 Equipment Underlying Operating Leases: Equipment under operating leases as of June 30, 2023 was comprised of the following: Schedule of Assets underlying Operating Leases June 30, 2023 PrintRite3D Hardware $ 77,208 Accumulated Depreciation (12,445 ) Net Book Value $ 64,763 The Company is depreciating the underlying equipment over its useful life of 7 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share | Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share June 30, 2023 2022 Warrants 2,902,089 3,825,781 Stock Options 1,897,659 1,528,637 Preferred Stock 60,332 148,918 Total Underlying Common Shares 4,860,080 5,503,336 |
Schedule of Computing Loss Per Share | The following table shows the amounts used in computing loss per share and the effect on net loss and the weighted average number of potentially dilutive shares for the periods shown: Schedule of Computing Loss Per Share Three Months Ended Six Months Ended 2023 2022 2023 2022 Net Loss per Common Share - Basic and Diluted $ (0.12 ) $ (0.22 ) $ (0.29 ) $ (0.43 ) Net Loss per Common Share - Basic $ (0.12 ) $ (0.22 ) $ (0.29 ) $ (0.43 ) Loss Applicable to Common Stockholders (numerator) $ (1,318,782 ) $ (2,261,390 ) $ (3,082,229 ) $ (4,483,005 ) Weighted Average Number of Common Shares Outstanding Used in Loss Per Share During the Period (denominator) 10,772,713 10,498,802 10,731,922 10,498,802 |
Schedule of Minimum Lease Payments Receivable | Minimum lease payments receivable for the succeeding years ending December 31 are as follows: Schedule of Minimum Lease Payments Receivable Year ending December 31, Amount 2023 (remaining) $ 17,006 2024 8,503 2025 - 2026 - Thereafter - Total $ 25,509 |
Schedule of Assets underlying Operating Leases | Equipment under operating leases as of June 30, 2023 was comprised of the following: Schedule of Assets underlying Operating Leases June 30, 2023 PrintRite3D Hardware $ 77,208 Accumulated Depreciation (12,445 ) Net Book Value $ 64,763 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | At June 30, 2023 and December 31, 2022, the Company’s inventory was comprised of the following: Schedule of Inventory June 30, 2023 December 31, 2022 Raw Materials $ 257,714 $ 294,194 Work in Process 165,777 140,723 Finished Goods 516,543 516,026 Total Inventory $ 940,034 $ 950,943 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Definite-life Intangible Assets and Accumulated Amortization | The following is a summary of definite-life intangible assets less accumulated amortization as of June 30, 2023 and December 31, 2022, respectively: Summary of Definite-life Intangible Assets and Accumulated Amortization June 30, December 31, Provisional Patent Applications $ 752,802 $ 675,251 Patents 552,321 524,750 Less: Accumulated Amortization (89,712 ) (74,716 ) Net Intangible Assets $ 1,215,411 $ 1,125,285 |
Schedule of Aggregate Amortization Expense | The estimated aggregate amortization expense for years ending December 31 is as follows: Schedule of Aggregate Amortization Expense 2023 (Remaining) $ 15,596 2024 31,192 2025 31,192 2026 31,192 Thereafter 353,437 Intangible asset and amortization expense $ 462,609 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 stock-based awards was estimated using the Black-Scholes model with the following weighted average assumptions for the six months ended June 30, 2023, and 2022: Schedule of Share Based Payments Award Stock Options Valuation Assumptions 2023 2022 Dividend yield 0.00 % 0.00 % Risk-free interest rate 4.05 % 0.95 1.65 % Expected volatility 100.23 100.25 % 106.4 110.0 % Expected life (in years) 5 5 |
Schedule of Stock Option Activity | Option activity for the six months ended June 30, 2023 and the year ended December 31, 2022 was as follows: Schedule of Share Based Compensation Stock Option Activity Options Weighted Weighted Aggregate Options outstanding at December 31, 2021 1,395,882 4.24 3.89 - Granted 487,473 2.50 4.43 - Exercised - - - - Forfeited or cancelled (84,302 ) 4.39 - - Options outstanding at December 31, 2022 1,799,053 3.76 3.30 - Granted 433,665 0.58 4.58 - Exercised - - - - Forfeited or cancelled (335,059 ) 3.60 - - Options outstanding at June 30, 2023 1,897,659 3.07 3.21 - Options expected to vest in the future as of June 30, 2023 409,974 1.93 4.03 - Options exercisable at June 30, 2023 1,487,685 3.38 2.98 - Options vested, exercisable, and options expected to vest at June 30, 2023 1,897,659 3.07 3.21 - |
Schedule of Warranty Activity | Warrant activity for the six months ended June 30, 2023 and the year ended December 31, 2022 was as follows: Schedule of Warranty Activity Warrants Weighted Weighted Warrants outstanding at December 31, 2021 3,987,931 6.10 2.10 Granted - - - Exercised - - - Forfeited or cancelled (164,652 ) - - Warrants outstanding at December 31, 2022 3,823,279 4.66 1.19 Granted 1,490,896 0.58 2.62 Exercised - - - Forfeited or cancelled (2,412,086 ) 4.54 - Warrants outstanding at June 30, 2023 2,902,089 2.08 2.34 |
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 six months ended June 30, 2023 and the year ended December 31, 2022: Schedule of Share Based Payments Award Stock Options Valuation Assumptions 2023 2022 Dividend yield - 0.00 % Risk-free interest rate - 0.82 2.79 % Expected volatility - 108.0 119.0 % Expected life (in years) - 5 |
Schedule of Stock Option Activity | SARs activity for the six months ended June 30, 2023 and the year ended December 31, 2022 was as follows: Schedule of Stock Option Activity SARs Weighted Weighted Aggregate SARs outstanding at December 31, 2021 370,624 3.15 4.24 - Granted 814,862 1.81 4.48 - Exercised - - - - Forfeited or cancelled (27,699 ) 2.91 - - SARs outstanding at December 31, 2022 1,157,787 2.21 4.11 - Granted - - - - Exercised - - - - Forfeited or cancelled (328,822 ) 2.10 - - SARs outstanding June 30, 2023 828,965 2.26 3.63 - SARs expected to vest in the future as of June 30, 2023 530,678 2.02 3.85 - SARs exercisable at June 30, 2023 298,287 2.68 3.24 - SARs vested, and exercisable, and SARs expected to vest at June 30, 2023 828,965 2.26 3.63 - |
Schedule of Anti-dilutive Secur
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total Underlying Common Shares | 4,860,080 | 5,503,336 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total Underlying Common Shares | 2,902,089 | 3,825,781 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total Underlying Common Shares | 1,897,659 | 1,528,637 |
Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total Underlying Common Shares | 60,332 | 148,918 |
Schedule of Computing Loss Per
Schedule of Computing Loss Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||||
Net Loss per Common Share - Basic | $ (0.12) | $ (0.22) | $ (0.29) | $ (0.43) |
Net Loss per Common Share - Diluted | $ (0.12) | $ (0.22) | $ (0.29) | $ (0.43) |
Loss Applicable to Common Stockholders (numerator) | $ (1,318,782) | $ (2,261,390) | $ (3,082,229) | $ (4,483,005) |
Weighted Average Number of Common Shares Outstanding Used in Loss Per Share During the Period (denominator) | 10,772,713 | 10,498,802 | 10,731,922 | 10,498,802 |
Schedule of Minimum Lease Payme
Schedule of Minimum Lease Payments Receivable (Details) | Dec. 31, 2022 USD ($) |
Accounting Policies [Abstract] | |
2023 (remaining) | $ 17,006 |
2024 | 8,503 |
2025 | |
2026 | |
Thereafter | |
Total | $ 25,509 |
Schedule of Assets underlying O
Schedule of Assets underlying Operating Leases (Details) | Jun. 30, 2023 USD ($) |
Accounting Policies [Abstract] | |
PrintRite3D Hardware | $ 77,208 |
Accumulated Depreciation | (12,445) |
Net Book Value | $ 64,763 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Lease income from operating leases | $ 11,337 | $ 28,343 | |
Allowance for doubtful accounts receivable | $ 115,600 | $ 115,600 | $ 0 |
Underlying equipment useful life | 7 years | 7 years | |
Utility Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Utility patents usefull life | 17 years | 17 years |
Schedule of Inventory (Details)
Schedule of Inventory (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 257,714 | $ 294,194 |
Work in Process | 165,777 | 140,723 |
Finished Goods | 516,543 | 516,026 |
Total Inventory | $ 940,034 | $ 950,943 |
Summary of Definite-life Intang
Summary of Definite-life Intangible Assets and Accumulated Amortization (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Less: Accumulated Amortization | $ (89,712) | $ (74,716) |
Net Intangible Assets | 1,215,411 | 1,125,285 |
Provisional Patent Applications [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Patents | 752,802 | 675,251 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Patents | $ 552,321 | $ 524,750 |
Schedule of Aggregate Amortizat
Schedule of Aggregate Amortization Expense (Details) | Dec. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 (Remaining) | $ 15,596 |
2024 | 31,192 |
2025 | 31,192 |
2026 | 31,192 |
Thereafter | 353,437 |
Intangible asset and amortization expense | $ 462,609 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense on intangible assets | $ 14,996 | $ 10,993 |
Patent [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Costs relate to patents issued | $ 27,571 |
Schedule of Share Based Payment
Schedule of Share Based Payments Award Stock Options Valuation Assumptions (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Dividend yield | 0% | 0% | |
Risk-free interest rate | 4.05% | ||
Expected life | 5 years | 5 years | |
2020 Stock Appreciation Rights Plan [Member] | |||
Dividend yield | 0% | ||
Risk-free interest rate | |||
Expected volatility | |||
Expected life | 5 years | ||
Risk-free interest rate, minimum | 0.82% | ||
Risk-free interest rate, maximum | 2.79% | ||
Expected volatility, minimum | 108% | ||
Expected volatility, maximum | 119% | ||
Minimum [Member] | |||
Risk-free interest rate | 0.95% | ||
Expected volatility | 100.23% | 106.40% | |
Maximum [Member] | |||
Risk-free interest rate | 1.65% | ||
Expected volatility | 100.25% | 110% |
Schedule of Share Based Compens
Schedule of Share Based Compensation Stock Option Activity (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Number of Options, Outstanding, Beginning Balance | 1,799,053 | 1,395,882 | |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 3.76 | $ 4.24 | |
Weighted Average Remaining Contractual Life Years, Outstanding Balance | 3 years 2 months 15 days | 3 years 3 months 18 days | 3 years 10 months 20 days |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | |||
Number of Options, Granted | 433,665 | 487,473 | |
Weighted Average Exercise Price, Granted | $ 0.58 | $ 2.50 | |
Weighted Average Remaining Contractual Life Years, Granted | 4 years 6 months 29 days | 4 years 5 months 4 days | |
Aggregate Intrinsic Value, Granted | |||
Number of Options, Exercised | 0 | 0 | |
Weighted Average Exercise Price, Exercised | |||
Aggregate Intrinsic Value, Exercised | |||
Number of Options, Forfeited or cancelled | (335,059) | (84,302) | |
Weighted Average Exercise Price, Forfeited or cancelled | $ 3.60 | $ 4.39 | |
Aggregate Intrinsic Value, Forfeited or cancelled | |||
Number of Options, Outstanding, Outstanding Balance | 1,897,659 | 1,799,053 | 1,395,882 |
Weighted Average Exercise Price, Outstanding Ending Balance | $ 3.07 | $ 3.76 | $ 4.24 |
Aggregate Intrinsic Value, Outstanding, Ending Balance | |||
Number of Options, Expected to Vest in the Future Ending Balance | 409,974 | ||
Weighted Average Exercise Price, Expected to Vest | $ 1.93 | ||
Weighted Average Remaining Contractual Life Years, Expected to Vest | 4 years 10 days | ||
Aggregate Intrinsic Value, Outstanding, Expected of Vest | |||
Number of Options, Exercisable | 1,487,685 | ||
Weighted Average Exercise Price, Exercisable | $ 3.38 | ||
Weighted Average Remaining Contractual Life Years, Exercisable | 2 years 11 months 23 days | ||
Aggregate Intrinsic Value, Outstanding, Exercisable | |||
Number of Options, Vested, Exercisable and Options Expected to Vest Ending Balance | 1,897,659 | ||
Weighted Average Exercise Price, Vested, Exercisable and Options Expected to Vest | $ 3.07 | ||
Weighted Average Remaining Contractual Life (Yrs.), Vested, Exercisable and Options Expected to Vest | 3 years 2 months 15 days | ||
Aggregate Intrinsic Value, Outstanding,Exercisable and Options Expected to Vest |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of Options, Outstanding, Beginning Balance | 1,799,053 | 1,395,882 | |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 3.76 | $ 4.24 | |
Weighted Average Remaining Contractual Life, Outstanding Balance | 3 years 2 months 15 days | 3 years 3 months 18 days | 3 years 10 months 20 days |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | |||
Number of Options, Granted | 433,665 | 487,473 | |
Weighted Average Exercise Price, Granted | $ 0.58 | $ 2.50 | |
Aggregate Intrinsic Value, Granted | |||
Number of Options, Exercised | 0 | 0 | |
Weighted Average Exercise Price, Exercised | |||
Aggregate Intrinsic Value, Exercised | |||
Number of Options, Forfeited or cancelled | (335,059) | (84,302) | |
Aggregate Intrinsic Value, Forfeited or cancelled | |||
Number of Options, Outstanding, Outstanding Balance | 1,897,659 | 1,799,053 | 1,395,882 |
Weighted Average Exercise Price, Outstanding Ending Balance | $ 3.07 | $ 3.76 | $ 4.24 |
Aggregate Intrinsic Value, Outstanding, Ending Balance | |||
Number of Options, Expected to Vest in the Future Ending Balance | 409,974 | ||
Weighted Average Exercise Price, Expected to Vest | $ 1.93 | ||
Weighted Average Remaining Contractual Life, Expected to Vest | 4 years 10 days | ||
Aggregate Intrinsic Value, Outstanding, Expected of Vest | |||
Number of Options, Exercisable | 1,487,685 | ||
Weighted Average Exercise Price, Exercisable | $ 3.38 | ||
Weighted Average Remaining Contractual Life, Exercisable | 2 years 11 months 23 days | ||
Aggregate Intrinsic Value, Outstanding, Exercisable | |||
Number of Options, Vested, Exercisable and Options Expected to Vest Ending Balance | 1,897,659 | ||
Weighted Average Exercise Price, Vested, Exercisable and Options Expected to Vest | $ 3.07 | ||
Weighted Average Remaining Contractual Life, Vested, Exercisable and Options Expected to Vest | 3 years 2 months 15 days | ||
Aggregate Intrinsic Value, Outstanding,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 | 1,157,787 | 370,624 | |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 2.21 | $ 3.15 | |
Weighted Average Remaining Contractual Life, Outstanding Balance | 3 years 7 months 17 days | 4 years 2 months 26 days | 4 years 1 month 9 days |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | |||
Number of Options, Granted | 814,862 | ||
Weighted Average Exercise Price, Granted | $ 1.81 | ||
Weighted Average Remaining Contractual Life, Granted | 4 years 5 months 23 days | ||
Aggregate Intrinsic Value, Granted | |||
Number of Options, Exercised | |||
Weighted Average Exercise Price, Exercised | |||
Aggregate Intrinsic Value, Exercised | |||
Number of Options, Forfeited or cancelled | (328,822) | (27,699) | |
Weighted Average Exercise Price, Forfeited or cancelled | 2 years 1 month 6 days | 2 years 10 months 28 days | |
Aggregate Intrinsic Value, Forfeited or cancelled | |||
Number of Options, Outstanding, Outstanding Balance | 828,965 | 1,157,787 | 370,624 |
Weighted Average Exercise Price, Outstanding Ending Balance | $ 2.26 | $ 2.21 | $ 3.15 |
Aggregate Intrinsic Value, Outstanding, Ending Balance | |||
Number of Options, Expected to Vest in the Future Ending Balance | 530,678 | ||
Weighted Average Exercise Price, Expected to Vest | $ 2.02 | ||
Weighted Average Remaining Contractual Life, Expected to Vest | 3 years 10 months 6 days | ||
Aggregate Intrinsic Value, Outstanding, Expected of Vest | |||
Number of Options, Exercisable | 298,287 | ||
Weighted Average Exercise Price, Exercisable | $ 2.68 | ||
Weighted Average Remaining Contractual Life, Exercisable | 3 years 2 months 26 days | ||
Aggregate Intrinsic Value, Outstanding, Exercisable | |||
Number of Options, Vested, Exercisable and Options Expected to Vest Ending Balance | 828,965 | ||
Weighted Average Exercise Price, Vested, Exercisable and Options Expected to Vest | $ 2.26 | ||
Weighted Average Remaining Contractual Life, Vested, Exercisable and Options Expected to Vest | 3 years 7 months 17 days | ||
Aggregate Intrinsic Value, Outstanding,Exercisable and Options Expected to Vest |
Schedule of Warranty Activity (
Schedule of Warranty Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Warrants Outstanding, Beginning Balance | 3,823,279 | 3,987,931 | |
Weighted Average Exercise Price Outstanding, Beginning Balance | $ 4.66 | $ 6.10 | |
Weighted Average Remaining Contractual Life Years,Ending Balance | 2 years 4 months 2 days | 1 year 2 months 8 days | 2 years 1 month 6 days |
Warrants, Granted | 1,490,896 | ||
Weighted Average Exercise Price Outstanding, Granted | $ 0.58 | ||
Warrants,Exercised | |||
Weighted Average Exercise Price Outstanding,Exercised | |||
Warrants, Forfeited or cancelled | (2,412,086) | (164,652) | |
Weighted Average Exercise Price Outstanding, Forfeited or cancelled | $ 4.54 | ||
Weighted Average Remaining Contractual Life Years, Granted | 2 years 7 months 13 days | ||
Warrants Outstanding, Ending Balance | 2,902,089 | 3,823,279 | 3,987,931 |
Weighted Average Exercise Price Outstanding,Ending Balance | $ 2.08 | $ 4.66 | $ 6.10 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jan. 27, 2023 | Jan. 26, 2023 | Jan. 23, 2023 | Jan. 31, 2020 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Preferred stock, shares issued | 316 | 316 | 316 | 465 | ||||||
Preferred stock, shares outstanding | 316 | 316 | 316 | 465 | ||||||
Options exercise price | $ 0.35 | |||||||||
Number of shares granted | 433,665 | 487,473 | ||||||||
Allocation share based compensation expense | $ 138,489 | $ 167,439 | $ 363,339 | $ 338,415 | ||||||
Unrecognized stock-based compensation expense, stock option | 387,351 | $ 387,351 | ||||||||
Weighted average remaining recognition period | 1 year 5 months 1 day | |||||||||
Directors [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Vesting percentage | 50% | |||||||||
Directors [Member] | December 31, 2022 [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Vesting percentage | 50% | |||||||||
19 Employees [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Vesting percentage | 50% | |||||||||
Number of shares granted | 381,285 | |||||||||
Option strike price | $ 0.58 | |||||||||
2020 Stock Appreciation Rights Plan [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Options exercise price | $ 0.35 | |||||||||
Unrecognized share based compensation cost | $ 474,228 | $ 474,228 | ||||||||
Weighted average remaining recognition period | 1 year 9 months | |||||||||
Employee Retention Agreements [Member] | 2020 Stock Appreciation Rights Plan [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Options exercise price | $ 0.58 | |||||||||
Common Stock [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Number of stock issued converted during period, shares | 230,015 | |||||||||
Series D Convertible Preferred Stock [Member] | Common Stock [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Conversion of stock, shares converted | 132 | |||||||||
Number of shares as in-kind payment, shares | 43,241 | |||||||||
Series E Convertible Preferred Stock [Member] | Other Securities Purchase Agreement [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Conversion of stock, shares converted | 48,544 | |||||||||
Share issued and sold during period, shares | 333 | |||||||||
Dividend rate | 9% | |||||||||
Series E Convertible Preferred Stock [Member] | Common Stock [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Conversion of stock, shares converted | 17 | |||||||||
Number of shares as in-kind payment, shares | 655 | |||||||||
Series D Preferred Stock [Member] | Institutional Securities Purchase Agreement [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Common stock issued during period | 270,828 | |||||||||
Preferred stock, par value | $ 1,000 | |||||||||
Preferred stock, shares outstanding | 132 | 0 | 0 | |||||||
Share issued and sold during period, shares | 1,640 | |||||||||
Dividend rate | 9% | |||||||||
Conversion price per share | $ 0.58 | |||||||||
Series E Preferred Stock [Member] | Institutional Securities Purchase Agreement [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Common stock issued during period | 3,083 | |||||||||
Preferred stock, par value | $ 1,000 | $ 1,000 | ||||||||
Preferred stock, shares outstanding | 17 | 316 | 316 | |||||||
Number of stock issued converted during period, shares | 60,332 | |||||||||
Private Placement [Member] | Purchase Agreement [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Warrants to purchase shares of common stock | 52,380 | |||||||||
Private Placement [Member] | Series D Convertible Preferred Stock [Member] | Common Stock [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Common stock issued during period | 227,587 | |||||||||
Private Placement [Member] | Series E Convertible Preferred Stock [Member] | Common Stock [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Common stock issued during period | 2,428 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) | 1 Months Ended | |
Aug. 14, 2023 | Jul. 31, 2023 | |
Subsequent Event [Line Items] | ||
Gross proceeds from slae of equipment | $ 135,000 | |
Sales Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Aggregate offering price | $ 1,500,000 | |
Commission fee percentage | 3% |