Nocopi (NNUP) 10-Q 13 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	000-20333
Entity Registrant Name	NOCOPI TECHNOLOGIES, INC.
Entity Central Index Key	0000888981
Entity Tax Identification Number	87-0406496
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	480 Shoemaker Road
Entity Address, Address Line Two	Suite 104
Entity Address, City or Town	King of Prussia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19406
City Area Code	610
Local Phone Number	834-9600
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		10,523,108

Statements of Comprehensive Inc

Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Licenses, royalties and fees	$ 151,500	$ 136,900	$ 327,000	$ 410,100
Product and other sales	516,900	438,200	1,198,700	1,356,300
Total revenues	668,400	575,100	1,525,700	1,766,400
Cost of revenues
Licenses, royalties and fees	59,300	62,700	162,000	171,200
Product and other sales	228,800	247,300	587,500	648,300
Total cost of revenues	288,100	310,000	749,500	819,500
Gross profit	380,300	265,100	776,200	946,900
Operating expenses
Research and development	43,600	39,800	127,100	119,900
Sales and marketing	91,600	71,200	236,500	218,600
General and administrative	727,400	833,800	3,196,900	1,258,300
Total operating expenses	862,600	944,800	3,560,500	1,596,800
Net loss from operations	(482,300)	(679,700)	(2,784,300)	(649,900)
Other income (expenses)
Other income	84,000		84,000
Interest income	153,000	69,800	432,900	192,300
Interest expense and bank charges	(5,800)	(4,000)	(17,300)	(9,000)
Total other income (expenses)	231,200	65,800	499,600	183,300
Net loss before income taxes	(251,100)	(613,900)	(2,284,700)	(466,600)
Income taxes benefit	0	(160,600)	0	(122,700)
Net loss	$ (251,100)	$ (453,300)	$ (2,284,700)	$ (343,900)
Net loss per common share
Basic	$ (0.02)	$ (0.05)	$ (0.22)	$ (0.04)
Diluted	$ (0.02)	$ (0.05)	$ (0.22)	$ (0.04)
Weighted average common shares outstanding
Basic	10,508,488	9,667,845	10,503,615	9,390,067
Diluted	10,508,488	9,667,845	10,503,615	9,390,067

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 10,940,900	$ 2,269,200
Accounts receivable less $12,000 allowance for credit losses	1,253,500	1,120,700
Inventory, net of allowance of $79,700 and $126,900, respectively	351,500	448,000
Interest receivable	0	160,000
Short-term investments		7,985,600
Prepaid and other current assets	129,700	121,800
Total current assets	12,675,600	12,105,300
Fixed assets
Leasehold improvements	81,500	81,500
Furniture, fixtures and equipment	179,700	169,800
Fixed assets, gross	261,200	251,300
Less: accumulated depreciation and amortization	240,500	214,800
Total fixed assets	20,700	36,500
Other assets
Long-term receivable	1,428,400	1,838,500
Operating lease right of use – building	51,800	17,600
Other assets	1,480,200	1,856,100
Total assets	14,176,500	13,997,900
Current liabilities
Accounts payable	68,400	27,500
Accrued expenses	186,200	94,600
Stock compensation payable	3,584,700	1,347,100
Operating lease liability – current	51,800	17,600
Total current liabilities	3,891,100	1,486,800
Other liabilities
Accrued expenses – non-current	99,900	128,600
Total other liabilities	99,900	128,600
Stockholders' equity
Common stock, $0.01 par value Authorized – 75,000,000 shares Issued and outstanding – 10,523,108 shares	105,200	105,000
Paid-in capital	21,734,600	21,647,100
Accumulated deficit	(11,654,300)	(9,369,600)
Total stockholders' equity	10,185,500	12,382,500
Total liabilities and stockholders' equity	$ 14,176,500	$ 13,997,900

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 12,000	$ 12,000
Inventory net of allowances	$ 79,700	$ 126,900
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	10,523,108	10,523,108
Common stock, shares outstanding	10,523,108	10,523,108

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net loss	$ (2,284,700)	$ (343,900)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	25,700	32,500
Stock-based compensation	2,325,300	420,600
Amortization of operating lease right of use-building	48,800	37,700
Inventory reserve	(47,200)	(16,100)
(Increase) decrease in assets
Accounts receivable	(132,800)	(254,300)
Inventory	143,700	118,000
Interest receivable	160,000
Prepaid and other current assets	(7,900)	2,100
Long-term receivables	410,100	469,400
Increase (decrease) in liabilities
Accounts payable	40,900	(500)
Accrued expenses	62,900	26,500
Operating lease liability	(48,800)	(37,700)
Taxes on income		(287,100)
Net cash provided by operating activities	696,000	167,200
Investing Activities
Additions to fixed assets	(9,900)	(28,500)
Sale of short-term investment	7,985,600
Net cash provided by (used in) investing activities	7,975,700	(28,500)
Financing Activities
Issuance of common stock		5,000,000
Net cash provided by financing activities		5,000,000
Increase in cash and cash equivalents	8,671,700	5,138,700
Cash and Cash Equivalents
Beginning of period	2,269,200	5,337,800
End of period	10,940,900	10,476,500
Right of use asset and liability	$ 83,000

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2022	$ 92,500	$ 16,659,600	$ (7,933,700)	$ 8,818,400
Beginning balance, shares at Dec. 31, 2022	9,251,178
Net loss			30,300	30,300
Ending balance, value at Mar. 31, 2023	$ 92,500	16,659,600	(7,903,400)	8,848,700
Ending balance, shares at Mar. 31, 2023	9,251,178
Net loss			79,100	79,100
Ending balance, value at Jun. 30, 2023	$ 92,500	16,659,600	(7,824,300)	8,927,800
Ending balance, shares at Jun. 30, 2023	9,251,178
Issuance of common stock	$ 12,500	4,987,500		5,000,000
Issuance of common stock, shares	1,250,000
Net loss			(453,300)	(453,300)
Ending balance, value at Sep. 30, 2023	$ 105,000	21,647,100	(8,277,600)	13,474,500
Ending balance, shares at Sep. 30, 2023	10,501,178
Beginning balance, value at Dec. 31, 2023	$ 105,000	21,647,100	(9,369,600)	12,382,500
Beginning balance, shares at Dec. 31, 2023	10,501,178
Net loss			(1,028,200)	(1,028,200)
Ending balance, value at Mar. 31, 2024	$ 105,000	21,647,100	(10,397,800)	11,354,300
Ending balance, shares at Mar. 31, 2024	10,501,178
Net loss			(1,005,400)	(1,005,400)
Ending balance, value at Jun. 30, 2024	$ 105,000	21,647,100	(11,403,200)	10,348,900
Ending balance, shares at Jun. 30, 2024	10,501,178
Issuance of common stock for services	$ 200	87,500		$ 87,700
Issuance of common stock for services, shares	21,930			21,930
Net loss			(251,100)	$ (251,100)
Ending balance, value at Sep. 30, 2024	$ 105,200	$ 21,734,600	$ (11,654,300)	$ 10,185,500
Ending balance, shares at Sep. 30, 2024	10,523,108

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (251,100)	$ (453,300)	$ (2,284,700)	$ (343,900)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Insider Trading Arrangements [Line Items]
Material Terms of Trading Arrangement	From time to time, certain of our executive officers and directors have, and we expect they will in the future, enter into, amend or terminate written trading arrangements pursuant to Rule 10b5-1 of the Securities and Exchange Act or otherwise. For the quarter ended September 30, 2024, none
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Financial Statements

Financial Statements	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statements	Note 1. Financial Statements The accompanying unaudited condensed financial statements have been prepared by Nocopi Technologies, Inc. (the “Company”). These statements include all adjustments (consisting only of normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting policies described in Note 2 Significant Accounting Policies included in the Notes to Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission on March 25, 2024 (the “2023 Annual Report”). Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the accompanying disclosures are adequate to make the information presented not misleading. The Notes to Financial Statements included in the 2023 Annual Report should be read in conjunction with the accompanying interim financial statements. The interim operating results for the three months and nine months ended September 30, 2024 may not be necessarily indicative of the operating results expected for the full year. The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 220 in reporting comprehensive income (loss). Comprehensive income (loss) is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income (loss). Since the Company has no items of other comprehensive income (loss), comprehensive income (loss) is equal to net income (loss). Reclassifications Certain reclassifications have been made to the 2023 Statement of Cash Flows in order to conform to the 2024 Statement of Cash Flows presentation. Recently Issued Accounting Pronouncements Not Yet Adopted As of September 30, 2024, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company's financial statements. Recently Adopted Accounting Pronouncements As of September 30, 2024 and for the period then ended, there are no recently adopted accounting standards that have a material effect on the Company's financial statements.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2024
Compensation Related Costs [Abstract]
Stock Based Compensation	Note 2. Stock Based Compensation The Company follows FASB ASC 718, Compensation – Stock Compensation 1,649,769 restricted stock units (“RSUs”) have been granted under the 2024 Plan. As of September 30, 2024, the unamortized value related to grants under the 2024 Plan was $ 1,410,000 As part of an employment agreement, the Company granted (the “Prior Grant”) to an executive a one-time equity award of 1,000,000 3,580,000 479,300 2,259,500 for the three and nine months ended September 30, 2024, respectively. Under the original terms of the award, to the extent the Company had not established an employee equity compensation plan on or prior to August 18, 2024, the restricted shares may have been converted, at the election of the executive, in full or in part, into cash compensation, at a rate of $ 3.58 On August 16, 2024, the executive agreed to cancel and forfeit the Prior Grant and, in lieu of the Prior Grant, the Company granted the executive 1,649,769 3,580,000

Cash and Cash Equivalents

Cash and Cash Equivalents	9 Months Ended
	Sep. 30, 2024
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Note 3 Cash and Cash Equivalents Cash and cash equivalents September 30 2024 December 31 2023 Cash and cash equivalents Cash and money market funds $ 10,940,900 $ 2,269,200 Cash and cash equivalents $ 10,940,900 $ 2,269,200

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Note 4. Inventories Schedule of inventories September 30 2024 December 31 2023 Inventories consist of the following: Raw materials $ 411,500 $ 534,500 Work in process — 11,900 Finished goods 19,700 28,500 Inventory gross 431,200 574,900 Less: Allowance (79,700 ) (126,900 ) Inventory $ 351,500 $ 448,000

Short-term Investments

Short-term Investments	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Short-term Investments	Note 5. Short-term Investments Schedule of short term investments September 30 December 31 2024 2023 Short-term investments U.S. Treasury Bills $ — $ 7,985,600 Short-term investments $ — $ 7,985,600 All U.S. Treasury Bills have matured as of September 30, 2024. Total interest income recognized for U.S. Treasury Bills was $ 49,700 42,500 $ 229,400 and $ 129,800 for the nine months ended September 30, 2024 and 2023, respectively. Interest receivable was $ 0 and $ 160,000 for the nine months ended September 30, 2024 and for the year ended December 31, 2023, respectively.

Long-term Receivables

Long-term Receivables	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Long-term Receivables	Note 6. Long-term Receivables As of September 30, 2024, the Company had long-term receivables of $ 1,428,400 4% The three agreements grant licenses for the use of certain patented ink technology as it exists at the time that it is granted which is considered functional intellectual property. Under Topic 606, a performance obligation to transfer a license for functional intellectual property is satisfied at a point in time and the fixed consideration could be recognized upfront when the Company transfers control of the licensee if certain criteria are met. Specifically, the minimum royalty guarantee could be recognized upfront if the following conditions are met: · The royalty payment is fixed or determinable · Collection of the royalty payment is considered probable · The licensee has the ability to benefit from the licensed technology The Company determined that the above conditions were met upon execution of the 2022 license agreements and recognized $ 2,810,600 of royalty revenue net of imputed interest of $ 131,300 for the year ended December 31, 2022. The commissions are payable over the term of the license agreements and are due when payments are received by the Company. As of September 30, 2024, the accrued commission payable balance was approximately $ 139,400 , which is included in accrued expenses. The current portion of the three license agreements in the amount of $ 565,300 624,600 The following table summarizes the future minimum payments due under the three license agreements as of September 30, 2024: Schedule of future minimum payments Year Ending December 31: 2024 $ 160,500 2025 570,000 2026 570,000 2027 557,500 2028 260,000 Total $ 2,118,000 The Company has evaluated the collectability of the long-term receivables and believes them to be fully collectible as of September 30, 2024. However, there can be no assurance that the receivables will not be impaired in the future due to changes in the licensees’ financial condition or other factors. The long-term receivables are recorded at its present value as of September 30, 2024, and the receivable and imputed interest will be amortized over the term of the license agreements using the effective interest method. The unamortized balance of the long-term receivables as of September 30, 2024 and December 31, 2023 was $ 1,428,400 and $ 1,838,500 124,300 4,300 2,000 11,200 16,000 for the nine months ended September 30, 2024 and 2023, respectively.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders’ Equity	Note 7. Stockholders’ Equity On September 11, 2023, the Company entered into a stock purchase agreement in connection with a private placement for total gross proceeds of $ 5.0 1,250,000 4.00 65,790 263,160 22,100 65,800 On September 11, 2023, the sale pursuant to the closed. No placement fees or commissions were paid in connection with this transaction. During the three months ended September 30, 2024 the Company issued 21,930 87,700 The Company recognized share-based compensation of $ 501,400 420,600 2,325,300 420,600 At September 30, 2024, the Company had no

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 8. Income Taxes There was no 160,600 122,700 The components for federal and state income tax expense are: Schedule of federal and state income tax expense Nine Months ended September 30 2024 2023 Current federal taxes $ — $ (122,700 ) Current state taxes — — Income tax expense (benefit) $ — $ (122,700 ) There was no no 144,563 will not expire but is subject to 80% utilization of current year taxable income. The Pennsylvania State net operating loss carryforward is currently $ 2,039,134

Loss per Share

Loss per Share	9 Months Ended
	Sep. 30, 2024
Net loss per common share
Loss per Share	Note 9. Loss per Share In accordance with FASB ASC 260, Earnings per Share

Major Customer and Geographic I

Major Customer and Geographic Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Major Customer and Geographic Information	Note 10. Major Customer and Geographic Information The Company’s revenues, expressed as a percentage of total revenues, from non-affiliated customers that equaled 10% or more of the Company’s total revenues were: Schedule of revenues as percentage of revenue Three Months ended September 30 Nine Months ended September 30 2024 2023 2024 2023 Customer A 75 % 69 % 71 % 69 % Customer B 17 % 18 % 16 % 17 % The Company’s non-affiliate customers whose individual balances amounted to more than 10% of the Company’s net accounts receivable, expressed as a percentage of net accounts receivable, were: Schedule of non-affiliated customers with accounts receivable September 30 December 31 2024 2023 Customer A 19 % — Customer B 73 % 82 % The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company also maintains allowances for potential credit losses. The loss of a major customer could have a material adverse effect on the Company’s business operations and financial condition. The Company’s revenues by geographic region are as follows: Schedule of revenue by geographic region Three Months ended September 30 Nine Months ended September 30 2024 2023 2024 2023 North America $ 143,600 $ 140,700 $ 296,100 $ 414,300 South America — 600 600 600 Asia 503,400 409,900 1,162,700 1,286,600 Australia 21,400 23,900 66,300 64,900 $ 668,400 $ 575,100 $ 1,525,700 $ 1,766,400

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases
Leases	Note 11. Leases The Company conducts its operations in leased facilities under a non-cancelable operating lease, which was originally set to expire in April 2024. The lease has been extended for 13 months for a new term that began on May 1, 2024 and will expire on May 31, 2025. Due to the adoption of the new lease standard under the optional transition method which allows the entity to apply the new lease standard at the adoption date, the Company has capitalized the present value of the minimum lease payments commencing May 1, 2024, using an estimated incremental borrowing rate of 6.5% As of May 1, 2024 the operating lease right-of-use asset and operating lease liability amounted to $ 83,046 There are no other material operating leases. The Company has elected not to recognize right-of-use assets and lease liabilities arising from short-term leases. Total lease expense under operating leases for the three and nine months ended September 30, 2024 was $ 19,800 50,800 13,300 40,000 Undiscounted future minimum lease payments as of September 30, 2024, by year and in aggregate are as follows Schedule of maturities of lease liabilities Operating Leases 2024 $ 21,400 2025 35,700 57,100 Less interest (5,300 ) Total $ 51,800

Employee Retention Tax Credit

Employee Retention Tax Credit	9 Months Ended
	Sep. 30, 2024
Employee Retention Tax Credit
Employee Retention Tax Credit	Note 12. Employee Retention Tax Credit The CARES Act, signed into law on March 27, 2020 with subsequent amendments, provides for refundable employee retention credit to employers whose operations were suspended due to COVID-19 or whose revenue significantly decreased. On June 15, 2023, the Company filed a Form 941-X to claim a refundable employee retention credit for the first quarter and third quarter 2021 payroll in the total amount of $ 84,000 .

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	9 Months Ended
	Sep. 30, 2024
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	Cash and cash equivalents September 30 2024 December 31 2023 Cash and cash equivalents Cash and money market funds $ 10,940,900 $ 2,269,200 Cash and cash equivalents $ 10,940,900 $ 2,269,200

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of inventories	Schedule of inventories September 30 2024 December 31 2023 Inventories consist of the following: Raw materials $ 411,500 $ 534,500 Work in process — 11,900 Finished goods 19,700 28,500 Inventory gross 431,200 574,900 Less: Allowance (79,700 ) (126,900 ) Inventory $ 351,500 $ 448,000

Short-term Investments (Tables)

Short-term Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of short term investments	Schedule of short term investments September 30 December 31 2024 2023 Short-term investments U.S. Treasury Bills $ — $ 7,985,600 Short-term investments $ — $ 7,985,600

Long-term Receivables (Tables)

Long-term Receivables (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of future minimum payments	Schedule of future minimum payments Year Ending December 31: 2024 $ 160,500 2025 570,000 2026 570,000 2027 557,500 2028 260,000 Total $ 2,118,000

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of federal and state income tax expense	Schedule of federal and state income tax expense Nine Months ended September 30 2024 2023 Current federal taxes $ — $ (122,700 ) Current state taxes — — Income tax expense (benefit) $ — $ (122,700 )

Major Customer and Geographic_2

Major Customer and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of revenues as percentage of revenue	Schedule of revenues as percentage of revenue Three Months ended September 30 Nine Months ended September 30 2024 2023 2024 2023 Customer A 75 % 69 % 71 % 69 % Customer B 17 % 18 % 16 % 17 %
Schedule of non-affiliated customers with accounts receivable	Schedule of non-affiliated customers with accounts receivable September 30 December 31 2024 2023 Customer A 19 % — Customer B 73 % 82 %
Schedule of revenue by geographic region	Schedule of revenue by geographic region Three Months ended September 30 Nine Months ended September 30 2024 2023 2024 2023 North America $ 143,600 $ 140,700 $ 296,100 $ 414,300 South America — 600 600 600 Asia 503,400 409,900 1,162,700 1,286,600 Australia 21,400 23,900 66,300 64,900 $ 668,400 $ 575,100 $ 1,525,700 $ 1,766,400

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases
Schedule of maturities of lease liabilities	Schedule of maturities of lease liabilities Operating Leases 2024 $ 21,400 2025 35,700 57,100 Less interest (5,300 ) Total $ 51,800

Stock Based Compensation (Detai

Stock Based Compensation (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 16, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 18, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense		$ 501,400	$ 420,600	$ 2,325,300	$ 420,600
Fair market value of replacement grant		3,580,000		$ 3,580,000
Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted shares				1,000,000
Restricted value				$ 3,580,000
Common stock price per share						$ 3.58
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense		$ 479,300		$ 2,259,500
Restricted Stock Units (RSUs) [Member] | 2024 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units grant granted	1,649,769			1,649,769
Restricted stock units grant unamortized				$ 1,410,000

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash and money market funds	$ 10,940,900	$ 2,269,200
Cash and cash equivalents	$ 10,940,900	$ 2,269,200

Inventories (Details)

Inventories (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 411,500	$ 534,500
Work in process		11,900
Finished goods	19,700	28,500
Inventory gross	431,200	574,900
Less: Allowance	(79,700)	(126,900)
Inventory	$ 351,500	$ 448,000

Short-term Investments (Details

Short-term Investments (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Short-term investments
U.S. Treasury Bills		$ 7,985,600
Short-term investments		$ 7,985,600

Short-term Investments (Detai_2

Short-term Investments (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
U.S. Treasury Bills interest income	$ 49,700	$ 42,500	$ 229,400	$ 129,800
Interest receivable	$ 0		$ 0	$ 160,000

Long-term Receivables (Details)

Long-term Receivables (Details)	Sep. 30, 2024 USD ($)
Receivables [Abstract]
2024	$ 160,500
2025	570,000
2026	570,000
2027	557,500
2028	260,000
Total	$ 2,118,000

Long-term Receivables (Details

Long-term Receivables (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023
Receivables [Abstract]
Long-term receivables	$ 1,428,400		$ 1,428,400			$ 1,838,500
Incremental borrowing rate	4%		4%
Royalty Income, Nonoperating					$ 2,810,600
Receivable with Imputed Interest, Net Amount					$ 131,300
Accrued Sales Commission, Current	$ 139,400		$ 139,400
Accounts receivable, current	565,300		565,300			624,600
Unamortized balance of long-term receivables	1,428,400		1,428,400			$ 1,838,500
Interest income recognized			124,300
Interest income	$ 4,300	$ 2,000	$ 11,200	$ 16,000

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 11, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsidiary, Sale of Stock [Line Items]
Proceeds from Issuance or Sale of Equity	$ 5,000,000
Aggregate shares issued	65,790
Fair market value	$ 263,160
Consulting expense		$ 22,100		$ 65,800
Number of shares issued for services		21,930
Value of shares issued for services		$ 87,700
Share-based compensation		$ 501,400	$ 420,600	$ 2,325,300	$ 420,600
Warrants outstanding		0		0
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock	1,250,000
Share Price	$ 4

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Current federal taxes				$ (122,700)
Current state taxes
Income tax expense (benefit)	$ 0	$ (160,600)	$ 0	$ (122,700)

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Income tax benefit	$ 0	$ (160,600)	$ 0	$ (122,700)
Unrecognized tax benefits	0		0
Accrual for uncertain tax positions	0		0
Domestic Tax Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Net operating loss carryforwards	144,563		144,563
State and Local Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Net operating loss carryforwards	$ 2,039,134		$ 2,039,134

Major Customer and Geographic_3

Major Customer and Geographic Information (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Customer A [Member]
Revenue, Major Customer [Line Items]
Risk percentage	75%	69%	71%	69%
Customer B [Member]
Revenue, Major Customer [Line Items]
Risk percentage	17%	18%	16%	17%

Major Customer and Geographic_4

Major Customer and Geographic Information (Details 1) - Accounts Receivable [Member] - Customer Concentration Risk [Member]	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Customer A [Member]
Revenue, Major Customer [Line Items]
Risk percentage	19%
Customer B [Member]
Revenue, Major Customer [Line Items]
Risk percentage	73%	82%

Major Customer and Geographic_5

Major Customer and Geographic Informatio (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 668,400	$ 575,100	$ 1,525,700	$ 1,766,400
North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	143,600	140,700	296,100	414,300
South America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		600	600	600
Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	503,400	409,900	1,162,700	1,286,600
AUSTRALIA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 21,400	$ 23,900	$ 66,300	$ 64,900

Leases (Details)

Leases (Details) - USD ($)	Sep. 30, 2024	May 01, 2024
Leases
2024	$ 21,400
2025	35,700
Total lease payments	57,100
Less interest	(5,300)
Total	$ 51,800	$ 83,046

Leases (Details Narrative)

Leases (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	May 01, 2024	Dec. 31, 2023
Leases
Incremental borrowing rate					6.50%
Operating lease right-of-use asset	$ 51,800		$ 51,800		$ 83,046	$ 17,600
Operating lease liability	51,800		51,800		$ 83,046
Operating lease cost	$ 19,800	$ 13,300	$ 50,800	$ 40,000

Employee Retention Tax Credit (

Employee Retention Tax Credit (Details Narrative)	Sep. 30, 2021 USD ($)
Employee Retention Tax Credit
Employee payroll balance	$ 84,000