Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 10, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | NOCOPI TECHNOLOGIES INC/MD/ | |
Entity Central Index Key | 0000888981 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 67,353,690 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Name | MD | |
Entity File Number | 000-20333 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues | ||||
Licenses, royalties and fees | $ 107,100 | $ 192,000 | $ 271,700 | $ 382,500 |
Product and other sales | 520,200 | 324,100 | 875,900 | 543,000 |
Total revenues | 627,300 | 516,100 | 1,147,600 | 925,500 |
Cost of revenues | ||||
Licenses, royalties and fees | 58,600 | 31,600 | 108,300 | 56,800 |
Product and other sales | 247,200 | 123,400 | 448,800 | 213,700 |
Total cost of revenues | 305,800 | 155,000 | 557,100 | 270,500 |
Gross profit | 321,500 | 361,100 | 590,500 | 655,000 |
Operating expenses | ||||
Research and development | 41,900 | 39,400 | 83,000 | 77,400 |
Sales and marketing | 86,000 | 74,300 | 170,000 | 143,200 |
General and administrative | 120,000 | 86,900 | 259,700 | 181,000 |
Total operating expenses | 247,900 | 200,600 | 512,700 | 401,600 |
Net income from operations | 73,600 | 160,500 | 77,800 | 253,400 |
Other income (expenses) | ||||
Interest income | 4,300 | 1,500 | 8,100 | 2,600 |
Interest expense, bank charges and accretion of interest | (2,100) | (2,700) | (4,600) | (5,400) |
Total other income (expenses) | 2,200 | (1,200) | 3,500 | (2,800) |
Net income before income taxes | 75,800 | 159,300 | 81,300 | 250,600 |
Income taxes | 5,000 | 10,400 | (42,100) | 16,300 |
Net income | $ 70,800 | $ 148,900 | $ 123,400 | $ 234,300 |
Basic and diluted net income per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding | ||||
Basic | 61,044,698 | 58,616,716 | 61,044,698 | 58,616,716 |
Diluted | 61,605,985 | 58,973,280 | 61,577,129 | 58,988,005 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash | $ 1,052,700 | $ 688,000 |
Accounts receivable less $5,000 allowance for doubtful accounts | 1,141,500 | 1,352,300 |
Inventory | 277,500 | 127,900 |
Prepaid and other | 95,100 | 135,000 |
Total current assets | 2,566,800 | 2,303,200 |
Fixed assets | ||
Leasehold improvements | 27,800 | 24,200 |
Furniture, fixtures and equipment | 279,400 | 252,500 |
Fixed assets, gross | 307,200 | 276,700 |
Less: accumulated depreciation and amortization | 215,200 | 206,600 |
Total fixed assets | 92,000 | 70,100 |
Other assets | ||
Long-term receivable | 766,000 | 957,000 |
Operating lease right of use - building | 181,500 | 202,000 |
Other assets | 947,500 | 1,159,000 |
Total assets | 3,606,300 | 3,532,300 |
Current liabilities | ||
Convertible debentures | 97,900 | 97,900 |
Accounts payable | 87,800 | 44,300 |
Accrued expenses | 214,800 | 231,600 |
Income taxes | 57,600 | 52,400 |
Operating lease liability - current | 43,100 | 41,700 |
Total current liabilities | 501,200 | 467,900 |
Other liabilities | ||
Accrued expenses, non-current | 53,600 | 67,000 |
Deferred income taxes | 47,400 | |
Operating lease liability - non-current | 138,400 | 160,300 |
Total other liabilities | 192,000 | 274,700 |
Stockholders' equity | ||
Common stock, $0.01 par value Authorized - 75,000,000 shares, Issued and outstanding - 61,044,698 shares | 610,400 | 610,400 |
Paid-in capital | 12,483,900 | 12,483,900 |
Accumulated deficit | (10,181,200) | (10,304,600) |
Total stockholders' equity | 2,913,100 | 2,789,700 |
Total liabilities and stockholders' equity | $ 3,606,300 | $ 3,532,300 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 5,000 | $ 5,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 61,044,698 | 61,044,698 |
Common stock, shares outstanding | 61,044,698 | 61,044,698 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Activities | ||
Net income | $ 123,400 | $ 234,300 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 9,100 | 2,300 |
Deferred income taxes | (47,400) | (54,400) |
Other assets | 211,500 | (27,800) |
Other liabilities | (33,900) | 208,300 |
Net income adjusted for non-cash operating activities | 262,700 | 362,700 |
(Increase) decrease in assets | ||
Accounts receivable | 210,800 | (258,800) |
Inventory | (149,600) | (31,400) |
Prepaid and other | 39,900 | (9,600) |
Increase (decrease) in liabilities | ||
Accounts payable and accrued expenses | 26,700 | 65,100 |
Taxes on income | 5,200 | (22,300) |
Total increase in operating capital | 133,000 | (257,000) |
Net cash provided by operating activities | 395,700 | 105,700 |
Investment Activities | ||
Additions to fixed assets | (31,000) | |
Net cash used in investing activities | (31,000) | |
Increase in cash | 364,700 | 105,700 |
Cash at beginning of year | 688,000 | 400,800 |
Cash at end of period | 1,052,700 | 506,500 |
Supplemental Disclosure of Non Cash Investing and Financing Activities | ||
Accumulated depreciation and amortization | 500 | |
Furniture, fixtures and equipment | (500) | |
Operating lease right of use - building | 241,100 | |
Operating lease liability | $ (241,100) |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2018 | $ 586,200 | $ 12,440,000 | $ (11,059,500) | $ 1,966,700 |
Balance shares at Dec. 31, 2018 | 58,616,716 | 58,616,716 | ||
Net income | 85,400 | $ 85,400 | ||
Balance at Mar. 31, 2019 | $ 586,200 | 12,440,000 | (10,974,100) | $ 2,052,100 |
Balance shares at Mar. 31, 2019 | 58,616,716 | 58,616,716 | ||
Balance at Dec. 31, 2018 | $ 586,200 | 12,440,000 | (11,059,500) | $ 1,966,700 |
Balance shares at Dec. 31, 2018 | 58,616,716 | 58,616,716 | ||
Net income | $ 234,300 | |||
Balance at Jun. 30, 2019 | $ 586,200 | 12,440,000 | (10,825,200) | 2,201,000 |
Balance shares at Jun. 30, 2019 | 58,616,716 | |||
Balance at Mar. 31, 2019 | $ 586,200 | 12,440,000 | (10,974,100) | $ 2,052,100 |
Balance shares at Mar. 31, 2019 | 58,616,716 | 58,616,716 | ||
Net income | 148,900 | $ 148,900 | ||
Balance at Jun. 30, 2019 | $ 586,200 | 12,440,000 | (10,825,200) | 2,201,000 |
Balance shares at Jun. 30, 2019 | 58,616,716 | |||
Balance at Dec. 31, 2019 | $ 610,400 | 12,483,900 | (10,304,600) | $ 2,789,700 |
Balance shares at Dec. 31, 2019 | 61,044,698 | 61,044,698 | ||
Net income | 52,600 | $ 52,600 | ||
Balance at Mar. 31, 2020 | $ 610,400 | 12,483,900 | (10,252,000) | 2,842,300 |
Balance shares at Mar. 31, 2020 | 61,044,698 | |||
Balance at Dec. 31, 2019 | $ 610,400 | 12,483,900 | (10,304,600) | $ 2,789,700 |
Balance shares at Dec. 31, 2019 | 61,044,698 | 61,044,698 | ||
Net income | $ 123,400 | |||
Balance at Jun. 30, 2020 | $ 610,400 | 12,483,900 | (10,181,200) | $ 2,913,100 |
Balance shares at Jun. 30, 2020 | 61,044,698 | 61,044,698 | ||
Balance at Mar. 31, 2020 | $ 610,400 | 12,483,900 | (10,252,000) | $ 2,842,300 |
Balance shares at Mar. 31, 2020 | 61,044,698 | |||
Net income | 70,800 | 70,800 | ||
Balance at Jun. 30, 2020 | $ 610,400 | $ 12,483,900 | $ (10,181,200) | $ 2,913,100 |
Balance shares at Jun. 30, 2020 | 61,044,698 | 61,044,698 |
Financial Statements
Financial Statements | 6 Months Ended |
Jun. 30, 2020 | |
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. (our 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 the summary of Accounting Policies included in our Company's 2019 Annual Report on Form 10-K. 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 our Company believes that the accompanying disclosures are adequate to make the information presented not misleading. The Notes to Financial Statements included in the 2019 Annual Report on Form10-K should be read in conjunction with the accompanying interim financial statements. The interim operating results for the three months and six months ended June 30, 2020 may not be necessarily indicative of the operating results expected for the full year. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States. On March 19, 2020 the Governor of Pennsylvania declared a health emergency and issued an order to close all nonessential businesses until further notice. The mandated closure of nonessential businesses in Pennsylvania remains in effect as of the current date and is expected to continue for the foreseeable future in the portion of the state in which we conduct our business operations. While certain businesses in Pennsylvania have been granted permission to resume operations, they may be subject to significant restrictions on their operations by both state and local government mandates. Our operations are deemed to be essential and thus we remain open. However, disruptions to our business operations due to COVID-19 with a resultant impact on our results of operations could continue to occur as a result of quarantines of employees and suppliers in areas affected by the outbreak, availability of raw materials required to manufacture our products, disruption of supply chains that provide our raw materials, price increases of raw materials and supplies used in our production processes, facility closures of domestic and international customers who purchase and use our products, and travel and logistics restrictions affecting our inbound and outbound shipments in connection with the COVID-19 outbreak. While we expect this global COVID-19 pandemic to continue to negatively impact our results of operations, cash flow and financial position, the related financial impact cannot be reasonably estimated at this time. Our Company follows Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 220 in reporting comprehensive income. Comprehensive income 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. Since our Company has no items of other comprehensive income, comprehensive income is equal to net income. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | Note 2. Stock Based Compensation Our Company follows FASB ASC 718, Compensation Stock Compensation |
Line of Credit
Line of Credit | 6 Months Ended |
Jun. 30, 2020 | |
Line of Credit Facility [Abstract] | |
Line of Credit | Note 3. Line of Credit In November 2018, our Company negotiated a $150,000 revolving line of credit with a bank to provide a source of working capital, if required. The line of credit is secured by all the assets of our Company and bears interest at the banks prime rate for a period of one year and its prime rate plus 1.5% thereafter. The line of credit is subject to an annual review and quiet period. There have been no borrowings under the line of credit since its inception. |
Convertible Debentures
Convertible Debentures | 6 Months Ended |
Jun. 30, 2020 | |
Convertible Debt [Abstract] | |
Convertible Debentures | Note 4. Convertible Debentures At June 30, 2020, our Company had convertible debentures totaling $97,900 outstanding, which are due during the third quarter of 2020. The convertible debentures bear interest at 7%. At the option of the lender, the debentures and accrued interest are convertible in whole or part into common stock of our Company at $0.025 per share. During the third quarter of 2020, holders of all $97,900 of convertible debentures elected to convert the debentures plus approximately $46,000 of accrued interest into 5,758,992 shares of common stock of our Company. Our Company also granted warrants in the third quarter of 2013 and 2014 to purchase a total of 691,365 shares of our Companys common stock at $0.02 per share to the holders of the debentures. The warrants are currently exercisable and expire at various dates in the third quarter of 2020 and the third quarter of 2021. The fair value of the warrants was determined using the Black-Scholes pricing model. The relative fair value of the warrants was recorded as a discount to the notes payable with an offsetting credit to additional paid-in capital since our Company determined that the warrants were an equity instrument in accordance with FASB ASC 815. The debt discount related to the warrant issuances has been accreted through interest expense over the term of the notes payable. During the third quarter of 2020, holders of 550,000 warrants exercised their options to purchase a total of 550,000 shares of our Companys common stock. The following table summarizes our Companys warrant position at June 30, 2020 and December 31, 2019: Weighted Average Number Exercise Exercise of Shares Price Price Outstanding warrants - December 31, 2019 691,365 $0.02 $0.02 Outstanding warrants - June 30, 2020 691,365 $0.02 $0.02 Weighted average remaining contractual life (years) .33 Currently exercisable warrants - June 30, 2020 691,365 $0.02 $0.02 The aggregate intrinsic value of warrants outstanding and exercisable as of June 30, 2020 was approximately $69,100. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying warrants and the closing stock price of $0.12 for the Companys common stock on June 30, 2020. |
Other Income (Expenses)
Other Income (Expenses) | 6 Months Ended |
Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Other Income (Expenses) | Note 5. Other Income (Expenses) Other income (expenses) for the three months and six months ended June 30, 2020 and 2019 includes interest on convertible debentures held by seven investors. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6. Income Taxes There is no provision for federal income taxes for the three and six months ended June 30, 2020 and 2019 due to the availability of net operating loss carryforwards. Our Company has established a valuation allowance for the entire amount of benefits resulting from our Companys net operating loss carryforwards because our Company has determined that the realization of the net deferred tax asset is not assured. The components for state income tax expense resulting from the limitation on the use of net operating losses are: Three Months ended June 30 Six Months ended June 30 2020 2019 2020 2019 Current state taxes $ 5,000 $ 10,400 $ 5,300 $ 70,700 Deferred state taxes (47,400 ) (54,400 ) $ 5,000 $ 10,400 $ (42,100 ) $ 16,300 During the first quarter of 2020, our Company reversed $47,400 of accrued Pennsylvania income taxes that are not payable . There was no change in unrecognized tax benefits during the period ended June 30, 2020 and there was no accrual for uncertain tax positions as of June 30, 2020. Tax years from 2016 through 2019 remain subject to examination by U.S. federal and state jurisdictions. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2020 | |
Weighted average common shares outstanding | |
Earnings per Share | Note 7. Earnings per Share In accordance with FASB ASC 260, Earnings per Share |
Major Customer and Geographic I
Major Customer and Geographic Information | 6 Months Ended |
Jun. 30, 2020 | |
Major Customer and Geographic Information [Abstract] | |
Major Customer and Geographic Information | Note 8. Major Customer and Geographic Information Our Companys revenues, expressed as a percentage of total revenues, from non-affiliated customers that equaled 10% or more of the Companys total revenues were: Three Months ended June 30 Six Months ended June 30 2020 2019 2020 2019 Customer A 72 % 36 % 59 % 35 % Customer B 8 % 10 % 14 % 11 % Customer C 8 % 24 % 13 % 27 % Our Companys non-affiliate customers whose individual balances amounted to more than 10% of our Companys net accounts receivable, expressed as a percentage of net accounts receivable, were: June 30 December 31 2020 2019 Customer A 24 % 26 % Customer C 67 % 67 % Our Company performs ongoing credit evaluations of its customers and generally does not require collateral. Our Company also maintains allowances for potential credit losses. The loss of a major customer could have a material adverse effect on our Companys business operations and financial condition. Our Companys revenues by geographic region are as follows: Three Months ended June 30 Six Months ended June 30 2020 2019 2020 2019 North America $ 107,000 $ 225,800 $ 290,400 $ 442,400 South America 1,400 Europe 100 100 Asia 505,100 290,200 840,600 483,000 Australia 15,200 15,200 $ 627,300 $ 516,100 $ 1,147,600 $ 925,500 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Lessee Disclosure [Abstract] | |
Leases | Note 9. Leases Our Company conducts its operations in leased facilities under a non-cancelable operating lease expiring in 2024. 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, our Company has capitalized the present value of the minimum lease payments commencing January 1, 2019, using an estimated incremental borrowing rate of 6%. The minimum lease payments do not include common area annual expenses which are considered to be non-lease components. As of January 1, 2019 the operating lease right-of-use asset and operating lease liability amounted to $241,100 with no cumulative-effect adjustment to the opening balance of accumulated deficit. There are no other material operating leases. Our 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 six months ended June 30, 2020 was $13,400 and $26,700, respectively. Total lease expense under operating leases for the three and six months ended June 30, 2019 was $13,400 and $26,700, respectively. Maturities of lease liabilities are as follows: Operating Leases Year ending December 31 2020 $ 26,000 2021 53,100 2022 54,600 2023 56,200 2024 18,900 Total lease payments 208,800 Less imputed interest (27,300 ) Total $ 181,500 |
Convertible Debentures (Tables)
Convertible Debentures (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Convertible Debt [Abstract] | |
Warrants Position | The following table summarizes our Companys warrant position at June 30, 2020 and December 31, 2019: Weighted Average Number Exercise Exercise of Shares Price Price Outstanding warrants - December 31, 2019 691,365 $0.02 $0.02 Outstanding warrants - June 30, 2020 691,365 $0.02 $0.02 Weighted average remaining contractual life (years) .33 Currently exercisable warrants - June 30, 2020 691,365 $0.02 $0.02 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Components for State Income Tax Expense | The components for state income tax expense resulting from the limitation on the use of net operating losses are: Three Months ended June 30 Six Months ended June 30 2020 2019 2020 2019 Current state taxes $ 5,000 $ 10,400 $ 5,300 $ 70,700 Deferred state taxes (47,400 ) (54,400 ) $ 5,000 $ 10,400 $ (42,100 ) $ 16,300 |
Major Customer and Geographic_2
Major Customer and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Company's Revenues As Percentage Of Revenue | Our Companys revenues, expressed as a percentage of total revenues, from non-affiliated customers that equaled 10% or more of the Companys total revenues were: Three Months ended June 30 Six Months ended June 30 2020 2019 2020 2019 Customer A 72 % 36 % 59 % 35 % Customer B 8 % 10 % 14 % 11 % Customer C 8 % 24 % 13 % 27 % |
Schedule of Non-affiliated Customers with Accounts Receivable More Than 10% | Our Companys non-affiliate customers whose individual balances amounted to more than 10% of our Companys net accounts receivable, expressed as a percentage of net accounts receivable, were: June 30 December 31 2020 2019 Customer A 24 % 26 % Customer C 67 % 67 % |
Company's Revenue by Geographic Region | Our Companys revenues by geographic region are as follows: Three Months ended June 30 Six Months ended June 30 2020 2019 2020 2019 North America $ 107,000 $ 225,800 $ 290,400 $ 442,400 South America 1,400 Europe 100 100 Asia 505,100 290,200 840,600 483,000 Australia 15,200 15,200 $ 627,300 $ 516,100 $ 1,147,600 $ 925,500 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Lessee Disclosure [Abstract] | |
Maturities of Lease Liabilities | Maturities of lease liabilities are as follows: Operating Leases Year ending December 31 2020 $ 26,000 2021 53,100 2022 54,600 2023 56,200 2024 18,900 Total lease payments 208,800 Less imputed interest (27,300 ) Total $ 181,500 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) | Jun. 30, 2020USD ($) |
Share-based Payment Arrangement [Abstract] | |
Unrecognized portion of expense related to stock option grants | $ 0 |
Line of Credit (Details)
Line of Credit (Details) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Line of Credit Facility [Abstract] | |
Line of credit | $ 150,000 |
Interest rate | The line of credit is secured by all the assets of our Company and bears interest at the bank’s prime rate for a period of one year and its prime rate plus 1.5% thereafter. |
Convertible Debentures (Narrati
Convertible Debentures (Narrative) (Details) - USD ($) | 1 Months Ended | |
Jul. 31, 2020 | Jun. 30, 2020 | |
Debt Instrument [Line Items] | ||
Common stock that can be purchased 2013 and 2014 warrants | 691,365 | |
Price per share of warrants | $ 0.02 | |
Subsequent Event [Member] | ||
Debt Instrument [Line Items] | ||
Amount converted | $ 97,900 | |
Shares issued | 5,758,992 | |
Accrued interest converted | $ 46,000 | |
Warrants exercised | 550,000 | |
Common stock issued warrants exercised | 550,000 | |
Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
Convertible debt which are due during the third quarter of 2020 | $ 97,900 | |
Interest rate | 7.00% | |
Conversion price | $ 0.025 |
Convertible Debentures (Warrant
Convertible Debentures (Warrants Activity) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Warrants | ||
Exercise price | $ 0.02 | |
Warrant [Member] | ||
Warrants | ||
Outstanding warrants - | 691,365 | 691,365 |
Exercise price | $ 0.02 | $ 0.02 |
Weighted average exercise price | $ 0.02 | $ 0.02 |
Weighted average remaining contractual life (years) | 3 months 29 days | |
Exercisable | 691,365 | |
Exercisable weighted average exercise price | $ 0.02 | |
Intrinsic value | $ 69,100 | |
Intrinsic value exercisable | $ 69,100 | |
Stock price | $ 0.12 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Income Tax Contingency [Line Items] | |
Reversal accrued income taxes | $ 47,400 |
Unrecognized tax benefits | |
Uncertain tax positions | |
Minimum [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open for examination | 2016 |
Maximum [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open for examination | 2019 |
Income Taxes (Components for St
Income Taxes (Components for State Income Tax Expense) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Current state taxes | $ 5,000 | $ 10,400 | $ 5,300 | $ 70,700 |
Deferred state taxes | (47,400) | (54,400) | ||
Income tax expense (benefit) | $ 5,000 | $ 10,400 | $ (42,100) | $ 16,300 |
Earnings per Share (Details)
Earnings per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Weighted average common shares outstanding | ||||
Number of incremental common shares resulting from the assumed conversion of warrants | 561,287 | 356,564 | 532,431 | 371,289 |
Major Customer and Geographic_3
Major Customer and Geographic Information (Schedule of Revenues from Non-affiliated Customers) (Details) - Revenue [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Customer A [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Risk percentage | 72.00% | 36.00% | 59.00% | 35.00% |
Customer B [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Risk percentage | 8.00% | 10.00% | 14.00% | 11.00% |
Customer C [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Risk percentage | 8.00% | 24.00% | 13.00% | 27.00% |
Major Customer and Geographic_4
Major Customer and Geographic Information (Schedule of Non-affiliated Customers with Accounts Receivable) (Details) - Accounts Receivable [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Risk percentage | 24.00% | 26.00% |
Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Risk percentage | 67.00% | 67.00% |
Major Customer and Geographic_5
Major Customer and Geographic Information (Schedule of Revenue by Geographic Region) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 627,300 | $ 516,100 | $ 1,147,600 | $ 925,500 |
North America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 107,000 | 225,800 | 290,400 | 442,400 |
South America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 1,400 | |||
Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 100 | 100 | ||
Asia [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 505,100 | 290,200 | 840,600 | 483,000 |
Australia [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 15,200 | $ 15,200 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | |
Lessee Disclosure [Abstract] | ||||||
Lease expense | $ 13,400 | $ 13,400 | $ 26,700 | $ 26,700 | ||
Incremental borrowing rate | 6.00% | 6.00% | ||||
Operating lease right-of-use asset | $ 181,500 | $ 181,500 | $ 202,000 | $ 241,100 | ||
Operating lease liability | $ 181,500 | $ 181,500 | $ 241,100 |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) | Jun. 30, 2020 | Jan. 01, 2019 |
Lessee Disclosure [Abstract] | ||
2020 | $ 26,000 | |
2021 | 53,100 | |
2022 | 54,600 | |
2023 | 56,200 | |
2024 | 18,900 | |
Total lease payments | 208,800 | |
Less imputed interest | (27,300) | |
Total | $ 181,500 | $ 241,100 |