Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 09, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
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 | 67,495,055 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Licenses, royalties and fees | $ 144,900 | $ 107,100 | $ 330,400 | $ 271,700 |
Product and other sales | 369,000 | 520,200 | 794,900 | 875,900 |
Total revenues | 513,900 | 627,300 | 1,125,300 | 1,147,600 |
Cost of revenues | ||||
Licenses, royalties and fees | 49,500 | 58,600 | 96,600 | 108,300 |
Product and other sales | 184,300 | 247,200 | 357,500 | 448,800 |
Total cost of revenues | 233,800 | 305,800 | 454,100 | 557,100 |
Gross profit | 280,100 | 321,500 | 671,200 | 590,500 |
Operating expenses | ||||
Research and development | 45,800 | 41,900 | 90,300 | 83,000 |
Sales and marketing | 74,200 | 86,000 | 157,400 | 170,000 |
General and administrative | 117,700 | 120,000 | 263,200 | 259,700 |
Total operating expenses | 237,700 | 247,900 | 510,900 | 512,700 |
Net income from operations | 42,400 | 73,600 | 160,300 | 77,800 |
Other income (expenses) | ||||
Interest income | 5,300 | 4,300 | 10,100 | 8,100 |
Interest expense and bank charges | (600) | (2,100) | (1,200) | (4,600) |
Total other income (expenses) | 4,700 | 2,200 | 8,900 | 3,500 |
Net income before income taxes | 47,100 | 75,800 | 169,200 | 81,300 |
Income taxes | 4,600 | 5,000 | 11,900 | (42,100) |
Net income | $ 42,500 | $ 70,800 | $ 157,300 | $ 123,400 |
Basic and diluted net income per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding | ||||
Basic | 67,400,812 | 61,044,698 | 67,377,251 | 61,044,698 |
Diluted | 67,400,812 | 61,605,985 | 67,377,251 | 61,577,129 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 1,908,400 | $ 1,362,800 |
Accounts receivable less $12,000 allowance for doubtful accounts | 969,100 | 1,280,800 |
Inventory | 486,500 | 324,800 |
Prepaid and other | 29,400 | 97,800 |
Total current assets | 3,393,400 | 3,066,200 |
Fixed assets | ||
Leasehold improvements | 58,400 | 27,800 |
Furniture, fixtures and equipment | 164,100 | 163,700 |
Fixed assets, gross | 222,500 | 191,500 |
Less: accumulated depreciation and amortization | 116,400 | 104,300 |
Total fixed assets | 106,100 | 87,200 |
Other assets | ||
Long-term receivable | 371,500 | 559,500 |
Operating lease right of use – building | 138,400 | 160,300 |
Other assets | 509,900 | 719,800 |
Total assets | 4,009,400 | 3,873,200 |
Current liabilities | ||
Accounts payable | 67,000 | 5,700 |
Accrued expenses | 154,600 | 178,600 |
Income taxes | 10,200 | 36,300 |
Operating lease liability – current | 46,000 | 44,500 |
Total current liabilities | 277,800 | 265,100 |
Other liabilities | ||
Accrued expenses – non-current | 26,000 | 39,200 |
Operating lease liability – non-current | 92,400 | 115,800 |
Total other liabilities | 118,400 | 155,000 |
Stockholders' equity | ||
Common stock, $0.01 par value Authorized – 75,000,000 shares Issued and outstanding 2021 – 67,495,055; 2020 – 67,353,690 shares | 675,000 | 673,500 |
Paid-in capital | 12,577,100 | 12,575,800 |
Accumulated deficit | (9,638,900) | (9,796,200) |
Total stockholders' equity | 3,613,200 | 3,453,100 |
Total liabilities and stockholders' equity | $ 4,009,400 | $ 3,873,200 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 67,495,055 | 67,353,690 |
Common stock, shares outstanding | 67,495,055 | 67,353,690 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net income | $ 157,300 | $ 123,400 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 12,700 | 9,100 |
Deferred income taxes | (47,400) | |
Other assets | 209,900 | 211,500 |
Other liabilities | (35,100) | (33,900) |
Net income adjusted for non-cash operating activities | 344,800 | 262,700 |
(Increase) decrease in assets | ||
Accounts receivable | 311,700 | 210,800 |
Inventory | (161,700) | (149,600) |
Prepaid and other | 68,400 | 39,900 |
Increase (decrease) in liabilities | ||
Accounts payable and accrued expenses | 37,300 | 26,700 |
Taxes on income | (26,100) | 5,200 |
Total increase in operating capital | 229,600 | 133,000 |
Net cash provided by operating activities | 574,400 | 395,700 |
Investing Activities | ||
Additions to fixed assets | (31,600) | (31,000) |
Net cash used in investing activities | (31,600) | (31,000) |
Financing Activities | ||
Exercise of warrants | 2,800 | |
Net cash provided by financing activities | 2,800 | |
Increase in cash | 545,600 | 364,700 |
Cash at beginning of year | 1,362,800 | 688,000 |
Cash at end of period | 1,908,400 | 1,052,700 |
Supplemental Disclosure of Non Cash Investing Activities | ||
Accumulated depreciation and amortization | 600 | 500 |
Furniture, fixtures and equipment | $ (600) | $ (500) |
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, 2019 | $ 610,400 | $ 12,483,900 | $ (10,304,600) | $ 2,789,700 |
Beginning balance, shares at Dec. 31, 2019 | 61,044,698 | |||
Net income | 52,600 | 52,600 | ||
Ending balance, value at Mar. 31, 2020 | $ 610,400 | 12,483,900 | (10,252,000) | 2,842,300 |
Ending balance, shares at Mar. 31, 2020 | 61,044,698 | |||
Net income | 70,800 | 70,800 | ||
Ending balance, value at Jun. 30, 2020 | $ 610,400 | 12,483,900 | (10,181,200) | 2,913,100 |
Ending balance, shares at Jun. 30, 2020 | 61,044,698 | |||
Beginning balance, value at Dec. 31, 2020 | $ 673,500 | 12,575,800 | (9,796,200) | 3,453,100 |
Beginning balance, shares at Dec. 31, 2020 | 67,353,690 | |||
Net income | 114,800 | 114,800 | ||
Ending balance, value at Mar. 31, 2021 | $ 673,500 | 12,575,800 | (9,681,400) | 3,567,900 |
Ending balance, shares at Mar. 31, 2021 | 67,353,690 | |||
Net income | 42,500 | 42,500 | ||
Exercise of warrants | $ 1,500 | 1,300 | 2,800 | |
Exercise of warrants, shares | 141,365 | |||
Ending balance, value at Jun. 30, 2021 | $ 675,000 | $ 12,577,100 | $ (9,638,900) | $ 3,613,200 |
Ending balance, shares at Jun. 30, 2021 | 67,495,055 |
Financial Statements
Financial Statements | 6 Months Ended |
Jun. 30, 2021 | |
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 Note 2 Significant Accounting Policies included in the Notes to Financial Statements included in our Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission on March 30, 2021, as amended on April 30, 2021 (the “2020 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 our Company believes that the accompanying disclosures are adequate to make the information presented not misleading. The Notes to Financial Statements included in the 2020 Annual Report 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, 2021 may not be necessarily indicative of the operating results expected for the full year. A novel strain of coronavirus, COVID-19, that was first identified in Wuhan, China in December 2019 has surfaced in many countries around the world including the United States. Many countries continue to experience reoccurrences of COVID-19 to the current date. The World Health Organization has declared COVID-19 to constitute a global pandemic. Certain state and local governments reacted by placing significant restrictions on businesses including a closure in Pennsylvania of non-essential businesses that was announced on March 20, 2020. While many Pennsylvania businesses have been allowed to reopen, often at limited capacity and with certain restrictions, as of the current date, there can be no assurances that future closures will be avoided. A requirement to close our Company for a considerable period of time could result in a negative impact on our Company’s financial condition and results of operations. Additionally, as our Company imports certain raw materials from China, if an extended disruption of the supply of these raw materials were to occur, such as the vessel delays resulting from the congestion experienced in certain Chinese ports due to a COVID-19 outbreak in the second quarter of 2021, our ability to produce products for sale to our customers could be negatively impacted. Further, restrictions on our customers and licensees in areas affected by the COVID-19 could adversely affect our results of operations and financial condition. We cannot predict the scope or magnitude of the negative effect that may result from the impact of the COVID-19 pandemic on the Company’s A 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, 2021 | |
Compensation Related Costs [Abstract] | |
Stock Based Compensation | Note 2. Stock Based Compensation Our Company follows FASB ASC 718, Compensation – Stock Compensation no |
Line of Credit
Line of Credit | 6 Months Ended |
Jun. 30, 2021 | |
Line Of Credit | |
Line of Credit | Note 3. Line of Credit In November 2018, our Company negotiated a $ 150,000 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. NOCOPI TECHNOLOGIES, INC. |
Stock Warrants
Stock Warrants | 6 Months Ended |
Jun. 30, 2021 | |
Stock Warrants | |
Stock Warrants | Note 4. Stock Warrants During the second quarter of 2021, holders of the remaining 141,365 warrants that had been outstanding exercised their options to purchase a total of 141,365 0.02 no The following table summarizes our Company’s warrant position at June 30, 2021 and December 31, 2020: Schedule of warrant outstanding Weighted Average Number Exercise Exercise of Shares Price Price Outstanding warrants - December 31, 2020 141,365 $0.02 $0.02 Outstanding warrants - June 30, 2021 0 |
Other Income (Expenses)
Other Income (Expenses) | 6 Months Ended |
Jun. 30, 2021 | |
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 included interest on convertible debentures held by seven investors. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020 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 Company’s 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: Components for State Income Tax Expense Three Months ended June 30, Six Months ended June 30, 2021 2020 2021 2020 Current state taxes $ 4,600 $ 5,000 $ 11,900 $ 5,300 Deferred state taxes – – – (47,400 ) Income tax expense (benefit) $ 4,600 $ 5,000 $ 11,900 $ (42,100 ) During the first quarter of 2020, our Company reversed $ 47,400 . There was no no 2017 2020 |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2021 | |
Weighted average common shares outstanding | |
Earnings per Share | Note 7. Earnings per Share In accordance with FASB ASC 260, Earnings per Share 561,287 532,431 |
Major Customer and Geographic I
Major Customer and Geographic Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Major Customer and Geographic Information | Note 8. Major Customer and Geographic Information Our 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: Company's Revenues As Percentage Of Revenue Three Months ended June 30, Six Months ended June 30, 2021 2020 2021 2020 Customer A 38 % 72 % 54 % 59 % Customer B 32 % 8 % 14 % 14 % Customer C 17 % 8 % 18 % 13 % Our Company’s non-affiliate customers whose individual balances amounted to more than 10% of our Company’s net accounts receivable, expressed as a percentage of net accounts receivable, were: Schedule of Non-affiliated Customers with Accounts Receivable More Than 10% June 30, December 31, 2021 2020 Customer A 15 % 25 % Customer B 12 % – Customer C 70 % 65 % 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 Company’s business operations and financial condition. Our Company’s revenues by geographic region are as follows: Company's Revenue by Geographic Region Three Months ended June 30, Six Months ended June 30, 2021 2020 2021 2020 North America $ 141,200 $ 107,000 $ 310,900 $ 290,400 South America 2,600 – 4,100 1,400 Asia 362,100 505,100 775,600 840,600 Australia 8,000 15,200 34,700 15,200 $ 513,900 $ 627,300 $ 1,125,300 $ 1,147,600 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases | |
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 As of January 1, 2019 the operating lease right-of-use asset and operating lease liability amounted to $ 241,100 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, 2021 was $ 13,400 26,700 13,400 26,700 Maturities of lease liabilities are as follows: Maturities of Lease Liabilities Operating Leases Year ending December 31 2021 $ 26,800 2022 54,600 2023 56,200 2024 18,900 Total lease payments 156,500 Less imputed interest (18,100 ) Total $ 138,400 |
Stock Warrants (Tables)
Stock Warrants (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stock Warrants | |
Schedule of warrant outstanding | Schedule of warrant outstanding Weighted Average Number Exercise Exercise of Shares Price Price Outstanding warrants - December 31, 2020 141,365 $0.02 $0.02 Outstanding warrants - June 30, 2021 0 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Components for State Income Tax Expense | Components for State Income Tax Expense Three Months ended June 30, Six Months ended June 30, 2021 2020 2021 2020 Current state taxes $ 4,600 $ 5,000 $ 11,900 $ 5,300 Deferred state taxes – – – (47,400 ) Income tax expense (benefit) $ 4,600 $ 5,000 $ 11,900 $ (42,100 ) |
Major Customer and Geographic_2
Major Customer and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Company's Revenues As Percentage Of Revenue | Company's Revenues As Percentage Of Revenue Three Months ended June 30, Six Months ended June 30, 2021 2020 2021 2020 Customer A 38 % 72 % 54 % 59 % Customer B 32 % 8 % 14 % 14 % Customer C 17 % 8 % 18 % 13 % |
Schedule of Non-affiliated Customers with Accounts Receivable More Than 10% | Schedule of Non-affiliated Customers with Accounts Receivable More Than 10% June 30, December 31, 2021 2020 Customer A 15 % 25 % Customer B 12 % – Customer C 70 % 65 % |
Company's Revenue by Geographic Region | Company's Revenue by Geographic Region Three Months ended June 30, Six Months ended June 30, 2021 2020 2021 2020 North America $ 141,200 $ 107,000 $ 310,900 $ 290,400 South America 2,600 – 4,100 1,400 Asia 362,100 505,100 775,600 840,600 Australia 8,000 15,200 34,700 15,200 $ 513,900 $ 627,300 $ 1,125,300 $ 1,147,600 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases | |
Maturities of Lease Liabilities | Maturities of Lease Liabilities Operating Leases Year ending December 31 2021 $ 26,800 2022 54,600 2023 56,200 2024 18,900 Total lease payments 156,500 Less imputed interest (18,100 ) Total $ 138,400 |
Stock Based Compensation (Detai
Stock Based Compensation (Details Narrative) | Mar. 31, 2021USD ($) |
Compensation Related Costs [Abstract] | |
Unrecognized portion of expense related to stock option grants | $ 0 |
Line of Credit (Details Narrati
Line of Credit (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Line Of Credit | ||
Line of credit | $ 150,000 | |
Interest rate | 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. |
Stock Warrants (Warrants Activi
Stock Warrants (Warrants Activity) (Details) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding warrants | 0 | |
Warrant [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding warrants | 0 | 141,365 |
Exercise price at beginning | $ 0.02 | $ 0.02 |
Weighted average exercise price | $ 0.02 |
Stock Warrants (Details Narrati
Stock Warrants (Details Narrative) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants Outstanding | 0 | |
Warrant [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding warrants | 141,365 | |
Exercise price | $ 0.02 | $ 0.02 |
Warrants Outstanding | 0 | 141,365 |
Income Taxes (Components for St
Income Taxes (Components for State Income Tax Expense) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Current state taxes | $ 4,600 | $ 5,000 | $ 11,900 | $ 5,300 |
Deferred state taxes | (47,400) | |||
Income tax expense (benefit) | $ 4,600 | $ 5,000 | $ 11,900 | $ (42,100) |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Reversal accrued income taxes | $ 47,400 | ||
Unrecognized tax benefits | $ 0 | ||
Uncertain tax positions | $ 0 | ||
Minimum [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Tax years open for examination | 2017 | ||
Maximum [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Tax years open for examination | 2020 |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Weighted average common shares outstanding | ||
Number of incremental common shares resulting from the assumed conversion of warrants | 561,287 | 532,431 |
Major Customer and Geographic_3
Major Customer and Geographic Information (Schedule of Revenues from Non-affiliated Customers) (Details) - Revenue Benchmark [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Customer A [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Risk percentage | 38.00% | 72.00% | 54.00% | 59.00% |
Customer B [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Risk percentage | 32.00% | 8.00% | 14.00% | 14.00% |
Customer C [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Risk percentage | 17.00% | 8.00% | 18.00% | 13.00% |
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, 2021 | Dec. 31, 2020 | |
Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Risk percentage | 15.00% | 25.00% |
Customer B [Member] | ||
Revenue, Major Customer [Line Items] | ||
Risk percentage | 12.00% | |
Customer C [Member] | ||
Revenue, Major Customer [Line Items] | ||
Risk percentage | 70.00% | 65.00% |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 513,900 | $ 627,300 | $ 1,125,300 | $ 1,147,600 |
North America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 141,200 | 107,000 | 310,900 | 290,400 |
South America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 2,600 | 0 | 4,100 | 1,400 |
Asia [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 362,100 | 505,100 | 775,600 | 840,600 |
AUSTRALIA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 8,000 | $ 15,200 | $ 34,700 | $ 15,200 |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) | Jun. 30, 2021 | Jan. 01, 2019 |
Leases | ||
2021 | $ 26,800 | |
2022 | 54,600 | |
2023 | 56,200 | |
2024 | 18,900 | |
Total lease payments | 156,500 | |
Less imputed interest | (18,100) | |
Total | $ 138,400 | $ 241,100 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jan. 01, 2019 | |
Leases | ||||||
Incremental borrowing rate | 6.00% | |||||
Operating lease right-of-use asset | $ 138,400 | $ 138,400 | $ 160,300 | $ 241,100 | ||
Operating lease liability | 138,400 | 138,400 | $ 241,100 | |||
Lease expense | $ 13,400 | $ 13,400 | $ 26,700 | $ 26,700 |