Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 11, 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 | 001-27072 | |
Entity Registrant Name | AIM IMMUNOTECH INC. | |
Entity Central Index Key | 0000946644 | |
Entity Tax Identification Number | 52-0845822 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2117 SW Highway 484 | |
Entity Address, City or Town | Ocala | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 34473 | |
City Area Code | 352 | |
Local Phone Number | 448-7797 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | AIM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 47,848,622 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 41,142 | $ 38,501 |
Marketable securities | 501 | |
Funds receivable from New Jersey net operating loss | 1,090 | |
Accounts receivable, net | 28 | 34 |
Prepaid expenses and other current assets | 155 | 184 |
Total current assets | 41,325 | 40,310 |
Property and equipment, net | 6,145 | 6,473 |
Right of use asset, net | 157 | 179 |
Patent and trademark rights, net | 1,783 | 1,498 |
Marketable securities, long term | 16,135 | 15,376 |
Other assets | 1,177 | 748 |
Total assets | 66,722 | 64,584 |
Current liabilities: | ||
Accounts payable | 451 | 383 |
Accrued expenses | 373 | 442 |
Current portion of operating lease liability | 52 | 47 |
Current portion of financing obligation | 230 | |
Total current liabilities | 876 | 1,102 |
Long-term liabilities: | ||
Operating lease liability | 105 | 132 |
Financing obligation arising from sale leaseback transaction (Note 13) | 1,876 | |
Redeemable warrants | 209 | 180 |
Commitments and contingencies (Notes 11, 12, 13, and 14) | ||
Stockholders’ equity: | ||
Series B Convertible Preferred Stock, stated value $1,000 per share, 725 shares designated, 732 shares issued and outstanding | 725 | 732 |
Common Stock, par value $0.001 per share, authorized 350,000,000 shares: issued and outstanding 47,832,997 and 42,154,371, respectively | 48 | 42 |
Additional paid-in capital | 416,435 | 402,541 |
Accumulated other comprehensive loss | (247) | (47) |
Accumulated deficit | (351,429) | (341,974) |
Total stockholders’ equity | 65,532 | 61,294 |
Total liabilities and stockholders’ equity | $ 66,722 | $ 64,584 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 47,832,997 | 42,154,371 |
Common stock, shares outstanding | 47,832,997 | 42,154,371 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 1,000 | $ 1,000 |
Preferred stock, shares designated | 725 | 725 |
Preferred stock, shares, issued | 732 | 732 |
Preferred stock, shares, outstanding | 732 | 732 |
Consolidated Statement of Opera
Consolidated Statement of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Total Revenues | $ 23 | $ 40 | $ 52 | $ 85 |
Costs and Expenses: | ||||
Production costs | 279 | 200 | 517 | 404 |
Research and development | 1,317 | 1,463 | 2,742 | 2,343 |
General and administrative | 2,145 | 1,717 | 4,256 | 3,986 |
Total Costs and Expenses | 3,741 | 3,380 | 7,515 | 6,733 |
Operating loss | (3,718) | (3,340) | (7,463) | (6,648) |
Interest and other income | 51 | 46 | 120 | 67 |
Interest expense and other finance costs | (19) | (249) | (67) | (571) |
Extinguishment of financing obligation and note payable | (2,701) | 142 | (2,701) | 142 |
Gain on sale of fixed assets | 216 | 216 | ||
Redeemable warrants valuation adjustment | 7 | 31 | (29) | (150) |
Gain from sale of Income tax operating losses | 288 | 469 | ||
Net Loss | (5,876) | (3,370) | (9,455) | (7,160) |
Other comprehensive (loss) | ||||
Reclassification adjustment for realized investment loss | 25 | 25 | ||
Change in unrealized loss on marketable securities available for sale | (62) | 67 | (225) | 63 |
Comprehensive loss | $ (5,913) | $ (3,303) | $ (9,655) | $ (7,097) |
Basic and diluted loss per share | $ (0.12) | $ (0.11) | $ (0.20) | $ (0.19) |
Weighted average shares outstanding basic and diluted | 47,832,997 | 29,970,197 | 46,805,492 | 37,073,765 |
UNITED STATES | ||||
Revenues: | ||||
Total Revenues | $ 23 | $ 40 | $ 52 | $ 83 |
Europe [Member] | ||||
Revenues: | ||||
Total Revenues | $ 2 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 778 | $ 10 | $ 340,228 | $ (328,109) | $ 12,907 | |
Beginning balance, shares at Dec. 31, 2019 | 10,386,754 | |||||
Common stock issuance, net of costs | $ 18 | 25,746 | 25,764 | |||
Common stock issuances, net of costs, shares | 17,628,996 | |||||
Warrant modification | 46 | 46 | ||||
Shares issued to pay accounts payable | 10 | 10 | ||||
Shares issued to pay accounts payable, shares | 4,762 | |||||
Equity-based compensation | 196 | 196 | ||||
Series B preferred shares converted to common shares | (9) | 9 | ||||
Comprehensive loss | (4) | (3,790) | (3,794) | |||
Ending balance, value at Mar. 31, 2020 | 769 | $ 28 | 366,235 | (4) | (331,899) | 35,129 |
Ending balance, shares at Mar. 31, 2020 | 28,020,512 | |||||
Beginning balance, value at Dec. 31, 2019 | 778 | $ 10 | 340,228 | (328,109) | 12,907 | |
Beginning balance, shares at Dec. 31, 2019 | 10,386,754 | |||||
Comprehensive loss | (7,097) | |||||
Ending balance, value at Jun. 30, 2020 | 737 | $ 34 | 381,427 | 63 | (335,269) | 46,992 |
Ending balance, shares at Jun. 30, 2020 | 34,250,615 | |||||
Beginning balance, value at Dec. 31, 2019 | 778 | $ 10 | 340,228 | (328,109) | 12,907 | |
Beginning balance, shares at Dec. 31, 2019 | 10,386,754 | |||||
Ending balance, value at Dec. 31, 2020 | 732 | $ 42 | 402,541 | (47) | (341,974) | 61,294 |
Ending balance, shares at Dec. 31, 2020 | 42,154,371 | |||||
Beginning balance, value at Mar. 31, 2020 | 769 | $ 28 | 366,235 | (4) | (331,899) | 35,129 |
Beginning balance, shares at Mar. 31, 2020 | 28,020,512 | |||||
Common stock issuance, net of costs | $ 6 | 15,010 | 15,016 | |||
Common stock issuances, net of costs, shares | 6,230,103 | |||||
Equity-based compensation | 150 | 150 | ||||
Series B preferred shares converted to common shares | (32) | 32 | ||||
Comprehensive loss | 67 | (3,370) | (3,303) | |||
Ending balance, value at Jun. 30, 2020 | 737 | $ 34 | 381,427 | 63 | (335,269) | 46,992 |
Ending balance, shares at Jun. 30, 2020 | 34,250,615 | |||||
Beginning balance, value at Dec. 31, 2020 | 732 | $ 42 | 402,541 | (47) | (341,974) | 61,294 |
Beginning balance, shares at Dec. 31, 2020 | 42,154,371 | |||||
Common stock issuance, net of costs | $ 6 | 12,881 | 12,887 | |||
Common stock issuances, net of costs, shares | 5,678,626 | |||||
Equity-based compensation | 526 | 526 | ||||
Series B preferred shares converted to common shares | (7) | 7 | ||||
Comprehensive loss | (163) | (3,579) | (3,742) | |||
Ending balance, value at Mar. 31, 2021 | 725 | $ 48 | 415,955 | (210) | (345,553) | 70,965 |
Ending balance, shares at Mar. 31, 2021 | 47,832,997 | |||||
Beginning balance, value at Dec. 31, 2020 | 732 | $ 42 | 402,541 | (47) | (341,974) | 61,294 |
Beginning balance, shares at Dec. 31, 2020 | 42,154,371 | |||||
Comprehensive loss | (9,655) | |||||
Ending balance, value at Jun. 30, 2021 | 725 | $ 48 | 416,435 | (247) | (351,429) | 65,532 |
Ending balance, shares at Jun. 30, 2021 | 47,832,997 | |||||
Beginning balance, value at Mar. 31, 2021 | 725 | $ 48 | 415,955 | (210) | (345,553) | 70,965 |
Beginning balance, shares at Mar. 31, 2021 | 47,832,997 | |||||
Equity-based compensation | 480 | 480 | ||||
Comprehensive loss | (37) | (5,876) | (5,913) | |||
Ending balance, value at Jun. 30, 2021 | $ 725 | $ 48 | $ 416,435 | $ (247) | $ (351,429) | $ 65,532 |
Ending balance, shares at Jun. 30, 2021 | 47,832,997 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||||
Net loss | $ (5,876) | $ (3,370) | $ (9,455) | $ (7,160) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Depreciation of property and equipment | 325 | 340 | |||
Redeemable warrants valuation adjustment | 29 | 150 | |||
Warrant modification | 46 | ||||
Extinguishment of financing obligation and note payable | 2,701 | 142 | |||
Amortization of patent, trademark rights | 80 | 67 | $ 158 | ||
Changes in ROU assets | 22 | 22 | |||
Gain on sale of property and equipment | (216) | ||||
Gain from sale of income tax operating losses | (288) | (469) | |||
Equity-based compensation | 1,006 | 346 | |||
Realized (loss) gain on sale of marketable securities | 25 | 63 | |||
Amortization of finance and debt issuance costs | 47 | 42 | |||
Change in assets and liabilities: | |||||
Accounts receivable | 6 | 4 | |||
Funds Receivable from New Jersey net operating loss | 1,090 | 770 | |||
Prepaid expenses and other current assets and other non-current assets | 69 | 730 | |||
Lease liability | (22) | (22) | |||
Accounts payable | 68 | (217) | |||
Accrued interest expense | 230 | ||||
Accrued expenses | (69) | (78) | |||
Net cash used in operating activities | (4,763) | (4,525) | |||
Cash flows from investing activities: | |||||
Proceeds from sale of marketable securities | 1,613 | 8,497 | |||
Purchase of marketable securities | (2,096) | (7,590) | |||
Purchase of property and equipment | (26) | (9) | |||
Proceeds from sale of property and equipment | 245 | ||||
Purchase of patent and trademark rights | (365) | (297) | |||
Net cash (used in) provided by investing activities | (629) | 601 | |||
Cash flows from financing activities: | |||||
Payment and note payable | (4,283) | ||||
Payment of financing obligation | (4,732) | ||||
Financing obligation payments | (122) | (176) | |||
Proceeds from sale of stock, net of issuance costs | 12,887 | 40,821 | |||
Net cash provided by financing activities | 8,033 | 36,362 | |||
Net increase in cash and cash equivalents | 2,641 | 32,438 | |||
Cash and cash equivalents at beginning of period | 38,501 | 1,470 | 1,470 | ||
Cash and cash equivalents at end of period | $ 41,142 | $ 33,908 | 41,142 | 33,908 | $ 38,501 |
Supplemental disclosures of non-cash investing and financing cash flow information: | |||||
Stock issued to settle accounts payable | 10 | ||||
Unrealized loss on marketable securities | (225) | 63 | |||
Conversion of Series B preferred | $ 7 | $ 41 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | Note 1: Business and Basis of Presentation AIM ImmunoTech Inc. (collectively with its subsidiaries, “AIM” or the “Company”) is an immuno-pharma company headquartered in Ocala, Florida and focused on the research and development of therapeutics to treat multiple types of cancers, viruses and immune-deficiency disorders. The Company has established a strong foundation of laboratory, pre-clinical and clinical data with respect to the development of nucleic acids and natural interferon to enhance the natural antiviral defense system of the human body and to aid the development of therapeutic products for the treatment of certain cancers and chronic diseases. AIM’s flagship products include Ampligen® (rintatolimod), a first-in-class drug of large macromolecular RNA (ribonucleic acid) molecules, and Alferon N Injection® (Interferon Alfa-N3). A first-in-class drug is also known as a new molecular entity that contains an active moiety. Ampligen has not been approved by the FDA or marketed in the United States. Since the outbreak of SARS-CoV-2, the novel virus that causes COVID-19, the Company has been actively engaged in determining whether Ampligen could be an effective treatment for this virus or could be part of a vaccine. The Company believes that Ampligen has the potential to be both an early-onset treatment for and prophylaxis against SARS-CoV-2. Ampligen also has potential as a COVID-19 vaccine strategy that combines Ampligen as an immune enhancer seeking to boost the efficacy of the vaccine and also convey cross-reactivity and cross-protection against future mutations. The Company believes that prior studies of Ampligen in SARS-CoV-1 animal experimentation may predict similar protective effects against the new virus. Given the evolution of uncertainty associated with SAR-CoV-2, there is uncertainty as to the effects on the Company’s financial position, results of operations or cash flows. The full impact of the COVID-19 pandemic continues to evolve, as such, it is uncertain as to the full magnitude that the pandemic will have on the Company’s financial condition, liquidity, and future results of operations. Management is actively monitoring the global situation on its financial condition, liquidity, operations, scientific collaborations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its impact, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2021. Although the Company cannot estimate the length or gravity of the impact of the COVID-19 pandemic at this time, if the pandemic continues, it may have a material adverse effect on the Company’s results of future operations, financial position, and liquidity for the fiscal year 2021. (see Note 13: Financing Obligation Arising from Sale Leaseback Transaction). Beginning in April 2020, the Company entered into confidentiality and non-disclosure agreements with numerous companies for the potential outsourcing of the production of polymer, enzyme, placebo as well as Ampligen and one Contract Research Organization which may also assist with the planning, presentation and filing of documents with the FDA. These confidentiality and non-disclosure agreements are only the initial step in forging relationships with these entities to obtain contract manufacturers and research partners. No assurance can be given as to how many of these, initial explorations, if any, will result in definitive arrangements or, with regard to potential research partners, what research arrangements will develop and thereafter prove fruitful. Ampligen represents an RNA being developed for globally important cancers, viral diseases and disorders of the immune system. Ampligen has in the clinic demonstrated the potential for standalone efficacy in a number of solid tumors. The Company has also seen success in increasing survival rates and efficacy in the treatment of animal tumors when Ampligen is used in combination with checkpoint blockade therapies. This success in the field of immuno-oncology has guided the Company’s focus toward the potential use of Ampligen as a combinational therapy for the treatment of a variety of solid tumor types. There are currently multiple Ampligen clinical trials testing Ampligen in humans — both underway and planned — at major cancer research centers. Ampligen was used as a monotherapy to treat pancreatic cancer patients in an Early Access Program (EAP) approved by the Inspectorate of Healthcare in the Netherlands at Erasmus Medical Center. In September 2020, AIM reported receipt of statistically significantly results of positive survival benefit when using Ampligen in patients with locally advanced/metastatic pancreatic cancer after systemic chemotherapy. AIM will work with its Contract Research Organization, Amarex Clinical Research LLC, to seek FDA “fast-track” and possibly even FDA “breakthrough” designations and to obtain authorization to conduct follow-up pancreatic cancer Phase 2/3 clinical trials with potential sites in the Netherlands at Erasmus MC under Prof. van Eijck, and also at major cancer research centers in the United States. Ampligen is also being evaluated for the treatment of myalgic encephalomyelitis/chronic fatigue syndrome (ME/CFS). AIM is currently sponsoring an expanded access program for ME/CFS patients in the U.S. In August 2016, the Company received approval of its New Drug Application, or NDA from Administracion Nacional de Medicamentos, Alimentos y Tecnologia Medica (ANMAT) for commercial sale of Ampligen in the Argentine Republic for the treatment of severe CFS. With regulatory approval in Argentina, Ampligen is the world’s only approved therapeutic for ME/CFS. Shipment of the drug product to Argentina was initiated in 2018 to complete the release testing by ANMAT needed for commercial distribution. On September 19, 2019, we received clearance from the FDA to ship Ampligen to Argentina for the commercial launch and subsequent sales. On June 10, 2020, the Company received import clearance from ANMAT to import the first shipment of commercial grade vials of Ampligen to Argentina. The next steps in the commercial launch of Ampligen include ANMAT conducting a final inspection of the product and release tests before granting final approval to begin commercial sales. Progress in Argentina is delayed, due to pandemic factors. The ongoing impact of COVID-19 in Argentina is taxing the nation’s health care system and is, understandably, the main priority of its regulators. AIM has supplied GP Pharm with the Ampligen required for testing and ANMAT release. Once final approval by ANMAT is obtained, the Company anticipates that GP Pharm will begin distributing Ampligen in Argentina. The Company continues to pursue its Ampligen NDA, for the treatment of CFS, with the FDA. Alferon N Injection is approved for a category of sexually transmitted disease infections and patients that are intolerant to recombinant interferon in Argentina. Alferon is the only natural-source, multi-species alpha interferon currently approved for sale in the U.S. for the intralesional treatment of refractory (resistant to other treatment) or recurring external condylomata acuminata/genital warts (GW) in patients 18 years of age or older. Certain types of human papilloma viruses cause GW. AIM also has approval from ANMAT for the treatment of refractory patients that failed or were intolerant to treatment with recombinant interferon in Argentina. The Company owns and operates a 30,000 On April 5, 2021, the Company’s board of directors approved the exercise of AIM’s option to re-purchase the New Brunswick facility, pursuant to the terms of the March 16, 2018, sale and lease-back agreement and, thereafter, the Company sold certain equipment and machinery that it determined to be obsolete and no longer needed for current and future manufacturing. The buy-back purchase was completed in May 2021. (see Note 13: Financing Obligation Arising from Sale Leaseback Transaction). In the opinion of management, all adjustments necessary for a fair presentation of such consolidated financial statements have been included. Such adjustments consist of normal recurring items. Interim results are not necessarily indicative of results for a full year. The interim consolidated financial statements and notes thereto are presented as permitted by the Securities and Exchange Commission (“SEC”), and do not contain certain information which will be included in the Company’s annual consolidated financial statements and notes thereto. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the years ended December 31, 2020, and 2019, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed on March 31, 2021. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 2: Net Loss Per Share Basic and diluted net loss per share is computed using the weighted average number of shares of common stock outstanding during the period. Equivalent common shares, consisting of stock options and warrants which amounted to 1,621,928 526,266 |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity-Based Compensation | Note 3: Equity-Based Compensation The fair value of each option and equity warrant award is estimated on the date of grant using a Black-Scholes-Merton option pricing valuation model. Expected volatility is based on the historical volatility of the price of the Company’s stock. The risk-free interest rate is based on U.S. Treasury issues with a term equal to the expected life of the option and equity warrant. The Company uses historical data to estimate expected dividend yield, expected life and forfeiture rates. There were no Stock option for employees’ activity during the six months ended June 30, 2021, is as follows: Stock option activity for employees: Schedule of Stock Option Activity Number of Weighted Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding January 1, 2021 1,049,695 $ 5.38 9.28 $ — Granted — — — — Forfeited (50,898 ) 2.39 — — Expired — — — — Outstanding June 30, 2021 998,797 $ 5.53 9.23 $ — Vested and expected to vest June 30, 2021 998,797 $ 5.53 9.23 $ — Exercisable June 30, 2021 725,198 $ 4.07 8.10 $ — Unvested stock option activity for employees: Schedule of Unvested Stock Option Activity Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Unvested January 1, 2021 767,029 $ 3.71 9.68 $ — Granted — — — — Expired (50,898 ) 2.39 — — Vested (442,532 ) 2.47 — — Unvested June 30, 2021 273,599 $ 13.99 7.33 $ — Stock option activity for non-employees: Schedule of Stock Option Activity Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding January 1, 2021 166,533 $ 11.03 6.88 $ — Granted — — — — Forfeited — — — — Expired (322 ) 965.93 — — Outstanding June 30, 2021 166,211 $ 9.18 7.05 $ — Vested and expected to vest June 30, 2021 166,211 $ 9.18 7.05 $ — Exercisable June 30, 2021 155,766 $ 4.07 7.74 $ — Unvested stock option activity for non-employees: Schedule of Unvested Stock Option Activity Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Unvested January 1, 2021 66,202 $ 7.24 6.38 $ — Granted — — — — Expired — — — — Vested (55,757 ) 4.69 — — Unvested June 30, 2021 10,445 $ 20.86 6.25 $ — Stock-based compensation expense was approximately $ 1,006 346 As of June 30, 2021, and 2020, respectively, there was approximately $ 434 442 |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Note 4: Marketable Securities Marketable securities consist of debt securities. As of June 30, 2021, and December 31, 2020, it was determined that none of the marketable securities had an other-than-temporary impairment. As of June 30, 2021, and December 31, 2020, all securities were measured as Level 1 instruments of the fair value measurements standard (see Note 12: Fair Value). As of June 30, 2021, and December 31, 2020, the Company held $ 16,135 15,877 Debt securities classified as available for sale consisted of: Schedule of Available for Sale June 30, 2021 (in thousands) Securities Amortized Cost Gross Unrealized Gains /(Losses) Fair Value Marketable Securities U.S. Treasury notes $ 5,502 $ (76 ) $ 5,426 $ 5,426 U.S. Government mortgage-backed securities 4,401 288 4,689 4,689 Corporate bonds 6,432 (412 ) 6,020 6,020 Totals $ 16,335 $ (200 ) $ 16,135 $ 16,135 December 31, 2020 (in thousands) Securities Amortized Cost Gross Unrealized Gains /(Losses) Fair Value Marketable Securities U.S. Treasury notes $ 5,746 $ (47 ) $ 5,699 $ 5,699 U.S. Government mortgage-backed securities 4,890 (52 ) 4,838 4,838 Corporate bonds 5,288 52 5,340 5,340 Totals $ 15,924 $ (47 ) $ 15,877 $ 15,877 The following presents available-for-sale securities’ gross unrealized losses and fair value aggregated by the short- and long-term maturity. June 30, 2021 (in thousands) 12 Months or More Total Securities Fair Value Gross Fair Value Gross U.S. Treasury notes $ 5,502 $ (76 ) $ 5,426 $ (76 ) U.S. Government mortgage-backed securities 4,401 288 4,689 288 Corporate bonds 6,432 (412 ) 6,020 (412 ) Totals $ 16,335 $ (200 ) $ 16,135 $ (200 ) December 31, 2020 (in thousands) Less than 12 Months 12 Months or More Total Securities Fair Value Gross Fair Value Gross Fair Value Gross U.S. Treasury notes $ 501 $ — $ 5,245 $ (47 ) $ 5,699 $ (47 ) U.S. Government mortgage-backed securities — — 4,890 (52 ) 4,838 (52 ) Corporate bonds — — 5,288 52 5,340 52 Totals $ 501 $ — $ 15,423 $ (47 ) $ 15,877 $ (47 ) |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 5: Accrued Expenses Accrued expenses consist of the following: Schedule of Accrued Expenses (in thousands) June 30, 2021 December 31, 2020 Compensation $ 16 $ 2 Professional fees 180 124 Other expenses 177 316 Accrued expenses $ 373 $ 442 |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Note 6: Property and Equipment, net Schedule of Property and Equipment (in thousands) June 30, 2021 December 31, 2020 Land, buildings and improvements $ 10,530 $ 10,547 Furniture, fixtures, and equipment 2,426 5,136 Total property and equipment 12,956 15,683 Less: accumulated depreciation (6,811 ) (9,210 ) Property and equipment, net $ 6,145 $ 6,473 Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, ranging from three to thirty-nine years. On March 16, 2018, the Company sold land and a building for $ 4,080 and concurrently entered into an agreement to lease the property back for ten years. The lease payments are initially $ 408 (See Note 13: Financing Obligation Arising from Sale Leaseback Transaction for more details on the sale leaseback of the property and equipment). On May 13, 2021, the Company completed its re-purchase of the land and building for $ 4,732,637 In April 2021, the Company sold some of the assets located at its facility at 783 Jersey Ave., New Brunswick, N.J. The assets sold consist of equipment and machinery that the Company determined to be obsolete and no longer needed for current and future manufacturing. The assets were sold for an aggregate of $ 245 216 |
Patents
Patents | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Patents | Note 7: Patents Schedule of Patents, Trademark Rights (in thousands) December 31, 2019 $ 1,151 Acquisitions 573 Abandonments (68 ) Amortization (158 ) December 31, 2020 $ 1,498 Acquisitions 365 Amortization (80 ) June 30, 2021 $ 1,783 Patents and trademarks are stated at cost (primarily legal fees) and are amortized using the straight-line method of the estimated useful life of 17 Amortization of patents and trademarks for each of the next five years is as follows: Schedule of Amortization of Patents and Trademarks Year Ending December 31, (in thousands) 2021 $ 125 2022 137 2023 154 2024 180 2025 212 Thereafter 975 Total $ 1,783 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 8: Stockholders’ Equity (a) Preferred Stock The Company is authorized to issue 5,000,000 0.01 250,000 1,000 The Company is authorized to issue 8,000 Series B Convertible Preferred Stock, no par value, stated value $1,000 per share. As of June 30, 2021, and December 31, 2020, the Company had 725 732 114 Pursuant to a registration statement relating to a rights offering declared effective by the SEC on February 14, 2019, AIM distributed to its holders of common stock and to holders of certain options and warrants as of February 14, 2019, at no charge, one non-transferable subscription right for each share of common stock held or deemed held on the record date. Each right entitled the holder to purchase one unit, at a subscription price of $ 1,000 1,000 8.80 114 8.80 five years 4,700 (b) Common Stock The Company has authorized shares of 350,000,000 8,000,000 On July 7, 2020, the board of directors approved a plan pursuant to which all directors, officers, and employees could purchase from the company up to an aggregate of $ 500 10,730 2.33 25 500 During the fiscal year ended December 31, 2020, the Company issued a total of 27,501 1.72 2.03 50 During the six months ended June 30, 2021, the Company issued a total of 21,700 2.26 2.35 50 On September 27, 2019, the Company closed a public offering underwritten by A.G.P./Alliance Global Partners, LLC (the “Offering”) of (i) 1,740,550 7,148,310 8,888,860 a Representative’s Warrant to purchase up to an aggregate of 266,665 . The shares of Common Stock and Warrants were sold at a combined Offering price of $ 0.90 Each Warrant sold with the shares of Common Stock represents the right to purchase one share of Common Stock at an exercise price of $0.99 per share. The Pre-Funded Warrants and Warrants were sold at a combined Offering price of $0.899, less underwriting discounts and commissions. The Pre-Funded Warrants were sold to purchasers whose purchase of shares of Common Stock in the Offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% of the Company’s outstanding Common Stock immediately following the consummation of the Offering, in lieu of shares of Common Stock. Each Pre-Funded Warrant represents the right to purchase one share of Common Stock at an exercise price of $0.001 per share. 7,200 , 2020, 1,870,000 7,687,860 In addition, on March 25, 2020, the Representative’s Warrant was amended to permit exercise of such warrant to commence on March 30, 2020. These warrants were exercised on March 31, 2020, and an aggregate of 266,665 264 46 On July 19, 2019, the Company entered into a new Equity Distribution Agreement (the “2019 EDA”) with Maxim Group LLC (“Maxim”), pursuant to which it could sell from time to time, shares of its Common Stock through Maxim, as agent (the “Offering”). The 2019 EDA replaced a prior EDA with Maxim. For the year ended December 31, 2020, the Company sold 20,444,807 53,936,615 3.5 1,888,727 5,665,731 13,301,526 3.5% 465,533 The 2018 Equity Incentive Plan, effective September 12, 2018, authorizes the grant of (i) Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights, (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards, (vi) Performance Stock Awards, (vii) Performance Cash Awards, and (viii) Other Stock Awards. Initially, a maximum of 7,000,000 26,324 9.68 10 23 9.68 ten years 27,570 9.68 ten years one year 400,000 2.77 3.07 ten years one year 675,000 1.85 1.96 ten years one year As of June 30, 2021, and December 31, 2020, there were 47,832,997 42,154,371 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 9 Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 10: Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)” . |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 11: Long-Term Debt On August 5, 2019, the Company issued a Secured Promissory Note (the “CV Note”) with Chicago Venture Partners, L.P. (the “CV”). The Note has an original principal amount of $ 2,635 10% 24 1,900 During the quarter ending June 30, 2020, the Holder made redemptions of $ 650 1,985 220 1,795 369 6 66 Interest expense associated with the CV Note was approximately $ 0 116 On December 5, 2019, the Company issued a secured Promissory Note (the “AS Note”) to Atlas Sciences L.P. (“AS”). The AS Note has an original principal amount of $ 2,175 10% 24 On June 19, 2020, the Company paid off the outstanding AS note which consisted of original principal of $ 2,175 122 376 7 1,838 76 Interest expense associated with AS Note for the period ending June 30, 2021, was $ 0 106 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 12: Fair Value The Company is required under U.S. GAAP to disclose information about the fair value of all the Company’s financial instruments, whether or not these instruments are measured at fair value on the Company’s consolidated balance sheets. The Company estimates that the fair values of cash and cash equivalents, other assets, accounts payable and accrued expenses approximate their carrying values due to the short-term maturities of these items. The Company also has certain warrants with a cash settlement feature in the unlikely occurrence of a Fundamental Transaction, namely (1) a merger or consolidation with another person; (2) sale of substantially all of its assets; (3) holders of common stock sell 50% or more of outstanding shares; (4) the Company effects an exchange of all its securities for other securities, cash or property, and (5) the Company effects a stock purchase agreement or business combination for more than 50% of outstanding shares. The Company recomputes the fair value of the Warrants at the issuance date and the end of each quarterly reporting period. Such value computation includes subjective input assumptions that are consistently applied each period. If the Company were to alter its assumptions or the numbers input based on such assumptions, the resulting fair value could be materially different. The Company utilized the following assumptions to estimate the fair value of the August 2016 Warrants: Schedule of Assumptions to Estimate Fair Value of Warrants June 30, 2021 December 31, 2020 Underlying price per share $ 2.15 $ 1.79 Exercise price per share $ 82.50 $ 82.50 Risk-free interest rate 0.02 % 0.09 % Expected holding period 0.17 0.67 Expected volatility 35 % 75 % Expected dividend yield - - The Company utilized the following assumptions to estimate the fair value of the February 2017 Warrants: June 30, 2021 December 31, 2020 Underlying price per share $ 2.15 $ 1.79 Exercise price per share $ 30.25 33.00 $ 30.25 33.00 Risk-free interest rate 0.08 0.10 % 0.12 % Expected holding period 1.09 1.10 1.58 1.60 Expected volatility 80 % 130 % Expected dividend yield - - The Company utilized the following assumptions to estimate the fair value of the June 2017 Warrants: June 30, 2021 December 31, 2020 Underlying price per share $ 2.15 $ 1.79 Exercise price per share $ 27.50 $ 27.50 Risk-free interest rate 0.07 % 0.11 % Expected holding period 0.92 12.42 Expected volatility 75 % 135 % Expected dividend yield - - The Company utilized the following assumptions to estimate the fair value of the August 2017 Warrants: June 30, 2021 December 31, 2020 Underlying price per share $ 2.15 $ 1.79 Exercise price per share 19.80 $ 19.80 Risk-free interest rate 0.06 % 0.11 % Expected holding period 0.68 1.18 Expected volatility 70 % 110 % Expected dividend yield - - The Company utilized the following assumptions to estimate the fair value of the April 2018 Warrants: June 30, 2021 December 31, 2020 Underlying price per share $ 2.15 $ 1.79 Exercise price per share $ 17.16 $ 17.16 Risk-free interest rate 0.32 % 0.16 % Expected holding period 2.32 2.81 Expected volatility 140 % 105 % Expected dividend yield - - The Company utilized the following assumptions to estimate the fair value of the March 2019 Warrants: June 30, 2021 December 31, 2020 Underlying price per share $ 2.15 $ 1.79 Exercise price per share $ 8.80 $ 8.80 Risk-free interest rate 0.29 % 0.19 % Expected holding period 2.69 3.19 Expected volatility 135 % 105 % Expected dividend yield - - The significant assumptions using the Monte Carlo Simulation approach for valuation of the Warrants are: (i) Risk-Free Interest Rate (ii) Expected Holding Period (iii) Expected Volatility (iv) Expected Dividend Yield 0.00 (v) Expected Probability of a Fundamental Transaction. a. The Company only has one product that is FDA approved but which will not be available for commercial sales for 18 months at the earliest; b. The Company flagship product is approved only in Argentina for Severely Debilitated Chronic Fatigue Syndrome patients; c. The Company may have to perform additional clinical trials for FDA approval of its flagship product; d. Industry and global market conditions continue to include uncertainty, adding risk to any transaction; e. Available capital for a potential buyer in a cash transaction continues to be limited; f. The nature of a life science company is heavily dependent on future funding and high costs, including research & development; g. The Company has minimal revenue streams which could be insufficient to meet the funding needs for the cost of operations or construction at their manufacturing facility; and h. The Company’s Rights Agreement and Executive Agreements make it less attractive to a potential buyer. With the above factors utilized in analysis of the likelihood of the Put’s potential Liability, the Company estimated the range of probabilities related to a Put right being triggered as: Schedule of Range of Probabilities Range of Probability Probability Low 0.5 % Medium 1.0 % High 5.0 % The Monte Carlo Simulation has incorporated a 5.0% probability of a Fundamental Transaction to date for the life of the securities. (vi) Expected Timing of Announcement of a Fundamental Transaction. (vii) Expected 100 Day Volatility at Announcement of a Fundamental Transaction 100% (viii) Expected Risk-Free Interest Rate at Announcement of a Fundamental Transaction (ix) Expected Time Between Announcement and Consummation of a Fundamental Transaction. While the assumptions remain consistent from period to period (e.g., using historical stock prices), the numbers input change from period to period (e.g., the actual historical prices input for the relevant period). The Company applies FASB ASC 820 that defines fair value, establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurements. The guidance does not impose any new requirements around which assets and liabilities are to be measured at fair value, and instead applies to asset and liability balances required or permitted to be measured at fair value under existing accounting pronouncements. The Company measures its warrant liability for those warrants with a cash settlement feature at fair value. FASB ASC 820-10-35-37 establishes a valuation hierarchy based on the transparency of inputs used in the valuation of an asset or liability. Classification is based on the lowest level of inputs that is significant to the fair value measurement. The valuation hierarchy contains three levels: ● Level 1 – Quoted prices are available in active markets for identical assets or liabilities at the reporting date. Generally, this includes certain U.S. and government agency debt and equity securities that are traded in an active market. ● Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Generally, this includes debt and equity securities that are not traded in an active market. ● Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or other valuation techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. As of June 30, 2021, the Company has classified the warrants with cash settlement features as Level 3. Management evaluates a variety of inputs and then estimates fair value based on those inputs. As discussed above, the Company utilized the Monte Carlo Simulation Model in valuing these warrants. The table below presents the balances of assets and liabilities measured at fair value on a recurring basis by level within the hierarchy as: Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (in thousands) As of June 30, 2021 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 16,135 $ 16,135 $ — $ — Liabilities: Redeemable warrants $ 209 — — $ 209 (in thousands) Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 15,877 $ 15,877 $ — $ — Liabilities: Redeemable warrants $ 180 — — $ 180 The changes in Level 3 Liabilities measured at fair value on a recurring basis are summarized as follows (in thousands): Schedule of Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis Redeemable warrants: Balance at December 31, 2020 $ 180 Fair value adjustment 29 Balance at June 30, 2021 $ 209 |
Financing Obligation Arising fr
Financing Obligation Arising from Sale Leaseback Transaction | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Financing Obligation Arising from Sale Leaseback Transaction | Note 13: Financing Obligation Arising from Sale Leaseback Transaction On March 16, 2018, the Company sold land and a building for $ 4,080 lease the property back for ten years at $ 408 five years 3,225,806 0.3875 125% 4.99% On May 13, 2021, the Company completed its repurchase of the property for cash of $ 4,732,637 For the three months ended June 30, 2021, the loss on extinguishment was $ 2,701,460 19 31 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 14: Leases The Company entered into a Lease Agreement for a term of five years September 14, 2020 1,415 On June 13, 2018, the Company entered into a Lease Agreement for a term of six years July 1, 2018 3,000 3% 2,100 2,785 On May 1, 2019, the Company entered into a Lease Agreement for a term of three years May 1, 2019 3,000 1,500 The expected lease term includes both contractual lease periods and, when applicable, cancelable option periods when it is reasonably certain that the Company would exercise such options. The Company’s leases have remaining lease terms between 6 4 3.22 The Company has determined that the incremental borrowing rate is 10% as of June 30, 2021, based upon the most recently completed financing transaction in December 2019. Schedule of Operating lease Future Payments Year Ending June 30, (in thousands) 2021 $ 39 2022 50 2023 40 2024 46 2025 16 Thereafter 7 Less imputed interest (41 ) Total $ 157 As of June 30, 2021, the balance of the right of use assets was $ 157 157 22 21 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15: Subsequent Events None. |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Employees [Member] | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |
Schedule of Stock Option Activity | Stock option activity for employees: Schedule of Stock Option Activity Number of Weighted Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding January 1, 2021 1,049,695 $ 5.38 9.28 $ — Granted — — — — Forfeited (50,898 ) 2.39 — — Expired — — — — Outstanding June 30, 2021 998,797 $ 5.53 9.23 $ — Vested and expected to vest June 30, 2021 998,797 $ 5.53 9.23 $ — Exercisable June 30, 2021 725,198 $ 4.07 8.10 $ — |
Schedule of Unvested Stock Option Activity | Unvested stock option activity for employees: Schedule of Unvested Stock Option Activity Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Unvested January 1, 2021 767,029 $ 3.71 9.68 $ — Granted — — — — Expired (50,898 ) 2.39 — — Vested (442,532 ) 2.47 — — Unvested June 30, 2021 273,599 $ 13.99 7.33 $ — |
Non Employees [Member] | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |
Schedule of Stock Option Activity | Stock option activity for non-employees: Schedule of Stock Option Activity Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding January 1, 2021 166,533 $ 11.03 6.88 $ — Granted — — — — Forfeited — — — — Expired (322 ) 965.93 — — Outstanding June 30, 2021 166,211 $ 9.18 7.05 $ — Vested and expected to vest June 30, 2021 166,211 $ 9.18 7.05 $ — Exercisable June 30, 2021 155,766 $ 4.07 7.74 $ — |
Schedule of Unvested Stock Option Activity | Unvested stock option activity for non-employees: Schedule of Unvested Stock Option Activity Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Unvested January 1, 2021 66,202 $ 7.24 6.38 $ — Granted — — — — Expired — — — — Vested (55,757 ) 4.69 — — Unvested June 30, 2021 10,445 $ 20.86 6.25 $ — |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available for Sale | Debt securities classified as available for sale consisted of: Schedule of Available for Sale June 30, 2021 (in thousands) Securities Amortized Cost Gross Unrealized Gains /(Losses) Fair Value Marketable Securities U.S. Treasury notes $ 5,502 $ (76 ) $ 5,426 $ 5,426 U.S. Government mortgage-backed securities 4,401 288 4,689 4,689 Corporate bonds 6,432 (412 ) 6,020 6,020 Totals $ 16,335 $ (200 ) $ 16,135 $ 16,135 December 31, 2020 (in thousands) Securities Amortized Cost Gross Unrealized Gains /(Losses) Fair Value Marketable Securities U.S. Treasury notes $ 5,746 $ (47 ) $ 5,699 $ 5,699 U.S. Government mortgage-backed securities 4,890 (52 ) 4,838 4,838 Corporate bonds 5,288 52 5,340 5,340 Totals $ 15,924 $ (47 ) $ 15,877 $ 15,877 The following presents available-for-sale securities’ gross unrealized losses and fair value aggregated by the short- and long-term maturity. June 30, 2021 (in thousands) 12 Months or More Total Securities Fair Value Gross Fair Value Gross U.S. Treasury notes $ 5,502 $ (76 ) $ 5,426 $ (76 ) U.S. Government mortgage-backed securities 4,401 288 4,689 288 Corporate bonds 6,432 (412 ) 6,020 (412 ) Totals $ 16,335 $ (200 ) $ 16,135 $ (200 ) December 31, 2020 (in thousands) Less than 12 Months 12 Months or More Total Securities Fair Value Gross Fair Value Gross Fair Value Gross U.S. Treasury notes $ 501 $ — $ 5,245 $ (47 ) $ 5,699 $ (47 ) U.S. Government mortgage-backed securities — — 4,890 (52 ) 4,838 (52 ) Corporate bonds — — 5,288 52 5,340 52 Totals $ 501 $ — $ 15,423 $ (47 ) $ 15,877 $ (47 ) |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following: Schedule of Accrued Expenses (in thousands) June 30, 2021 December 31, 2020 Compensation $ 16 $ 2 Professional fees 180 124 Other expenses 177 316 Accrued expenses $ 373 $ 442 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Schedule of Property and Equipment (in thousands) June 30, 2021 December 31, 2020 Land, buildings and improvements $ 10,530 $ 10,547 Furniture, fixtures, and equipment 2,426 5,136 Total property and equipment 12,956 15,683 Less: accumulated depreciation (6,811 ) (9,210 ) Property and equipment, net $ 6,145 $ 6,473 |
Patents (Tables)
Patents (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Patents, Trademark Rights | Schedule of Patents, Trademark Rights (in thousands) December 31, 2019 $ 1,151 Acquisitions 573 Abandonments (68 ) Amortization (158 ) December 31, 2020 $ 1,498 Acquisitions 365 Amortization (80 ) June 30, 2021 $ 1,783 |
Schedule of Amortization of Patents and Trademarks | Amortization of patents and trademarks for each of the next five years is as follows: Schedule of Amortization of Patents and Trademarks Year Ending December 31, (in thousands) 2021 $ 125 2022 137 2023 154 2024 180 2025 212 Thereafter 975 Total $ 1,783 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assumptions to Estimate Fair Value of Warrants | The Company utilized the following assumptions to estimate the fair value of the August 2016 Warrants: Schedule of Assumptions to Estimate Fair Value of Warrants June 30, 2021 December 31, 2020 Underlying price per share $ 2.15 $ 1.79 Exercise price per share $ 82.50 $ 82.50 Risk-free interest rate 0.02 % 0.09 % Expected holding period 0.17 0.67 Expected volatility 35 % 75 % Expected dividend yield - - The Company utilized the following assumptions to estimate the fair value of the February 2017 Warrants: June 30, 2021 December 31, 2020 Underlying price per share $ 2.15 $ 1.79 Exercise price per share $ 30.25 33.00 $ 30.25 33.00 Risk-free interest rate 0.08 0.10 % 0.12 % Expected holding period 1.09 1.10 1.58 1.60 Expected volatility 80 % 130 % Expected dividend yield - - The Company utilized the following assumptions to estimate the fair value of the June 2017 Warrants: June 30, 2021 December 31, 2020 Underlying price per share $ 2.15 $ 1.79 Exercise price per share $ 27.50 $ 27.50 Risk-free interest rate 0.07 % 0.11 % Expected holding period 0.92 12.42 Expected volatility 75 % 135 % Expected dividend yield - - The Company utilized the following assumptions to estimate the fair value of the August 2017 Warrants: June 30, 2021 December 31, 2020 Underlying price per share $ 2.15 $ 1.79 Exercise price per share 19.80 $ 19.80 Risk-free interest rate 0.06 % 0.11 % Expected holding period 0.68 1.18 Expected volatility 70 % 110 % Expected dividend yield - - The Company utilized the following assumptions to estimate the fair value of the April 2018 Warrants: June 30, 2021 December 31, 2020 Underlying price per share $ 2.15 $ 1.79 Exercise price per share $ 17.16 $ 17.16 Risk-free interest rate 0.32 % 0.16 % Expected holding period 2.32 2.81 Expected volatility 140 % 105 % Expected dividend yield - - The Company utilized the following assumptions to estimate the fair value of the March 2019 Warrants: June 30, 2021 December 31, 2020 Underlying price per share $ 2.15 $ 1.79 Exercise price per share $ 8.80 $ 8.80 Risk-free interest rate 0.29 % 0.19 % Expected holding period 2.69 3.19 Expected volatility 135 % 105 % Expected dividend yield - - |
Schedule of Range of Probabilities | With the above factors utilized in analysis of the likelihood of the Put’s potential Liability, the Company estimated the range of probabilities related to a Put right being triggered as: Schedule of Range of Probabilities Range of Probability Probability Low 0.5 % Medium 1.0 % High 5.0 % |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The table below presents the balances of assets and liabilities measured at fair value on a recurring basis by level within the hierarchy as: Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (in thousands) As of June 30, 2021 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 16,135 $ 16,135 $ — $ — Liabilities: Redeemable warrants $ 209 — — $ 209 (in thousands) Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 15,877 $ 15,877 $ — $ — Liabilities: Redeemable warrants $ 180 — — $ 180 |
Schedule of Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis | The changes in Level 3 Liabilities measured at fair value on a recurring basis are summarized as follows (in thousands): Schedule of Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis Redeemable warrants: Balance at December 31, 2020 $ 180 Fair value adjustment 29 Balance at June 30, 2021 $ 209 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Operating lease Future Payments | The Company has determined that the incremental borrowing rate is 10% as of June 30, 2021, based upon the most recently completed financing transaction in December 2019. Schedule of Operating lease Future Payments Year Ending June 30, (in thousands) 2021 $ 39 2022 50 2023 40 2024 46 2025 16 Thereafter 7 Less imputed interest (41 ) Total $ 157 |
Business and Basis of Present_2
Business and Basis of Presentation (Details Narrative) | Jun. 30, 2021ft² |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Area of land | 30,000 |
Net Loss Per Share (Details Nar
Net Loss Per Share (Details Narrative) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,621,928 | 526,266 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,621,928 | 526,266 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Employees [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Number of Options, Granted | |
Number of Options, Expired | 50,898 |
Number of Options, Expired | (50,898) |
Stock Options [Member] | Employees [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Number of Options Outstanding, Beginning of Period | 1,049,695 |
Weighted Average Exercise Price Outstanding, Beginning of Period | $ / shares | $ 5.38 |
Weighted Average Remaining Contracted Term (years) Outstanding, Beginning of Period | 9 years 3 months 10 days |
Aggregate Intrinsic Value Outstanding, Beginning of Period | $ | |
Number of Options, Granted | |
Weighted Average Exercise Price, Granted | $ / shares | |
Aggregate Intrinsic Value, Granted | $ | |
Number of Options, Forfeited | (50,898) |
Weighted Average Exercise Price, Forfeited | $ / shares | $ 2.39 |
Aggregate Intrinsic Value Outstanding, Ending of Period | $ | |
Number of Options, Expired | |
Weighted Average Exercise Price, Expired | $ / shares | |
Aggregate Intrinsic Value, Forfeited | $ | |
Number of Options Outstanding, Ending of Period | 998,797 |
Weighted Average Exercise Price Outstanding, End of Period | $ / shares | $ 5.53 |
Weighted Average Remaining Contracted Term (years) Outstanding, End of Period | 9 years 2 months 23 days |
Aggregate Intrinsic Value Outstanding, Ending of Period | $ | |
Number of Options, Vested and Expected to Vest | 998,797 |
Weighted Average Exercise Price, Vested and Expected to Vest | $ / shares | $ 5.53 |
Weighted Average Remaining Contracted Term (years), Vested and Expected to Vest | 9 years 2 months 23 days |
Aggregate Intrinsic Value, Vested and Expected to Vest | $ | |
Number of Options Exercisable, End of Period | 725,198 |
Weighted Average Exercise Price Exercisable, Ending of Period | $ / shares | $ 4.07 |
Weighted Average Remaining Contracted Term (years), Exercisable at End of Period | 8 years 1 month 6 days |
Aggregate Intrinsic Value, Exercisable at End of Period | $ | |
Number of Options, Forfeited | 50,898 |
Number of Options, Expired | |
Stock Options [Member] | Non Employees [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Number of Options Outstanding, Beginning of Period | 166,533 |
Weighted Average Exercise Price Outstanding, Beginning of Period | $ / shares | $ 11.03 |
Weighted Average Remaining Contracted Term (years) Outstanding, Beginning of Period | 6 years 10 months 17 days |
Aggregate Intrinsic Value Outstanding, Beginning of Period | $ | |
Number of Options, Granted | |
Weighted Average Exercise Price, Granted | $ / shares | |
Aggregate Intrinsic Value, Granted | $ | |
Number of Options, Forfeited | |
Weighted Average Exercise Price, Forfeited | $ / shares | |
Aggregate Intrinsic Value Outstanding, Ending of Period | $ | |
Number of Options, Expired | 322 |
Weighted Average Exercise Price, Expired | $ / shares | $ 965.93 |
Aggregate Intrinsic Value, Forfeited | $ | |
Number of Options Outstanding, Ending of Period | 166,211 |
Weighted Average Exercise Price Outstanding, End of Period | $ / shares | $ 9.18 |
Weighted Average Remaining Contracted Term (years) Outstanding, End of Period | 7 years 18 days |
Aggregate Intrinsic Value Outstanding, Ending of Period | $ | |
Number of Options, Vested and Expected to Vest | 166,211 |
Weighted Average Exercise Price, Vested and Expected to Vest | $ / shares | $ 9.18 |
Weighted Average Remaining Contracted Term (years), Vested and Expected to Vest | 7 years 18 days |
Aggregate Intrinsic Value, Vested and Expected to Vest | $ | |
Number of Options Exercisable, End of Period | 155,766 |
Weighted Average Exercise Price Exercisable, Ending of Period | $ / shares | $ 4.07 |
Weighted Average Remaining Contracted Term (years), Exercisable at End of Period | 7 years 8 months 26 days |
Aggregate Intrinsic Value, Exercisable at End of Period | $ | |
Number of Options, Forfeited | |
Aggregate Intrinsic Value, Forfeited | $ | |
Number of Options, Expired | (322) |
Schedule of Unvested Stock Opti
Schedule of Unvested Stock Option Activity (Details) | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Employees [Member] | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Number of Options Unvested, Beginning of Period | 767,029 |
Weighted Average Exercise Price Unvested, Beginning of Period | $ / shares | $ 3.71 |
Average Remaining Contractual Term (years) Unvested, Beginning of Period | 9 years 8 months 4 days |
Aggregate Intrinsic Value Unvested, Beginning of Period | $ | |
Number of Options, Granted | |
Weighted Average Exercise Price, Granted | $ / shares | |
Aggregate Intrinsic Value, Granted | $ | |
Number of Options, Expired | (50,898) |
Weighted Average Exercise Price, Expired | $ / shares | $ 2.39 |
Aggregate Intrinsic Value, Granted | $ | |
Number of Options, Vested | (442,532) |
Weighted Average Exercise Price, Vested | $ / shares | $ 2.47 |
Aggregate Intrinsic Value, Vested | $ | |
Number of Options Unvested, End of Period | 273,599 |
Weighted Average Exercise Price Unvested, Ending of Period | $ / shares | $ 13.99 |
Average Remaining Contractual Term (years) Unvested, End of Period | 7 years 3 months 29 days |
Aggregate Intrinsic Value Unvested, End of Period | $ | |
Number of Options, Expired | 50,898 |
Employees [Member] | Stock Options [Member] | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Number of Options, Granted | |
Number of Options, Expired | |
Number of Options, Expired | |
ShareBased Compensation Arrangement By ShareBased Payment Award Options Expired In Period Total Intrinsic Value | $ | |
Non-Employees [Member] | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Number of Options Unvested, Beginning of Period | 66,202 |
Weighted Average Exercise Price Unvested, Beginning of Period | $ / shares | $ 7.24 |
Average Remaining Contractual Term (years) Unvested, Beginning of Period | 6 years 4 months 17 days |
Aggregate Intrinsic Value Unvested, Beginning of Period | $ | |
Number of Options, Granted | |
Weighted Average Exercise Price, Granted | $ / shares | |
Aggregate Intrinsic Value, Granted | $ | |
Number of Options, Expired | |
Weighted Average Exercise Price, Expired | $ / shares | |
Number of Options, Vested | (55,757) |
Weighted Average Exercise Price, Vested | $ / shares | $ 4.69 |
Aggregate Intrinsic Value, Vested | $ | |
Number of Options Unvested, End of Period | 10,445 |
Weighted Average Exercise Price Unvested, Ending of Period | $ / shares | $ 20.86 |
Average Remaining Contractual Term (years) Unvested, End of Period | 6 years 3 months |
Aggregate Intrinsic Value Unvested, End of Period | $ | |
Number of Options, Expired | |
Non Employees [Member] | Stock Options [Member] | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Number of Options, Granted | |
Number of Options, Expired | (322) |
Number of Options, Expired | 322 |
ShareBased Compensation Arrangement By ShareBased Payment Award Options Expired In Period Total Intrinsic Value | $ |
Equity-Based Compensation (Deta
Equity-Based Compensation (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Number of options granted | 0 | 0 |
Stock-based compensation expense | $ 1,006 | $ 346 |
Unrecognized equity-based compensation cost | $ 434 | $ 442 |
Schedule of Available for Sale
Schedule of Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 16,335 | $ 15,924 |
Gross Unrealized Gains/(Losses) | (200) | (47) |
Fair Value | 16,135 | 15,877 |
Marketable securities | 16,135 | 15,877 |
Fair Value, 12 Months or More | 16,335 | 15,423 |
Gross Unrealized Gains/(Losses), 12 Months or More | (200) | (47) |
Fair Value, Less than 12 Months | 501 | |
Gross Unrealized Gains/(Losses), Less than 12 Months | ||
US Treasury Notes [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 5,502 | 5,746 |
Gross Unrealized Gains/(Losses) | (76) | (47) |
Fair Value | 5,426 | 5,699 |
Marketable securities | 5,426 | 5,699 |
Fair Value, 12 Months or More | 5,502 | 5,245 |
Gross Unrealized Gains/(Losses), 12 Months or More | (76) | (47) |
Fair Value, Less than 12 Months | 501 | |
Gross Unrealized Gains/(Losses), Less than 12 Months | ||
U.S. Government Mortgage Backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 4,401 | 4,890 |
Gross Unrealized Gains/(Losses) | 288 | (52) |
Fair Value | 4,689 | 4,838 |
Marketable securities | 4,689 | 4,838 |
Fair Value, 12 Months or More | 4,401 | 4,890 |
Gross Unrealized Gains/(Losses), 12 Months or More | 288 | (52) |
Fair Value, Less than 12 Months | ||
Gross Unrealized Gains/(Losses), Less than 12 Months | ||
Corporate Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 6,432 | 5,288 |
Gross Unrealized Gains/(Losses) | (412) | 52 |
Fair Value | 6,020 | 5,340 |
Marketable securities | 6,020 | 5,340 |
Fair Value, 12 Months or More | 6,432 | 5,288 |
Gross Unrealized Gains/(Losses), 12 Months or More | $ (412) | 52 |
Fair Value, Less than 12 Months | ||
Gross Unrealized Gains/(Losses), Less than 12 Months |
Marketable Securities (Details
Marketable Securities (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Marketable securities | $ 16,135 | $ 15,877 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Compensation | $ 16 | $ 2 |
Professional fees | 180 | 124 |
Other expenses | 177 | 316 |
Accrued expenses | $ 373 | $ 442 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Land, buildings and improvements | $ 10,530 | $ 10,547 |
Furniture, fixtures, and equipment | 2,426 | 5,136 |
Total property and equipment | 12,956 | 15,683 |
Less: accumulated depreciation | (6,811) | (9,210) |
Property and equipment, net | $ 6,145 | $ 6,473 |
Property and Equipment, net (De
Property and Equipment, net (Details Narrative) - USD ($) $ in Thousands | May 13, 2021 | Mar. 16, 2018 | Apr. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Depreciation methods, description | Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, ranging from three to thirty-nine years. | ||||
Proceeds from sale of property and equipment | $ 4,080 | $ 245 | $ 245 | ||
Lease description | concurrently entered into an agreement to lease the property back for ten years. The lease payments are initially $408,000 per year for two years through March 31, | ||||
Operating Leases, Rent Expense, Net | $ 408 | ||||
Payments to Acquire Property, Plant, and Equipment | 26 | 9 | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 216 | $ 216 | |||
Property, Plant and Equipment [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Payments to Acquire Property, Plant, and Equipment | $ 4,732,637 |
Schedule of Patents, Trademark
Schedule of Patents, Trademark Rights (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Balance | $ 1,498 | $ 1,151 | $ 1,151 |
Acquisitions | 365 | 573 | |
Abandonments | (68) | ||
Amortization | (80) | $ (67) | (158) |
Balance | $ 1,783 | $ 1,498 |
Schedule of Amortization of Pat
Schedule of Amortization of Patents and Trademarks (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2021 | $ 125 | ||
2022 | 137 | ||
2023 | 154 | ||
2024 | 180 | ||
2025 | 212 | ||
Thereafter | 975 | ||
Total | $ 1,783 | $ 1,498 | $ 1,151 |
Patents (Details Narrative)
Patents (Details Narrative) | 6 Months Ended |
Jun. 30, 2021 | |
Patents and Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 17 years |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | Jul. 12, 2020 | Jul. 07, 2020 | Sep. 27, 2019 | Jan. 28, 2019 | Nov. 14, 2018 | Oct. 17, 2018 | Dec. 31, 2020 | Aug. 31, 2020 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Mar. 16, 2018 |
Class of Stock [Line Items] | ||||||||||||||
Subscription/exercise price | $ 0.3875 | |||||||||||||
Common stock, shares authorized | 350,000,000 | 350,000,000 | 350,000,000 | 350,000,000 | ||||||||||
Common stock shares with specific limitations and restrictions on usage | 8,000,000 | |||||||||||||
Common stock shares issued, value | $ 12,887,000 | $ 15,016,000 | $ 25,764,000 | |||||||||||
Warrant description | In addition, on March 25, 2020, the Representative’s Warrant was amended to permit exercise of such warrant to commence on March 30, 2020. These warrants were exercised on March 31, 2020, and an aggregate of 266,665 shares were issued upon exercise of this warrant for gross proceeds of approximately $264,000 and a $46,000 expense for the warrant modification. | |||||||||||||
Proceeds from warrants exercised | $ 264,000 | |||||||||||||
Warrant modification. | $ 46,000 | |||||||||||||
Common stock, shares outstanding | 42,154,371 | 47,832,997 | 47,832,997 | 42,154,371 | ||||||||||
Equity Distribution Agreement [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of shares sold in transaction | 5,665,731 | 20,444,807 | ||||||||||||
Proceeds from sale of common stock, net of issuance costs | $ 13,301,526 | $ 53,936,615 | ||||||||||||
Underwriting fee amount | 465,533 | $ 1,888,727 | ||||||||||||
Pre-funded Warrants [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Proceeds from warrants exercised | 1,870,000 | |||||||||||||
Warrant [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Proceeds from warrants exercised | $ 7,687,860 | |||||||||||||
Alliance Global Partners, LLC [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock shares issued, value | $ 7,148,310 | |||||||||||||
Number of shares issued upon transaction | 1,740,550 | |||||||||||||
Alliance Global Partners, LLC [Member] | Warrants [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of warrant to purchase shares of common stock | 8,888,860 | |||||||||||||
Alliance Global Partners, LLC [Member] | Pre-funded Warrants [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Subscription/exercise price | $ 0.90 | |||||||||||||
Proceeds from warrants | $ 7,200,000 | |||||||||||||
Warrant description | Each Warrant sold with the shares of Common Stock represents the right to purchase one share of Common Stock at an exercise price of $0.99 per share. The Pre-Funded Warrants and Warrants were sold at a combined Offering price of $0.899, less underwriting discounts and commissions. The Pre-Funded Warrants were sold to purchasers whose purchase of shares of Common Stock in the Offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% of the Company’s outstanding Common Stock immediately following the consummation of the Offering, in lieu of shares of Common Stock. Each Pre-Funded Warrant represents the right to purchase one share of Common Stock at an exercise price of $0.001 per share. | |||||||||||||
Maxim Group LLC [Member] | Equity Distribution Agreement [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Shares sales fee percentage | 3.50% | 3.50% | 3.50% | |||||||||||
Maximum [Member] | Alliance Global Partners, LLC [Member] | Representative Warrants [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of warrant to purchase shares of common stock | 266,665 | |||||||||||||
Directors, Officers and Employees [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock shares issued, value | $ 500,000 | $ 500,000 | ||||||||||||
Rights [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Subscription/exercise price | $ 1,000 | |||||||||||||
Common stock conversion price | $ 8.80 | |||||||||||||
Proceeds from warrants | $ 4,700,000 | |||||||||||||
Warrant [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Subscription/exercise price | $ 8.80 | |||||||||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||||||||
Series A Junior Participating Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock, shares authorized | 250,000 | |||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock, shares authorized | 732 | 725 | 732 | |||||||||||
Preferred stock par or stated value | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | ||||||||||
Series B Convertible Preferred Stock [Member] | Rights [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock value | $ 1,000 | |||||||||||||
Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of shares to be issued on conversion | 114 | |||||||||||||
Common Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock shares issued, value | $ 25,000 | $ 50,000 | $ 50,000 | |||||||||||
Number of shares issued upon transaction | 10,730 | 21,700 | 27,501 | |||||||||||
Shares issued price per share | $ 2.33 | |||||||||||||
Common Stock [Member] | Minimum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Shares issued price per share | 1.72 | $ 2.26 | $ 1.72 | |||||||||||
Common Stock [Member] | Maximum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Shares issued price per share | $ 2.03 | $ 2.35 | $ 2.03 | |||||||||||
Board of Directors [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock, shares authorized | 5,000,000 | |||||||||||||
Preferred stock par or stated value | $ 0.01 | |||||||||||||
Number of common stock reserved for potential issuance | 7,000,000 | |||||||||||||
Number of options granted | 26,324 | |||||||||||||
Option exercise price per share | $ 9.68 | |||||||||||||
Option vested years | 10 years | |||||||||||||
Employees [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of options granted | 23 | |||||||||||||
Option exercise price per share | $ 9.68 | |||||||||||||
Option vested years | 10 years | |||||||||||||
Officers [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of options granted | 27,570 | 400,000 | ||||||||||||
Option exercise price per share | $ 9.68 | |||||||||||||
Option vested years | 1 year | 1 year | ||||||||||||
Settlement of accounts payable | 10 years | 10 years | ||||||||||||
Officers [Member] | Minimum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Option exercise price per share | $ 2.77 | |||||||||||||
Officers [Member] | Maximum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Option exercise price per share | $ 3.07 | |||||||||||||
Employees [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of options granted | 675,000 | |||||||||||||
Option vested years | 1 year | |||||||||||||
Settlement of accounts payable | 10 years | |||||||||||||
Employees [Member] | Minimum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Option exercise price per share | $ 1.85 | |||||||||||||
Employees [Member] | Maximum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Option exercise price per share | $ 1.96 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) - USD ($) | Jun. 19, 2020 | May 29, 2020 | Dec. 05, 2019 | Aug. 05, 2019 | Jun. 30, 2021 | Jun. 30, 2020 |
CV Note [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Interest expense debt | $ 0 | $ 116,000 | ||||
CV Note [Member] | Chicago Venture Partners, L.P. [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Debt instrument, face amount | $ 2,635,000 | 1,985,000 | ||||
Note interest rate | 10.00% | |||||
Debt term | 24 months | |||||
Proceeds from notes payable | $ 1,900,000 | |||||
Debt instrument, redemption amount | 650,000 | |||||
Accrued interest payable | $ 220,000 | |||||
Net payment of debt | 1,795,000 | |||||
Origination discount | 369,000 | |||||
Issuance costs | 6,000 | |||||
Gain (loss) on extinguishment of debt | $ 66,000 | |||||
AS Note [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Interest expense debt | $ 0 | $ 106,000 | ||||
AS Note [Member] | Atlas Sciences L.P. [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Debt instrument, face amount | $ 2,175,000 | $ 2,175,000 | ||||
Note interest rate | 10.00% | |||||
Debt term | 24 months | |||||
Accrued interest payable | 122,000 | |||||
Origination discount | 376,000 | |||||
Issuance costs | 7,000 | |||||
Gain (loss) on extinguishment of debt | 76,000 | |||||
Notes payable | $ 1,838,000 |
Schedule of Assumptions to Esti
Schedule of Assumptions to Estimate Fair Value of Warrants (Details) | Jun. 30, 2021$ / shares | Dec. 31, 2020$ / shares |
August 2016 Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Underlying price per share | $ 2.15 | $ 1.79 |
August 2016 Warrants [Member] | Measurement Input, Exercise Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 82.50 | 82.50 |
August 2016 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 0.02 | 0.09 |
August 2016 Warrants [Member] | Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant term | 2 months 1 day | 8 months 1 day |
August 2016 Warrants [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 35 | 75 |
August 2016 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | ||
February 2017 Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Underlying price per share | $ 2.15 | $ 1.79 |
February 2017 Warrants [Member] | Measurement Input, Exercise Price [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 30.25 | 30.25 |
February 2017 Warrants [Member] | Measurement Input, Exercise Price [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 33 | 33 |
February 2017 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 0.12 | |
February 2017 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 0.08 | |
February 2017 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 0.10 | |
February 2017 Warrants [Member] | Measurement Input, Expected Term [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant term | 1 year 1 month 2 days | 1 year 6 months 29 days |
February 2017 Warrants [Member] | Measurement Input, Expected Term [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant term | 1 year 1 month 6 days | 1 year 7 months 6 days |
February 2017 Warrants [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 80 | 130 |
February 2017 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | ||
June 2017 Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Underlying price per share | $ 2.15 | $ 1.79 |
June 2017 Warrants [Member] | Measurement Input, Exercise Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 27.50 | 27.50 |
June 2017 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 0.07 | 0.11 |
June 2017 Warrants [Member] | Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant term | 11 months 1 day | 12 years 5 months 1 day |
June 2017 Warrants [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 75 | 135 |
June 2017 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | ||
August 2017 Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Underlying price per share | $ 2.15 | $ 1.79 |
August 2017 Warrants [Member] | Measurement Input, Exercise Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 19.80 | 19.80 |
August 2017 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 0.06 | 0.11 |
August 2017 Warrants [Member] | Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant term | 8 months 4 days | 1 year 2 months 4 days |
August 2017 Warrants [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 70 | 110 |
August 2017 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | ||
April 2018 Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Underlying price per share | $ 2.15 | $ 1.79 |
April 2018 Warrants [Member] | Measurement Input, Exercise Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 17.16 | 17.16 |
April 2018 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 0.32 | 0.16 |
April 2018 Warrants [Member] | Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant term | 2 years 3 months 25 days | 2 years 9 months 21 days |
April 2018 Warrants [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 140 | 105 |
April 2018 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | ||
March 2019 Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Underlying price per share | $ 2.15 | $ 1.79 |
March 2019 Warrants [Member] | Measurement Input, Exercise Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 8.80 | 8.80 |
March 2019 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 0.29 | 0.19 |
March 2019 Warrants [Member] | Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant term | 2 years 8 months 8 days | 3 years 2 months 8 days |
March 2019 Warrants [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage | 135 | 105 |
March 2019 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement, input Percentage |
Schedule of Range of Probabilit
Schedule of Range of Probabilities (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Percentage of probability | 0.50% |
Weighted Average [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Percentage of probability | 1.00% |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Percentage of probability | 5.00% |
Schedule of Assets and Liabilit
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 16,135 | $ 15,877 |
Redeemable warrants | 209 | 180 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 16,135 | 15,877 |
Redeemable warrants | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | ||
Redeemable warrants | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | ||
Redeemable warrants | $ 209 | $ 180 |
Schedule of Changes in Level 3
Schedule of Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis (Details) - Redeemable Warrants [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Balance at beginning | $ 180 |
Fair value adjustments | 29 |
Balance at ending | $ 209 |
Fair Value (Details Narrative)
Fair Value (Details Narrative) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Sale of stock, description | The Company also has certain warrants with a cash settlement feature in the unlikely occurrence of a Fundamental Transaction, namely (1) a merger or consolidation with another person; (2) sale of substantially all of its assets; (3) holders of common stock sell 50% or more of outstanding shares; (4) the Company effects an exchange of all its securities for other securities, cash or property, and (5) the Company effects a stock purchase agreement or business combination for more than 50% of outstanding shares. |
Floor rate used as proxy for future volatility percentage | 100.00% |
Measurement Input, Expected Dividend Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement, input percentage | 0.00% |
Financing Obligation Arising _2
Financing Obligation Arising from Sale Leaseback Transaction (Details Narrative) - USD ($) | May 13, 2021 | Mar. 16, 2018 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Proceeds from Sale of Buildings | $ 4,080,000 | ||||
Lease and property agreement description | lease the property back for ten years at $408,000 per year for two years through March 31, 2020. The lease payments will increase 2.5% per year for the next three years through March 31, 2023 and the lease payments will increase 3% for the remaining five years through March 31, 2028. | ||||
Lease of rent expenses | $ 408,000 | ||||
Number of domestic subsidiaries | 5 years | ||||
Warrant to purchase of common stock | 3,225,806 | ||||
Warrant exercise price per share | $ 0.3875 | ||||
Warrant closing price, percentage | 125.00% | ||||
Warrant owning excess percentage | 4.99% | ||||
Repurchase of property | $ 4,732,637,000 | ||||
Financing Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Extinguishment of financing obligation and note payable | $ 2,701,460 | ||||
Financing Interest Expense | $ 19,000 | $ 31,000 |
Schedule of Operating lease Fut
Schedule of Operating lease Future Payments (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
2021 | $ 39 |
2022 | 50 |
2023 | 40 |
2024 | 46 |
2025 | 16 |
Thereafter | 7 |
Less imputed interest | (41) |
Total | $ 157 |
Leases (Details Narrative)
Leases (Details Narrative) $ in Thousands | May 01, 2019USD ($)ft² | Jun. 13, 2018USD ($)ft² | Mar. 16, 2018USD ($) | Jun. 01, 2015USD ($) | Jun. 30, 2021USD ($)ft² | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Entity Listings [Line Items] | |||||||
Base rent per month | $ 408 | ||||||
Rentable area | ft² | 30,000 | ||||||
weighted-average remaining term | 3 years 2 months 19 days | ||||||
Right of use asset | $ 157 | $ 179 | |||||
Operating lease liability | 157 | ||||||
Rent expenses | $ 22 | $ 21 | |||||
Minimum [Member] | |||||||
Entity Listings [Line Items] | |||||||
Remaining lease terms | 6 months | ||||||
Maximum [Member] | |||||||
Entity Listings [Line Items] | |||||||
Remaining lease terms | 4 years | ||||||
Lease Agreement [Member] | Fraser Advanced Information Systems [Member] | |||||||
Entity Listings [Line Items] | |||||||
Lease agreement term. | 5 years | ||||||
Lease commenced date | Sep. 14, 2020 | ||||||
Lease Agreement [Member] | Fraser Advanced Information Systems [Member] | First Year [Member] | |||||||
Entity Listings [Line Items] | |||||||
Base rent per month | $ 1,415 | ||||||
Lease Agreement [Member] | SML FL Holdings LLC [Member] | |||||||
Entity Listings [Line Items] | |||||||
Lease agreement term. | 6 years | ||||||
Lease commenced date | Jul. 1, 2018 | ||||||
Rentable area | ft² | 3,000 | ||||||
Percentage of base rent | 3.00% | ||||||
Lease Agreement [Member] | SML FL Holdings LLC [Member] | First Year [Member] | |||||||
Entity Listings [Line Items] | |||||||
Base rent per month | $ 2,100 | ||||||
Lease Agreement [Member] | SML FL Holdings LLC [Member] | Sixth Year [Member] | |||||||
Entity Listings [Line Items] | |||||||
Base rent per month | $ 2,785 | ||||||
Lease Agreement [Member] | 604 Associates LLC [Member] | |||||||
Entity Listings [Line Items] | |||||||
Lease agreement term. | 3 years | ||||||
Lease commenced date | May 1, 2019 | ||||||
Base rent per month | $ 1,500 | ||||||
Rentable area | ft² | 3,000 |