Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Schedule of Disaggregation of Revenue

In the following table, revenue is disaggregated by primary geographical market, major product line, and timing of revenue recognition.

 

In thousands of US dollars ($)            
Primary geographical markets   Q1 2019     Q1 2018  
North America     224       365  
Europe     40       155  
Asia     246       91  
      510       611  

 

Major products/services lines   Q1 2019     Q1 2018  
Instruments     138       420  
Grants     0       25  
Consumables     62       75  
Others     310       91  
      510       611  

 

Timing of revenue recognition   Q1 2019     Q1 2018  
Products transferred at a point in time     501       576  
Products and services transferred over time     9       35  
      510       611  

Schedule of Contract Balances

Contract balances

 

In thousands of US dollars ($)   March 31, 2019     December 31, 2018  
Receivables, which are included in ‘Accounts Receivable’     443       475  
Contract liabilities (deferred revenue)     71       59  

Schedule of Future Related to Performance Obligations

The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period.

 

In thousands of US dollars ($)   2019     2020     2021     Total  
Extended warranty service     37       34       -       71  

Schedule of Customer Concentration Risk Percentage

The following table illustrates the level of concentration as a percentage of total revenues during the three months ended March 31, 2019 and 2018. The Top Five Customers category may include federal agency revenues if applicable.

 

    For the Three Months Ended  
    March 31,  
    2019     2018  
Top Five Customers     73 %     40 %
Federal Agencies     18 %     4 %

 

The following table illustrates the level of concentration as a percentage of net accounts receivable balance as of March 31, 2019 and December 31, 2018. The Top Five Customers category may include federal agency receivable balances if applicable.

 

    March 31, 2019     December, 31, 2018  
Top Five Customers     77 %     54 %
Federal Agencies     18 %     5 %

Schedule of Computation of Loss Per Share

The following table illustrates our computation of loss per share for the three months ended March 31, 2019 and 2018:

 

    For the Three Months Ended  
    March 31,  
    2019     2018  
Numerator:                
Net loss attributable to common shareholders   $ (3,470,982 )   $ (2,231,654 )
                 
Denominator for basic and diluted loss per share:                
Weighted average common stock shares outstanding     1,723,557       1,363,326  
                 
Loss per common share – basic and diluted   $ (2.01 )   $ (1.64 )

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share

The following table presents securities that could potentially dilute basic loss per share in the future. For all periods presented, the potentially dilutive securities were not included in the computation of diluted loss per share because these securities would have been anti-dilutive to our net loss. The Series D Convertible Preferred Stock, Series G Convertible Preferred Stock, Series H and H2 Convertible Preferred Stock, Series J Convertible Preferred Stock, Series K Convertible Preferred Stock and Series AA Convertible Preferred Stock are presented below as if they were converted into common shares according to the conversion terms.

 

    As of March 31,  
    2019     2018  
Stock options     366,734       247,136  
Convertible debt     471,015       1,020,603  
Common stock warrants     8,380,875       928,541  
Convertible preferred stock:                
Series D Convertible Preferred Stock     25,000       25,000  
Series G Convertible Preferred Stock     26,857       26,857  
Series H Convertible Preferred Stock     33,334       33,334  
Series H2 Convertible Preferred Stock     70,000       70,000  
Series J Convertible Preferred Stock     115,267       115,267  
Series K Convertible Preferred Stock     229,334       229,334  
Series AA Convertible Preferred Stock     7,059,822       -  
      16,778,238       2,696,072  

Schedule of Stock Based Compensation Expense

The following table summarizes the effect of this stock-based compensation expense within each of the line items of our costs and expenses within our Consolidated Statements of Operations:

 

    For the Three Months Ended  
    March 31,  
    2019     2018  
Cost of sales   $ 8,316     $ -  
Research and development     34,624       15,499  
Selling and marketing     22,119       7,197  
General and administrative     180,333       63,324  
Total stock-based compensation expense   $ 245,392     $ 86,020  

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2019:

 

          Fair value measurements at
March 31, 2019 using:
 
    March 31, 2019     Quoted
prices in
active
markets
(Level 1)
    Significant
other
observable
inputs
(Level 2)
    Significant
unobservable
inputs
(Level 3)
 
Equity Securities     16,643       16,643                  -                      -  
Total Financial Assets   $ 16,643     $ 16,643     $ -     $ -  

 

The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2018:

 

          Fair value measurements at
December 31, 2018 using:
 
    December 31, 2018     Quoted
prices in
active
markets
(Level 1)
    Significant
other
observable
inputs
(Level 2)
    Significant
unobservable
inputs
(Level 3)
 
Equity Securities     16,643       16,643                -                    -  
Total Financial Assets   $ 16,643     $ 16,643     $ -     $ -