Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 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 ($) |
|
Twelve Months Ended
December 31, |
|
| Primary geographical markets |
|
2019 |
|
|
2018 |
|
| North America |
|
|
1,111 |
|
|
|
1,751 |
|
| Europe |
|
|
145 |
|
|
|
287 |
|
| Asia |
|
|
554 |
|
|
|
420 |
|
| |
|
|
1,810 |
|
|
|
2,458 |
|
| |
|
Twelve Months Ended
December 31, |
|
| Major products/services lines |
|
2019 |
|
|
2018 |
|
| Hardware |
|
|
713 |
|
|
|
1,454 |
|
| Grants |
|
|
- |
|
|
|
257 |
|
| Consumables |
|
|
298 |
|
|
|
235 |
|
| Contract research services |
|
|
543 |
|
|
|
202 |
|
| Sample preparation accessories |
|
|
82 |
|
|
|
147 |
|
| Technical support/extended service contracts |
|
|
116 |
|
|
|
84 |
|
| Shipping and handling |
|
|
41 |
|
|
|
47 |
|
| Other |
|
|
17 |
|
|
|
32 |
|
| |
|
|
1,810 |
|
|
|
2,458 |
|
| |
|
Twelve Months Ended
December 31, |
|
| Timing of revenue recognition |
|
2019 |
|
|
2018 |
|
| Transferred at a point in time |
|
|
1,228 |
|
|
|
1,999 |
|
| Transferred over time |
|
|
582 |
|
|
|
459 |
|
| |
|
|
1,810 |
|
|
|
2,458 |
|
|
| Schedule of Contract Balances |
Contract balances
| In thousands of US dollars ($) |
|
December 31, 2019 |
|
|
December 31, 2018 |
|
| Receivables, which are included in ‘Accounts Receivable’ |
|
|
229 |
|
|
|
475 |
|
| Contract liabilities (deferred revenue) |
|
|
41 |
|
|
|
58 |
|
|
| 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 ($) |
|
2020 |
|
|
2021 |
|
|
Total |
|
| Extended warranty service |
|
|
23 |
|
|
|
18 |
|
|
|
41 |
|
|
| Schedule of Inventories |
The composition of inventory
as of December 31, is as follows:
| |
|
2019 |
|
|
2018 |
|
| Raw materials |
|
$ |
167,189 |
|
|
$ |
311,158 |
|
| Finished goods |
|
|
793,023 |
|
|
|
727,867 |
|
| Inventory reserve |
|
|
(342,496 |
) |
|
|
(273,547 |
) |
| Total |
|
$ |
617,716 |
|
|
$ |
765,478 |
|
|
| Schedule of Customer Concentration Risk Percentage |
The following table illustrates
the level of concentration of the below two groups within revenue as a percentage of total revenues during the years ended December
31:
| |
|
2019 |
|
|
2018 |
|
| Top Five Customers |
|
|
41 |
% |
|
|
34 |
% |
| Federal Agencies |
|
|
12 |
% |
|
|
14 |
% |
The following table illustrates
the level of concentration of the below two groups within accounts receivable as a percentage of total accounts receivable balance
as of December 31:
| |
|
2019 |
|
|
2018 |
|
| Top Five Customers |
|
|
83 |
% |
|
|
54 |
% |
| Federal Agencies |
|
|
17 |
% |
|
|
5 |
% |
|
| Schedule of Computation of Loss Per Share |
The following table illustrates
our computation of loss per share for the years ended December 31:
| |
|
2019 |
|
|
2018 |
|
| Numerator: |
|
|
|
|
|
|
|
|
| Net loss attributable to common shareholders |
|
$ |
(15,868,083 |
) |
|
$ |
(23,473,150 |
) |
| |
|
|
|
|
|
|
|
|
| Denominator for basic and diluted loss per share: |
|
|
|
|
|
|
|
|
| Weighted average common shares outstanding |
|
|
1,987,606 |
|
|
|
1,530,989 |
|
| |
|
|
|
|
|
|
|
|
| Loss per common share - basic and diluted |
|
$ |
(7.98 |
) |
|
$ |
(15.33 |
) |
|
| 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
for the years ended December 31:
| |
|
2019 |
|
|
2018 |
|
| Stock options |
|
|
1,396,302 |
|
|
|
366,734 |
|
| Convertible debt |
|
|
2,351,493 |
|
|
|
413,998 |
|
| Common stock warrants |
|
|
9,893,034 |
|
|
|
7,764,821 |
|
| Convertible preferred stock: |
|
|
|
|
|
|
|
|
| Series D Convertible Preferred |
|
|
25,000 |
|
|
|
25,000 |
|
| Series G Convertible Preferred |
|
|
26,857 |
|
|
|
26,857 |
|
| Series H Convertible Preferred |
|
|
33,334 |
|
|
|
33,334 |
|
| Series H2 Convertible Preferred |
|
|
70,000 |
|
|
|
70,000 |
|
| Series J Convertible Preferred |
|
|
115,267 |
|
|
|
115,267 |
|
| Series K Convertible Preferred |
|
|
229,334 |
|
|
|
229,334 |
|
| Series AA Convertible Preferred |
|
|
7,939,000 |
|
|
|
6,499,000 |
|
| |
|
|
22,079,621 |
|
|
|
15,544,345 |
|
|
| Summary of Assumptions for Grants of Stock Options |
The following table summarizes
the assumptions we utilized for grants of stock options to the three sub-groups of our stock option recipients during the year
ended December 31, 2019:
| Assumptions |
|
Non-Employee
Board Members |
|
|
|
CEO, other
Officers and Employees |
|
| Expected life |
|
|
6.0(yrs |
) |
|
|
6.0(yrs |
) |
| Expected volatility |
|
|
150.07 |
% |
|
|
150.07%-157.28 |
% |
| Risk-free interest rate |
|
|
1.73 |
% |
|
|
1.73%-1.79 |
% |
| Forfeiture rate |
|
|
5.00 |
% |
|
|
5.00 |
% |
| Expected dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
| Schedule of Stock Based Compensation Expense |
The following table summarizes
the effect of this stock-based compensation expense within each of the line items within our accompanying consolidated statements
of operations for the years ended December 31:
| |
|
2019 |
|
|
2018 |
|
| Research and development |
|
$ |
171,928 |
|
|
$ |
120,417 |
|
| Selling and marketing |
|
|
86,319 |
|
|
|
49,023 |
|
| General and administrative |
|
|
859,030 |
|
|
|
423,037 |
|
| Total stock-based compensation expense |
|
$ |
1,117,277 |
|
|
$ |
592,477 |
|
|