Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2020
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 ($)   Three Months Ended
June 30,
    Six Months Ended
June 30,
 
Primary geographical markets   2020     2019     2020     2019  
North America   $ 162     $ 368     $ 307     $ 592  
Europe     3       54       4       94  
Asia     103       97       211       343  
    $ 268     $ 519     $ 522     $ 1,029  

 

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
Major products/services lines   2020     2019     2020     2019  
Hardware   $ 122     $ 212     $ 217     $ 352  
Consumables     51       91       107       153  
Contract research services     34       111       44       349  
Sample preparation accessories     33       35       58       35  
Technical support/extended service contracts     17       28       36       67  
Shipping and handling     6       14       15       19  
Other     5       28       45       54  
    $ 268     $ 519     $ 522     $ 1,029  

 

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
Timing of revenue recognition   2020     2019     2020     2019  
Products transferred at a point in time   $ 217     $ 506     $ 442     $ 1,007  
Services transferred over time     51       13       80       22  
    $ 268     $ 519     $ 522     $ 1,029  
Schedule of Contract Balances

Contract balances

 

In thousands of US dollars ($)   June 30, 2020     December 31, 2019  
Receivables, which are included in ‘Accounts Receivable’   $ 121     $ 229  
Contract liabilities (deferred revenue)     72       41  
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     2022     Total  
Extended warranty service   $ 37       35       -     $ 72  
Schedule of Customer Concentration Risk Percentage

The following table illustrates the level of concentration as a percentage of total revenues during the three months and six months ended June 30, 2020 and 2019.

 

    For the Three Months Ended  
    June 30,  
    2020     2019  
Top Five Customers     71 %     47 %
Federal Agencies     2 %     9 %

 

    For the Six Months Ended  
    June 30,  
    2019     2019  
Top Five Customers     70 %     55 %
Federal Agencies     4 %     14 %

 

The following table illustrates the level of concentration as a percentage of net accounts receivable balance as of June 30, 2020 and December 31, 2019. The Top Five Customers category may include federal agency receivable balances if applicable.

 

    June 30, 2020     December, 31, 2019  
Top Five Customers     82 %     83 %
Federal Agencies     5 %     17 %
Schedule of Computation of Loss Per Share

The following table illustrates our computation of loss per share for the three months and six months ended June 30, 2020 and 2019:

 

    For the Three Months Ended     For the Six Months Ended  
    June 30,     June 30,  
    2020     2019     2020     2019  
Numerator:                                
Net loss   $ (4,568,782 )   $ (2,766,842 )   $ (8,522,667 )   $ (4,822,015 )
Deemed dividend on beneficial conversion feature     -       (889,532 )     -       (1,949,731 )
Preferred stock dividends     (396,970 )     (420,489 )     (721,556 )     (776,099 )
Net loss applicable to common shareholders   $ (4,965,752 )   $ (4,076,863 )   $ (9,244,223 )   $ (7,547,845 )
                                 
Denominator for basic and diluted loss per share:                                
Weighted average common stock shares outstanding     2,914,659       1,837,913       2,765,132       1,780,881  
                                 
Loss per common share – basic and diluted   $ (1.70 )   $ (2.22 )   $ (3.34 )   $ (4.24 )
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
    As of June 30,  
    2020     2019  
Stock options     1,392,370       347,070  
Convertible debt     3,905,867       692,715  
Common stock warrants     12,761,126       8,880,554  
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     7,939,000       7,518,622  
      26,498,155       17,938,753  
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     For the Six Months Ended  
    June 30,     June 30,  
    2020     2019     2020     2019  
Cost of sales   $ 5,107     $ 12,082     $ 13,063     $ 20,398  
Research and development     26,137       49,948       64,963       84,573  
Selling and marketing     6,358       28,959       20,294       51,078  
General and administrative     27,739       271,193       208,780       451,525  
Total stock-based compensation expense   $ 65,341     $ 362,182     $ 307,110     $ 607,574  
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 June 30, 2020:

 

          Fair value measurements at
June 30, 2020 using:
 
    June 30, 2020     Quoted
prices in
active
markets
(Level 1)
   

Significant
other
observable
inputs

(Level 2)

   

Significant
unobservable
inputs

(Level 3)

 
Equity Securities     362,905       362,905                   -                     -  
Total Financial Assets   $ 362,905     $ 362,905     $ -     $ -  

 

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, 2019:

 

          Fair value measurements at
December 31, 2019 using:
 
    December 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     $ -     $ -