Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2022
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

March 31,

 
Primary geographical markets   2022     2021  
North America   $ 318     $ 208  
Europe     46       84  
Asia     116       268  
    $ 480   $ 560  

 

   

Three Months Ended

March 31,

 
Major products/services lines   2022     2021  
Hardware   $ 284     $ 377  
Consumables     40       102  
Contract research services     15       6  
Sample preparation accessories     31       29  
Agrochem products     83       -  
Technical support/extended service contracts     17       24  
Shipping and handling     10       19  
Other     -       3  
    $ 480     $ 560  

 

 

   

Three Months Ended

March 31,

 
Timing of revenue recognition   2022     2021  
Products transferred at a point in time   $ 448     $ 538  
Services transferred over time     32       22  
    $ 480   $ 560  
Schedule of Contract Balances

Contract balances

 

In thousands of US dollars ($)  

March 31,

2022

   

December 31,

2021

 
Receivables, which are included in ‘Accounts Receivable’   $ 292     $ 155  
Contract liabilities (deferred revenue)     48       41  
Schedule of Future Related to Performance Obligations

In thousands of US dollars ($)   2022     2023     Total  
Extended warranty service   $ 46     $ 3     $ 49  
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, 2022 and 2021.

 

    For the Three Months Ended  
    March 31,  
    2022     2021  
Top Five Customers     73 %     88 %
Federal Agencies     0 %     1 %

 

The following table illustrates the level of concentration as a percentage of net accounts receivable balance as of March 31, 2022 and December 31, 2021. The Top Five Customers category may include federal agency receivable balances if applicable.

 

    March 31,
2022
    December 31,
2021
 
Top Five Customers     88 %     82 %
Federal Agencies     3 %     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, 2022 and 2021:

 

    2022     2021  
    For the Three Months Ended  
    March 31,  
    2022     2021  
Numerator:            
Net loss attributable to common stockholders   $ (4,671,834 )   $ (7,038,686 )
                 
Denominator for basic and diluted loss per share:                
Weighted average common stock shares outstanding     9,695,189       4,865,826  
                 
Loss per common share – basic and diluted   $ (0.48 )   $ (1.45 )

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

 

    As of March 31,  
    2022     2021  
Stock options     1,307,822       1,358,490  
Convertible debt     5,668,816       4,757,701  
Common stock warrants     16,350,438       14,901,211  
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     8,649,000       8,083,000  
      32,475,868       29,600,194  
Schedule of Stock Based Compensation Expense

 

    For the Three Months Ended  
    March 31,  
    2022     2021  
Cost of sales   $ 4,349     $ 5,053  
Research and development     18,909       25,862  
Selling and marketing     9,050       4,595  
General and administrative     32,175       25,727  
Total stock-based compensation expense   $ 64,483     $ 61,237  
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, 2022:

 

         

Fair value measurements at

March 31, 2022 using:

 
   

March 31,

2022

   

Quoted

prices in

active

markets

(Level 1)

   

Significant

other

observable

inputs

(Level 2)

   

Significant

unobservable

inputs

(Level 3)

 
Equity Securities   $ 79,114     $ 79,114       -       -  
Total Financial Assets   $ 79,114     $ 79,114     $ -     $ -  

 

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, 2021:

 

         

Fair value measurements at

December 31, 2021 using:

 
   

December 31,

2021

   

Quoted

prices in

active

markets

(Level 1)

   

Significant

other

observable

inputs

(Level 2)

   

Significant

unobservable

inputs

(Level 3)

 
Equity Securities     59,976       59,976       -       -  
Total Financial Assets   $ 59,976     $ 59,976     $ -     $ -