Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Intangible Assets |
Schedule
of Intangible Assets
| Website |
|
$ |
1,516 |
|
| Less website amortization |
|
|
(158 |
) |
| Customer list |
|
|
664,237 |
|
| Less Customer list amortization |
|
|
(69,191 |
) |
| Net Intangible Assets |
|
$ |
596,404 |
|
|
| Schedule of Expected Amortization Expense of Intangible Assets |
Expected amortization expense
of intangible assets over the next 2 years is as follows:
Schedule
of Expected Amortization Expense of Intangible Assets
Twelve Months ended March 31,
| |
|
|
|
|
| 2024 |
|
$ |
332,875 |
|
| 2025 |
|
|
263,529 |
|
| Net Intangible Assets |
|
$ |
596,404 |
|
|
| Schedule of Disaggregation of Revenue |
In
the following table, revenue is disaggregated by primary geographical market, major product line, and timing of revenue recognition.
Schedule
of Disaggregation of Revenue
| In thousands of US dollars ($) |
|
Three Months Ended March 31,
|
|
| Primary geographical markets |
|
2024 |
|
|
2023 |
|
| North America |
|
$ |
340 |
|
|
$ |
556 |
|
| Europe |
|
|
6 |
|
|
|
36 |
|
| Asia |
|
|
3 |
|
|
|
149 |
|
| |
|
$ |
349 |
|
|
$ |
741 |
|
| |
|
Three Months Ended March 31,
|
|
| Major products/services lines |
|
2024 |
|
|
2023 |
|
| Hardware |
|
$ |
83 |
|
|
$ |
428 |
|
| Consumables |
|
|
38 |
|
|
|
66 |
|
| Contract research services |
|
|
- |
|
|
|
5 |
|
| Sample preparation accessories |
|
|
48 |
|
|
|
45 |
|
| Consumer Products |
|
|
154 |
|
|
|
- |
|
| Agrochem products |
|
|
- |
|
|
|
131 |
|
| Technical support/extended service contracts |
|
|
20 |
|
|
|
43 |
|
| Shipping and handling |
|
|
6 |
|
|
|
19 |
|
| Other |
|
|
- |
|
|
|
4 |
|
| |
|
$ |
349 |
|
|
$ |
741 |
|
| |
|
Three Months Ended March 31,
|
|
| Timing of revenue recognition |
|
2024 |
|
|
2023 |
|
| Products transferred at a point in time |
|
$ |
328 |
|
|
$ |
693 |
|
| Services transferred over time |
|
|
21 |
|
|
|
48 |
|
| |
|
$ |
349 |
|
|
$ |
741 |
|
|
| Schedule of Contract Balances |
Contract
balances
Schedule
of Contract Balances
| In
thousands of US dollars ($) |
|
March 31, 2024 |
|
|
December 31, 2023 |
|
| Receivables, which are included
in ‘Accounts Receivable’ |
|
$ |
145
|
|
|
$ |
151
|
|
| Contract liabilities (deferred revenue) |
|
|
242 |
|
|
|
34 |
|
|
| 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.
Schedule
of Future Related to Performance Obligations
| In thousands of US dollars ($) |
|
2024 |
|
|
2025 |
|
|
Total |
|
| Extended warranty service |
|
$ |
234 |
|
|
$ |
8 |
|
|
$ |
242 |
|
|
| 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, 2024
and 2023.
Schedule
of Customer Concentration Risk Percentage
| |
|
For the Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Top Five Customers |
|
|
48 |
% |
|
|
64 |
% |
The
following table illustrates the level of concentration as a percentage of net accounts receivable balance as of March 31, 2024 and December
31, 2023. The Top Five Customers category may include federal agency receivable balances if applicable.
| |
|
March 31, 2024 |
|
|
December 31, 2023 |
|
| Top Five Customers |
|
|
100 |
% |
|
|
96 |
% |
|
| Schedule of Computation of Loss Per Share |
The
following table illustrates our computation of loss per share for the three months ended March 31, 2024 and 2023:
Schedule
of Computation of Loss Per Share
| |
|
|
|
|
|
|
| |
|
For the Three Months Ended March 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Numerator: |
|
|
|
|
|
|
| Net loss attributable to common stockholders |
|
$ |
(8,706,476 |
) |
|
$ |
(7,289,641 |
) |
| |
|
|
|
|
|
|
|
|
| Denominator for basic and diluted loss per share: |
|
|
|
|
|
|
|
|
| Weighted average common stock shares outstanding |
|
|
39,811,524 |
|
|
|
15,839,373 |
|
| |
|
|
|
|
|
|
|
|
| Loss per common share – basic and diluted |
|
$ |
(0.22 |
) |
|
$ |
(0.46 |
) |
|
| Schedule of Anti-Dilutive Securities Excluded from Computation of Earnings Per Share |
Schedule
of Anti-Dilutive Securities Excluded from Computation of Earnings Per Share
| |
|
|
|
|
|
|
| |
|
As of March 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Stock options |
|
|
5,724,504 |
|
|
|
3,420,754 |
|
| Convertible debt |
|
|
9,568,173 |
|
|
|
7,620,701 |
|
| Common stock warrants |
|
|
15,577,354 |
|
|
|
16,217,101 |
|
| Convertible preferred stock: |
|
|
|
|
|
|
|
|
| Series D Convertible Preferred |
|
|
6,250 |
|
|
|
6,250 |
|
| Series AA Convertible Preferred |
|
|
8,645,000 |
|
|
|
8,645,000 |
|
| Series BB Convertible Preferred |
|
|
16,230,000 |
|
|
|
- |
|
| Series CC Convertible Preferred |
|
|
4,010,000 |
|
|
|
- |
|
| Series DD Convertible Preferred |
|
|
2,540,000 |
|
|
|
- |
|
| Total
potentially dilutive shares |
|
|
62,301,281 |
|
|
|
35,909,806 |
|
|
| Summary of Assumptions for the 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 three months ended March 31, 2024:
Summary
of Assumptions for the Grants of Stock Options
| Assumptions |
|
CEO, other Officers and Employees |
|
| Expected life |
|
|
6.0 (yrs |
) |
| Expected volatility |
|
|
155.0 |
% |
| Risk-free interest rate |
|
|
4.20 |
% |
| Forfeiture rate |
|
|
0
to 5.00 |
% |
| Expected dividend yield |
|
|
0.0 |
% |
|
| Schedule of Stock Based Compensation Expense |
Schedule
of Stock Based Compensation Expense
| |
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Cost of sales |
|
$ |
14,664 |
|
|
$ |
53,481 |
|
| Research and development |
|
|
43,257 |
|
|
|
170,620 |
|
| Consumer Products |
|
|
54,335 |
|
|
|
- |
|
| Selling and marketing |
|
|
25,286 |
|
|
|
72,099 |
|
| General and administrative |
|
|
102,750 |
|
|
|
1,134,044 |
|
| Total stock-based compensation expense |
|
$ |
240,292 |
|
|
$ |
1,430,244 |
|
|
| 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, 2024:
Schedule
of Assets and Liabilities Measured at Fair Value on Recurring Basis
| |
|
|
|
|
Fair value measurements at March 31, 2024 using:
|
|
| |
|
March 31, 2024
|
|
|
Quoted prices in active markets (Level 1)
|
|
|
Significant other observable inputs (Level 2)
|
|
|
Significant unobservable inputs (Level 3)
|
|
| Equity Securities |
|
$ |
66,031 |
|
|
$ |
66,031 |
|
|
|
-
|
|
|
|
- |
|
| Total Financial Assets |
|
$ |
66,031 |
|
|
$ |
66,031 |
|
|
$ |
- |
|
|
$ |
- |
|
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, 2023:
| |
|
|
|
|
Fair value measurements at December 31, 2023 using:
|
|
| |
|
December 31, 2023
|
|
|
Quoted prices in active markets (Level 1)
|
|
|
Significant other observable inputs (Level 2)
|
|
|
Significant unobservable inputs (Level 3)
|
|
| Equity Securities |
|
|
61,876 |
|
|
|
61,876 |
|
|
|
- |
|
|
|
- |
|
| Total Financial Assets |
|
$ |
61,876 |
|
|
$ |
61,876 |
|
|
$ |
- |
|
|
$ |
- |
|
|