Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Intangible Assets |
Schedule
of Intangible Assets
| Website |
|
$ |
1,516 |
|
| Less website amortization |
|
|
(348 |
) |
| Customer list |
|
|
664,237 |
|
| Intangible Assets |
|
|
664,237 |
|
| Less Customer list amortization |
|
|
(152,220 |
) |
| Amortization |
|
|
(152,220 |
) |
| Net Intangible Assets |
|
$ |
513,185 |
|
|
| 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 June 30,
| |
|
|
|
|
| 2024 |
|
$ |
249,656 |
|
| 2025 |
|
|
263,529 |
|
| Net Intangible Assets |
|
$ |
513,185 |
|
|
| 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
June 30, |
|
|
Six
Months Ended
June 30, |
|
| Primary geographical
markets |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| North America |
|
$ |
409 |
|
|
$ |
261 |
|
|
$ |
749 |
|
|
$ |
816 |
|
| Europe |
|
|
2 |
|
|
|
18 |
|
|
|
8 |
|
|
|
54 |
|
| Asia |
|
|
11 |
|
|
|
233 |
|
|
|
14 |
|
|
|
382 |
|
| |
|
$ |
422 |
|
|
$ |
512 |
|
|
$ |
771 |
|
|
$ |
1,252 |
|
| |
|
Three
Months Ended
June 30, |
|
|
Six
Months Ended
June 30, |
|
| Major products/services
lines |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Hardware |
|
$ |
105 |
|
|
$ |
293 |
|
|
$ |
188 |
|
|
$ |
721 |
|
| Consumables |
|
|
22 |
|
|
|
57 |
|
|
|
60 |
|
|
|
123 |
|
| Contract research services |
|
|
7 |
|
|
|
31 |
|
|
|
7 |
|
|
|
36 |
|
| Sample preparation accessories |
|
|
16 |
|
|
|
37 |
|
|
|
64 |
|
|
|
82 |
|
| Consumer Products |
|
|
259 |
|
|
|
- |
|
|
|
413 |
|
|
|
- |
|
|
|
| Technical support/extended service contracts |
|
|
11 |
|
|
|
46 |
|
|
|
31 |
|
|
|
89 |
|
| Agrochem Products |
|
|
- |
|
|
|
35 |
|
|
|
- |
|
|
|
166 |
|
| Shipping and handling |
|
|
2 |
|
|
|
8 |
|
|
|
8 |
|
|
|
27 |
|
| Other |
|
|
- |
|
|
|
5 |
|
|
|
- |
|
|
|
8 |
|
| |
|
$ |
422 |
|
|
$ |
512 |
|
|
$ |
771 |
|
|
$ |
1,252 |
|
| |
|
Three
Months Ended
June 30, |
|
|
Six
Months Ended
June 30, |
|
| Timing of
revenue recognition |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Products transferred at a point
in time |
|
$ |
404 |
|
|
$ |
435 |
|
|
$ |
732 |
|
|
$ |
1,127 |
|
| Services transferred over
time |
|
|
18 |
|
|
|
77 |
|
|
|
39 |
|
|
|
125 |
|
| |
|
$ |
422 |
|
|
$ |
512 |
|
|
$ |
771 |
|
|
$ |
1,252 |
|
|
| Schedule of Contract Balances |
Contract
balances
Schedule
of Contract Balances
| In
thousands of US dollars ($) |
|
June
30, 2024 |
|
|
December
31, 2023 |
|
| Receivables, which are included
in ‘Accounts Receivable’ |
|
$ |
184 |
|
|
$ |
151 |
|
| Contract liabilities (deferred revenue) |
|
|
243 |
|
|
|
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 |
|
$ |
230 |
|
|
$ |
13 |
|
|
$ |
243 |
|
|
| Schedule of Customer Concentration Risk Percentage |
The
following table illustrates the level of concentration as a percentage of total revenues during the three and six months ended June 30,
2024 and 2023.
Schedule
of Customer Concentration Risk Percentage
| |
|
Three
Months Ended
June 30, |
|
|
Six
Months Ended
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Top five customers |
|
|
35 |
% |
|
|
70 |
% |
|
|
34 |
% |
|
|
55 |
% |
| Federal agencies |
|
|
1 |
% |
|
|
1 |
% |
|
|
1 |
% |
|
|
1 |
% |
The
following table illustrates the level of concentration as a percentage of net accounts receivable balance as of June 30, 2024 and December
31, 2023. The Top Five Customers category may include federal agency receivable balances if applicable.
| |
|
June
30, 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 and six months ended June 30, 2024 and 2023:
Schedule
of Computation of Loss Per Share
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| |
|
For
the Three Months Ended June
30,
|
|
|
For
the Six Months Ended June
30,
|
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss attributable
to common shareholders |
|
$ |
(7,748,534 |
) |
|
$ |
(11,114,925 |
) |
|
$ |
(16,455,010 |
) |
|
$ |
(18,404,566 |
) |
| Denominator for basic and diluted loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common stock shares outstanding |
|
|
51,411,779 |
|
|
|
19,471,057 |
|
|
|
45,585,472 |
|
|
|
17,629,225 |
|
| Loss per common share -
basic and diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.57 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.04 |
) |
|
| 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 June 30, |
|
| |
|
2024 |
|
|
2023 |
|
| Stock options |
|
|
14,825,266 |
|
|
|
3,420,754 |
|
| Convertible debt |
|
|
10,520,985 |
|
|
|
7,058,298 |
|
| Common stock warrants |
|
|
15,467,354 |
|
|
|
15,929,601 |
|
| Convertible preferred stock: |
|
|
|
|
|
|
|
|
| Series D Convertible Preferred |
|
|
6,250 |
|
|
|
6,250 |
|
| Series AA Convertible Preferred |
|
|
8,645,000 |
|
|
|
8,601,000 |
|
| Series BB Convertible Preferred |
|
|
28,540,000 |
|
|
|
3,620,000 |
|
| Series CC Convertible Preferred |
|
|
4,010,000 |
|
|
|
4,010,000 |
|
| Series DD Convertible
Preferred |
|
|
2,540,000 |
|
|
|
- |
|
|
Total
potentially dilutive shares
|
|
|
84,554,855 |
|
|
|
42,645,903 |
|
|
| 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 six months ended June 30, 2024:
Summary
of Assumptions for the Grants of Stock Options
| Assumptions |
|
CEO,
other Officers and Employees |
|
| Expected life |
|
|
6.0
(yrs. |
) |
| Expected volatility |
|
|
151.7 |
% |
| Risk-free interest rate |
|
|
4.36 |
% |
| Forfeiture rate |
|
|
0
to 5.00% |
|
| Expected dividend yield |
|
|
0.0 |
% |
|
| Schedule of Stock Based Compensation Expense |
Schedule
of Stock Based Compensation Expense
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| |
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Cost of sales |
|
$ |
14,965 |
|
|
$ |
11,060 |
|
|
$ |
29,629 |
|
|
$ |
64,541 |
|
| Research and development |
|
|
48,960 |
|
|
|
35,289 |
|
|
|
92,217 |
|
|
|
205,909 |
|
| Selling and marketing |
|
|
(12,790 |
) |
|
|
13,426 |
|
|
|
41,545 |
|
|
|
85,525 |
|
| Consumer Products |
|
|
(6,188 |
) |
|
|
- |
|
|
|
19,098 |
|
|
|
- |
|
| General and administrative |
|
|
105,081 |
|
|
|
75,779 |
|
|
|
207,831 |
|
|
|
1,209,823 |
|
| Total stock-based compensation expense |
|
$ |
150,028 |
|
|
$ |
135,554 |
|
|
$ |
390,320 |
|
|
$ |
1,565,798 |
|
|
| 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, 2024:
Schedule
of Assets and Liabilities Measured at Fair Value on Recurring Basis
| |
|
|
|
|
Fair
value measurements at June
30, 2024 using:
|
|
| |
|
June
30, 2024
|
|
|
Quoted
prices in active
markets (Level
1)
|
|
|
Significant
other observable
inputs (Level
2)
|
|
|
Significant
unobservable
inputs (Level
3)
|
|
| Equity Securities |
|
$ |
63,775 |
|
|
$ |
63,775 |
|
|
|
- |
|
|
|
- |
|
| Total Financial Assets |
|
$ |
63,775 |
|
|
$ |
63,775 |
|
|
$ |
- |
|
|
$ |
- |
|
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 |
|
|
$ |
- |
|
|
$ |
- |
|
|