Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.8.0.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2018
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 ($)            
Primary geographical markets   Q1 2018     Q1 2017  
North America     365       326  
Europe     155       157  
Asia     91       68  
      611       551  

 

Major products/services lines   Q1 2018     Q1 2017  
Instruments     420       396  
Grants     25       25  
Consumables     75       63  
Others     91       67  
      611       551  

 

Timing of revenue recognition   Q1 2018     Q1 2017  
Products transferred at a point in time     576       514  
Products and services transferred over time     35       37  
      611       551

Schedule of Contract Balances

Contract balances

 

In thousands of US dollars ($)   March 31, 2018     December 31, 2017  
Receivables, which are included in ‘Accounts Receivable’     323       207  
Contract liabilities (deferred revenue)     285       320

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 ($)   2018     2019     2020     Total  
Extended warranty service     235       50       -       285

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, 2018 and 2017. The Top Five Customers category may include federal agency revenues if applicable.

 

    For the Three Months Ended  
    March 31,  
    2018     2017  
Top Five Customers     40 %     61 %
Federal Agencies     4 %     5 %

 

The following table illustrates the level of concentration as a percentage of net accounts receivable balance as of March 31, 2018 and December 31, 2017. The Top Five Customers category may include federal agency receivable balances if applicable.

 

    March 31, 2018     December, 31, 2017  
Top Five Customers     75 %     85 %
Federal Agencies     1 %     1 %

Schedule of Computation of Loss Per Share

The following table illustrates our computation of loss per share for the three months ended March 31, 2018 and 2017:

 

    For the Three Months Ended  
    March 31,  
    2018     2017  
Numerator:                
Net loss   $ (2,231,654 )   $ (2,246,504 )
Denominator for basic and diluted loss per share:                
Weighted average common stock shares outstanding     1,363,326       1,040,769  
                 
Loss per common share – basic and diluted   $ (1.64 )   $ (2.16 )

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

The Series D Convertible Preferred Stock, Series G Convertible Preferred Stock, Series H and H2 Convertible Preferred Stock, Series J Convertible Preferred Stock and Series K Convertible Preferred Stock are presented below as if they were converted into common shares according to the conversion terms.

 

    As of March 31,  
    2018     2017  
Stock options     247,136       260,475  
Convertible debt     1,020,603       868,910  
Common stock warrants     928,541       846,640  
Convertible preferred stock:                
Series D Convertible Preferred Stock     25,000       25,000  
Series G Convertible Preferred Stock     26,857       28,857  
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       117,367  
Series K Convertible Preferred Stock     229,334       227,200  
      2,696,072       2,477,783

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  
    March 31,  
    2018     2017  
Research and development   $ 15,499     $ 15,970  
Selling and marketing     7,197       10,886  
General and administrative     63,324       47,673  
Total stock-based compensation expense   $ 86,020     $ 74,529

Schedule of Liabilities Measured at Fair Value On Recurring Basis

The following table provides a reconciliation of the warrant derivative liability, convertible debt, conversion option derivative liability, stock warrant, additional paid-in capital and accumulated deficit on the consolidated balance sheet as of December 31, 2016:

 

    Convertible debt, current portion     Convertible debt, long term portion     Warrant Derivative Liability     Conversion Option Liability     Warrants to acquire common stock     Additional Paid-in Capital     Accumulated deficit  
Balance, January 1, 2017 (Prior to adoption of ASU 2017-11)   $ 4,005,702     $ 529,742     $ 1,685,108     $ 951,059     $ 6,325,102     $ 27,544,265     $ (42,264,190 )
Reclassified derivative liabilities and cumulative effect of adoption     769,316       154,152     $ (1,685,108 )     (951,059 )     2,636,236       1,446,011       (2,369,548 )
Balance, January 1, 2017 (After adoption of ASU 2017-11)   $ 4,775,018     $ 683,894     $ -     $ -     $ 8,961,338     $ 28,990,276     $ (44,633,738 )

Schedule of Reconciliation Related to Liabilities

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, 2018:

 

          Fair value measurements at
March 31, 2018 using:
 
    March 31, 2018     Quoted
prices in
active
markets
(Level 1)
   

Significant
other
observable
inputs

(Level 2)

   

Significant
unobservable
inputs

(Level 3)

 
Available-For-Sale Equity Securities     15,095       15,095            -            -  
Total Financial Assets   $ 15,095     $ 15,095     $ -     $ -  

 

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, 2017:

 

          Fair value measurements at
December 31, 2017 using:
 
    December 31, 2017     Quoted prices in
active markets
(Level 1)
    Significant other
observable inputs
(Level 2)
    Significant
unobservable
inputs
(Level 3)
 
Available-For-Sale Equity Securities     19,825       19,825              -               -  
Total Financial Assets   $ 19,825     $ 19,825     $ -     $ -