Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Principles Policies (Tables)

v3.20.2
Summary of Significant Accounting Principles Policies (Tables)
3 Months Ended
Mar. 31, 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 ($)            
Primary geographical markets   March 31, 2020     March 31, 2019  
North America   $ 144     $ 224  
Europe     1       40  
Asia     109       246  
    $ 254     $ 510  

 

Major products/services lines   March 31, 2020     March 31, 2019  
Instruments   $ 130     $ 138  
Consumables     56       62  
Others     68       310  
    $ 254     $ 510  

 

Timing of revenue recognition   March 31, 2020     March 31, 2019  
Products transferred at a point in time   $ 225     $ 501  
Services transferred over time     29       9  
    $ 254     $ 510  

Schedule of Contract Balances

Contract balances

 

In thousands of US dollars ($)   March 31, 2020     December 31, 2019  
Receivables, which are included in ‘Accounts Receivable’     121       229  
Contract liabilities (deferred revenue)     70       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     Total  
Extended warranty service     28       42       70  
                         

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, 2020 and 2019. The Top Five Customers category may include federal agency revenues if applicable.

 

    For the Three Months Ended  
    March 31,  
    2020     2019  
Top Five Customers     68 %     73 %
Federal Agencies     6 %     18 %

 

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

 

    March 31, 2020     December 31, 2019  
Top Five Customers     77 %     83 %
Federal Agencies     4 %     17 %

Schedule of Computation of Loss Per Share

The following table illustrates our computation of loss per share for the three months ended March 31, 2020 and 2019:

 

    For the Three Months Ended  
    March 31,  
    2020     2019  
Numerator:            
Net loss attributable to common shareholders   $ (4,278,471 )   $ (3,470,982 )
                 
Denominator for basic and diluted loss per share:                
Weighted average common stock shares outstanding     2,648,039       1,723,557  
                 
Loss per common share – basic and diluted   $ (1.62 )   $ (2.01 )

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

The following table presents securities that could potentially dilute basic loss per share in the future. For all periods presented, the potentially dilutive securities were not included in the computation of diluted loss per share because these securities would have been anti-dilutive to our net loss. The Series D Convertible Preferred Stock, Series G Convertible Preferred Stock, Series H and H2 Convertible Preferred Stock, Series J Convertible Preferred Stock, Series K Convertible Preferred Stock and Series AA Convertible Preferred Stock are presented below as if they were converted into common shares according to the conversion terms.

 

    As of March 31,  
    2020     2019  
Stock options     1,393,551       366,734  
Convertible debt     3,125,633       471,015  
Common stock warrants     11,295,764       8,380,875  
Convertible preferred stock:                
Series D Convertible Preferred     25,000       25,000  
Series G Convertible Preferred     26,857       26,857  
Series H Convertible Preferred     33,334       33,334  
Series H2 Convertible Preferred     70,000       70,000  
Series J Convertible Preferred     115,267       115,267  
Series K Convertible Preferred     229,334       229,334  
Series AA Convertible Preferred     7,939,000       7,059,822  
      24,253,740       16,778,238  

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,  
    2020     2019  
Cost of sales   $ 7,956     $ 8,316  
Research and development     38,826       34,624  
Selling and marketing     13,936       22,119  
General and administrative     181,051       180,333  
Total stock-based compensation expense   $ 241,769     $ 245,392  

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, 2020:

 

          Fair value measurements at
March 31, 2020 using:
 
    31-Mar-20     Quoted prices in active markets (Level 1)     Significant
other observable inputs
(Level 2)
    Significant unobservable
inputs
(Level 3)
 
Equity Securities     166,014       166,014                  -                -  
Total Financial Assets   $ 166,014     $ 166,014     $ -     $ -  

 

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:
 
      31-Dec-19       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     $ -     $ -