Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 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 ($)   Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
Primary geographical markets   2020     2019     2020     2019  
North America   $ 387     $ 381     $ 694     $ 973  
Europe     2       9       6       103  
Asia     145       111       356       454  
    $ 534     $ 501     $ 1,056     $ 1,530  

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
Major products/services lines   2020     2019     2020     2019  
Hardware   $ 313     $ 186     $ 569     $ 571  
Consumables     49       112       156       265  
Contract research services     84       149       128       498  
Sample preparation accessories     40       19       98       61  
Technical support/extended service contracts     33       25       69       93  
Shipping and handling     11       8       26       27  
Other     4       2       10       15  
    $ 534     $ 501     $ 1,056     $ 1,530  

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
Timing of revenue recognition   2020     2019     2020     2019  
Products transferred at a point in time   $ 417     $ 326     $ 859     $ 939  
Services transferred over time     117       175       197       591  
    $ 534     $ 501     $ 1,056     $ 1,530  

Schedule of Contract Balances

Contract balances

 

In thousands of US dollars ($)   September 30, 2020     December 31, 2019  
Receivables, which are included in ‘Accounts Receivable’   $ 330     $ 229  
Contract liabilities (deferred revenue)     74       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     2022     Total  
Extended warranty service   $ 48       26       -     $ 74  
                                 

Schedule of Customer Concentration Risk Percentage

The following table illustrates the level of concentration as a percentage of total revenues during the three months and nine months ended September 30, 2020 and 2019.

 

    For the Three Months Ended  
    September 30,  
    2020     2019  
Top Five Customers     59 %     56 %
Federal Agencies     2 %     12 %

 

    For the Nine Months Ended  
    September 30,  
    2020     2019  
Top Five Customers     36 %     41 %
Federal Agencies     3 %     13 %

 

The following table illustrates the level of concentration as a percentage of net accounts receivable balance as of September 30, 2020 and December 31, 2019. The Top Five Customers category may include federal agency receivable balances if applicable.

 

    September 30, 2020     December 31, 2019  
Top Five Customers     76 %     83 %
Federal Agencies     1 %     17 %
Schedule of Computation of Loss Per Share

The following table illustrates our computation of loss per share for the three months and nine months ended September 30, 2020 and 2019:

 

    For the Three Months Ended     For the Nine Months Ended  
    September 30,     September 30,  
    2020     2019     2020     2019  
Numerator:                        
Net loss   $ (3,278,748 )   $ (3,156,829 )   $ (11,801,415 )   $ (7,978,844 )
Deemed dividend on beneficial conversion feature     -       (675,979 )     -       (2,625,710 )
Preferred stock dividends     (396,970 )     (492,494 )     (1,118,526 )     (1,268,593 )
Net loss applicable to common shareholders   $ (3,675,718 )   $ (4,325,302 )   $ (12,919,941 )   $ (11,873,147 )
                                 
Denominator for basic and diluted loss per share:                                
Weighted average common stock shares outstanding     3,612,958       1,967,872       3,059,095       1,887,393  
                                 
Loss per common share – basic and diluted   $ (1.02 )   $ (2.20 )   $ (4.22 )   $ (6.29 )

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
    As of September 30,  
    2020     2019  
Stock options     1,392,370       409,064  
Convertible debt     4,610,868       984,703  
Common stock warrants     13,831,497       9,297,034  
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     7,983,000       7,899,422  
      28,317,527       19,090,015  
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     For the Nine Months Ended  
    September 30,     September 30,  
    2020     2019     2020     2019  
Cost of sales   $ 5,163     $ 5,468     $ 18,227     $ 25,865  
Research and development     26,424       22,464       91,386       107,037  
Selling and marketing     6,428       14,520       26,722       65,598  
General and administrative     28,527       72,550       237,317       524,076  
Total stock-based compensation expense   $ 66,542     $ 115,002     $ 373,652     $ 722,576  

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 September 30, 2020:

 

         

Fair value measurements at

September 30, 2020 using:

 
    September 30, 2020    

Quoted

prices in

active

markets

(Level 1)

   

Significant

other

observable

inputs

(Level 2)

   

Significant

unobservable

inputs

(Level 3)

 
Equity Securities   $ 503,366     $ 503,366       -       -  
Total Financial Assets   $ 503,366     $ 503,366     $ -     $ -  

 

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:

 
    December 31, 2019    

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     $ -     $ -