Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2021
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.

Schedule of Disaggregation of Revenue

             
In thousands of US dollars ($)  

Year Ended

December 31,

 
Primary geographical markets   2021     2020  
North America     1,179       844  
Europe     289       88  
Asia     534       289  
      2,002       1,221  

 

   

Year Ended

December 31,

 
Major products/services lines   2021     2020  
Hardware     1,104       568  
Consumables     274       205  
Contract research services     268       193  
Agrochem Products     29       -  
Sample preparation accessories     140       116  
Technical support/extended service contracts     119       96  
Shipping and handling     51       29  
Other     17       14  
    2,002       1,221  

 

   

Year Ended

December 31,

 
Timing of revenue recognition   2021     2020  
Transferred at a point in time     1,674       978  
Transferred over time     328       243  
    2,002       1,221  
Schedule of Contract Balances

Contract balances

 Schedule of Contract Balances

In thousands of US dollars ($)   December 31, 2021     December 31, 2020  
Receivables, which are included in ‘Accounts Receivable’     155       131  
Contract liabilities (deferred revenue)     41       67  
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 ($)   2022     2023     Total  
Extended warranty service     37       4       41  
Schedule of Inventories

Inventories are valued at the lower of cost (average cost) or net realizable value. The cost of Barocyclers consists of the cost charged by the contract manufacturer. The cost of manufactured goods includes material, freight-in, direct labor, and applicable overhead. The composition of inventory as of December 31, is as follows:

 

    2021     2020  
Raw materials   $ 296,892     $ 217,682  
Finished goods     1,193,158       717,581  
Inventory reserve     (342,496 )     (342,496 )
Total   $ 1,147,554     $ 592,767  
Schedule of Customer Concentration Risk Percentage

The following table illustrates the level of concentration of the below two groups within revenue as a percentage of total revenues during the years ended December 31:

 

 Schedule of Customer Concentration Risk Percentage

    2021     2020  
Top Five Customers     44 %     33 %
Federal Agencies     6 %     4 %

 

The following table illustrates the level of concentration of the below two groups within accounts receivable as a percentage of total accounts receivable balance as of December 31:

 

    2021     2020  
Top Five Customers     82 %     89 %
Federal Agencies     5 %     10 %
Schedule of Computation of Loss Per Share

 Schedule of Computation of Loss Per Share

    2021     2020  
Numerator:                
Net loss attributable to common shareholders   $ (22,685,459 )   $ (17,584,710 )
                 
Denominator for basic and diluted loss per share:                
Weighted average common shares outstanding     6,636,523       3,304,187  
                 
Loss per common share - basic and diluted   $ (3.42 )   $ (5.32 )
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 for the years ended December 31:

 

    2021     2020  
Stock options     1,333,101       1,355,901  
Convertible debt     5,232,118       4,474,868  
Common stock warrants     16,207,108       14,434,702  
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     8,649,000       8,043,000  
      31,921,119       28,808,263  
Summary of Assumptions for 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 year ended December 31, 2021:

 

Assumptions   CEO, other
Officers and
Employees
 
Expected life     6.0 (yrs)
Expected volatility     155.02 %
Risk-free interest rate     0.62 %
Forfeiture rate     5.00 %
Expected dividend yield     0.0 %
Schedule of Stock Based Compensation Expense

We recognized stock-based compensation expense of $254,615 and $488,792 for the years ended December 31, 2021 and 2020, respectively. The following table summarizes the effect of this stock-based compensation expense within each of the line items within our accompanying consolidated statements of operations for the years ended December 31:

 

 Schedule of Stock Based Compensation Expense

    2021     2020  
Research and development   $ 128,094     $ 141,202  
Selling and marketing     22,233       34,142  
General and administrative     104,288       313,448  
Total stock-based compensation expense   $ 254,615     $ 488,792  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables set forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of December 31, 2021:

 

         

Fair value measurements at

December 31, 2021 using:

 
    December 31, 2021    

Quoted

prices in

active

markets

(Level 1)

   

Significant

other

observable

inputs

(Level 2)

   

Significant

unobservable

inputs

(Level 3)

 
Equity Securities   $ 59,976     $ 59,976       -       -  
Total Financial Assets   $ 59,976     $ 59,976     $        -     $        -  

 

The following tables set forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of December 31, 2020:

 

         

Fair value measurements at

December 31, 2020 using:

 
    December 31, 2020    

Quoted

prices in

active

markets

(Level 1)

   

Significant

other

observable

inputs

(Level 2)

   

Significant

unobservable

inputs

(Level 3)

 
Equity Securities     517,001       517,001       -       -  
Total Financial Assets   $ 517,001     $ 517,001     $         -     $        -