Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.2.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2022
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.

Primary geographical markets   2022     2021     2022     2021  
In thousands of US dollars ($)   Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
Primary geographical markets   2022     2021     2022     2021  
North America   $ 138     $ 351     $ 709     $ 1,036  
Europe     13       57       61       244  
Asia     (7 )     110       352       407  
    $ 144     $ 518     $ 1,122     $ 1,687  

 

Major products/services lines   2022     2021     2022     2021  
In thousands of US dollars ($)   Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
Major products/services lines   2022     2021     2022     2021  
Hardware   $ 1     $ 276     $ 532     $ 989  
Consumables     49       45       165       191  
Contract research services     -       100       125       242  
Sample preparation accessories     41       39       93       108  
Technical support/extended service contracts     41       26       94       84  
Agrochem Products     10       17       93       17  
Shipping and handling     2       11       20       46  
Other     -       4       -      

10

 
Revenue   $ 144     $ 518     $ 1,122     $ 1,687  

 

1   2022     2021     2022     2021  
In thousands of US dollars ($)   Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
Timing of revenue recognition   2022     2021     2022     2021  
Products transferred at a point in time   $ 103     $ 392     $ 903     $ 1,361  
Services transferred over time     41       126       219       326  
Revenue   $ 144     $ 518     $ 1,122     $ 1,687  
Schedule of Contract Balances

Contract balances

    1     2  
In thousands of US dollars ($)  

September 30,

2022

   

December 31,

2021

 
Receivables, which are included in ‘Accounts Receivable’   $ 166     $ 155  
Contract liabilities (deferred revenue)     127       41  
Schedule of Future Related to Performance Obligations

In thousands of US dollars ($)   2022     2023     Total  
Extended warranty service   $ 32     $ 95     $ 127  
Schedule of Customer Concentration Risk Percentage

The following table illustrates the level of concentration as a percentage of total revenues during the three and nine months ended September 30, 2022 and 2021.

    For the Three Months Ended     For the Nine Months Ended  
    September 30,     September 30,  
    2022     2021     2022     2021  
Top Five Customers     42 %     56 %     31 %     42 %
Federal Agencies     4 %     3 %     1 %     6 %

 

The following table illustrates the level of concentration as a percentage of net accounts receivable balance as of September 30, 2022 and December 31, 2021. The Top Five Customers category may include federal agency receivable balances if applicable.

 

    September 30,
2022
    December 31,
2021
 
Top Five Customers     84 %     82 %
Federal Agencies     0 %     5 %
Schedule of Computation of Loss Per Share

The following table illustrates our computation of loss per share for the three and nine months ended September 30, 2022 and 2021:

    2022     2021     2022     2021  
    For the Three Months Ended     For the Nine Months Ended  
    September 30,     September 30,  
    2022     2021     2022     2021  
Numerator:                                
Net loss attributable to common stockholders   $ (4,893,946 )   $ (6,199,176 )   $ (12,913,826 )   $ (18,387,204 )
                                 
Denominator for basic and diluted loss per share:                                
Weighted average common stock shares outstanding     11,131,742       7,561,728       10,429,817       6,083,017  
                                 
Loss per common share – basic and diluted   $ (0.44 )   $ (0.82 )   $ (1.24 )   $ (3.02 )
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share

    2022     2021  
    As of September 30,  
    2022     2021  
Stock options     1,307,822       1,342,490  
Convertible debt     6,471,034       5,330,318  
Common stock warrants     16,293,768       16,265,570  
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     8,645,000       8,649,000  
Total potentially dilutive shares     33,217,416       32,087,170  
Schedule of Stock Based Compensation Expense

    2022     2021     2022     2021  
    For the Three Months Ended     For the Nine Months Ended  
    September 30,     September 30,  
    2022     2021     2022     2021  
Cost of sales   $ 2,184     $ 8,664     $ 8,694     $ 18,824  
Research and development     9,499       43,031       37,803       95,384  
Selling and marketing     4,583       7,168       18,166       17,650  
General and administrative     16,161       36,385       64,321       88,085  
Total stock-based compensation expense   $ 32,427     $ 95,248     $ 128,984     $ 219,943  
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, 2022:

 

         

Fair value measurements at

September 30, 2022 using:

 
   

 

September 30,

2022

   

Quoted

prices in

active

markets

(Level 1)

   

Significant

other

observable

inputs

(Level 2)

   

Significant

unobservable

inputs

(Level 3)

 
Equity Securities   $ 51,929     $ 51,929        -       -  
Total Financial Assets   $ 51,929     $ 51,929     $ -     $ -  

 

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, 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     $ -     $ -