Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 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.
Schedule
of Disaggregation of Revenue
| In thousands of US dollars ($) |
|
Year Ended December 31,
|
|
| Primary geographical markets |
|
2022 |
|
|
2021 |
|
| North America |
|
|
1,191 |
|
|
|
1,179 |
|
| Europe |
|
|
144 |
|
|
|
289 |
|
| Asia |
|
|
394 |
|
|
|
534 |
|
| |
|
|
1,729 |
|
|
|
2,002 |
|
| In thousands of US dollars ($) |
|
Year Ended December 31,
|
|
| Major products/services lines |
|
2022 |
|
|
2021 |
|
| Hardware |
|
|
761 |
|
|
|
1,104 |
|
| Consumables |
|
|
257 |
|
|
|
274 |
|
| Contract research services |
|
|
196 |
|
|
|
268 |
|
| Agrochem Products |
|
|
165 |
|
|
|
29 |
|
| Sample preparation accessories |
|
|
132 |
|
|
|
140 |
|
| Technical support/extended service contracts |
|
|
174 |
|
|
|
119 |
|
| Shipping and handling |
|
|
42 |
|
|
|
51 |
|
| Other |
|
|
2 |
|
|
|
17 |
|
| |
|
|
1,729 |
|
|
|
2,002 |
|
| In thousands of US dollars ($) |
|
Year Ended December 31,
|
|
| Timing of revenue recognition |
|
2022 |
|
|
2021 |
|
| Transferred at a point in time |
|
|
1,359 |
|
|
|
1,674 |
|
| Transferred over time |
|
|
370 |
|
|
|
328 |
|
| |
|
|
1,729 |
|
|
|
2,002 |
|
|
| Schedule of Contract Balances |
Contract
balances
Schedule of Contract Balances
| In thousands of US dollars ($) |
|
December 31, 2022 |
|
|
December 31, 2021 |
|
| Receivables, which are included in ‘Accounts Receivable’ |
|
|
295 |
|
|
|
155 |
|
| Contract liabilities (deferred revenue) |
|
|
60 |
|
|
|
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.
Schedule of Future Related to Performance Obligations
| In thousands of US dollars ($) |
|
2023 |
|
|
2024 |
|
|
Total |
|
| Extended warranty service |
|
|
58 |
|
|
|
2 |
|
|
|
60 |
|
|
| 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:
Schedule
of Inventories
| |
|
2022 |
|
|
2021 |
|
| Raw materials |
|
$ |
188,587 |
|
|
$ |
296,892 |
|
| Finished goods |
|
|
1,480,769 |
|
|
|
1,193,158 |
|
| Inventory reserve |
|
|
(982,973 |
) |
|
|
(342,496 |
) |
| Total |
|
$ |
686,383 |
|
|
$ |
1,147,554 |
|
|
| 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
| |
|
2022 |
|
|
2021 |
|
| Top Five Customers |
|
|
24 |
% |
|
|
44 |
% |
| Federal Agencies |
|
|
0 |
% |
|
|
6 |
% |
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:
| |
|
2022 |
|
|
2021 |
|
| Top Five Customers |
|
|
93 |
% |
|
|
82 |
% |
| Federal Agencies |
|
|
0 |
% |
|
|
5 |
% |
|
| Schedule of Computation of Loss Per Share |
Schedule of Computation of Loss Per Share
| |
|
2022 |
|
|
2021 |
|
| Numerator: |
|
|
|
|
|
|
|
|
| Net
loss attributable to common shareholders |
|
$ |
(17,803,953 |
) |
|
$ |
(22,685,459 |
) |
| |
|
|
|
|
|
|
|
|
| Denominator
for basic and diluted loss per share: |
|
|
|
|
|
|
|
|
| Weighted
average common shares outstanding |
|
|
11,058,356 |
|
|
|
6,636,523 |
|
| |
|
|
|
|
|
|
|
|
| Loss
per common share - basic and diluted |
|
$ |
(1.61 |
) |
|
$ |
(3.42 |
) |
|
| 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:
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
| |
|
2022 |
|
|
2021 |
|
| Stock options |
|
|
1,307,822 |
|
|
|
1,333,101 |
|
| Convertible debt |
|
|
6,915,754 |
|
|
|
5,232,118 |
|
| Common stock warrants |
|
|
16,278,769 |
|
|
|
16,207,108 |
|
| 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 |
|
|
8,645,000 |
|
|
|
8,649,000 |
|
| Total potentially dilutive
shares |
|
|
33,647,137 |
|
|
|
31,921,119 |
|
|
| 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 (there were no options granted in 2022):
Summary of Assumptions for Grants of Stock Options
| 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 $215,098 and $254,615 for the years ended December 31, 2022 and 2021, 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
| |
|
2022 |
|
|
2021 |
|
| Research
and development |
|
$ |
79,891 |
|
|
$ |
128,094 |
|
| Selling
and marketing |
|
|
24,687 |
|
|
|
22,233 |
|
| General
and administrative |
|
|
110,520 |
|
|
|
104,288 |
|
| Total
stock-based compensation expense |
|
$ |
215,098 |
|
|
$ |
254,615 |
|
|
| 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, 2022:
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
| |
|
|
|
|
Fair value measurements at December 31, 2022 using:
|
|
| |
|
December 31, 2022 |
|
|
Quoted prices in active markets (Level 1)
|
|
|
Significant other observable inputs (Level 2)
|
|
|
Significant unobservable inputs (Level 3)
|
|
| Equity Securities |
|
|
63,638 |
|
|
|
63,638 |
|
|
|
- |
|
|
|
- |
|
| Total Financial Assets |
|
$ |
63,638 |
|
|
$ |
63,638 |
|
|
$ |
-
|
|
|
$ |
-
|
|
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 |
|
|
$ |
-
|
|
|
$ |
-
|
|
|