Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.23.1
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:

    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

    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:

    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:

    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     $     -     $        -