Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2021
Summary of Significant Accounting Policies  
Schedule of fair value assets and liabilities measured on recurring basis

 

 

 

 

Fair Value Measurement as of

 

 

 

 

 

 

June 30, 2021

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

1,689,352

 

 

 

1,689,352

 

 

 

-

 

 

 

-

 

Total Assets

 

$ 1,689,352

 

 

$ 1,689,352

 

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Promissory notes

 

 

11,479,556

 

 

 

-

 

 

 

11,479,556

 

 

 

-

 

Profit share liability – related party

 

 

2,555,133

 

 

 

-

 

 

 

-

 

 

 

2,555,133

 

Total Liabilities

 

$ 14,034,689

 

 

$ -

 

 

$ 11,479,556

 

 

$ 2,555,133

 

 

 

 

 

Fair Value Measurement as of

December 31, 2020

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

591,019

 

 

 

591,019

 

 

 

-

 

 

 

-

 

Total Assets

 

$ 591,019

 

 

$ 591,019

 

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Promissory notes

 

 

14,585,097

 

 

 

-

 

 

 

14,585,097

 

 

 

-

 

Profit share liability

 

 

2,305,308

 

 

 

-

 

 

 

-

 

 

 

2,305,308

 

Total Liabilities

 

$ 16,890,405

 

 

$ -

 

 

$ 14,585,097

 

 

$ 2,305,308

 

Schedule of sales by operating segment

 

 

Three months ended June 30, 2021

 

 

Three months ended June 30, 2020

 

 

 

United

States

 

 

International

 

 

Total

 

 

United

States

 

 

International

 

 

Total

 

Product revenue

 

$ 2,060,949

 

 

$ -

 

 

$ 2,060,949

 

 

$ 1,809,115

 

 

$ 28,400

 

 

$ 1,837,515

 

License revenue

 

 

145,547

 

 

 

-

 

 

 

145,547

 

 

 

-

 

 

 

-

 

 

 

-

 

Demonstrations & Consulting revenue

 

 

27,000

 

 

 

-

 

 

 

27,000

 

 

 

39,335

 

 

 

-

 

 

 

39,335

 

Equipment revenue

 

 

37,200

 

 

 

-

 

 

 

37,200

 

 

 

2,895

 

 

 

3,757

 

 

 

6,652

 

 

 

$ 2,270,696

 

 

$ -

 

 

$ 2,270,696

 

 

$ 1,851,345

 

 

$ 32,157

 

 

$ 1,883,502

 

 

 

Six months ended June 30, 2021

 

 

Six months ended June 30, 2020

 

 

 

United

States

 

 

International

 

 

Total

 

 

United

States

 

 

International

 

 

Total

 

Product revenue

 

$ 4,092,050

 

 

$ -

 

 

$ 4,092,050

 

 

$ 2,793,485

 

 

$ 113,600

 

 

$ 2,907,085

 

License revenue

 

 

1,091,094

 

 

 

-

 

 

 

1,091,094

 

 

 

-

 

 

 

-

 

 

 

-

 

Demonstrations & Consulting revenue

 

 

61,310

 

 

 

-

 

 

 

61,310

 

 

 

81,892

 

 

 

-

 

 

 

81,892

 

Equipment revenue

 

 

52,880

 

 

 

-

 

 

 

52,880

 

 

 

7,444

 

 

 

3,757

 

 

 

11,201

 

 

 

$ 5,297,334

 

 

$ -

 

 

$ 5,297,334

 

 

$ 2,882,821

 

 

$ 117,357

 

 

$ 3,000,178

 

Schedule of earnings per share basic and diluted

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

Stock Options

 

 

16,068,326

 

 

 

12,447,326

 

Warrants

 

 

4,285,000

 

 

 

5,690,378

 

Convertible debt

 

 

42,000

 

 

 

9,414,200

 

Total common stock equivalents excluded from diluted net loss per share

 

 

20,395,326

 

 

 

27,551,904