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
Summary of Significant Accounting Policies  
Schedule of fair value assets and liabilities measured on recurring basis

 

 

 

 

 

Fair Value Measurement as of

 

 

 

 

 

December 31, 2021

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

1,388,307

 

 

 

1,388,307

 

 

 

-

 

 

 

-

 

Total Assets

 

$ 1,388,307

 

 

$ 1,388,307

 

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Promissory notes

 

 

12,145,617

 

 

 

-

 

 

 

12,145,617

 

 

 

-

 

Profit share liability – related party

 

 

2,836,743

 

 

 

-

 

 

 

-

 

 

 

2,836,743

 

Total Liabilities

 

$ 4,982,360

 

 

$ -

 

 

$ 12,145,617

 

 

$ 2,836,743

 

 

 

 

 

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

 

 

Year ended

December 31, 2021

 

 

Year ended

December 31, 2020

 

 

 

United

States

 

 

International

 

 

Total

 

 

United

States

 

 

International

 

 

Total

 

Product revenue

 

$ 11,003,810

 

 

$ -

 

 

$ 11,003,810

 

 

$ 7,306,382

 

 

$ 113,600

 

 

$ 7,419,982

 

License revenue

 

 

1,706,954

 

 

 

-

 

 

 

1,706,954

 

 

 

545,547

 

 

 

-

 

 

 

545,547

 

Demonstrations & Consulting revenue

 

 

167,180

 

 

 

-

 

 

 

167,180

 

 

 

148,553

 

 

 

-

 

 

 

148,553

 

Equipment revenue

 

 

134,105

 

 

 

-

 

 

 

134,105

 

 

 

38,000

 

 

 

6,366

 

 

 

44,366

 

 

 

$ 13,012,049

 

 

$ -

 

 

$ 13,012,049

 

 

$ 8,038,482

 

 

$ 119,966

 

 

$ 8,158,448

 

Schedule of earnings per share basic and diluted

 

 

December 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

Stock Options

 

 

18,318,326

 

 

 

16,093,326

 

Warrants

 

 

4,285,000

 

 

 

5,595,378

 

Convertible debt

 

 

-

 

 

 

9,414,200

 

Total common stock equivalents excluded from diluted net loss per share

 

 

22,603,326

 

 

 

31,102,904