Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2020
Summary of Significant Accounting Policies  
Schedule of fair value assets and liabilities measured on recurring basis

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.

 

 

 

 

 

 

Fair Value Measurement as of

 

June 30, 2020

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

595,338

 

 

 

595,338

 

 

 

-

 

 

 

-

 

Total Assets

 

$

595,338

 

 

$

595,338

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Promissory notes

 

 

13,654,735

 

 

 

-

 

 

 

13,654,735

 

 

 

-

 

Profit share liability – related party

 

 

2,076,455

 

 

 

-

 

 

 

-

 

 

 

2,076,455

 

Total Liabilities

 

$

15,731,190

 

 

$

-

 

 

$

13,654,735

 

 

$

2,076,455

 

 

 

 

 

 

Fair Value Measurement as of

December 31, 2019

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

1,499,287

 

 

 

1,499,287

 

 

 

-

 

 

 

-

 

Total Assets

 

$

1,499,287

 

 

$

1,499,287

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Promissory notes

 

 

12,200,411

 

 

 

-

 

 

 

12,200,411

 

 

 

-

 

Profit share liability

 

 

2,328,845

 

 

 

-

 

 

 

-

 

 

 

2,328,845

 

Total Liabilities

 

$

14,529,256

 

 

$

-

 

 

$

12,200,411

 

 

$

2,328,845

 

Schedule of earnings per share basic and diluted

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

Stock Options

 

 

12,447,326

 

 

 

12,563,326

 

Warrants

 

 

5,690,378

 

 

 

4,102,098

 

Convertible debt

 

 

9,414,200

 

 

 

6,300,000

 

Total common stock equivalents excluded from diluted net loss per share

 

 

27,551,904

 

 

 

22,965,424

 

Schedule of sales by operating segment

The following table presents sales by operating segment disaggregated based on the type of product and geographic region for the three months ended June 30, 2020, and 2019.

 

 

 

Three months ended

June 30, 2020

 

 

Three months ended

June 30, 2019

 

 

 

United

States

 

 

International

 

 

Total

 

 

United

States

 

 

International

 

 

Total

 

Product revenue

 

$

1,809,115

 

 

$

28,400

 

 

$

1,837,515

 

 

$

2,149,468

 

 

$

170,040

 

 

$

2,319,508

 

Demonstrations & Consulting revenue

 

 

39,335

 

 

 

-

 

 

 

39,335

 

 

 

81,832

 

 

 

95,543

 

 

 

177,375

 

Equipment revenue

 

 

2,895

 

 

 

3,757

 

 

 

6,652

 

 

 

12,866

 

 

 

-

 

 

 

12,866

 

 

 

$

1,851,345

 

 

$

32,157

 

 

$

1,883,502

 

 

$

2,244,166

 

 

$

265,583

 

 

$

2,509,749

 

 

The following table presents sales by operating segment disaggregated based on the type of product and geographic region for the six months ended June 30, 2020, and 2019.

 

 

 

Six months ended

June 30, 2020

 

 

Six months ended

June 30, 2019

 

 

 

United

States

 

 

International

 

 

Total

 

 

United

States

 

 

International

 

 

Total

 

Product revenue

 

$

2,793,485

 

 

$

113,600

 

 

$

2,907,085

 

 

$

4,864,749

 

 

$

212,640

 

 

$

5,077,389

 

Demonstrations & Consulting revenue

 

 

81,892

 

 

 

-

 

 

 

81,892

 

 

 

105,832

 

 

 

95,543

 

 

 

201,375

 

Equipment revenue

 

 

7,444

 

 

 

3,757

 

 

 

11,201

 

 

 

18,306

 

 

 

-

 

 

 

18,306

 

 

 

$

2,882,821

 

 

$

117,357

 

 

$

3,000,178

 

 

$

4,988,887

 

 

$

308,183

 

 

$

5,297,070