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Revenue from Contracts with Customers (Tables)
12 Months Ended
Dec. 31, 2021
Revenue From Contract With Customer [Abstract]  
Product and Product-Related Service Revenue from Sale of Instruments and Consumables

Product and Product-related Services Revenue

The Company had product and product-related services revenue consisting of revenue from the sale of instruments and consumables and the use of the HTG EdgeSeq proprietary technology to process samples and design custom RUO assays for the years ended December 31, 2021 and 2020 as follows:

 

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

Product revenue:

 

 

 

 

 

 

 

 

     Instrument

 

$

1,385,665

 

 

$

869,035

 

     Consumables

 

 

3,786,923

 

 

 

3,030,612

 

Total product revenue

 

 

5,172,588

 

 

 

3,899,647

 

Product-related services revenue:

 

 

 

 

 

 

 

 

     Custom RUO assay design

 

 

48,350

 

 

 

1,393,316

 

     RUO sample processing

 

 

3,685,890

 

 

 

2,597,891

 

Total product-related services revenue

 

 

3,734,240

 

 

 

3,991,207

 

Total product and product-related services revenue

 

$

8,906,828

 

 

$

7,890,854

 

 

Schedule of Collaborative Development Services

The Company enters into collaborative development services agreements with biopharmaceutical companies for the development of NGS-based companion diagnostic assays in support of and in conjunction with, biopharmaceutical companies’ drug development programs. These collaborative development services agreements may generate upfront fees, and in some cases subsequent milestone payments that may be earned upon completion of certain product development milestones or activities. The Company follows ASC 606 and ASC 808 to determine the appropriate recognition of revenue under its collaborative research, development and commercialization agreements. For the year ended December 31, 2020, collaborative development services revenue was generated through statements of work entered into under a Master Assay Development, Commercialization and Manufacturing Agreement (the “Governing Agreement”) with QIAGEN Manchester Limited (“QML”) discussed below.

 

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

Collaborative development services

 

$

 

 

$

658,010

 

Schedule of Changes in Contract Liability

Changes in the Company’s contract liabilities were as follows as of the dates indicated:

 

 

 

Product

Revenue

 

 

Custom RUO

Assay Design

 

 

Sample

Processing

 

 

Total Contract

Liability

 

Balance at January 1, 2021

 

$

103,580

 

 

$

-

 

 

$

93,884

 

 

$

197,464

 

Deferral of revenue

 

 

286,349

 

 

 

-

 

 

 

587,091

 

 

 

873,440

 

Recognition of deferred revenue

 

 

(261,400

)

 

 

-

 

 

 

(650,354

)

 

 

(911,754

)

Balance at December 31, 2021

 

$

128,529

 

 

$

 

 

$

30,621

 

 

$

159,150

 

 

 

 

 

Product

Revenue

 

 

Custom RUO

Assay Design

 

 

Sample

Processing

 

 

Total Contract

Liability

 

Balance at January 1, 2020

 

$

95,148

 

 

$

66,216

 

 

$

438,090

 

 

$

599,454

 

Deferral of revenue

 

 

500,045

 

 

 

566,733

 

 

 

124,404

 

 

 

1,191,182

 

Recognition of deferred revenue

 

 

(491,613

)

 

 

(632,949

)

 

 

(186,888

)

 

 

(1,311,450

)

Transfer to refund liability

 

 

 

 

 

 

 

 

(281,722

)

 

 

(281,722

)

Balance at December 31, 2020

 

$

103,580

 

 

$

 

 

$

93,884

 

 

$

197,464