Restatement of Previously Issued 2021 Unaudited Quarterly Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Restatement of Previously Issued 2021 Unaudited Quarterly Financial Statements

Impact of the restatement on the unaudited consolidated balance sheets

	March 31, 2021 (Unaudited)
	As Previously
Balance Sheet	Reported		Adjustment		As Restated
Additional paid-in capital	$	316,208,276	$	2,512,007	$	318,720,283
Accumulated deficit	$	(169,334,346)	$	(2,512,007)	$	(171,846,353)

	June 30, 2021 (Unaudited)
	As Previously
Balance Sheet	Reported		Adjustment		As Restated
Additional paid-in capital	$	333,792,844	$	2,978,022	$	336,770,866
Accumulated deficit	$	(178,113,803)	$	(2,978,022)	$	(181,091,825)

	September 30, 2021 (Unaudited)
	As Previously
Balance Sheet	Reported		Adjustment		As Restated
Additional paid-in capital	$	337,125,126	$	5,519,504	$	342,644,630
Accumulated deficit	$	(186,059,869)	$	(5,519,504)	$	(191,579,373)

Impact of the restatement on statement of stockholders' equity

	For the Three Months Ended March 31, 2021 (Unaudited)
	As Previously
Condensed Statement of Changes in Stockholders' Equity	Reported		Adjustment		As Restated
Stock-Based Compensation Expense	$	2,047,378	$	2,512,007	$	4,559,385
Additional Paid-In Capital		316,208,276		2,512,007		318,720,283
Net Loss		(6,639,363)		(2,512,007)		(9,151,370)
Accumulated Deficit	$	(169,334,346)	$	(2,512,007)	$	(171,846,353)

	For the Six Months Ended June 30, 2021 (Unaudited)
	As Previously
Condensed Statement of Changes in Stockholders' Equity	Reported		Adjustment		As Restated
Stock-Based Compensation Expense	$	5,566,124	$	2,978,022	$	8,544,146
Additional Paid-In Capital		333,792,844		2,978,022		336,770,866
Net Loss		(15,418,820)		(2,978,022)		(18,396,842)
Accumulated Deficit	$	(178,113,803)	$	(2,978,022)	$	(181,091,825)

	For the Nine Months Ended September 30, 2021 (Unaudited)
	As Previously
Condensed Statement of Changes in Stockholders' Equity	Reported		Adjustment		As Restated
Stock-Based Compensation Expense	$	8,858,814	$	5,519,504	$	14,378,318
Additional Paid-In Capital		337,125,126		5,519,504		342,644,630
Net Loss		(23,364,886)		(5,519,504)		(28,884,390)
Accumulated Deficit	$	(186,059,869)	$	(5,519,504)	$	(191,579,373)

Impact of the restatement on consolidated statements of operations

	For the Three Months Ended March 31, 2021 (Unaudited)
	As Previously
Condensed Statement of Operations	Reported		Adjustment		As Restated
Total Sales	$	3,915,389	$	—	$	3,915,389
Total Cost of Sales		2,835,798		—		2,835,798
Gross Profit (exclusive of depreciation shown separately below)		1,079,591		—		1,079,591
Operating Expenses:
Research and Development		2,079,927		125,391		2,205,318
Selling and Marketing		1,240,734		62,696		1,303,430
General and Administrative		3,703,837		2,323,920		6,027,757
Depreciation and Amortization		517,412		—		517,412
Loss on Fixed Asset Disposal		83,908		—		83,908
Impairment of Patents and Trademarks		27,731		—		27,731
Total Operating Expenses		7,653,549		2,512,007		10,165,556
Loss From Operations		(6,573,958)		(2,512,007)		(9,085,965)
Total Other Expense		(65,405)		—		(65,405)
Net Loss	$	(6,639,363)	$	(2,512,007)	$	(9,151,370)
Basic and Diluted Loss per Common Share	$	(0.12)	$	(0.05)	$	(0.17)

	For the Three Months Ended June 30, 2021 (Unaudited)
	As Previously
Condensed Statement of Operations	Reported		Adjustment		As Restated
Total Sales	$	2,916,538	$	—	$	2,916,538
Total Cost of Sales		2,337,166		—		2,337,166
Gross Profit (exclusive of depreciation shown separately below)		579,372		—		579,372
Operating Expenses:
Research and Development		2,700,732		23,262		2,723,994
Selling and Marketing		1,337,558		11,631		1,349,189
General and Administrative		4,749,920		431,122		5,181,042
Depreciation and Amortization		501,678		—		501,678
Loss on Fixed Asset Disposal		—		—		—
Impairment of Patents and Trademarks		30,765		—		30,765
Total Operating Expenses		9,320,653		466,015		9,786,668
Loss From Operations		(8,741,281)		(466,015)		(9,207,296)
Total Other Expense		(38,176)		—		(38,176)
Net Loss	$	(8,779,457)	$	(466,015)	$	(9,245,472)
Basic and Diluted Loss per Common Share	$	(0.14)	$	(0.01)	$	(0.15)

	For the Three Months Ended September 30, 2021 (Unaudited)
	As Previously
Condensed Statement of Operations	Reported		Adjustment		As Restated
Total Sales	$	3,018,774	$	—	$	3,018,774
Total Cost of Sales		2,435,437		—		2,435,437
Gross Profit (exclusive of depreciation shown separately below)		583,337		—		583,337
Operating Expenses:
Research and Development		3,270,255		126,863		3,397,118
Selling and Marketing		1,589,582		63,431		1,653,013
General and Administrative		3,112,059		2,351,188		5,463,247
Depreciation and Amortization		434,277		—		434,277
Loss on Fixed Asset Disposal		—		—		—
Impairment of Patents and Trademarks		7,544		—		7,544
Total Operating Expenses		8,413,717		2,541,482		10,955,199
Loss From Operations		(7,830,380)		(2,541,482)		(10,371,862)
Total Other Expense		(115,686)		—		(115,686)
Net Loss	$	(7,946,066)	$	(2,541,482)	$	(10,487,548)
Basic and Diluted Loss per Common Share	$	(0.13)	$	(0.04)	$	(0.17)

Impact of the restatement on consolidated statements of cash flow

	For the Three Months Ended March 31, 2021 (Unaudited)
	As Previously
Condensed Statement of Cash Flows	Reported		Adjustment		As Restated
Net Loss	$	(6,639,363)	$	(2,512,007)	$	(9,151,370)
Stock-Based Compensation		2,106,206		2,512,007		4,618,213
Net Cash Flows Used in Operating Activities	$	(5,921,629)	$	—	$	(5,921,629)

	For the Six Months Ended June 30, 2021 (Unaudited)
	As Previously
Condensed Statement of Cash Flows	Reported		Adjustment		As Restated
Net Loss	$	(15,418,820)	$	(2,978,022)	$	(18,396,842)
Stock-Based Compensation		5,683,591		2,978,022		8,661,613
Net Cash Flows Used in Operating Activities	$	(13,108,703)	$	—	$	(13,108,703)

	For the Nine Months Ended September 30, 2021 (Unaudited)
	As Previously
Condensed Statement of Cash Flows	Reported		Adjustment		As Restated
Net Loss	$	(23,364,886)	$	(5,519,504)	$	(28,884,390)
Stock-Based Compensation		7,311,278		5,519,504		12,830,782
Net Cash Flows Used in Operating Activities	$	(18,909,428)	$	—	$	(18,909,428)