XML 37 R26.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]  
Schedule of Inventory Inventory consists of the following:
    June 30,
2024
    December 31,
2023
 
Raw Material   $ 2,265,851     $ 1,499,727  
Work in Process     298,536       782,770  
Finished Goods     2,491,640       4,403  
Less Inventory Reserves     (100,254 )     (100,254 )
Total Inventory, net   $ 4,955,773     $ 2,186,646  
Schedule of Level 3 Government Grant Liability Measured at Fair Value Using Significant Unobservable Inputs The following table provides a reconciliation of the beginning and ending balances for the Level 3 government grant liability measured at fair value using significant unobservable inputs:
   Government
Grant
Liability
 
Balance as of December 31, 2023  $2,749,704 
Net loss on change in fair value of liability   74,393 
Balance as of March 31, 2024   2,824,097 
Government grant proceeds received, adjusted to fair value   156,659 
Net gain on change in fair value of liability   (623,410)
Balance as of June 30, 2024  $2,357,346 
Schedule of Disaggregated Revenues The following tables present our disaggregated revenues by type of revenue, timing of revenue, and revenue by country:
   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2024   2023   2024   2023 
Type of Revenue:                
Product revenue  $22,484   $4,344,056   $24,758   $6,699,837 
Service and subscription revenue   298,553    975,468    608,140    1,055,406 
Development revenue   636,814    149,440    949,962    309,712 
Total revenue  $957,851   $5,468,964   $1,582,860   $8,064,955 
   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2024   2023   2024   2023 
Timing of Revenue:                
Revenue recognized point in time  $165,331   $5,121,703   $291,965   $7,522,267 
Revenue recognized over time   792,520    347,261    1,290,895    542,688 
Total revenue  $957,851   $5,468,964   $1,582,860   $8,064,955 
   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2024   2023   2024   2023 
Country of Revenue, based on location services were provided or product was shipped to:                
United States  $557,714   $1,519,996   $751,747   $2,650,198 
United Arab Emirates   122,043    3,836,873    252,087    5,235,524 
United Kingdom   101,584    
-
    265,883    
-
 
Israel   176,510    112,095    303,143    179,233 
India   
-
    
-
    10,000    
-
 
Total revenue  $957,851   $5,468,964   $1,582,860   $8,064,955 

 

Schedule of Contract Assets The table below details the activity in our contract assets during the six months ended June 30, 2024 and the year ended December 31, 2023. Contract assets are included in Other current assets on the Condensed Consolidated Balance Sheet.
   Six Months Ended
June 30,
2024
   Year Ended
December 31,
2023
 
Balance at beginning of period  $819,107   $
-
 
Contract assets recognized   168,822    928,995 
Reclassification to Accounts receivable, net   (347,632)   (109,888)
Balance at end of period  $640,297   $819,107 
The table below details the activity in our contract liabilities during the six months ended June 30, 2024 and the year ended December 31, 2023.
   Six Months Ended
June 30,
2024
   Year Ended
December 31,
2023
 
Balance at beginning of period  $276,944   $61,508 
Additions, net   267,236    2,438,655 
Transfer to revenue   (258,901)   (2,223,219)
Balance at end of period  $285,279   $276,944 
Schedule of Lease Costs
   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2024   2023   2024   2023 
Components of total lease costs:                
Operating lease expense  $261,831   $224,425   $539,312   $563,707 
Common area maintenance expense   149,193    47,771    295,283    91,106 
Short-term lease costs (1)   286,221    253,019    567,322    299,971 
Total lease costs  $697,245   $525,215   $1,401,917   $954,784 
(1)Represents short-term leases with an initial term of 12 months or less, which are immaterial.
Schedule of ROU Lease Assets and Lease Liabilities ROU lease assets and lease liabilities for our operating leases were recorded in the unaudited condensed consolidated balance sheet as follows:
   June 30,
2024
   December 31,
2023
 
Assets:        
Operating lease assets  $4,235,709   $4,701,865 
Total lease assets  $4,235,709   $4,701,865 
           
Liabilities:          
Operating lease liabilities, current  $687,507   $685,099 
Operating lease liabilities, net of current   5,637,461    5,800,710 
Total lease liabilities  $6,324,968   $6,485,809 
Schedule of Other Leases Information Other Leases Information
   Six Months Ended
June 30,
 
   2024   2023 
Operating cash flows for operating leases  $458,824   $571,209 
           
Weighted average remaining lease term (in years) – operating lease   4.80    5.33 
Weighted average discount rate – operating lease   9.98%   5.53%

 

Schedule of Future Lease Payments Future lease payments included in the measurement of lease liabilities on the unaudited condensed consolidated balance sheet as of June 30, 2023, for the following five years and thereafter are as follows:
Years ending December 31, (1)    
2024  $350,906 
2025   1,796,745 
2026   1,652,455 
2027   1,568,688 
2028   1,616,022 
Thereafter   999,204 
Total future minimum lease payments  $7,984,020 
Less imputed interest   (1,659,052)
Total  $6,324,968 
(1)Remaining non-cancellable sublease proceeds for the years ending December 31, 2024, 2025, 2026 - 2028, and 2029 of $137,520, $412,515, $495,000, and $165,000, respectively, are not included in the table above.
Schedule of Diluted Net Loss Per Share The following potentially dilutive securities for the three and six months ended June 30, 2024 and 2023 have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.
   Three and Six Months Ended
June 30,
 
   2024   2023 
Warrants to purchase Common Stock   15,831,998    2,366,092 
Options to purchase Common Stock   4,949,407    5,095,635 
Potential shares issuable under 2022 Convertible Promissory Notes   62,236,724    29,988,136 
Potential shares issuable under 2023 Additional Notes   29,565,356    
-
 
Restricted stock units   282,672    749,227 
Total potentially dilutive securities   112,866,157    38,199,090