Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Schedule of Disaggregation of Revenue

The disaggregated Company’s revenues for the three months ended March 31, 2021 and 2020 was as follows:

 

   

For the Three Months

Ended March 31,

 
    2021     2020  
             
Revenues:                
Product sales   $ 2,487,869     $ 3,626,901  
Licensing revenues     77,293       40,209  
Total revenues, net   $ 2,565,162     $ 3,667,110  

  

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

For the three months ended March 31, 2021 and 2020, the following customer represented more than 10% of total net revenues:

 

    For the Three Months Ended March 31,  
    2021     2020  
Customer A     14 %     11 %
                 

 

* Customer did not represent greater than 10% of total net revenue.

 

For the three months ended March 31, 2021 and 2020, the following geographical regions represented more than 10% of total net revenues:

 

    For the Three Months Ended March 31,  
    2021     2020  
North America     100 %     82 %
Europe     * %     17 %

 

* Region did not represent greater than 10% of total net revenue.

Schedule of Fair Value Financial Assets and Liabilities

The following fair value of financial assets and liabilities and the input level used to determine the fair value at March 31, 2021 is presented below:

 

    Fair Value Measurements as of March 31, 2021  
    Level 1     Level 2     Level 3  
                   
Assets:                  
Short-term investments   $ 948,000     $           -     $ -  
                         
Liabilities:                        
Warrant liability     -       -       58,235,566  
Total     948,000       -       58,235,566  
Schedule of Reconciliation of Liabilities Measured at Fair Value

The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2021:

 

   

Warrant

Liability 

(Level 3)

 
Balance, December 31, 2020   $ -  
Issuance of warrants     94,876,535  
Change in fair value     (36,381,542 )
Exercise of warrants     (259,427 )
Balance, March 31, 2021   $ 58,235,566  
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

As of March 31, 2021 and 2020, the Company excluded the common stock equivalents summarized below, which entitled the holders thereof to ultimately acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.

 

    March 31,     March 31,  
    2021     2020  
Selling Agent Warrants     -       160,492  
Placement Agent Warrants     2,034,346       -  
Options     80,000       80,000  
Convertible shares under notes payable     2,647,587       285,632  
Warrants     35,068,188       -  
Series B Convertible Stock     764,618       -  
Shares to be issued     1,608,355       -  
Total   $ 42,203,094     $ 526,124