| | |
Page
|
| |||
| | | | ii | | | |
| | | | ii | | | |
| | | | 1 | | | |
| | | | 14 | | | |
| | | | 40 | | | |
| | | | 41 | | | |
| | | | 42 | | | |
| | | | 60 | | | |
| | | | 74 | | | |
| | | | 81 | | | |
| | | | 86 | | | |
| | | | 88 | | | |
| | | | 90 | | | |
| | | | 97 | | | |
| | | | 98 | | | |
| | | | 101 | | | |
| | | | 102 | | | |
| | | | 102 | | | |
| | | | 102 | | | |
| | | | 102 | | | |
| | | | F-1 | | |
| | |
Three months ended March 31,
|
| |
Change
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
Dollars
|
| |
Percentage
|
| ||||||||||||
Revenue
|
| | | $ | 2,518,660 | | | | | $ | 2,963,807 | | | | | $ | (445,147) | | | | | | (15)% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 1,165,917 | | | | | | 1,623,651 | | | | | | (457,734) | | | | | | (28)% | | |
Technology
|
| | | | 527,522 | | | | | | 409,951 | | | | | | 117,571 | | | | | | 29% | | |
Sales and marketing
|
| | | | 747,432 | | | | | | 529,387 | | | | | | 218,045 | | | | | | 41% | | |
Supply development
|
| | | | 182,070 | | | | | | 111,576 | | | | | | 70,494 | | | | | | 63% | | |
Fulfillment
|
| | | | 443,794 | | | | | | 269,096 | | | | | | 174,698 | | | | | | 65% | | |
General and administrative
|
| | | | 1,810,313 | | | | | | 962,790 | | | | | | 847,523 | | | | | | 88% | | |
Total operating expenses
|
| | | | 4,877,048 | | | | | | 3,906,451 | | | | | | 970,597 | | | | | | 25% | | |
Loss from operations
|
| | | | (2,358,388) | | | | | | (942,644) | | | | | | 1,415,744 | | | | | | 150% | | |
Other income (expense), net Interest expense
|
| | | | (38,048) | | | | | | (853,147) | | | | | | 815,099 | | | | | | 96% | | |
Interest income
|
| | | | 12,654 | | | | | | 47 | | | | | | 12,607 | | | | | | 100% | | |
Other expense, net
|
| | | | 40 | | | | | | (3,732) | | | | | | 3,772 | | | | | | 100% | | |
Loss on extinguishment of bridge notes and bridge notes, related parties
|
| | | | — | | | | | | (2,750,171) | | | | | | 2,750,171 | | | | | | 100% | | |
Gain on extinguishment of note payable
|
| | | | — | | | | | | 788,156 | | | | | | (788,156) | | | | | | 100% | | |
Change in fair value of derivative liability on convertible notes
|
| | | | — | | | | | | (154,000) | | | | | | 154,000 | | | | | | 100% | | |
Change in fair value of derivative liability on bridge notes and bridge notes, related parties
|
| | | | — | | | | | | (48,000) | | | | | | 48,000 | | | | | | (100)% | | |
Other expense, net
|
| | | | (25,354) | | | | | | (3,020,847) | | | | | | 2,995,493 | | | | | | 99% | | |
Net loss
|
| | | $ | (2,383,742) | | | | | $ | (3,963,491) | | | | | | 1,579,749 | | | | | | 40% | | |
| | |
Years Ended December 31,
|
| |
Change
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
Dollars
|
| |
Percentage
|
| ||||||||||||
Revenue
|
| | | $ | 11,135,303 | | | | | $ | 8,184,106 | | | | | $ | 2,951,197 | | | | | | 36% | | |
Cost of revenue
|
| | | | 5,249,013 | | | | | | 3,585,477 | | | | | | 1,663,536 | | | | | | 46% | | |
Technology
|
| | | | 1,837,882 | | | | | | 1,465,348 | | | | | | 372,534 | | | | | | 25% | | |
Sales and marketing
|
| | | | 2,422,743 | | | | | | 1,783,563 | | | | | | 639,180 | | | | | | 36% | | |
Supply development
|
| | | | 573,913 | | | | | | 497,182 | | | | | | 76,731 | | | | | | 15% | | |
Fulfillment
|
| | | | 1,363,522 | | | | | | 859,643 | | | | | | 503,879 | | | | | | 59% | | |
General and administrative
|
| | | | 5,613,476 | | | | | | 2,399,273 | | | | | | 3,214,203 | | | | | | 134% | | |
Total operating expenses
|
| | | | 17,060,549 | | | | | | 10,590,486 | | | | | | 6,470,063 | | | | | | 61% | | |
Loss from operations
|
| | | | (5,925,246) | | | | | | (2,406,380) | | | | | | (3,518,866) | | | | | | (146)% | | |
Other income (expense), net Interest expense
|
| | | | (2,102,681) | | | | | | (2,096,795) | | | | | | (5,886) | | | | | | 0% | | |
Change in fair value of derivative liability on convertible notes
|
| | | | (271,000) | | | | | | (159,000) | | | | | | (112,000) | | | | | | (70)% | | |
Change in fair value of derivative liability on bridge
notes and bridge notes, related parties |
| | | | 1,582,700 | | | | | | — | | | | | | 1,582,700 | | | | | | 100% | | |
Loss on extinguishment of bridge notes and bridge notes, related parties
|
| | | | (2,740,425) | | | | | | — | | | | | | (2,740,425) | | | | | | (100)% | | |
Loss on extinguishment of convertible notes and convertible notes, related parties
|
| | | | (260,185) | | | | | | — | | | | | | (260,185) | | | | | | (100)% | | |
Gain on extinguishment of note payable
|
| | | | 788,156 | | | | | | — | | | | | | 788,156 | | | | | | 100% | | |
Other income
|
| | | | — | | | | | | 9,654 | | | | | | (9,654) | | | | | | (100)% | | |
Other expense, net
|
| | | | (44,531) | | | | | | — | | | | | | (44,531) | | | | | | (100)% | | |
Interest income
|
| | | | 11,397 | | | | | | 437 | | | | | | 10,960 | | | | | | 2,508% | | |
Other income (expense), net
|
| | | | (3,036,569) | | | | | | (2,245,704) | | | | | | (790,865) | | | | | | (35)% | | |
Net loss
|
| | | $ | (8,961,815) | | | | | $ | (4,652,084) | | | | | $ | (4,309,731) | | | | | | (93)% | | |
| | | | | | | | | | | | | | |
Change
|
| |||||||||
| | |
March 31, 2022
|
| |
December 31, 2021
|
| |
Dollars
|
| |
Percentage
|
| ||||||||||||
| | |
(unaudited)
|
| | | | | | | | | | | | | | | | | | | |||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | $ | 26,099,178 | | | | | $ | 27,738,979 | | | | | | (1,639,801) | | | | | | (6)% | | |
Working capital
|
| | | | 28,104,041 | | | | | | 30,442,955 | | | | | | (2,338,914) | | | | | | (8)% | | |
Total assets
|
| | | | 33,287,316 | | | | | | 35,719,598 | | | | | | (2,432,282) | | | | | | (7)% | | |
Accrued interest
|
| | | | 8,167 | | | | | | 8,167 | | | | | | — | | | | | | —% | | |
Term loan, net of debt discount
|
| | | | 3,425,664 | | | | | | 3,422,616 | | | | | | 3,048 | | | | | | —% | | |
Total stockholders’ equity
|
| | | | 27,667,314 | | | | | | 29,791,588 | | | | | | (2,124,274) | | | | | | (7)% | | |
| | |
Three months ended March 31,
|
| |
Change
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
Dollars
|
| |
Percentage
|
| ||||||||||||
Statement of Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash flows used in operating activities
|
| | | $ | (1,375,916) | | | | | $ | (126,249) | | | | | $ | (1,249,667) | | | | | | (990)% | | |
Net cash flows used in investing activities
|
| | | | (339,162) | | | | | | (214,534) | | | | | | (124,628) | | | | | | (58)% | | |
Net cash flows provided by financing activities
|
| | | | 75,277 | | | | | | — | | | | | | 75,277 | | | | | | 100% | | |
Net decrease in cash and cash equivalents
|
| | | $ | (1,639,801) | | | | | $ | (340,783) | | | | | $ | (1,299,018) | | | | | | | | |
| | |
Years Ended December 31,
|
| |
Change
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
Dollars
|
| |
Percentage
|
| ||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | |
$
|
27,738,979
|
| | | | $ | 695,909 | | | | | $ | 27,043,070 | | | | | | 3886% | | |
Working capital (deficit)
|
| | | | 30,442,955 | | | | | | (18,663,321) | | | | | | 49,106,276 | | | | | | (263)% | | |
Total assets
|
| | | | 35,719,598 | | | | | | 6,209,696 | | | | | | 29,509,902 | | | | | | 475% | | |
Accrued interest
|
| | | | 8,167 | | | | | | 3,696,944 | | | | | | (3,688,777) | | | | | | (100)% | | |
Convertible notes payable, related parties, net of unamortized debt discount and debt issuance costs
|
| | | | — | | | | | | 5,490,811 | | | | | | (5,490,811) | | | | | | (100)% | | |
Derivative liability for embedded conversion features on convertible notes payable
|
| | | | — | | | | | | 2,373,000 | | | | | | (2,373,000) | | | | | | (100)% | | |
Bridge notes payable, net of debt discount and debt issuance costs
|
| | | | — | | | | | | 4,589,228 | | | | | | (4,589,228) | | | | | | (100)% | | |
Bridge notes payable, related parties, net of debt discount
|
| | | | — | | | | | | 1,905,000 | | | | | | (1,905,000) | | | | | | (100)% | | |
Note payable, current portion
|
| | | | — | | | | | | 604,109 | | | | | | (604,109) | | | | | | (100)% | | |
Note payable, net of current portion
|
| | | | — | | | | | | 178,899 | | | | | | (178,899) | | | | | | (100)% | | |
Convertible preferred stock
|
| | | | — | | | | | | 11,173,076 | | | | | | (11,173,076) | | | | | | (100)% | | |
Total stockholders’ equity (deficit)
|
| | | | 29,791,588 | | | | | | (27,277,967) | | | | | | 57,069,555 | | | | | | (209)% | | |
Statement of Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash flows used in operating activities
|
| | | $ | (10,668,410) | | | | | $ | (288,380) | | | | | $ | (10,380,030) | | | | | | 3599% | | |
Net cash flows used in investing activities
|
| | | | (1,037,917) | | | | | | (1,102,612) | | | | | | 64,695 | | | | | | (6)% | | |
Net cash flows provided by financing activities
|
| | | | 38,749,397 | | | | | | 2,033,008 | | | | | | 36,716,389 | | | | | | 1806% | | |
Net increase in cash and cash equivalents
|
| | | $ | 27,043,070 | | | | | $ | 642,016 | | | | | $ | 26,401,054 | | | | | | | | |
| | |
2022
|
| |
2021
|
| ||||||
Net loss
|
| | | $ | (2,383,742) | | | | | $ | (3,963,491) | | |
Depreciation and amortization
|
| | | | 270,932 | | | | | | 246,359 | | |
Share-based compensation
|
| | | | 184,191 | | | | | | 22,036 | | |
Interest expense
|
| | | | 38,048 | | | | | | 853,147 | | |
Loss on extinguishment of bridge notes and bridge notes, related parties
|
| | | | — | | | | | | 2,750,171 | | |
Gain on extinguishment of note payable
|
| | | | — | | | | | | (788,156) | | |
Change in fair value of derivative liability on convertible notes
|
| | | | — | | | | | | 154,000 | | |
Change in fair value of derivative liability on bridge notes and bridge notes, related parties
|
| | | | — | | | | | | 48,000 | | |
Adjusted EBITDA
|
| | | $ | (1,890,571) | | | | | $ | (677,934) | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Net loss
|
| | | $ | (8,961,815) | | | | | $ | (4,652,084) | | |
Change in fair value of derivative liability on convertible notes
|
| | | | 271,000 | | | | | | 159,000 | | |
Change in fair value of derivative liability on bridge notes and bridge notes, related parties
|
| | | | (1,582,700) | | | | | | — | | |
Loss on extinguishment of bridge notes and bridge notes, related parties
|
| | | | 2,740,425 | | | | | | — | | |
Loss on extinguishment of convertible notes and convertible notes, related parties
|
| | | | 260,185 | | | | | | — | | |
Gain on extinguishment of note payable
|
| | | | (788,156) | | | | | | — | | |
Interest expense
|
| | | | 2,102,681 | | | | | | 2,096,795 | | |
Depreciation and amortization
|
| | | | 1,003,996 | | | | | | 819,687 | | |
Share-based compensation
|
| | | | 622,064 | | | | | | 92,866 | | |
Adjusted EBITDA
|
| | | $ | (4,332,320) | | | | | $ | (1,483,736) | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Americas
|
| | | | 92.52% | | | | | | 92.28% | | |
Europe, Middle East, and Africa (“EMEA”)
|
| | | | 6.51% | | | | | | 2.31% | | |
Asia Pacific (“APAC”)
|
| | | | 0.98% | | | | | | 5.41% | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Americas
|
| | | | 92.7% | | | | | | 94.4% | | |
Europe, Middle East, and Africa (EMEA)
|
| | | | 6.69% | | | | | | 1.8% | | |
Asia Pacific (APAC)
|
| | | | 0.61% | | | | | | 3.8% | | |
Name
|
| |
Age
|
| |
Position
|
|
Christopher Ianelli
|
| |
55
|
| | Chief Executive Officer, President, and Director | |
Jill Mullan
|
| |
57
|
| | Chief Operating Officer, Secretary, and Director | |
Benjamin Bielak
|
| |
53
|
| | Chief Information Officer | |
Tracy Curley
|
| |
60
|
| | Chief Financial Officer and Treasurer | |
Andrew L. Ross
|
| |
73
|
| | Chairman of the Board | |
George “Bud” Scholl
|
| |
62
|
| | Director | |
Steven Gullans
|
| |
69
|
| | Director | |
John L. Brooks III
|
| |
70
|
| | Director | |
Margaret H. Lawrence
|
| |
47
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
awards ($) |
| |
Option
awards ($)(1) |
| |
Nonequity
incentive plan compensation ($) |
| |
Nonqualified
deferred compensation earnings ($) |
| |
All other
compensation ($) |
| |
Total
($) |
| |||||||||||||||||||||||||||
Christopher Ianelli(1)
|
| | | | 2021 | | | | | $ | 300,000 | | | | | $ | 140,000 | | | | | $ | 330,213 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 770,213 | | |
Chief Executive, President and Director
|
| | | | 2020 | | | | | $ | 250,000 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | $ | 250,000 | | |
Jill Mullan,(2)
|
| | | | 2021 | | | | | $ | 277,500 | | | | | $ | 113,750 | | | | | $ | 330,213 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | $ | 721,463 | | |
Chief Operating Officer, Secretary and Director
|
| | | | 2020 | | | | | $ | 230,000 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | $ | 230,000 | | |
Benjamin Bielak(3)
|
| | | | 2021 | | | | | $ | 250,000 | | | | | $ | 84,000 | | | | | $ | 300,193 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | $ | 634,193 | | |
Chief Information Officer
|
| | | | 2020 | | | | | $ | 220,000 | | | | | | — | | | | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | $ | 220,000 | | |
Tracy Curley(4)
|
| | | | 2021 | | | | | $ | 282,999 | | | | | $ | 84,000 | | | | | $ | 240,153 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | $ | 607,152 | | |
Chief Financial Officer and Treasurer
|
| | | | 2020 | | | | | $ | 105,600 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | $ | 105,600 | | |
| | |
Option awards
|
| | | | | | | | | | | | | |
Equity
incentive plan awards: Number of unearned share, units or other rights that have not vested (#) |
| |
Equity
incentive plan awards : Market or pay our value of unearned shares, units or other rights that have not vested ($) |
| ||||||||||||||||||||||||||||||
Name
|
| |
Number of
securities underlying unexercised options (#) exercisable |
| |
Number of
securities underlying unexercised options (#) unexercisable |
| |
Equity
incentive plan awards; Number of securities underlying unexercised unearned options (#) |
| |
Option
exercise price ($) |
| |
Option
expiration date |
| |
Number of
shares or units of stock that have not vested (#) |
| |
Market value
of shares of units of stock that have not vested ($) |
| ||||||||||||||||||||||||||||||
(a)
|
| |
(b)
|
| |
(c)
|
| |
(d)
|
| |
(e)
|
| |
(f)
|
| |
(g)
|
| |
(h)
|
| |
(i)
|
| |
(j)
|
| ||||||||||||||||||||||||
Christopher Ianelli
|
| | | | 4,508 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | |
31-Jan-29
|
| | | | 41,667 | | | | | $ | 264,169 | | | | | | — | | | | | | — | | |
Christopher Ianelli
|
| | | | 48,106 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | |
12-Jul-29
|
| | | | — | | | | | | | | | | | | — | | | | | | — | | |
Jill Mullan
|
| | | | 19,296 | | | | | | — | | | | | | — | | | | | $ | 1.08 | | | |
29-Jun-26
|
| | | | 41,667 | | | | | $ | 264,169 | | | | | | — | | | | | | — | | |
Jill Mullan
|
| | | | 4,508 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | |
31-Jan-29
|
| | | | — | | | | | | | | | | | | — | | | | | | — | | |
Jill Mullan
|
| | | | 65,792 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | |
12-Jul-29
|
| | | | — | | | | | | | | | | | | — | | | | | | — | | |
Benjamin Bielak
|
| | | | 20,513 | | | | | | 2,931 | | | | | | — | | | | | $ | 1.56 | | | |
14-Jun-28
|
| | | | 37,879 | | | | | $ | 240,153 | | | | | | — | | | | | | — | | |
Benjamin Bielak
|
| | | | 4,508 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | |
31-Jan-29
|
| | | | — | | | | | | | | | | | | — | | | | | | — | | |
Tracy Curley
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
—
|
| | | | 30,304 | | | | | $ | 192,127 | | | | | | — | | | | | | — | | |
|
Name
|
| |
Fees earned
or paid in cash ($) |
| |
Stock
awards ($) |
| |
Options
awards ($)(6) |
| |
Non-equity
incentive plan compensation ($) |
| |
Non qualified
deferred compensation earnings ($) |
| |
All other
compensation ($) |
| |
Total
($) |
| |||||||||||||||||||||
|
(a)
|
| |
(b)
|
| |
(c)
|
| |
(d)
|
| |
(e)
|
| |
(f)
|
| |
(g)
|
| |
(h)
|
| |||||||||||||||||||||
|
Andrew L. Ross(1)
Chairman of the Board |
| | | $ | 10,493 | | | | | $ | 15,700(7) | | | | | $ | 52,288(12) | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | $ | 78,481 | | |
|
George “Bud”(2)
Director |
| | | $ | 10,493 | | | | | $ | 15,700(8) | | | | | $ | 52,288(13) | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | $ | 78,481 | | |
|
Steven Gullans(3)
Director |
| | | $ | 22,932 | | | | | $ | 15,700(9) | | | | | $ | 52,288(14) | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | $ | 90,920 | | |
|
Margaret H. Lawrence(4)
Director |
| | | $ | 10,493 | | | | | $ | 15,700(10) | | | | | $ | 52,288(15) | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | $ | 78,481 | | |
|
John L. Brooks III(5)
Director |
| | | $ | 10,493 | | | | | $ | 15,700(11) | | | | | $ | 52,288(16) | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | $ | 78,481 | | |
Title of Class
|
| |
Name and Address of Beneficial Owner
|
| |
Amount and Nature of
Beneficial Ownership |
| |
Percentage
of Class(2) |
| ||||||
Directors and Executive
Officers |
| | | | | | | | | | | | | | | |
Common Stock
|
| | Andrew L. Ross(1) | | | | | 1,312,399(3) | | | | | | 14.88% | | |
Common Stock
|
| | Christopher Ianelli(1) | | | | | 402,442(4) | | | | | | 4.56% | | |
Common Stock
|
| | Jill Mullan(1) | | | | | 222,530(5) | | | | | | 2.52% | | |
Common Stock
|
| | Benjamin Bielak(1) | | | | | 33,362(6) | | | | | | ** | | |
Common Stock
|
| | Tracy Curley(1) | | | | | 17,575(7) | | | | | | ** | | |
Common Stock
|
| | George “Bud” Scholl(1) | | | | | 843,856(8) | | | | | | 9.57% | | |
Common Stock
|
| | Steven Gullans(1) | | | | | 8,637(9) | | | | | | ** | | |
Common Stock
|
| | John L. Brooks III(1) | | | | | 1,875(10) | | | | | | ** | | |
Common Stock
|
| | Margaret H. Lawrence(1) | | | | | 1,875(11) | | | | | | ** | | |
Common Stock
|
| |
All Directors and Officers as a Group (9 persons)
|
| | | | 2,844,551 | | | | | | 32.26% | | |
5% or Greater Stockholders
|
| | | | | | | | | | | | | | | |
Common Stock
|
| | OBF Investments(1) | | | | | 841,981 | | | | | | 9.55% | | |
| | |
Number of
Shares of Common Stock Beneficially Owned Prior to Offering(1) |
| |
Maximum
Number of Shares of Common Stock to be Sold Pursuant to this Prospectus(2) |
| |
Maximum
Number of Warrant Shares to be Sold Pursuant to this Prospectus(3) |
| |
Number of
Shares of Common Stock Beneficially Owned After Offering(4) |
| |
Percentage
Beneficially Owned After Offering(4) |
| |||||||||||||||
Empery Asset Master, Ltd(5)
|
| | | | 374,724(9) | | | | | | 374,724 | | | | | | 281,043 | | | | | | — | | | | | | — | | |
Empery Tax Efficient, LP(6)
|
| | | | 208,609(10) | | | | | | 208,609 | | | | | | 156,457 | | | | | | — | | | | | | — | | |
Hudson Bay Master Fund Ltd(7)
|
| | | | 904,333(11) | | | | | | 583,333 | | | | | | 437,500 | | | | | | — | | | | | | — | | |
Kepos Alpha Master Fund L.P.(8)
|
| | | | 904,333(12) | | | | | | 583,333 | | | | | | 437,500 | | | | | | — | | | | | | — | | |
TOTAL
|
| | | | | | | | | | 1,749,999 | | | | | | 1,312,500 | | | | | | — | | | | | | — | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| | | | | F-30 | | | |
| | | | | F-31 | | | |
| | | | | F-32 | | | |
| | | | | F-33 | | | |
| | | | | F-34 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
ASSETS
|
| | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 27,738,979 | | | | | $ | 695,909 | | |
Accounts receivable – unbilled
|
| | | | 1,739,020 | | | | | | 652,761 | | |
Accounts receivable, net of allowance for doubtful accounts of $269,170 and $108,096 at
December 31, 2021 and December 31, 2020, respectively |
| | | | 3,002,442 | | | | | | 1,526,392 | | |
Prepaid expenses and other current assets
|
| | | | 327,035 | | | | | | 417,929 | | |
Tax credit receivable, current portion
|
| | | | 140,873 | | | | | | 179,376 | | |
Total current assets
|
| | | | 32,948,349 | | | | | | 3,472,367 | | |
Property and equipment, net
|
| | | | 32,781 | | | | | | 75,589 | | |
Internally developed software, net
|
| | | | 2,710,867 | | | | | | 2,634,139 | | |
Security deposits
|
| | | | 27,601 | | | | | | 27,601 | | |
Total assets
|
| | | $ | 35,719,598 | | | | | $ | 6,209,696 | | |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’
EQUITY (DEFICIT) |
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 832,678 | | | | | $ | 1,792,432 | | |
Accrued expenses
|
| | | | 1,009,803 | | | | | | 810,910 | | |
Accrued interest
|
| | | | 8,167 | | | | | | 3,696,944 | | |
Convertible notes payable, related parties, net of unamortized debt discount and debt issuance costs
|
| | | | — | | | | | | 5,490,811 | | |
Derivative liability for embedded conversion features on convertible notes payable
|
| | | | — | | | | | | 2,373,000 | | |
Bridge notes payable, net of debt issuance costs
|
| | | | — | | | | | | 4,589,228 | | |
Bridge notes payable, related parties
|
| | | | — | | | | | | 1,905,000 | | |
Note payable, current portion
|
| | | | — | | | | | | 604,109 | | |
Deferred revenue
|
| | | | 654,746 | | | | | | 873,254 | | |
Total current liabilities
|
| | | | 2,505,394 | | | | | | 22,135,688 | | |
Note payable, net of current portion
|
| | | | — | | | | | | 178,899 | | |
Term loan
|
| | | | 3,422,616 | | | | | | — | | |
Total liabilities
|
| | | | 5,928,010 | | | | | | 22,314,587 | | |
Commitments and contingencies
|
| | | | | | | | | | | | |
Series B convertible preferred stock, $0.0001 par value, 3,200,000 shares authorized,
0 and 572,465 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively |
| | | | — | | | | | | 7,999,997 | | |
Series A-1 convertible preferred stock, $0.0001 par value, 556,550 shares authorized, 0 and 100,365 issued and outstanding at December 31, 2021 and December 31, 2020, respectively
|
| | | | — | | | | | | 561,041 | | |
Series A convertible preferred stock, $0.0001 par value, 3,427,871 shares authorized, 0 and 618,182 issued and outstanding at December 31, 2021 and December 31, 2020, respectively
|
| | | | — | | | | | | 2,612,038 | | |
Total convertible preferred stock
|
| | | | — | | | | | | 11,173,076 | | |
Stockholders’ equity (deficit)
|
| | | | | | | | | | | | |
Common stock, $0.0001 par value, 200,000,000 shares authorized, 8,764,479 issued, and
8,733,479 outstanding at December 31, 2021, and 16,000,000 shares authorized, 967,213 issued and 936,213 outstanding at December 31, 2020 |
| | | | 873 | | | | | | 94 | | |
Additional paid-in capital
|
| | | | 67,810,289 | | | | | | 1,779,698 | | |
Treasury stock, 31,000 shares at December 31, 2021 and December 31, 2020, at cost
|
| | | | (172) | | | | | | (172) | | |
Accumulated deficit
|
| | | | (38,019,402) | | | | | | (29,057,587) | | |
Total stockholders’ equity (deficit)
|
| | | | 29,791,588 | | | | | | (27,277,967) | | |
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)
|
| | | $ | 35,719,598 | | | | | $ | 6,209,696 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenue
|
| | | $ | 11,135,303 | | | | | $ | 8,184,106 | | |
Operating expenses: | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 5,249,013 | | | | | | 3,585,477 | | |
Technology
|
| | | | 1,837,882 | | | | | | 1,465,348 | | |
Sales and marketing
|
| | | | 2,422,743 | | | | | | 1,783,563 | | |
Supply development
|
| | | | 573,913 | | | | | | 497,182 | | |
Fulfillment
|
| | | | 1,363,522 | | | | | | 859,643 | | |
General and administrative
|
| | | | 5,613,476 | | | | | | 2,399,273 | | |
Total operating expenses
|
| | | | 17,060,549 | | | | | | 10,590,486 | | |
Loss from operations
|
| | | | (5,925,246) | | | | | | (2,406,380) | | |
Other expense, net | | | | | | | | | | | | | |
Interest expense
|
| | | | (2,102,681) | | | | | | (2,096,795) | | |
Change in fair value of derivative liability on convertible notes
|
| | | | (271,000) | | | | | | (159,000) | | |
Change in fair value of derivative liability on bridge notes and bridge notes,
related parties |
| | | | 1,582,700 | | | | | | — | | |
Loss on extinguishment of bridge notes and bridge notes, related parties
|
| | | | (2,740,425) | | | | | | — | | |
Loss on extinguishment of convertible notes and convertible notes, related parties
|
| | | | (260,185) | | | | | | — | | |
Gain on extinguishment of note payable
|
| | | | 788,156 | | | | | | — | | |
Other income
|
| | | | — | | | | | | 9,654 | | |
Other expense, net
|
| | | | (44,531) | | | | | | — | | |
Interest income
|
| | | | 11,397 | | | | | | 437 | | |
Other expense, net
|
| | | | (3,036,569) | | | | | | (2,245,704) | | |
Net loss
|
| | | $ | (8,961,815) | | | | | $ | (4,652,084) | | |
Net loss per share | | | | | | | | | | | | | |
Basic and diluted
|
| | | $ | (2.09) | | | | | $ | (4.97) | | |
Weighted average common shares outstanding | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 4,287,424 | | | | | | 936,213 | | |
| | |
Series B
Convertible Preferred Stock |
| |
Series A-1
Convertible Preferred Stock |
| |
Series A
Convertible Preferred Stock |
| | |
Common Stock
|
| |
Treasury Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity(Deficit) |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1,
2020 |
| | | | 572,465 | | | | | $ | 7,999,997 | | | | | | 100,365 | | | | | $ | 561,041 | | | | | | 618,182 | | | | | $ | 2,612,038 | | | | | | | 936,213 | | | | | $ | 94 | | | | | | 31,000 | | | | | $ | (172) | | | | | $ | 1,686,832 | | | | | $ | (24,405,503) | | | | | $ | (22,718,749) | | |
Share-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 92,866 | | | | | | — | | | | | | 92,866 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,652,084) | | | | | | (4,652,084) | | |
Balance at December 31,
2020 |
| | | | 572,465 | | | | | | 7,999,997 | | | | | | 100,365 | | | | | | 561,041 | | | | | | 618,182 | | | | | | 2,612,038 | | | | | | | 936,213 | | | | | | 94 | | | | | | 31,000 | | | | | | (172) | | | | | | 1,779,698 | | | | | | (29,057,587) | | | | | | (27,277,967) | | |
Share-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 44,129 | | | | | | 4 | | | | | | — | | | | | | — | | | | | | 622,060 | | | | | | — | | | | | | 622,064 | | |
Conversion of redeemable
convertible preferred stock into common stock upon initial public offering |
| | | | (572,465) | | | | | | (7,999,997) | | | | | | (100,365) | | | | | | (561,041) | | | | | | (618,182) | | | | | | (2,612,038) | | | | | | | 1,291,012 | | | | | | 129 | | | | | | — | | | | | | — | | | | | | 11,172,947 | | | | | | — | | | | | | 11,173,076 | | |
Conversion of principal and
accrued interest of convertible notes and bridge notes into common stock upon initial public offering |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 2,049,043 | | | | | | 205 | | | | | | — | | | | | | — | | | | | | 16,392,139 | | | | | | — | | | | | | 16,392,344 | | |
Issuance of common stock in
connection with initial public offering |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 2,250,000 | | | | | | 225 | | | | | | — | | | | | | — | | | | | | 17,999,775 | | | | | | — | | | | | | 18,000,000 | | |
Offering costs in connection with initial public
offering |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,339,816) | | | | | | — | | | | | | (2,339,816) | | |
Issuance of common stock in
connection with public offering over-allotment option exercise |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 337,500 | | | | | | 34 | | | | | | — | | | | | | — | | | | | | 2,497,467 | | | | | | — | | | | | | 2,497,501 | | |
Issuance of common stock in
connection with private placement |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 1,749,999 | | | | | | 175 | | | | | | — | | | | | | — | | | | | | 20,999,813 | | | | | | — | | | | | | 20,999,988 | | |
Transaction costs in connection with private placement
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,434,999) | | | | | | — | | | | | | (1,434,999) | | |
Issuance of common stock in
exchange for services |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 2,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,500 | | | | | | — | | | | | | 12,500 | | |
Issuance of common stock through exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 55,694 | | | | | | 5 | | | | | | — | | | | | | — | | | | | | 58,643 | | | | | | — | | | | | | 58,648 | | |
Issuance of common stock through exercise of warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 17,889 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 990 | | | | | | — | | | | | | 992 | | |
Issuance of warrants in connection with debt
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 49,072 | | | | | | — | | | | | | 49,072 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,961,815) | | | | | | (8,961,815) | | |
Balance at December 31,
2021 |
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | | 8,733,479 | | | | | $ | 873 | | | | | | 31,000 | | | | | $ | (172) | | | | | $ | 67,810,289 | | | | | $ | (38,019,402) | | | | | $ | 29,791,588 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (8,961,815) | | | | | $ | (4,652,084) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Share-based compensation
|
| | | | 622,064 | | | | | | 92,866 | | |
Common shares issued in exchange for services
|
| | | | 12,500 | | | | | | — | | |
Amortization of internally developed software
|
| | | | 958,639 | | | | | | 774,929 | | |
Depreciation of property and equipment
|
| | | | 45,358 | | | | | | 44,758 | | |
Bad debt expense
|
| | | | 161,074 | | | | | | 108,096 | | |
Amortization of discount and debt issuance costs on convertible notes
|
| | | | 1,088 | | | | | | 143,435 | | |
Amortization of debt issuance costs on note payable
|
| | | | 4,605 | | | | | | — | | |
Amortization of discount on bridge notes
|
| | | | 869,600 | | | | | | — | | |
Change in fair value of derivative liabilities
|
| | | | (1,311,700) | | | | | | 159,000 | | |
Loss on extinguishment on bridge notes
|
| | | | 2,740,425 | | | | | | — | | |
Loss on extinguishment of convertible notes
|
| | | | 260,185 | | | | | | — | | |
Gain on extinguishment on note payable
|
| | | | (788,156) | | | | | | — | | |
Change in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (1,637,124) | | | | | | (800,908) | | |
Accounts receivable – unbilled
|
| | | | (1,086,259) | | | | | | (198,185) | | |
Prepaid expenses and other current assets
|
| | | | 90,894 | | | | | | (226,374) | | |
Tax credit receivable
|
| | | | 38,503 | | | | | | 104,624 | | |
Accounts payable
|
| | | | (959,754) | | | | | | 1,054,638 | | |
Accrued expenses
|
| | | | 198,893 | | | | | | 282,142 | | |
Accrued interest
|
| | | | (1,708,922) | | | | | | 1,951,429 | | |
Deferred revenue
|
| | | | (218,508) | | | | | | 873,254 | | |
Net cash used in operating activities
|
| | | | (10,668,410) | | | | | | (288,380) | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (2,550) | | | | | | (426) | | |
Capitalization of internally developed software
|
| | | | (1,035,367) | | | | | | (1,102,186) | | |
Net cash used in investing activities
|
| | | | (1,037,917) | | | | | | (1,102,612) | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | |
Proceeds from issuance of bridge notes payable
|
| | | | 500,000 | | | | | | 1,250,000 | | |
Proceeds from issuance of term loan
|
| | | | 3,500,000 | | | | | | 783,008 | | |
Proceeds from exercise of stock options
|
| | | | 58,648 | | | | | | — | | |
Proceeds from issuance of common stock in connection with initial public offering
|
| | | | 18,000,000 | | | | | | — | | |
Payment of offering costs in connection with the issuance of common stock in connection with initial public offering
|
| | | | (2,339,816) | | | | | | — | | |
Proceeds from issuance of common stock in connection with private placement
|
| | | | 20,999,988 | | | | | | — | | |
Payment of transaction costs in connection with the issuance of common stock in connection with private
placement |
| | | | (1,434,999) | | | | | | — | | |
Proceeds from exercise of warrants
|
| | | | 992 | | | | | | — | | |
Proceeds from issuance of over-allotment shares of common stock, net of transaction costs
of $202,499 |
| | | | 2,497,501 | | | | | | — | | |
Payment of principal to bridge note holders
|
| | | | (3,000,000) | | | | | | — | | |
Payment of debt issuance costs in connection with note payable
|
| | | | (32,917) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 38,749,397 | | | | | | 2,033,008 | | |
Net increase in cash
|
| | | | 27,043,070 | | | | | | 642,016 | | |
Cash at beginning of period
|
| | | | 695,909 | | | | | | 53,893 | | |
Cash at end of period
|
| | | $ | 27,738,979 | | | | | $ | 695,909 | | |
Supplemental disclosure of cash flow information:
|
| | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 2,824,032 | | | | | $ | — | | |
Income taxes paid
|
| | | $ | — | | | | | $ | — | | |
Supplemental disclosure of non-cash investing and financing activities:
|
| | | | | | | | | | | | |
Conversion of redeemable convertible preferred stock into common stock
|
| | | $ | 11,173,076 | | | | | $ | — | | |
Conversion of convertible notes and accrued interest into common stock
|
| | | $ | 6,748,729 | | | | | $ | — | | |
Conversion of bridge notes and accrued interest into common stock
|
| | | $ | 4,717,646 | | | | | $ | — | | |
Issuance of common stock warrants as offering costs in connection with initial public offering of common
stock |
| | | $ | 374,400 | | | | | $ | — | | |
Issuance of common stock warrants in connection with term loan
|
| | | $ | 49,072 | | | | | $ | — | | |
Issuance of common stock warrants in connection with private placement
|
| | | $ | 10,624,759 | | | | | $ | — | | |
Deferred offering costs included in accrued expenses
|
| | | $ | — | | | | | $ | (57,420) | | |
| | |
2021
|
| |
2020
|
| ||||||
Specimens – contracts with customers
|
| | | $ | 10,944,255 | | | | | $ | 8,086,324 | | |
Shipping and other
|
| | | | 191,048 | | | | | | 97,782 | | |
Revenue
|
| | | $ | 11,135,303 | | | | | $ | 8,184,106 | | |
Asset category
|
| |
Estimated Useful Life
|
|
Website | | | 3 years | |
Computer equipment and purchased software | | | 5 years | |
Equipment | | | 5 years | |
Furniture and fixtures | | | 5 years | |
Leasehold improvements | | | Shorter of useful life of asset or lease term | |
| | |
2021
|
| |
2020
|
| ||||||
Shares issuable upon conversion of preferred stock
|
| | | | — | | | | | | 1,291,012 | | |
Shares issuable upon vesting of restricted stock units
|
| | | | 282,417 | | | | | | — | | |
Shares issuable upon exercise of stock options
|
| | | | 255,147 | | | | | | 251,847 | | |
Shares issuable upon exercise of PIPE Warrant to purchase common stock
|
| | | | 1,312,500 | | | | | | — | | |
Shares issuable upon exercise of Lender Warrant to purchase common stock
|
| | | | 12,500 | | | | | | 23,309 | | |
Shares issuable upon exercise of Underwriter Warrants to purchase common stock
|
| | | | 90,000 | | | | | | — | | |
| | |
2021
|
| |
2020
|
| ||||||
Website
|
| | | $ | 107,927 | | | | | $ | 105,376 | | |
Computer equipment and purchased software
|
| | | | 84,588 | | | | | | 84,589 | | |
Equipment
|
| | | | 35,449 | | | | | | 35,449 | | |
Furniture and fixtures
|
| | | | 87,184 | | | | | | 87,184 | | |
Leasehold improvements
|
| | | | 24,935 | | | | | | 24,935 | | |
Total property and equipment
|
| | | | 340,083 | | | | | | 337,533 | | |
Accumulated depreciation
|
| | | | (307,302) | | | | | | (261,944) | | |
Total property and equipment, net
|
| | | $ | 32,781 | | | | | $ | 75,589 | | |
|
Write off of derivative liability relating to the Convertible Notes
|
| | | $ | 2,644,000 | | |
|
Extinguishment of Convertible Notes principal
|
| | | | 5,486,199 | | |
|
Accrued and unpaid interest on the Convertible Notes
|
| | | | 1,257,066 | | |
|
Accumulated amortization on debt issuance costs
|
| | | | 33,035 | | |
|
Loss on extinguishment of Convertible Notes
|
| | | | 260,185 | | |
|
Write off of debt issuance costs
|
| | | | (27,573) | | |
|
Write off of derivative liability relating to the Bridge Notes
|
| | | | 2,031,300 | | |
|
Extinguishment of Bridge Notes principal
|
| | | | 4,000,000 | | |
|
Accrued and unpaid interest on the Bridge Notes
|
| | | | 717,646 | | |
|
Gain on extinguishment of Bridge Notes
|
| | | | (9,514) | | |
|
Total conversion of Convertible Notes and Bridge Notes into common stock
|
| | | $ | 16,392,344 | | |
Year Ending December 31,
|
| |
Amount Due
|
| |||
2022
|
| | | $ | — | | |
2023
|
| | | | 1,166,667 | | |
2024
|
| | | | 1,400,000 | | |
2025
|
| | | | 933,333 | | |
Total
|
| | | | 3,500,000 | | |
Less debt issuance cost
|
| | | | (77,384) | | |
Long-term debt, net
|
| | | $ | 3,422,616 | | |
| | |
Fair Value at December 31, 2021
|
| |||||||||||||||||||||
| | |
Total
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative liability on convertible notes payable, related parties
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Total liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
Fair value at December 31, 2020
|
| |||||||||||||||||||||
| | |
Total
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative liability on convertible notes payable, related parties
|
| | | $ | 2,373,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,373,000 | | |
Total liabilities
|
| | | $ | 2,373,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,373,000 | | |
| | |
2021
|
| |
2020
|
| ||||||
Balance, beginning of year
|
| | | $ | 2,373,000 | | | | | $ | 2,214,000 | | |
Derivative liability on bridge notes payable and bridge notes payable, related parties
|
| | | | 3,614,000 | | | | | | — | | |
(Gain) loss included in earnings
|
| | | | (1,311,700) | | | | | | 159,000 | | |
Write off of derivative liabilities in connection with debt conversion
|
| | | | (4,675,300) | | | | | | — | | |
Balance, end of year
|
| | | $ | — | | | | | $ | 2,373,000 | | |
Year Ending December 31,
|
| |
Operating Leases
|
| |||
2022
|
| | | $ | 163,158 | | |
2023
|
| | | | 165,254 | | |
2024
|
| | | | 27,601 | | |
Total
|
| | | $ | 356,013 | | |
| | |
2021
|
| |
2020
|
| |||
Assumptions: | | | | | | | | | | |
Risk-free interest rate
|
| |
0.90% – 1.30%
|
| | | | —% | | |
Expected term (in years)
|
| |
5.00 – 10.00
|
| | | | — | | |
Expected volatility
|
| |
59% – 69%
|
| | | | —% | | |
Expected dividend yield
|
| |
—%
|
| | | | —% | | |
| | |
Options
Outstanding |
| |
Weighted Average
Exercise Price |
| |
Weighted Average
Remaining Contractual Term in Years |
| |||||||||
Balance at December 31, 2019
|
| | | | — | | | | | $ | — | | | | | | — | | |
Granted
|
| | | | 23,309 | | | | | | 0.06 | | | | | | 0.75 | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | |
Cancelled/forfeited
|
| | | | — | | | | | | — | | | | | | — | | |
Balance at December 31, 2020
|
| | | | 23,309 | | | | | $ | 0.06 | | | | | | 0.75 | | |
Granted
|
| | | | 1,415,000 | | | | | | 12.77 | | | | | | 5.34 | | |
Exercised
|
| | | | (17,889) | | | | | | 0.06 | | | | | | — | | |
Cancelled/forfeited
|
| | | | (5,420) | | | | | | 0.06 | | | | | | — | | |
Balance at December 31, 2021
|
| | | | 1,415,000 | | | | | $ | 9.76 | | | | | | 5.34 | | |
| | |
2021
|
| |
2020
|
|
Assumptions: | | | | | | | |
Risk-free interest rate
|
| |
0.47% – 0.66%
|
| |
0.30% – 1.41%
|
|
Expected term (in years)
|
| |
5.81 – 5.89
|
| |
5.32 – 6.14
|
|
Expected volatility
|
| |
49.83% – 49.98%
|
| |
43.11% – 50.14%
|
|
Expected dividend yield
|
| |
—%
|
| |
—%
|
|
| | |
Options
Outstanding |
| |
Weighted Average
Exercise Price |
| |
Weighted Average
Remaining Contractual Term in Years |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Balance at January 1, 2019
|
| | | | 224,884 | | | | | $ | 1.08 | | | | | | 8.78 | | | | | $ | — | | |
Granted
|
| | | | 43,259 | | | | | | 1.00 | | | | | | — | | | | | | — | | |
Exercised
|
| | | | — | | | | | | 1.00 | | | | | | — | | | | | | — | | |
Cancelled/forfeited
|
| | | | (16,296) | | | | | | 4.20 | | | | | | — | | | | | | — | | |
Balance at December 31, 2020
|
| | | | 251,847 | | | | | $ | 1.00 | | | | | | 8.06 | | | | | $ | 89,100 | | |
Granted
|
| | | | 70,164 | | | | | | 5.74 | | | | | | 9.34 | | | | | | 432,520 | | |
Exercised
|
| | | | (55,694) | | | | | | 1.00 | | | | | | — | | | | | | 379,276 | | |
Cancelled/forfeited
|
| | | | (11,170) | | | | | | 1.00 | | | | | | — | | | | | | — | | |
Balance at December 31, 2021
|
| | | | 255,147 | | | | | $ | 2.32 | | | | | | 7.75 | | | | | $ | 1,550,409 | | |
Options exercisable at December 31, 2021
|
| | | | 179,711 | | | | | $ | 1.12 | | | | | | 7.04 | | | | | $ | 1,219,964 | | |
| | |
2021
|
| |
2020
|
| ||||||
Operating expenses: | | | | | | | | | | | | | |
General and administrative
|
| | | $ | 257,005 | | | | | $ | 38,367 | | |
Sales and marketing
|
| | | | 55,035 | | | | | | 8,216 | | |
Fulfillment
|
| | | | 41,482 | | | | | | 6,193 | | |
Supply development
|
| | | | 8,138 | | | | | | 1,215 | | |
Technology
|
| | | | 260,404 | | | | | | 38,875 | | |
Total
|
| | | $ | 622,064 | | | | | $ | 92,866 | | |
| | |
2021
|
| |||
Operating expenses: | | | | | | | |
General and administrative
|
| | | $ | 6,453 | | |
Fulfillment
|
| | | | 21,824 | | |
Sales and marketing
|
| | | | 25,686 | | |
Supply development
|
| | | | 13,304 | | |
Technology
|
| | | | 18,290 | | |
Total
|
| | | $ | 85,557 | | |
| | |
Options
Outstanding |
| |
Weighted Average
Grant Date Fair Value |
| ||||||
Unvested Balance at December 31, 2020
|
| | | | — | | | | | $ | — | | |
Granted
|
| | | | 329,246 | | | | | | 6.71 | | |
Vested
|
| | | | (44,129) | | | | | | 6.33 | | |
Forfeited
|
| | | | (2,700) | | | | | | 6.34 | | |
Unvested Balance at December 31, 2021
|
| | | | 282,417 | | | | | $ | 6.78 | | |
| | |
2021
|
| |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Operating loss carryforwards
|
| | | $ | 7,775,000 | | | | | $ | 6,600,000 | | |
Research and development tax credit
|
| | | | 850,000 | | | | | | 700,000 | | |
Other
|
| | | | 325,000 | | | | | | 700,000 | | |
Total deferred tax assets
|
| | | | 8,950,000 | | | | | | 8,000,000 | | |
Deferred tax liability: | | | | | | | | | | | | | |
Intangibles
|
| | | | (300,000) | | | | | | (250,000) | | |
Total deferred tax liabilities
|
| | | | (300,000) | | | | | | (250,000) | | |
Net deferred tax assets before valuation allowance
|
| | | | 8,650,000 | | | | | | 7,750,000 | | |
Valuation allowance
|
| | | | (8,650,000) | | | | | | (7,750,000) | | |
Net deferred tax asset
|
| | | $ | — | | | | | $ | — | | |
| | |
2021
|
| |
2020
|
| ||||||
Reconciliation to statutory rates
|
| | | | | | | | | | | | |
Expected federal income taxes benefit at statutory rates
|
| | | | (21.0)% | | | | | | (21.0)% | | |
Expected state tax benefit at statutory rates, net of federal benefit
|
| | | | (8.0) | | | | | | (8.0) | | |
Change in valuation allowance
|
| | | | 25.7 | | | | | | 29.0 | | |
Forgiveness of PPP Loan
|
| | | | 3.3 | | | | | | — | | |
Income tax expense (benefit)
|
| | | | —% | | | | | | —% | | |
| | |
March 31, 2022
|
| |
December 31, 2021
|
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
ASSETS
|
| | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 26,099,178 | | | | | $ | 27,738,979 | | |
Accounts receivable – unbilled
|
| | | | 1,258,515 | | | | | | 1,739,020 | | |
Accounts receivable, net of allowance for doubtful accounts of $184,837 and $269,170 at March 31, 2022 and December 31, 2021, respectively
|
| | | | 2,356,688 | | | | | | 3,002,442 | | |
Prepaid expenses and other current assets
|
| | | | 295,750 | | | | | | 327,035 | | |
Tax credit receivable, current portion
|
| | | | 140,873 | | | | | | 140,873 | | |
Total current assets
|
| | | | 30,151,004 | | | | | | 32,948,349 | | |
Property and equipment, net
|
| | | | 28,069 | | | | | | 32,781 | | |
Internally developed software, net
|
| | | | 2,783,810 | | | | | | 2,710,867 | | |
Operating lease right-of-use asset
|
| | | | 296,832 | | | | | | — | | |
Security deposits
|
| | | | 27,601 | | | | | | 27,601 | | |
Total assets
|
| | | $ | 33,287,316 | | | | | $ | 35,719,598 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 281,494 | | | | | $ | 832,678 | | |
Accrued expenses
|
| | | | 1,039,974 | | | | | | 1,009,803 | | |
Accrued interest
|
| | | | 8,167 | | | | | | 8,167 | | |
Operating lease current obligation
|
| | | | 150,007 | | | | | | — | | |
Deferred revenue
|
| | | | 567,321 | | | | | | 654,746 | | |
Total current liabilities
|
| | | | 2,046,963 | | | | | | 2,505,394 | | |
Operating lease long-term obligation
|
| | | | 147,375 | | | | | | — | | |
Term loan, net of debt discount
|
| | | | 3,425,664 | | | | | | 3,422,616 | | |
Total liabilities
|
| | | | 5,620,002 | | | | | | 5,928,010 | | |
Commitments and contingencies (See Note 6) | | | | | | | | | | | | | |
Stockholders’ equity | | | | | | | | | | | | | |
Common stock, $0.0001 par value, 200,000,000 shares authorized, 8,845,283 issued, and 8,814,283 outstanding at March 31, 2022 and 8,764,479 issued and 8,733,479 outstanding at December 31, 2021
|
| | | | 881 | | | | | | 873 | | |
Additional paid-in capital
|
| | | | 68,069,749 | | | | | | 67,810,289 | | |
Treasury stock, 31,000 shares at March 31, 2022 and December 31, 2021, at cost
|
| | | | (172) | | | | | | (172) | | |
Accumulated deficit
|
| | | | (40,403,144) | | | | | | (38,019,402) | | |
Total stockholders’ equity
|
| | | | 27,667,314 | | | | | | 29,791,588 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 33,287,316 | | | | | $ | 35,719,598 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Revenue
|
| | | $ | 2,518,660 | | | | | $ | 2,963,807 | | |
Operating expenses: | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 1,165,917 | | | | | | 1,623,651 | | |
Technology
|
| | | | 527,522 | | | | | | 409,951 | | |
Sales and marketing
|
| | | | 747,432 | | | | | | 529,387 | | |
Supply development
|
| | | | 182,070 | | | | | | 111,576 | | |
Fulfillment
|
| | | | 443,794 | | | | | | 269,096 | | |
General and administrative
|
| | | | 1,810,313 | | | | | | 962,790 | | |
Total operating expenses
|
| | | | 4,877,048 | | | | | | 3,906,451 | | |
Loss from operations
|
| | | | (2,358,388) | | | | | | (942,644) | | |
Other income (expense), net | | | | | | | | | | | | | |
Interest expense
|
| | | | (38,048) | | | | | | (853,147) | | |
Interest income
|
| | | | 12,654 | | | | | | 47 | | |
Other expense, net
|
| | | | 40 | | | | | | (3,732) | | |
Loss on extinguishment of bridge notes and bridge notes, related parties
|
| | | | — | | | | | | (2,750,171) | | |
Gain on extinguishment of note payable
|
| | | | — | | | | | | 788,156 | | |
Change in fair value of derivative liability on convertible notes
|
| | | | — | | | | | | (154,000) | | |
Change in fair value of derivative liability on bridge notes and bridge notes, related parties
|
| | | | — | | | | | | (48,000) | | |
Other expense, net
|
| | | | (25,354) | | | | | | (3,020,847) | | |
Net loss
|
| | | $ | (2,383,742) | | | | | $ | (3,963,491) | | |
Net loss per share – basic and diluted
|
| | | $ | (0.27) | | | | | $ | (4.23) | | |
Weighted average shares of common stock outstanding – basic and diluted
|
| | | | 8,765,437 | | | | | | 936,213 | | |
| | |
Three Months Ended March 31, 2022
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| |
Treasury Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance at January 1, 2022
|
| | | | 8,733,479 | | | | | $ | 873 | | | | | | 31,000 | | | | | $ | (172) | | | | | $ | 67,810,289 | | | | | $ | (38,019,402) | | | | | $ | 29,791,588 | | |
Share-based compensation
expense |
| | | | 3,125 | | | | | | — | | | | | | — | | | | | | — | | | | | | 184,191 | | | | | | — | | | | | | 184,191 | | |
Issuance of common stock
through exercise of stock options |
| | | | 77,679 | | | | | | 8 | | | | | | — | | | | | | — | | | | | | 75,269 | | | | | | — | | | | | | 75,277 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,383,742) | | | | | | (2,383,742) | | |
Balance at March 31, 2022
|
| | | | 8,814,283 | | | | | $ | 881 | | | | | | 31,000 | | | | | $ | (172) | | | | | $ | 68,069,749 | | | | | $ | (40,403,144) | | | | | $ | 27,667,314 | | |
| | |
Three Months Ended March 31, 2021
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Series B Convertible
Preferred Stock |
| |
Series A-1 Convertible
Preferred Stock |
| |
Series A Convertible
Preferred Stock |
| | |
Common Stock
|
| |
Treasury Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1,
2021 |
| | | | 572,465 | | | | | $ | 7,999,997 | | | | | | 100,365 | | | | | $ | 561,041 | | | | | | 618,182 | | | | | $ | 2,612,038 | | | | | | | 936,213 | | | | | $ | 94 | | | | | | 31,000 | | | | | $ | (172) | | | | | $ | 1,779,698 | | | | | $ | (29,057,587) | | | | | $ | (27,277,967) | | |
Share-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 22,036 | | | | | | — | | | | | | 22,036 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,963,491) | | | | | | (3,963,491) | | |
Balance at March 31,
2021 |
| | | | 572,465 | | | | | $ | 7,999,997 | | | | | | 100,365 | | | | | $ | 561,041 | | | | | | 618,182 | | | | | $ | 2,612,038 | | | | | | | 936,213 | | | | | $ | 94 | | | | | | 31,000 | | | | | $ | (172) | | | | | $ | 1,801,734 | | | | | $ | (33,021,078) | | | | | $ | (31,219,422) | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (2,383,742) | | | | | $ | (3,963,491) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Share-based compensation
|
| | | | 184,191 | | | | | | 22,036 | | |
Amortization of internally developed software
|
| | | | 266,219 | | | | | | 235,229 | | |
Depreciation of property and equipment
|
| | | | 4,712 | | | | | | 11,130 | | |
Bad debt expense
|
| | | | 165,097 | | | | | | 20,652 | | |
Amortization of debt issuance costs on Term Loan
|
| | | | 3,048 | | | | | | — | | |
Loss on extinguishment on bridge notes
|
| | | | — | | | | | | 2,750,171 | | |
Gain on extinguishment on note payable
|
| | | | — | | | | | | (788,156) | | |
Amortization of discount on bridge notes
|
| | | | — | | | | | | 289,867 | | |
Change in fair value of derivative liabilities
|
| | | | — | | | | | | 202,000 | | |
Amortization of discount and debt issuance costs on convertible notes
|
| | | | — | | | | | | 1,088 | | |
Change in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable – unbilled
|
| | | | 480,505 | | | | | | (426,973) | | |
Accounts receivable
|
| | | | 480,657 | | | | | | 925,544 | | |
Due from factor
|
| | | | — | | | | | | (495,735) | | |
Prepaid expenses and other current assets
|
| | | | 31,285 | | | | | | (10,155) | | |
Operating lease right-of-use asset
|
| | | | 36,291 | | | | | | — | | |
Accounts payable
|
| | | | (551,184) | | | | | | 299,130 | | |
Accrued expenses
|
| | | | 30,171 | | | | | | 308,410 | | |
Accrued interest
|
| | | | — | | | | | | 562,193 | | |
Operating lease liability
|
| | | | (35,741) | | | | | | — | | |
Deferred revenue
|
| | | | (87,425) | | | | | | (69,189) | | |
Net cash used in operating activities
|
| | | | (1,375,916) | | | | | | (126,249) | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | |
Capitalization of internally developed software
|
| | | | (339,162) | | | | | | (214,534) | | |
Net cash used in investing activities
|
| | | | (339,162) | | | | | | (214,534) | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | |
Proceeds from exercise of stock options
|
| | | | 75,277 | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 75,277 | | | | | | — | | |
Net decreases in cash
|
| | | | (1,639,801) | | | | | | (340,783) | | |
Cash at beginning of period
|
| | | | 27,738,979 | | | | | | 695,909 | | |
Cash at end of period
|
| | | $ | 26,099,178 | | | | | $ | 355,126 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 35,000 | | | | | $ | — | | |
Supplemental disclosure of non-cash investing and financing activities: | | | | | | | | | | | | | |
Non-cash amounts of lease liabilities arising from obtaining right-of use-assets
|
| | | $ | 333,123 | | | | | $ | — | | |
Derivative liability for embedded conversion features on convertible notes
issued |
| | | $ | — | | | | | $ | 3,614,000 | | |
| | |
2022
|
| |
2021
|
| ||||||
Specimens – contracts with customers
|
| | | $ | 2,372,386 | | | | | $ | 2,947,295 | | |
Shipping and other
|
| | | | 146,274 | | | | | | 16,512 | | |
Revenue
|
| | | $ | 2,518,660 | | | | | $ | 2,963,807 | | |
| | |
2022
|
| |
2021
|
| ||||||
Shares issuable upon conversion of preferred stock
|
| | | | — | | | | | | 1,291,012 | | |
Shares issuable upon vesting of RSUs
|
| | | | 291,167 | | | | | | — | | |
Shares issuable upon exercise of stock options
|
| | | | 176,142 | | | | | | 265,102 | | |
Shares issuable upon exercise of PIPE Warrant (defined below) to purchase common stock
|
| | | | 1,312,500 | | | | | | — | | |
Shares issuable upon exercise of Lender Warrant (defined below) to purchase common stock
|
| | | | 12,500 | | | | | | 23,309 | | |
Shares issuable upon exercise of Underwriter Warrants (defined below) to purchase common stock
|
| | | | 90,000 | | | | | | — | | |
| | |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Website
|
| | | $ | 107,927 | | | | | $ | 107,927 | | |
Computer equipment and purchased software
|
| | | | 84,588 | | | | | | 84,588 | | |
Equipment
|
| | | | 35,449 | | | | | | 35,449 | | |
Furniture and fixtures
|
| | | | 87,184 | | | | | | 87,184 | | |
Leasehold improvements
|
| | | | 24,935 | | | | | | 24,935 | | |
Total property and equipment
|
| | | | 340,083 | | | | | | 340,083 | | |
Accumulated depreciation
|
| | | | (312,014) | | | | | | (307,302) | | |
Total property and equipment, net
|
| | | $ | 28,069 | | | | | $ | 32,781 | | |
|
2022 (excluding 3 months ended March 31, 2022)
|
| | | $ | — | | |
|
2023
|
| | | | 1,166,667 | | |
|
2024
|
| | | | 1,400,000 | | |
|
2025
|
| | | | 933,333 | | |
|
Total
|
| | | | 3,500,000 | | |
|
Less debt issuance cost
|
| | | | (74,336) | | |
|
Term Loan, net
|
| | | $ | 3,425,664 | | |
|
2022 (excluding three months ended March 31, 2022)
|
| | | $ | 122,631 | | |
|
2023
|
| | | | 165,254 | | |
|
2024
|
| | | | 27,601 | | |
|
Total future minimum lease payments
|
| | | | 315,486 | | |
|
Less effect of discounting
|
| | | | (18,104) | | |
|
Present value of future minimum lease payments
|
| | | $ | 297,382 | | |
|
Non-cash operating lease expense (operating cash flow)
|
| | | $ | 36,291 | | |
|
Change in operating lease liabilities (operating cash flow)
|
| | | $ | (35,741) | | |
|
Supplemental non-cash amounts of operating lease liabilities arising from obtaining right-of-use assets
|
| | | $ | 333,123 | | |
| | |
2022
|
| |
2021
|
| |||
Assumptions: | | | | | | | | | | |
Risk-free interest rate
|
| | | | — | | | |
0.90% – 1.30%
|
|
Expected term (in years)
|
| | | | — | | | |
5.00 – 10.00
|
|
Expected volatility
|
| | | | — | | | |
59% – 69%
|
|
Expected dividend yield
|
| | | | — | | | |
—
|
|
| | |
Warrants
Outstanding |
| |
Weighted
Average Exercise Price |
| |
Weighted
Average Remaining Contractual Term in Years |
| |||||||||
Balance at December 31, 2021
|
| | | | 1,415,000 | | | | | $ | 9.76 | | | | | | 5.34 | | |
Granted
|
| | | | — | | | | | | — | | | | | | — | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | |
Cancelled/forfeited
|
| | | | — | | | | | | — | | | | | | — | | |
Balance at March 31, 2022
|
| | | | 1,415,000 | | | | | $ | 9.76 | | | | | | 5.22 | | |
| | |
2022
|
| |
2021
|
| |||
Assumptions: | | | | | | | | | | |
Risk-free interest rate
|
| | | | — | | | |
0.47% – 0.64%
|
|
Expected term (in years)
|
| | | | — | | | |
5.81 – 5.85
|
|
Expected volatility
|
| | | | — | | | |
49.88% – 49.98%
|
|
Expected dividend yield
|
| | | | — | | | |
—
|
|
| | |
Options
Outstanding |
| |
Weighted
Average Exercise Price |
| |
Weighted
Average Remaining Contractual Term in Years |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Balance at December 31, 2021
|
| | | | 255,147 | | | | | $ | 2.32 | | | | | | 7.75 | | | | | $ | 1,550,409 | | |
Granted
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercised
|
| | | | (77,679) | | | | | | 1.04 | | | | | | — | | | | | | 336,632 | | |
Cancelled/forfeited
|
| | | | (1,326) | | | | | | 1.00 | | | | | | — | | | | | | | | |
Balance at March 31, 2022
|
| | | | 176,142 | | | | | $ | 1.18 | | | | | | 8.01 | | | | | $ | 500,420 | | |
Options exercisable at March 31, 2022
|
| | | | 135,786 | | | | | $ | 1.25 | | | | | | 7.09 | | | | | $ | 559,850 | | |
| | |
2022
|
| |
2021
|
| ||||||
Operating expenses: | | | | | | | | | | | | | |
General and administrative
|
| | | $ | 26,337 | | | | | $ | 9,104 | | |
Sales and marketing
|
| | | | 1,075 | | | | | | 1,950 | | |
Fulfillment
|
| | | | 825 | | | | | | 1,469 | | |
Supply development
|
| | | | 306 | | | | | | 288 | | |
Technology
|
| | | | 1,012 | | | | | | 9,225 | | |
Total stock options expense
|
| | | $ | 29,555 | | | | | $ | 22,036 | | |
| | |
2022
|
| |||
Operating expenses: | | | | | | | |
General and administrative
|
| | | $ | 7,932 | | |
Sales and marketing
|
| | | | 14,167 | | |
Fulfillment
|
| | | | 13,631 | | |
Supply development
|
| | | | 7,196 | | |
Technology
|
| | | | 13,400 | | |
Total RSU expense
|
| | | $ | 56,326 | | |
| | |
RSUs
Outstanding |
| |
Weighted
Average Grant Date Fair Value |
| ||||||
Unvested Balance at December 31, 2021
|
| | | | 285,542 | | | | | $ | 6.77 | | |
Granted
|
| | | | 11,000 | | | | | | 4.06 | | |
Vested
|
| | | | (3,125) | | | | | | 6.28 | | |
Forfeited
|
| | | | (2,250) | | | | | | 1.27 | | |
Unvested Balance at March 31, 2022
|
| | | | 291,167 | | | | | $ | 6.68 | | |
5K5OOLAFN_<;G^;EF9ZJ2 #Y7+Q^;[]&Z,ZO^CZN0
M"DLU9(!66U@D@K,@)LL@JL2B4M8 *K9)F9.U7FNWS>:2VKV'\_WE\ >_']+\L7N@!!IDI@_W;JS&=LCQ %)61%DD@F96F7;+S'<
M9]-"[@Y)ZW[C*S&25 )I+)=)4 ?*Y>/S>_H[1?5_P!%UL4QJRR2
M" >G/\V;R[ ^=[FP -*S1LP![[T]T/]OYF$O8*RPMK)EE>W?D_0>CG
M\[[H VY]'S^=K]#Z4ZI>FZ<56R452)B;/2O^<=U=GO,>AD
M&DO!G?=+YR_T1I?C/[OEE9N$.26,+$7LK+-3,LC.O?8YOM)[2^SP\]V-:O)*
M@ 5BM%BXQC;I%RNQE0 -I?5\WF:_2>CN&NXZY+%J)LL@$)Z%- [?[
MP^(]9*@(5!B5VSKK#KMS7(@JR0JS$25EA5 :DDN3Z'&RI:Q]UF(T]LS4EU&
M,J(-.DOXL^/ WO?4'0?W'FM'+&+" 5E5*"2 >@;0NVN]_@_83: ,*>ZM
M78M=E^%D$%9D!-DIE]U+L7+SJ38P &(W;FL>V?"UF)0 !:X
M@59($V3"K8WF_I>R]!.A-P<[=#W&JD@ _/9@#W_ *;Z'>U\R ! ,X>EMFY
M,=9^^L "I2KP$M;+12I6#52L:=>;']):*ZO>CZK-3IK9.4K5VP(K#/="](+
MKF+)0$3( !8 E "B $$52XZN')G+P_2':N^R^9R\?G$_16E>K?I>D@,=^?
M%]7IY_,^].0/@^T2 #@EYS EE^:?DOGA%A"D WE.RSWX?ICEAW4T!!
MIA,7^S_ 84=RZWA(N-%M9$L*DO9"2R+RKUO/F3U!LSO)X7UVZ/E^B(BIA4!9
M2P !58N,RR2 #Y/+Q^;[]':+ZO^BZV!*J4LD$+*>G/\U[R[ ^>[FP
M -)3'J/Z[S?G)_0VF:5"B(+-QF9RG+O5_?ZD?S!OC6F2)H ;<^CY_.U^
MA])]4?3=0)(*RS0F6R^E3\Y;G[/>8]#( )@" "*+*"0 "(@Q+[8UYATV[
MKNMXXF4BQ$%F4W"LRE.TGF^Y](?YQW?^N97B"4E0 (A41%219:60
M #:7U?-YFOTGH[AKN.NDA9" 20GH4T#M_O#XCUDJ A4&)7;.NL.FW-
M7C\WWZ/T5UA]#UH JL M+9>U'F>ZW)\W/:0 0L *LF7ZW%R\J=;]/.?2]AV
MH\KZ?L[YCO=7'DA)4 #;/T_-YW/T/I3JCZ3J86;+( $MF7I0_.6ZNT
M/E^^D @ 4@ 2 56;*I>6: Z)>Y\C@+WOJGYG)QPQ6 05M0EU)G)V3Z#
ML,Q.H-E=MO(^F^]P _C_
M $SRS>Y4 !BCVKKO#-M_74LHO' !((*S("U@@E+8\\7B*"+B *3( 6N-IR
M$A-__'R^E;\V[RY;ZGL=19 (3Y7+AYOOT=HSK#Z+JP (!Z<_S5O/L#Y_N+
M VW]/S^=K]#Z3ZI>EZB0"%))58@":E(6R 4EFK)66%$
MI:P0%U;\_J>_+GZ#Y3ZS[P !IK"5LZ4>U\G@?WEJG97V<>G<8@!E )A$V0
ML0 4$O8 !66"]@ I,@+GW>'Z,SVGMAY,=9^]_3* -I?7\WF;_26CN&NXZV
M&0E*RE$HL]"F@=N=X_#^O4 $16)3;.N\.>V]= E[ ( ,S&H-E97M4;!K5@
M #SO_H32W2KV'GJU9 !!)5?0/H7;/>WPGL;@ PI[JU=BSV7X=
M $V60 5EA0 2UD2B;*S)2)LD)G-TEM/)3K?W &([;FL,/>V?"TDD$ FI0
M90=:>US::4VO-@ &FG4GUOF_/9^@-.;7YY2Q+.4M(!66%$V2F<32VS [M8 (*E:B7:7V?)BWVCKO'9L'R7#7;]=4+"Q;$3$ %KB4B6JB
M4M8!29 77Z''EW%\GWN;/2NU.:^E[6JV2P /D\N'F_P#T;HOK!Z+JJLE2
M@ "7TX_FW>/8/SO_]-]#/:^:B4 $M9G"TKL[)EK3WM@ #Y>?'YQOT9I/JMZ;IOU9?
M'Z4OS=O3LOYGT,,OP3@H7LD )!I9/TXT)CZA84Y[@H_TW03R=LYIOJ\51X!13A.H\%J
MFDP
'0JAYW/IOP6-1>
M+2Z6T*.$E(9RR)LO8EMDO(V-1^/1)&R)RL0J%?=)Y2S;A<+A<+A<+A<+A<+A
M<+A<+A<+A<+A<+A=D[
$^\5F\EC=V;Z7K2]3\A>->C(N%FYI
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M=:;CK+<=:;CK38=:;#K3<=:;BL@>==>/^$,/?BER>Z:9ZO@F'/:8KL;
M>#.,/N-V=F==>(CO*359&!Q ^9&V+:5X,AV6L
M.V\PQEY.332A2@RO^,>WMSY)RF?._%ILCY7/J+;V6$IXV2*$H@\91-8KK-NM
M$@HU=P.%;N6B;DG$K)" TUX2R7W:#M!?U&P]@/4$
MXS1B9O85RVV4?@?>H6+2WON"[I%*%S,UEHB,R/QQ; =@Q;;Y8M5@KX)ASVF*
M[&W@SW^I4=F?&5\,EU-?Q"W"=5SYSPK&2<.QC@)0G
T'8P0WJLT]RWSX_ _Y^P[6?X93P3#G
ML_L!&-FA*17PMO!9N6T+F%VWC05LS,=V\7WY#&\5(0O7!"&:+0B&=1$"GMQ=
M?!SV\SF\<0.8N(QYES>=\1[!J&TQV9#UEJ!'<;%^JB:2D*L&>MPG7,6,FY;/
MG'"L9)P]-?\ &L9)RF?._%GZ\FO02!ZP0D?+9]1>*QE/'M5((5(7K*)I'DOU
M6