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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedule of concentrations of credit risk

Revenue

Accounts Receivable

 

For the Three Months Ended

For the Nine Months Ended

As of

As of

 

September 30, 

September 30, 

September 30, 

    

December 31, 

 

    

2024

    

2023

    

2024

    

2023

    

2024

2023

 

Customer A

 

*

56

%

*

59

%

*

*

Customer B

 

32

%

*

14

%

*

34

%

*

Customer C

 

21

%

*

*

*

*

*

Customer D

*

15

%

13

%

10

%

*

*

Customer E

*

14

%

*

*

*

*

Customer F

*

*

10

%

*

27

%

*

Customer G

*

*

*

*

10

%

*

Customer H

 

*

*

*

*

*

52

%

Customer I

*

*

*

*

*

20

%

Customer J

*

*

*

*

*

14

%

Total

 

53

%

85

%

37

%

69

%

71

%

86

%

*

Less than 10%

For the Three Months Ended

 

For the Nine Months Ended

    

September 30, 

 

September 30, 

    

2024

    

2023

    

2024

    

2023

Vendor A

 

*

25

%

*

11

%

Vendor B

 

*

*

*

11

%

Vendor C

*

*

12

%

*

 

0

%

25

%

12

%

22

%

*

Less than 10%

Schedule of inventory

    

September 30, 

    

December 31, 

2024

2023

Raw materials

$

436,538

$

322,111

Finished goods

 

169,717

 

826,936

Total inventory

$

606,255

$

1,149,047

Schedule of revenue recognized

For the Three Months Ended

For the Nine Months Ended

September 30, 

September 30, 

    

2024

    

2023

    

2024

    

2023

Revenue Recognized at a Point in Time:

Product sales

$

765,201

$

1,896,470

$

2,515,063

$

5,483,098

Contract services

1,149,667

692,566

2,851,374

1,093,586

IP license

1,028,767

1,028,767

Total

2,943,635

2,589,036

6,395,204

6,576,684

Revenue Recognized Over Time:

Contract services

 

242,143

 

451,971

 

971,683

 

919,631

Total Revenue

$

3,185,778

$

3,041,007

$

7,366,887

$

7,496,315

Schedule of of basic and diluted net loss per common share

    

For the Three Months Ended

    

For the Nine Months Ended

September 30, 

September 30, 

2024

    

2023

2024

    

2023

Numerator:

 

  

    

  

 

  

    

  

Net loss

$

(2,003,764)

$

(5,562,274)

$

(12,903,168)

$

(18,500,127)

Denominator (weighted average quantities):

 

 

 

 

Common shares issued

 

194,103,040

 

120,704,579

 

173,326,462

 

118,146,547

Less: Treasury shares purchased

 

(131,162)

 

(131,162)

 

(131,162)

 

(131,162)

Less: Unvested restricted shares

 

(427,174)

 

(3,433,400)

 

(728,533)

(2,952,892)

Add: Accrued issuable equity

205,293

4,435

137,112

87,268

Add: Vested unissued restricted stock units

750,000

750,000

Denominator for basic and diluted net loss per share

194,499,997

117,144,452

173,353,879

115,149,761

 

 

 

 

Basic and diluted net loss per common share

$

(0.01)

$

(0.05)

$

(0.07)

$

(0.16)

Schedule of shares were excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive

September 30, 

    

2024

    

2023

Prepaid advance liability(1)

20,866,741

Unvested restricted stock awards

150,000

3,471,008

Unvested restricted stock units

3,537,611

3,000,000

Options

 

538,341

 

955,216

Warrants

2,714,587

2,524,410

Total

 

6,940,539

 

30,817,375

(1) Shares issuable estimated using the floor price of $0.75 per share pursuant to the supplemental agreement to the SEPA (see Note 6 – Prepaid Advance Liability).