SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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9 Months Ended |
Sep. 30, 2024 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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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 | % |
| | | | | | | | | | | | 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 | % |
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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 |
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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 |
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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) |
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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).
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