Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 04, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-33624 | |
Entity Registrant Name | SINTX Technologies, Inc. | |
Entity Central Index Key | 0001269026 | |
Entity Tax Identification Number | 84-1375299 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1885 West 2100 South | |
Entity Address, City or Town | Salt Lake City | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84119 | |
City Area Code | (801) | |
Local Phone Number | 839-3500 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | SINT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,208,029 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 9,328 | $ 6,245 |
Account and other receivables, net of allowance | 385 | 328 |
Prepaid expenses and other current assets | 677 | 344 |
Inventories | 695 | 284 |
Other current assets | 15 | 8 |
Total current assets | 11,100 | 7,209 |
Inventories, net | 188 | 453 |
Property and equipment, net | 5,651 | 5,691 |
Intangible assets, net | 24 | 26 |
Operating lease right of use asset | 2,055 | 2,309 |
Other long-term assets | 80 | 85 |
Total assets | 19,098 | 15,773 |
Current liabilities: | ||
Accounts payable | 502 | 434 |
Accrued liabilities | 1,507 | 1,618 |
Current portion of long-term debt | 94 | 160 |
Derivative liabilities | 1,051 | 5,126 |
Current portion of operating lease liability | 769 | 738 |
Other current liabilities | 3 | 2 |
Total current liabilities | 3,926 | 8,078 |
Operating lease liability, net of current portion | 1,347 | 1,621 |
Long term debt, net of current portion | 13 | 368 |
Other long-term liabilities | 2 | |
Total liabilities | 5,286 | 10,069 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value, 250,000,000 shares authorized; 4,208,027 and 542,145 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. | 42 | 5 |
Additional paid-in capital | 278,973 | 268,154 |
Accumulated deficit | (265,203) | (262,455) |
Total stockholders’ equity | 13,812 | 5,704 |
Total liabilities and stockholders’ equity | 19,098 | 15,773 |
Series B Convertible Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock value | ||
Series C Convertible Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock value | ||
Series D Convertible Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock value | ||
Series E Convertible Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock value |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 4,208,027 | 542,145 |
Common stock, shares outstanding | 4,208,027 | 542,145 |
Series B Convertible Preferred Stock [Member] | ||
Convertible preferred stock, par value | $ 0.01 | $ 0.01 |
Convertible preferred stock, shares authorized | 130,000,000 | 130,000,000 |
Convertible preferred stock, shares issued | 26 | 26 |
Convertible preferred stock, shares outstanding | 26 | 26 |
Series C Convertible Preferred Stock [Member] | ||
Convertible preferred stock, par value | $ 0.01 | $ 0.01 |
Convertible preferred stock, shares authorized | 130,000,000 | 130,000,000 |
Convertible preferred stock, shares issued | 50 | 50 |
Convertible preferred stock, shares outstanding | 50 | 50 |
Series D Convertible Preferred Stock [Member] | ||
Convertible preferred stock, par value | $ 0.01 | $ 0.01 |
Convertible preferred stock, shares authorized | 130,000,000 | 130,000,000 |
Convertible preferred stock, shares issued | 180 | 206 |
Convertible preferred stock, shares outstanding | 180 | 206 |
Series E Convertible Preferred Stock [Member] | ||
Convertible preferred stock, par value | $ 0.01 | $ 0.01 |
Convertible preferred stock, shares authorized | 130,000,000 | 130,000,000 |
Convertible preferred stock, shares issued | 0 | 1 |
Convertible preferred stock, shares outstanding | 0 | 1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Total revenue | $ 508 | $ 240 | $ 1,047 | $ 370 |
Costs of revenue | 104 | 66 | 222 | 146 |
Gross profit | 404 | 174 | 825 | 224 |
Operating expenses: | ||||
Research and development | 2,148 | 1,476 | 4,364 | 3,128 |
General and administrative | 1,168 | 993 | 2,323 | 1,849 |
Sales and marketing | 308 | 338 | 618 | 732 |
Grant and contract expenses | 244 | 150 | 540 | 176 |
Total operating expenses | 3,868 | 2,957 | 7,845 | 5,885 |
Loss from operations | (3,464) | (2,783) | (7,020) | (5,661) |
Other income (expenses): | ||||
Interest expense | (2) | (8) | ||
Interest income | 47 | 2 | 84 | 3 |
Loss on disposal of assets | (1) | (1) | ||
Change in fair value of derivative liabilities | 965 | 108 | 4,971 | 148 |
Offering costs of derivative liabilities | (786) | |||
Other income, net | (3) | 162 | 5 | 162 |
Total other income (expense), net | 1,009 | 271 | 4,272 | 304 |
Net loss before income taxes | (2,455) | (2,512) | (2,748) | (5,357) |
Provision for income taxes | ||||
Net loss | (2,455) | (2,512) | (2,748) | (5,357) |
Deemed dividend related to convertible preferred stock | (26) | (26) | ||
Net loss attributable to common stockholders | $ (2,481) | $ (2,512) | $ (2,774) | $ (5,357) |
Net loss per share – basic and diluted | ||||
Basic – net loss | $ (0.60) | $ (10.16) | $ (0.87) | $ (21.68) |
Basic – deemed dividend on conversion of preferred stock | (0.01) | (0.01) | ||
Basic – attributable to common stockholders | (0.61) | (10.16) | (0.88) | (21.68) |
Diluted – net loss | (0.77) | (10.45) | (2.23) | (21.95) |
Diluted - deemed dividend on conversion of preferred stock | (0.01) | (0.01) | ||
Diluted – attributable to common stockholders | $ (0.78) | $ (10.45) | $ (2.24) | $ (21.95) |
Weighted average common shares outstanding: | ||||
Basic | 4,070,195 | 247,166 | 3,176,558 | 247,144 |
Diluted | 4,436,613 | 250,787 | 3,282,667 | 250,806 |
Product [Member] | ||||
Total revenue | $ 235 | $ 80 | $ 475 | $ 181 |
Grant and Contract [Member] | ||||
Total revenue | $ 273 | $ 160 | $ 572 | $ 189 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance at Dec. 31, 2021 | $ 2 | $ 267,609 | $ (250,416) | $ 17,195 | |
Beginning balance, shares at Dec. 31, 2021 | 77 | 247,105 | |||
Stock based compensation | 102 | 102 | |||
Stock based compensation, shares | 30 | ||||
Net income (loss) | (2,845) | (2,845) | |||
Ending balance at Mar. 31, 2022 | $ 2 | 267,711 | (253,261) | 14,452 | |
Ending balance, shares at Mar. 31, 2022 | 77 | 247,135 | |||
Beginning balance at Dec. 31, 2021 | $ 2 | 267,609 | (250,416) | 17,195 | |
Beginning balance, shares at Dec. 31, 2021 | 77 | 247,105 | |||
Net income (loss) | $ (5,357) | ||||
Issuance of common stock from the cashless exercise of warrants, shares | |||||
Ending balance at Jun. 30, 2022 | $ 2 | 267,821 | (255,773) | $ 12,050 | |
Ending balance, shares at Jun. 30, 2022 | 77 | 247,195 | |||
Beginning balance at Mar. 31, 2022 | $ 2 | 267,711 | (253,261) | 14,452 | |
Beginning balance, shares at Mar. 31, 2022 | 77 | 247,135 | |||
Stock based compensation | 88 | 88 | |||
Stock based compensation, shares | 60 | ||||
Net income (loss) | (2,512) | (2,512) | |||
Acquisition of subsidiary | 22 | 22 | |||
Ending balance at Jun. 30, 2022 | $ 2 | 267,821 | (255,773) | 12,050 | |
Ending balance, shares at Jun. 30, 2022 | 77 | 247,195 | |||
Beginning balance at Dec. 31, 2022 | $ 5 | 268,154 | (262,455) | 5,704 | |
Beginning balance, shares at Dec. 31, 2022 | 283 | 542,145 | |||
Stock based compensation | 86 | 86 | |||
Stock based compensation, shares | 15 | ||||
Net income (loss) | (293) | (293) | |||
Common stock issued for cash, net of cash fees | $ 20 | 4,437 | 4,457 | ||
Common stock issued for cash, net of cash fees, shares | 1,980,000 | ||||
Prefunded warrants issued for cash, net of cash fees | 383 | 383 | |||
Extinguishment of derivative liability upon exercise of warrant | 5,502 | 5,502 | |||
Issuance of common stock from the exercise of prefunded warrants for cash | $ 2 | (2) | |||
Issuance of common stock from the exercise of prefunded warrants for cash, shares | 170,000 | ||||
Issuance of common stock from the cashless exercise of warrants | $ 13 | (13) | |||
Issuance of common stock from the cashless exercise of warrants, shares | 1,337,600 | ||||
Redemption of preferred stock | (2) | (2) | |||
Redemption of preferred stock, shares | (1) | ||||
Issuance of agent warrants | 108 | 108 | |||
Round up shares issued in reverse split | |||||
Round up shares issued in reverse split, shares | 20,475 | ||||
Ending balance at Mar. 31, 2023 | $ 40 | 278,653 | (262,748) | 15,945 | |
Ending balance, shares at Mar. 31, 2023 | 282 | 4,040,235 | |||
Beginning balance at Dec. 31, 2022 | $ 5 | 268,154 | (262,455) | 5,704 | |
Beginning balance, shares at Dec. 31, 2022 | 283 | 542,145 | |||
Net income (loss) | $ (2,748) | ||||
Issuance of common stock from the cashless exercise of warrants, shares | |||||
Ending balance at Jun. 30, 2023 | $ 42 | 278,973 | (265,203) | $ 13,812 | |
Ending balance, shares at Jun. 30, 2023 | 256 | 4,208,027 | |||
Beginning balance at Mar. 31, 2023 | $ 40 | 278,653 | (262,748) | 15,945 | |
Beginning balance, shares at Mar. 31, 2023 | 282 | 4,040,235 | |||
Stock based compensation | 71 | 71 | |||
Stock based compensation, shares | 68 | ||||
Net income (loss) | (2,455) | (2,455) | |||
Extinguishment of derivative liability upon exercise of warrant | 251 | 251 | |||
Issuance of common stock from the cashless exercise of warrants | $ 2 | (2) | |||
Issuance of common stock from the cashless exercise of warrants, shares | 156,000 | ||||
Issuance of common stock from the conversion of preferred stock | |||||
Issuance of common stock from conversion of preferred stock, shares | (26) | 1,723 | |||
Deemed dividend related to the conversion of preferred stock | (26) | (26) | |||
Deemed dividend related to the conversion of preferred stock | 26 | 26 | |||
Ending balance at Jun. 30, 2023 | $ 42 | $ 278,973 | $ (265,203) | $ 13,812 | |
Ending balance, shares at Jun. 30, 2023 | 256 | 4,208,027 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flow From Operating Activities | ||
Net loss | $ (2,748) | $ (5,357) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 374 | 137 |
Amortization of right of use asset | 369 | 262 |
Amortization of intangible assets | 3 | 3 |
Stock based compensation | 157 | 190 |
Change in fair value of derivative liabilities | (4,863) | (148) |
Gain on disposal of property and equipment | (1) | |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (58) | 27 |
Prepaid expenses and other current assets | (336) | (498) |
Inventories | (146) | (178) |
Accounts payable and accrued liabilities | (109) | 84 |
Other liabilities | (357) | 2 |
Payments on operating lease liability | (357) | (245) |
Net cash used in operating activities | (8,071) | (5,722) |
Cash Flows From Investing Activities | ||
Purchase of property and equipment | (334) | (598) |
Cash acquired in acquisition (see Note 2) | 303 | |
Net cash used in investing activities | (334) | (295) |
Cash Flows From Financing Activities | ||
Proceeds from issuance of warrant derivative liabilities | 6,650 | |
Proceeds from issuance of common stock and prefunded warrants, net of cash fees of $600 | 4,840 | |
Redemption of preferred stock Series E | (2) | |
Payments on debt | (509) | |
Net cash provided by (used in) financing activities | 11,488 | (509) |
Net increase (decrease) in cash and cash equivalents | 3,083 | (6,526) |
Cash and cash equivalents at beginning of period | 6,245 | 14,273 |
Cash and cash equivalents at end of period | 9,328 | 7,747 |
Noncash Investing and Financing Activities | ||
Extinguishment of derivative liabilities through exercise of warrants | 5,753 | |
Right of use asset for lease liability | 114 | |
Par value of common stock upon cashless exercise of warrants | 15 | |
Par value of common stock upon exercise of prefunded warrants | 2 | |
Acquisition of subsidiary through assumption of debt | 22 | |
Reduction of debt through increase in accrued liabilities | 100 | |
Supplemental Cash Flow Information | ||
Cash paid for interest | $ 2 | $ 21 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Statement of Cash Flows [Abstract] | |
Net of cash fees | $ 600 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies The condensed consolidated financial statements include the accounts of SINTX Technologies, Inc. (“SINTX”) and its wholly-owned subsidiaries, SINTX Armor, Inc. (“SINTX Armor”) and Technology Assessment and Transfer, Inc. (TA&T), which are collectively referred to as “we” or “the Company”. SINTX is an advanced ceramics company formed in December 1996 (and was previously known as Amedica Corporation) and is focused on providing solutions in a variety of biomedical, technical, and antipathogenic applications. We have grown from focusing primarily on the research, development and commercialization of medical devices manufactured with silicon nitride to becoming an advanced ceramics company engaged in diverse fields, including biomedical, technical and antipathogenic applications. This diversification enables us to focus on our core competencies, which are the manufacturing, research, and development of products comprised from advanced ceramic materials for external partners. We seek to connect with new customers, partners and manufacturers to help them realize the goal of leveraging our expertise in advanced ceramics to create new, innovative products across these sectors. The Company presently manufactures ceramic powders and components in its Salt Lake City and Maryland facilities. The SINTX Salt Lake City facility is FDA and ANVISA registered, ISO 13485:2016 certified, and ASD9100D certified. The Company’s products are primarily sold in the United States. The Company is focused on building revenue generating opportunities in three business industries – biomedical, technical (including armor), and antipathogenic – thereby connecting with current and new customers, partners and manufacturers to help realize the goal of leveraging expertise in high-tech ceramics to create new, innovative opportunities across these sectors. We expect our continued investment in research and development to provide additional revenue opportunities. SINTX believes it is the first and only manufacturer to use silicon nitride in medical applications primarily focused on spine fusion therapies. Since then, we have developed other applications for our silicon nitride technology as well as utilized our expertise in the use of ceramic materials in other applications. In July 2021, the Company acquired the equipment and obtained certain proprietary know-how rights it is now using to develop, manufacture, and commercialize protective armor from boron carbide and a composite material of silicon carbide and boron carbide for military, law enforcement and civilian uses. The protective armor operations are housed in SINTX Armor. In June 2022, the Company acquired TA&T, a nearly 40-year-old business with a mission to transition advanced materials and process technologies from a laboratory environment to commercial products and services. On October 1, 2018, the Company completed the sale of its retail spine business to CTL Medical, a Dallas, Texas-based privately held medical device manufacturer. As a result of the sale, CTL Medical became the exclusive owner of the Company’s portfolio of metal and silicon nitride spine products, as well as access to future silicon nitride spine technologies developed by the Company. The Company’s name, Amedica, was also transferred to CTL Medical, which is now CTL Amedica. The Company serves as CTL’s exclusive OEM provider of silicon nitride spine products. Manufacturing, R&D, and all intellectual property related to the core, non-spine, biomaterial technology including silicon nitride remains with the Company. On October 30, 2018, the Company amended its Certificate of Incorporation with the State of Delaware to change its corporate name to SINTX Technologies, Inc. The Company also changed its trading symbol on the NASDAQ Capital Market to “SINT”. The Company’s new corporate brand reflects both the Company’s core competence in the science and production of silicon nitride ceramics and other ceramics, as well as encouraging prospects for the future, as an OEM supplier of spine implants to CTL Amedica, and multiple opportunities outside of spine. Basis of Presentation These unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) and include all assets and liabilities of the Company. SEC rules and regulations allow the omission of certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) so long as the statements are not misleading. In the opinion of management, these financial statements and accompanying notes contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position and results of operations for the periods presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 29, 2023. The results of operations for the six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the year ending December 31, 2023. The Company’s significant accounting policies are set forth in Note 1 to the consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2022. Reverse Stock Split On December 20, 2022, the Company effected a 1 for 100 reverse stock split Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. As of June 30, 2023, the most significant estimate relates to derivative liabilities relating to common stock warrants. Liquidity and Capital Resources The condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern within one year from the date of issuance of these condensed consolidated financial statements. For the six months ended June 30, 2023, and 2022, the Company incurred a net loss of $ 2.7 5.4 8.1 5.7 265.2 262.5 The Company is actively generating additional scientific and clinical data to have it published in leading industry publications. The unique features of our advanced ceramic materials are not well known, and we believe the publication of such data would help sales efforts as the Company approaches new prospects. The Company is also making additional changes to the sales strategy, including a focus on revenue growth by expanding the use of silicon nitride in other areas outside of spinal fusion applications. The Company has also acquired equipment and certain proprietary know-how for the purpose of developing, manufacturing and commercializing armored plates made from boron carbide and a composite of boron carbide and silicon carbide for military, law enforcement and other civilian uses. The addition of TA&T also expands the Company’s opportunity for revenue growth. The Company has common stock that is publicly traded and has been able to successfully raise capital when needed since the date of the Company’s initial public offering in February 2014. On February 25, 2021, the Company entered into an Equity Distribution Agreement (as amended, the “2021 Distribution Agreement”) with Maxim Group LLC (“Maxim”), pursuant to which the Company may sell from time to time, shares of the Company’s common stock having an aggregate offering price of up to $ 2.0 The Offering will terminate upon the earlier of (i) the sale of shares having an aggregate offering price of $15.0 million, (ii) the termination by either Maxim or the Company upon the provision of fifteen (15) days written notice, or (iii) February 25, 2024. Under the terms of the 2021 Distribution Agreement, Maxim will be entitled to a transaction fee at a fixed rate of 2.0% of the gross sales price of Shares sold under the 2021 Distribution Agreement. The Company will also reimburse Maxim for certain expenses incurred in connection with the 2021 Distribution Agreement and agreed to provide indemnification and contribution to Maxim with respect to certain liabilities under the Securities Act and the Securities Exchange Act of 1934, as amended. As of June 30, 2023, there have been no sales of shares of common stock under the 2021 Distribution Agreement Because the company’s public float is less than $75 million, we may not sell securities over a 12-month period in an amount greater than one-third of our public float. On October 17, 2022, the Company closed on the sale of 4,656 4.7 On February 10, 2023, the Company closed on a public offering of 2,150,000 12.0 If the Company seeks to obtain additional equity and/or debt financing, such funding is not assured and may not be available to the Company on favorable or acceptable terms and may involve significant restrictive covenants. Any additional equity financing is also not assured and, if available to the Company, will most likely be dilutive to its current stockholders. If the Company is not able to obtain additional debt or equity financing on a timely basis, the impact on the Company will be material and adverse. These uncertainties raise substantial doubt about our ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. Grant and Contract Revenue Revenues from grants, contracts, and awards provided by governmental agencies are recorded based upon the terms of the specific agreements, which generally provide that revenue is earned when the allowable costs specified in the applicable agreement have been incurred or a milestone has been met. Cash received from federal grants, contracts, and awards can be subject to audit by the grantor and, if the examination results in a disallowance of any expenditure, repayment could be required. New Accounting Pronouncements Recently Adopted In August 2020, the Financial Statement Accounting Board (the “FASB”) issued ASU 2020-06 which simplifies the accounting for convertible instruments and its application of the derivatives scope exception for contracts in an entity’s own equity. For contracts in an entity’s own equity, the new guidance eliminates some of the current requirements for equity classification such as the requirement that settlement in unregistered shares is permitted. In addition, the new guidance reduces the number of accounting models that require separating embedded conversion features from convertible instruments, including eliminating the requirement to recognize a beneficial conversion feature if the conversion feature is in the money and does not require bifurcation as a derivative liability. As a result, only conversion features accounted for under the substantial premium model and those that require bifurcation will be accounted for separately. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. The Company adopted the new standards January 1, 2023. The adoption of this standard allows the Company in the future and, in certain circumstances, to avoid derivative treatment of warrants and avoid beneficial conversion treatment of certain convertible preferred shares. New Accounting Pronouncements Not Yet Adopted The Company has reviewed all recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that no other pronouncements will have a significant effect on its financial statements. |
Basic and Diluted Net Income (L
Basic and Diluted Net Income (Loss) per Common Share | 6 Months Ended |
Jun. 30, 2023 | |
Net loss per share – basic and diluted | |
Basic and Diluted Net Income (Loss) per Common Share | 2. Basic and Diluted Net Income (Loss) per Common Share Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period that are determined to be dilutive. Common stock equivalents are primarily comprised of preferred stock and warrants for the purchase of common stock. The Company had potentially dilutive securities, totaling approximately 1.2 2.4 Below are basic and diluted loss per share data for the three months ended June 30, 2023, which are in thousands except for share and per share data: Schedule of Basic and Diluted Loss Per Share Effect of Dilutive Basic Warrant Diluted Calculation Securities Calculation Numerator: Net loss $ (2,455 ) $ (964 ) $ (3,419 ) Deemed dividend and accretion of a discount (26 ) - (26 ) Net loss attributable to common stockholders $ (2,481 ) $ (964 ) $ (3,445 ) Denominator: Number of shares used in per common share calculations: 4,070,195 366,418 4,436,613 Net loss per common share: Net loss $ (0.60 ) $ (2.63 ) $ (0.77 ) Deemed dividend and accretion of a discount (0.01 ) - (0.01 ) Net loss attributable to common stockholders $ (0.61 ) $ (2.63 ) $ (0.78 ) Below are basic and diluted loss per share data for the six months ended June 30, 2023, which are in thousands except for share and per share data: Effect of Dilutive Basic Warrant Diluted Calculation Securities Calculation Numerator: Net loss $ (2,748 ) $ (4,557 ) $ (7,305 ) Deemed dividend and accretion of a discount (26 ) - (26 ) Net loss attributable to common stockholders $ (2,774 ) $ (4,557 ) $ (7,331 ) Denominator: Number of shares used in per common share calculations: 3,176,558 106,109 3,282,667 Net loss per common share: Net loss $ (0.87 ) $ (42.95 ) $ (2.23 ) Deemed dividend and accretion of a discount (0.01 ) - (0.01 ) Net loss attributable to common stockholders $ (0.88 ) $ (42.95 ) $ (2.24 ) Below are basic and diluted loss per share data for the three months ended June 30, 2022, which are in thousands except for share and per share data: Effect of Dilutive Basic Warrant Diluted Calculation Securities Calculation Numerator: Net loss $ (2,512 ) $ (108 ) $ (2,620 ) Deemed dividend and accretion of a discount - - - Net loss attributable to common stockholders $ (2,512 ) $ (108 ) $ (2,620 ) Denominator: Number of shares used in per common share calculations: 247,166 3,622 250,787 Net loss per common share: Net loss $ (10.16 ) $ (29.82 ) $ (10.45 ) Deemed dividend and accretion of a discount - - - Net loss attributable to common stockholders $ (10.16 ) $ (29.82 ) $ (10.45 ) Below are basic and diluted loss per share data for the six months ended June 30, 2022, which are in thousands except for share and per share data: Effect of Dilutive Basic Warrant Diluted Calculation Securities Calculation Numerator: Net loss $ (5,357 ) $ (148 ) $ (5,505 ) Deemed dividend and accretion of a discount - - - Net loss attributable to common stockholders $ (5,357 ) $ (148 ) $ (5,505 ) Denominator: Number of shares used in per common share calculations: 247,144 3,662 250,806 Net loss per common share: Net loss $ (21.68 ) $ (40.42 ) $ (21.95 ) Deemed dividend and accretion of a discount - - - Net loss attributable to common stockholders $ (21.68 ) $ (40.42 ) $ (21.95 ) |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories Inventories consisted of the following (in thousands): Schedule of Components of Inventory June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Raw materials $ 529 $ 552 WIP 285 94 Finished goods 69 91 Inventory net $ 883 $ 737 As of June 30, 2023, inventories totaling approximately $ 0.7 0.2 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements Financial Instruments Measured and Recorded at Fair Value on a Recurring Basis The Company has issued certain warrants to purchase shares of common stock, which are considered derivative liabilities because they have registration rights which could require a cash settlement and are re-measured to fair value at each reporting period in accordance with accounting guidance. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 - quoted market prices for identical assets or liabilities in active markets. Level 2 - observable prices that are based on inputs not quoted on active markets but corroborated by market data. Level 3 - unobservable inputs reflecting management’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. The Company classifies assets and liabilities measured at fair value in their entirety based on the lowest level of input that is significant to their fair value measurement. No financial assets were measured on a recurring basis as of June 30, 2023, and December 31, 2022. The following tables set forth the financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2023, and December 31, 2022 (in thousands): Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis by Level Within Fair Value Hierarchy Fair Value Measurements as of June 30, 2023 Description Level 1 Level 2 Level 3 Total Derivative liability Common stock warrants $ - $ - $ 1,051 $ 1,051 Fair Value Measurements as of December 31, 2022 Description Level 1 Level 2 Level 3 Total Derivative liability Common stock warrants $ - $ - $ 5,126 $ 5,126 The Company did not have any transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy during the six months ended June 30, 2023, and 2022. The following table presents a reconciliation of the derivative liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2023, and 2022 (in thousands): Schedule of Fair Value Measurement Hierarchy of Derivative Liability Common Stock Warrants Balance as of December 31, 2021 $ (347 ) Issuance of derivatives - Exercise of warrants - Change in fair value 148 Other, net 1 Balance as of June 30, 2022 $ (198 ) Balance as of December 31, 2022 $ (5,126 ) Issuance of derivatives (6,650 ) Exercise of warrants 5,753 Change in fair value 4,971 Other 1 Balance as of June 30, 2023 $ (1,051 ) Common Stock Warrants The Company has issued certain warrants to purchase shares of common stock, which are considered derivative liabilities because they have registration rights which could require a cash settlement and are re-measured to fair value at each reporting period in accordance with accounting guidance. As of June 30, 2023, and December 31, 2022, the derivative liability was calculated using the Monte Carlo Simulation valuation. The assumptions used in estimating the common stock warrant liability using the Monte Carlo simulation valuation model as of June 30, 2023, and December 31, 2022 were as follows: Schedule of Assumptions Used in Estimating Fair Value June 30, 2023 December 31, 2022 Weighted-average risk-free interest rate 4.13 5.14 % 3.99 4.42 % Weighted-average expected life (in years) 1.61 4.62 0.07 4.80 Expected dividend yield - % - % Weighted-average expected volatility 103.4 126.0 % 103.6 243.0 % Other Financial Instruments The Company’s recorded values of cash and cash equivalents, account and other receivables, accounts payable and accrued liabilities approximate their fair values based on their short-term nature. The recorded value of notes payable approximates the fair value as the interest rate approximates market interest rates. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): Schedule of Accrued Liabilities June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Payroll and related expense $ 701 $ 524 Accrued payables 262 464 Other 544 630 Accrued liabilities $ 1,507 $ 1,618 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt Business Loan On July 20, 2021, TA&T (see Note 2), entered into a Loan Authorization and Agreement in the amount of approximately $ 350,000 35,000 3.75 Related Party Debt TA&T is obligated to repay certain personal loans made by the founders of TA&T to TA&T prior to SINTX’s acquisition of TA&T (the Personal Loans”). The total amount of the Personal Loans at June 30, 2022, the date of acquisition, was approximately $ 350,000 The Company agreed to repay the outstanding balance of the Personal Loans in (i) 24 equal monthly installments beginning September 1, 2022 and each month thereafter until paid in full as one prior owner’s portion of the Personal Loans totaling $157,000, and (ii) for the other owner’s portion of the Personal Loans totaling $193,000 107,000 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity | 7. Equity 2023 Registered Offering On February 10, 2023, the Company closed on a public offering of 2,150,000 5.60 5.60 0.4 0.8 five years three years 86,000 12.0 12.0 5.4 4.8 6.7 0.7 0.1 2022 Rights Offering On October 17, 2022, the Company completed a rights offering (the “Rights Offering”) to holders of the Company’s Series B Preferred Shares, Series C Preferred Shares, and warrants issued March 6, 2018, May 8, 2018, May 14, 2018, and February 6, 2020 (collectively, the “Security Holders”) for subscriptions of 4,656 4.7 1,000 1,000 15.102 66 five years 66 three years 2.70 2021 Equity Distribution Agreement On February 25, 2021, the Company entered into an Equity Distribution Agreement (as amended, the “2021 Distribution Agreement”) with Maxim Group LLC (“Maxim”), pursuant to which the Company may sell from time to time, shares of the Company’s common stock having an aggregate offering price of up to $ 2.0 (i) the sale of shares having an aggregate offering price of $ 15.0 75 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation A summary of the Company’s outstanding stock option activity for the six months ended June 30, 2023, and 2022 is as follows: Schedule of Stock Option Activity June 30, 2023 Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Intrinsic Value As of December 31, 2022 11,909 $ 234 6.9 $ - Granted - - - - Exercised - - - - Forfeited - - - - Expired - - - - As of June 30, 2023 11,909 $ 120 7.4 $ - Exercisable at June 30, 2023 9,041 $ 311 7.4 $ - Vested and expected to vest at June 30, 2023 10,286 $ 119 7.4 $ - June 30, 2022 Weighted- Average Weighted- Average Remaining Contractual Intrinsic Options Exercise Price (Years) Value As of December 31, 2021 8,339 $ 391 8.7 $ 87,553 Granted 3,570 45 10.0 - Exercised - - - - Forfeited - - - - Expired - - - - As of June 30, 2022 11,909 $ 238 8.6 $ - Exercisable at June 30, 2022 4,622 $ 522 8.1 $ - Vested and expected to vest at June 30, 2022 11,173 $ 247 8.6 $ - The Company estimates the fair value of each stock option on the grant date using the Black-Scholes-Merton valuation model, which requires several estimates including an estimate of the fair value of the underlying common stock on grant date. The expected volatility was based on an average of the historical volatility of the Company. The expected term was contractual life of option. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. The Company did not grant any stock options during the first quarter of 2023. Of the 11,909 3,550 Unrecognized stock-based compensation as of June 30, 2023, is as follows (in thousands): Schedule of Unrecognized Stock-based Compensation Weighted Average Unrecognized Stock-Based Remaining of Recognition Compensation (in years) Stock options $ 204 0.9 Stock grants $ 46 6.5 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies The Company has executed agreements with certain executive officers of the Company which, upon the occurrence of certain events related to a change in control, call for payments to the executives up to three times their annual salary and accelerated vesting of previously granted stock options. From time to time, the Company is subject to various claims and legal proceedings covering matters that arise in the ordinary course of its business activities. Management believes any liability that may ultimately result from the resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, operating results or cash flows. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
Leases | 10. Leases The Company has entered into multiple operating leases from which it conducts its business. SINTX With respect to SINTX operations, the Company leases 29,534 This lease expires at the end of 2024. The lease has two five-year extension options. SINTX Armor On August 19, 2021, the Company, on behalf of SINTX Armor, entered into an Industrial Lease Agreement (the “SINTX Armor Lease”) pursuant to which the Company has agreed to lease approximately 10,936 122 TA&T In connection with operation of its business, TA&T has entered into various leases from which it conducts its research, development and manufacturing activities. The leases have various expiration dates ranging from July 2023 through April 2025 Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized on a straight-line basis over the term of the lease. The Company accounts for lease components separately from the non-lease components. The depreciable life of the assets and leasehold improvements are limited by the expected lease term. As of June 30, 2023, the operating lease right-of-use assets totaled approximately $ 2.1 2.1 0.4 0.3 6.5 Operating lease future minimum payments together with the present values as of June 30, 2023, are summarized as follows: Schedule of Operating Lease Future Minimum Payments Years Ending December 31, June 30, 2023 2023 $ 437 2024 897 2025 269 2026 190 2027 131 Thereafter 539 Total future minimum lease payments 2,463 Less amounts representing interests (347 ) Present value of lease liability 2,116 Current-portion of operating lease liability 769 Long-term portion operating lease liability $ 1,347 |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation These unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) and include all assets and liabilities of the Company. SEC rules and regulations allow the omission of certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) so long as the statements are not misleading. In the opinion of management, these financial statements and accompanying notes contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position and results of operations for the periods presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 29, 2023. The results of operations for the six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the year ending December 31, 2023. The Company’s significant accounting policies are set forth in Note 1 to the consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2022. |
Reverse Stock Split | Reverse Stock Split On December 20, 2022, the Company effected a 1 for 100 reverse stock split |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. As of June 30, 2023, the most significant estimate relates to derivative liabilities relating to common stock warrants. |
Liquidity and Capital Resources | Liquidity and Capital Resources The condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern within one year from the date of issuance of these condensed consolidated financial statements. For the six months ended June 30, 2023, and 2022, the Company incurred a net loss of $ 2.7 5.4 8.1 5.7 265.2 262.5 The Company is actively generating additional scientific and clinical data to have it published in leading industry publications. The unique features of our advanced ceramic materials are not well known, and we believe the publication of such data would help sales efforts as the Company approaches new prospects. The Company is also making additional changes to the sales strategy, including a focus on revenue growth by expanding the use of silicon nitride in other areas outside of spinal fusion applications. The Company has also acquired equipment and certain proprietary know-how for the purpose of developing, manufacturing and commercializing armored plates made from boron carbide and a composite of boron carbide and silicon carbide for military, law enforcement and other civilian uses. The addition of TA&T also expands the Company’s opportunity for revenue growth. The Company has common stock that is publicly traded and has been able to successfully raise capital when needed since the date of the Company’s initial public offering in February 2014. On February 25, 2021, the Company entered into an Equity Distribution Agreement (as amended, the “2021 Distribution Agreement”) with Maxim Group LLC (“Maxim”), pursuant to which the Company may sell from time to time, shares of the Company’s common stock having an aggregate offering price of up to $ 2.0 The Offering will terminate upon the earlier of (i) the sale of shares having an aggregate offering price of $15.0 million, (ii) the termination by either Maxim or the Company upon the provision of fifteen (15) days written notice, or (iii) February 25, 2024. Under the terms of the 2021 Distribution Agreement, Maxim will be entitled to a transaction fee at a fixed rate of 2.0% of the gross sales price of Shares sold under the 2021 Distribution Agreement. The Company will also reimburse Maxim for certain expenses incurred in connection with the 2021 Distribution Agreement and agreed to provide indemnification and contribution to Maxim with respect to certain liabilities under the Securities Act and the Securities Exchange Act of 1934, as amended. As of June 30, 2023, there have been no sales of shares of common stock under the 2021 Distribution Agreement Because the company’s public float is less than $75 million, we may not sell securities over a 12-month period in an amount greater than one-third of our public float. On October 17, 2022, the Company closed on the sale of 4,656 4.7 On February 10, 2023, the Company closed on a public offering of 2,150,000 12.0 If the Company seeks to obtain additional equity and/or debt financing, such funding is not assured and may not be available to the Company on favorable or acceptable terms and may involve significant restrictive covenants. Any additional equity financing is also not assured and, if available to the Company, will most likely be dilutive to its current stockholders. If the Company is not able to obtain additional debt or equity financing on a timely basis, the impact on the Company will be material and adverse. These uncertainties raise substantial doubt about our ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
Grant and Contract Revenue | Grant and Contract Revenue Revenues from grants, contracts, and awards provided by governmental agencies are recorded based upon the terms of the specific agreements, which generally provide that revenue is earned when the allowable costs specified in the applicable agreement have been incurred or a milestone has been met. Cash received from federal grants, contracts, and awards can be subject to audit by the grantor and, if the examination results in a disallowance of any expenditure, repayment could be required. |
New Accounting Pronouncements Recently Adopted | New Accounting Pronouncements Recently Adopted In August 2020, the Financial Statement Accounting Board (the “FASB”) issued ASU 2020-06 which simplifies the accounting for convertible instruments and its application of the derivatives scope exception for contracts in an entity’s own equity. For contracts in an entity’s own equity, the new guidance eliminates some of the current requirements for equity classification such as the requirement that settlement in unregistered shares is permitted. In addition, the new guidance reduces the number of accounting models that require separating embedded conversion features from convertible instruments, including eliminating the requirement to recognize a beneficial conversion feature if the conversion feature is in the money and does not require bifurcation as a derivative liability. As a result, only conversion features accounted for under the substantial premium model and those that require bifurcation will be accounted for separately. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. The Company adopted the new standards January 1, 2023. The adoption of this standard allows the Company in the future and, in certain circumstances, to avoid derivative treatment of warrants and avoid beneficial conversion treatment of certain convertible preferred shares. |
New Accounting Pronouncements Not Yet Adopted | New Accounting Pronouncements Not Yet Adopted The Company has reviewed all recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that no other pronouncements will have a significant effect on its financial statements. |
Basic and Diluted Net Income _2
Basic and Diluted Net Income (Loss) per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Net loss per share – basic and diluted | |
Schedule of Basic and Diluted Loss Per Share | Below are basic and diluted loss per share data for the three months ended June 30, 2023, which are in thousands except for share and per share data: Schedule of Basic and Diluted Loss Per Share Effect of Dilutive Basic Warrant Diluted Calculation Securities Calculation Numerator: Net loss $ (2,455 ) $ (964 ) $ (3,419 ) Deemed dividend and accretion of a discount (26 ) - (26 ) Net loss attributable to common stockholders $ (2,481 ) $ (964 ) $ (3,445 ) Denominator: Number of shares used in per common share calculations: 4,070,195 366,418 4,436,613 Net loss per common share: Net loss $ (0.60 ) $ (2.63 ) $ (0.77 ) Deemed dividend and accretion of a discount (0.01 ) - (0.01 ) Net loss attributable to common stockholders $ (0.61 ) $ (2.63 ) $ (0.78 ) Below are basic and diluted loss per share data for the six months ended June 30, 2023, which are in thousands except for share and per share data: Effect of Dilutive Basic Warrant Diluted Calculation Securities Calculation Numerator: Net loss $ (2,748 ) $ (4,557 ) $ (7,305 ) Deemed dividend and accretion of a discount (26 ) - (26 ) Net loss attributable to common stockholders $ (2,774 ) $ (4,557 ) $ (7,331 ) Denominator: Number of shares used in per common share calculations: 3,176,558 106,109 3,282,667 Net loss per common share: Net loss $ (0.87 ) $ (42.95 ) $ (2.23 ) Deemed dividend and accretion of a discount (0.01 ) - (0.01 ) Net loss attributable to common stockholders $ (0.88 ) $ (42.95 ) $ (2.24 ) Below are basic and diluted loss per share data for the three months ended June 30, 2022, which are in thousands except for share and per share data: Effect of Dilutive Basic Warrant Diluted Calculation Securities Calculation Numerator: Net loss $ (2,512 ) $ (108 ) $ (2,620 ) Deemed dividend and accretion of a discount - - - Net loss attributable to common stockholders $ (2,512 ) $ (108 ) $ (2,620 ) Denominator: Number of shares used in per common share calculations: 247,166 3,622 250,787 Net loss per common share: Net loss $ (10.16 ) $ (29.82 ) $ (10.45 ) Deemed dividend and accretion of a discount - - - Net loss attributable to common stockholders $ (10.16 ) $ (29.82 ) $ (10.45 ) Below are basic and diluted loss per share data for the six months ended June 30, 2022, which are in thousands except for share and per share data: Effect of Dilutive Basic Warrant Diluted Calculation Securities Calculation Numerator: Net loss $ (5,357 ) $ (148 ) $ (5,505 ) Deemed dividend and accretion of a discount - - - Net loss attributable to common stockholders $ (5,357 ) $ (148 ) $ (5,505 ) Denominator: Number of shares used in per common share calculations: 247,144 3,662 250,806 Net loss per common share: Net loss $ (21.68 ) $ (40.42 ) $ (21.95 ) Deemed dividend and accretion of a discount - - - Net loss attributable to common stockholders $ (21.68 ) $ (40.42 ) $ (21.95 ) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventory | Inventories consisted of the following (in thousands): Schedule of Components of Inventory June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Raw materials $ 529 $ 552 WIP 285 94 Finished goods 69 91 Inventory net $ 883 $ 737 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis by Level Within Fair Value Hierarchy | Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis by Level Within Fair Value Hierarchy Fair Value Measurements as of June 30, 2023 Description Level 1 Level 2 Level 3 Total Derivative liability Common stock warrants $ - $ - $ 1,051 $ 1,051 Fair Value Measurements as of December 31, 2022 Description Level 1 Level 2 Level 3 Total Derivative liability Common stock warrants $ - $ - $ 5,126 $ 5,126 |
Schedule of Fair Value Measurement Hierarchy of Derivative Liability | The Company did not have any transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy during the six months ended June 30, 2023, and 2022. The following table presents a reconciliation of the derivative liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2023, and 2022 (in thousands): Schedule of Fair Value Measurement Hierarchy of Derivative Liability Common Stock Warrants Balance as of December 31, 2021 $ (347 ) Issuance of derivatives - Exercise of warrants - Change in fair value 148 Other, net 1 Balance as of June 30, 2022 $ (198 ) Balance as of December 31, 2022 $ (5,126 ) Issuance of derivatives (6,650 ) Exercise of warrants 5,753 Change in fair value 4,971 Other 1 Balance as of June 30, 2023 $ (1,051 ) |
Schedule of Assumptions Used in Estimating Fair Value | The assumptions used in estimating the common stock warrant liability using the Monte Carlo simulation valuation model as of June 30, 2023, and December 31, 2022 were as follows: Schedule of Assumptions Used in Estimating Fair Value June 30, 2023 December 31, 2022 Weighted-average risk-free interest rate 4.13 5.14 % 3.99 4.42 % Weighted-average expected life (in years) 1.61 4.62 0.07 4.80 Expected dividend yield - % - % Weighted-average expected volatility 103.4 126.0 % 103.6 243.0 % |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): Schedule of Accrued Liabilities June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Payroll and related expense $ 701 $ 524 Accrued payables 262 464 Other 544 630 Accrued liabilities $ 1,507 $ 1,618 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | A summary of the Company’s outstanding stock option activity for the six months ended June 30, 2023, and 2022 is as follows: Schedule of Stock Option Activity June 30, 2023 Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Intrinsic Value As of December 31, 2022 11,909 $ 234 6.9 $ - Granted - - - - Exercised - - - - Forfeited - - - - Expired - - - - As of June 30, 2023 11,909 $ 120 7.4 $ - Exercisable at June 30, 2023 9,041 $ 311 7.4 $ - Vested and expected to vest at June 30, 2023 10,286 $ 119 7.4 $ - June 30, 2022 Weighted- Average Weighted- Average Remaining Contractual Intrinsic Options Exercise Price (Years) Value As of December 31, 2021 8,339 $ 391 8.7 $ 87,553 Granted 3,570 45 10.0 - Exercised - - - - Forfeited - - - - Expired - - - - As of June 30, 2022 11,909 $ 238 8.6 $ - Exercisable at June 30, 2022 4,622 $ 522 8.1 $ - Vested and expected to vest at June 30, 2022 11,173 $ 247 8.6 $ - |
Schedule of Unrecognized Stock-based Compensation | Unrecognized stock-based compensation as of June 30, 2023, is as follows (in thousands): Schedule of Unrecognized Stock-based Compensation Weighted Average Unrecognized Stock-Based Remaining of Recognition Compensation (in years) Stock options $ 204 0.9 Stock grants $ 46 6.5 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
Schedule of Operating Lease Future Minimum Payments | Operating lease future minimum payments together with the present values as of June 30, 2023, are summarized as follows: Schedule of Operating Lease Future Minimum Payments Years Ending December 31, June 30, 2023 2023 $ 437 2024 897 2025 269 2026 190 2027 131 Thereafter 539 Total future minimum lease payments 2,463 Less amounts representing interests (347 ) Present value of lease liability 2,116 Current-portion of operating lease liability 769 Long-term portion operating lease liability $ 1,347 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||
Feb. 10, 2023 | Dec. 20, 2022 | Oct. 17, 2022 | Feb. 25, 2021 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Reverse stock split, description | 1 for 100 reverse stock split | ||||||||||
Net loss | $ 2,455 | $ 293 | $ 2,512 | $ 2,845 | $ 2,748 | $ 5,357 | |||||
Cash in operating activities | 8,071 | $ 5,722 | |||||||||
Accumulated deficit | $ 265,203 | $ 265,203 | $ 262,455 | ||||||||
Sale of stock, description of transaction | the Company closed on a public offering of 2,150,000 units, with each unit consisting of one share of common stock, or one pre-funded warrant to purchase one share of its common stock, one Class C Warrant to purchase one share of common stock, and one half of one Class D Warrant with each whole Class D Warrant entitling the holder to purchase one share of common stock. Each unit was sold at a public offering price of $5.60. The Class C and Class D Warrants are immediately exercisable at a price of $5.60 per share. The Class C and Class D warrants each have a cashless exercise provision entitling the holders to surrender one Class C Warrant and receive 0.4 shares of common stock and on the surrender of one Class D Warrant the holder is entitled to receive 0.8 shares of common stock. | ||||||||||
Equity distribution impact, description | Because the company’s public float is less than $75 million, we may not sell securities over a 12-month period in an amount greater than one-third of our public float. | ||||||||||
Stock issued in public offering, units | 2,150,000 | 4,656 | |||||||||
Proceeds from public offering | $ 4,700 | ||||||||||
Common Stock and Series B and Series C Preferred Stock and Warrants [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Stock issued in public offering, units | 4,656 | ||||||||||
Proceeds from public offering | $ 4,700 | ||||||||||
IPO [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Stock issued in public offering, units | 2,150,000 | ||||||||||
Gross proceeds from sale of stock | $ 12,000 | ||||||||||
Maxim Group LLC [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Sale of stock, description of transaction | (i) the sale of shares having an aggregate offering price of $15.0 million, (ii) the termination by either Maxim or the Company upon the provision of fifteen (15) days written notice, or (iii) February 25, 2024. Under the terms of the 2021 Distribution Agreement, Maxim will be entitled to a transaction fee at a fixed rate of 2.0% of the gross sales price of Shares sold under the 2021 Distribution Agreement. | ||||||||||
Gross proceeds from sale of stock | $ 15,000 | ||||||||||
2021 ATM Equity Distribution Agreement [Member] | Maxim Group LLC [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Sale of stock, description of transaction | The Offering will terminate upon the earlier of (i) the sale of shares having an aggregate offering price of $15.0 million, (ii) the termination by either Maxim or the Company upon the provision of fifteen (15) days written notice, or (iii) February 25, 2024. Under the terms of the 2021 Distribution Agreement, Maxim will be entitled to a transaction fee at a fixed rate of 2.0% of the gross sales price of Shares sold under the 2021 Distribution Agreement. The Company will also reimburse Maxim for certain expenses incurred in connection with the 2021 Distribution Agreement and agreed to provide indemnification and contribution to Maxim with respect to certain liabilities under the Securities Act and the Securities Exchange Act of 1934, as amended. As of June 30, 2023, there have been no sales of shares of common stock under the 2021 Distribution Agreement | ||||||||||
2021 ATM Equity Distribution Agreement [Member] | Maxim Group LLC [Member] | Maximum [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Stock offering expense | $ 2,000 |
Schedule of Basic and Diluted L
Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net loss per share – basic and diluted | ||||||
Net loss | $ (2,455) | $ (293) | $ (2,512) | $ (2,845) | $ (2,748) | $ (5,357) |
Net loss, effect of dilutive warrant securities | (964) | (108) | (4,557) | (148) | ||
Net loss, diluted calculation | (3,419) | (2,620) | (7,305) | (5,505) | ||
Deemed dividend and accretion of a discount, basic calculation | (26) | (26) | ||||
Deemed dividend and accretion of a discount, effect of dilutive warrant securities | ||||||
Deemed dividend and accretion of a discount, diluted calculation | (26) | (26) | ||||
Net loss attributable to common stockholders, basic calculation | (2,481) | (2,512) | (2,774) | (5,357) | ||
Net loss attributable to common stockholders, effect of dilutive warrant securities | (964) | (108) | (4,557) | (148) | ||
Net loss attributable to common stockholders, diluted calculation | $ (3,445) | $ (2,620) | $ (7,331) | $ (5,505) | ||
Number of shares used in per common share calculations: basic calculation | 4,070,195 | 247,166 | 3,176,558 | 247,144 | ||
Number of shares used in per common share calculations: effect of dilutive warrant securities | 366,418 | 3,622 | 106,109 | 3,662 | ||
Number of shares used in per common share calculations: diluted calculation | 4,436,613 | 250,787 | 3,282,667 | 250,806 | ||
Net loss, basic calculation | $ (0.60) | $ (10.16) | $ (0.87) | $ (21.68) | ||
Net loss, effect of dilutive warrant securities | (2.63) | (29.82) | (42.95) | (40.42) | ||
Net loss, diluted calculation | (0.77) | (10.45) | (2.23) | (21.95) | ||
Deemed dividend and accretion of a discount, basic calculation | (0.01) | (0.01) | ||||
Deemed dividend and accretion of a discount, effect of dilutive warrant securities | ||||||
Deemed dividend and accretion of a discount, diluted calculation | (0.01) | (0.01) | ||||
Net loss attributable to common stockholders, basic calculation | (0.61) | (10.16) | (0.88) | (21.68) | ||
Net loss attributable to common stockholders, effect of dilutive warrant securities | (2.63) | (29.82) | (42.95) | (40.42) | ||
Net loss attributable to common stockholders, diluted calculation | $ (0.78) | $ (10.45) | $ (2.24) | $ (21.95) |
Basic and Diluted Net Income _3
Basic and Diluted Net Income (Loss) per Common Share (Details Narrative) - shares shares in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Net loss per share – basic and diluted | ||
Number of potentially dilutive securities | 1.2 | 2.4 |
Schedule of Components of Inven
Schedule of Components of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 529 | $ 552 |
WIP | 285 | 94 |
Finished goods | 69 | 91 |
Inventory net | $ 883 | $ 737 |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Inventory current | $ 695 | $ 284 |
Inventory non-current | $ 188 | $ 453 |
Schedule of Financial Liabiliti
Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis by Level Within Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability | $ 1,051 | $ 5,126 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Common Stock Warrants [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability | ||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Common Stock Warrants [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability | ||||
Fair Value, Inputs, Level 3 [Member] | Common Stock Warrants [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability | (1,051) | (5,126) | $ (198) | $ (347) |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Common Stock Warrants [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability | $ 1,051 | $ 5,126 |
Schedule of Fair Value Measurem
Schedule of Fair Value Measurement Hierarchy of Derivative Liability (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | $ 5,126 | |
Ending balance | 1,051 | |
Common Stock Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | (5,126) | $ (347) |
Issuance of derivatives | (6,650) | |
Exercise of warrants | 5,753 | |
Change in fair value | 4,971 | 148 |
Other, net | 1 | 1 |
Ending balance | $ (1,051) | $ (198) |
Schedule of Assumptions Used in
Schedule of Assumptions Used in Estimating Fair Value (Details) - Common Stock Warrants [Member] - Black-Scholes-Merton Valuation Model [Member] | Jun. 30, 2023 | Dec. 31, 2022 |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement input | 4.13 | 3.99 |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement input | 5.14 | 4.42 |
Measurement Input, Expected Term [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted-average expected life | 1 year 7 months 9 days | 25 days |
Measurement Input, Expected Term [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted-average expected life | 4 years 7 months 13 days | 4 years 9 months 18 days |
Measurement Input, Expected Dividend Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement input | ||
Measurement Input, Option Volatility [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement input | 103.4 | 103.6 |
Measurement Input, Option Volatility [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement input | 126 | 243 |
Schedule of Accrued Liabilities
Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Payroll and related expense | $ 701 | $ 524 |
Accrued payables | 262 | 464 |
Other | 544 | 630 |
Accrued liabilities | $ 1,507 | $ 1,618 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) | 6 Months Ended | ||
Jul. 20, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business Loan [Member] | |||
Short-Term Debt [Line Items] | |||
Debt principal amount | $ 350,000 | ||
Loan down payment | $ 35,000 | ||
Debt interest rate | 3.75% | ||
Personal Loans [Member] | |||
Short-Term Debt [Line Items] | |||
Debt principal amount | $ 350,000 | ||
Debt instrument, payments terms | The Company agreed to repay the outstanding balance of the Personal Loans in (i) 24 equal monthly installments beginning September 1, 2022 and each month thereafter until paid in full as one prior owner’s portion of the Personal Loans totaling $157,000, and (ii) for the other owner’s portion of the Personal Loans totaling $193,000 | ||
Personal Loans [Member] | Related Party [Member] | |||
Short-Term Debt [Line Items] | |||
Due to related parties | $ 107,000 |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||||
Feb. 10, 2023 | Oct. 17, 2022 | Feb. 25, 2021 | Jun. 30, 2023 | Dec. 31, 2022 | |
Class of Warrant or Right [Line Items] | |||||
Sale of stock, description of transaction | the Company closed on a public offering of 2,150,000 units, with each unit consisting of one share of common stock, or one pre-funded warrant to purchase one share of its common stock, one Class C Warrant to purchase one share of common stock, and one half of one Class D Warrant with each whole Class D Warrant entitling the holder to purchase one share of common stock. Each unit was sold at a public offering price of $5.60. The Class C and Class D Warrants are immediately exercisable at a price of $5.60 per share. The Class C and Class D warrants each have a cashless exercise provision entitling the holders to surrender one Class C Warrant and receive 0.4 shares of common stock and on the surrender of one Class D Warrant the holder is entitled to receive 0.8 shares of common stock. | ||||
Sale of stock, number of shares issued in transaction | 2,150,000 | 4,656 | |||
Class of warrant or right, exercise price of warrants or rights | $ 5.60 | $ 2.70 | |||
Proceeds from issuance of offering | $ 4.7 | ||||
Public float threshold | $ 75 | ||||
Maxim Group LLC [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Sale of stock, description of transaction | (i) the sale of shares having an aggregate offering price of $15.0 million, (ii) the termination by either Maxim or the Company upon the provision of fifteen (15) days written notice, or (iii) February 25, 2024. Under the terms of the 2021 Distribution Agreement, Maxim will be entitled to a transaction fee at a fixed rate of 2.0% of the gross sales price of Shares sold under the 2021 Distribution Agreement. | ||||
Aggregate offering price | $ 15 | ||||
2021 Equity Distribution Agreement [Member] | Maxim Group LLC [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Aggregate offering price | $ 2 | ||||
Common Stock Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Sale of stock, number of shares issued in transaction | 86,000 | ||||
Aggregate offering price | $ 12 | ||||
Common Stock and Prefunded Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Aggregate offering price | 5.4 | ||||
Offering costs | 4.8 | ||||
Derivative Liabilities for Common Stock Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Aggregate offering price | 6.7 | ||||
Offering costs | 0.7 | ||||
Agent Warrant Offering [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Offering costs | $ 0.1 | ||||
Series D Convertible Preferred Stock [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Shares issued, price per share | $ 1,000 | ||||
Preferred stock, par or stated value per share | 1,000 | $ 0.01 | $ 0.01 | ||
Class C and Class D Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Sale of stock price | $ 5.60 | ||||
Class C Warrant [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Sale of stock, number of shares issued in transaction | 0.4 | ||||
Warrants and rights outstanding, term | 5 years | ||||
Class D Warrant [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Sale of stock, number of shares issued in transaction | 0.8 | ||||
Warrants and rights outstanding, term | 3 years | ||||
Class A Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of warrant or right, exercise price of warrants or rights | $ 15.102 | ||||
Warrants and rights outstanding, term | 5 years | ||||
Number of common stock to purchase warrants | 66 | ||||
Class B Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants and rights outstanding, term | 3 years | ||||
Number of common stock to purchase warrants | 66 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Options outstanding at beginning | 11,909 | 8,339 | 8,339 | |
Weighted average exercisable price at beginning of period | $ 234 | $ 391 | $ 391 | |
Weighted average remaining contractual terms (years), outstanding at ending | 7 years 4 months 24 days | 8 years 7 months 6 days | 6 years 10 months 24 days | 8 years 8 months 12 days |
Intrinsic value, outstanding at beginning of period | $ 87,553 | $ 87,553 | ||
Options, granted | 3,570 | |||
Weighted average exercise price, granted | $ 45 | |||
Options, exercised | ||||
Weighted average exercise price, exercised | ||||
Options, forfeited | ||||
Weighted average exercise price, forfeited | ||||
Options, expired | ||||
Weighted average exercise price, expired | ||||
Options, outstanding at end | 11,909 | 11,909 | 11,909 | 8,339 |
Weighted average exercise price, outstanding at end of period | $ 120 | $ 238 | $ 234 | $ 391 |
Intrinsic value, outstanding at end of period | $ 87,553 | |||
Options, exercisable at end | 9,041 | 4,622 | ||
Weighted average exercise price, exercisable at end of period | $ 311 | $ 522 | ||
Weighted average remaining contractual terms (years), exercisable | 7 years 4 months 24 days | 8 years 1 month 6 days | ||
Intrinsic value, exercisable at end of period | ||||
Vested and expected to vest at end | 10,286 | 11,173 | ||
Weighted average exercise price, vested and expected to vest at end | $ 119 | $ 247 | ||
Weighted average remaining contractual terms (years), vested and expected to vest | 7 years 4 months 24 days | 8 years 7 months 6 days | ||
Intrinsic value, vested and expected to vest end of period | ||||
Weighted average remaining contractual terms (years), granted | 10 years |
Schedule of Unrecognized Stock-
Schedule of Unrecognized Stock-based Compensation (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Share-Based Payment Arrangement, Option [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Unrecognized stock-based compensation | $ 204 |
Weighted average remaining of recognition | 10 months 24 days |
Employee Stock Grants [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Unrecognized stock-based compensation | $ 46 |
Weighted average remaining of recognition | 6 years 6 months |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - shares | 6 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||
Options outstanding | 11,909 | 11,909 | 11,909 | 8,339 |
Non Executive [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||
Options, grants in period, gross | 3,550 |
Schedule of Operating Lease Fut
Schedule of Operating Lease Future Minimum Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases | ||
2023 | $ 437 | |
2024 | 897 | |
2025 | 269 | |
2026 | 190 | |
2027 | 131 | |
Thereafter | 539 | |
Total future minimum lease payments | 2,463 | |
Less amounts representing interests | (347) | |
Present value of lease liability | 2,116 | |
Current-portion of operating lease liability | 769 | $ 738 |
Long-term portion operating lease liability | $ 1,347 | $ 1,621 |
Leases (Details Narrative)
Leases (Details Narrative) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2023 USD ($) ft² | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Aug. 19, 2021 ft² | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Area of land | ft² | 29,534 | |||
Lease term extend | This lease expires at the end of 2024. The lease has two five-year extension options. | |||
Operating lease right-of-use assets | $ 2,055 | $ 2,309 | ||
Operating lease liability | 2,116 | |||
Non-cash operating lease expense | $ 400 | $ 300 | ||
Operating lease, weighted average discount rate, percent | 6.50% | |||
Technology Assessment and Transfer, Inc. (TA&T) [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Lease term extend | The leases have various expiration dates ranging from July 2023 through April 2025 | |||
Industrial Lease Agreement [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Area of land | ft² | 10,936 | |||
Lease term | 122 months |