Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 02, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001289850 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 7,839,549 | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Security Exchange Name | NASDAQ | |
Trading Symbol | NURO | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-33351 | |
Entity Registrant Name | NEUROMETRIX, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Postal Zip Code | 01801 | |
Local Phone Number | 890-9989 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Tax Identification Number | 04-3308180 | |
Entity Address, Address Line One | 4B Gill Street | |
Entity Address, City or Town | Woburn | |
Entity Address, State or Province | MA | |
City Area Code | 781 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,376,619 | $ 4,335,020 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 8,473,905 | 16,864,707 |
Debt Securities, Available-for-Sale | 9,402,858 | 0 |
Accounts receivable, net | 576,281 | 646,771 |
Inventories | 1,748,115 | 1,614,987 |
Prepaid expenses and other current assets | 508,391 | 645,502 |
Total current assets | 23,086,169 | 24,106,987 |
Fixed assets, net | 155,397 | 165,619 |
Operating Lease, Right-of-Use Asset | 342,082 | 370,609 |
Other Assets, Noncurrent | 26,400 | 26,400 |
Total assets | 23,610,048 | 24,669,615 |
Current liabilities: | ||
Accounts payable | 400,299 | 368,082 |
Accrued expenses and compensation | 868,265 | 589,939 |
Operating Lease, Liability, Current | 148,391 | 148,391 |
Total current liabilities | 1,416,955 | 1,106,412 |
Operating Lease, Liability, Noncurrent | 180,345 | 207,516 |
Total liabilities | 1,597,300 | 1,313,928 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common Stock, Value, Issued | 778 | 777 |
Additional paid-in capital | 227,100,135 | 226,934,775 |
Accumulated deficit | (205,154,040) | (203,579,866) |
Total stockholders’ equity | 22,012,748 | 23,355,687 |
Total liabilities and stockholders’ equity | $ 23,610,048 | $ 24,669,615 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares, Issued | 7,781,156 | 7,771,938 |
Common Stock, Shares, Outstanding | 7,781,156 | 7,771,938 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 65,874 | $ 0 |
Convertible preferred stock | ||
Stockholders’ equity: | ||
Preferred stock | 1 | 1 |
Preferred Non-Convertible Stock | ||
Stockholders’ equity: | ||
Preferred stock | $ 0 | $ 0 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 1,724,771 | $ 2,302,391 |
Other Nonoperating Income | 135,895 | 3,428 |
Net loss | $ (1,574,174) | $ (958,562) |
Earnings Per Share, Diluted | $ (0.20) | $ (0.14) |
Earnings Per Share, Basic | $ (0.20) | $ (0.14) |
Loss from operations | $ (1,710,069) | $ (961,990) |
Operating expenses: | ||
Research and development | 699,425 | 710,577 |
Sales and marketing | 815,872 | 858,839 |
General and administrative | 1,393,171 | 1,186,091 |
Total operating expenses | 2,908,468 | 2,755,507 |
Gross profit | 1,198,399 | 1,793,517 |
Cost of revenues | $ 526,372 | $ 508,874 |
Statement of Comprehensive Inco
Statement of Comprehensive Income (Statement) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | $ 65,874 | $ 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (1,508,300) | (958,562) |
Net Income (Loss) Attributable to Parent | $ (1,574,174) | $ (958,562) |
Equity Rollforward Statement
Equity Rollforward Statement - USD ($) | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Common Stock [Member] | Preferred Stock Convertible Preferred Stock [Member] | AOCI Attributable to Parent |
Stockholders' Equity Attributable to Parent | $ 23,215,786 | $ 222,378,374 | $ (199,163,257) | $ 668 | $ 1 | $ 0 |
Shares, Outstanding | 6,650,480 | 200 | ||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 37,632 | 37,632 | ||||
Stock Issued During Period, Shares, New Issues | 292,500 | |||||
Stock Issued During Period, Value, New Issues | 1,943,052 | 1,943,023 | $ 29 | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 0 | (3) | $ 3 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,759 | |||||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 0 | |||||
Net Income (Loss) Attributable to Parent | (958,562) | (958,562) | ||||
Stockholders' Equity Attributable to Parent | 24,237,908 | 224,359,026 | (200,121,819) | $ 700 | $ 1 | 0 |
Shares, Outstanding | 6,944,739 | 200 | ||||
Stockholders' Equity Attributable to Parent | 23,355,687 | 226,934,775 | (203,579,866) | $ 777 | $ 1 | 0 |
Shares, Outstanding | 7,675,682 | 200 | ||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 165,361 | 165,361 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 0 | (1) | $ 1 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 19,512 | |||||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 65,874 | 65,874 | ||||
Net Income (Loss) Attributable to Parent | (1,574,174) | (1,574,174) | ||||
Stockholders' Equity Attributable to Parent | $ 22,012,748 | $ 227,100,135 | $ (205,154,040) | $ 778 | $ 1 | $ 65,874 |
Shares, Outstanding | 7,695,194 | 200 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (1,574,174) | $ (958,562) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 10,222 | 12,877 |
Stock-based compensation | 165,361 | 37,632 |
Inventory Write-down | 63,420 | 0 |
Investment Income, Net, Amortization of Discount and Premium | (109,198) | 0 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | (6,875) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 70,490 | (372,501) |
Inventories | (196,548) | (5,383) |
Prepaid expenses and other current and long-term assets | 78,467 | 37,009 |
Accounts payable | 32,217 | 76,819 |
Accrued expenses and compensation | 338,326 | 424,853 |
Net Cash Provided by (Used in) Operating Activities | (1,121,417) | (740,381) |
Cash flows from investing activities: | ||
Purchases of fixed assets | 0 | (5,395) |
Net Cash Provided by (Used in) Investing Activities | (836,984) | (5,395) |
Cash flows from financing activities: | ||
Net proceeds from issuance of stock and warrants | 0 | 1,943,052 |
Net Cash Provided by (Used in) Financing Activities | 0 | 1,943,052 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (1,958,401) | 1,197,276 |
Cash and cash equivalents, end of period | 2,376,619 | |
Supplemental disclosure of cash flow information: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 2,376,619 | 23,769,380 |
Payments to Acquire Held-to-Maturity Securities | (9,336,984) | 0 |
Proceeds from Maturities, Prepayments and Calls of Held-to-Maturity Securities | $ 8,500,000 | $ 0 |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Business Description and Accounting Policies | Business and Basis of Presentation NeuroMetrix, Inc. (the "Company" or "NeuroMetrix") develops and commercializes health care products that utilize non-invasive neurostimulation. Revenues are derived from the sale of medical devices and after-market consumable products and accessories. The Company’s products are sold in the United States and select overseas markets. They are cleared by the U.S. Food and Drug Administration ("FDA") and regulators in foreign jurisdictions where appropriate. The Company has two primary products. DPNCheck® is a point-of-care test for diabetic peripheral neuropathy, which is the most common long-term complication of Type 2 diabetes. Quell is an app-enabled, wearable device for lower extremity chronic pain and for the symptoms of fibromyalgia. The Company held cash, cash equivalents and investment grade securities totaling $20.3 million on March 31, 2023. The Company believes that its present balance of cash resources and securities coupled with cash inflows from product sales will enable the Company to fund its operations for at least the next twelve months from the date of issuance of the financial statements. Actual cash requirements could differ from management's projections for many reasons, including changes the Company may make to its business strategy, commercial challenges, regulatory developments, changes to research and development programs, supply chain issues, staffing challenges and other items affecting the Company's projected uses of cash. Unaudited Interim Financial Statements The accompanying unaudited balance sheet as of March 31, 2023, unaudited statements of operations, statements of comprehensive loss, changes in stockholders' equity and cash flows for the quarters ended March 31, 2023 and 2022 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The accompanying balance sheet as of December 31, 2022 has been derived from the audited balance sheet as of December 31, 2022 included in the Company's Form 10-K referenced below and does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, the financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the Company’s financial position and operating results. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, or the SEC, on March 22, 2023 (File No. 001-33351). Prior period reclassifications We have reclassified certain amounts in prior periods to conform with current presentation. During the current period we have reported money market funds within cash and cash equivalents. Money market funds in the amount of $81,751 which were reported within held-to-maturity securities at December 31, 2022 have been reclassified into cash and cash equivalents. Revenues Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized at the point in time when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. The Company typically has a single product delivery performance obligation. Accrued product returns using the most likely amount method are estimated based on historical data and evaluation of current information and variable consideration is not constrained. Accounts receivable are recorded at the amount the Company expects to collect, net of the allowance for doubtful accounts receivable. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses based on customer past payment history, product usage activity, recent customer communications and, if appropriate, assessment of the future credit losses for receivables with similar characteristics. Individual customer balances which are over 60 days past due are reviewed individually for collectability. The Company does not have any off-balance sheet credit exposure related to its customers. Allowance for doubtful accounts was $25,000 as of March 31, 2023 and December 31, 2022. Two customers accounted for 39% and 43% of total revenues in the quarters ended March 31, 2023 and 2022, respectively. Two customers accounted for 60% and three customers accounted for 55% of accounts receivable as of March 31, 2023 and December 31, 2022, respectively. Cash and Cash Equivalents Cash and cash equivalents include bank demand deposits and money market funds that invest primarily in U.S. government securities. Securities The Company invests in highly liquid, marketable debt securities with high credit ratings and typically with maturities of two years or less. Individual securities are designated by the Company as either “held-to-maturity" (HTM) or “available-for-sale” (AFS) at the point of investment. Securities classified as short-term have maturities of less than one year. As of March 31, 2023, all marketable securities held by the Company had remaining contractual maturities of one year or less. HTM securities are valued on an amortized cost basis and reviewed to determine if an allowance for credit losses should be recorded in the statements of operations. AFS securities are valued at fair value. Unrealized gains and losses on AFS securities are included as a component of accumulated other comprehensive income in the balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the statements of comprehensive income loss. An AFS security is impaired if its fair value is less than amortized cost. Unrealized losses are evaluated to determine if the impairment is credit-related or non credit-related. Credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings, and a non credit-related impairment is recognized in other comprehensive income (loss). For certain types of securities, such as U.S. Treasuries, the Company generally expects zero credit losses. No allowance for credit losses was recorded on its securities portfolio as of March 31, 2023 Fair Value The Company follows the provisions of Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") Topic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which defines fair value, establishes a framework for measuring fair value in GAAP and requires certain disclosures about fair value measurements. Fair Value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820-10 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 observable inputs such as quoted prices in active markets; Level 2 inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3 unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions. The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value (See Note 5). Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. Recent Accounting Pronouncements Accounting Standards Updates (ASUs) issued by the FASB are evaluated for their applicability. ASUs not included in the disclosures in this report were assessed and determined to be either not applicable or not expected to have a material impact on our financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. |
Comprehensive Loss
Comprehensive Loss | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Comprehensive Loss | Comprehensive Income (Loss) For the quarter ended March 31, 2023, the Company had comprehensive income of $65,874 for unrealized gains on available-for-sale marketable securities, in addition to net loss of $1,574,174 in the statement of operations. There were no components of comprehensive income (loss) in the quarter ended March 31, 2022 other than net loss itself. |
Net Loss Per Common Share
Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | 3. Net Loss Per Common Share Basic and dilutive net loss per common share were as follows: Quarters Ended March 31, 2023 2022 Net loss applicable to common stockholders $ (1,574,174) $ (958,562) Weighted average number of common shares outstanding, basic 7,689,226 6,879,348 Weighted average number of common shares outstanding, dilutive 7,689,226 6,879,348 Net loss per common share applicable to common stockholders, basic and diluted $ (0.20) $ (0.14) Shares underlying the following potentially dilutive weighted average number of common stock equivalents were excluded from the calculation of diluted net loss per common share because their effect was anti-dilutive for each of the periods presented: Quarters Ended March 31, 2023 2022 Options 525,462 510,256 Unvested restricted stock awards 85,962 47,500 Unvested restricted stock units 179,812 — Convertible preferred stock 62 62 Total 791,298 557,818 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarters Ended March 31, 2023 2022 Net loss applicable to common stockholders $ (1,574,174) $ (958,562) Weighted average number of common shares outstanding, basic 7,689,226 6,879,348 Weighted average number of common shares outstanding, dilutive 7,689,226 6,879,348 Net loss per common share applicable to common stockholders, basic and diluted $ (0.20) $ (0.14) |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure | 4. Securities The Company's marketable debt securities are classified as either held-to-maturity (HTM) or available-for-sale (AFS) pursuant to ASC 320 - Investments - Debt Securities. HTM securities are valued at amortized cost. The following tables summarize the valuations of HTM securities as of March 31, 2023 and December 31, 2022. March 31, 2023 Held-to-maturity securities Amortized Cost Credit Losses Estimated Fair Value U.S. government bonds $ 1,484,977 $ — $ 1,484,625 Corporate bonds 4,026,570 — 3,894,100 Commercial paper 2,962,358 — 2,958,894 Total $ 8,473,905 $ — $ 8,337,619 December 31, 2022 Held-to-maturity securities Amortized Cost Credit Losses Estimated Fair Value U.S. government bonds $ 3,457,651 $ — $ 3,456,580 Corporate bonds 4,011,569 — 3,950,380 Commercial paper 9,395,487 — 9,387,914 Total $ 16,864,707 $ — $ 16,794,874 The following table summarizes the valuations and unrealized gains and losses of AFS securities which are recorded at estimated fair value as of March 31, 2023. The Company held no AFS securities as of December 31, 2022. March 31, 2023 Gross Unrealized Available-for-sale securities Amortized Cost Gains Losses Credit Losses Estimated Fair Value U.S. government bonds $ 5,953,685 $ 36,576 $ — $ — $ 5,990,260 Corporate bonds — — — — — Commercial paper 3,383,300 29,298 — — 3,412,598 Total $ 9,336,985 $ 65,874 $ — $ — $ 9,402,858 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The following tables set forth the Company’s financial instruments that were measured at fair value: March 31, 2023 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 1,667,697 $ 1,667,697 $ — $ — U.S. government bonds 5,990,260 5,990,260 — — Commercial paper 3,412,598 — 3,412,598 — Total $ 11,070,555 $ 7,657,957 $ 3,412,598 $ — December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 1,551,027 $ 1,551,027 $ — $ — Total $ 1,551,027 $ 1,551,027 $ — $ — |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: March 31, 2023 December 31, 2022 Purchased components $ 1,119,662 $ 982,129 Finished goods 628,453 632,858 $ 1,748,115 $ 1,614,987 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses and Compensation Accrued expenses and compensation consist of the following: March 31, 2023 December 31, 2022 Professional services $ 212,000 $ 155,000 Compensation 361,115 249,224 Clinical 40,000 — Warranty 15,100 16,700 Sales Tax $ 132,045 $ 131,621 Other 108,005 37,394 $ 868,265 $ 589,939 |
Leases Leases (Notes)
Leases Leases (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | . Operating Leases The Company's lease on its Woburn, Massachusetts corporate office and manufacturing facilities (the "Woburn Lease") extends through September 2025 at a monthly base rent of $13,846 and with a 5-year extension option. The Company's lease on its former corporate office in Waltham, Massachusetts (the "Waltham Lease") expired in February 2022. In the first quarter of 2022, a $60,000 reduction in rent expense was recorded upon return of the facility to the lessor. The letter of credit issued by a bank in favor of the Waltham facility was released. For the quarter ended March 31, 2022, the Company recorded sublet income on the Waltham Lease totaling $22,795 within operating expenses on the Company's Statement of Operations. The following is a maturity analysis of the annual cash flows of the operating lease liabilities as of March 31, 2023: 2023 124,339 2024 165,785 2025 117,431 Total minimum lease payments $ 407,555 Discount rate, 15% $ 78,819 Lease obligation, current portion 148,391 Lease obligation, net of current portion 180,345 $ 407,555 Total recorded rent expense was $49,232 and $24,754, for the quarters ended March 31, 2023 and 2022, respectively. The Company records rent expense on its facility leases on a straight-line basis over the lease term. The remaining operating lease term was 2.5 years as of March 31, 2023. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Preferred stock and convertible preferred stock consist of the following: March 31, 2023 December 31, 2022 Preferred stock, $0.001 par value; 5,000,000 shares authorized at March 31, 2023 and December 31, 2022; no shares issued and outstanding at March 31, 2023 and December 31, 2022 $ — $ — Series B convertible preferred stock, $0.001 par value; 147,000 shares designated at March 31, 2023 and December 31, 2022; 200 shares issued and outstanding at March 31, 2023 and December 31, 2022 $ 1 $ 1 2023 equity activity As of March 31, 2023, the Company has 85,962 restricted stock awards and 179,812 restricted stock units that remain unvested. At December 31, 2022 the Company had 96,250 restricted stock awards and 194,731 restricted stock units that were unvested. 2022 equity activity In January 2022, the Company issued 292,500 shares of common stock under its ATM program with net proceeds of $1,943,052 and issued 20,000 restricted stock awards under its 2004 Stock Option Plan with a value of $104,200. |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The accompanying unaudited balance sheet as of March 31, 2023, unaudited statements of operations, statements of comprehensive loss, changes in stockholders' equity and cash flows for the quarters ended March 31, 2023 and 2022 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The accompanying balance sheet as of December 31, 2022 has been derived from the audited balance sheet as of December 31, 2022 included in the Company's Form 10-K referenced below and does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, the financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the Company’s financial position and operating results. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, or the SEC, on March 22, 2023 (File No. 001-33351). Prior period reclassifications |
Revenues | Revenues Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized at the point in time when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. The Company typically has a single product delivery performance obligation. Accrued product returns using the most likely amount method are estimated based on historical data and evaluation of current information and variable consideration is not constrained. Accounts receivable are recorded at the amount the Company expects to collect, net of the allowance for doubtful accounts receivable. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses based on customer past payment history, product usage activity, recent customer communications and, if appropriate, assessment of the future credit losses for receivables with similar characteristics. Individual customer balances which are over 60 days past due are reviewed individually for collectability. The Company does not have any off-balance sheet credit exposure related to its customers. Allowance for doubtful accounts was $25,000 as of March 31, 2023 and December 31, 2022. Two customers accounted for 39% and 43% of total revenues in the quarters ended March 31, 2023 and 2022, respectively. Two customers accounted for 60% and three customers accounted for 55% of accounts receivable as of March 31, 2023 and December 31, 2022, respectively. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents Cash and cash equivalents include bank demand deposits and money market funds that invest primarily in U.S. government securities. |
Marketable Securities, Policy | Securities The Company invests in highly liquid, marketable debt securities with high credit ratings and typically with maturities of two years or less. Individual securities are designated by the Company as either “held-to-maturity" (HTM) or “available-for-sale” (AFS) at the point of investment. Securities classified as short-term have maturities of less than one year. As of March 31, 2023, all marketable securities held by the Company had remaining contractual maturities of one year or less. HTM securities are valued on an amortized cost basis and reviewed to determine if an allowance for credit losses should be recorded in the statements of operations. AFS securities are valued at fair value. Unrealized gains and losses on AFS securities are included as a component of accumulated other comprehensive income in the balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the statements of comprehensive income loss. An AFS security is impaired if its fair value is less than amortized cost. Unrealized losses are evaluated to determine if the impairment is credit-related or non credit-related. Credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings, and a non credit-related impairment is recognized in other comprehensive income (loss). |
New Accounting Pronouncements, Policy | Recent Accounting Pronouncements Accounting Standards Updates (ASUs) issued by the FASB are evaluated for their applicability. ASUs not included in the disclosures in this report were assessed and determined to be either not applicable or not expected to have a material impact on our financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. |
Fair Value Measurement, Policy | Fair Value The Company follows the provisions of Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") Topic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which defines fair value, establishes a framework for measuring fair value in GAAP and requires certain disclosures about fair value measurements. Fair Value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820-10 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 observable inputs such as quoted prices in active markets; Level 2 inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3 unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions. The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value (See Note 5). |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarters Ended March 31, 2023 2022 Net loss applicable to common stockholders $ (1,574,174) $ (958,562) Weighted average number of common shares outstanding, basic 7,689,226 6,879,348 Weighted average number of common shares outstanding, dilutive 7,689,226 6,879,348 Net loss per common share applicable to common stockholders, basic and diluted $ (0.20) $ (0.14) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Quarters Ended March 31, 2023 2022 Options 525,462 510,256 Unvested restricted stock awards 85,962 47,500 Unvested restricted stock units 179,812 — Convertible preferred stock 62 62 Total 791,298 557,818 |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities Reconciliation | The following table summarizes the valuations and unrealized gains and losses of AFS securities which are recorded at estimated fair value as of March 31, 2023. The Company held no AFS securities as of December 31, 2022. March 31, 2023 Gross Unrealized Available-for-sale securities Amortized Cost Gains Losses Credit Losses Estimated Fair Value U.S. government bonds $ 5,953,685 $ 36,576 $ — $ — $ 5,990,260 Corporate bonds — — — — — Commercial paper 3,383,300 29,298 — — 3,412,598 Total $ 9,336,985 $ 65,874 $ — $ — $ 9,402,858 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | The following tables summarize the valuations of HTM securities as of March 31, 2023 and December 31, 2022. March 31, 2023 Held-to-maturity securities Amortized Cost Credit Losses Estimated Fair Value U.S. government bonds $ 1,484,977 $ — $ 1,484,625 Corporate bonds 4,026,570 — 3,894,100 Commercial paper 2,962,358 — 2,958,894 Total $ 8,473,905 $ — $ 8,337,619 December 31, 2022 Held-to-maturity securities Amortized Cost Credit Losses Estimated Fair Value U.S. government bonds $ 3,457,651 $ — $ 3,456,580 Corporate bonds 4,011,569 — 3,950,380 Commercial paper 9,395,487 — 9,387,914 Total $ 16,864,707 $ — $ 16,794,874 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | March 31, 2023 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 1,667,697 $ 1,667,697 $ — $ — U.S. government bonds 5,990,260 5,990,260 — — Commercial paper 3,412,598 — 3,412,598 — Total $ 11,070,555 $ 7,657,957 $ 3,412,598 $ — December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 1,551,027 $ 1,551,027 $ — $ — Total $ 1,551,027 $ 1,551,027 $ — $ — |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consist of the following: March 31, 2023 December 31, 2022 Purchased components $ 1,119,662 $ 982,129 Finished goods 628,453 632,858 $ 1,748,115 $ 1,614,987 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses and compensation consist of the following: March 31, 2023 December 31, 2022 Professional services $ 212,000 $ 155,000 Compensation 361,115 249,224 Clinical 40,000 — Warranty 15,100 16,700 Sales Tax $ 132,045 $ 131,621 Other 108,005 37,394 $ 868,265 $ 589,939 |
Leases Leases (Tables)
Leases Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2023 124,339 2024 165,785 2025 117,431 Total minimum lease payments $ 407,555 Discount rate, 15% $ 78,819 Lease obligation, current portion 148,391 Lease obligation, net of current portion 180,345 $ 407,555 |
Statement of Shareholders' Equi
Statement of Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Stock by Class [Table Text Block] | Preferred stock and convertible preferred stock consist of the following: March 31, 2023 December 31, 2022 Preferred stock, $0.001 par value; 5,000,000 shares authorized at March 31, 2023 and December 31, 2022; no shares issued and outstanding at March 31, 2023 and December 31, 2022 $ — $ — Series B convertible preferred stock, $0.001 par value; 147,000 shares designated at March 31, 2023 and December 31, 2022; 200 shares issued and outstanding at March 31, 2023 and December 31, 2022 $ 1 $ 1 |
Business and Basis of Present_3
Business and Basis of Presentation (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Jan. 01, 2023 | Dec. 31, 2021 | |
Organization And Basis Of Presentation [Line Items] | |||||
Accounts receivable, net | $ 576,281 | $ 646,771 | |||
Net proceeds from issuance of stock and warrants | 0 | $ 1,943,052 | |||
Accumulated deficit | 205,154,040 | 203,579,866 | |||
Cash and cash equivalents | 2,376,619 | 4,335,020 | |||
Prepaid expenses and other current assets | (508,391) | (645,502) | |||
Assets, Current | (23,086,169) | (24,106,987) | |||
Liabilities, Current | (1,416,955) | (1,106,412) | |||
Operating Lease, Liability, Noncurrent | (180,345) | (207,516) | |||
Stockholders' Equity Attributable to Parent | 22,012,748 | 24,237,908 | 23,355,687 | $ 23,215,786 | |
Cost of revenues | 526,372 | 508,874 | |||
Gross Profit | 1,198,399 | 1,793,517 | |||
Operating Lease, Right-of-Use Asset | (342,082) | (370,609) | |||
Assets | (23,610,048) | (24,669,615) | |||
Accrued Liabilities, Current | (868,265) | (589,939) | |||
Liabilities | (1,597,300) | (1,313,928) | |||
Allowance for doubtful accounts | 25,000 | $ 25,000 | |||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||
Cash, Cash Equivalents, and Short-Term Investments | 20,300,000 | ||||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 65,874 | 0 | |||
Net Income (Loss) Attributable to Parent | 1,574,174 | $ 958,562 | |||
Money Market Funds | From Held To Maturity Securities | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Cash and cash equivalents | $ 81,751 | ||||
Accounting Standards Update 2016-13 | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | ||||
Three Customers [Member] | Accounts Receivable | Customer Concentration Risk | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Concentration risk, percentage | 55% | ||||
Two Customers | Revenue | Customer Concentration Risk | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Concentration risk, percentage | 39% | 43% | |||
Two Customers | Accounts Receivable | Customer Concentration Risk | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Concentration risk, percentage | 60% |
Comprehensive Loss (Detail)
Comprehensive Loss (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | ||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | $ 65,874 | $ 0 |
Net Income (Loss) Attributable to Parent | $ 1,574,174 | 958,562 |
Other Comprehensive Income (Loss), Net of Tax | $ 0 |
Net Loss Per Common Share - Sch
Net Loss Per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 791,298 | 557,818 |
Convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 62 | 62 |
Equity Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 525,462 | 510,256 |
Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 85,962 | 47,500 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 179,812 | 0 |
Net Loss Per Common Share Sched
Net Loss Per Common Share Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net Income (Loss) Attributable to Parent | $ (1,574,174) | $ (958,562) |
Weighted Average Number of Shares Outstanding, Basic | 7,689,226 | 6,879,348 |
Weighted Average Number of Shares Outstanding, Diluted | 7,689,226 | 6,879,348 |
Earnings Per Share, Diluted | $ (0.20) | $ (0.14) |
Earnings Per Share, Basic | $ (0.20) | $ (0.14) |
Investments, Debt and Equity _3
Investments, Debt and Equity Securities (Details) - HTM - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 8,473,905 | $ 16,864,707 |
Debt Securities, Held-to-Maturity, Fair Value | 8,337,619 | 16,794,874 |
Commercial Paper | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 2,962,358 | 9,395,487 |
Debt Securities, Held-to-Maturity, Fair Value | 2,958,894 | 9,387,914 |
US Government Agencies Debt Securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,484,977 | 3,457,651 |
Debt Securities, Held-to-Maturity, Fair Value | 1,484,625 | 3,456,580 |
Corporate Debt Securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 4,026,570 | 4,011,569 |
Debt Securities, Held-to-Maturity, Fair Value | $ 3,894,100 | $ 3,950,380 |
Investments, Debt and Equity _4
Investments, Debt and Equity Securities (Details) - AFS - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Debt Securities, Available-for-Sale | $ 9,402,858 | $ 0 |
Debt Securities, Available-for-Sale, Amortized Cost | 9,336,985 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 65,874 | |
Commercial Paper | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Debt Securities, Available-for-Sale | 3,412,598 | |
Debt Securities, Available-for-Sale, Amortized Cost | 3,383,300 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 29,298 | |
US Government Agencies Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Debt Securities, Available-for-Sale | 5,990,260 | |
Debt Securities, Available-for-Sale, Amortized Cost | 5,953,685 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | $ 36,576 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Assets, Fair Value Disclosure | $ 11,070,555 | $ 1,551,027 |
Liabilities [Abstract] | ||
Debt Securities, Available-for-Sale | 9,402,858 | 0 |
US Government Agencies Debt Securities | ||
Liabilities [Abstract] | ||
Debt Securities, Available-for-Sale | 5,990,260 | |
Money Market Funds | ||
Liabilities [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,667,697 | 1,551,027 |
US Government Agencies Debt Securities | ||
Liabilities [Abstract] | ||
Debt Securities, Available-for-Sale | 5,990,260 | |
Commercial Paper | ||
Liabilities [Abstract] | ||
Debt Securities, Available-for-Sale | 3,412,598 | |
Level 1 | ||
Assets | ||
Assets, Fair Value Disclosure | 7,657,957 | 1,551,027 |
Level 1 | Money Market Funds | ||
Liabilities [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,667,697 | 1,551,027 |
Level 1 | US Government Agencies Debt Securities | ||
Liabilities [Abstract] | ||
Debt Securities, Available-for-Sale | 5,990,260 | |
Level 2 | ||
Assets | ||
Assets, Fair Value Disclosure | 3,412,598 | 0 |
Level 2 | Commercial Paper | ||
Liabilities [Abstract] | ||
Debt Securities, Available-for-Sale | 3,412,598 | |
Level 3 | ||
Assets | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Inventories (Detail)
Inventories (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Inventory [Line Items] | |||
Purchased components | $ 1,119,662 | $ 982,129 | |
Finished goods | 628,453 | 632,858 | |
Inventories | 1,748,115 | $ 1,614,987 | |
Inventory Write-down | $ 63,420 | $ 0 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Sales and Excise Tax Payable, Current | $ 132,045 | $ 131,621 |
Professional services | 212,000 | 155,000 |
Accrued Salaries, Current | 361,115 | 249,224 |
Accrued Clinical Current | 40,000 | 0 |
Warranty reserve | 15,100 | 16,700 |
Other | 108,005 | 37,394 |
Accrued expenses | $ 868,265 | $ 589,939 |
Leases Leases (Details)
Leases Leases (Details) - USD ($) | 3 Months Ended | |||
Jun. 01, 2018 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Operating Leased Assets [Line Items] | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 15% | |||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 6 months | |||
Operating Lease, Expense | $ 49,232 | $ 24,754 | ||
Operating Lease, Right-of-Use Asset | 342,082 | $ 370,609 | ||
Sublease Income | 22,795 | |||
Rent Expense Reduction | $ 60,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year One | 165,785 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 124,339 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Four | 117,431 | |||
Lessee, Operating Lease, Liability, to be Paid | 407,555 | |||
Operating Lease Discount | 78,819 | |||
Operating Lease, Liability, Current | 148,391 | 148,391 | ||
Operating Lease, Liability, Noncurrent | $ 180,345 | $ 207,516 | ||
Woburn Lease [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 5 years | |||
Woburn Lease [Member] | MonthlyRent [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating Lease, Payments | $ 13,846 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||||
Net proceeds from issuance of stock and warrants | $ 0 | $ 1,943,052 | |||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 20,000 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 104,200 | $ 0 | 0 | ||
Stock Issued During Period, Value, New Issues | $ 1,943,052 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 292,500 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 19,512 | 1,759 | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 1 | $ 3 | |||
Stock Issued During Period, Value, New Issues | $ 29 | ||||
Restricted Stock | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 85,962 | 47,500 | 96,250 | 30,000 | |
Restricted Stock Units (RSUs) | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 179,812 | 194,731 | |||
At The Market Offering Program [Member] | Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 292,500 | ||||
Proceeds from Issuance of Common Stock | $ 1,943,052 |
Preferred Stock and Convertible
Preferred Stock and Convertible Preferred Stock (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Preferred Non-Convertible Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Value of preferred stock issued | $ 0 | $ 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series B Preferred Stock | Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 147,000 | 147,000 |
Preferred stock, shares issued (in shares) | 200 | 200 |
Value of preferred stock issued | $ 1 | $ 1 |
Preferred stock, shares outstanding (in shares) | 200 | 200 |
Uncategorized Items - nuro-2023
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 4,335,020 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 22,572,104 |