Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 08, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | Ascent Solar Technologies, Inc. | |
Entity Central Index Key | 0001350102 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity File Number | 001-32919 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 68,937,658 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-3672603 | |
Entity Address, Address Line One | 12300 Grant Street | |
Entity Address, City or Town | Thornton | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80241 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
City Area Code | 720 | |
Local Phone Number | 872-5000 | |
Title of 12(b) Security | Common | |
Trading Symbol | ASTI |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 905,621 | $ 11,483,018 |
Trade receivables, net of allowance of $0 and $26,000, respectively | 14,916 | 1,769 |
Inventories, net | 678,288 | 615,283 |
Prepaid and other current assets | 302,044 | 344,110 |
Total current assets | 1,900,869 | 12,444,180 |
Property, Plant and Equipment: | 26,431,542 | 22,590,169 |
Accumulated depreciation | (22,079,147) | (22,038,508) |
Property, Plant and Equipment, net | 4,352,395 | 551,661 |
Other Assets: | ||
Operating lease right-of-use assets, net | 3,929,876 | 4,324,514 |
Patents, net of accumulated amortization of $163,803 and $154,218respectively | 78,567 | 79,983 |
Equity method investment | 67,685 | 61,379 |
Other non-current assets | 1,332,471 | 1,214,985 |
Total other assets | 5,408,599 | 5,680,861 |
Total Assets | 11,661,863 | 18,676,702 |
Current Liabilities: | ||
Accounts payable | 1,152,303 | 595,157 |
Related party payables | 15,193 | 67,164 |
Accrued expenses | 783,276 | 888,869 |
Accrued payroll | 491,895 | 927,264 |
Accrued professional services fees | 784,551 | 952,573 |
Accrued interest | 672,969 | 559,060 |
Current portion of operating lease liability | 765,378 | 733,572 |
Conversions payable | 500,370 | |
Current portion of convertible notes, net | 5,606,467 | |
Other payable | 250,000 | 250,000 |
Total current liabilities | 11,022,402 | 4,973,659 |
Long-Term Liabilities: | ||
Non-current operating lease liabilities | 3,411,364 | 3,827,878 |
Non-current convertible notes, net | 5,268,399 | |
Accrued warranty liability | 21,225 | 21,225 |
Total liabilities | 14,454,991 | 14,091,161 |
Commitments and contingencies (Note 14) | ||
Stockholders’ Equity (Deficit): | ||
Series A preferred stock, $.0001 par value; 750,000 shares authorized; 48,100 and 48,100 shares issued and outstanding, respectively ($874,485 and $850,301 Liquidation Preference, respectively) | 5 | 5 |
Common stock, $0.0001 par value, 500,000,000 authorized; 55,937,658 and 34,000,812 shares issued and outstanding, respectively | 5,566 | 3,400 |
Additional paid in capital | 466,294,127 | 452,135,653 |
Accumulated deficit | (469,078,672) | (447,537,493) |
Accumulated other comprehensive loss | (14,154) | (16,024) |
Total stockholders’ equity (deficit) | (2,793,128) | 4,585,541 |
Total Liabilities and Stockholders’ Equity (Deficit) | $ 11,661,863 | $ 18,676,702 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 0 | $ 26,000 |
Patents, amortization | $ 163,803 | $ 154,218 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | |
Preferred stock, shares authorized (in shares) | 25,000,000 | |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 55,937,658 | 34,000,812 |
Common stock, shares outstanding (in shares) | 55,937,658 | 34,000,812 |
Series A Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 750,000 | 750,000 |
Preferred stock, shares issued (in shares) | 48,100 | 48,100 |
Preferred stock, shares outstanding (in shares) | 48,100 | 48,100 |
Preferred stock, liquidation preference | $ 874,485 | $ 850,301 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Total Revenues | $ 101,301 | $ 637,571 | $ 225,526 | $ 1,203,781 |
Costs and Expenses | ||||
Costs of revenue | 666,269 | 576,994 | 1,128,064 | 1,109,885 |
Research, development and manufacturing operations | 822,321 | 1,453,273 | 2,488,016 | 2,859,595 |
Selling, general and administrative | 1,178,832 | 871,881 | 2,770,652 | 1,693,145 |
Share-based compensation | 560,861 | 1,965,311 | ||
Depreciation and amortization | 24,443 | 17,838 | 50,224 | 34,503 |
Total Costs and Expenses | 3,252,726 | 2,919,986 | 8,402,267 | 5,697,128 |
Loss from Operations | (3,151,425) | (2,282,415) | (8,176,741) | (4,493,347) |
Other Income/(Expense) | ||||
Other income/(expense), net | 2,000 | 10,000 | 2,000 | |
Interest expense | (761,877) | (32,370) | (1,829,913) | (2,118,685) |
Total Other Income/(Expense) | (761,877) | (30,370) | (1,819,913) | (2,116,685) |
Income/(Loss) on Equity Method Investments | (170) | (170) | (2) | |
Net Income/(Loss) | $ (3,913,472) | $ (2,312,785) | $ (9,996,824) | $ (6,610,034) |
Net Income/(Loss) Per Share (Basic) | $ (0.33) | $ (0.08) | $ (0.53) | $ (0.25) |
Net Income/(Loss) Per Share (Diluted) | $ (0.33) | $ (0.08) | $ (0.53) | $ (0.25) |
Weighted Average Common Shares Outstanding (Basic) | 46,887,774 | 30,587,415 | 41,208,236 | 26,154,266 |
Weighted Average Common Shares Outstanding (Diluted) | 46,887,774 | 30,587,415 | 41,208,236 | 26,154,266 |
Other Comprehensive Income/(Loss) | ||||
Foreign currency translation gain/(loss) | $ (4,836) | $ (6,256) | $ 1,870 | $ (13,353) |
Net Comprehensive Income/(Loss) | (3,918,308) | (2,319,041) | (9,994,954) | (6,623,387) |
Products | ||||
Total Revenues | 86,385 | 627,571 | 185,610 | 681,781 |
Milestone and engineering | ||||
Total Revenues | $ 14,916 | $ 10,000 | $ 39,916 | $ 522,000 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | BD 1 Notes (related party) | Nanyang Convertible Notes | L1 Convertible Note | Fleur Note | Sabby Note | Preferred Stock Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Preferred Stock Series A Preferred Stock | Preferred Stock Series 1A Preferred Stock | Preferred Stock Series 1A Preferred Stock TubeSolar | Preferred Stock Series 1B Preferred Stock | Preferred Stock Crowdex Convertible Notes Series 1A Preferred Stock | Common Stock | Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock TubeSolar | Common Stock BD 1 Notes (related party) | Common Stock Crowdex Convertible Notes | Common Stock Nanyang Convertible Notes | Common Stock L1 Convertible Note | Common Stock Fleur Note | Common Stock Sabby Note | Additional Paid-In Capital | Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Additional Paid-In Capital TubeSolar | Additional Paid-In Capital BD 1 Notes (related party) | Additional Paid-In Capital Crowdex Convertible Notes | Additional Paid-In Capital Nanyang Convertible Notes | Additional Paid-In Capital L1 Convertible Note | Additional Paid-In Capital Fleur Note | Additional Paid-In Capital Sabby Note | Accumulated Deficit | Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Deficit Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Other Accumulated Comprehensive Loss | Other Accumulated Comprehensive Loss Cumulative Effect, Period of Adoption, Adjusted Balance [Member] |
Beginning balance at Dec. 31, 2021 | $ (2,833,606) | $ 5 | $ 479 | $ 424,948,698 | $ (427,782,788) | |||||||||||||||||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 48,100 | 3,700 | 4,786,804 | |||||||||||||||||||||||||||||||||||
Conversion of shares | $ 7,900,000 | $ 600,000 | $ 700,000 | $ 480 | $ 1,580 | $ 260 | $ 120 | $ 140 | $ (480) | $ 7,898,420 | $ (260) | $ 599,880 | $ 699,860 | |||||||||||||||||||||||||
Conversion of shares (in shares) | (2,400) | (1,300) | 4,800,000 | 15,800,000 | 2,600,000 | 1,200,000 | 1,400,000 | |||||||||||||||||||||||||||||||
Net Loss | (4,297,249) | (4,297,249) | ||||||||||||||||||||||||||||||||||||
Foreign Currency Translation Loss | (7,097) | $ (7,097) | ||||||||||||||||||||||||||||||||||||
Ending balance at Mar. 31, 2022 | 2,062,048 | $ 5 | $ 3,059 | 434,146,118 | (432,080,037) | (7,097) | ||||||||||||||||||||||||||||||||
Ending balance (in shares) at Mar. 31, 2022 | 48,100 | 30,586,804 | ||||||||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2021 | (2,833,606) | $ 5 | $ 479 | 424,948,698 | (427,782,788) | |||||||||||||||||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 48,100 | 3,700 | 4,786,804 | |||||||||||||||||||||||||||||||||||
Net Loss | (6,610,034) | |||||||||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2022 | (256,993) | $ 5 | $ 3,059 | 434,146,118 | (434,392,822) | (13,353) | ||||||||||||||||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2022 | 48,100 | 30,586,804 | ||||||||||||||||||||||||||||||||||||
Beginning balance at Mar. 31, 2022 | 2,062,048 | $ 5 | $ 3,059 | 434,146,118 | (432,080,037) | (7,097) | ||||||||||||||||||||||||||||||||
Beginning balance (in shares) at Mar. 31, 2022 | 48,100 | 30,586,804 | ||||||||||||||||||||||||||||||||||||
Net Loss | (2,312,785) | (2,312,785) | ||||||||||||||||||||||||||||||||||||
Foreign Currency Translation Loss | (6,256) | (6,256) | ||||||||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2022 | (256,993) | $ 5 | $ 3,059 | 434,146,118 | (434,392,822) | (13,353) | ||||||||||||||||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2022 | 48,100 | 30,586,804 | ||||||||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2022 | $ 4,585,541 | $ (3,686,243) | $ 899,298 | $ 5 | $ 3,400 | $ 3,400 | 452,135,653 | $ (3,795,874) | $ 448,339,779 | (447,537,493) | $ 109,631 | $ (447,427,862) | (16,024) | $ (16,024) | ||||||||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2022 | 48,100 | 34,000,812 | 34,000,812 | |||||||||||||||||||||||||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2020-06 [Member] | |||||||||||||||||||||||||||||||||||||
Conversion of shares | $ 508,740 | $ 1,083,718 | $ 144 | $ 205 | $ 508,596 | $ 1,083,513 | ||||||||||||||||||||||||||||||||
Conversion of shares (in shares) | 1,440,090 | 2,051,052 | ||||||||||||||||||||||||||||||||||||
Share-based compensation | $ 1,404,450 | 1,404,450 | ||||||||||||||||||||||||||||||||||||
Net Loss | (6,083,352) | (6,083,352) | ||||||||||||||||||||||||||||||||||||
Foreign Currency Translation Loss | 6,706 | 6,706 | ||||||||||||||||||||||||||||||||||||
Ending balance at Mar. 31, 2023 | (2,180,440) | $ 5 | $ 3,749 | 451,336,338 | (453,511,214) | (9,318) | ||||||||||||||||||||||||||||||||
Ending balance (in shares) at Mar. 31, 2023 | 48,100 | 37,491,954 | ||||||||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2022 | 4,585,541 | $ (3,686,243) | $ 899,298 | $ 5 | $ 3,400 | $ 3,400 | 452,135,653 | $ (3,795,874) | $ 448,339,779 | (447,537,493) | $ 109,631 | $ (447,427,862) | (16,024) | $ (16,024) | ||||||||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2022 | 48,100 | 34,000,812 | 34,000,812 | |||||||||||||||||||||||||||||||||||
Conversion of shares | $ 3,364,467 | |||||||||||||||||||||||||||||||||||||
Common stock issued for services (in shares) | 285,000 | |||||||||||||||||||||||||||||||||||||
Net Loss | $ (9,996,824) | |||||||||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2023 | (2,793,128) | $ 5 | $ 5,566 | 466,294,127 | (469,078,672) | (14,154) | ||||||||||||||||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2023 | 48,100 | 900 | 55,937,658 | |||||||||||||||||||||||||||||||||||
Beginning balance at Mar. 31, 2023 | (2,180,440) | $ 5 | $ 3,749 | 451,336,338 | (453,511,214) | (9,318) | ||||||||||||||||||||||||||||||||
Beginning balance (in shares) at Mar. 31, 2023 | 48,100 | 37,491,954 | ||||||||||||||||||||||||||||||||||||
Conversion of shares | $ 732,078 | $ 1,039,931 | $ 759 | $ 1,058 | $ 731,319 | $ 1,038,873 | ||||||||||||||||||||||||||||||||
Conversion of shares (in shares) | 7,585,704 | 10,575,000 | ||||||||||||||||||||||||||||||||||||
Share-based compensation | 560,861 | 560,861 | ||||||||||||||||||||||||||||||||||||
Proceeds from issuance of Series 1B Preferred Stock | 900,000 | 900,000 | ||||||||||||||||||||||||||||||||||||
Proceeds from issuance of Series 1B Preferred Stock (in shares) | 900 | |||||||||||||||||||||||||||||||||||||
Preferred Stock issuance cost | (20,000) | (20,000) | ||||||||||||||||||||||||||||||||||||
Common stock issued for services | 92,750 | 92,750 | ||||||||||||||||||||||||||||||||||||
Common stock issued for services (in shares) | 285,000 | |||||||||||||||||||||||||||||||||||||
Down round deemed dividend | 11,653,986 | (11,653,986) | ||||||||||||||||||||||||||||||||||||
Net Loss | (3,913,472) | (3,913,472) | ||||||||||||||||||||||||||||||||||||
Foreign Currency Translation Loss | (4,836) | (4,836) | ||||||||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2023 | $ (2,793,128) | $ 5 | $ 5,566 | $ 466,294,127 | $ (469,078,672) | $ (14,154) | ||||||||||||||||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2023 | 48,100 | 900 | 55,937,658 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Activities: | ||
Net income/(loss) | $ (9,996,824) | $ (6,610,034) |
Adjustments to reconcile net income (loss) to cash used in operating activities: | ||
Depreciation and amortization | 50,224 | 34,503 |
Share-based compensation | 1,965,311 | |
Operating lease asset amortization | 394,638 | 340,114 |
Accretion of debt discount | 1,542,085 | 2,086,301 |
Loss on equity method investment | 170 | 2 |
Inventory reserve expense | 83,357 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (13,147) | (786,824) |
Inventories | (146,362) | (85,934) |
Prepaid expenses and other current assets | 17,330 | (559,774) |
Accounts payable | 557,146 | 185,596 |
Related party payable | (51,971) | 7,127 |
Operating lease liabilities | (384,708) | (322,729) |
Accrued interest | 113,909 | 30,383 |
Accrued expenses | (708,984) | 305,585 |
Net cash used in operating activities | (6,577,826) | (5,375,684) |
Investing Activities: | ||
Contributions to equity method investment | (83,559) | |
Payments on purchase of assets | (3,841,373) | (66,053) |
Patent activity costs | (8,169) | (7,192) |
Net cash used in investing activities | (3,849,542) | (156,804) |
Financing Activities: | ||
Proceeds from issuance of Series 1B Preferred Stock | 880,000 | |
Payment of convertible notes | (1,025,423) | |
Net cash used in financing activities | (145,423) | |
Effect of foreign exchange rate on cash | (4,606) | |
Net change in cash and cash equivalents | (10,577,397) | (5,532,488) |
Cash and cash equivalents at beginning of period | 11,483,018 | 5,961,760 |
Cash and cash equivalents at end of period | 905,621 | 429,272 |
Non-Cash Transactions: | ||
Right-of-use assets acquired through operating lease liabilities | 21,045 | |
Purchase of equipment not yet paid at end of period | 213,922 | |
Non-cash conversions of convertible notes to equity | 3,364,467 | 9,200,000 |
Series 1A preferred stock conversion | $ 740 | |
Down round deemed dividend | 11,653,986 | |
Supplemental disclosure of cash flow information: | ||
Interest | $ 173,600 |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | NOTE 1. ORGANIZATION Ascent Solar Technologies, Inc. (the “Company") is focusing on integrating its photovoltaic ("PV") products into scalable and high value markets such as agrivoltaics, aerospace, satellites, near earth orbiting vehicles, and fixed wing unmanned aerial vehicles (“UAV”). The value proposition of Ascent’s proprietary solar technology not only aligns with the needs of customers in these industries, but also overcomes many of the obstacles other solar technologies face in these unique markets. Ascent has the capability to design and develop finished products for end users in these areas as well as collaborate with strategic partners to design and develop custom integrated solutions for products like fixed-wing UAVs. Ascent sees significant overlap of the needs of end users across these industries and can achieve economies of scale in sourcing, development, and production in commericializing products for these customers. Effective March 13, 2023, the Company redeployed its Thornton manufacturing facility as a Perovskite Center of Excellence and dedicated the facility to the industrial commercialization of the Company's patent-pending Perovskite solar technologies. On April 18, 2023, the Company completed its acquisition of the manufacturing assets of Flisom AG ("Flisom"), a Zurich based thin-film solar manufacturer. The Company will continue to be headquartered in Thornton, CO. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | NOTE 2. BASIS OF PRESENTATION The accompanying, unaudited, condensed financial statements have been derived from the accounting records of the Company as of June 30, 2023, and December 31, 2022, and the results of operations for the three and six months ended June 30, 2023, and 2022. The accompanying, unaudited, condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, these interim financial statements do not include all of the information and footnotes typically found in U.S. GAAP audited annual financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. The Condensed Balance Sheet at December 31, 2022, has been derived from the audited financial statements as of that date but does not include all of the information and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. These condensed financial statements and notes should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2023 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s significant accounting policies were described in Note 3 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Except for the adoption of FASB ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”) as disclosed below, there have been no significant changes to our accounting policies as of June 30, 2023. Revenue Recognition: Product revenue. The Company recognizes revenue for the sale of PV modules and other equipment sales at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. For module and other equipment sales contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices, or estimates of such prices, and recognizes the related revenue as control of each individual product is transferred to the customer. During the three months ended June 30, 2023 and 2022, the Company recognized product revenue of $ 86,385 and $ 627,571 , respectively. During the six months ended June 30, 2023 and 2022, the Company recognized product revenue of $ 185,610 and $ 681,781 , respectively. Milestone and engineering revenue. Each milestone and engineering arrangement is a separate performance obligation. The transaction price is estimated using the most likely amount method and revenue is recognized as the performance obligation is satisfied through achieving manufacturing, cost, or engineering targets. During the three months ended June 30, 2023 and 2022, the Company recognized total milestone and engineering revenue of $ 14,916 and $ 10,000 , respectively. During the six months ended June 30, 2023 and 2022, the Company recognized total milestone and engineering revenue of $ 39,916 and $ 522,000 , respectively. $ 512,000 of the $ 522,000 earned in the prior period was earned from TubeSolar AG (“TubeSolar”), a related party. Government contracts revenue. Revenue from government research and development contracts is generated under terms that are cost plus fee or firm fixed price. The Company generally recognizes this revenue over time using cost-based input methods, which recognizes revenue and gross profit as work is performed based on the relationship between actual costs incurred compared to the total estimated costs of the contract. In applying cost-based input methods of revenue recognition, the Company uses the actual costs incurred relative to the total estimated costs to determine our progress towards contract completion and to calculate the corresponding amount of revenue to recognize. Cost based input methods of revenue recognition are considered a faithful depiction of the Company’s efforts to satisfy long-term government research and development contracts and therefore reflect the performance obligations under such contracts. Costs incurred that do not contribute to satisfying the Company’s performance obligations are excluded from the input methods of revenue recognition as the amounts are not reflective of transferring control under the contract. Costs incurred towards contract completion may include direct costs plus allowable indirect costs and an allocable portion of the fixed fee. If actual and estimated costs to complete a contract indicate a loss, provision is made currently for the loss anticipated on the contract. No government contract revenue was recognized during the three and six months ended June 30, 2023 and 2022. Accounts Receivable. As of June 30, 2023 and December 31, 2022, the Company had an accounts receivable, net balance of $ 14,916 and $ 1,769 , respectively. As of June 30, 2023 and December 31, 2022, the Company had an allowance for doubtful accounts of $ 0 and $ 26,000 , respectively. Deferred revenue for the six months ended June 30, 2023 was as follows: Balance as of January 1, 2023 $ 13,000 Additions 29,350 Recognized as revenue ( 29,350 ) Balance as of June 30, 2023 $ 13,000 Earnings per Share: Earnings per share (“EPS”) are the amount of earnings attributable to each share of common stock. Basic EPS has been computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. Income available to common stockholders has been computed by deducting dividends accumulated for the period on cumulative preferred stock (whether or not earned) and deemed dividends due to down round financings from net income. For the three and six months ended June 30, 2023 , income available to common stockholders was adjusted for deemed dividends due to down round financings of $ 11,653,986 (Note 11). Diluted earnings per share has been computed by dividing income available to common stockholders adjusted on an if-converted basis for the period by the weighted average number of common shares and potentially dilutive common share outstanding (which consist of warrants, options, restricted stock units and convertible securities using the if-converted or treasury stock method to the extent they are dilutive). Approximately 55.3 million and 2.4 million shares of dilutive shares were excluded from the three months period ended June 30, 2023 and 2022, respectively, EPS calculation as their impact is antidilutive. Approximately 56.0 million and 2.4 million shares of dilutive shares were excluded from the six months period ended June 30, 2023 and 2022, respectively, EPS calculation as their impact is antidilutive. Net loss attributable to common shareholders for the three and six months ended June 30, 2023 was as follows: Three months ended Six months ended June 30, 2023 June 30, 2023 Net Loss $ ( 3,913,472 ) $ ( 9,996,824 ) Down round deemed dividend ( 11,653,986 ) ( 11,653,986 ) Net Loss attributable to common shareholders ( 15,567,458 ) ( 21,650,810 ) Earnings Per Share (Basic and Diluted) ( 0.33 ) ( 0.53 ) Recently Adopted or to be Adopted Accounting Policies On January 1, 2023, the Company adopted ASU 2020-06. The adoption resulted in the elimination of the beneficial conversion feature recognized on the Company’s convertible debt. The Company elected to apply the modified retrospective method to all open contracts as of January 1, 2023, and the cumulative effect of initially applying ASU 2020-06 was recognized as an adjustment to the Company’s retained earnings balance as of January 1, 2023. Comparative periods have not been restated and continue to be reported under the accounting standard in effect for those periods. The cumulative effect of the changes made to the Company’s January 1, 2023, condensed balance sheet for the adoption of ASU 2020-06 is as follows: Balance at December 31, 2022 Adjustments Due to Adoption Balance at January 1, 2023 Liabilities Non-current convertible notes, net $ 5,268,399 $ 3,686,243 $ 8,954,642 Shareholders' equity Additional paid in capital 452,135,653 ( 3,795,874 ) 448,339,779 Accumulated deficit ( 447,537,493 ) 109,631 ( 447,427,862 ) The impact due to the change in accounting principle on net income and earnings per share for the three and six months ended June 30, 2023 is as follows: Post ASU 2020-06 Pre ASU 2020-06 Difference Three months ended June 30, 2023 Net Loss $ ( 3,913,472 ) $ ( 6,687,795 ) $ 2,774,323 Net Loss attributable to common shareholders ( 15,567,458 ) ( 18,341,781 ) 2,774,323 Earnings Per Share (Basic and Diluted) ( 0.33 ) ( 0.39 ) ( 0.06 ) Six months ended June 30, 2023 Net Loss $ ( 9,996,824 ) $ ( 14,971,111 ) $ 4,974,287 Net Loss attributable to common shareholders ( 21,650,810 ) ( 26,625,097 ) 4,974,287 Earnings Per Share (Basic and Diluted) ( 0.53 ) ( 0.65 ) ( 0.12 ) Other new pronouncements issued but not effective as of June 30, 2023 are not expected to have a material impact on the Company’s condensed financial statements. |
LIQUIDITY, CONTINUED OPERATIONS
LIQUIDITY, CONTINUED OPERATIONS, AND GOING CONCERN | 6 Months Ended |
Jun. 30, 2023 | |
Liquidity And Continued Operations [Abstract] | |
LIQUIDITY, CONTINUED OPERATIONS, AND GOING CONCERN | NOTE 4. LIQUIDITY, CONTINUED OPERATIONS, AND GOING CONCERN During the year ended December 31, 2022, the Company entered into multiple financing agreements to fund operations. Further discussion of these transactions can be found in Notes 12 and 15 in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. In March 2023, the Company redeployed its Thornton manufacturing facility to focus on industrial commercialization of the Company's patent-pending Perovskite solar technologies. Additionally, while the Company purchased manufacturing assets in Zurich, Switzerland in April 2023 with plans to commence manufacturing using this equipment, Management continues to evaluate its manufacturing options. Management does not expect that sales revenue and cash flows will be sufficient to support operations and cash requirements until the Company is able to achieve large scale production capacities. During the six months ended June 30, 2023 the Company used $ 6,577,826 in cash for operations. Additionally, projected revenues may not result in a positive cash flow position for the next twelve months. The Company also has a working capital deficit of $ 9,121,533 as of June 30, 2023. Management does not believe cash liquidity is sufficient for the next twelve months and will require additional financing. The Company continues to look for ways to expand its production of PV films at industrial scale, and to secure long-term contracts for the sale of such output. The Company continues activities related to securing additional financing through strategic investors, but there is no assurance the Company will be able to raise additional capital on acceptable terms or at all. If the Company's revenues do not increase rapidly, and/or additional financing is not obtained, the Company will be required to significantly curtail operations to reduce costs and/or sell assets. Such actions would likely have an adverse impact on the Company's future operations. As a result of the Company’s recurring losses from operations and the need for additional financing to fund its operating and capital requirements, there is uncertainty regarding the Company’s ability to maintain liquidity sufficient to operate its business effectively, which raises doubt as to the Company’s ability to continue as a going concern. Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These condensed financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. |
ASSET ACQUISITION
ASSET ACQUISITION | 6 Months Ended |
Jun. 30, 2023 | |
Asset Acquisition [Abstract] | |
ASSET ACQUISITION | NOTE 5. ASSET ACQUISITION On April 17, 2023 , the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Flisom (the “Seller”), pursuant to which, among other things, the Company purchased certain assets relating to thin-film photovoltaic manufacturing and production from the Seller (collectively, the “Assets”), including (i) certain manufacturing equipment located at Seller’s Niederhasli, Switzerland facility (the “Manufacturing Facility”) and (ii) related inventory and raw materials at the Manufacturing Facility (collectively, the “Transaction”). In connection with the Transaction, the Company also acquired, by operation of Swiss law, the employment contracts of certain employees of Seller in Switzerland who are functionally predominantly working with the Assets, subject to such employees being offered the right to remain employed by Seller after the closing of the Transaction. The total consideration paid by the Company to Seller in connection with the Transaction was an aggregate amount in cash equal to $ 2,800,000 . At the Closing, the Company and Seller also entered into (i) a Transition Services Agreement requiring the Seller to provide transition support for the Company’s operation of the Assets, with fees to be paid by the Company for performing defined support services, (ii) a Sublease Agreement allowing the Company’s to use the Manufacturing Facility where the Assets are located, and (iii) a Technology License Agreement, pursuant to which Seller granted the Company a revocable, non-exclusive license to certain intellectual property rights of the Seller used in the operation of the Assets (the “Licensed IP”), subject to certain encumbrances on the Licensed IP in favor of Seller’s lender. The Company will also receive proceeds from fulfilling a supply agreement obligation for one of the Seller’s customers. The total purchase price, including transaction costs of $ 1,283,926 , was allocated as follows: Asset Price Allocation Inventory Raw Material $ 130,030 Finished Goods 62,427 Other Assets 98,746 Fixed Assets Manufacturing machinery and equipment 3,682,621 Furniture, fixtures, computer hardware and 110,102 In addition to the Asset Purchase Agreement, on April 20, 2023 , the Company entered into a letter agreement (the “Letter Agreement”) with FL1 Holding GmbH, a German company (“FL1”) that is affiliated with BD 1 Investment Holding, LLC (“BD1”), an affiliate of the Company, BD1 and BD Vermögensverwaltung GmbH (“BD”), the parent entity of FL1 (collectively, the “Affiliates”), in connection with the prospective acquisition by FL1 of substantially all shares in Seller following the Closing, subject to the satisfaction of certain terms and conditions. The Letter Agreement, among other things, granted the Company the option, but not the obligation, (i) to purchase certain intellectual property rights of Seller relating to thin-film photovoltaic manufacture and production for $ 2,000,000 following the release of certain liens on such intellectual property rights in favor of Seller’s lender, and (ii) for a period of 12 months following the Closing, to resell the Assets to the Affiliates for an aggregate amount equal to $ 5,000,000 , with such transaction to close within 90 days following the exercise of the Company’s resale right. On June 16, 2023, the Company exercised its option to resell the Assets to the Affiliates. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6. RELATED PARTY TRANSACTIONS On September 15, 2021, the Company entered into a Long-Term Supply and Joint Development Agreement (“JDA”) with TubeSolar. Under the terms of the JDA, the Company will produce, and TubeSolar will purchase, thin-film photovoltaic (“PV”) foils (“PV Foils”) for use in TubeSolar’s solar modules for agricultural photovoltaic (“APV”) applications that require solar foils for its production. Additionally, the Company will receive (i) up to $ 4 million of non-recurring engineering (“NRE”) fees, (ii) up to $ 13.5 million of payments upon achievement of certain agreed upon production and cost structure milestones and (iii) product revenues from sales of PV Foils to TubeSolar. The JDA has no fixed term, and may only be terminated by either party for breach. No revenue was recognized under the JDA during the three and six months ended June 30, 2023 . $ 512,000 of NRE revenue were recognized under the JDA during the six months ended June 30, 2022. In June, 2023, TubeSolar filed an application for the opening of insolvency proceedings with the competent insolvency court due to insolvency . The Company and TubeSolar have also jointly established Ascent Solar Technologies Germany GmbH (“Ascent Germany”), in which TubeSolar holds 30 % of the entity. Ascent Germany was established to operate a PV manufacturing facility in Germany that will produce and deliver PV Foils exclusively to TubeSolar. The parties expect to jointly develop next generation tooling for use in manufacturing PV Foils at the JV facility. The Company accounts for this investment as an equity method investment as it does not have control of this entity, but does have significant influence over the activities that most significantly impact the entity’s operations and financial performance. The Company contributed $ 0 and $ 83,559 to Ascent Germany during the six months ended June 30, 2023 and 2022 , respectively. The Company currently cannot quantify its maximum exposure in this entity. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 7. PROPERTY, PLANT AND EQUIPMENT The following table summarizes property, plant and equipment as of June 30, 2023 and December 31, 2022: As of As of 2023 2022 Furniture, fixtures, computer hardware and $ 592,336 $ 482,235 Manufacturing machinery and equipment 25,492,755 21,739,504 Leasehold improvements 103,951 87,957 Manufacturing machinery and equipment, 242,500 280,473 Depreciable property, plant and equipment 26,431,542 22,590,169 Less: Accumulated depreciation and amortization ( 22,079,147 ) ( 22,038,508 ) Net property, plant and equipment $ 4,352,395 $ 551,661 Depreciation expense for the three months ended June 30, 2023 and 2022 was $ 19,650 and $ 13,046 , respectively. Depreciation expense for the six months ended June 30, 2023 and 2022 was $ 40,639 and $ 24,919 , respectively. Depreciation expense is recorded under “Depreciation and amortization expense” in the unaudited Condensed Statements of Operations. |
OPERATING LEASE
OPERATING LEASE | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
OPERATING LEASE | NOTE 8. OPERATING LEASE The Company’s lease is primarily comprised of approximately 100,000 rentable square feet for its manufacturing and operations. This lease is classified and accounted for as an operating lease. The building lease term is for 88 months commencing on September 21, 2020 at a rent of $ 50,000 per month including taxes, insurance and common area maintenance until December 31, 2020. Beginning January 1, 2021, the rent adjusted to $ 80,000 per month on a triple net basis and shall increase at an annual rate of 3 % per annum until December 31, 2027. As of June 30, 2023 and December 31, 2022, assets and liabilities related to the Company’s leases were as follows: As of As of 2023 2022 Operating lease right-of-use assets, net $ 3,929,876 $ 4,324,514 Current portion of operating lease liability 765,378 733,572 Non-current portion of operating lease liability 3,411,364 3,827,878 During the three months ended June 30, 2023 and 2022, the Company recorded operating lease expense included in selling, general and administrative expenses of $ 271,542 and $ 258,392 , respectively. During the six months ended June 30, 2023 and 2022, the Company recorded operating lease expense included in selling, general and administrative expenses of $ 533,910 and $ 516,785 , respectively. Future maturities of the operating lease liability are as follows: Remainder of 2023 $ 509,232 2024 1,049,018 2025 1,080,488 2026 1,112,903 2027 1,146,290 Total lease payments 4,897,931 Less amounts representing interest ( 721,189 ) Present value of lease liability $ 4,176,742 The remaining weighted average lease term and discount rate of the operating leases is 54 months and 7.0 % , respectively. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 9. INVENTORIES Inventories, net of reserves, consisted of the following at June 30, 2023 and December 31, 2022: As of As of 2023 2022 Raw materials $ 598,160 $ 577,799 Work in process 17,701 37,351 Finished goods 62,427 133 Total $ 678,288 $ 615,283 |
OTHER PAYABLE
OTHER PAYABLE | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
OTHER PAYABLE | NOTE 10. OTHER PAYABLE On June 30, 2017, the Company entered into an agreement with a vendor (“Vendor”) to convert the balance of their account into a note payable in the amount of $ 250,000 . The note bears interest of 5 % per annum and matured on February 28, 2018. As of June 30, 2023, the Company had not made any payments on this note, the accrued interest was $ 75,034 , and the note is due upon demand. This note is recorded as Other payable in the Condensed Balance Sheets. |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES | NOTE 11. CONVERTIBLE NOTES The following table provides a summary of the activity of the Company's secured, convertible, promissory notes: Principal Notes converted Principal Less: Net Principal Sabby Volatility Warrant Master Fund, LTD $ 7,392,899 $ ( 4,431,207 ) $ 2,961,692 $ ( 782,138 ) $ 2,179,554 L1 Capital Global Opportunities Master Fund, Ltd 7,500,000 ( 2,843,333 ) 4,656,667 ( 1,229,754 ) 3,426,913 $ 14,892,899 $ ( 7,274,540 ) $ 7,618,359 $ ( 2,011,892 ) $ 5,606,467 Sabby / L1 Convertible Notes On December 19, 2022, the Company entered into a Securities Purchase Contract (the “Securities Purchase Contract”) with two institutional investors (each, an “Investor” and collectively, the “Investors”) for the issuance to the Investors of $ 12,500,000 in aggregate principal amount of Senior Secured Original Issue 10 % Discount Convertible Advance Notes pursuant to a direct registered offering (the “Registered Advance Notes”) and $ 2,500,000 in aggregate principal amount of Senior Secured Original Issue 10 % Discount Convertible Advance Notes in a concurrent private placement (the “Private Placement Advance Notes” and, together with the Registered Advance Notes, the “Advance Notes”). On March 29, 2023, the Company and each of the Investors entered into a Waiver and Amendment Agreement (the “Amendment”) relating to the Securities Purchase Contract and the Advance Notes to waive any event of default arising under Section 2.1 of the Advance Notes relating to the Company’s receipt of notice from the Listing Qualifications Department of Nasdaq indicating that the Company is not in compliance with the $ 1.00 Minimum Bid Price Requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market (the “Specified Default”). Pursuant to the Amendment, the Company and each of the Investors agreed to waive the Specified Default and further agreed to the amend the Advance Notes to provide that (i) the new “Floor Price” for all purposes of the Advance Notes is $ 0.20 per share of the Company’s common stock, (ii) until the Company regains compliance with the $ 1.00 Minimum Bid Price Requirement, “Conversion Price” under the Advance Notes will mean the “Alternative Conversion Price” (as defined in the Advance Notes) and (iii) the Company will make certain prepayments of the Advance Notes held by the Investors on the following dates and in the following aggregate cash amounts, at a price equal to 100 % of the principal amount of the Advance Notes to be repaid plus accrued and unpaid interest thereon (if any). The Company's failure to comply with the terms of the Amendment would constitute an Event of Default under the Advance Notes. On April 12, 2023, the Company and each of the Investors entered in a further amendment to the Amendment (the “Revised Amendment”), to provide for a consistent prepayment schedule for the Advance Notes held by each of the Investors. After giving effect to the Revised Amendment, the Advance Notes will be prepaid by the Company in cash on the following dates and in the following aggregate amounts, at a price equal to 100 % of the principal amount of the Advance Notes to be prepaid plus accrued and unpaid interest thereon (if any). The Company’s failure to comply with the terms of the Revised Amendment would constitute an “Event of Default” under the Advance Notes. Prepayment Date Aggregate April 3, 2023 $ 333,333 April 13, 2023 333,333 May 18, 2023 666,667 June 19, 2023 666,667 $ 2,000,000 On May 22, 2023, the Investors and the Company agreed to defer for 90 days each of the two prepayments of $ 666,667 that were scheduled for May 18, 2023 and June 19, 2023. Accordingly, (i) the May 18, 2023 payment is deferred until August 16, 2023 , and (ii) the June 19, 2023 payment is delayed until September 17, 2023 . On May 25, 2023, the Company and each of the Investors entered into a Waiver and Amendment Agreement (the “Second Amendment”) relating to the Securities Purchase Contract and the Advance Notes. Pursuant to the Second Amendment, the Company and each of the Investors agreed to amend the Advance Notes to provide that if the Company receives a Notice of Conversion at a time that the Conversion Price (or, as applicable, the Alternative Conversion Price) then in effect Price, without regard to the Floor Price (the “Applicable Conversion Price”), is less than the Floor Price then in effect, the Company shall issue a number of shares equal to the Conversion Amount divided by such Floor Price and, at its election (x) pay the economic difference between the Applicable Conversion Price and such Floor Price (the “Outstanding Conversion Amount”) in cash at such time or (y) pay the Outstanding Conversion Amount following the consummation of a reverse stock split by the Company (1) in cash or (2) by issuing to the Holder a number of shares of Common Stock with an aggregate value equal to the Outstanding Conversion Amount, with the value per share of Common Stock for purposes of such calculation equal to (i) if such shares are issued on or prior to August 23, 2023, the daily VWAP of the Common Stock on the Trading Day following the date of the consummation of such reverse stock split or (ii) if such shares are issued after August 23, 2023, 90 % of the daily VWAP of the Common Stock on the Trading Day following the date of the consummation of such reverse stock split. As of June 30, 2023, the Company had $ 500,370 in Outstanding Conversion Amounts recorded as Conversions Payable on the Condensed Balance Sheets. The Securities Purchase Contract also included certain warrants to purchase up to 2,513,406 shares of common stock (the "Warrants"). The Warrants were issued with an exercise price equal to $ 3.93 per share, subject to certain adjustments in certain events, including the future issuance by the Company of securities with a purchase or conversion, exercise or exchange price that is less than the exercise price of the Warrants then in effect at any time. On April 14, 2023 the Company entered a securities purchase agreement (“SPA”) with Lucro Investments VCC-ESG Opportunities Fund (“Lucro”) for an approximate $ 9 million private placement (the “Private Placement”) of an aggregate of 7,499,997 shares of the Company’s Common Stock. The per share purchase price for the Shares is $ 1.20 per share. The terms of the SPA with Lucro triggered certain adjustments to the Advance Notes and the Warrants in accordance with the existing terms of the outstanding Advance Notes and the outstanding Warrants. Following these adjustments: 1. The fixed conversion price of the remaining principal outstanding on the Advance Notes was lowered to $ 0.3661 per share of Common Stock; 2. The exercise price of the outstanding Warrants was lowered to $ 0.3661 per share of Common Stock; and 3. The number of shares that the Warrants are exercisable for increased from 2,513,406 to 26,980,840 shares of Common Stock. On June 29, 2023 the Company entered a securities purchase agreement (“Series 1B SPA”) with accredited investors (the "Accredited Investors") for the private placement of $ 900,000 for 900 shares of the Company’s newly designated Series 1B Convertible Preferred Stock (“Series 1B Preferred Stock”) (Note 13). Shares of the Series 1B Preferred Stock are convertible at the option of the holder into common stock at an initial conversion price of equal to $ 0.14 per share. The terms of the Series 1B SPA triggered certain further adjustments to the Advance Notes and the Warrants in accordance with the existing terms of the outstanding Advance Notes and the outstanding Warrants. Following these further adjustments in June 2023: 1. The fixed conversion price of the remaining principal outstanding on the Advance Notes was lowered to $ 0.1268 per share of Common Stock; 2. T he exercise price of the outstanding Warrants was lowered to $ 0.1268 per share of Common Stock; and 3. The number of shares that the Warrants are exercisable for increased from 26,980,840 to 77,899,728 shares of Common Stock. Pursuant to ASC 260, Earnings per Share , the Company recorded a deemed dividend for the down round adjustments of $ 11,653,986 which reduced income available to common shareholders in the Company's earnings per share calculations. During the six months ended June 30, 2023 , the Company settled $ 7.3 million of principal as follows: Debt Settlement Equity issued for convertible debt $ 3,364,467 Conversions payable 500,370 Cash repayments 1,025,423 Accelerated discount recognized in APIC 2,384,280 Principal settled during the six months ended June 30, 2023 $ 7,274,540 During the three and six months ended June 30, 2023 , the Company had interest expense of $ 746,578 and $ 1,799,506 , respectively, of which, $ 640,438 and $ 1,542,097 for the three and six months ended June 30, 2023 , respectively, was due to accretion of discount on the Advanced Notes. Interest payable was $ 105,647 as of June 30, 2023 . |
SERIES A PREFERRED STOCK
SERIES A PREFERRED STOCK | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Series A Preferred Stock | NOTE 12. SERIES A PREFERRED STOCK As of January 1, 2023, there were 48,100 shares of Series A Preferred Stock outstanding. Holders of Series A Preferred Stock are entitled to cumulative dividends at a rate of 8 % per annum when and if declared by the Board of Directors at its sole discretion. The dividends may be paid in cash or in the form of common stock (valued at 10 % below market price, but not to exceed the lowest closing price during the applicable measurement period), at the discretion of the Board of Directors. The dividend rate on the Series A Preferred Stock is indexed to the Company's stock price and subject to adjustment. The Series A Preferred Stock may be converted into shares of common stock at the option of the Company if the closing price of the common stock exceeds $ 1,160,000 , adjusted for reverse stock splits, for twenty consecutive trading days, or by the holder at any time. The Company has the right to redeem the Series A Preferred Stock at a price of $ 8.00 per share, plus any accrued and unpaid dividends, plus the make-whole amount (if applicable). At June 30, 2023 , the preferred shares were not eligible for conversion to common shares at the option of the Company. The holder of the preferred shares may convert to common shares at any time. After making adjustment for the Company’s prior reverse stock splits, all 48,100 outstanding Series A preferred shares are convertible into less than one common share. Upon any conversion (whether at the option of the Company or the holder), the holder is entitled to receive any accrued but unpaid dividends. Except as otherwise required by law (or with respect to approval of certain actions), the Series A Preferred Stock shall have no voting rights. Upon any liquidation, dissolution or winding up of the Company, after payment or provision for payment of debts and other liabilities of the Company, the holders of Series A Preferred Stock shall be entitled to receive, pari passu with any distribution to the holders of common stock of the Company, an amount equal to $8.00 per share of Series A Preferred Stock plus any accrued and unpaid dividends. As of June 30, 2023 , there were 48,100 shares of Series A Preferred Stock outstanding and accrued and unpaid dividends of $ 489,685 . |
SERIES 1B PREFERRED STOCK
SERIES 1B PREFERRED STOCK | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Series 1 B Preferred Stock | NOTE 13. SERIES 1B PREFERRED STOCK On June 29, 2023 , the Company entered into the Series 1B SPA with Accredited Investors for the private placement of 900 shares of Series 1B Preferred Stock for $ 900,000 gross proceeds. The Series 1B Preferred Stock ranks senior to the common stock with respect to dividends and rights upon liquidation. Holders of the Series 1B Preferred Stock do not have voting rights and are not entitled to any fixed rate of dividends; however, if the Company pays a dividend or otherwise makes a distribution or distributions payable on shares of common stock, then the Company will make a dividend or distribution to the holders of the Series 1B Preferred Stock in such amounts as each share of Series 1B Preferred Stock would have been entitled to receive if such share of Series 1B Preferred Stock was converted into shares of common stock at the time of payment of the stock dividend or distribution. There is no scheduled or mandatory redemption for the Series 1B Preferred Stock and there is no redemption for the Series 1B Preferred Stock exercisable (i) at the option of the Investor, or (ii) at the option of the Company. Upon our liquidation, dissolution or winding up, holders of Series 1B Preferred Stock will be entitled to be paid out of our assets, prior to the holders of our common stock, an amount equal to $ 1,000 per share plus any accrued but unpaid dividends (if any) thereon. Shares of the Series 1B Preferred Stock are convertible at the option of the holder into common stock at an initial conversion price of equal to $ 0.14 per share. The conversion price for the Series 1B Preferred Stock is subject to adjustment on the earliest of the date that (a) a resale registration statement relating to the shares of common stock underlying the Series 1B Preferred Stock has been declared effective by the SEC, (b) all of such underlying shares of common stock have been sold pursuant to SEC Rule 144 or may be sold pursuant to SEC Rule 144 without volume or manner-of-sale restrictions, (c) the one year anniversary of the closing provided that a holder of such underlying shares is not an affiliate of the Company or (d) all of such underlying shares may be sold pursuant to an exemption from registration under Section 4(a)(1) of the Securities Act without volume or manner-of-sale restrictions (such earliest date, the “Reset Date”). On the Reset Date, the conversion price shall be equal to the lower of (i) $ 0.14 and (ii) 90 % of the lowest VWAP for the Company’s common stock out of the 10 trading days commencing 5 trading days immediately prior to the Reset Date, provided that the conversion price may not be adjusted to less than $ 0.05 per share. Holders of the Series 1B Preferred Stock (together with its affiliates) may not convert any portion of such Investor’s Series 1B Preferred Stock to the extent that the holder would beneficially own more than 4.99 % of the Company’s outstanding shares of common stock after conversion, except that upon at least 61 days ’ prior notice from the holders to the Company, the holder may increase the maximum amount of its beneficial ownership of outstanding shares of the Company’s Common Stock after converting the holder’s Series 1B Preferred Stock up to 9.99 % of the number of shares of Common Stock outstanding immediately after giving effect to the conversion, as such percentage ownership is determined in accordance with the terms of the Series 1B Preferred Stock. |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY (DEFICIT) | NOTE 14. STOCKHOLDERS’ EQUITY (DEFICIT) Common Stock At June 30, 2023 , the Company had 500 million shares of common stock, $ 0.0001 par value, authorized for issuance. Each share of common stock has the right to one vote. As of June 30, 2023, the Company had 55,937,658 shares of common stock outstanding. The Company has not declared or paid any dividends related to the common stock during the three or six months ended June 30, 2023 and 2022. During the six months ended June 30, 2023 , $ 7.3 million of convertible debt principal was converted into 21,651,846 shares of common stock and 285,000 shares of common stock was issued for vendor services. Preferred Stock At June 30, 2023 , the Company had 25 million shares of preferred stock, $ 0.0001 par value, authorized for issuance. Preferred stock may be issued in classes or series. Designations, powers, preferences, rights, qualifications, limitations and restrictions are determined by the Company’s Board of Directors. The following table summarizes the designations, shares authorized, and shares outstanding for the Company’s Preferred Stock: Preferred Stock Series Designation Shares Shares Series A 750,000 48,100 Series 1A 5,000 — Series B-1 2,000 — Series B-2 1,000 — Series 1B 900 900 Series C 1,000 — Series D 3,000 — Series D-1 2,500 — Series E 2,800 — Series F 7,000 — Series G 2,000 — Series H 2,500 — Series I 1,000 — Series J 1,350 — Series J-1 1,000 — Series K 20,000 — Warrants As of June 30, 2023 , there are 79,314,823 outstanding warrants with exercise prices between $ 0.1268 and $ 5.30 per share. Series A Preferred Stock Refer to Note 12 for information on Series A Preferred Stock. Series 1B Preferred Stock Refer to Note 13 for information on Series 1B Preferred Stock. Series 1A, B-1, B-2, C, D, D-1, E, F, G, H, I, J, J-1, and K Preferred Stock There were no transactions involving the Series 1A, B-1, B-2, C, D, D-1, E, F, G, H, I, J, J-1, or K during the three and six months ended June 30, 2023 . |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 15. SHARE-BASED COMPENSATION In 2022, the Company granted restricted stock units to its Chief Executive Officer and Chief Financial Officer. On April 26, 2023, the Company terminated its employment contract with the Company's then Chief Executive Officer resulting in the forfeiture of 2,277,848 restricted stock units. The remaining non-vested shares of 466,666 units as of June 30, 2023 are expected to vest in the future. Total unrecognized share-based compensation expense from the remaining unvested restricted stock as of June 30, 2023 was approximately $ 1,390,667 and is expected to be recognized over 30 months. The Company recognized share-based compensation expense related to restricted stock grants of $ 560,861 and $ 1,965,311 for the three and six months ended June 30, 2023 . The following table summarizes non-vested restricted stock and the related activity as of June 30, 2023: Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2023 3,152,033 4.95 Vested 407,519 4.82 Forfeited 2,277,848 5.37 Non-vested at June 30, 2023 466,666 2.98 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 16. COMMITMENTS AND CONTINGENCIES On April 26, 2023, the board of directors of the Company terminated Jeffrey Max as the Company’s President and Chief Executive Officer. Mr. Max claims that his termination was not for cause as defined in his employment agreement which could enable him to certain benefits, including severance and vesting of restricted stock units. Management believes Mr. Max was terminated for cause and any such claims, if asserted, would be without substantial merit. Although the outcome of any legal proceedings is uncertain, the Company will vigorously defend any future claims made by Mr. Max. The Company is subject to various legal proceedings, both asserted and unasserted, that arise in the ordinary course of business. The Company cannot predict the ultimate outcome of such legal proceedings or in certain instances provide reasonable ranges of potential losses. However, as of the date of this report, the Company believes that none of these claims will have a material adverse effect on its financial position or results of operations. In the event of unexpected subsequent developments and given the inherent unpredictability of these legal proceedings, there can be no assurance that the Company’s assessment of any claim will reflect the ultimate outcome, and an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s financial position or results of operations in particular quarterly or annual periods. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17. SUBSEQUENT EVENTS Subsequent to June 30, 2023 , Sabby and L1 converted approximately $ 2.6 million principal for 12.6 million shares of Common Stock. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition: Product revenue. The Company recognizes revenue for the sale of PV modules and other equipment sales at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. For module and other equipment sales contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices, or estimates of such prices, and recognizes the related revenue as control of each individual product is transferred to the customer. During the three months ended June 30, 2023 and 2022, the Company recognized product revenue of $ 86,385 and $ 627,571 , respectively. During the six months ended June 30, 2023 and 2022, the Company recognized product revenue of $ 185,610 and $ 681,781 , respectively. Milestone and engineering revenue. Each milestone and engineering arrangement is a separate performance obligation. The transaction price is estimated using the most likely amount method and revenue is recognized as the performance obligation is satisfied through achieving manufacturing, cost, or engineering targets. During the three months ended June 30, 2023 and 2022, the Company recognized total milestone and engineering revenue of $ 14,916 and $ 10,000 , respectively. During the six months ended June 30, 2023 and 2022, the Company recognized total milestone and engineering revenue of $ 39,916 and $ 522,000 , respectively. $ 512,000 of the $ 522,000 earned in the prior period was earned from TubeSolar AG (“TubeSolar”), a related party. Government contracts revenue. Revenue from government research and development contracts is generated under terms that are cost plus fee or firm fixed price. The Company generally recognizes this revenue over time using cost-based input methods, which recognizes revenue and gross profit as work is performed based on the relationship between actual costs incurred compared to the total estimated costs of the contract. In applying cost-based input methods of revenue recognition, the Company uses the actual costs incurred relative to the total estimated costs to determine our progress towards contract completion and to calculate the corresponding amount of revenue to recognize. Cost based input methods of revenue recognition are considered a faithful depiction of the Company’s efforts to satisfy long-term government research and development contracts and therefore reflect the performance obligations under such contracts. Costs incurred that do not contribute to satisfying the Company’s performance obligations are excluded from the input methods of revenue recognition as the amounts are not reflective of transferring control under the contract. Costs incurred towards contract completion may include direct costs plus allowable indirect costs and an allocable portion of the fixed fee. If actual and estimated costs to complete a contract indicate a loss, provision is made currently for the loss anticipated on the contract. No government contract revenue was recognized during the three and six months ended June 30, 2023 and 2022. Accounts Receivable. As of June 30, 2023 and December 31, 2022, the Company had an accounts receivable, net balance of $ 14,916 and $ 1,769 , respectively. As of June 30, 2023 and December 31, 2022, the Company had an allowance for doubtful accounts of $ 0 and $ 26,000 , respectively. Deferred revenue for the six months ended June 30, 2023 was as follows: Balance as of January 1, 2023 $ 13,000 Additions 29,350 Recognized as revenue ( 29,350 ) Balance as of June 30, 2023 $ 13,000 |
Earnings Per Share | Earnings per Share: Earnings per share (“EPS”) are the amount of earnings attributable to each share of common stock. Basic EPS has been computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. Income available to common stockholders has been computed by deducting dividends accumulated for the period on cumulative preferred stock (whether or not earned) and deemed dividends due to down round financings from net income. For the three and six months ended June 30, 2023 , income available to common stockholders was adjusted for deemed dividends due to down round financings of $ 11,653,986 (Note 11). Diluted earnings per share has been computed by dividing income available to common stockholders adjusted on an if-converted basis for the period by the weighted average number of common shares and potentially dilutive common share outstanding (which consist of warrants, options, restricted stock units and convertible securities using the if-converted or treasury stock method to the extent they are dilutive). Approximately 55.3 million and 2.4 million shares of dilutive shares were excluded from the three months period ended June 30, 2023 and 2022, respectively, EPS calculation as their impact is antidilutive. Approximately 56.0 million and 2.4 million shares of dilutive shares were excluded from the six months period ended June 30, 2023 and 2022, respectively, EPS calculation as their impact is antidilutive. Net loss attributable to common shareholders for the three and six months ended June 30, 2023 was as follows: Three months ended Six months ended June 30, 2023 June 30, 2023 Net Loss $ ( 3,913,472 ) $ ( 9,996,824 ) Down round deemed dividend ( 11,653,986 ) ( 11,653,986 ) Net Loss attributable to common shareholders ( 15,567,458 ) ( 21,650,810 ) Earnings Per Share (Basic and Diluted) ( 0.33 ) ( 0.53 ) |
Recently Adopted or to be Adopted Accounting Policies | Recently Adopted or to be Adopted Accounting Policies On January 1, 2023, the Company adopted ASU 2020-06. The adoption resulted in the elimination of the beneficial conversion feature recognized on the Company’s convertible debt. The Company elected to apply the modified retrospective method to all open contracts as of January 1, 2023, and the cumulative effect of initially applying ASU 2020-06 was recognized as an adjustment to the Company’s retained earnings balance as of January 1, 2023. Comparative periods have not been restated and continue to be reported under the accounting standard in effect for those periods. The cumulative effect of the changes made to the Company’s January 1, 2023, condensed balance sheet for the adoption of ASU 2020-06 is as follows: Balance at December 31, 2022 Adjustments Due to Adoption Balance at January 1, 2023 Liabilities Non-current convertible notes, net $ 5,268,399 $ 3,686,243 $ 8,954,642 Shareholders' equity Additional paid in capital 452,135,653 ( 3,795,874 ) 448,339,779 Accumulated deficit ( 447,537,493 ) 109,631 ( 447,427,862 ) The impact due to the change in accounting principle on net income and earnings per share for the three and six months ended June 30, 2023 is as follows: Post ASU 2020-06 Pre ASU 2020-06 Difference Three months ended June 30, 2023 Net Loss $ ( 3,913,472 ) $ ( 6,687,795 ) $ 2,774,323 Net Loss attributable to common shareholders ( 15,567,458 ) ( 18,341,781 ) 2,774,323 Earnings Per Share (Basic and Diluted) ( 0.33 ) ( 0.39 ) ( 0.06 ) Six months ended June 30, 2023 Net Loss $ ( 9,996,824 ) $ ( 14,971,111 ) $ 4,974,287 Net Loss attributable to common shareholders ( 21,650,810 ) ( 26,625,097 ) 4,974,287 Earnings Per Share (Basic and Diluted) ( 0.53 ) ( 0.65 ) ( 0.12 ) Other new pronouncements issued but not effective as of June 30, 2023 are not expected to have a material impact on the Company’s condensed financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Deferred Revenue | Deferred revenue for the six months ended June 30, 2023 was as follows: Balance as of January 1, 2023 $ 13,000 Additions 29,350 Recognized as revenue ( 29,350 ) Balance as of June 30, 2023 $ 13,000 |
Net Loss Attributable to Common Shareholders | Net loss attributable to common shareholders for the three and six months ended June 30, 2023 was as follows: Three months ended Six months ended June 30, 2023 June 30, 2023 Net Loss $ ( 3,913,472 ) $ ( 9,996,824 ) Down round deemed dividend ( 11,653,986 ) ( 11,653,986 ) Net Loss attributable to common shareholders ( 15,567,458 ) ( 21,650,810 ) Earnings Per Share (Basic and Diluted) ( 0.33 ) ( 0.53 ) |
Cumulative Effect of Changes in Fianancial Statement | The cumulative effect of the changes made to the Company’s January 1, 2023, condensed balance sheet for the adoption of ASU 2020-06 is as follows: Balance at December 31, 2022 Adjustments Due to Adoption Balance at January 1, 2023 Liabilities Non-current convertible notes, net $ 5,268,399 $ 3,686,243 $ 8,954,642 Shareholders' equity Additional paid in capital 452,135,653 ( 3,795,874 ) 448,339,779 Accumulated deficit ( 447,537,493 ) 109,631 ( 447,427,862 ) The impact due to the change in accounting principle on net income and earnings per share for the three and six months ended June 30, 2023 is as follows: Post ASU 2020-06 Pre ASU 2020-06 Difference Three months ended June 30, 2023 Net Loss $ ( 3,913,472 ) $ ( 6,687,795 ) $ 2,774,323 Net Loss attributable to common shareholders ( 15,567,458 ) ( 18,341,781 ) 2,774,323 Earnings Per Share (Basic and Diluted) ( 0.33 ) ( 0.39 ) ( 0.06 ) Six months ended June 30, 2023 Net Loss $ ( 9,996,824 ) $ ( 14,971,111 ) $ 4,974,287 Net Loss attributable to common shareholders ( 21,650,810 ) ( 26,625,097 ) 4,974,287 Earnings Per Share (Basic and Diluted) ( 0.53 ) ( 0.65 ) ( 0.12 ) |
ASSET ACQUISITION (Tables)
ASSET ACQUISITION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Flisom AG | |
Asset Acquisition [Line Items] | |
Summary of Asset Price Allocation | The total purchase price, including transaction costs of $ 1,283,926 , was allocated as follows: Asset Price Allocation Inventory Raw Material $ 130,030 Finished Goods 62,427 Other Assets 98,746 Fixed Assets Manufacturing machinery and equipment 3,682,621 Furniture, fixtures, computer hardware and 110,102 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following table summarizes property, plant and equipment as of June 30, 2023 and December 31, 2022: As of As of 2023 2022 Furniture, fixtures, computer hardware and $ 592,336 $ 482,235 Manufacturing machinery and equipment 25,492,755 21,739,504 Leasehold improvements 103,951 87,957 Manufacturing machinery and equipment, 242,500 280,473 Depreciable property, plant and equipment 26,431,542 22,590,169 Less: Accumulated depreciation and amortization ( 22,079,147 ) ( 22,038,508 ) Net property, plant and equipment $ 4,352,395 $ 551,661 |
OPERATING LEASE (Tables)
OPERATING LEASE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of Assets and Liabilities Related to Company's Leases | As of June 30, 2023 and December 31, 2022, assets and liabilities related to the Company’s leases were as follows: As of As of 2023 2022 Operating lease right-of-use assets, net $ 3,929,876 $ 4,324,514 Current portion of operating lease liability 765,378 733,572 Non-current portion of operating lease liability 3,411,364 3,827,878 |
Schedule Future Maturities of Operating Lease Liability | Future maturities of the operating lease liability are as follows: Remainder of 2023 $ 509,232 2024 1,049,018 2025 1,080,488 2026 1,112,903 2027 1,146,290 Total lease payments 4,897,931 Less amounts representing interest ( 721,189 ) Present value of lease liability $ 4,176,742 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Net of Reserves | Inventories, net of reserves, consisted of the following at June 30, 2023 and December 31, 2022: As of As of 2023 2022 Raw materials $ 598,160 $ 577,799 Work in process 17,701 37,351 Finished goods 62,427 133 Total $ 678,288 $ 615,283 |
CONVERTIBLE NOTES (Tables)
CONVERTIBLE NOTES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Debt | The following table provides a summary of the activity of the Company's secured, convertible, promissory notes: Principal Notes converted Principal Less: Net Principal Sabby Volatility Warrant Master Fund, LTD $ 7,392,899 $ ( 4,431,207 ) $ 2,961,692 $ ( 782,138 ) $ 2,179,554 L1 Capital Global Opportunities Master Fund, Ltd 7,500,000 ( 2,843,333 ) 4,656,667 ( 1,229,754 ) 3,426,913 $ 14,892,899 $ ( 7,274,540 ) $ 7,618,359 $ ( 2,011,892 ) $ 5,606,467 |
Summary of Convertible Notes Prepayment | Prepayment Date Aggregate April 3, 2023 $ 333,333 April 13, 2023 333,333 May 18, 2023 666,667 June 19, 2023 666,667 $ 2,000,000 |
Summary of Settlement of Debt | During the six months ended June 30, 2023 , the Company settled $ 7.3 million of principal as follows: Debt Settlement Equity issued for convertible debt $ 3,364,467 Conversions payable 500,370 Cash repayments 1,025,423 Accelerated discount recognized in APIC 2,384,280 Principal settled during the six months ended June 30, 2023 $ 7,274,540 |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Stock by Class | The following table summarizes the designations, shares authorized, and shares outstanding for the Company’s Preferred Stock: Preferred Stock Series Designation Shares Shares Series A 750,000 48,100 Series 1A 5,000 — Series B-1 2,000 — Series B-2 1,000 — Series 1B 900 900 Series C 1,000 — Series D 3,000 — Series D-1 2,500 — Series E 2,800 — Series F 7,000 — Series G 2,000 — Series H 2,500 — Series I 1,000 — Series J 1,350 — Series J-1 1,000 — Series K 20,000 — |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Non-vested Restricted Stock and Related Activity | The following table summarizes non-vested restricted stock and the related activity as of June 30, 2023: Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2023 3,152,033 4.95 Vested 407,519 4.82 Forfeited 2,277,848 5.37 Non-vested at June 30, 2023 466,666 2.98 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) shares in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Finite Lived Intangible Assets [Line Items] | |||||||
Revenues | $ 101,301 | $ 637,571 | $ 225,526 | $ 1,203,781 | |||
Revenue recognized | (29,350) | ||||||
Accounts receivable, net balance | 14,916 | 14,916 | $ 1,769 | ||||
Allowance for doubtful accounts | $ 0 | $ 0 | $ 26,000 | ||||
Shares omitted from loss per share, anti-dilutive | 55.3 | 2.4 | 56 | 2.4 | |||
Income available to common stockholders adjusted for deemed dividends from down round financings | $ 11,653,986 | ||||||
Products | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Revenues | $ 86,385 | $ 627,571 | 185,610 | $ 681,781 | |||
Milestone and Engineering Arrangement | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Revenues | 512,000 | ||||||
Revenue recognized | $ 14,916 | $ 10,000 | $ 39,916 | $ 522,000 | |||
Government Research and Development | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Revenues | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Revenue (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Accounting Policies [Abstract] | |
Balance | $ 13,000 |
Additions | 29,350 |
Recognized as revenue | (29,350) |
Balance | $ 13,000 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Net Loss Attributable to Common Shareholders (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||||
Net Loss | $ (3,913,472) | $ (6,083,352) | $ (2,312,785) | $ (4,297,249) | $ (9,996,824) | $ (6,610,034) |
Down round deemed dividend | (11,653,986) | (11,653,986) | ||||
Net Loss attributable to common shareholders | $ (15,567,458) | $ (21,650,810) | ||||
Earnings Per Share (Basic) | $ (0.33) | $ (0.08) | $ (0.53) | $ (0.25) | ||
Earnings Per Share (Diluted) | $ (0.33) | $ (0.08) | $ (0.53) | $ (0.25) |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cumulative Effect of Changes in Financial Statement (Details) - USD ($) | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Non-current convertible notes, net | $ 5,268,399 | ||
Additional paid in capital | $ 466,294,127 | 452,135,653 | |
Accumulated deficit | $ (469,078,672) | (447,537,493) | |
ASU 2020-06 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Non-current convertible notes, net | $ 8,954,642 | ||
Additional paid in capital | 448,339,779 | ||
Accumulated deficit | (447,427,862) | ||
Restatement Adjustment | ASU 2020-06 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Non-current convertible notes, net | 3,686,243 | ||
Additional paid in capital | (3,795,874) | ||
Accumulated deficit | $ 109,631 | ||
Scenario Previously Reported | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Non-current convertible notes, net | 5,268,399 | ||
Additional paid in capital | 452,135,653 | ||
Accumulated deficit | $ (447,537,493) |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Impact Due to Change in Accounting Principle on Net Income and Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net Loss | $ (3,913,472) | $ (6,083,352) | $ (2,312,785) | $ (4,297,249) | $ (9,996,824) | $ (6,610,034) |
Net Loss attributable to common shareholders | $ (15,567,458) | $ (21,650,810) | ||||
Earnings Per Share (Basic) | $ (0.33) | $ (0.08) | $ (0.53) | $ (0.25) | ||
Earnings Per Share (Diluted) | $ (0.33) | $ (0.08) | $ (0.53) | $ (0.25) | ||
ASU 2020-06 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net Loss | $ (3,913,472) | $ (9,996,824) | ||||
Net Loss attributable to common shareholders | $ (15,567,458) | $ (21,650,810) | ||||
Earnings Per Share (Basic) | $ (0.33) | $ (0.53) | ||||
Earnings Per Share (Diluted) | $ (0.33) | $ (0.53) | ||||
Pre ASU 2020-06 | ASU 2020-06 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net Loss | $ (6,687,795) | $ (14,971,111) | ||||
Net Loss attributable to common shareholders | $ (18,341,781) | $ (26,625,097) | ||||
Earnings Per Share (Basic) | $ (0.39) | $ (0.65) | ||||
Earnings Per Share (Diluted) | $ (0.39) | $ (0.65) | ||||
Difference | ASU 2020-06 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net Loss | $ 2,774,323 | $ 4,974,287 | ||||
Net Loss attributable to common shareholders | $ 2,774,323 | $ 4,974,287 | ||||
Earnings Per Share (Basic) | $ (0.06) | $ (0.12) | ||||
Earnings Per Share (Diluted) | $ (0.06) | $ (0.12) |
LIQUIDITY, CONTINUED OPERATIO_2
LIQUIDITY, CONTINUED OPERATIONS, AND GOING CONCERN - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Liquidity And Continued Operations [Abstract] | ||
Net cash used in operating activities | $ 6,577,826 | $ 5,375,684 |
Working capital deficit | $ 9,121,533 |
ASSET ACQUISITION - Additional
ASSET ACQUISITION - Additional Information (Details) - USD ($) | 6 Months Ended | |||
Apr. 20, 2023 | Apr. 17, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Asset Acquisition [Line Items] | ||||
Total consideration for asset purchase | $ 3,841,373 | $ 66,053 | ||
Flisom AG | Asset Purchase Agreement | ||||
Asset Acquisition [Line Items] | ||||
Total consideration for asset purchase | $ 2,800,000 | |||
Purchase price, including transaction costs | $ 1,283,926 | |||
FL1 Holding GmbH | Letter Agreement | ||||
Asset Acquisition [Line Items] | ||||
Agreement entered date | Apr. 20, 2023 | |||
Option to purchase intellectual property rights | $ 2,000,000 | |||
Asset resale period | 12 months | |||
Asset resale amount | $ 5,000,000 | |||
Asset resale closing period after exercise | 90 days | |||
Photovoltaic Thin Film Solar Cells | Flisom AG | Asset Purchase Agreement | ||||
Asset Acquisition [Line Items] | ||||
Date of asset acquisition agreement | Apr. 17, 2023 |
ASSET ACQUISITION - Summary of
ASSET ACQUISITION - Summary of Asset Price Allocation (Details) - Flisom AG - Asset Purchase Agreement | Apr. 17, 2023 USD ($) |
Asset Acquisition [Line Items] | |
Other Assets | $ 98,746 |
Manufacturing machinery and equipment | |
Asset Acquisition [Line Items] | |
Fixed Assets | 3,682,621 |
Furniture, fixtures, computer hardware and computer software | |
Asset Acquisition [Line Items] | |
Fixed Assets | 110,102 |
Raw Material | |
Asset Acquisition [Line Items] | |
Inventory | 130,030 |
Finished Goods | |
Asset Acquisition [Line Items] | |
Inventory | $ 62,427 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Sep. 15, 2021 | |
Related Party Transaction [Line Items] | |||||
Revenue recognized | $ 13,000 | $ 13,000 | $ 13,000 | ||
JV | |||||
Related Party Transaction [Line Items] | |||||
Contribution to joint venture | 0 | $ 83,559 | |||
TubeSolar | Long-Term Supply and Joint Development Agreement | |||||
Related Party Transaction [Line Items] | |||||
Product revenue recognized | $ 0 | $ 0 | |||
Engineering revenue recognized | $ 512,000 | ||||
TubeSolar | Maximum | Long-Term Supply and Joint Development Agreement | |||||
Related Party Transaction [Line Items] | |||||
Potential earnings from non recurring engineering contract fees | $ 4,000,000 | ||||
Potential milestone earnings from engineering contract costs | $ 13,500,000 | ||||
TubeSolar AG | JV | |||||
Related Party Transaction [Line Items] | |||||
Minority stake percentage | 30% | 30% |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Depreciable property, plant and equipment | $ 26,431,542 | $ 22,590,169 |
Less: Accumulated depreciation and amortization | (22,079,147) | (22,038,508) |
Property, Plant and Equipment, net | 4,352,395 | 551,661 |
Furniture, fixtures, computer hardware and computer software | ||
Property Plant And Equipment [Line Items] | ||
Depreciable property, plant and equipment | 592,336 | 482,235 |
Manufacturing machinery and equipment | ||
Property Plant And Equipment [Line Items] | ||
Depreciable property, plant and equipment | 25,492,755 | 21,739,504 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Depreciable property, plant and equipment | 103,951 | 87,957 |
Manufacturing machinery and equipment, in progress | ||
Property Plant And Equipment [Line Items] | ||
Depreciable property, plant and equipment | $ 242,500 | $ 280,473 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 19,650 | $ 13,046 | $ 40,639 | $ 24,919 |
OPERATING LEASE - Additional In
OPERATING LEASE - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||||
Jan. 01, 2021 USD ($) | Sep. 21, 2020 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) ft² | Jun. 30, 2022 USD ($) | |
Leases [Abstract] | ||||||
Number of rentable square feet of building | ft² | 100,000 | |||||
Lease term | 88 months | |||||
Lease commencement date | Sep. 21, 2020 | |||||
Rent per month | $ 80,000 | $ 50,000 | ||||
Percentage of rent increase in annual rate | 3% | |||||
Lease terms description | This lease is classified and accounted for as an operating lease. The building lease term is for 88 months commencing on September 21, 2020 at a rent of $50,000 per month including taxes, insurance and common area maintenance until December 31, 2020. Beginning January 1, 2021, the rent adjusted to $80,000 per month on a triple net basis and shall increase at an annual rate of 3% per annum until December 31, 2027. | |||||
Operating lease costs | $ 271,542 | $ 258,392 | $ 533,910 | $ 516,785 | ||
Remaining lease term | 54 months | 54 months | ||||
Lease discount rate | 7% | 7% |
OPERATING LEASE - Schedule of A
OPERATING LEASE - Schedule of Assets and Liabilities Related to Company's Lease (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets, net | $ 3,929,876 | $ 4,324,514 |
Current portion of operating lease liability | 765,378 | 733,572 |
Non-current operating lease liabilities | $ 3,411,364 | $ 3,827,878 |
OPERATING LEASE - Schedule Futu
OPERATING LEASE - Schedule Future Maturities of Operating Lease Liability (Details) | Jun. 30, 2023 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | |
Remainder of 2023 | $ 509,232 |
2024 | 1,049,018 |
2025 | 1,080,488 |
2026 | 1,112,903 |
2027 | 1,146,290 |
Total lease payments | 4,897,931 |
Less amounts representing interest | (721,189) |
Present value of lease liability | $ 4,176,742 |
INVENTORIES - Schedule of Inven
INVENTORIES - Schedule of Inventories (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 598,160 | $ 577,799 |
Work in process | 17,701 | 37,351 |
Finished goods | 62,427 | 133 |
Total | $ 678,288 | $ 615,283 |
OTHER PAYABLE - Additional Info
OTHER PAYABLE - Additional Information (Details) - Unsecured Debt - Note Payable Conversion - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2017 | |
Debt Instrument [Line Items] | ||
Notes payable | $ 250,000 | |
Stated interest rate | 5% | |
Interest accrued on convertible debt | $ 75,034 |
CONVERTIBLE NOTES - Schedule of
CONVERTIBLE NOTES - Schedule of Convertible Notes (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Debt Instrument, Principal [Roll Forward] | |
Principal Balance, beginning | $ 14,892,899 |
Notes converted | (7,274,540) |
Principal Balance, ending | 7,618,359 |
Less: Discount Balance | (2,011,892) |
Net Principal Balance | 5,606,467 |
Sabby Volatility Warrant Master Fund, LTD | |
Debt Instrument, Principal [Roll Forward] | |
Principal Balance, beginning | 7,392,899 |
Notes converted | (4,431,207) |
Principal Balance, ending | 2,961,692 |
Less: Discount Balance | (782,138) |
Net Principal Balance | 2,179,554 |
L1 Capital Global Opportunities Master Fund, Ltd | |
Debt Instrument, Principal [Roll Forward] | |
Principal Balance, beginning | 7,500,000 |
Notes converted | (2,843,333) |
Principal Balance, ending | 4,656,667 |
Less: Discount Balance | (1,229,754) |
Net Principal Balance | $ 3,426,913 |
CONVERTIBLE NOTES - Sabby _ L1
CONVERTIBLE NOTES - Sabby / L1 Convertible Note - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||||||
Jul. 01, 2023 | Jun. 29, 2023 | Jun. 19, 2023 | May 22, 2023 | May 18, 2023 | Apr. 14, 2023 | Apr. 12, 2023 | Mar. 29, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 28, 2023 | Apr. 13, 2023 | Dec. 19, 2022 | |
Short-Term Debt [Line Items] | ||||||||||||||
Conversions payable | $ 500,370 | $ 500,370 | ||||||||||||
Down round deemed dividend | $ 11,653,986 | |||||||||||||
Accretion of debt discount | 1,542,085 | $ 2,086,301 | ||||||||||||
Principal amount settled | 7,274,540 | |||||||||||||
Series 1B Securities Purchase Agreement [Member] | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Agreement entered date | Jun. 29, 2023 | |||||||||||||
Aggregate consideration | $ 900,000 | |||||||||||||
Conversion price (in dollars per share) | $ 0.14 | |||||||||||||
Series 1B Securities Purchase Agreement [Member] | Common Stock | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Aggregate number of common stock shares for private placement | 900 | |||||||||||||
Senior Secured Original Issue 10% Discount Convertible Advance Notes | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Interest expense upon conversion | 746,578 | 1,799,506 | ||||||||||||
Interest payable | 105,647 | 105,647 | ||||||||||||
Accretion of debt discount | 640,438 | $ 1,542,097 | ||||||||||||
Sabby Convertible Note | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Debt Instrument Prepayment Amount | $ 666,667 | |||||||||||||
Debt instrument payment scheduled start date | Aug. 16, 2023 | |||||||||||||
Debt instrument payment scheduled end date | Sep. 17, 2023 | |||||||||||||
Debt instrument prepayment date description | (i) the May 18, 2023 payment is deferred until August 16, 2023, and (ii) the June 19, 2023 payment is delayed until September 17, 2023 | |||||||||||||
Daily VWAP of common stock, Percentage | 90% | |||||||||||||
Conversions payable | $ 500,370 | $ 500,370 | ||||||||||||
Sabby Convertible Note | Subsequent Event | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Aggregate principal amount of notes outstanding | $ 2,600,000 | |||||||||||||
Debt conversion, converted instrument, shares issued | 12,600,000 | |||||||||||||
Sabby Convertible Note | Securities Purchase Contract | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Minimum bid price per share | $ 1 | |||||||||||||
Floor price | $ 0.2 | |||||||||||||
Sabby Convertible Note | Securities Purchase Contract | Common Stock | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Warrants exercisable for number shares of common stock | 2,513,406 | 2,513,406 | ||||||||||||
Warrant exercise price per share | $ 3.93 | $ 3.93 | ||||||||||||
Sabby Convertible Note | Senior Secured Original Issue 10% Discount Convertible Advance Notes | Securities Purchase Contract | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Aggregate principal amount of notes outstanding | $ 12,500,000 | |||||||||||||
Discount on convertible advance notes | 10% | |||||||||||||
Principal amount prepayment percentage | 100% | 100% | ||||||||||||
Sabby Convertible Note | Senior Secured Original Issue 10% Discount Convertible Advance Notes | Securities Purchase Contract | Private Placement | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Aggregate principal amount of notes outstanding | $ 2,500,000 | |||||||||||||
Discount on convertible advance notes | 10% | |||||||||||||
Lucro Investments VCC-ESG Opportunities Fund | Securities Purchase Contract | Private Placement | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Agreement entered date | Apr. 14, 2023 | |||||||||||||
Aggregate consideration | $ 9,000,000 | |||||||||||||
Common stock price per share | $ 1.2 | |||||||||||||
Lucro Investments VCC-ESG Opportunities Fund | Securities Purchase Contract | Common Stock | Private Placement | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Warrants exercisable for number shares of common stock | 26,980,840 | 2,513,406 | ||||||||||||
Warrant exercise price per share | $ 0.3661 | |||||||||||||
Aggregate number of common stock shares for private placement | 7,499,997 | |||||||||||||
Lucro Investments VCC-ESG Opportunities Fund | Senior Secured Original Issue 10% Discount Convertible Advance Notes | Securities Purchase Contract | Private Placement | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Conversion price (in dollars per share) | $ 0.3661 | |||||||||||||
Accredited Investors | Series 1B Securities Purchase Agreement [Member] | Common Stock | Private Placement | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Warrants exercisable for number shares of common stock | 77,899,728 | 26,980,840 | ||||||||||||
Warrant exercise price per share | $ 0.1268 | |||||||||||||
Accredited Investors | Senior Secured Original Issue 10% Discount Convertible Advance Notes | Series 1B Securities Purchase Agreement [Member] | Private Placement | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Conversion price (in dollars per share) | $ 0.1268 |
CONVERTIBLE NOTES - Sabby _ L_2
CONVERTIBLE NOTES - Sabby / L1 Convertible Note - Summary of Convertible Notes Prepayment (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Aggregate | $ 2,000,000 |
April 3, 2023 | |
Debt Instrument [Line Items] | |
Aggregate | 333,333 |
April 13, 2023 | |
Debt Instrument [Line Items] | |
Aggregate | 333,333 |
May 18, 2023 | |
Debt Instrument [Line Items] | |
Aggregate | 666,667 |
June 19, 2023 | |
Debt Instrument [Line Items] | |
Aggregate | $ 666,667 |
CONVERTIBLE NOTES - Sabby _ L_3
CONVERTIBLE NOTES - Sabby / L1 Convertible Note - Summary of Settlement of Debt (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Equity issued for convertible debt | $ 3,364,467 |
Conversions payable | 500,370 |
Cash repayments | 1,025,423 |
Accelerated discount recognized in APIC | 2,384,280 |
Principal settled during the six months ended June 30, 2023 | $ 7,274,540 |
SERIES A PREFERRED STOCK - Addi
SERIES A PREFERRED STOCK - Additional Information (Details) - USD ($) | 6 Months Ended | ||
Jan. 01, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Series A Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares outstanding (in shares) | 48,100 | 48,100 | 48,100 |
Preferred stock, dividend rate | 8% | ||
Preferred stock, dividend, make-whole dividend rate to market value | 10% | ||
Preferred stock, conversion, required common share price (in dollars per share) | $ 1,160,000 | ||
Preferred stock, conversion, required common share price, term | 20 days | ||
Preferred stock redemption price per share | $ 8 | ||
Accrued and unpaid dividends | $ 489,685 | ||
Common Stock | Maximum | |||
Class Of Stock [Line Items] | |||
Convertible preferred stock, shares issued upon conversion (in shares) | 1 |
SERIES 1B PREFERRED STOCK - Add
SERIES 1B PREFERRED STOCK - Additional Information (Details) - Series1 B Preferred Stock - Private Placement - Series 1B SPA | 6 Months Ended | |
Jun. 29, 2023 USD ($) $ / shares shares | Jun. 30, 2023 TradingDay $ / shares | |
Class of Stock [Line Items] | ||
Sale of Stock, Number of Shares Issued in Transaction | shares | 900 | |
Proceeds from Issuance of Private Placement | $ | $ 900,000 | |
Liquidation, dissolution or winding up, holders to be paid out of assets, amount per share | $ 1,000 | |
Initial onversion price per common share | 0.14 | |
Preferred stock, convertible, conversion price | $ 0.14 | |
Agreement entered date | Jun. 29, 2023 | |
Preferred stock, convertible, threshold percentage of stock price trigger | 90% | |
Preferred stock, convertible, threshold trading days | TradingDay | 10 | |
Preferred stock, convertible, threshold commencing trading days | TradingDay | 5 | |
Maximum outstanding shares owned, Percentage | 4.99% | |
Prior notice period number of days | 61 days | |
Maximum | ||
Class of Stock [Line Items] | ||
Percentage of beneficially own in excess of common stock outstanding | 9.99% | |
Minimum | ||
Class of Stock [Line Items] | ||
Floor price | $ 0.05 |
STOCKHOLDERS' EQUITY (DEFICIT_2
STOCKHOLDERS' EQUITY (DEFICIT) - Additional Information (Details) | 6 Months Ended | |
Jun. 30, 2023 USD ($) Vote $ / shares shares | Dec. 31, 2022 $ / shares shares | |
Class Of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Common stock, shares outstanding (in shares) | 55,937,658 | 34,000,812 |
Common stock, number of votes per share | Vote | 1 | |
Debt instrument converted amount | $ | $ 7,274,540 | |
Conversion of stock shares | 21,651,846 | |
Warrants outstanding | 79,314,823 | |
Preferred stock, shares authorized (in shares) | 25,000,000 | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | |
Common stock issued for services (in shares) | 285,000 | |
Minimum | ||
Class Of Stock [Line Items] | ||
Warrant exercise price per share | $ / shares | $ 0.1268 | |
Maximum | ||
Class Of Stock [Line Items] | ||
Warrant exercise price per share | $ / shares | $ 5.3 |
STOCKHOLDERS' EQUITY (DEFICIT_3
STOCKHOLDERS' EQUITY (DEFICIT) - Schedule of Stock by Class (Details) - shares | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 25,000,000 | ||
Series A Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 750,000 | 750,000 | |
Preferred stock, shares outstanding (in shares) | 48,100 | 48,100 | 48,100 |
Series 1A Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 5,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series B-1 Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 2,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series B-2 Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series1 B Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 900 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series C Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series D Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 3,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series D-1 Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 2,500 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series E Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 2,800 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series F Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 7,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series G Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 2,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series H Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 2,500 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series I Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series J Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,350 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series J-1 Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series K Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 20,000 | ||
Preferred stock, shares outstanding (in shares) | 0 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 26, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 560,861 | $ 1,965,311 | ||
Number of unvested shares | 466,666 | 466,666 | 3,152,033 | |
Number of forfeited shares | 2,277,848 | |||
Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of unvested shares | 466,666 | |||
Chief Executive Officer and Chief Financial Officer | Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 560,861 | $ 1,965,311 | ||
Total unrecognized share-based compensation expense | $ 1,390,667 | $ 1,390,667 | ||
Unrecognized share-based compensation expense, period for recognition | 30 months | |||
Chief Executive Officer | Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of forfeited shares | 2,277,848 |
SHARE-BASED COMPENSATION - Summ
SHARE-BASED COMPENSATION - Summary of Non-vested Restricted Stock and Related Activity (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning Balance, Non-vested Shares | shares | 3,152,033 |
Shares vested | shares | (407,519) |
Shares forfeited | shares | 2,277,848 |
Ending Balance, Non-vested Shares | shares | 466,666 |
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 4.95 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 4.82 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 5.37 |
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 2.98 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Details) - USD ($) | 6 Months Ended | ||||||
Jul. 01, 2023 | Apr. 20, 2023 | Apr. 17, 2023 | Apr. 14, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |||||
Total consideration for asset purchase | $ 3,841,373 | $ 66,053 | |||||
Lucro Investments VCC-ESG Opportunities Fund | Private Placement | Securities Purchase Contract | |||||||
Subsequent Event [Line Items] | |||||||
Agreement entered date | Apr. 14, 2023 | ||||||
Aggregate consideration | $ 9,000,000 | ||||||
Common stock price per share | $ 1.2 | ||||||
Lucro Investments VCC-ESG Opportunities Fund | Private Placement | Securities Purchase Contract | Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate number of common stock shares for private placement | 7,499,997 | ||||||
Flisom AG | Asset Purchase Agreement | |||||||
Subsequent Event [Line Items] | |||||||
Total consideration for asset purchase | $ 2,800,000 | ||||||
Flisom AG | Asset Purchase Agreement | Photovoltaic Thin Film Solar Cells | |||||||
Subsequent Event [Line Items] | |||||||
Date of asset acquisition agreement | Apr. 17, 2023 | ||||||
FL1 Holding GmbH | Letter Agreement | |||||||
Subsequent Event [Line Items] | |||||||
Agreement entered date | Apr. 20, 2023 | ||||||
Option to purchase intellectual property rights | $ 2,000,000 | ||||||
Asset resale period | 12 months | ||||||
Asset resale amount | $ 5,000,000 | ||||||
Asset resale closing period after exercise | 90 days | ||||||
Subsequent Event | Sabby / L1 Convertible Note | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate principal amount of notes outstanding | $ 2,600,000 | ||||||
Debt conversion, converted instrument, shares issued | 12,600,000 |