Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | Sensus Healthcare, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 16,489,619 | |
Amendment Flag | false | |
Entity Central Index Key | 0001494891 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | true | |
Entity File Number | 001-37714 | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 13,652 | $ 14,907 |
Accounts receivable, net | 4,056 | 3,776 |
Inventories | 4,298 | 4,427 |
Prepaid and other current assets | 1,909 | 2,061 |
Total current assets | 23,915 | 25,171 |
Property and equipment, net | 1,193 | 1,356 |
Intangibles, net | 307 | 338 |
Deposits | 68 | 69 |
Operating lease right-of-use assets, net | 999 | 1,076 |
Total assets | 26,482 | 28,010 |
Current liabilities | ||
Accounts payable and accrued expenses | 2,828 | 2,874 |
Deferred revenue, current portion | 1,362 | 1,492 |
Operating lease liabilities, current portion | 307 | 303 |
Product warranties | 185 | 187 |
Total current liabilities | 4,682 | 4,856 |
Loan payable | 213 | 267 |
Operating lease liabilities | 734 | 812 |
Deferred revenue, net of current portion | 418 | 579 |
Total liabilities | 6,047 | 6,514 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Preferred stock, 5,000,000 shares authorized and none issued and outstanding | ||
Common stock, $0.01 par value – 50,000,000 authorized; 16,564,311 issued and 16,489,619 outstanding at March 31, 2021; 16,564,311 issued and 16,491,103 outstanding at December 31, 2020 | 166 | 166 |
Additional paid-in capital | 43,761 | 43,701 |
Treasury stock, 74,692 and 73,208 shares at cost, at March 31, 2021 and December 31, 2020, respectively | (316) | (310) |
Accumulated deficit | (23,176) | (22,061) |
Total stockholders’ equity | 20,435 | 21,496 |
Total liabilities and stockholders’ equity | $ 26,482 | $ 28,010 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 16,564,311 | 16,564,311 |
Common stock, shares outstanding | 16,489,619 | 16,491,103 |
Treasury stock, shares | 74,692 | 73,208 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 3,070 | $ 1,679 |
Cost of sales | 1,484 | 970 |
Gross profit | 1,586 | 709 |
Operating expenses | ||
Selling and marketing | 1,068 | 1,791 |
General and administrative | 972 | 1,330 |
Research and development | 661 | 1,225 |
Total operating expenses | 2,701 | 4,346 |
Loss from operations | (1,115) | (3,637) |
Other income (expense) | ||
Interest income | 50 | |
Other income (expense), net | 50 | |
Net loss | $ (1,115) | $ (3,587) |
Net loss per share – basic and diluted (in Dollars per share) | $ (0.07) | $ (0.22) |
Weighted-average number of shares used in computing net loss per share – basic and diluted (in Shares) | 16,461,311 | 16,407,102 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Deficit | Total |
Balance at Dec. 31, 2019 | $ 165 | $ 43,315 | $ (253) | $ (15,226) | $ 28,001 |
Balance (in Shares) at Dec. 31, 2019 | 16,540,478 | (54,698) | |||
Stock based compensation | 155 | 155 | |||
Stock based compensation (in Shares) | 30,000 | ||||
Surrender of Shares for tax withholding on stock compensation | $ (3) | (3) | |||
Surrender of Shares for tax withholding on stock compensation (in Shares) | (742) | ||||
Net loss | (3,587) | (3,587) | |||
Balance at Mar. 31, 2020 | $ 165 | 43,470 | $ (256) | (18,813) | 24,566 |
Balance (in Shares) at Mar. 31, 2020 | 16,570,478 | (55,440) | |||
Balance at Dec. 31, 2020 | $ 166 | 43,701 | $ (310) | (22,061) | 21,496 |
Balance (in Shares) at Dec. 31, 2020 | 16,564,311 | (73,208) | |||
Stock based compensation | 60 | 60 | |||
Surrender of Shares for tax withholding on stock compensation | $ (6) | (6) | |||
Surrender of Shares for tax withholding on stock compensation (in Shares) | (1,484) | ||||
Net loss | (1,115) | (1,115) | |||
Balance at Mar. 31, 2021 | $ 166 | $ 43,761 | $ (316) | $ (23,176) | $ 20,435 |
Balance (in Shares) at Mar. 31, 2021 | 16,564,311 | (74,692) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from operating activities | ||
Net loss | $ (1,115) | $ (3,587) |
Adjustments to reconcile net loss to net cash and cash equivalents provided by (used in) operating activities: | ||
Depreciation and amortization | 208 | 153 |
Provision for product warranties | 26 | 24 |
Stock-based compensation | 60 | 155 |
Changes in operating assets (decrease (increase)): | ||
Accounts receivable | (280) | 6,173 |
Inventories | 196 | (963) |
Prepaid and other current assets | 230 | (362) |
Accounts payable and accrued expenses | (121) | (938) |
Deferred revenue | (291) | (148) |
Product warranties | (28) | (73) |
Total adjustments | 4,021 | |
Net cash provided by (used in) operating activities | (1,115) | 434 |
Cash flows from investing activities | ||
Acquisition of property and equipment | (80) | (135) |
Investments matured | 3,702 | |
Net cash provided by (used in) investing activities | (80) | 3,567 |
Cash flows from financing activities | ||
Withholding taxes on stock-based compensation | (6) | (3) |
Loan payable | (54) | |
Net cash provided by (used in) financing activities | (60) | (3) |
Net increase (decrease) in cash and cash equivalents | (1,255) | 3,998 |
Cash and cash equivalents, beginning of year | 14,907 | 8,100 |
Cash and cash equivalents – end of period | 13,652 | $ 12,098 |
Supplemental schedule of noncash investing and financing transactions: | ||
Transfer of property and equipment to inventory | $ 66 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 1 — Organization and Summary of Significant Accounting Policies Description of the Business Sensus Healthcare, Inc. (together, with its subsidiary, unless the context otherwise indicates, “Sensus” or the “Company”) is a manufacturer of radiation therapy devices and sells the devices to healthcare providers globally through its distribution and marketing network. The Company operates as one segment from its corporate headquarters located in Boca Raton, Florida. Basis of Presentation These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Accounts and transactions between consolidated entities have been eliminated. The preparation of financial statements in conformity with 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 revenue and expense during the reporting periods. Actual results could differ from those estimates. Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the Securities and Exchange Commission (“SEC”) on March 5, 2021 (“2020 Form 10-K”). The interim financial information at March 31, 2021 and for the three months ended March 31, 2021 and 2020 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. Revenue Recognition Revenue is recognized upon transfer of control of promised goods or services to customers in an amount to which the Company expects to be entitled in exchange for those goods or services. The Company enters into contracts that can include multiple services, which are accounted for separately if they are determined to be distinct. The Company’s revenue consists of sales of the Company’s devices and services related to maintaining and repairing the devices. The agreement for the sale of the devices and the service contract are usually signed at the same time and in some instances a service contract is signed on a stand-alone basis. Revenue for service contracts is recognized over the service contract period on a straight-line basis. The Company determined that in practice no significant discount is given on the service contract when it is offered with the device purchase as compared to when it is sold on a stand-alone basis. The service level provided is identical when the service contract is on a purchased stand-alone basis or together with the device. There is no termination provision in the service contract nor any penalties in practice for cancellation of the service contract. Disaggregated revenue for the three months ended March 31, 2021 and 2020 was as follows: For the Three Months Ended (in thousands) 2021 2020 Product Revenue $ 1,674 $ 1,076 Service Revenue 1,396 603 Total Revenue $ 3,070 $ 1,679 The Company operates in a highly regulated environment, primarily in the U.S. dermatology market, in which state regulatory approval is sometimes required prior to the customer being able to use the product. In cases where such regulatory approval is pending, revenue is deferred until such time as regulatory approval is obtained. Deferred revenue as of March 31, 2021 was as follows: (in thousands) Product Service Total Balance, beginning of period $ 23 $ 2,048 $ 2,071 Revenue recognized (20 ) (790 ) (810 ) Amounts refunded (3 ) - (3 ) Amounts invoiced 10 512 52 Balance, end of period $ 10 $ 1,770 $ 1,780 The Company does not disclose information about remaining performance obligations of deposits for products that have original expected durations of one year or less. Estimated service revenue to be recognized in the future related to the performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2021 is as follows: (in thousands) Year Service Revenue 2021 (April 1 – December 31, 2021) $ 1,161 2022 476 2023 82 2024 51 Total $ 1,770 The Company provides warranties, generally for one year, in conjunction with the sale of its product. These warranties entitle the customer to repair, replacement, or modification of the defective product subject to the terms of the respective warranty. The Company records an estimate of future warranty claims at the time the Company recognizes revenue from the sale of the device based upon management’s estimate of the future claims rate. Shipping and handling costs are expensed as incurred and are included in cost of sales. Segment and Geographical Information The Company’s revenue is generated primarily from customers in the U.S., which represented approximately 95% and 99% of revenue for the three months ended March 31, 2021 and 2020, respectively. One customer in the U.S. accounted for approximately 7% and 11% of revenue for the three months ended March 31, 2021 and 2020, respectively, and 57% and 56% of the accounts receivable as of March 31, 2021 and December 31, 2020, respectively. Fair Value of Financial Instruments Carrying amounts of cash equivalents, accounts receivable, accounts payable and revolving credit facility approximate fair value due to their relative short maturities. Fair Value Measurements The Company uses a fair value hierarchy that prioritizes inputs to valuation approaches used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 Inputs: Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. ● Level 1 assets may include listed mutual funds, ETFs and listed equities Level 2 Inputs: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies. ● Level 2 assets may include debt securities and foreign currency exchange contracts that have inputs to the valuations that generally can be corroborated by observable market data. Level 3 Inputs: Unobservable inputs for the valuation of the asset or liability, which may include nonbinding broker quotes. Level 3 assets include investments for which there is little, if any, market activity. These inputs require significant management judgment or estimation. Significance of Inputs: The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Cash and Cash Equivalents Cash and cash equivalents primarily consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less. For purposes of the statements of cash flows, the Company considers all highly liquid financial instruments with a maturity of three months or less when purchased to be a cash equivalent. Accounts Receivable The Company does business and extends credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to losses on receivables is expected to vary by customer due to the financial condition of each customer. The Company monitors exposure to credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. The allowance for doubtful accounts was approximately $24 thousand as of March 31, 2021 and December 31, 2020. Inventories Inventories consist of finished product and components and are stated at the lower of cost or net realizable value, determined using the first-in-first-out method. Earnings Per Share Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding for the period. The diluted net income per share is computed by giving effect to all potential dilutive common share equivalents outstanding for the period, using the treasury stock method for options and warrants, as well as unvested restricted shares. In periods when the Company has incurred a net loss, options, warrants and unvested shares are considered common share equivalents but have been excluded from the calculation of diluted net loss per share as their effect is antidilutive. Shares were excluded as follows: For the Three Months Ended 2021 2020 Shares — 36,048 Leases The Company evaluates arrangements at inception to determine if an arrangement is or contains a lease. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date of the lease based upon the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company uses an incremental borrowing rate that the Company would expect to incur for a fully collateralized loan over a similar term under similar economic conditions to determine the present value of the lease payments. The lease payments used to determine the Company’s operating lease assets may include lease incentives and stated rent increases and are recognized in the Company’s operating lease assets in the Company’s condensed consolidated balance sheets. Operating lease assets are amortized to rent expense over the lease term and included in operating expenses in the condensed consolidated statements of operations. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | Note 2 — Property and Equipment As of As of Estimated (in thousands) (unaudited) Operations equipment $ 2,135 $ 2,178 3 years Tradeshow and demo equipment 919 923 3 years Computer equipment 122 119 3 years 3,176 3,220 Less accumulated depreciation (1,983 ) (1,864 ) Property and Equipment, Net $ 1,193 $ 1,356 Depreciation expense was approximately $177 thousand and $129 thousand, for the three months ended March 31, 2021 and 2020, respectively. |
Intangibles
Intangibles | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLES | Note 3 — INTANGIBLES Patent Customer Trade Total (in thousands) December 31, 2020 $ 241 $ 84 $ 13 $ 338 Amortization expense (23 ) (2 ) (6 ) (31 ) March 31, 2021 $ 218 $ 82 $ 7 $ 307 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | Note 4 — DEBT The Company has a revolving credit facility that, through March 2022, provided for maximum borrowings equal to the lesser of (a) the $10 million commitment amount or (b) the borrowing base plus a $3 million non-formula sublimit. The Company was in compliance with its financial covenants as of March 31, 2021 and December 31, 2020. There were no borrowings outstanding under the revolving credit facility at March 31, 2021 and December 31, 2020. The outstanding balances at March 31, 2021 and December 31, 2020 of the Small Business Administration loan to the Company under the Paycheck Protection Program enabled by the CARES Act of 2020 are reflected in Loan Payable in the condensed consolidated balance sheets. |
Product Warranties
Product Warranties | 3 Months Ended |
Mar. 31, 2021 | |
Product Warranties Disclosures [Abstract] | |
PRODUCT WARRANTIES | Note 5 — Product Warranties Changes in product warranty liability were as follows for the three months ended March 31, 2021: (in thousands) Balance, December 31, 2020 $ 187 Warranties accrued during the period 26 Payments on warranty claims (28 ) Balance, March 31, 2021 $ 185 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
LEASES | Note 6 — Leases Operating Lease Agreements The Company leases its headquarters office from an unrelated third party. The lease was last renewed in 2016 and expires in September 2022 with an option to extend with prior notice upon terms to be negotiated. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of March 31, 2021. (in thousands) Maturity of Operating Lease Liabilities Amount 2021 (April 1 – December 31, 2021) $ 262 2022 285 2023 104 2024 105 2025 108 Thereafter 387 Total undiscounted operating leases payments $ 1,251 Less: Imputed interest (210 ) Present Value of Operating Lease Liabilities $ 1,041 Other Information Weighted-average remaining lease term 6.0 years Weighted-average discount rate 5.0 % An initial Right of Use (“ROU”) asset of approximately $805 thousand was recognized as a non-cash assets addition with the adoption of the new lease accounting standard. The value of the ROU assets was reduced by approximately $76 thousand and $324 thousand during the three months ended March 31, 2021 and the year ended December 31, 2020, respectively. Cash paid for amounts included in the present value of operating lease liabilities was approximately $86 thousand and $359 thousand for the three months ended March 31, 2021 and the year ended December 31, 2020, respectively, and is included in cash flows from operating activities in the accompanying consolidated statement of cash flows. Operating lease costs were approximately $88 thousand and $373 thousand for the three months ended March 31, 2021 and the year ended December 31, 2020, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 7 — Commitments and Contingencies Manufacturing Agreement In 2010, the Company entered into a three-year contract manufacturing agreement with an unrelated third party for the production and manufacture of the SRT-100 (and subsequently the SRT-100 Vision and the SRT-100 Plus), in accordance with the Company’s product specifications. The agreement renews for successive one-years periods unless either party notifies the other party in writing, at least 60 days prior to the anniversary date of the agreement, that it will not renew the agreement. The Company or the manufacturer may terminate the agreement upon 90 days’ prior written notice. Purchases from this manufacturer totaled approximately $312 thousand and $1,578 thousand for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, and December 31, 2020 approximately $724 thousand and $697 thousand, respectively, was due to this manufacturer, which is presented in accounts payable and accrued expenses in the accompanying balance sheets. Legal contingencies The Company is party to certain legal proceedings in the ordinary course of business. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and related contingencies. In 2015, the Company learned that the Department of Justice (the “Department”) had commenced an investigation of the billing to Medicare by a physician who had treated patients with the Company’s SRT-100. The Company has received two Civil Investigative Demands from the Department seeking documents and written responses in connection with that investigation. The Company has fully cooperated with the investigation. The Department has advised the Company that it was considering expanding the investigation to determine whether the Company had any involvement in the physician’s use of certain reimbursement codes. The Company disputes that it has engaged in any wrongdoing with respect to such reimbursement claims; among other things, the Company does not submit claims for reimbursement or provide coding or billing advice to physicians. To the Company’s knowledge, the Department has made no determination as to whether the Company engaged in any wrongdoing, or whether to pursue any legal action against the Company. Should the Department decide to pursue legal action, the Company believes it has strong and meritorious defenses and will vigorously defend itself. At this time, the Company is unable to estimate the cost associated with this matter. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | Note 8 — STOCK-BASED COMPENSATION Warrants The following table summarizes the Company’s warrant activity: Warrants Number of Weighted Weighted Outstanding – December 31, 2020 138,000 $ 6.75 0.44 Granted — — — Exercised — — — Expired — — — Outstanding and exercisable – March 31, 2021 138,000 $ 6.75 0.19 The intrinsic value of the common stock warrants was approximately $0 as of March 31, 2021, and December 31, 2020, respectively. 2016 and 2017 Equity Incentive Plans The Company has limited the aggregate number of shares of common stock to be awarded under the 2016 Equity Incentive Plan to 397,473 shares which may be granted in connection with incentive stock options. The Company has limited the aggregate number of shares of common stock to be awarded under the 2017 Equity Incentive Plan to 500,000 shares which may be granted in connection with incentive stock options. In addition, unless the Compensation Committee specifically determines otherwise, the maximum number of shares available under the 2016 and 2017 Plans and the awards granted under those plans will be subject to appropriate adjustment in the case of any stock dividends, stock splits, recapitalizations, reorganizations, mergers, consolidations, exchanges or other changes in capitalization affecting our common stock. The stock options had an intrinsic value of $0 as of March 31, 2021 and December 31, 2020, respectively. The Company recognizes forfeitures as they occur rather than estimating a forfeiture rate. The reduction of stock compensation expense related to the forfeitures was $0 for the three months ended March 31, 2021 and 2020, respectively. Unrecognized stock compensation expense was approximately $270 thousand as of March 31, 2021, which will be recognized over a weighted-average period of 1.50 years. Restricted stock activity for the three months ended March 31, 2021 is summarized below: Outstanding at Restricted Stock Weighted- December 31, 2020 37,500 $ 4.17 Granted - - Vested (8,750 ) 4.11 Forfeited - - March 31, 2021 28,750 $ 4.19 The following table summarizes the Company’s stock option activity: Outstanding at Number of Weighted- Weighted- December 31, 2020 229,334 $ 5.55 7.07 Granted — — — Exercised — — — Expired — — — March 31, 2021 229,334 $ 5.55 6.82 Exercisable – March 31, 2021 229,334 $ 5.55 6.82 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Note 9 — Income Taxes Book income before taxes was negative for the three months ended March 31, 2021. Tax expense for the three months ended March 31, 2021 and 2020 was $0. There are no uncertain tax positions that would require recognition in the consolidated financial statements. If the Company incurs an income tax liability in the future, interest on any income tax liability would be reported as interest expense and penalties on any income tax liability would be reported as income taxes. The Company’s conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analyses of tax laws, regulations and interpretations thereof as well as other factors. The Company accounts for income taxes in accordance with ASC 740, Income Taxes As of March 31, 2021, the Company has U.S. federal and certain state tax returns subject to examination, beginning with those filed for the year ended December 31, 2015. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10 — Subsequent Events The Company has evaluated subsequent events and transactions that occur after the balance sheet date up to the date that the financial statements were issued for potential recognition or disclosure and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF THE BUSINESS | Description of the Business Sensus Healthcare, Inc. (together, with its subsidiary, unless the context otherwise indicates, “Sensus” or the “Company”) is a manufacturer of radiation therapy devices and sells the devices to healthcare providers globally through its distribution and marketing network. The Company operates as one segment from its corporate headquarters located in Boca Raton, Florida. |
BASIS OF PRESENTATION | Basis of Presentation These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Accounts and transactions between consolidated entities have been eliminated. The preparation of financial statements in conformity with 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 revenue and expense during the reporting periods. Actual results could differ from those estimates. Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the Securities and Exchange Commission (“SEC”) on March 5, 2021 (“2020 Form 10-K”). The interim financial information at March 31, 2021 and for the three months ended March 31, 2021 and 2020 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. |
REVENUE RECOGNITION | Revenue Recognition Revenue is recognized upon transfer of control of promised goods or services to customers in an amount to which the Company expects to be entitled in exchange for those goods or services. The Company enters into contracts that can include multiple services, which are accounted for separately if they are determined to be distinct. The Company’s revenue consists of sales of the Company’s devices and services related to maintaining and repairing the devices. The agreement for the sale of the devices and the service contract are usually signed at the same time and in some instances a service contract is signed on a stand-alone basis. Revenue for service contracts is recognized over the service contract period on a straight-line basis. The Company determined that in practice no significant discount is given on the service contract when it is offered with the device purchase as compared to when it is sold on a stand-alone basis. The service level provided is identical when the service contract is on a purchased stand-alone basis or together with the device. There is no termination provision in the service contract nor any penalties in practice for cancellation of the service contract. Disaggregated revenue for the three months ended March 31, 2021 and 2020 was as follows: For the Three Months Ended (in thousands) 2021 2020 Product Revenue $ 1,674 $ 1,076 Service Revenue 1,396 603 Total Revenue $ 3,070 $ 1,679 The Company operates in a highly regulated environment, primarily in the U.S. dermatology market, in which state regulatory approval is sometimes required prior to the customer being able to use the product. In cases where such regulatory approval is pending, revenue is deferred until such time as regulatory approval is obtained. Deferred revenue as of March 31, 2021 was as follows: (in thousands) Product Service Total Balance, beginning of period $ 23 $ 2,048 $ 2,071 Revenue recognized (20 ) (790 ) (810 ) Amounts refunded (3 ) - (3 ) Amounts invoiced 10 512 52 Balance, end of period $ 10 $ 1,770 $ 1,780 The Company does not disclose information about remaining performance obligations of deposits for products that have original expected durations of one year or less. Estimated service revenue to be recognized in the future related to the performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2021 is as follows: (in thousands) Year Service Revenue 2021 (April 1 – December 31, 2021) $ 1,161 2022 476 2023 82 2024 51 Total $ 1,770 The Company provides warranties, generally for one year, in conjunction with the sale of its product. These warranties entitle the customer to repair, replacement, or modification of the defective product subject to the terms of the respective warranty. The Company records an estimate of future warranty claims at the time the Company recognizes revenue from the sale of the device based upon management’s estimate of the future claims rate. Shipping and handling costs are expensed as incurred and are included in cost of sales. |
SEGMENT AND GEOGRAPHICAL INFORMATION | Segment and Geographical Information The Company’s revenue is generated primarily from customers in the U.S., which represented approximately 95% and 99% of revenue for the three months ended March 31, 2021 and 2020, respectively. One customer in the U.S. accounted for approximately 7% and 11% of revenue for the three months ended March 31, 2021 and 2020, respectively, and 57% and 56% of the accounts receivable as of March 31, 2021 and December 31, 2020, respectively. |
FAIR VALUE OF FINANCIAL INSTRUMENTS | Fair Value of Financial Instruments Carrying amounts of cash equivalents, accounts receivable, accounts payable and revolving credit facility approximate fair value due to their relative short maturities. |
FAIR VALUE MEASUREMENTS | Fair Value Measurements The Company uses a fair value hierarchy that prioritizes inputs to valuation approaches used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 Inputs: Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. ● Level 1 assets may include listed mutual funds, ETFs and listed equities Level 2 Inputs: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies. ● Level 2 assets may include debt securities and foreign currency exchange contracts that have inputs to the valuations that generally can be corroborated by observable market data. Level 3 Inputs: Unobservable inputs for the valuation of the asset or liability, which may include nonbinding broker quotes. Level 3 assets include investments for which there is little, if any, market activity. These inputs require significant management judgment or estimation. Significance of Inputs: The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. |
CASH AND CASH EQUIVALENTS | Cash and Cash Equivalents Cash and cash equivalents primarily consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less. For purposes of the statements of cash flows, the Company considers all highly liquid financial instruments with a maturity of three months or less when purchased to be a cash equivalent. |
ACCOUNTS RECEIVABLE | Accounts Receivable The Company does business and extends credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to losses on receivables is expected to vary by customer due to the financial condition of each customer. The Company monitors exposure to credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. The allowance for doubtful accounts was approximately $24 thousand as of March 31, 2021 and December 31, 2020. |
INVENTORIES | Inventories Inventories consist of finished product and components and are stated at the lower of cost or net realizable value, determined using the first-in-first-out method. |
EARNINGS PER SHARE | Earnings Per Share Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding for the period. The diluted net income per share is computed by giving effect to all potential dilutive common share equivalents outstanding for the period, using the treasury stock method for options and warrants, as well as unvested restricted shares. In periods when the Company has incurred a net loss, options, warrants and unvested shares are considered common share equivalents but have been excluded from the calculation of diluted net loss per share as their effect is antidilutive. Shares were excluded as follows: For the Three Months Ended 2021 2020 Shares — 36,048 |
LEASES | Leases The Company evaluates arrangements at inception to determine if an arrangement is or contains a lease. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date of the lease based upon the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company uses an incremental borrowing rate that the Company would expect to incur for a fully collateralized loan over a similar term under similar economic conditions to determine the present value of the lease payments. The lease payments used to determine the Company’s operating lease assets may include lease incentives and stated rent increases and are recognized in the Company’s operating lease assets in the Company’s condensed consolidated balance sheets. Operating lease assets are amortized to rent expense over the lease term and included in operating expenses in the condensed consolidated statements of operations. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of disaggregation of revenue | For the Three Months Ended (in thousands) 2021 2020 Product Revenue $ 1,674 $ 1,076 Service Revenue 1,396 603 Total Revenue $ 3,070 $ 1,679 |
Schedule of deferred revenue | (in thousands) Product Service Total Balance, beginning of period $ 23 $ 2,048 $ 2,071 Revenue recognized (20 ) (790 ) (810 ) Amounts refunded (3 ) - (3 ) Amounts invoiced 10 512 52 Balance, end of period $ 10 $ 1,770 $ 1,780 |
Schedule of estimated service revenue recognized | Year Service Revenue 2021 (April 1 – December 31, 2021) $ 1,161 2022 476 2023 82 2024 51 Total $ 1,770 |
Schedule of diluted net loss per share as their effect is antidilutive | For the Three Months Ended 2021 2020 Shares — 36,048 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | As of As of Estimated (in thousands) (unaudited) Operations equipment $ 2,135 $ 2,178 3 years Tradeshow and demo equipment 919 923 3 years Computer equipment 122 119 3 years 3,176 3,220 Less accumulated depreciation (1,983 ) (1,864 ) Property and Equipment, Net $ 1,193 $ 1,356 |
Intangibles (Tables)
Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Patent Customer Trade Total (in thousands) December 31, 2020 $ 241 $ 84 $ 13 $ 338 Amortization expense (23 ) (2 ) (6 ) (31 ) March 31, 2021 $ 218 $ 82 $ 7 $ 307 |
Product Warranties (Tables)
Product Warranties (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Product Warranties Disclosures [Abstract] | |
Schedule of changes in product warranty liability | Balance, December 31, 2020 $ 187 Warranties accrued during the period 26 Payments on warranty claims (28 ) Balance, March 31, 2021 $ 185 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of future minimum lease payments for operating leases | Maturity of Operating Lease Liabilities Amount 2021 (April 1 – December 31, 2021) $ 262 2022 285 2023 104 2024 105 2025 108 Thereafter 387 Total undiscounted operating leases payments $ 1,251 Less: Imputed interest (210 ) Present Value of Operating Lease Liabilities $ 1,041 Other Information Weighted-average remaining lease term 6.0 years Weighted-average discount rate 5.0 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of warrant activity | Warrants Number of Weighted Weighted Outstanding – December 31, 2020 138,000 $ 6.75 0.44 Granted — — — Exercised — — — Expired — — — Outstanding and exercisable – March 31, 2021 138,000 $ 6.75 0.19 |
Schedule of restricted activity | Outstanding at Restricted Stock Weighted- December 31, 2020 37,500 $ 4.17 Granted - - Vested (8,750 ) 4.11 Forfeited - - March 31, 2021 28,750 $ 4.19 |
Schedule of option activity | Outstanding at Number of Weighted- Weighted- December 31, 2020 229,334 $ 5.55 7.07 Granted — — — Exercised — — — Expired — — — March 31, 2021 229,334 $ 5.55 6.82 Exercisable – March 31, 2021 229,334 $ 5.55 6.82 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Number of customer | 1 | |
Allowance for doubtful accounts receivable, current (in Dollars) | $ 24 | |
U.S [Member] | ||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Revenue percent | 95.00% | 99.00% |
U.S [Member] | Customer [Member] | ||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Revenue percent | 7.00% | 11.00% |
U.S [Member] | Customer [Member] | Accounts Receivable [Member] | ||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Revenue percent | 57.00% | 56.00% |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies (Details) - Schedule of disaggregation of revenue - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Organization and Summary of Significant Accounting Policies (Details) - Schedule of disaggregation of revenue [Line Items] | ||
Total Revenue | $ 3,070 | $ 1,679 |
Product Revenue [Member] | ||
Organization and Summary of Significant Accounting Policies (Details) - Schedule of disaggregation of revenue [Line Items] | ||
Total Revenue | 1,674 | 1,076 |
Service Revenue [Member] | ||
Organization and Summary of Significant Accounting Policies (Details) - Schedule of disaggregation of revenue [Line Items] | ||
Total Revenue | $ 1,396 | $ 603 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies (Details) - Schedule of deferred revenue $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Organization and Summary of Significant Accounting Policies (Details) - Schedule of deferred revenue [Line Items] | |
Balance, beginning of period | $ 2,071 |
Revenue recognized | (810) |
Amounts refunded | (3) |
Amounts invoiced | 52 |
Balance, end of period | 1,780 |
Product [Member] | |
Organization and Summary of Significant Accounting Policies (Details) - Schedule of deferred revenue [Line Items] | |
Balance, beginning of period | 23 |
Revenue recognized | (20) |
Amounts refunded | (3) |
Amounts invoiced | 10 |
Balance, end of period | 10 |
Service [Member] | |
Organization and Summary of Significant Accounting Policies (Details) - Schedule of deferred revenue [Line Items] | |
Balance, beginning of period | 2,048 |
Revenue recognized | (790) |
Amounts refunded | |
Amounts invoiced | 512 |
Balance, end of period | $ 1,770 |
Organization and Summary of S_6
Organization and Summary of Significant Accounting Policies (Details) - Schedule of estimated service revenue recognized $ in Thousands | Mar. 31, 2021USD ($) |
Schedule of estimated service revenue recognized [Abstract] | |
2021 (April 1 – December 31, 2021) | $ 1,161 |
2022 | 476 |
2023 | 82 |
2024 | 51 |
Total | $ 1,770 |
Organization and Summary of S_7
Organization and Summary of Significant Accounting Policies (Details) - Schedule of diluted net loss per share as their effect is antidilutive - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of diluted net loss per share as their effect is antidilutive [Abstract] | ||
Shares | 36,048 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 177 | $ 129 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of property and equipment - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 3,176 | $ 3,220 |
Less accumulated depreciation | (1,983) | (1,864) |
Property and Equipment, Net | 1,193 | 1,356 |
Operations equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 2,135 | 2,178 |
Property and Equipment, Estimated Useful Lives | 3 years | |
Tradeshow and demo equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 919 | 923 |
Property and Equipment, Estimated Useful Lives | 3 years | |
Computer equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 122 | $ 119 |
Property and Equipment, Estimated Useful Lives | 3 years |
Intangibles (Details) - Schedul
Intangibles (Details) - Schedule of intangible assets $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Beginning balance | $ 338 |
Amortization expense | (31) |
Ending balance | 307 |
Patent Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Beginning balance | 241 |
Amortization expense | (23) |
Ending balance | 218 |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Beginning balance | 84 |
Amortization expense | (2) |
Ending balance | 82 |
Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Beginning balance | 13 |
Amortization expense | (6) |
Ending balance | $ 7 |
Debt (Details)
Debt (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Revolving credit facility, description | The Company has a revolving credit facility that, through March 2022, provided for maximum borrowings equal to the lesser of (a) the $10 million commitment amount or (b) the borrowing base plus a $3 million non-formula sublimit. |
Product Warranties (Details) -
Product Warranties (Details) - Schedule of changes in product warranty liability $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Schedule of changes in product warranty liability [Abstract] | |
Balance, beginning of period | $ 187 |
Warranties accrued during the period | 26 |
Payments on warranty claims | (28) |
Balance, end of period | $ 185 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
ROU asset | $ 805 | |
ROU assets was reduced | 76 | $ 324 |
Cash paid for amounts included in present value of operating lease liabilities | 86 | 359 |
Operating lease cost | $ 88 | $ 373 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of future minimum lease payments for operating leases $ in Thousands | Mar. 31, 2021USD ($) |
Schedule of future minimum lease payments for operating leases [Abstract] | |
2021 (April 1 – December 31, 2021) | $ 262 |
2022 | 285 |
2023 | 104 |
2024 | 105 |
2025 | 108 |
Thereafter | 387 |
Total undiscounted operating leases payments | 1,251 |
Less: Imputed interest | (210) |
Present Value of Operating Lease Liabilities | $ 1,041 |
Other Information | |
Weighted-average remaining lease term | 6 years |
Weighted-average discount rate | 5.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Purchases from this manufacturer | $ 312 | $ 1,578 | |
Accounts payable and accrued expenses | $ 724 | $ 697 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock-Based Compensation (Details) [Line Items] | ||
Intrinsic value of common stock warrants | $ 0 | $ 0 |
Reduction of stock compensation expense value forfeited | 0 | $ 0 |
Unrecognized stock compensation expense | $ 270 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |
2016 Equity Incentive Plan [Member] | ||
Stock-Based Compensation (Details) [Line Items] | ||
Number of authorized shares under the plan (in Shares) | 397,473 | |
2017 Equity Incentive Plan [Member] | ||
Stock-Based Compensation (Details) [Line Items] | ||
Number of authorized shares under the plan (in Shares) | 500,000 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details) - Schedule of warrant activity | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Schedule of warrant activity [Abstract] | |
Number of Warrants Outstanding at beginning | shares | 138,000 |
Weighted Average Exercise Price Outstanding at beginning | $ / shares | $ 6.75 |
Weighted Average Remaining Contractual Term (In Years) Outstanding at beginning | 160 days |
Number of Warrants Granted | shares | |
Weighted Average Exercise Price Granted | $ / shares | |
Number of Warrants Exercised | shares | |
Weighted Average Exercise Price Exercised | $ / shares | |
Number of Warrants Expired | shares | |
Weighted Average Exercise Price Expired | $ / shares | |
Number of Warrants Outstanding and exercisable at ending | shares | 138,000 |
Weighted Average Exercise Price Outstanding and exercisable at ending | $ / shares | $ 6.75 |
Weighted Average Remaining Contractual Term (In Years) Outstanding and exercisable at ending | 69 days |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details) - Schedule of restricted activity | 3 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Schedule of restricted activity [Abstract] | |
Restricted Stock balance at beginning | shares | 37,500 |
Weighted-Average Grant Date Fair Value balance at beginning | $ / shares | $ 4.17 |
Restricted Stock balance at ending | shares | 28,750 |
Weighted-Average Grant Date Fair Value balance at ending | $ / shares | $ 4.19 |
Restricted Stock Granted | shares | |
Weighted-Average Grant Date Fair Value Granted | $ / shares | |
Restricted Stock Vested | shares | (8,750) |
Weighted-Average Grant Date Fair Value Vested | $ / shares | $ 4.11 |
Restricted Stock Forfeited | shares | |
Weighted-Average Grant Date Fair Value Forfeited | $ / shares |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Details) - Schedule of option activity | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Schedule of option activity [Abstract] | |
Number of Options at beginning | shares | 229,334 |
Weighted- Average Exercise Price at beginning | $ / shares | $ 5.55 |
Weighted- Average Remaining Contractual Term (In Years) at beginning | 7 years 25 days |
Number of Options Outstanding at end | shares | 229,334 |
Weighted- Average Exercise Price Outstanding at end | $ / shares | $ 5.55 |
Weighted- Average Remaining Contractual Term (In Years) Outstanding at end | 6 years 299 days |
Number of Options Exercisable | shares | 229,334 |
Weighted- Average Exercise Price Exercisable | $ / shares | $ 5.55 |
Weighted- Average Remaining Contractual Term (In Years) Exercisable | 6 years 299 days |
Number of Options Granted | shares | |
Weighted- Average Exercise Price Granted | $ / shares | |
Number of Options Exercised | shares | |
Weighted- Average Exercise Price Exercised | $ / shares | |
Number of Options Expired | shares | |
Weighted- Average Exercise Price Expired | $ / shares |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Tax expense | $ 0 | $ 0 |