Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 07, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | WATT | |
Entity Registrant Name | Energous Corp | |
Entity Central Index Key | 0001575793 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 78,083,343 | |
Title of 12(b) Security | Common Stock, $0.00001 par value | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-36379 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-1318953 | |
Entity Address, Address Line One | 3590 North First Street | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95134 | |
City Area Code | 408 | |
Local Phone Number | 963-0200 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 30,355,468 | $ 49,071,414 |
Accounts receivable, net | 243,320 | 283,602 |
Inventory | 164,426 | |
Prepaid expenses and other current assets | 1,105,254 | 874,886 |
Total current assets | 31,868,468 | 50,229,902 |
Property and equipment, net | 436,400 | 510,197 |
Operating lease right-of-use assets | 2,139,949 | 618,985 |
Other assets | 11,991 | 11,991 |
Total assets | 34,456,808 | 51,371,075 |
Current liabilities: | ||
Accounts payable | 893,783 | 1,205,957 |
Accrued expenses | 1,524,241 | 1,523,317 |
Accrued severance expense | 580,034 | 975,439 |
Operating lease liabilities, current portion | 709,014 | 628,307 |
Deferred revenue | 55,841 | 13,364 |
Total current liabilities | 3,762,913 | 4,346,384 |
Operating lease liabilities, long-term portion | 1,436,339 | 40,413 |
Total liabilities | 5,199,252 | 4,386,797 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at September 30, 2022 and December 31, 2021; no shares issued or outstanding at September 30, 2022 and December 31, 2021. | ||
Common Stock, $0.00001 par value, 200,000,000 shares authorized at September 30, 2022 and December 31, 2021; 77,722,402 and 76,667,205 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively. | 778 | 767 |
Additional paid-in capital | 385,792,159 | 383,383,550 |
Accumulated deficit | (356,535,381) | (336,400,039) |
Total stockholders’ equity | 29,257,556 | 46,984,278 |
Total liabilities and stockholders’ equity | $ 34,456,808 | $ 51,371,075 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 77,722,402 | 76,667,205 |
Common stock, shares outstanding | 77,722,402 | 76,667,205 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 223,201 | $ 201,364 | $ 672,133 | $ 531,389 |
Costs and expenses: | ||||
Cost of revenue | 420,060 | 894,693 | ||
Research and development | 2,885,830 | 4,737,159 | 9,622,886 | 15,432,097 |
Sales and marketing | 1,093,640 | 1,922,128 | 3,865,322 | 6,157,697 |
General and administrative | 1,931,386 | 1,990,266 | 5,983,845 | 6,934,410 |
Severance expense | 4,017,172 | 633,444 | 4,017,172 | |
Total costs and expenses | 6,330,916 | 12,666,725 | 21,000,190 | 32,541,376 |
Loss from operations | (6,107,715) | (12,465,361) | (20,328,057) | (32,009,987) |
Other income: | ||||
Interest income | 142,840 | 835 | 192,715 | 3,869 |
Total other income | 142,840 | 835 | 192,715 | 3,869 |
Net loss | $ (5,964,875) | $ (12,464,526) | $ (20,135,342) | $ (32,006,118) |
Basic loss per common share | $ (0.08) | $ (0.20) | $ (0.26) | $ (0.51) |
Weighted average shares outstanding, basic | 77,595,878 | 63,014,246 | 77,219,737 | 62,225,801 |
Diluted loss per common share | $ (0.08) | $ (0.20) | $ (0.26) | $ (0.51) |
Weighted average shares outstanding, diluted | 77,595,878 | 63,014,246 | 77,219,737 | 62,225,801 |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2020 | $ 49,052,506 | $ 614 | $ 344,024,638 | $ (294,972,746) |
Beginning balance (in shares) at Dec. 31, 2020 | 61,292,412 | |||
Stock-based compensation - restricted stock units ("RSUs") | 2,088,910 | 2,088,910 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 57,316 | 57,316 | ||
Issuance of shares for RSUs | $ 6 | (6) | ||
Issuance of shares for RSUs (in shares) | 627,412 | |||
Proceeds from contributions to the ESPP | 117,013 | 117,013 | ||
Net loss | (8,525,763) | (8,525,763) | ||
Ending balance at Mar. 31, 2021 | 42,789,982 | $ 620 | 346,287,871 | (303,498,509) |
Ending balance (in shares) at Mar. 31, 2021 | 61,919,824 | |||
Beginning balance at Dec. 31, 2020 | 49,052,506 | $ 614 | 344,024,638 | (294,972,746) |
Beginning balance (in shares) at Dec. 31, 2020 | 61,292,412 | |||
Net loss | (32,006,118) | |||
Ending balance at Sep. 30, 2021 | 25,999,525 | $ 633 | 352,977,756 | (326,978,864) |
Ending balance (in shares) at Sep. 30, 2021 | 63,155,272 | |||
Beginning balance at Mar. 31, 2021 | 42,789,982 | $ 620 | 346,287,871 | (303,498,509) |
Beginning balance (in shares) at Mar. 31, 2021 | 61,919,824 | |||
Stock-based compensation - restricted stock units ("RSUs") | 1,471,826 | 1,471,826 | ||
Stock-based compensation - performance share units ("PSUs") | 2,695,847 | 2,695,847 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 60,651 | 60,651 | ||
Issuance of shares for RSUs | $ 3 | (3) | ||
Issuance of shares for RSUs (in shares) | 298,641 | |||
Issuance of shares for PSUs | $ 5 | (5) | ||
Issuance of shares for PSUs (in shares) | 494,608 | |||
Proceeds from contributions to the ESPP | 120,234 | $ 2 | 120,232 | |
Proceeds from contributions to the ESPP (in shares) | 155,064 | |||
Net loss | (11,015,829) | (11,015,829) | ||
Ending balance at Jun. 30, 2021 | 36,122,711 | $ 630 | 350,636,419 | (314,514,338) |
Ending balance (in shares) at Jun. 30, 2021 | 62,868,137 | |||
Stock-based compensation - options | 284,994 | 284,994 | ||
Stock-based compensation - restricted stock units ("RSUs") | 1,010,990 | 1,010,990 | ||
Stock-based compensation - performance share units ("PSUs") | 843,741 | 843,741 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 76,814 | 76,814 | ||
Issuance of shares for RSUs | $ 3 | (3) | ||
Issuance of shares for RSUs (in shares) | 287,135 | |||
Proceeds from contributions to the ESPP | 124,801 | 124,801 | ||
Net loss | (12,464,526) | (12,464,526) | ||
Ending balance at Sep. 30, 2021 | 25,999,525 | $ 633 | 352,977,756 | (326,978,864) |
Ending balance (in shares) at Sep. 30, 2021 | 63,155,272 | |||
Beginning balance at Dec. 31, 2021 | 46,984,278 | $ 767 | 383,383,550 | (336,400,039) |
Beginning balance (in shares) at Dec. 31, 2021 | 76,667,205 | |||
Stock-based compensation - options | 10,313 | 10,313 | ||
Stock-based compensation - restricted stock units ("RSUs") | 745,620 | 745,620 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 40,973 | 40,973 | ||
Issuance of shares for RSUs | $ 4 | (4) | ||
Issuance of shares for RSUs (in shares) | 387,823 | |||
Proceeds from contributions to the ESPP | 104,217 | 104,217 | ||
Net loss | (7,152,718) | (7,152,718) | ||
Ending balance at Mar. 31, 2022 | 40,732,683 | $ 771 | 384,284,669 | (343,552,757) |
Ending balance (in shares) at Mar. 31, 2022 | 77,055,028 | |||
Beginning balance at Dec. 31, 2021 | 46,984,278 | $ 767 | 383,383,550 | (336,400,039) |
Beginning balance (in shares) at Dec. 31, 2021 | 76,667,205 | |||
Net loss | (20,135,342) | |||
Ending balance at Sep. 30, 2022 | 29,257,556 | $ 778 | 385,792,159 | (356,535,381) |
Ending balance (in shares) at Sep. 30, 2022 | 77,722,402 | |||
Beginning balance at Mar. 31, 2022 | 40,732,683 | $ 771 | 384,284,669 | (343,552,757) |
Beginning balance (in shares) at Mar. 31, 2022 | 77,055,028 | |||
Stock-based compensation - options | 21,330 | 21,330 | ||
Stock-based compensation - restricted stock units ("RSUs") | 601,029 | 601,029 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 41,428 | 41,428 | ||
Issuance of shares for RSUs | $ 2 | (2) | ||
Issuance of shares for RSUs (in shares) | 215,746 | |||
Proceeds from contributions to the ESPP | 60,511 | $ 2 | 60,509 | |
Proceeds from contributions to the ESPP (in shares) | 193,797 | |||
Net loss | (7,017,749) | (7,017,749) | ||
Ending balance at Jun. 30, 2022 | 34,439,232 | $ 775 | 385,008,963 | (350,570,506) |
Ending balance (in shares) at Jun. 30, 2022 | 77,464,571 | |||
Stock-based compensation - options | 21,564 | 21,564 | ||
Stock-based compensation - restricted stock units ("RSUs") | 586,652 | 586,652 | ||
Stock-based compensation - performance share units ("PSUs") | 67,922 | 67,922 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 22,084 | 22,084 | ||
Issuance of shares for RSUs | $ 3 | (3) | ||
Issuance of shares for RSUs (in shares) | 257,831 | |||
Proceeds from contributions to the ESPP | 84,977 | 84,977 | ||
Net loss | (5,964,875) | (5,964,875) | ||
Ending balance at Sep. 30, 2022 | $ 29,257,556 | $ 778 | $ 385,792,159 | $ (356,535,381) |
Ending balance (in shares) at Sep. 30, 2022 | 77,722,402 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (20,135,342) | $ (32,006,118) |
Adjustments to reconcile net loss to Net cash used in operating activities: | ||
Depreciation and amortization | 200,995 | 195,361 |
Stock based compensation | 2,158,915 | 8,591,089 |
Changes in operating lease right-of-use assets | 550,372 | 594,089 |
Bad debt expense | 30,000 | 10,850 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 10,282 | (111,683) |
Inventory | (164,426) | |
Prepaid expenses and other current assets | (230,368) | (72,074) |
Other assets | (10,381) | |
Accounts payable | (312,174) | (174,606) |
Accrued expenses | 924 | 18,822 |
Accrued severance expense | (395,405) | 1,102,832 |
Operating lease liabilities | (594,703) | (636,984) |
Deferred revenue | 42,477 | |
Net cash used in operating activities | (18,838,453) | (22,498,803) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (127,198) | (310,718) |
Net cash used in investing activities | (127,198) | (310,718) |
Cash flows from financing activities: | ||
Proceeds from contributions to employee stock purchase plan | 249,705 | 362,048 |
Net cash provided by financing activities | 249,705 | 362,048 |
Net decrease in cash and cash equivalents | (18,715,946) | (22,447,473) |
Cash and cash equivalents - beginning | 49,071,414 | 50,729,661 |
Cash and cash equivalents - ending | 30,355,468 | 28,282,188 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Increase in operating lease right-of-use assets and operating lease liabilities | 2,071,336 | |
Restricted Stock Units (RSUs) [Member] | ||
Supplemental disclosure of non-cash investing and financing activities: | ||
Common stock issued | $ 9 | 12 |
Performance Share Unit (PSUs) [Member] | ||
Supplemental disclosure of non-cash investing and financing activities: | ||
Common stock issued | $ 5 |
Business Organization, Nature o
Business Organization, Nature of Operations | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business Organization, Nature of Operations | Note 1 - Business Organization, Nature of Operations Energous Corporation (the “Company”) was incorporated in Delaware on October 30, 2012. The Company has developed its WattUp® wireless power technology, consisting of proprietary semiconductor chipsets, software controls, hardware designs and antennas, that enables radio frequency (“RF”) based charging for electronic devices. The WattUp technology has a broad spectrum of capabilities, including near-field wireless charging and at-a-distance wireless charging at various distances. The Company believes its proprietary WattUp technologies are well suited for many applications, including building and home automation, electronic shelf labels, industrial IoT sensors, surface and implanted medical devices, tracking devices, hearables, wearables, consumer electronics and public safety applications. Potential future applications include smartphones, commercial and industrial robotics, as well as automotive solutions and other devices with charging requirements that would otherwise require battery replacement or a wired power connection. |
Liquidity and Management Plans
Liquidity and Management Plans | 9 Months Ended |
Sep. 30, 2022 | |
Liquidity And Management Plan Disclosure [Abstract] | |
Liquidity and Management Plans | Note 2 – Liquidity and Management Plans During the three and nine months ended September 30, 2022, the Company recorded revenue of $223,201 and $672,133, respectively. During the three and nine months ended September 30, 2021, the Company recorded revenue of $201,364 and $531,389, respectively. During the three and nine months ended September 30, 2022, the Company recorded net losses of $5,964,875 and $20,135,342, respectively. During the three and nine months ended September 30, 2021, the Company recorded net losses of $12,464,526 and $32,006,118, respectively. Net cash used in operating activities was $18,838,453 and $22,498,803 for the nine months ended September 30, 2022 and 2021, respectively. The Company is currently meeting its liquidity requirements through the proceeds of securities offerings that raised net proceeds of $53,556,202 during 2020 and $27,043,751 during the fourth quarter of 2021, proceeds from contributions to the Company’s employee stock purchase plan (the “ESPP”), along with payments received from customers. As of September 30, 2022, the Company had cash and cash equivalents of $30,355,468. The Company expects that cash and cash equivalents as of September 30, 2022, together with anticipated revenues, will be sufficient to fund the Company’s operations through November 2023. Research and development of new technologies is by its nature unpredictable. Although the Company intends to continue its research and development activities, there can be no assurance that its available resources and revenue generated from its business operations will be sufficient to sustain its operations. Accordingly, the Company expects to pursue additional financing, which could include offerings of equity or debt securities, bank financings, commercial agreements with customers or strategic partners, and other alternatives, depending upon market conditions. There is no assurance that such financing will be available on terms that the Company would find acceptable, or at all. The market for products using the Company’s technology is broad and evolving, but remains nascent and unproven, so the Company’s success is dependent upon many factors, including customer acceptance of its existing products, technical feasibility of future products, regulatory approvals, the development of complementary technologies, competition and global market fluctuations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). These unaudited condensed interim financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2021 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 23, 2022. The accounting policies used in preparing these unaudited condensed interim financial statements are consistent with those described in the Company’s December 31, 2021 audited financial statements . Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements as well as the reported expenses during the reporting periods. Note 3 – Summary of Significant Accounting Policies, continued The Company’s significant estimates and assumptions include the valuation of stock-based compensation instruments, recognition of revenue, inventory valuation, the useful lives of long-lived assets, and the valuation allowance on deferred tax assets. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions. Revenue Recognition The Company follows Accounting Standards Codification (“ASC”) 606, "Revenue from Contracts with Customers" (“Topic 606”). In accordance with Topic 606, the Company recognizes revenue using the following five-step approach: 1. Identify the contract with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price of the contract. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when or as the performance obligations are satisfied. The Company’s revenue comes from its single segment of wireless charging system solutions. The wireless charging system revenue consists of revenue from product development projects and production-level systems. During the three and nine months ended September 30, 2022, the Company recognized $223,201 and $672,133, respectively, in revenue. During the three and nine months ended September 30, 2021, the Company recognized $201,364 and $531,389, respectively, in revenue. The Company records revenue associated with product development projects that it enters into with certain customers. In general, these product development projects are complex, and the Company does not have certainty about its ability to achieve the project milestones. The achievement of a milestone is dependent on the Company’s performance obligation and requires acceptance by the customer. The Company recognizes this revenue at the point in time at which the performance obligation is met. The payment associated with achieving the performance obligation is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. The Company records the expenses related to these product development projects in research and development expense, in the periods such expenses were incurred. The Company records revenue associated with the sale of production-level systems at the point in time at which control over the product is transferred to the customer. The Company records the expense related to the sales of these systems as cost of revenue during the period that the product is transferred to the customer. Inventory The Company follows ASC 330, Inventory Note 3 – Summary of Significant Accounting Policies, continued Research and Development Research and development expenses are charged to operations as incurred. For internally developed patents, all patent costs are expensed as incurred as research and development expense. Patent application costs, which are generally legal costs, are expensed as research and development costs until such time as the future economic benefits of such patents become more certain. The Company incurred research and development costs of $2,885,830 and $4,737,159 for the three months ended September 30, 2022 and 2021, respectively. The Company incurred research and development costs of $9,622,886 and $15,432,097 for the nine months ended September 30, 2022 and 2021, respectively. Stock-Based Compensation The Company accounts for equity instruments issued to employees, board members and contractors in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and amortized over the vesting period of the award. The Company amortizes compensation costs on a straight-line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued. Under the ESPP, employees may purchase a limited number of shares of the Company’s common stock at a 15% discount from the lower of the closing market prices measured on the first and last days of each half-year period. The Company recognizes stock-based compensation expense for the fair value of the purchase options, as measured on the grant date. Income Taxes Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of September 30, 2022, no liability for unrecognized tax benefits was required to be reported. The guidance from ASC 740, Income Taxes, Net Loss Per Common Share Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method), the vesting of restricted stock units (“RSUs”) and performance stock units (“PSUs”) and the enrollment of employees in the ESPP. The computation of diluted loss per share excludes potentially dilutive securities of 6,346,398 and 5,843,167 for the three months ended September 30, 2022 and 2021, respectively, and 6,346,398 and 5,843,167 for the nine months ended September 30, 2022 and 2021, respectively because their inclusion would be anti-dilutive. Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Warrants issued to private investors 3,284,789 3,284,789 3,284,789 3,284,789 Options to purchase common stock 300,262 550,985 300,262 550,985 RSUs 2,474,347 1,183,951 2,474,347 1,183,951 PSUs 287,000 823,442 287,000 823,442 Total potentially dilutive securities 6,346,398 5,843,167 6,346,398 5,843,167 Note 3 – Summary of Significant Accounting Policies, continued The table above includes 1,618,123 warrants that subsequently expired on October 6, 2022, which had an exercise price of $23.00 and 1,666,666 warrants expiring on March 1, 2024, which have an exercise price of $10.00. Leases The Company determines if an arrangement is a lease at the inception of the arrangement. The Company applies the short-term lease recognition exemption and recognizes lease payments in profit or loss at lease commencement for facility or equipment leases that have a lease term of 12 months or less and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the later of the adoption date, January 1, 2019, or the service commencement date based on the present value of lease payments over the lease term. The Company uses the implicit interest rate when readily determinable; however, most leases do not establish an implicit rate, so the Company uses an estimate of the incremental borrowing rate based on the information available at the time of measurement. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 4 – Commitments and Contingencies, Operating Leases Management’s Evaluation of Subsequent Events The Company evaluates events that have occurred after the balance sheet date of September 30, 2022, through the date which the financial statements are available to be issued. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 4 – Commitments and Contingencies Operating Leases San Jose Lease On May 20, 2022, the Company signed a lease amendment to the existing lease of its office space at its corporate headquarters in San Jose, California, extending the term of the lease for an additional three years. Upon signing the lease amendment, the Company recorded a new ROU lease asset of $2,071,336 and operating lease liability of $2,071,336, using a present value discount rate of 3.0%. Upon expiration of the original lease on September 30, 2022, the new monthly lease payment starting October 1, 2022 is $58,903, subject to annual escalations up to a maximum monthly lease payment of $62,490. Costa Mesa Lease On July 15, 2019, the Company signed a new lease agreement for the lease of office space in Costa Mesa, California for an additional two years. Upon expiration of the original lease on September 30, 2019, the new monthly lease payment starting October 1, 2019 was $9,773 and is subject to an annual escalation up to a maximum monthly lease payment of $10,200. On September 22, 2021, the Company signed a new Costa Mesa lease to lease a new, distinct office space in a different building with the same landlord. Per the lease, the lease commencement date is October 1, 2021 and the expiry date is September 30, 2023. The Company did not have control of the new office space until October 2021, at which time the Company recorded a new ROU lease asset of $104,563 and operating lease liability of $104,563. The new Costa Mesa lease has an initial monthly lease payment of $4,369 starting October 1, 2021 and is subject to an annual escalation up to a maximum monthly lease payment of $4,522. Operating Lease Commitments The Company follows ASC 842, Leases, Note 4 – Commitments and Contingencies, continued A reconciliation of undiscounted cash flows to lease liabilities recognized as of September 30, 2022 is as follows: Amount (unaudited) 2022 $ 190,273 2023 752,828 2024 733,497 2025 562,408 Total future lease payments 2,239,006 Present value discount (2.9% weighted average) (93,653 ) Total operating lease liabilities $ 2,145,353 Hosted Design Software Agreement On June 25, 2015, the Company entered into a three-year Litigations, Claims, and Assessments The Company is from time to time involved in various disputes, claims, liens and litigation matters arising in the normal course of business. While the outcome of these disputes, claims, liens and litigation matters cannot be predicted with certainty, after consulting with legal counsel, management does not believe that the outcome of these matters will have a material adverse effect on the Company's combined financial position, results of operations or cash flows. MBO Bonus Plan On March 15, 2018, the Company’s Board of Directors (“Board”), on the recommendation of the Board’s Compensation Committee (“Compensation Committee”), approved the Energous Corporation MBO Bonus Plan (“Bonus Plan”) for executive officers of the Company. To be eligible to receive a bonus under the Bonus Plan, an executive officer must be continuously employed throughout the applicable performance period, and in good standing, and achieve the performance objectives selected by the Compensation Committee. Under the Bonus Plan, the Compensation Committee is responsible for selecting the amounts of potential bonuses for executive officers, the performance metrics used to determine whether any such bonuses will be paid and determining whether those performance metrics have been achieved. During the three months ended September 30, 2022, the Company accrued $465,241 in expense under the Bonus Plan, which will be paid during the fourth quarter of 2022 and the first quarter of 2023. During the three months ended September 30, 2021, the Company accrued $304,377 in expense under the Bonus Plan, which was paid during the fourth quarter of 2021. During the nine months ended September 30, 2022 and 2021, the Company recognized $967,033 and $1,087,533 in expense under the Bonus Plan, respectively. The expense under the Bonus Plan is recognized under operating expenses on the Company’s Condensed Statement of Operations within each executive’s department. Severance and Change in Control Agreement On March 15, 2018, the Compensation Committee approved a form of Severance and Change in Control Agreement (“Severance Under the Severance Agreement, if an Executive is terminated in a qualifying change in control termination, the Company agrees to pay the Executive six to 12 months of that Executive’s monthly base salary. If an Executive elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) the Company will pay the full amount of the Executive’s premiums under the Company’s health, dental and vision plans, including coverage for the Executive’s eligible dependents, for the six to 12 month period following the Executive’s termination. Note 4 – Commitments and Contingencies, continued Executive Employee Agreement – Cesar Johnston On December 9, 2021, the Company announced that Cesar Johnston had been appointed as the Company’s Chief Executive Officer. In connection with Mr. Johnston’s appointment as Chief Executive Officer, the Company and Mr. Johnston executed an offer letter dated as of December 6, 2021. Under the terms of his offer letter, Mr. Johnston will receive an annual base salary of $400,000 per year. Beginning in year 2022, he will be eligible to receive a discretionary annual bonus of up to 100% of his base salary, at the recommendation of the Company’s Compensation Committee, with the approval of the Company’s Board. In add on a a nducemen accep h appo n men a Ch e Execu v O ce M ohn o w ece ve ub ec con nue emp oymen a pec a one m gn o bonu h amoun o $120 000 payab equa n a men o $60 00 eac o h pay o da 202 an h pay o da a e Decembe 6 2022 b g an o 150 00 acqu ha e o h Company commo ock on h o wh c shall ve o Decembe 6 202 an h ema n n w h d o wh c shall ve e gh equa n a men o 12 50 eac o eac qua e ann ve a he ea e an c g an o a op o pu cha ha e o h Company commo oc a a exe c p c equa h a ma ke va u o h Company commo oc o h g an da e ha o wh c ha ve o Decembe 31 2023 qua e o wh c ha ve o Decembe 31 202 an h ema nde o wh c ha ve o Decembe 31 2025 Also pursuant to the terms of his offer letter, Mr. at various amounts to be agreed upon by the Board each of In connec o w M ohn on appo n men a Ch e Execu v O ce h Compan an M ohn o add ona en e e n a amende e a e eve anc an chang con o ag eemen da e a o Decembe 6 2021 I h even o termination ha no a one m um u paymen b h Compan a amoun equa 1 mon h o h mon h ba a a p u a amoun equa 100 o h a ge bonu p u ag ee b h Compen a o Comm ee d c e ona bonu o h yea wh c h termination occu b an ou and n unve e equ awa d he b M ohn o ha wou ve h nex 1 mon h o con nu n emp oymen o he ha an equ awa d ha ve upo a ac o o pe o manc c e a w acce e a an becom ve e an c M ohn o me e ec con nue cove ag unde COBRA h Compan o ucce o w pa h u amoun o M ohn on COBR p em um o h beha o 1 mon h Mr. Johnston’s agreement a Mr. Johnston is also eligible to receive all customary and usual benefits generally available to senior executives of the Company. Note 4 – Commitments and Contingencies, continued Executive Transition Agreement – Stephen Rizzone On April 3, 2015, the Company entered into an Amended and Restated Executive Employment Agreement with Stephen R. Rizzone, the Company’s former President and Chief Executive Officer (“Employment Agreement”). The Employment Agreement effective as of January 1, 2015, had an initial term of four years and automatically renewed each year after the initial term. The Employment Agreement provided for an annual base salary of $365,000, and Mr. Rizzone was eligible to receive quarterly cash bonuses from the MBO Bonus Plan with a total target amount equal to 100% of his base salary based upon achievement of performance-based objectives established by the Board. On July 9, 2021, the Company announced that Stephen R. Rizzone had retired from his position as the Company’s President and Chief Executive Officer and as a member of the Board. In connection with Mr. Rizzone’s retirement, the Company and Mr. Rizzone entered into an Executive Transition Agreement (the “Separation Agreement”), providing for continued employment through August 31, 2021. Upon his termination of employment, the Separation Agreement provides severance payments and benefits to Mr. Rizzone consistent with the terms of his existing employment agreement with the Company, including without limitation: compensation-based payments of $1,460,000 in the aggregate, payable under a certain payment scheme as set forth therein, an additional lump sum cash payment of $2,000,000, a pro-rated bonus payment for the two months of employment during the current quarterly bonus period payable at the same time bonus payments are made to other executives of the Company, settlement of deferred vested RSUs and an extension of the exercise periods of all stock options held by Mr. Rizzone until the one year anniversary of his termination date, and additional benefits related to Mr. Rizzone’s medical insurance. In addition, the Company agreed to pay-off all amounts owed under a lease agreement relating to a company car and that Mr. Rizzone would receive the title to the vehicle. All compensation under the Separation Agreement has been or will be subject to applicable withholding. As of September 30, 2022, the Company had unpaid accrued severance expense of $572,016 pertaining to Mr. Rizzone’s Separation Agreement which is expected to be paid through August 31, 2023. Executive Transition Agreement – Neeraj Sahejpal On April 29, 2022, the Company announced the departure of Neeraj Sahejpal, former Senior Vice President of Marketing and Business Development, effective April 30, 2022. Pursuant to the terms of Mr. Sahejpal’s severance and change of control agreement with the Company, Mr. Sahejpal received payments and benefits including compensation equal to 12 months of Mr. Sahejpal’s then-current salary of $261,250, 12 months of maximum potential bonus of $261,250, and 12 months of COBRA reimbursements. In addition, all RSUs held by Mr. Sahejpal that were due to vest in the 12 months after his departure, totaling RSUs covering 85,943 shares, were accelerated. The Company recorded $0 and $633,444 in total severance expense pertaining to Mr. Sahejpal’s departure for the three and nine months ended September 30, 2022, respectively. As of September 30, 2022, the Company had unpaid accrued severance expense of $8,018 pertaining to Mr. Sahejpal’s agreement which is expected to be paid through April 30, 2023. Strategic Alliance Agreement In November 2016, the Company and Dialog Semiconductor plc (“Dialog”), a related party (see Note 7—Related Party Transactions), entered into a Strategic Alliance Agreement (“Alliance Agreement”) for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (“Licensed Products”). Pursuant to the terms of the Alliance Agreement, the Company agreed to engage Dialog as the exclusive supplier of the Licensed Products for specified fields of use, subject to certain exceptions (the “Company Exclusivity Requirement”). Dialog agreed to not distribute, sell or work with any third party to develop any competing products without the Company’s approval. In addition, both parties agreed on a revenue sharing arrangement and will collaborate on the commercialization of Licensed Products based on a mutually-agreed upon plan. Each party will retain all of its intellectual property. Note 4 – Commitments and Contingencies, continued The Alliance Agreement has an initial term of seven years, with automatic renewal annually thereafter unless terminated by either party upon 180 days’ prior written notice. The Company may terminate the Alliance Agreement at any time after the third anniversary of the Alliance Agreement upon 180 days’ prior written notice to Dialog, or if Dialog breaches certain exclusivity obligations. Dialog may terminate the Alliance Agreement if sales of Licensed Products do not meet specified targets. The Company Exclusivity Requirement had a termination date of the earlier of January 1, 2021 or the occurrence of certain events relating to the Company’s pre-existing exclusivity obligations. The Company Exclusivity Requirement renewed automatically on an annual basis unless the Company and Dialog agree to terminate the requirement. On September 20, 2021, the Company was notified by Dialog, recently acquired by Renesas Electronics Corporation, that it was terminating the Alliance Agreement between the Company and Dialog. There is a wind down period included in the Alliance Agreement which will conclude in September 2024. During the wind down period, the Alliance Agreement’s terms will continue to apply to the Company’s products that are covered by certain existing customer relationships, except that the parties’ respective exclusivity rights have terminated. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Note 5 – Stockholders’ Equity Authorized Capital The holders of the Company’s common stock are entitled to one vote per share. Holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the Board out of legally available funds. Upon the liquidation, dissolution or winding up of the Company, holders of common stock are entitled to share ratably in all assets of the Company that are legally available for distribution. Financing On September 15, 2020, the Company filed a shelf registration statement on Form S-3 with the SEC, which became effective on September 24, 2020, and contains two prospectuses: a base prospectus, which covers the offering, issuance and sale by the Company of up to $75,000,000 of its common stock, preferred stock, debt securities, warrants to purchase our common stock, preferred stock or debt securities, subscription rights to purchase its common stock, preferred stock or debt securities and/or units consisting of some or all of these securities; and an at-the-market sales agreement prospectus supplement covering the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $40,000,000 of its common stock that may be issued and sold under the At Market Issuance Sales Agreement, as amended, between the Company, B. Riley Securities, Inc., Roth Capital Partners LLC and Ladenburg Thalmann & Co. Inc. (the “ATM Program”). The $40,000,000 of common stock to be offered, issued and sold under the ATM Program is included in the $75,000,000 of securities that may be offered, issued and sold by the Company under the base prospectus. Pursuant to this shelf registration statement, the Company sold shares which raised net proceeds of $38,832,711 (net of $1,167,289 in issuance costs) during the third and fourth quarters of 2020 under the ATM Program. On October 4, 2021, the Company filed a prospectus supplement covering the offering, issuance and sale of up to an additional $35,000,000 of shares of the Company’s common stock pursuant to the ATM Program. The Company raised net proceeds of $27,043,751 (net of $868,122 in issuance costs), during the fourth quarter of 2021 under the ATM Program. As of September 30, 2022, the Company has $7,088,127 remaining on this shelf registration statement. During the period from October 1, 2022 through November 7, 2022, the Company made additional sales under the ATM Program (see Note 9 – Subsequent Events). On November 15, 2021, the Company filed a shelf registration statement on Form S-3 with the SEC, which became effective on December 16, 2021. This shelf registration statement allows the Company to sell, from time to time, any combination of debt or equity securities described in the registration statement up to aggregate proceeds of $100,000,000. Common Stock Outstanding Our outstanding shares of common stock typically include shares that are deemed delivered under US GAAP. Shares that are deemed delivered currently include shares that have vested, but have not yet been delivered, under tax-deferred equity awards, as well as shares purchased under the ESPP where actual transfer of shares normally occurs a few days after the completion of the purchase periods. There are no voting rights for shares that are deemed delivered under US GAAP until the actual delivery of shares takes place. There are currently 200,000,000 shares of common stock authorized for issuance. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | Note 6 – Stock-Based Compensation Equity Incentive Plans 2013 Equity Incentive Plan Effective on June 16, 2021, the Company’s stockholders approved the amendment and restatement of the 2013 Equity Incentive Plan to increase the number of shares reserved for issuance thereunder by 1,500,000 shares, bringing to 8,785,967 the total number of shares approved for issuance under that plan. As of September 30, 2022, 1,180,012 shares of common stock remain eligible to be issued through equity-based instruments under the 2013 Equity Incentive Plan. 2014 Non-Employee Equity Compensation Plan Effective on May 26, 2020, the Company’s stockholders approved the amendment and restatement of the 2014 Non-Employee Equity Compensation Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 800,000 shares, bringing to 1,650,000 the total number of shares approved for issuance under that plan. As of September 30, 2022, 634,867 shares of common stock remain eligible to be issued through equity-based instruments under the 2014 Non-Employee Equity Compensation Plan. 2015 Performance Share Unit Plan Effective on June 16, 2021, the Company’s stockholders approved the amendment and restatement of the 2015 Performance Share Unit Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 1,700,000 shares, bringing to 5,110,104 the total number of shares approved for issuance under that plan. As of September 30, 2022, 2,124,013 shares of common stock remain eligible to be issued through equity-based instruments under the 2015 Performance Share Unit Plan. 2017 Equity Inducement Plan On December 28, 2017, the Board approved the 2017 Equity Inducement Plan. Under the 2017 Equity Inducement Plan, the Board reserved 600,000 shares for the grant of RSUs. These grants will be administered by the Board or a committee of the Board. These awards will be granted to individuals who (a) are being hired as an employee by the Company or any subsidiary and such award is a material inducement to such person being hired; (b) are being rehired as an employee following a bona fide period of interruption of employment with the Company or any subsidiary; or (c) will become an employee of the Company or any subsidiary in connection with a merger or acquisition. As of September 30, 2022, 1,569,170 shares of common stock remain available to be issued through equity-based instruments under the 2017 Equity Inducement Plan. On July 20, 2022, the Board increased the number of shares of common stock reserved and available for issuance under the 2017 Equity Inducement Plan by 2,000,000 shares. Employee Stock Purchase Plan In April 2015, the Company’s Board approved the ESPP, under which 600,000 shares of common stock have been reserved for purchase by the Company’s employees, subject to the approval by the Company’s stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. Effective on June 16, 2021, the Company’s stockholders approved the amendment and restatement of the ESPP to increase the number of shares reserved for issuance through equity-based instruments thereunder by 700,000 shares, bring to 1,550,000 the total number of shares approved for issuance under that plan. Under the ESPP, employees may designate an amount not less than 1% but not more than 10% of their annual compensation for the purchase of Company shares. No more than 7,500 shares may be purchased by an employee under the ESPP during an offering period. An offering period shall be six months in duration commencing on or about January 1 and July 1 of each year. The exercise price of the option will be the lesser of 85% of the fair market of the common stock on the first business day of the offering period and 85% of the fair market value of the common stock on the applicable exercise date. Note 6 – Stock-Based Compensation, continued As of September 30, 2022, 353,751 shares of common stock remain eligible to be issued under the ESPP. Employees contributed $84,977 through payroll withholdings to the ESPP as of September 30, 2022 for the current offering period which will end on December 31, 2022 with shares deemed delivered on that date. Stock Option Activity During the nine months ended September 30, 2022, the Board granted our Chief Executive Officer 300,000 stock options under the 2013 Equity Incentive Plan at an exercise price of $1.27 per share with half of the options vesting on the second anniversary of the vesting start date and a quarter of the options vesting on each of the two following anniversaries. The Company estimated the fair value of stock options granted during the second quarter of 2022 using the Black-Scholes option pricing model. No stock options were granted during the first quarter or third quarter of 2022. The fair values of stock options granted during the second quarter of 2022 were estimated using the following assumptions: Three Months Ended June 30, 2022 Stock price $ 1.27 Dividend yield 0 % Expected volatility 108 % Risk-free interest rate 1.92 % Expected life 5.6 years The following is a summary of the Company’s stock option activity during the nine months ended September 30, 2022: Number of Options Weighted Average Exercise Price Weighted Average Remaining Life In Years Intrinsic Value Outstanding at January 1, 2022 525,006 $ 5.77 0.7 $ – Granted 300,000 1.27 – – Exercised – – – – Forfeited (524,744 ) 5.77 – – Outstanding at September 30, 2022 300,262 $ 1.27 9.2 $ – Exercisable at January 1, 2022 525,006 $ 5.77 0.7 $ – Vested – – – – Exercised – – – – Forfeited (524,744 ) 5.77 – – Exercisable at September 30, 2022 262 $ 2.49 1.3 $ – As of September 30, 2022, the unamortized fair value of options was $255,253. The unamortized amount will be expensed over a weighted average period of 2.8 years. Performance Share Units (“PSUs”) On July 20, 2022, the Board granted the Company’s Chief Executive Officer, Cesar Johnston, up to 287,000 PSUs under the Company’s 2015 Performance Share Unit Plan pursuant to the terms of Mr. Johnston’s offer letter with the Company (See Note 4 – Commitments and Contingencies). The up to 287,000 PSUs that have been approved shall vest as follows: (a) up to 187,000 PSU shares shall vest on December 31, 2022, subject to Mr. Johnston’s continued service as Chief Executive Officer and the achievement, to be determined in the Compensation Committee’s sole discretion, by Mr. Johnston of certain performance metrics previously determined by the Compensation Committee and approved by the Board, and (b) up to an additional 50,000 PSU shares shall vest on each of December 31, 2023 and December 31, 2024, subject to Mr. Johnston’s continued service as Chief Executive Officer and the achievement, to be determined in the Compensation Committee’s sole discretion, by Mr. Johnston of certain performance metrics to be recommended by the Compensation Committee and approved by the Board at a subsequent date. As of September 30, 2022, only 187,000 PSUs have approved performance criteria. Note 6 – Stock-Based Compensation, continued As of September 30, 2022, the unamortized fair value of the PSUs was $84,670. The unamortized amount will be expensed over a weighted average period of 0.25 years. A summary of the activity related to PSUs for the nine months ended September 30, 2022 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2022 – $ – PSUs granted 187,000 1.02 PSUs forfeited – – PSUs vested – – Outstanding at September 30, 2022 187,000 $ 1.02 Restricted Stock Units (“RSUs”) During the nine months ended September 30, 2022, the Board granted various employees RSUs covering 1,038,700 shares of common stock under the 2013 Equity Incentive Plan. The awards vest over terms ranging from two to four years. During the nine months ended September 30, 2022, the Compensation Committee and the Board granted various non-employees RSUs covering 290,055 shares of common stock under the 2014 Non-Employee Equity Compensation Plan. The awards vest over terms ranging from one to two years. During the nine months ended September 30, 2022, the Board granted various employees RSUs covering 601,000 shares of common stock under the 2017 Equity Inducement Plan. The awards vest over four years. As of t h un am or ti ze fair v a l u o t h R a $ T h un am or ti ze am oun il b e xp e n e ov e weighted average p e r i o o 1.9 y ea r Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2022 1,709,273 $ 3.72 RSUs granted 1,929,755 1.21 RSUs forfeited (303,281 ) 2.14 RSUs vested (861,400 ) 4.49 Outstanding at September 30, 2022 2,474,347 $ 1.69 Employee Stock Purchase Plan (“ESPP”) The current offering period under the ESPP started on July 1, 2022 and will conclude on December 31, 2022. The recently completed offering period under the ESPP started on January 1, 2022 and concluded on June 30, 2022. During the year ended December 31, 2021, there were two offering periods. The first offering period began on January 1, 2021 and concluded on June 30, 2021. The second offering period began on July 1, 2021 and concluded on December 31, 2021. The weighted-average grant-date fair value of the purchase option for each designated share purchased under the ESPP was approximately $0.36 and $1.05 for the nine months ended September 30, 2022 and 2021, respectively, which represents the fair value of the option, consisting of three main components: (i) the value of the discount on the enrollment date, (ii) the proportionate value of the call option for 85% of the stock and (iii) the proportionate value of the put option for 15% of the stock. The Company recognized compensation expense for the ESPP of $22,084 and $76,814 for the three months ended September 30, 2022 and 2021, respectively, and the Company recognized compensation expense for the ESPP of $104,485 and $194,781 for the nine months ended September 30, 2022 and 2021, respectively. Note 6 – Stock-Based Compensation, continued The Company estimated the fair value of ESPP purchase options granted during the nine months ended September 30, 2022 and 2021 using the Black-Scholes option pricing model. The fair values of ESPP purchase options granted were estimated using the following assumptions: Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Stock price $0.96 - $1.25 $1.80 - $2.78 Dividend yield 0 % 0 % Expected volatility 61% - 68% 95% - 143% Risk-free interest rate 0.19% - 2.52% 0.05% - 0.09% Expected life 6 months 6 months Stock-Based Compensation Expense The following tables summarize total stock-based compensation costs recognized for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options $ 21,564 $ 284,994 $ 53,207 $ 284,994 RSUs 586,652 1,010,990 1,933,301 4,571,726 PSUs 67,922 843,741 67,922 3,539,588 ESPP 22,084 76,814 104,485 194,781 Total $ 698,222 $ 2,216,539 $ 2,158,915 $ 8,591,089 The total amount of stock-based compensation was reflected within the statements of operations as: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 273,923 $ 1,207,415 $ 922,447 $ 4,873,925 Sales and marketing 109,702 565,367 344,478 2,046,728 General and administrative 314,597 158,763 804,328 1,385,442 Severance expense – 284,994 87,662 284,994 Total $ 698,222 $ 2,216,539 $ 2,158,915 $ 8,591,089 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 7 – Related Party Transactions In November 2016, the Company and Dialog entered into the Alliance Agreement for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (See Note 4 – Commitments and Contingencies, Strategic Alliance Agreement On September 20, 2021, the Company was notified by Dialog, recently acquired by Renesas Electronics Corporation, that it was terminating the Alliance Agreement between the Company and Dialog. |
Customer Concentrations
Customer Concentrations | 9 Months Ended |
Sep. 30, 2022 | |
Risks And Uncertainties [Abstract] | |
Customer Concentrations | Note 8 – Customer Concentrations Two customers accounted for approximately 87% of the Company’s revenue for the three months ended September 30, 2022, and two customers accounted for approximately 61% of the Company’s revenue for the three months ended September 30, 2021. One customer accounted for approximately 46% of the Company’s revenue for the nine months ended September 30, 2022, and four customers accounted for approximately 62% of the Company’s revenue for the nine months ended September 30, 2021. Four customers accounted for approximately 99% of the accounts receivable balance as of September 30, 2022. Four customers accounted for approximately 68% of the accounts receivable balance as of December 31, 2021. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9 – Subsequent Events During the period from October 1, 2022 through November 7, 2022, the Company raised net proceeds of $453,180 (net of $11,632 in issuance costs) under its ATM Program. As of November 7, 2022, the Company has $6,623,315 remaining on the ATM Program. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). These unaudited condensed interim financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2021 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 23, 2022. The accounting policies used in preparing these unaudited condensed interim financial statements are consistent with those described in the Company’s December 31, 2021 audited financial statements . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements as well as the reported expenses during the reporting periods. Note 3 – Summary of Significant Accounting Policies, continued The Company’s significant estimates and assumptions include the valuation of stock-based compensation instruments, recognition of revenue, inventory valuation, the useful lives of long-lived assets, and the valuation allowance on deferred tax assets. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions. |
Revenue Recognition | Revenue Recognition The Company follows Accounting Standards Codification (“ASC”) 606, "Revenue from Contracts with Customers" (“Topic 606”). In accordance with Topic 606, the Company recognizes revenue using the following five-step approach: 1. Identify the contract with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price of the contract. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when or as the performance obligations are satisfied. The Company’s revenue comes from its single segment of wireless charging system solutions. The wireless charging system revenue consists of revenue from product development projects and production-level systems. During the three and nine months ended September 30, 2022, the Company recognized $223,201 and $672,133, respectively, in revenue. During the three and nine months ended September 30, 2021, the Company recognized $201,364 and $531,389, respectively, in revenue. The Company records revenue associated with product development projects that it enters into with certain customers. In general, these product development projects are complex, and the Company does not have certainty about its ability to achieve the project milestones. The achievement of a milestone is dependent on the Company’s performance obligation and requires acceptance by the customer. The Company recognizes this revenue at the point in time at which the performance obligation is met. The payment associated with achieving the performance obligation is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. The Company records the expenses related to these product development projects in research and development expense, in the periods such expenses were incurred. The Company records revenue associated with the sale of production-level systems at the point in time at which control over the product is transferred to the customer. The Company records the expense related to the sales of these systems as cost of revenue during the period that the product is transferred to the customer. |
Inventory | Inventory The Company follows ASC 330, Inventory |
Research and Development | Note 3 – Summary of Significant Accounting Policies, continued Research and Development Research and development expenses are charged to operations as incurred. For internally developed patents, all patent costs are expensed as incurred as research and development expense. Patent application costs, which are generally legal costs, are expensed as research and development costs until such time as the future economic benefits of such patents become more certain. The Company incurred research and development costs of $2,885,830 and $4,737,159 for the three months ended September 30, 2022 and 2021, respectively. The Company incurred research and development costs of $9,622,886 and $15,432,097 for the nine months ended September 30, 2022 and 2021, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for equity instruments issued to employees, board members and contractors in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and amortized over the vesting period of the award. The Company amortizes compensation costs on a straight-line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued. Under the ESPP, employees may purchase a limited number of shares of the Company’s common stock at a 15% discount from the lower of the closing market prices measured on the first and last days of each half-year period. The Company recognizes stock-based compensation expense for the fair value of the purchase options, as measured on the grant date. |
Income Taxes | Income Taxes Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of September 30, 2022, no liability for unrecognized tax benefits was required to be reported. The guidance from ASC 740, Income Taxes, |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method), the vesting of restricted stock units (“RSUs”) and performance stock units (“PSUs”) and the enrollment of employees in the ESPP. The computation of diluted loss per share excludes potentially dilutive securities of 6,346,398 and 5,843,167 for the three months ended September 30, 2022 and 2021, respectively, and 6,346,398 and 5,843,167 for the nine months ended September 30, 2022 and 2021, respectively because their inclusion would be anti-dilutive. Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Warrants issued to private investors 3,284,789 3,284,789 3,284,789 3,284,789 Options to purchase common stock 300,262 550,985 300,262 550,985 RSUs 2,474,347 1,183,951 2,474,347 1,183,951 PSUs 287,000 823,442 287,000 823,442 Total potentially dilutive securities 6,346,398 5,843,167 6,346,398 5,843,167 |
Leases | Leases The Company determines if an arrangement is a lease at the inception of the arrangement. The Company applies the short-term lease recognition exemption and recognizes lease payments in profit or loss at lease commencement for facility or equipment leases that have a lease term of 12 months or less and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the later of the adoption date, January 1, 2019, or the service commencement date based on the present value of lease payments over the lease term. The Company uses the implicit interest rate when readily determinable; however, most leases do not establish an implicit rate, so the Company uses an estimate of the incremental borrowing rate based on the information available at the time of measurement. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 4 – Commitments and Contingencies, Operating Leases |
Management's Evaluation of Subsequent Events | Management’s Evaluation of Subsequent Events The Company evaluates events that have occurred after the balance sheet date of September 30, 2022, through the date which the financial statements are available to be issued. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Warrants issued to private investors 3,284,789 3,284,789 3,284,789 3,284,789 Options to purchase common stock 300,262 550,985 300,262 550,985 RSUs 2,474,347 1,183,951 2,474,347 1,183,951 PSUs 287,000 823,442 287,000 823,442 Total potentially dilutive securities 6,346,398 5,843,167 6,346,398 5,843,167 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Reconciliation of Undiscounted Cash Flows to Lease Liabilities Recognized | Note 4 – Commitments and Contingencies, continued A reconciliation of undiscounted cash flows to lease liabilities recognized as of September 30, 2022 is as follows: Amount (unaudited) 2022 $ 190,273 2023 752,828 2024 733,497 2025 562,408 Total future lease payments 2,239,006 Present value discount (2.9% weighted average) (93,653 ) Total operating lease liabilities $ 2,145,353 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Summary of Fair Values of Stock Options Granted | The fair values of stock options granted during the second quarter of 2022 were estimated using the following assumptions: Three Months Ended June 30, 2022 Stock price $ 1.27 Dividend yield 0 % Expected volatility 108 % Risk-free interest rate 1.92 % Expected life 5.6 years |
Summary of Stock Option Activity | The following is a summary of the Company’s stock option activity during the nine months ended September 30, 2022: Number of Options Weighted Average Exercise Price Weighted Average Remaining Life In Years Intrinsic Value Outstanding at January 1, 2022 525,006 $ 5.77 0.7 $ – Granted 300,000 1.27 – – Exercised – – – – Forfeited (524,744 ) 5.77 – – Outstanding at September 30, 2022 300,262 $ 1.27 9.2 $ – Exercisable at January 1, 2022 525,006 $ 5.77 0.7 $ – Vested – – – – Exercised – – – – Forfeited (524,744 ) 5.77 – – Exercisable at September 30, 2022 262 $ 2.49 1.3 $ – |
Summary of Activity Related to PSUs | A summary of the activity related to PSUs for the nine months ended September 30, 2022 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2022 – $ – PSUs granted 187,000 1.02 PSUs forfeited – – PSUs vested – – Outstanding at September 30, 2022 187,000 $ 1.02 |
Schedule of Restricted Stock Units Activity | A summary of the activity related to RSUs for the nine months ended September 30, 2022 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2022 1,709,273 $ 3.72 RSUs granted 1,929,755 1.21 RSUs forfeited (303,281 ) 2.14 RSUs vested (861,400 ) 4.49 Outstanding at September 30, 2022 2,474,347 $ 1.69 |
Summary of Stock-based Compensation Costs Recognized | The following tables summarize total stock-based compensation costs recognized for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options $ 21,564 $ 284,994 $ 53,207 $ 284,994 RSUs 586,652 1,010,990 1,933,301 4,571,726 PSUs 67,922 843,741 67,922 3,539,588 ESPP 22,084 76,814 104,485 194,781 Total $ 698,222 $ 2,216,539 $ 2,158,915 $ 8,591,089 |
Summary of Stock-based Compensation Reflected within Statements of Operations | The total amount of stock-based compensation was reflected within the statements of operations as: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 273,923 $ 1,207,415 $ 922,447 $ 4,873,925 Sales and marketing 109,702 565,367 344,478 2,046,728 General and administrative 314,597 158,763 804,328 1,385,442 Severance expense – 284,994 87,662 284,994 Total $ 698,222 $ 2,216,539 $ 2,158,915 $ 8,591,089 |
Employee Stock Purchase Plan [Member] | |
Summary of Fair Values of Stock Options Granted | The fair values of ESPP purchase options granted were estimated using the following assumptions: Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Stock price $0.96 - $1.25 $1.80 - $2.78 Dividend yield 0 % 0 % Expected volatility 61% - 68% 95% - 143% Risk-free interest rate 0.19% - 2.52% 0.05% - 0.09% Expected life 6 months 6 months |
Liquidity and Management Plans
Liquidity and Management Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2020 | |
Liquidity And Management Plans [Line Items] | ||||||||||
Engineering product development | $ 223,201 | $ 201,364 | $ 672,133 | $ 531,389 | ||||||
Net loss | (5,964,875) | $ (7,017,749) | $ (7,152,718) | (12,464,526) | $ (11,015,829) | $ (8,525,763) | (20,135,342) | (32,006,118) | ||
Net cash provided by (used in) operating activities | (18,838,453) | (22,498,803) | ||||||||
Proceeds of securities offerings | $ 27,043,751 | $ 53,556,202 | ||||||||
Cash and cash equivalents, at carrying value, total | 30,355,468 | $ 49,071,414 | 30,355,468 | |||||||
Technology Service [Member] | ||||||||||
Liquidity And Management Plans [Line Items] | ||||||||||
Engineering product development | $ 223,201 | $ 201,364 | $ 672,133 | $ 531,389 |
Significant Accounting Policies
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2015 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenue | $ 223,201 | $ 201,364 | $ 672,133 | $ 531,389 | |
Research and development expense, total | 2,885,830 | 4,737,159 | 9,622,886 | 15,432,097 | |
Liability for unrecognized tax benefits | 0 | 0 | |||
Interest or penalties for uncertain tax positions | $ 0 | $ 0 | $ 0 | $ 0 | |
Antidilutive securities excluded from computation of earnings per share, amount | 6,346,398 | 5,843,167 | 6,346,398 | 5,843,167 | |
Warrants Issued to Private Investors [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, amount | 3,284,789 | 3,284,789 | 3,284,789 | 3,284,789 | |
Warrants Issued to Private Investors [Member] | Expired on October 6 2022 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, amount | 1,618,123 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 23 | $ 23 | |||
Warrants Issued to Private Investors [Member] | Expiring on March 1 2024 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, amount | 1,666,666 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | $ 10 | |||
Employee Stock Purchase Plan [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Common stock purchase price discount percentage | 85% | 15% | |||
Product Development Projects Revenue [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenue | $ 223,201 | $ 201,364 | $ 672,133 | $ 531,389 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Total potentially dilutive securities | 6,346,398 | 5,843,167 | 6,346,398 | 5,843,167 |
Warrants Issued to Private Investors [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Total potentially dilutive securities | 3,284,789 | 3,284,789 | 3,284,789 | 3,284,789 |
Employee Stock Option [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Total potentially dilutive securities | 300,262 | 550,985 | 300,262 | 550,985 |
Restricted Stock Units (RSUs) [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Total potentially dilutive securities | 2,474,347 | 1,183,951 | 2,474,347 | 1,183,951 |
Performance Share Units [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Total potentially dilutive securities | 287,000 | 823,442 | 287,000 | 823,442 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases - Additional Information (Detail) - USD ($) | 1 Months Ended | |||||||
Oct. 01, 2021 | Oct. 31, 2022 | Oct. 31, 2019 | Sep. 30, 2022 | May 20, 2022 | Dec. 31, 2021 | Sep. 22, 2021 | Jul. 15, 2019 | |
Commitments And Contingencies [Line Items] | ||||||||
ROU lease assets | $ 2,139,949 | $ 618,985 | ||||||
Operating lease liability | 709,014 | 628,307 | ||||||
Total operating lease payments | 2,239,006 | |||||||
Long-term portion of operating lease liabilities | 1,436,339 | $ 40,413 | ||||||
Accounting Standards Update 2016-02 | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
ROU lease assets | 2,139,949 | |||||||
Operating lease liability | 709,014 | |||||||
Total operating lease payments | 2,239,006 | |||||||
Long-term portion of operating lease liabilities | $ 1,436,339 | |||||||
Weighted average remaining lease term | 3 years | |||||||
San Jose, California [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Operating lease, renewal term | 3 years | |||||||
ROU lease assets | $ 2,071,336 | |||||||
Operating lease liability | $ 2,071,336 | |||||||
Operating lease present value discount rate | 3% | |||||||
San Jose, California [Member] | Forecast | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Operating lease payment | $ 58,903 | |||||||
San Jose, California [Member] | Maximum [Member] | Forecast | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Maximum monthly lease payment | $ 62,490 | |||||||
Costa Mesa, California [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Operating lease, renewal term | 2 years | |||||||
ROU lease assets | $ 104,563 | |||||||
Operating lease liability | $ 104,563 | |||||||
Operating lease payment | $ 4,369 | $ 9,773 | ||||||
Costa Mesa, California [Member] | Maximum [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Maximum monthly lease payment | $ 4,522 | $ 10,200 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Reconciliation of Undiscounted Cash Flows to Lease Liabilities Recognized (Detail) | Sep. 30, 2022 USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2022 | $ 190,273 |
2023 | 752,828 |
2024 | 733,497 |
2025 | 562,408 |
Total future lease payments | 2,239,006 |
Present value discount (2.9% weighted average) | (93,653) |
Total operating lease liabilities | $ 2,145,353 |
Commitments and Contingencies_3
Commitments and Contingencies - Hosted Design Software Agreement - Additional Information (Detail) - Hosted Design Software Agreement [Member] - USD ($) | 1 Months Ended | |
Jun. 25, 2015 | Jun. 30, 2021 | |
Commitments And Contingencies [Line Items] | ||
Initial term of agreement | 3 years | |
Additional term of agreement | 3 years | |
Quarterly payments for service agreement | $ 233,000 |
Commitments and Contingencies_4
Commitments and Contingencies - MBO Bonus Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accrued Expenses [Member] | Executive Officers [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Accrued bonus expense | $ 465,241 | $ 304,377 | $ 967,033 | $ 1,087,533 |
Commitments and Contingencies_5
Commitments and Contingencies - Executive Employee Agreement - Cesar Johnston - Additional Information (Detail) | 9 Months Ended | |||||
Dec. 31, 2024 shares | Dec. 31, 2023 shares | Dec. 31, 2022 shares | Jul. 20, 2022 shares | Dec. 09, 2021 USD ($) Installment shares | Sep. 30, 2022 shares | |
Performance Share Units [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Shares granted | 187,000 | |||||
Mr. Johnston [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Salary | $ | $ 400,000 | |||||
Annual bonus, percentage | 100% | |||||
One time sign on bonus amount | $ | $ 120 | |||||
Bonus payable, number of installments | Installment | 2 | |||||
Bonus payable installment amount | $ | $ 60 | |||||
Debt description | a grant of 150,000 RSUs to acquire shares of the Company’s common stock, one third of which shall vest on December 6, 2022 and the remaining two thirds of which shall vest in eight equal installments of 12,500 each on each quarterly anniversary thereafter | |||||
Options granted | 300,000 | |||||
Target bonus percentage | 100% | |||||
Mr. Johnston [Member] | Johnston A&R CIC Agreement [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Target bonus percentage | 150% | |||||
Mr. Johnston [Member] | Performance Share Units [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Additional equity award | 287,000 | |||||
Vesting percentage | 33.30% | |||||
Vesting period | 3 years | |||||
Additional equity award per year. | 25,000 | |||||
Shares granted | 287,000 | 287,000 | ||||
Shares vested | 287,000 | |||||
Shares authorized | 187,000 | |||||
Mr. Johnston [Member] | Performance Share Units [Member] | Maximum [Member] | Forecast | ||||||
Commitments And Contingencies [Line Items] | ||||||
Shares vested | 50,000 | 50,000 | 187,000 |
Commitments and Contingencies_6
Commitments and Contingencies - Employee Agreement - Stephen Rizzone - Additional Information (Detail) - USD ($) | 9 Months Ended | |||
Jul. 09, 2021 | Jan. 01, 2015 | Sep. 30, 2022 | Dec. 31, 2021 | |
Commitments And Contingencies [Line Items] | ||||
Accrued severance expense | $ 580,034 | $ 975,439 | ||
Mr. Rizzone [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Agreement effective date | Jan. 01, 2015 | |||
Initial term of agreement | 4 years | |||
Officers' compensation | $ 365,000 | |||
Employment agreement percentage of base salary | 100% | |||
Accrued severance expense | $ 572,016 | |||
Mr. Rizzone [Member] | Separation Agreement [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Compensation-based payments | $ 1,460,000 | |||
Additional lump sum cash payment | $ 2,000,000 | |||
Description of other commitments | a pro-rated bonus payment for the two months of employment during the current quarterly bonus period payable at the same time bonus payments are made to other executives of the Company, settlement of deferred vested RSUs and an extension of the exercise periods of all stock options held by Mr. Rizzone until the one year anniversary of his termination date, and additional benefits related to Mr. Rizzone’s medical insurance. |
Commitments and Contingencies_7
Commitments and Contingencies - Employee Agreement - Neeraj Sahejpal - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Apr. 29, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Commitments And Contingencies [Line Items] | ||||||
Severance expense | $ 4,017,172 | $ 633,444 | $ 4,017,172 | |||
Accrued severance expense | $ 580,034 | 580,034 | $ 975,439 | |||
Mr. Neeraj Sahejpal [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Salary | $ 261,250 | |||||
Potential bonus | $ 261,250 | |||||
Severance expense | 0 | 633,444 | ||||
Accrued severance expense | $ 8,018 | $ 8,018 | ||||
Mr. Neeraj Sahejpal [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Shares vested | 85,943 |
Commitments and Contingencies_8
Commitments and Contingencies - Strategic Alliance Agreement - Additional Information (Detail) | 1 Months Ended |
Nov. 30, 2016 | |
Strategic Alliance Agreement [Member] | |
Commitments And Contingencies [Line Items] | |
Initial term of agreement | 7 years |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 16, 2021 USD ($) | Oct. 01, 2021 USD ($) | Sep. 24, 2020 USD ($) | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Sep. 30, 2022 USD ($) Vote shares | Dec. 31, 2020 USD ($) | |
Class of Stock [Line Items] | |||||||
Number of common stock voting entitlement per share | Vote | 1 | ||||||
Securities reserved for issuance | $ 100,000,000 | ||||||
Net proceeds from issuance of common stock | $ 27,043,751 | $ 53,556,202 | |||||
Common stock outstanding abstract | Our outstanding shares of common stock typically include shares that are deemed delivered under US GAAP. Shares that are deemed delivered currently include shares that have vested, but have not yet been delivered, under tax-deferred equity awards, as well as shares purchased under the ESPP where actual transfer of shares normally occurs a few days after the completion of the purchase periods. There are no voting rights for shares that are deemed delivered under US GAAP until the actual delivery of shares takes place. There are currently 200,000,000 shares of common stock authorized for issuance. | ||||||
Common stock, shares authorized | shares | 200,000,000 | 200,000,000 | |||||
Maximum [Member] | |||||||
Class of Stock [Line Items] | |||||||
Securities reserved for issuance | $ 75,000,000 | ||||||
Sales Agreement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Sale of stock, Description | The $40,000,000 of common stock to be offered, issued and sold under the ATM Program is included in the $75,000,000 of securities that may be offered, issued and sold by the Company under the base prospectus. | ||||||
Net proceeds from issuance of common stock | $ 27,043,751 | $ 38,832,711 | |||||
Net of stock issuance costs | $ 868,122 | $ 1,167,289 | |||||
Remaining securities under agreements to Repurchase on shelf registration statement | $ 7,088,127 | ||||||
Sales Agreement [Member] | Maximum [Member] | |||||||
Class of Stock [Line Items] | |||||||
Proceeds from (Payments for) in Securities Sold under Agreements | $ 35,000,000 | $ 40,000,000 |
Stock Based Compensation - Equi
Stock Based Compensation - Equity Incentive Plan - Additional Information (Detail) - USD ($) | 9 Months Ended | |||||
Apr. 30, 2015 | Sep. 30, 2022 | Jul. 20, 2022 | Jun. 16, 2021 | May 26, 2020 | Dec. 28, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee contribution through payroll withholdings | $ 84,977 | |||||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 1,550,000 | |||||
Common stock, capital shares reserved for future issuance | 600,000 | 700,000 | ||||
Common stock remain eligible to be issued | 353,751 | |||||
Lowest percentage of annual compensation to be utilized by an employee for purchase of shares under the plan | 1% | |||||
Highest percentage of annual compensation to be utilized by an employee for purchase of shares under the plan | 10% | |||||
Maximum number of shares permitted to purchase | 7,500 | |||||
Vesting period | 6 months | |||||
Exercise price discount from fair value on offering date | 85% | |||||
Exercise price discount from fair value on exercise date | 85% | 15% | ||||
Share-based compensation arrangement by share-based payment award, terms of award | In April 2015, the Company’s Board approved the ESPP, under which 600,000 shares of common stock have been reserved for purchase by the Company’s employees, subject to the approval by the Company’s stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. Effective on June 16, 2021, the Company’s stockholders approved the amendment and restatement of the ESPP to increase the number of shares reserved for issuance through equity-based instruments thereunder by 700,000 shares, bring to 1,550,000 the total number of shares approved for issuance under that plan. Under the ESPP, employees may designate an amount not less than 1% but not more than 10% of their annual compensation for the purchase of Company shares. No more than 7,500 shares may be purchased by an employee under the ESPP during an offering period. An offering period shall be six months in duration commencing on or about January 1 and July 1 of each year. The exercise price of the option will be the lesser of 85% of the fair market of the common stock on the first business day of the offering period and 85% of the fair market value of the common stock on the applicable exercise date. | |||||
2013 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 8,785,967 | |||||
Common stock, capital shares reserved for future issuance | 1,500,000 | |||||
Common stock remain eligible to be issued | 1,180,012 | |||||
Non-Employee Equity Compensation Plan 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 1,650,000 | |||||
Common stock, capital shares reserved for future issuance | 800,000 | |||||
Common stock remain eligible to be issued | 634,867 | |||||
2015 Performance Share Unit Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 5,110,104 | |||||
Common stock, capital shares reserved for future issuance | 1,700,000 | |||||
Common stock remain eligible to be issued | 2,124,013 | |||||
2017 Equity Inducement Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, capital shares reserved for future issuance | 2,000,000 | |||||
Common stock remain eligible to be issued | 1,569,170 | |||||
2017 Equity Inducement Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, capital shares reserved for future issuance | 600,000 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Award Activity - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options | $ 255,253 | $ 255,253 | |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 9 months 18 days | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 300,000 | ||
Exercise price per share of shares granted | $ 1.27 | ||
2013 Equity Incentive Plan [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 0 | 0 | |
2013 Equity Incentive Plan [Member] | Employee Stock Option [Member] | Chief Executive Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 300,000 | ||
Exercise price per share of shares granted | $ 1.27 | ||
Share-based compensation arrangement by share-based payment award, award vesting description | half of the options vesting on the second anniversary of the vesting start date and a quarter of the options vesting on each of the two following anniversaries |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Fair Values of Stock Options Granted (Detail) - Employee Stock Option [Member] - $ / shares | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock price | $ 1.27 | ||
Dividend yield | 0% | ||
Expected volatility | 108% | ||
Risk-free interest rate | 1.92% | ||
Expected life | 5 years 7 months 6 days | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0% | 0% | |
Expected life | 6 months | 6 months | |
Employee Stock Purchase Plan [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock price | $ 0.96 | $ 1.80 | |
Expected volatility | 61% | 95% | |
Risk-free interest rate | 0.19% | 0.05% | |
Employee Stock Purchase Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock price | $ 1.25 | $ 2.78 | |
Expected volatility | 68% | 143% | |
Risk-free interest rate | 2.52% | 0.09% |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Stock Option Activity (Detail) - Employee Stock Option [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Outstanding | shares | 525,006 | |
Shares granted | shares | 300,000 | |
Number of Options, Exercised | shares | 0 | |
Number of Options, Forfeited | shares | (524,744) | |
Number of Options, Outstanding | shares | 300,262 | 525,006 |
Number of Options, Exercisable | shares | 525,006 | |
Number of Options, Vested | shares | 0 | |
Number of Options, Exercised | shares | 0 | |
Number of Options, Forfeited | shares | (524,744) | |
Number of Options, Exercisable | shares | 262 | 525,006 |
Weighted Average Exercise Price, Outstanding | $ / shares | $ 5.77 | |
Weighted Average Exercise Price, Granted | $ / shares | 1.27 | |
Weighted Average Exercise Price, Exercised | $ / shares | 0 | |
Weighted Average Exercise Price, Forfeited | $ / shares | 5.77 | |
Weighted Average Exercise Price, Outstanding | $ / shares | 1.27 | $ 5.77 |
Weighted Average Exercise Price, Exercisable | $ / shares | 5.77 | |
Weighted Average Exercise Price, Vested | $ / shares | 0 | |
Weighted Average Exercise Price, Exercised | $ / shares | 0 | |
Weighted Average Exercise Price, Forfeited | $ / shares | 5.77 | |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 2.49 | $ 5.77 |
Weighted Average Remaining Life In Years, Outstanding | 9 years 2 months 12 days | 8 months 12 days |
Weighted Average Remaining Life In Years, Exercisable | 1 year 3 months 18 days | 8 months 12 days |
Intrinsic Value, Outstanding | $ | $ 0 | $ 0 |
Intrinsic Value, Exercisable | $ | $ 0 | $ 0 |
Stock Based Compensation - Perf
Stock Based Compensation - Performance Share Units - Additional Information (Detail) - Performance Share Units [Member] - USD ($) | 9 Months Ended | ||||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 20, 2022 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 187,000 | ||||
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ 84,670 | ||||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 3 months | ||||
Mr. Johnston [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 287,000 | 287,000 | |||
Share based compensation arrangement by share based payment award equity instruments other than options vested in period | 287,000 | ||||
Share based compensation arrangement by share based payment award number of shares authorized | 187,000 | ||||
Mr. Johnston [Member] | Maximum [Member] | Forecast | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award equity instruments other than options vested in period | 50,000 | 50,000 | 187,000 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Activity Related to PSUs (Detail) - Performance Share Units [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | shares | 187,000 |
Number of Options, Outstanding | shares | 187,000 |
Weighted Average Grant Date Fair Value, Shares Granted | $ / shares | $ 1.02 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 1.02 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Units - Additional Information (Detail) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2022 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ | $ 3,212,555 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 10 months 24 days |
2013 Equity Incentive Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 2 years |
2013 Equity Incentive Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years |
2013 Equity Incentive Plan [Member] | Employee [Member] | Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 1,038,700 |
Non-Employee Equity Compensation Plan 2014 [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year |
Non-Employee Equity Compensation Plan 2014 [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 2 years |
Non-Employee Equity Compensation Plan 2014 [Member] | Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 290,055 |
2017 Equity Inducement Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years |
2017 Equity Inducement Plan [Member] | Employee [Member] | Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 601,000 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options, Outstanding | shares | 1,709,273 |
Shares Granted | shares | 1,929,755 |
Shares Forfeited | shares | (303,281) |
Shares Vested | shares | (861,400) |
Number of Options, Outstanding | shares | 2,474,347 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 3.72 |
Weighted Average Grant Date Fair Value, Shares Granted | $ / shares | 1.21 |
Weighted Average Grant Date Fair Value, Shares Forfeited | $ / shares | 2.14 |
Weighted Average Grant Date Fair Value, Shares Vested | $ / shares | 4.49 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 1.69 |
Stock Based Compensation - Empl
Stock Based Compensation - Employee Stock Purchase Plan - Additional Information (Detail) - Employee Stock Purchase Plan [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 0.36 | $ 1.05 | ||
Percentage of proportionate value of call option of stock | 85% | |||
Percentage of proportionate value of put option of stock | 15% | |||
Compensation-based payments | $ 22,084 | $ 76,814 | $ 104,485 | $ 194,781 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of Stock-based Compensation Costs Recognized (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock options | $ 21,564 | $ 284,994 | $ 53,207 | $ 284,994 |
Total | 698,222 | 2,216,539 | 2,158,915 | 8,591,089 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation-based payments | 586,652 | 1,010,990 | 1,933,301 | 4,571,726 |
Performance Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation-based payments | 67,922 | 843,741 | 67,922 | 3,539,588 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation-based payments | $ 22,084 | $ 76,814 | $ 104,485 | $ 194,781 |
Stock Based Compensation - Su_5
Stock Based Compensation - Summary of Stock-based Compensation Reflected within Statements of Operations (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Severance expense | $ 284,994 | $ 87,662 | $ 284,994 | |
Share-based Compensation, Total | $ 698,222 | 2,216,539 | 2,158,915 | 8,591,089 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation-based payments | 273,923 | 1,207,415 | 922,447 | 4,873,925 |
Selling and Marketing Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation-based payments | 109,702 | 565,367 | 344,478 | 2,046,728 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation-based payments | $ 314,597 | $ 158,763 | $ 804,328 | $ 1,385,442 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 28, 2017 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transaction [Line Items] | |||||
Cost of revenue | $ 420,060 | $ 894,693 | |||
Dialog Semiconductor Plc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 2.20% | 2.20% | |||
Dialog Semiconductor Plc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Warrants outstanding | 0 | 0 | |||
Dialog Semiconductor Plc [Member] | Chip Development Expense Member | |||||
Related Party Transaction [Line Items] | |||||
Cost of revenue | $ 0 | $ 225,000 | $ 0 | $ 408,000 | |
Private Placements [Member] | Dialog Semiconductor Plc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued during period, shares, new issues | 1,739,691 | ||||
Private Placements [Member] | Warrants Issued to Private Investors [Member] | Dialog Semiconductor Plc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Class of warrant or right, number of securities called by warrants or rights | 1,417,565 |
Customer Concentrations - Addit
Customer Concentrations - Additional Information (Detail) - Customer Concentration Risk [Member] - Customer [Member] - Customer | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Revenues [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of customers | 2 | 2 | 1 | 4 | |
Concentration percentage | 87% | 61% | 46% | 62% | |
Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of customers | 4 | 4 | |||
Concentration percentage | 99% | 68% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Nov. 07, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | |||
Net proceeds from issuance of common stock | $ 27,043,751 | $ 53,556,202 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Net proceeds from issuance of common stock | $ 453,180 | ||
Net of stock issuance costs | 11,632 | ||
Remaining securities at the market offering | $ 6,623,315 |