Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 08, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-20333 | |
Entity Registrant Name | NOCOPI TECHNOLOGIES, INC. | |
Entity Central Index Key | 0000888981 | |
Entity Tax Identification Number | 87-0406496 | |
Entity Incorporation, State or Country Code | MD | |
Entity Address, Address Line One | 480 Shoemaker Road | |
Entity Address, Address Line Two | Suite 104 | |
Entity Address, City or Town | King of Prussia | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19406 | |
City Area Code | (610) | |
Local Phone Number | 834-9600 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 67,495,055 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | ||||
Licenses, royalties and fees | $ 169,800 | $ 144,900 | $ 307,100 | $ 330,400 |
Product and other sales | 344,500 | 369,000 | 546,600 | 794,900 |
Total revenues | 514,300 | 513,900 | 853,700 | 1,125,300 |
Cost of revenues | ||||
Licenses, royalties and fees | 46,400 | 49,500 | 85,900 | 96,600 |
Product and other sales | 154,800 | 184,300 | 281,500 | 357,500 |
Total cost of revenues | 201,200 | 233,800 | 367,400 | 454,100 |
Gross profit | 313,100 | 280,100 | 486,300 | 671,200 |
Operating expenses | ||||
Research and development | 32,500 | 45,800 | 72,000 | 90,300 |
Sales and marketing | 76,700 | 74,200 | 141,500 | 157,400 |
General and administrative | 506,700 | 117,700 | 784,400 | 263,200 |
Total operating expenses | 615,900 | 237,700 | 997,900 | 510,900 |
Net income (loss) from operations | (302,800) | 42,400 | (511,600) | 160,300 |
Other income (expenses) | ||||
Interest income | 6,100 | 5,300 | 11,900 | 10,100 |
Interest expense and bank charges | (300) | (600) | (700) | (1,200) |
Total other income (expenses) | 5,800 | 4,700 | 11,200 | 8,900 |
Net income (loss) before income taxes | (297,000) | 47,100 | (500,400) | 169,200 |
Income taxes | 4,600 | 11,900 | ||
Net income (loss) | $ (297,000) | $ 42,500 | $ (500,400) | $ 157,300 |
Basic net income (loss) per common share | $ 0 | $ 0 | $ (0.01) | $ 0 |
Diluted net income (loss) per common share | $ 0 | $ 0 | $ (0.01) | $ 0 |
Basic weighted average common shares outstanding | 67,495,055 | 67,400,812 | 67,495,055 | 67,377,251 |
Diluted weighted average common shares outstanding | 67,495,055 | 67,400,812 | 67,495,055 | 67,377,251 |
Balance Sheets (unaudited)
Balance Sheets (unaudited) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash | $ 1,593,400 | $ 1,846,700 |
Accounts receivable less $12,000 allowance for doubtful accounts | 1,079,000 | 970,800 |
Inventory | 454,600 | 422,700 |
Prepaid and other | 59,500 | 160,000 |
Total current assets | 3,186,500 | 3,400,200 |
Fixed assets | ||
Leasehold improvements | 58,400 | 58,400 |
Furniture, fixtures and equipment | 164,100 | 164,100 |
Fixed assets, gross | 222,500 | 222,500 |
Less: accumulated depreciation and amortization | 151,200 | 134,200 |
Total fixed assets | 71,300 | 88,300 |
Other assets | ||
Long-term receivable | 185,000 | |
Operating lease right of use – building | 92,400 | 115,800 |
Other assets | 92,400 | 300,800 |
Total assets | 3,350,200 | 3,789,300 |
Current liabilities | ||
Accounts payable | 54,400 | 3,700 |
Accrued expenses | 198,500 | 151,500 |
Operating lease liability – current | 49,000 | 47,500 |
Total current liabilities | 301,900 | 202,700 |
Other liabilities | ||
Accrued expenses – non-current | 13,000 | |
Operating lease liability – non-current | 43,400 | 68,300 |
Total other liabilities | 43,400 | 81,300 |
Stockholders' equity | ||
Common stock, $0.01 par value Authorized – 75,000,000 shares Issued and outstanding – 67,495,055 shares | 675,000 | 675,000 |
Paid-in capital | 12,577,100 | 12,577,100 |
Accumulated deficit | (10,247,200) | (9,746,800) |
Total stockholders' equity | 3,004,900 | 3,505,300 |
Total liabilities and stockholders' equity | $ 3,350,200 | $ 3,789,300 |
Balance Sheets (unaudited) (Par
Balance Sheets (unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Issued | 67,495,055 | 67,495,055 |
Common Stock, Shares, Outstanding | 67,495,055 | 67,495,055 |
Statements of Cash Flows (unaud
Statements of Cash Flows (unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities | ||
Net income (loss) | $ (500,400) | $ 157,300 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Depreciation and amortization | 17,000 | 12,700 |
Other assets | 208,400 | 209,900 |
Other liabilities | (36,400) | (35,100) |
Net income adjusted for non-cash operating activities | (311,400) | 344,800 |
(Increase) decrease in assets | ||
Accounts receivable | (108,200) | 311,700 |
Inventory | (31,900) | (161,700) |
Prepaid and other | 100,500 | 68,400 |
Increase (decrease) in liabilities | ||
Accounts payable and accrued expenses | 97,700 | 37,300 |
Taxes on income | (26,100) | |
Total increase in operating capital | 58,100 | 229,600 |
Net cash provided by (used in) operating activities | (253,300) | 574,400 |
Investing Activities | ||
Additions to fixed assets | (31,600) | |
Net cash used in investing activities | (31,600) | |
Financing Activities | ||
Exercise of warrants | 2,800 | |
Net cash provided by financing activities | 2,800 | |
Increase (decrease) in cash | (253,300) | 545,600 |
Cash at beginning of year | 1,846,700 | 1,362,800 |
Cash at end of period | 1,593,400 | 1,908,400 |
Supplemental Disclosure of Non Cash Investing Activities | ||
Accumulated depreciation and amortization | 600 | |
Furniture, fixtures and equipment | $ (600) |
Statements of Stockholder's Equ
Statements of Stockholder's Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance – March 31, 2021 at Dec. 31, 2020 | $ 673,500 | $ 12,575,800 | $ (9,796,200) | $ 3,453,100 |
Beginning balance, shares at Dec. 31, 2020 | 67,353,690 | |||
Net income | 114,800 | 114,800 | ||
Ending balance, value at Mar. 31, 2021 | $ 673,500 | 12,575,800 | (9,681,400) | 3,567,900 |
Ending balance, shares at Mar. 31, 2021 | 67,353,690 | |||
Exercise of warrants | $ 1,500 | 1,300 | 2,800 | |
Stock Issued During Period, Shares, Other | 141,365 | |||
Net income | 42,500 | 42,500 | ||
Ending balance, value at Jun. 30, 2021 | $ 675,000 | 12,577,100 | (9,638,900) | 3,613,200 |
Ending balance, shares at Jun. 30, 2021 | 67,495,055 | |||
Balance – March 31, 2021 at Dec. 31, 2021 | $ 675,000 | 12,577,100 | (9,746,800) | 3,505,300 |
Beginning balance, shares at Dec. 31, 2021 | 67,495,055 | |||
Net income | (203,400) | (203,400) | ||
Ending balance, value at Mar. 31, 2022 | $ 675,000 | 12,577,100 | (9,950,200) | 3,301,900 |
Ending balance, shares at Mar. 31, 2022 | 67,495,055 | |||
Net income | (297,000) | (297,000) | ||
Ending balance, value at Jun. 30, 2022 | $ 675,000 | $ 12,577,100 | $ (10,247,200) | $ 3,004,900 |
Ending balance, shares at Jun. 30, 2022 | 67,495,055 |
Financial Statements
Financial Statements | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Statements | Note 1. Financial Statements The accompanying unaudited condensed financial statements have been prepared by Nocopi Technologies, Inc. (our “Company”). These statements include all adjustments (consisting only of normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting policies described in Note 2 Significant Accounting Policies included in the Notes to Financial Statements included in our Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission on March 30, 2022, as amended on April 29, 2022 (the “2021 Annual Report”). Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although our Company believes that the accompanying disclosures are adequate to make the information presented not misleading. The Notes to Financial Statements included in the 2021 Annual Report should be read in conjunction with the accompanying interim financial statements. The interim operating results for the three months and six months ended June 30, 2022 may not be necessarily indicative of the operating results expected for the full year. A novel strain of coronavirus, COVID-19, that was first identified in Wuhan, China in December 2019 has surfaced in many countries around the world including the United States. Many countries continue to experience reoccurrences of COVID-19 to the current date. The World Health Organization has declared COVID-19 to constitute a global pandemic. Certain state and local governments reacted by placing significant restrictions on businesses including a closure in Pennsylvania of non-essential businesses that was announced on March 20, 2020. While most Pennsylvania businesses have been allowed to reopen, often at limited capacity and with certain restrictions, as of the current date, there can be no assurances that future closures will be avoided. A requirement to close our Company for a considerable period of time could result in a negative impact on our Company’s financial condition and results of operations. Additionally, as our Company imports certain raw materials from China, if an extended disruption of the supply of these raw materials were to occur, such as the vessel delays resulting from the congestion experienced in certain Chinese ports due to a COVID-19 outbreak in the second quarter of 2021 and continuing to the present time, our ability to produce products for sale to our customers could be negatively impacted. Additionally, certain of the Company’s licensees in the entertainment and toy products market who utilize printers in China to produce their products have been affected by the COVID-19 related cargo surge beginning in the third quarter of 2021 and continuing to the present time at major Chinese and United States ports as well as the world-wide container shortage resulting in significantly higher shipping costs, and have responded by deferring or scaling back production of their orders and, in some cases, rescheduling the shipping of completed orders. Such deferrals may affect the number and value of orders placed by the Company’s licensed printers in the entertainment and toy products market. Further, restrictions on our customers and licensees in areas affected by the COVID-19 could adversely affect our results of operations and financial condition. Our Company’s operating results for the first half of 2022 are reflective of the effects of the ongoing cargo surge as well as lockdowns in certain Chinese cities, including the two month lockdown in Shanghai, during the first half of 2022 that affected businesses and production in those areas. A We cannot predict the scope or magnitude of the negative effect that may result from the impact of the COVID-19 pandemic on the Company’s A Our Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 220 in reporting comprehensive income. Comprehensive income (loss) is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income (loss). Since our Company has no items of other comprehensive income (loss), comprehensive income (loss) is equal to net income (loss). |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Compensation Related Costs [Abstract] | |
Stock Based Compensation | Note 2. Stock Based Compensation Our Company follows FASB ASC 718, Compensation – Stock Compensation no |
Line of Credit
Line of Credit | 6 Months Ended |
Jun. 30, 2022 | |
Line Of Credit | |
Line of Credit | Note 3. Line of Credit In November 2018, our Company negotiated a $ 150,000 The line of credit is secured by all the assets of our Company and bears interest at the bank’s prime rate for a period of one year and its prime rate plus 1.5% thereafter. |
Stock Warrants
Stock Warrants | 6 Months Ended |
Jun. 30, 2022 | |
Stock Warrants | |
Stock Warrants | Note 4. Stock Warrants During the second quarter of 2021, holders of the remaining 141,365 141,365 0.02 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5. Income Taxes There is no income tax benefit for the losses for the three and six months ended June 30, 2022 because our Company has determined that the realization of the net deferred tax asset is not assured. Our Company has created a valuation allowance for the entire amount of such benefits. There is no provision for federal income taxes for the three and six months ended June 30, 2021 due to the availability of net operating loss carryforwards. The components for state income tax expense resulting from the limitation on the use of net operating losses are: Components for State Income Tax Expense Three Months ended June 30 Six Months ended June 30 2022 2021 2022 2021 Current state taxes $ — $ 4,600 $ — $ 11,900 Deferred state taxes — — — — Income tax expense (benefit) $ — $ 4,600 $ — $ 11,900 There was no no 2018 2021 |
Earnings (Loss) per Share
Earnings (Loss) per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | Note 6. Earnings (Loss) per Share In accordance with FASB ASC 260, Earnings per Share |
Major Customer and Geographic I
Major Customer and Geographic Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Major Customer and Geographic Information | Note 7. Major Customer and Geographic Information Our Company’s revenues, expressed as a percentage of total revenues, from non-affiliated customers that equaled 10% or more of the Company’s total revenues were: Company's Revenues As Percentage Of Revenue Three Months ended June 30 Six Months ended June 30 2022 2021 2022 2021 Customer A 63 % 38 % 55 % 54 % Customer B 22 % 17 % 24 % 18 % Customer C — 32 % 6 % 14 % Our Company’s non-affiliate customers whose individual balances amounted to more than 10% of our Company’s net accounts receivable, expressed as a percentage of net accounts receivable, were: Schedule of Non-affiliated Customers with Accounts Receivable More Than 10% June 30 December 31 2022 2021 Customer A 37 % 30 % Customer B 54 % 65 % Our Company performs ongoing credit evaluations of its customers and generally does not require collateral. Our Company also maintains allowances for potential credit losses. The loss of a major customer could have a material adverse effect on our Company’s business operations and financial condition. Our Company’s revenues by geographic region are as follows: Company's Revenue by Geographic Region Three Months ended June 30 Six Months ended June 30 2022 2021 2022 2021 North America $ 160,900 $ 141,200 $ 284,800 $ 310,900 South America — 2,600 1,600 4,100 Asia 330,000 362,100 527,900 775,600 Australia 23,400 8,000 39,400 34,700 $ 514,300 $ 513,900 $ 853,700 $ 1,125,300 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | Note 8. Leases Our Company conducts its operations in leased facilities under a non-cancelable operating lease expiring in 2024. Due to the adoption of the new lease standard under the optional transition method which allows the entity to apply the new lease standard at the adoption date, our Company has capitalized the present value of the minimum lease payments commencing January 1, 2019, using an estimated incremental borrowing rate of 6.5 As of January 1, 2019 the operating lease right-of-use asset and operating lease liability amounted to $ 241,100 There are no other material operating leases. Our Company has elected not to recognize right-of-use assets and lease liabilities arising from short-term leases. Total lease expense under operating leases for the three and six months ended June 30, 2022 was $ 13,400 26,700 13,400 26,700 Maturities of lease liabilities are as follows: Maturities of Lease Liabilities Operating Leases Year ending December 31 2022 $ 27,500 2023 56,200 2024 18,900 Total lease payments 102,600 Less imputed interest (10,200 ) Total $ 92,400 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9. Subsequent Events On August 1, 2022 our Company entered into a stock purchase agreement in connection with a private placement for total gross proceeds of $ 3.5 2,500,000 1.40 1-for-10 August 26, 2022. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Components for State Income Tax Expense | Components for State Income Tax Expense Three Months ended June 30 Six Months ended June 30 2022 2021 2022 2021 Current state taxes $ — $ 4,600 $ — $ 11,900 Deferred state taxes — — — — Income tax expense (benefit) $ — $ 4,600 $ — $ 11,900 |
Major Customer and Geographic_2
Major Customer and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Company's Revenues As Percentage Of Revenue | Company's Revenues As Percentage Of Revenue Three Months ended June 30 Six Months ended June 30 2022 2021 2022 2021 Customer A 63 % 38 % 55 % 54 % Customer B 22 % 17 % 24 % 18 % Customer C — 32 % 6 % 14 % |
Schedule of Non-affiliated Customers with Accounts Receivable More Than 10% | Schedule of Non-affiliated Customers with Accounts Receivable More Than 10% June 30 December 31 2022 2021 Customer A 37 % 30 % Customer B 54 % 65 % |
Company's Revenue by Geographic Region | Company's Revenue by Geographic Region Three Months ended June 30 Six Months ended June 30 2022 2021 2022 2021 North America $ 160,900 $ 141,200 $ 284,800 $ 310,900 South America — 2,600 1,600 4,100 Asia 330,000 362,100 527,900 775,600 Australia 23,400 8,000 39,400 34,700 $ 514,300 $ 513,900 $ 853,700 $ 1,125,300 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Maturities of Lease Liabilities | Maturities of Lease Liabilities Operating Leases Year ending December 31 2022 $ 27,500 2023 56,200 2024 18,900 Total lease payments 102,600 Less imputed interest (10,200 ) Total $ 92,400 |
Stock Based Compensation (Detai
Stock Based Compensation (Details Narrative) | Jun. 30, 2022 USD ($) |
Compensation Related Costs [Abstract] | |
Unrecognized portion of expense related to stock option grants | $ 0 |
Line of Credit (Details Narrati
Line of Credit (Details Narrative) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Line Of Credit | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000 |
Line of Credit Facility, Interest Rate Description | The line of credit is secured by all the assets of our Company and bears interest at the bank’s prime rate for a period of one year and its prime rate plus 1.5% thereafter. |
Stock Warrants (Details Narrati
Stock Warrants (Details Narrative) | Jun. 30, 2021 $ / shares shares |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Class of Warrant or Right, Outstanding | 141,365 |
Warrant [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 141,365 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.02 |
Income Taxes (Components for St
Income Taxes (Components for State Income Tax Expense) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Current state taxes | $ 4,600 | $ 11,900 | ||
Deferred state taxes | ||||
Income tax expense (benefit) | $ 4,600 | $ 11,900 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Unrecognized tax benefits | $ 0 |
Uncertain tax positions | $ 0 |
Minimum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Tax years open for examination | 2018 |
Maximum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Tax years open for examination | 2021 |
Major Customer and Geographic_3
Major Customer and Geographic Information (Schedule of Revenues from Non-affiliated Customers) (Details) - Revenue Benchmark [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Customer A [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Risk percentage | 63% | 38% | 55% | 54% |
Customer B [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Risk percentage | 22% | 17% | 24% | 18% |
Customer C [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Risk percentage | 32% | 6% | 14% |
Major Customer and Geographic_4
Major Customer and Geographic Information (Schedule of Non-affiliated Customers with Accounts Receivable) (Details) - Accounts Receivable [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Risk percentage | 37% | 30% |
Customer B [Member] | ||
Revenue, Major Customer [Line Items] | ||
Risk percentage | 54% | 65% |
Major Customer and Geographic_5
Major Customer and Geographic Information (Schedule of Revenue by Geographic Region) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 514,300 | $ 513,900 | $ 853,700 | $ 1,125,300 |
North America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 160,900 | 141,200 | 284,800 | 310,900 |
South America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 2,600 | 1,600 | 4,100 | |
Asia [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 330,000 | 362,100 | 527,900 | 775,600 |
AUSTRALIA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 23,400 | $ 8,000 | $ 39,400 | $ 34,700 |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) | Jun. 30, 2022 | Jan. 01, 2019 |
Leases [Abstract] | ||
2022 | $ 27,500 | |
2023 | 56,200 | |
2024 | 18,900 | |
Total lease payments | 102,600 | |
Less imputed interest | (10,200) | |
Total | $ 92,400 | $ 241,100 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Jan. 02, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | |||||||
Incremental borrowing rate | 6.50% | ||||||
Operating lease right-of-use asset | $ 92,400 | $ 92,400 | $ 115,800 | $ 241,100 | |||
Operating lease liability | 92,400 | 92,400 | $ 241,100 | ||||
Operating Lease, Expense | $ 13,400 | $ 13,400 | $ 26,700 | $ 26,700 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] $ / shares in Units, $ in Thousands | Aug. 01, 2022 USD ($) $ / shares shares |
Subsequent Event [Line Items] | |
Proceeds from Issuance or Sale of Equity | $ | $ 3,500 |
Stock Issued During Period, Shares, New Issues | shares | 2,500,000 |
Share Price | $ / shares | $ 1.40 |
Stockholders' Equity, Reverse Stock Split | 1-for-10 |