Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Marketable Securities |
| |
|
Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1) |
|
|
Quoted Prices for Similar Assets or Liabilities in Active Markets
(Level 2) |
|
|
Significant Unobservable
Inputs
(Level 3) |
|
| Fixed Income Bonds at March 31, 2020 |
|
$ |
6,629,434 |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed Income Bonds at December 31, 2019 |
|
$ |
9,164,273 |
|
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Operating Lease |
The Company’s operating lease is comprised
solely of the lease of its Thorofare Facility. Condensed Consolidated Balance Sheet information related to its lease is presented
below:
| Balance Sheet Location |
|
March 31, 2020 |
|
|
January 1, 2020 |
|
|
December 31, 2019 |
|
| Operating Lease |
|
|
|
|
|
|
|
|
|
|
|
|
| Right-of-use asset |
|
$ |
269,337 |
|
|
$ |
306,706 |
|
|
$ |
- |
|
| Liability, current |
|
|
146,070 |
|
|
|
143,018 |
|
|
|
- |
|
| Liability, net of current |
|
|
124,395 |
|
|
|
163,688 |
|
|
|
- |
|
|
| Schedule of Lease Expense |
The following provides details of the Company’s
lease expense, including CAM charges:
| |
|
Three Months Ended
March 31, 2020 |
|
| Lease cost |
|
|
|
|
| Operating lease cost |
|
$ |
42,944 |
|
|
| Schedule of Other Information Related to Leases |
Other information related to leases is presented
below:
| |
|
As of March 31, 2020 |
|
| Other information |
|
|
|
|
| Operating cash used by operating leases |
|
$ |
41,816 |
|
| Weighted-average remaining lease term – operating leases (in months) |
|
|
21 |
|
| Weighted-average discount rate – operating leases |
|
|
10.00 |
% |
|
| Schedule of Operating Lease Liabilities |
As of March 31, 2020, the annual minimum lease
payments of the Company’s operating lease liabilities were as follows:
| For Years Ending December 31, |
|
Operating leases |
|
| 2020 (excluding the three months ended March 31, 2020) |
|
$ |
123,552 |
|
| 2021 |
|
|
172,696 |
|
| Total future minimum lease payments, undiscounted |
|
$ |
296,248 |
|
| Less: Imputed interest |
|
|
(25,783 |
) |
| Present value of future minimum lease payments |
|
$ |
270,465 |
|
|
| Schedule of Future Amortization of Intangible Assets |
The following is an annual schedule of approximate
future amortization of the Company’s intangible assets:
| Period |
|
Amount |
|
| |
|
|
|
| 2020 (nine months) |
|
$ |
26,180 |
|
| 2021 |
|
|
34,907 |
|
| 2022 |
|
|
34,907 |
|
| 2023 |
|
|
27,823 |
|
| 2024 |
|
|
27,823 |
|
| Thereafter |
|
|
6,957 |
|
| |
|
$ |
158,597 |
|
|
| Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share |
The following securities are excluded from
the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:
| |
|
For the Three Months Ended
March 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Stock Options |
|
|
40 |
|
|
|
291 |
|
| RSUs |
|
|
15,603 |
|
|
|
15,603 |
|
| Warrants to purchase common stock |
|
|
247,215 |
|
|
|
88,015 |
|
| Pre-funded Warrants to purchase common stock |
|
|
30,000 |
|
|
|
- |
|
| Series D Preferred Convertible Stock |
|
|
211,353 |
|
|
|
- |
|
| Warrants to purchase Series C Preferred stock |
|
|
1,990,000 |
|
|
|
- |
|
| Total potentially dilutive shares |
|
|
2,494,211 |
|
|
|
103,909 |
|
|