Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

v3.22.2.2
Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Schedule of Marketable Securities

Marketable Securities: Valued using quoted prices in active markets for identical assets.

 

    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)  
Marketable securities at June 30, 2022   $ 4,505,825     $              -     $               -  
                         
Marketable securities at December 31, 2021   $ 11,003,071     $ -     $ -  
Schedule of Estimated Useful Lives of Property Plant and Equipment

The estimated useful lives for the current and comparative periods are as follows:

 

    Useful Life
    (in years)
Plant and equipment   5-12
Furniture and fixtures   5-10
Computer equipment & software   3-5
Leasehold Improvements   Shorter of the remaining lease or estimated useful life
Schedule of Condensed Consolidated Balance Sheet Information Related to Operating Lease

Amortization is recognized on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. The estimated useful lives for the current and comparative periods are as follows:

 

    Useful Life
    (in years)
Patents and trademarks   12-17
Schedule of Condensed Consolidated Balance Sheet Information Related to Operating Lease

The Company’s operating leases are comprised of the Supera Aviation Lease, the Hyde Park Lease, the 2020 Baltimore Lease and the 2021 Baltimore Lease and the Platt Street Lease on the Condensed Consolidated Balance Sheet. The information related to these leases are presented below:

 

    As of June 30, 2022     As of December 31, 2021  
    Platt Street     2021 Baltimore           Hyde

Park

     2021 Baltimore        
Balance Sheet Location   Lease     Lease     Total     Lease     Lease     Total  
Operating Lease                                                
Lease Right of Use   $ 54,135     $ 116,091     $ 170,226     $ 12,156     $ 136,853     $ 149,009  
Lease Payable, current     17,537       43,982       61,519       12,164       41,076       53,240  
Lease Payable - net of current     36,750       73,042       109,792       -       95,911       95,911  
Schedule of Lease Cost

The following provides details of the Company’s lease expense:

 

    Three Months
Ended June 30, 2022		    

Three Months
Ended June 30, 2021

  
    Platt Street     2021 Baltimore           Supera Aviation     Hyde Park     2020 Baltimore        
Lease Expenses   Lease     Lease     Total     Lease     Lease     Lease     Total  
Operating Leases                                                        
Lease Costs   $ 5,660     $ 13,600     $ 19,260     $ -     $ 6,257     $ 6,182     $ 12,439  

 

   

Six Months Ended
June 30, 2022

    

Six Months Ended
June 30, 2021

  
    Hyde Park     Platt Street     2021 Baltimore           Supera Aviation     Hyde Park     2020 Baltimore        
Lease Expenses   Lease     Lease     Lease     Total     Lease     Lease     Lease     Total  
Operating Leases                                                                
Lease Costs   $ 4,171     $ 5,660     $ 26,400     $ 36,231     $ 150,000     $ 12,513     $ 12,364     $ 174,877  
Schedule of Other Information Related to Leases

Other information related to leases is presented below:

 

    As of June 30, 2022  
    Hyde     Platt     2021 Baltimore        
Other Information   Park Lease     Street Lease     Lease     Total  
Operating Leases                                
Operating cash used   $ 4,622     $ -     $ 26,466     $ 31,088  
Average remaining lease term     -       33       29       31  
Average discount rate     10.0 %     10.0 %     10.0 %     10.0 %
Schedule of Operating Lease Minimum Lease Payments

As of June 30, 2022, the annual minimum lease payments of the Company’s operating lease liabilities were as follows:

 

    As of June 30, 2022  
    Platt     2021 Baltimore        
    Street Lease     Lease     Total  
For Years Ending December 31,                        
2022 (six months)   $ 11,015     $ 26,532     $ 37,547  
2023     22,485       54,520       77,005  
2024     23,103       51,348       -  
2025     5,814       -       5,814  
Total future minimum lease payments, undiscounted   $ 62,417     $ 132,400     $ 120,366  
Less: Imputed interest     152       934       1,086  
Present value of future minimum lease payments   $ 62,265     $ 131,466     $ 193,731  
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:

 

    2022     2021     2022     2021  
    For the Three Months Ended
June 30,		     For the Six Months Ended
June 30,		  
    2022     2021     2022     2021  
Stock Options     4,476,737       4,188,315       4,476,737       4,188,315  
Warrants to purchase common stock     5,072,432       5,363,547       5,072,432       5,363,547  
Pre-funded Warrants to purchase common stock     135,135       520,270       135,135       520,270  
Unvested Restricted Stock Units    

2,795,000

      

-

      

2,795,000

      

-

  
Series D Preferred Convertible Stock     36,496       36,496       36,496       36,496  
Warrants to purchase Series C Preferred stock     27,500       27,500       27,500       27,500  
Total potentially dilutive shares     12,543,300       10,136,128       12,543,300       10,136,128