Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

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

The following is a description of the valuation methodologies used for assets measured at fair value as of September 30, 2022 and December 31, 2021.

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 September 30, 2022   $ 6,774,381     $      -     $             -  
                         
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 Estimated Useful Lives of Intangible Assets

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 Hyde Park Lease, 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 September 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   $ 49,797     $ 105,331     $ 155,128     $ 12,156     $ 136,853     $ 149,009  
Lease Payable, current     18,132       45,490       63,622       12,164       41,076       53,240  
Lease Payable - net of current     31,970       61,174       93,144       -       95,911       95,911  
Schedule of Lease Expense

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

                                           
    Three Months
Ended September 30, 2022		     Three Months
Ended September 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     $ 6,000     $ 12,257  

 

                                                                 
    Nine Months Ended
September 30, 2022		     Nine Months Ended
September 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   $ 6,251     $ 11,321     $ 40,800     $ 58,372     $ 150,000     $ 16,830     $ 19,455     $ 186,285  
Schedule of Other Information Related to Leases

Other information related to leases is presented below:

    As of September 30, 2022  
    Hyde     Platt     2021 Baltimore        
Other Information   Park Lease     Street Lease     Lease     Total  
Operating Leases                                
Operating cash used   $ 4,622     $ 13,104     $ 39,666     $ 57,392  
Average remaining lease term     -       30       26       28  
Average discount rate     10.0 %     10.0 %     10.0 %     10.0 %
Schedule of Operating Lease Minimum Lease Payments

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

    Street Lease     Lease     Total  
    As of September 30, 2022  
    Platt     2021 Baltimore        
    Street Lease     Lease     Total  
For Years Ending September 30,                  
2022 (three months)   $ 5,508     $ 13,332     $ 18,840  
2023     22,485       54,520       77,005  
2024     23,103       51,348       74,451  
2025     5,814       -       5,814  
Total future minimum lease payments, undiscounted   $ 56,910     $ 119,200     $ 176,110  
Less: Imputed interest     6,808       12,536       19,344  
Present value of future minimum lease payments   $ 50,102     $ 106,664     $ 156,766  
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share

As of September 30, 2022 and 2021, the following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

    2022     2021  
    For the Three and Nine
Months Ended
September 30,
    2022     2021  
Stock Options     4,376,737       4,188,315  
Warrants to purchase common stock     6,522,461       5,316,249  
Pre-funded Warrants to purchase common stock     135,135       520,270  
Series D Preferred Convertible Stock     36,496       36,496  
Warrants to purchase Series C Preferred stock     27,500       27,500  
Total potentially dilutive shares     11,098,329       10,088,830