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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR
THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission
File Number: 001-41266
CEA
INDUSTRIES INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
27-3911608 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
385
South Pierce Avenue, Suite C
Louisville,
Colorado 80027 |
|
80027 |
(Address
of principal executive offices) |
|
(Zip
code) |
(303)
993-5271
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Exchange Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.00001 par value |
|
CEAD |
|
Nasdaq
Capital Markets |
Warrants
to purchase common stock |
|
CEADW |
|
Nasdaq
Capital Markets |
Securities
registered pursuant to Section 12(g) of the Act:
None
Indicate
by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the last 90 days. YES ☒ NO ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). YES ☒ NO ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2
of the Exchange Act.
Large
Accelerated Filer |
☐ |
Accelerated
Filer |
☐ |
Non-accelerated
Filer |
☒ |
Smaller
Reporting Company |
☒ |
|
|
Emerging
Growth Company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒
As
of November 14, 2023, the number of outstanding shares of common stock of the registrant was 8,076,372.
CEA
Industries Inc.
Quarterly
Report on Form 10-Q
For
the Quarterly Period Ended September 30, 2023
Table
of Contents
In
this Quarterly Report on Form 10-Q, unless otherwise indicated, the “Company”, “we”, “us” or “our”
refer to CEA Industries Inc. and, where appropriate, its wholly owned subsidiary.
CAUTIONARY
STATEMENT
This
Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
in Item 2, contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are
not historical fact but are based on current management expectations that involve substantial risks, uncertainties, and other factors,
some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed
in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance.
We generally identify forward-looking statements by terminology such as “may,” “will,” “should,”
“expects,” “plans,” “anticipates,” “could,” “intends,” “target,”
“projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,”
or “continue” or the negative of these terms or other similar words. All statements, other than statements of historical
fact, are statements that could be deemed forward-looking statements including, but not limited to, any projections of revenue, gross
profit, earnings or loss, tax provisions, cash flows or other financial items; any statements of the plans, strategies or objectives
of management for future operations; any statements regarding current or future macroeconomic or industry-specific trends or events and
the impact of those trends and events on us or our financial performance; any statements regarding pending investigations, legal claims
or tax disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing.
These
forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that could cause our
actual results of operations, financial condition, liquidity, performance, prospects, opportunities, achievements or industry results,
as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or suggested by, these forward-looking
statements. These forward-looking statements are based on assumptions regarding our present and future business strategies and the environment
in which we operate. Important factors that could cause those differences include, but are not limited to:
|
● |
our
business prospects and the prospects of our existing and prospective customers; |
|
|
|
|
● |
our
overall financial condition, including the impact of higher interest rates and inflation, business disruption due to the COVID-19
pandemic, the Ukraine war, Israeli conflict, and the supply chains on which we depend; |
|
|
|
|
● |
the
impact on our business from our restructuring and cost containment actions taken in the first quarter of 2023 and continuing thereafter; |
|
|
|
|
● |
the
inherent uncertainty of product development and product selection to meet client requirements; |
|
|
|
|
● |
regulatory,
legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; |
|
|
|
|
● |
increasing
competitive pressures in the CEA (Controlled Environment Agriculture) industry and our engineering service and product supply position
within the industry; |
|
|
|
|
● |
the
ability to effectively operate our business, including servicing our existing customers and obtaining new business; |
|
|
|
|
● |
our
relationships with our customers and suppliers; |
|
|
|
|
● |
the
continuation of normal payment terms and conditions with our customers and suppliers, including our ability to obtain advance payments
from our customers; |
|
|
|
|
● |
general
economic conditions, our customers’ operations and access to capital, and market and business disruptions including severe
weather conditions, natural disasters, health hazards, terrorist activities, financial crises, political crises or other major events,
or the prospect of these events, adversely affecting demand for the products and services offered by us in the markets in which we
operate; |
|
● |
the
business disruptions that are happening in the CEA industry, including bankruptcies and shifting market demands, that are having
an adverse impact on the demand for our engineering services and construction solutions and, consequently, our revenues; |
|
|
|
|
● |
the
supply of products from our suppliers and our ability to complete contracts, some of which depend on other actors for a comprehensive
project completion; |
|
|
|
|
● |
changes
in our business strategy and development plans, and in our plans for seeking strategic alternatives; |
|
|
|
|
● |
our
ability to attract and retain qualified personnel; |
|
|
|
|
● |
our
ability to raise equity and debt capital, as needed from time to time, to fund our operations and business strategy, including possible
strategic alternatives and acquisitions; |
|
|
|
|
● |
our
ability to identify, complete and integrate potential strategic alternatives and acquisitions; |
|
|
|
|
● |
future
revenue being lower than expected; |
|
|
|
|
● |
The
substantial changes in the amount and current size of our backlog and our ability to convert backlog into revenue in a timely manner,
or at all; and |
|
|
|
|
● |
our
intention not to pay dividends. |
These
factors should not be construed as exhaustive and should be read with the other cautionary statements in this report.
Although
we believe that we use reasonable assumptions for these forward-looking statements, any of those assumptions could prove to be inaccurate,
and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties,
the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation
by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in “Item
1A – Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, as updated from time to time in
the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). You should not place undue reliance
on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q. Except as required by the
federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information,
future events or otherwise, to reflect events or circumstances occurring after the date of this Quarterly Report on Form 10-Q. The forward-looking
statements and projections contained in this Quarterly Report on Form 10-Q are intended to be within the meaning of “forward-looking
statements” in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”).
PART
I — FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
CEA
Industries Inc.
Condensed
Consolidated Balance Sheets
(in
US Dollars except share numbers)
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 13,342,805 | | |
$ | 18,637,114 | |
Accounts receivable, net | |
| 272,547 | | |
| 2,649 | |
Inventory, net | |
| 315,096 | | |
| 348,411 | |
Prepaid expenses and other | |
| 323,751 | | |
| 1,489,921 | |
Total Current Assets | |
| 14,254,199 | | |
| 20,478,095 | |
Noncurrent Assets | |
| | | |
| | |
Property and equipment, net | |
| 45,737 | | |
| 68,513 | |
Intangible assets, net | |
| 1,830 | | |
| 1,830 | |
Deposits | |
| 14,747 | | |
| 14,747 | |
Operating lease right-of-use asset | |
| 383,169 | | |
| 462,874 | |
Total Noncurrent Assets | |
| 445,483 | | |
| 547,964 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 14,699,682 | | |
$ | 21,026,059 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 571,885 | | |
$ | 1,207,258 | |
Deferred revenue | |
| 474,888 | | |
| 4,338,570 | |
Accrued equity compensation | |
| - | | |
| 89,970 | |
Current portion of operating lease liability | |
| 124,319 | | |
| 118,235 | |
Total Current Liabilities | |
| 1,171,092 | | |
| 5,754,033 | |
| |
| | | |
| | |
Noncurrent Liabilities | |
| | | |
| | |
Operating lease liability, net of current portion | |
| 290,051 | | |
| 376,851 | |
Total Noncurrent Liabilities | |
| 290,051 | | |
| 376,851 | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
| 1,461,143 | | |
| 6,130,884 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 6) | |
| - | | |
| - | |
| |
| | | |
| | |
SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Preferred stock, $0.00001 par value; 25,000,000 shares authorized; 0 shares issued and outstanding | |
| - | | |
| - | |
Common stock, $0.00001 par value; 200,000,000 authorized; 8,076,372 and 7,953,974 shares issued and outstanding, respectively | |
| 81 | | |
| 80 | |
Additional paid in capital | |
| 49,441,231 | | |
| 49,173,836 | |
Accumulated deficit | |
| (36,202,773 | ) | |
| (34,278,741 | ) |
Total Shareholders’ Equity | |
| 13,238,539 | | |
| 14,895,175 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | |
$ | 14,699,682 | | |
$ | 21,026,059 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
CEA
Industries Inc.
Condensed
Consolidated Statements of Operations
(in
US Dollars except share numbers)
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended
September 30, | | |
For the Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue, net | |
$ | 913,571 | | |
$ | 5,063,079 | | |
$ | 6,659,858 | | |
$ | 9,822,391 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenue | |
| 1,017,634 | | |
| 4,465,888 | | |
| 5,831,953 | | |
| 8,828,453 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit (loss) | |
| (104,063 | ) | |
| 597,191 | | |
| 827,905 | | |
| 993,938 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Advertising and marketing expenses | |
| 21,551 | | |
| 304,600 | | |
| 256,965 | | |
| 865,305 | |
Product development costs | |
| - | | |
| 58,978 | | |
| 76,487 | | |
| 254,473 | |
Selling, general and administrative expenses | |
| 681,448 | | |
| 1,292,746 | | |
| 2,452,305 | | |
| 3,684,617 | |
Goodwill impairment charges | |
| - | | |
| - | | |
| - | | |
| 631,064 | |
Total operating expenses | |
| 702,999 | | |
| 1,656,324 | | |
| 2,785,757 | | |
| 5,435,459 | |
| |
| | | |
| | | |
| | | |
| | |
Operating loss | |
| (807,062 | ) | |
| (1,059,133 | ) | |
| (1,957,852 | ) | |
| (4,441,521 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Other income (expense), net | |
| - | | |
| 6,358 | | |
| 7,778 | | |
| 191,358 | |
Interest income (expense), net | |
| 8,043 | | |
| 10,725 | | |
| 26,042 | | |
| 24,585 | |
Total other income (expense) | |
| 8,043 | | |
| 17,083 | | |
| 33,820 | | |
| 215,943 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (799,019 | ) | |
$ | (1,042,050 | ) | |
$ | (1,924,032 | ) | |
$ | (4,225,578 | ) |
| |
| | | |
| | | |
| | | |
| | |
Convertible preferred series B stock dividends | |
| - | | |
| - | | |
| - | | |
| (35,984 | ) |
Deemed dividend on convertible preferred series B stock on down round | |
| - | | |
| - | | |
| - | | |
| (439,999 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss available to common shareholders | |
$ | (799,019 | ) | |
$ | (1,042,050 | ) | |
$ | (1,924,032 | ) | |
$ | (4,701,561 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss per common share – basic and diluted | |
$ | (0.10 | ) | |
$ | (0.13 | ) | |
$ | (0.24 | ) | |
$ | (0.69 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares outstanding, basic and diluted | |
| 8,076,372 | | |
| 7,953,974 | | |
| 8,074,842 | | |
| 6,804,741 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
CEA
Industries Inc.
Condensed
Consolidated Statements of Changes in Shareholders’ Equity
For
the Three and Nine Months Ended September 30, 2023 and September 30, 2022
(in
US Dollars except share numbers)
(Unaudited)
| |
Number of Shares | | |
Amount | | |
Additional
Paid in Capital | | |
Accumulated Deficit | | |
Shareholders’ Equity | |
| |
Common Stock | | |
| | |
| | |
| |
| |
Number of Shares | | |
Amount | | |
Additional
Paid in Capital | | |
Accumulated Deficit | | |
Shareholders’ Equity | |
Balance June 30, 2023 | |
| 8,076,372 | | |
$ | 81 | | |
$ | 49,426,065 | | |
$ | (35,403,754 | ) | |
$ | 14,022,392 | |
Fair value of vested stock options granted to employees | |
| - | | |
| - | | |
| 15,166 | | |
| - | | |
| 15,166 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (799,019 | ) | |
| (799,019 | ) |
Balance September 30, 2023 | |
| 8,076,372 | | |
$ | 81 | | |
$ | 49,441,231 | | |
$ | (36,202,773 | ) | |
$ | 13,238,539 | |
| |
Common Stock | | |
| | |
| | |
| |
| |
Number of Shares | | |
Amount | | |
Additional
Paid in Capital | | |
Accumulated Deficit | | |
Shareholders’ Equity | |
Balance December 31, 2022 | |
| 7,953,974 | | |
$ | 80 | | |
$ | 49,173,836 | | |
$ | (34,278,741 | ) | |
$ | 14,895,175 | |
Fair value of vested stock options granted to employees | |
| - | | |
| - | | |
| 166,080 | | |
| - | | |
| 166,080 | |
Common shares issued in settlement of restricted stock units issued to directors | |
| 122,398 | | |
| 1 | | |
| (1 | ) | |
| - | | |
| - | |
Fair value of restricted stock units issued to directors | |
| - | | |
| - | | |
| 101,316 | | |
| - | | |
| 101,316 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (1,924,032 | ) | |
| (1,924,032 | ) |
Balance September 30, 2023 | |
| 8,076,372 | | |
$ | 81 | | |
$ | 49,441,231 | | |
$ | (36,202,773 | ) | |
$ | 13,238,539 | |
| |
Common Stock | | |
| | |
| | |
| |
| |
Number of Shares | | |
Amount | | |
Additional Paid in Capital | | |
Accumulated Deficit | | |
Shareholders’ Equity (Deficit) | |
Balance June 30, 2022 | |
| 7,953,974 | | |
$ | 80 | | |
$ | 49,091,496 | | |
$ | (31,965,094 | ) | |
$ | 17,126,482 | |
Fair value of vested stock options granted to employees | |
| - | | |
| - | | |
| 49,099 | | |
| - | | |
| 49,099 | |
Fair value of restricted stock units issued to directors | |
| - | | |
| - | | |
| 6,245 | | |
| - | | |
| 6,245 | |
Cashless exercise of prefunded warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (1,042,050 | ) | |
| (1,042,050 | ) |
Balance September 30, 2022 | |
| 7,953,974 | | |
$ | 80 | | |
$ | 49,146,840 | | |
$ | (33,007,144 | ) | |
$ | 16,139,776 | |
| |
Common Stock | | |
| | |
| | |
| |
| |
Number of Shares | | |
Amount | | |
Additional Paid in Capital | | |
Accumulated Deficit | | |
Shareholders’ Equity (Deficit) | |
Balance December 31, 2021 | |
| 1,600,835 | | |
$ | 16 | | |
$ | 25,211,017 | | |
$ | (28,781,566 | ) | |
$ | (3,570,533 | ) |
Beginning balance value | |
| 1,600,835 | | |
$ | 16 | | |
$ | 25,211,017 | | |
$ | (28,781,566 | ) | |
$ | (3,570,533 | ) |
Fair value of vested stock options granted to employees | |
| - | | |
| - | | |
| 208,672 | | |
| - | | |
| 208,672 | |
Fair value of vested stock options granted to directors | |
| - | | |
| - | | |
| 29,656 | | |
| - | | |
| 29,656 | |
Common shares issued in settlement of restricted stock units issued to directors | |
| 3,367 | | |
| - | | |
| 24,994 | | |
| - | | |
| 24,994 | |
Fair value of restricted stock units issued to directors | |
| - | | |
| - | | |
| 17,418 | | |
| - | | |
| 17,418 | |
Issuance of common shares to round up partial shares following reverse split | |
| 6,798 | | |
| - | | |
| - | | |
| | | |
| - | |
Common shares and warrants issued for cash | |
| 5,811,138 | | |
| 58 | | |
| 21,711,073 | | |
| - | | |
| 21,711,131 | |
Common shares and warrants issued on conversion of series B preferred stock | |
| 362,306 | | |
| 4 | | |
| 1,979,996 | | |
| - | | |
| 1,980,000 | |
Dividends on series B preferred stock | |
| - | | |
| - | | |
| (35,984 | ) | |
| - | | |
| (35,984 | ) |
Cashless exercise of prefunded warrants | |
| 169,530 | | |
| 2 | | |
| (2 | ) | |
| - | | |
| - | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (4,225,578 | ) | |
| (4,225,578 | ) |
Balance September 30, 2022 | |
| 7,953,974 | | |
$ | 80 | | |
$ | 49,146,840 | | |
$ | (33,007,144 | ) | |
$ | 16,139,776 | |
Ending balance value | |
| 7,953,974 | | |
$ | 80 | | |
$ | 49,146,840 | | |
$ | (33,007,144 | ) | |
$ | 16,139,776 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
CEA
Industries Inc.
Condensed
Consolidated Statements of Cash Flows
(in
US Dollars except share numbers)
(Unaudited)
| |
2023 | | |
2022 | |
| |
For the Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | |
Cash Flows From Operating Activities: | |
| | | |
| | |
Net loss | |
$ | (1,924,032 | ) | |
$ | (4,225,578 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |
| | | |
| | |
Depreciation and intangible asset amortization expense | |
| 22,476 | | |
| 24,731 | |
Share-based compensation | |
| 177,427 | | |
| 280,739 | |
Provision for doubtful accounts | |
| (2,056 | ) | |
| 93,500 | |
Provision for excess and obsolete inventory | |
| 111,123 | | |
| (5,332 | ) |
Loss on disposal of assets | |
| 100 | | |
| 4,489 | |
Amortization of operating lease ROU asset | |
| 79,705 | | |
| 76,917 | |
Goodwill impairment charges | |
| - | | |
| 631,064 | |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (267,842 | ) | |
| 8,801 | |
Inventory | |
| (77,808 | ) | |
| (230,966 | ) |
Prepaid expenses and other | |
| 1,166,170 | | |
| 171,582 | |
Accounts payable and accrued liabilities | |
| (635,373 | ) | |
| 910,523 | |
Deferred revenue | |
| (3,863,683 | ) | |
| 1,595,644 | |
Operating lease liability, net | |
| (80,716 | ) | |
| (65,157 | ) |
Accrued equity compensation | |
| - | | |
| (14,065 | ) |
Net cash provided by (used in) operating activities | |
| (5,294,509 | ) | |
| (743,108 | ) |
| |
| | | |
| | |
Cash Flows From Investing Activities | |
| | | |
| | |
Purchases of property and equipment | |
| - | | |
| (30,348 | ) |
Proceeds from the sale of property and equipment | |
| 200 | | |
| 2,250 | |
Net cash provided by (used in) investing activities | |
| 200 | | |
| (28,098 | ) |
| |
| | | |
| | |
Cash Flows From Financing Activities | |
| | | |
| | |
Payment of dividends on series B preferred stock | |
| - | | |
| (35,984 | ) |
Redemption of series B preferred stock | |
| - | | |
| (1,980,000 | ) |
Net cash proceeds on sale of common stock and warrants, net of expenses | |
| - | | |
| 21,711,131 | |
Net cash provided by financing activities | |
| - | | |
| 19,695,147 | |
| |
| | | |
| | |
Net change in cash and cash equivalents | |
| (5,294,309 | ) | |
| 18,923,941 | |
Cash and cash equivalents, beginning of period | |
| 18,637,114 | | |
| 2,159,608 | |
Cash and cash equivalents, end of period | |
$ | 13,342,805 | | |
$ | 21,083,549 | |
| |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | |
Interest paid | |
$ | - | | |
$ | - | |
Income taxes paid | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Non-cash investing and financing activities: | |
| | | |
| | |
| |
| | | |
| | |
Conversion of series B preferred stock | |
| - | | |
$ | 1,980,000 | |
Deemed dividend on series B preferred stock arising on down round | |
| - | | |
$ | 439,999 | |
Cashless exercise of prefunded warrants | |
| | | |
$ | 2 | |
Options issued for accrued equity compensation liability | |
$ | 89,970 | | |
$ | 78,938 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Note
1 – Nature of Operations and Significant Accounting Policies
Description
of Business
CEA
Industries Inc., formerly Surna Inc. (the “Company”), was incorporated in Nevada on October 15, 2009. We design, engineer
and sell environmental control and other technologies for the Controlled Environment Agriculture (“CEA”) industry. The CEA
industry is one of the faster-evolving sectors of the United States’ economy. From leafy greens (kale, Swiss chard, mustard, cress),
microgreens (leafy greens harvested at the first true leaf stage), ethnic vegetables, ornamentals, and small fruits (such as strawberries,
blackberries and raspberries) to bell peppers, cucumbers, and tomatoes and cannabis and hemp, more and more producers consider or act
to grow crops indoors in response to market dynamics or as part of their preferred farming practice. In service of the CEA industry,
we provide: (i) architectural design and licensed engineering of commercial scale thermodynamic systems specific to cultivation facilities,
(ii) liquid-based process cooling systems and other climate control systems, (iii) air handling equipment and systems, (iv) air sanitation
products, (v) LED lighting, (vi) benching and racking solutions for indoor cultivation, (vii) proprietary and third party controls systems
and technologies used for environmental, lighting, and climate control, and (viii) preventive maintenance services, through our partnership
with a certified service contractor network, for CEA facilities. Our customers include commercial, state- and provincial-regulated CEA
growers in the U.S. and Canada. Customers are those growers building new facilities and those expanding or retrofitting existing facilities.
Currently, our revenue stream is derived primarily from supplying our products, services, and technologies to commercial indoor facilities
ranging from several thousand to more than 100,000 square feet. Headquartered in Louisville, Colorado, we leverage our experience in
this space to bring value-added climate control solutions to our customers that help improve their overall crop quality and yield, optimize
energy and water efficiency, and satisfy the evolving state and local codes, permitting and regulatory requirements. Although most of
our customers do, we neither produce nor sell cannabis or its related products.
Impact
of the COVID-19 Pandemic on Our Business
The
impact of the government and the business economic response to the COVID-19 pandemic affected demand across the majority of our markets
and disrupted workflow and completion schedules on projects. We believe we continue to see adverse effects on our sales, project implementation,
supply chain infrastructure, operating margins, costs, and working capital.
Due
to this uncertainty, we continue to monitor costs and continue to take actions to reduce costs in order to mitigate the long-term impact
of the COVID-19 pandemic to the best of our ability. However, these actions may not be sufficient in the long run to avoid reduced sales,
increased losses, and reduced operating cash flows in our business. During the year ended December 31, 2022, and continuing into the
current fiscal quarter, the Company experienced delays in the receipt of equipment it had ordered to meet its customer orders due to
disruption and delays in its supply chain. Consequently, our revenue recognition of some customer sales has been delayed until future
periods when the shipment of orders can be completed.
Impact
of Ukrainian Conflict
Currently,
we believe that the conflict between Ukraine and Russia does not have any direct impact on our operations, financial condition, or financial
reporting. We believe the conflict will have only a general impact on our operations in the same manner as it has a general impact on
all businesses that have their operations limited to North America resulting from international sanction and embargo regulations, possible
shortages of goods and goods incorporating parts that may be supplied from the Ukraine or Russia, supply chain challenges, and the international
and US domestic inflationary results of the conflict and government spending for and funding of our country’s response. As our
operations are related only to the North American controlled environment agricultural industry, largely within the cannabis space, we
do not believe we will be targeted for cyber-attacks related to this conflict. We have no operations in the countries directly involved
in the conflict or are specifically impacted by any of the sanctions and embargoes, as we principally operate in the United States and
Canada. We do not believe that the conflict will have any impact on our internal control over financial reporting. Other than general
securities market trends, we do not have reason to believe that investors will evaluate the company as having special risks or exposures
related to the Ukrainian conflict.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Inflation
Our
operations are being influenced by the inflation existent in the larger economy and in the industries related to building renovations,
retrofitting and new build CEA facilities in which we operate. We believe that we will continue to face inflationary increases in the
cost of products and our operations, which will adversely affect our margins and financial results and the pricing of our service and
product supply contracts. Inflation is reflected in higher wages, increased pricing of equipment, delivery and transportation costs,
and general operational expenses. As we move forward, we plan to continuously monitor our various contract terms and may decide to add
clauses that will permit us to adjust pricing if inflation and price increase pressures on us will impact our ability to perform our
contracts and maintain our margins.
Financial
Statement Presentation
The
preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States
of America (“GAAP”) requires management to make estimates and assumptions that affect reported amounts and related disclosures.
Interim
Financial Statements
The
accompanying unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles
generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to
Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and note disclosures, normally
included in financial statements prepared in accordance with GAAP, have been condensed or omitted. In the opinion of management, all
adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results
for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending
December 31, 2023. The balance sheet information as of December 31, 2022 has been derived from the audited financial statements at that
date but does not include all the information and footnotes required by GAAP for complete financial statements. For further information,
refer to the consolidated financial statements and notes thereto contained in the Annual Report on Form 10-K for the year ended December
31, 2022.
Principles
of Consolidation
The
condensed consolidated financial statements include the accounts of the Company and its controlled and wholly owned subsidiaries, Hydro
Innovations, LLC (“Hydro”) and Surna Cultivation Technologies LLC (“SCT”). Intercompany transactions, profit,
and balances are eliminated in consolidation.
Use
of Estimates
Management
makes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the financial statements and that affect the reported amounts of revenue and expenses during the reporting
period. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under
the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results could differ from those estimates. Key estimates include: allocation of transaction
prices to performance obligations under contracts with customers, standalone selling prices, timing of expected revenue recognition on
remaining performance obligations under contracts with customers, valuation of intangible assets and goodwill, valuation of equity-based
compensation, valuation of deferred tax assets and liabilities, warranty accruals, accounts receivable and inventory allowances, and
legal contingencies.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Cash,
Cash Equivalents, and Restricted Cash
All
highly liquid investments with original maturities of three months or less at the date of purchase are considered to be cash equivalents.
The Company may, from time to time, have deposits in financial institutions that exceed the federally insured amount of $250,000. As
of September 30, 2023, the balance in the Company’s accounts was approximately $13,343,000, consequently approximately $13,093,000
of this balance was not insured by the FDIC. The Company has not experienced any losses to date on depository accounts.
Income
(Loss) Per Common Share
Basic
income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average
number of common shares outstanding during the period without consideration of common stock equivalents. Diluted net income (loss) per
common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding and potentially dilutive
common stock equivalents, including stock options, warrants and restricted stock units and other equity-based awards, except in cases
where the effect of the common stock equivalents would be antidilutive. Potential common stock equivalents consist of common stock issuable
upon exercise of stock options and warrants and the vesting of restricted stock units using the treasury method.
As
of September 30, 2023 and 2022, there were respectively, 7,992,829 and 7,881,160, potentially dilutive equity instruments outstanding
in respect of warrants, options and restricted stock units that were convertible into shares of the Company’s common stock. Of
these potentially dilutive equity instruments outstanding, 7,623,772 related to warrants outstanding at both September 30, 2023 and 2022
issued in connection with the sale of our shares of series B Preferred stock and common stock. The remaining 369,057 and 257,388 potentially
dilutive equity instruments outstanding as of September 30, 2023 and 2022, respectively, related to options and restricted stock units
that were convertible into shares of the Company’s common stock that had been issued to our directors and staff as compensation.
Goodwill
The
Company recorded goodwill in connection with its acquisition of Hydro Innovations, LLC in July 2014. Goodwill is reviewed for impairment
annually or more frequently when events or changes in circumstances indicate that fair value of the reporting unit has been reduced to
less than its carrying value. The Company performs a quantitative impairment test annually on December 31 by comparing the fair value
of the reporting unit with its carrying amount, including goodwill. The Company’s fair value is calculated using a market valuation
technique whereby an appropriate control premium is applied to the Company’s market capitalization as calculated by applying its
publicly quoted share price to the number of its common shares issued and outstanding. If the fair value of the reporting unit exceeds
its carrying amount, goodwill is considered not impaired. An impairment charge would be recognized for the amount by which the carrying
amount exceeds the reporting unit’s fair value. The Company determined that it has one reporting unit.
As
of June 30, 2022, the Company experienced a triggering event due to a drop in its stock price and performed a quantitative analysis for
potential impairment of its goodwill. Based on this analysis, the Company determined that its carrying value exceeded its fair value.
As a result, the Company recorded a non-cash goodwill impairment charge of $631,064 at June 30, 2022. No income tax benefit related to
this goodwill impairment charge was recorded at June 30, 2022.
Temporary
Equity
Shares
of preferred stock that are redeemable for cash or other assets are classified as temporary equity if they are redeemable, at the option
of the holder, at a fixed or determinable price on a fixed or determinable date or upon the occurrence of an event that is not solely
within the control of the Company. Redeemable equity instruments are initially carried at the fair value of the equity instrument at
the issuance date, net of issuance costs, which is subsequently adjusted to redemption value (including the amount for dividends earned
but not yet declared or paid) at each balance sheet date if the instrument is currently redeemable or if it is probable that the instrument
will become redeemable.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Revenue
Recognition
The
following table sets forth the Company’s revenue by source:
Schedule
of Revenue by Source
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended
September 30, | | |
For the Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Equipment and systems sales | |
$ | 647,870 | | |
$ | 4,941,380 | | |
$ | 5,944,445 | | |
$ | 9,375,093 | |
Engineering and other services | |
| 235,301 | | |
| 104,434 | | |
| 462,943 | | |
| 382,559 | |
Shipping and handling | |
| 1,000 | | |
| 17,265 | | |
| 18,335 | | |
| 64,739 | |
Forfeited non-refundable customer deposits | |
| 29,400 | | |
| - | | |
| 234,135 | | |
| - | |
Total revenue | |
$ | 913,571 | | |
$ | 5,063,079 | | |
$ | 6,659,858 | | |
$ | 9,822,391 | |
Revenue
Recognition Accounting Policy Summary
The
Company accounts for revenue in accordance with ASC 606. Under the revenue standard, a performance obligation is a promise in a contract
with a customer to transfer a distinct good or service to the customer. Most of the Company’s contracts contain multiple performance
obligations that include engineering and technical services as well as the delivery of a diverse range of climate control system equipment
and components, which can span multiple phases of a customer’s project life cycle from facility design and construction to equipment
delivery and system installation and start-up. The Company does not provide construction services or system installation services. Some
of the Company’s contracts with customers contain a single performance obligation, typically engineering only services contracts.
A
contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance
obligation is satisfied. When there are multiple performance obligations within a contract, the Company allocates the transaction price
to each performance obligation based on the standalone selling price. When estimating the selling price, the Company uses various observable
inputs. The best observable input is the Company’s actual selling price for the same good or service, however, this input is generally
not available for the Company’s contracts containing multiple performance obligations. For engineering services, the Company estimates
the standalone selling price by reference to certain physical characteristics of the project, such as facility size and mechanical systems
involved, which are indicative of the scope and complexity of the mechanical engineering services to be provided. For equipment sales,
the standalone selling price is determined by forecasting the expected costs of the equipment and components and then adding an appropriate
margin, based on a range of acceptable margins established by management. Depending on the nature of the performance obligations, the
Company may use a combination of different methods and observable inputs if certain performance obligations have highly variable or uncertain
standalone selling prices. Once the selling prices are determined, the Company applies the relative values to the total contract consideration
and estimates the amount of the transaction price to be recognized as each promise is fulfilled.
Generally,
satisfaction occurs when control of the promised goods is transferred to the customer or as services are rendered or completed in exchange
for consideration in an amount for which the Company expects to be entitled. The Company recognizes revenue for the sale of goods when
control transfers to the customer, which primarily occurs at the time of shipment. The Company’s historical rates of return are
insignificant as a percentage of sales and, as a result, the Company does not record a reserve for returns at the time the Company recognizes
revenue. The Company has elected to exclude from the measurement of the transaction price all taxes (e.g., sales, use, value added, and
certain excise taxes) that are assessed by a governmental authority in connection with a specific revenue-producing transaction and collected
by the Company from the customer. Accordingly, the Company recognizes revenue net of sales taxes. The revenue and cost for freight and
shipping is recorded when control over the sale of goods passes to the Company’s customers.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
The
Company also has performance obligations to perform certain engineering services that are satisfied over a period of time. Revenue is
recognized from this type of performance obligation as services are rendered based on the percentage completion towards certain specified
milestones.
The
Company offers assurance-type warranties for its products and products manufactured by others to meet specifications defined by the contracts
with customers and does not have any material separate performance obligations related to these warranties. The Company maintains a warranty
reserve based on historical warranty costs.
Disaggregation
of Revenue
In
accordance with ASC 606-10-50-5 through 6, the Company considered the appropriate level of disaggregated revenue information that depicts
how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Additionally, per the implementation
guidance in ASC 606-10-55-90 through 91, the Company also considered (a) disclosures presented outside of the financial statements such
as earnings releases and investor presentations, (b) information regularly reviewed by the Chief Operating Decision Maker for evaluating
the financial performance of operating segments and (c) other information that is similar to the types of information identified in (a)
and (b) and that is used by the Company or users of the Company’s financial statements to evaluate financial performance or make
resource allocation decisions. Finally, we considered the examples of categories found in the guidance that might be appropriate, including:
(a) type of good or service (major product lines), (b) geographical region (country or region), (c) market or type of customer (government
or non-government customers), (d) type of contract (fixed-price or time-and-materials), (e) contract duration (short- or long-term),
(f) timing of transfer of goods or services (point-in-time or over time) and (g) sales channels (direct to customers or through intermediaries).
Based
on the aforementioned guidance and considerations, the Company determined that disaggregation of revenue by sales, services, shipping
and handling, and miscellaneous was required.
Other
Judgments and Assumptions
The
Company typically receives customer payments in advance of its performance of services or transfers of goods. Applying the practical
expedient in ASC 606-10-32-18, which the Company has elected, the Company does not adjust the promised amount of consideration for the
effects of a significant financing component since the Company expects, at contract inception, that the period between when the Company
transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Accordingly,
the remaining performance obligations related to customer contracts does not consider the effects of the time value of money.
Applying
the practical expedient in ASC 340-40-25-4, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred
since the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs include
certain sales commissions and incentives, which are included in selling, general and administrative expenses, and are payable only when
associated revenue has been collected and earned by the Company.
Contract
Assets and Contract Liabilities
Contract
assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to
payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based
on the terms established in its contracts.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Contract
assets include unbilled amounts where revenue recognized exceeds the amount billed to the customer and the right of payment is conditional,
subject to completing a milestone, such as a phase of a project. The Company typically does not have material amounts of contract assets
since revenue is recognized as control of goods are transferred or as services are performed. As of September 30, 2023 and December 31,
2022, the Company had no contract assets.
Contract
liabilities consist of advance payments in excess of revenue recognized. The Company’s contract liabilities are recorded as a current
liability in deferred revenue in the consolidated balance sheets since the Company generally expects to recognize revenue in less than
one year. Non-refundable customer deposits are recognized as revenue when previously abandoned customer contracts have been forfeited
and a period of three years has passed. As of September 30, 2023, and December 31, 2022, deferred revenue, which was classified as a
current liability, was $474,888 and $4,338,570, respectively.
For
the three and nine months ended September 30, 2023, the Company recognized revenue of $12,461 and $3,911,083, respectively, related to
the deferred revenue at January 1, 2023 For the three and nine months ended September 30, 2022, the Company recognized revenue of $125,731
and $2,318,935, respectively, related to the deferred revenue at January 1, 2022.
Remaining
Performance Obligations
Remaining
performance obligations, or backlog, represents the aggregate amount of the transaction price allocated to the remaining obligations
that the Company has not performed under its customer contracts. The Company has elected not to use the optional exemption in ASC 606-10-50-14,
which exempts an entity from such disclosures if a performance obligation is part of a contract with an original expected duration of
one year or less. Accordingly, the information disclosed about remaining performance obligations includes all customer contracts, including
those with an expected duration of one year or less.
Industry
uncertainty, project financing concerns, and the licensing and qualification of our prospective customers, which are out of the Company’s
control, make it difficult for the Company to predict when it will recognize revenue on its remaining performance obligations. There
are risks that the Company may not realize the full contract value on customer projects in a timely manner or at all, and completion
of a customer’s cultivation facility project is dependent upon the customer’s ability to secure funding and real estate,
obtain a license and then build their cultivation facility so they can take possession of the equipment. Accordingly, the time it takes
for customers to complete a project, which corresponds to when the Company is able to recognize revenue, is driven by numerous factors
including: (i) the large number of first-time participants interested in the indoor cannabis cultivation business; (ii) the complexities
and uncertainties involved in obtaining state and local licensure and permitting; (iii) local and state government delays in approving
licenses and permits due to lack of staff or the large number of pending applications, especially in states where there is no cap on
the number of cultivators; (iv) the customer’s need to obtain cultivation facility financing; (v) the time needed, and coordination
required, for our customers to acquire real estate and properly design and build the facility (to the stage when climate control systems
can be installed); (vi) the large price tag and technical complexities of the climate control and air sanitation system; (vii) the availability
of power; and (viii) delays that are typical in completing any construction project. Further, based on the current economic climate,
t and the Company’s recent cost cutting measures, there is no assurance that the Company will be able to fulfill its backlog, and
the Company may experience contract cancellations, project scope reductions and project delays.
As
of September 30, 2023, the Company’s remaining performance obligations, or backlog, was approximately $548,000. The decline in
backlog was primarily the result of lower bookings. The Company has entered into fewer new contracts generally, and they have been for smaller
amounts. There is significant uncertainty regarding the timing of the Company’s recognition of revenue on its remaining performance
obligations, and there is no certainty that these will result in actual revenues. The backlog at September 30, 2023, includes booked
sales orders of $353,000 from four customers that the Company does not expect to be realized until 2024, if at all. Our projected revenue
amount contains a booked sales order of $65,000 (12% of the total backlog) from one customer that we believe is at risk of cancellation
based on conversations with this customer. Given the current supply chain and bottleneck issues that are still being worked through by
the Company’s supply chain partners, the Company believes that contract fulfillment could be delayed for these reasons.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
The
remaining performance obligations expected to be recognized through 2024 are as follows:
Schedule
of Remaining Performance Obligations Expected to be Recognized
| |
2023 | | |
2024 | | |
Total | |
Remaining performance obligations related to engineering only paid contracts | |
$ | - | | |
$ | - | | |
$ | - | |
Remaining performance obligations related to partial equipment paid contracts | |
| 195,000 | | |
| 353,000 | | |
| 548,000 | |
Total remaining performance obligations | |
$ | 195,000 | | |
$ | 353,000 | | |
$ | 548,000 | |
Product
Warranty
The
Company warrants the products that it manufactures for a warranty period equal to the lesser of 12 months from start-up or 18 months
from shipment. The Company’s warranty provides for the repair, rework, or replacement of products (at the Company’s option)
that fail to perform within stated specification. The Company’s third-party suppliers also warrant their products under similar
terms, which are passed through to the Company’s customers.
The
Company assesses the historical warranty claims on its manufactured products and, since 2016, warranty claims have been approximately
1% of annual revenue generated on these products. Based on the Company’s warranty policy, an accrual is established at 1% of the
trailing 18 months revenue. The Company continues to assess the need to record a warranty reserve at the time of sale based on historical
claims and other factors. As of September 30, 2023, and December 31, 2022, the Company had an accrued warranty reserve amount of $194,031
and $180,457, respectively, which are included in accounts payable and accrued liabilities on the Company’s consolidated balance
sheets.
Accounting
for Share-Based Compensation
The
Company recognizes the cost resulting from all share-based compensation arrangements, including stock options, restricted stock awards
and restricted stock units that the Company grants under its equity incentive plan in its condensed consolidated financial statements
based on their grant date fair value. The expense is recognized over the requisite service period or performance period of the award.
Awards with a graded vesting period based on service are expensed on a straight-line basis for the entire award. Awards with performance-based
vesting conditions, which require the achievement of a specific company financial performance goal at the end of the performance period
and required service period, are recognized over the performance period. Each reporting period, the Company reassesses the probability
of achieving the respective performance goal. If the goals are not expected to be met, no compensation cost is recognized and any previously
recognized amount recorded is reversed. If the award contains market-based vesting conditions, the compensation cost is based on the
grant date fair value and expected achievement of market condition and is not subsequently reversed if it is later determined that the
condition is not likely to be met or is expected to be lower than initially expected.
The
grant date fair value of stock options is based on the Black-Scholes Option Pricing Model (the “Black-Scholes Model”). The
Black-Scholes Model requires judgmental assumptions including volatility and expected term, both based on historical experience. The
risk-free interest rate is based on U.S. Treasury interest rates whose term is consistent with the expected term of the option. The Company
determines the assumptions used in the valuation of option awards as of the date of grant. Differences in the expected stock price volatility,
expected term or risk-free interest rate may necessitate distinct valuation assumptions at those grant dates. As such, the Company may
use different assumptions for options granted throughout the year. During the nine months ended September 30, 2023, the valuation assumptions
used to determine the fair value of each option award on the date of grant were: expected stock price volatility of 152.23%; expected
term in years of 10 and risk-free interest rate of 3.48%.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
The
grant date fair value of restricted stock and restricted stock units is based on the closing price of the underlying stock on the date
of the grant.
The
Company has elected to reduce share-based compensation expense for forfeitures as the forfeitures occur since the Company does not have
historical data or other factors to appropriately estimate the expected employee terminations and to evaluate whether particular groups
of employees have significantly different forfeiture expectations.
The
following is a summary of share-based compensation expenses included in the condensed consolidated statements of operations for the three
and nine months ended September 30, 2023 and September 30, 2022:
Schedule
of Share-based Compensation Costs
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended
September 30, | | |
For the Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Share-based compensation expense included in: | |
| | | |
| | | |
| | | |
| | |
Cost of revenue | |
$ | - | | |
$ | 3,956 | | |
$ | 4,898 | | |
$ | 9,851 | |
Advertising and marketing expenses | |
| - | | |
| 2,457 | | |
| 1,113 | | |
| 9,299 | |
Product development costs | |
| - | | |
| 2,481 | | |
| 3,570 | | |
| 7,442 | |
Selling, general and administrative expenses | |
| 15,166 | | |
| 69,637 | | |
| 167,846 | | |
| 240,083 | |
Total share-based compensation expense included in consolidated statement of operations | |
$ | 15,166 | | |
$ | 78,531 | | |
$ | 177,427 | | |
$ | 266,675 | |
Included
in the expense for the three and nine months ended September 30, 2022, is an accrual for $23,187 and $69,561, respectively, for the 2022
Annual Employee Incentive Compensation Plan. No accrual is being recorded in 2023.
Concentrations
Four
customers accounted for 29%, 19%, 16%, and 12% of the Company’s revenue for the three months ended September 30, 2023. Three customers
accounted for 38%, 20% and 12% of the Company’s revenue for the nine months ended September 30, 2023. Two customers accounted for
53% and 24% of the Company’s revenue for the three months ended September 30, 2022 and three customers accounted for 28%, 25%,
and 13% of the Company’s revenue for the nine months ended September 30, 2022.
Two
customers accounted for 78%, and 12% of the Company’s accounts receivable as of September 30, 2023. Two customers accounted for
57% and 43% of the Company’s accounts receivable as of December 31, 2022.
Recently
Issued Accounting Pronouncements
In
March 2023, the FASB issued ASU 2023-01 to require entities to classify and account for leases with related parties on the basis of legally
enforceable terms and conditions of the arrangement. The amendments are effective in periods beginning after December 15, 2023, including
interim periods within those fiscal years. The Company does not expect this ASU to have a material impact on its consolidated results
of operations, cash flows and financial position.
In
December 2022, the FASB issued ASU No. 2022-06, which defers the sunset date of Reference Rate Reform (Topic 848): Facilitation of
the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) from December 31, 2022 to December 31, 2024.
ASU No. 2022-06 was effective upon issuance. Topic 848 provides temporary optional guidance for a limited period of time to ease the
potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting, providing optional expedients
and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain
criteria are met. The Company does not expect this ASU to have a material impact on its consolidated results of operations, cash flows
and financial position.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
In
September 2022, the FASB issued Update 2022-04, “Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program
Obligations”. The update was issued in response to requests from financial statement users for increased transparency surrounding
the use of supplier finance programs. The amendments in Update 2022-04 require that a buyer in a supplier finance program disclose sufficient
information about the program to allow a user of financial statements to understand the program’s nature, activity during the period,
changes from period to period, and potential magnitude. The amendments in this update do not affect the recognition, measurement, or
financial statement presentation of obligations covered by supplier finance programs. The amendments in this update are effective for
fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward
information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company does not
expect this ASU to have a material impact on its consolidated results of operations, cash flows and financial position.
In
October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers”, which requires companies to apply ASC 606, “Revenue from Contracts with Customers”
to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This
creates an exception to the general recognition and measurement principle in ASC 805, which uses fair value. The guidance is effective
for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted, and the
guidance should be applied prospectively. The impact of the standard on the Company’s consolidated financial statements is dependent
on the size and frequency of any future acquisitions the Company may complete.
In
March 2020, the FAS issued ASU No. 2020-04 “Reference Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform
on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides optional guidance for a limited period of time to
ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments
are effective for the Company as of March 12, 2020 through December 31, 2022. The adoption of this guidance has not had a material impact
on the Company’s consolidated financial statements.
Other
accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have
a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated
to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
Note
2 – Leases
In
February 2016 the FASB issued ASU 2016-02, Leases (Topic 842) (“ASC 842” or the “new lease standard”).
The Company adopted ASC 842 as of January 1, 2019, using the effective date method.
The
new standard provides a number of optional practical expedients in transition. The Company has elected to apply the “package of
practical expedients” which allow the Company to not reassess: (i) whether existing or expired arrangements contain a lease, (ii)
the lease classification of existing or expired leases, or (iii) whether previous initial direct costs would qualify for capitalization
under the new lease standard. The Company has also elected to apply the short-term lease exemption for all leases with an original term
of less than 12 months, for purposes of applying the recognition and measurements requirements in the new lease standard.
On
July 28, 2021, the Company entered into an agreement to lease 11,491 square feet of office and manufacturing space (the “New Facility
Lease”), in Louisville, CO. The New Facility Lease commenced on November 1, 2021 and continues through January 31, 2027. From November
2021 through January 2022, the monthly rent was abated. Beginning February 2022, the monthly rent is $10,055 and will increase by 3%
annually every November through the end of the New Facility Lease term. Pursuant to the New Facility Lease, the Company made a security
deposit of $14,747. The Company has the option to renew the New Facility Lease for an additional five years. Additionally, the Company
pays the actual amounts for property taxes, insurance, and common area maintenance. The New Facility Lease agreement contains customary
events of default, representations, warranties, and covenants.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Upon
commencement of the New Facility Lease, the Company recognized on the balance sheet an operating lease right-of-use asset and lease liability
in the amount of $582,838. The lease liability was initially measured as the present value of the unpaid lease payments at commencement
and the ROU asset was initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments
made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. The renewal
option to extend the New Facility Lease is not included in the right-of-use asset or lease liability, as the option is not reasonably
certain to be exercised. The Company regularly evaluates the renewal option and when it is reasonably certain of exercise, the Company
will include the renewal period in its lease term.
The
lease cost, cash flows and other information related to the New Facility Lease were as follows:
Schedule
of Lease Cost
| |
As of
September 30, 2023 | |
Operating lease right-of-use asset | |
$ | 383,169 | |
Operating lease liability, current | |
$ | 124,319 | |
Operating lease liability, long-term | |
$ | 290,051 | |
| |
| | |
Remaining lease term | |
| 3.6 years | |
Discount rate | |
| 3.63 | % |
| |
For the Nine
Months Ended
September 30, 2023 | |
Operating cash outflow from operating lease | |
$ | 93,206 | |
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Future
annual minimum lease payments on the New Facility Lease as of September 30, 2023 are as follows:
Schedule
of Future Annual Minimum Lease Payments
As of September 30, 2023 | |
| |
| |
| |
Years ended December 31, | |
| |
2023 (excluding the nine months ended September 30, 2023) | |
$ | 31,690 | |
2024 | |
| 128,643 | |
2025 | |
| 132,503 | |
2026 | |
| 136,473 | |
Thereafter | |
| 11,654 | |
Total minimum lease payments | |
| 440,963 | |
Less imputed interest | |
| (26,593 | ) |
Present value of minimum lease payments | |
$ | 414,370 | |
Note
3 – Inventory
Inventory
consisted of the following:
Schedule
of Inventory
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Finished goods | |
$ | 371,689 | | |
$ | 270,555 | |
Work in progress | |
| - | | |
| 155 | |
Raw materials | |
| 125,437 | | |
| 148,608 | |
Allowance for excess & obsolete inventory | |
| (182,030 | ) | |
| (70,907 | ) |
Inventory, net | |
$ | 315,096 | | |
$ | 348,411 | |
Overhead
expenses of $15,145 and $12,770 were included in the inventory balance as of September 30, 2023, and December 31, 2022, respectively.
Advance
payments on inventory purchases are recorded in prepaid expenses until title for such inventory passes to the Company. Prepaid expenses
included approximately $36,000 and $1,176,000 in advance payments for inventory as of September 30, 2023, and December 31, 2022, respectively.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Note
4 – Property and Equipment
Property
and equipment consisted of the following:
Schedule of
Property and Equipment
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Furniture and equipment | |
$ | 275,994 | | |
$ | 278,389 | |
Vehicles | |
| 15,000 | | |
| 15,000 | |
Property and equipment, gross | |
| 290,994 | | |
| 293,389 | |
Accumulated depreciation | |
| (245,257 | ) | |
| (224,876 | ) |
Property and equipment, net | |
$ | 45,737 | | |
$ | 68,513 | |
Depreciation
expense was $22,476 for the nine months ended September 30, 2023. For the nine months ended September 30, 2023, $2,284 was allocated
to cost of sales, $571 was allocated to inventory with the remainder recorded as selling, general, and administrative expense.
Note
5 – Accounts Payable and Accrued Liabilities
Accounts
payable and accrued liabilities consisted of the following:
Schedule
of Accounts Payable and Accrued Liabilities
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Accounts payable | |
$ | 164,041 | | |
$ | 311,162 | |
Sales commissions payable | |
| 4,018 | | |
| 25,951 | |
Accrued payroll liabilities | |
| 146,376 | | |
| 465,094 | |
Product warranty accrual | |
| 194,031 | | |
| 180,457 | |
Other accrued expenses | |
| 63,419 | | |
| 224,594 | |
Total | |
$ | 571,885 | | |
$ | 1,207,258 | |
Note
6 – Commitments and Contingencies
Litigation
On October 20, 2023, Green Ice,
LLC and Sweet Cut Grow, LLC (“Claimants”) filed an Arbitration Petition in Denver, Colorado against the Company. The Claimants
allege a breach by the Company of two contracts – an Engineering Agreement with Green Ice, dated January 14, 2021 (“Engineering
Agreement”), and an Equipment Agreement with Sweet Cut Grow, dated March 29, 2021 (“Equipment Agreement”).
The Arbitration Petition alleges
causes of action for breach of the Engineering Agreement, Breach of the Equipment Agreement, Breach of the Warranties under the Equipment
Agreement, and Unjust Enrichment in the amount of moneys paid by Claimant to CEA to date under the contracts, of $1,049,280.
Given the Arbitration Petition’s
current uncertainty around estimability and success of claims, we have not recorded an accrual for any potential loss related to this
matter.
Regardless, we intend to generally
defend the claims on the basis that we promptly addressed all problems, and that any issues with defective HVAC equipment are the responsibility
of our third-party equipment manufacturer.
From
time to time, in the normal course of its operations, the Company is subject to litigation matters and claims. Litigation can be expensive
and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict, and the Company’s
view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as
incurred. The Company records a liability for contingent losses when it is both probable that a liability has been incurred and the amount
of the loss is known. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company’s operations
or its financial position, liquidity or results of operations.
Leases
The
Company has a lease agreement for its manufacturing and office space. Refer to Note 2 Leases above.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Other
Commitments
In
the ordinary course of business, the Company enters into commitments to purchase inventory and may also provide indemnifications of varying
scope and terms to customers, vendors, lessors, business partners, and other parties with respect to certain matters, including, but
not limited to, losses arising out of the Company’s breach of such agreements, services to be provided by the Company, or from
intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements
with its directors and certain of its officers and employees that will require the Company to, among other things, indemnify them against
certain liabilities that may arise by reason of their status or service as directors, officers, or employees. The Company maintains director
and officer insurance, which may cover certain liabilities arising from its obligation to indemnify its directors and certain of its
officers and employees, and former officers, directors, and employees of acquired companies, in certain circumstances.
Note
7 – Stockholders’ Equity
As
of September 30, 2023, the Company had 200,000,000 shares of common stock and 25,000,000 shares of preferred stock authorized at a $0.00001
par value.
As
of September 30, 2023, 8,076,372 shares of common stock were issued and outstanding and no shares of preferred stock were issued and
outstanding.
Directors
Remuneration
On
January 3, 2022, the Company issued 3,125 non-qualified stock options under the 2021 Equity Incentive Plan to each of two existing directors.
The options had an exercise price of $4.80, vested immediately and had a term ending at the earlier of five years after the date on which
the optionee’s continuous service ends, or the tenth anniversary on which the option was granted.
On
January 17, 2022, the Company issued an RSU grant of 3,367 shares of common stock under the 2021 Equity Incentive Plan to each of two
new directors, 1,684 shares of common stock vested immediately on grant date and the remaining 1,683 shares of common stock vested on
January 17, 2023. 1,684 shares of common stock were issued on January 17, 2022 to each of the two new directors in settlement of the
RSUs that vested immediately and a further 1,683 shares of common stock were issued to each of the two new directors on January 17, 2023
in settlement of the remainder.
On
January 3, 2023, the Company issued an RSU grant of 29,758 shares of common stock under the 2021 Equity Incentive Plan to each of its
four independent directors. The RSUs were granted as an equity retention award pursuant to the Company’s compensation plan for
independent directors effective January 17, 2022 and vested immediately on the grant date. A total of 119,032 shares of the Company’s
common stock were issued in settlement of the RSUs.
Revised
Compensation Plan for Directors
On
January 17, 2022, the Board of Directors revised the previously adopted compensation plan. This plan superseded the plan adopted on August
20, 2021. The plan was effective retroactively for the then current independent directors and for independent directors elected or appointed
after the Effective Date.
The
plan is divided into two phases: from the Effective Date of the plan until February 9, 2022, the day prior to the listing of the Company
securities on Nasdaq. (“Pre-uplist”) and from February 10, 2022, the uplist date forward (“Post-uplist”).
In
the Pre-uplist phase, the Company paid its independent directors an annual cash fee of $15,000, which for the Post-uplist phase was increased
to $25,000. The fee is payable quarterly in advance on the first business day of each quarter, as consideration for their participation
in: (i) any regular or special meetings of the Board or any committee thereof attended in person, (ii) any telephonic meeting of the
Board or any committee thereof in which the director is a member, (iii) any non-meeting consultations with the Company’s management,
and (iv) any other services provided by them in their capacities as directors (other than services as the Chairman of the Board, the
Chairman of the Company’s Audit Committee, and the Committee Chairman).
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
At
the time of initial election or appointment, each independent director received an equity retention award in the form of restricted stock
units (“RSUs”). The aggregate value of the RSUs at the time of grant was to be $25,000, with the number of shares underlying
the RSUs to be determined based on the closing price of the Company’s common stock on the date immediately prior to the date of
grant. Vesting of the RSUs was as follows: (i) 50% at the time of grant, and (ii) 50% on the first anniversary of the grant date.
In
addition, on the first business day of January each year, each independent director will also receive an equity retention award in the
form of RSUs. The aggregate value of the RSUs at the time of grant will be $25,000, with the number of shares underlying the RSUs to
be determined based on the closing price of the Company’s common stock on the date immediately prior to the date of grant. These
RSUs will be fully vested at date of grant.
The
Company pays the Audit Committee Chairman an additional annual fee of $10,000, payable quarterly in advance, for services as the Audit
Committee Chairman.
The
Company pays the Chairmen of any other committees of the Board an additional annual fee of $5,000, payable quarterly in advance, for
services as a Committee Chairman.
Directors
who are also executive officers of the Company do not receive separate compensation for their Board service.
Each
independent director is responsible for the payment of any and all income taxes arising with respect to the issuance of any equity awarded
under the plan, including the exercise of any non-qualified stock options. Each director is responsible for the payment of any and all
income taxes arising with respect to the issuance of common stock and the vesting and settlement of RSUs.
The
Company reimburses independent directors for out-of-pocket expenses incurred in attending Board and committee meetings and undertaking
certain matters on the Company’s behalf.
All
independent directors, Messrs. Shipley, Etten, Reisner, and Mariathasan are subject to the plan.
Reverse
Stock Split
On
January 17, 2022, the Company’s Board of Directors approved a reverse stock split at a ratio of one-for-one hundred and fifty.
The reverse stock split was implemented effective January 27, 2022. The par value for the Common Stock was not affected.
An
additional 6,798 shares of common stock were issued to round up partial shares following the reverse split.
As
a result of this reverse stock split, the number of the Company’s shares of common stock issued and outstanding at December 31,
2021 was reduced from 240,125,224 to 1,600,835. All Common Stock, warrants, options and per share amounts set forth herein are presented
to give retroactive effect to the Reverse Split for all periods presented.
Change
in Authorized Share Capital
In
connection with the aforementioned reverse stock split, the Company’s Board of Directors approved the reduction of the authorized
capital of the Company to 200,000,000 shares of common stock and 25,000,000 shares of preferred stock.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Equity
Raise
On
February 10, 2022, the Company signed a firm commitment underwriting agreement for the public offering of shares of common stock and
warrants, which closed on February 15, 2022. The Company received net proceeds of approximately $22 million for the sale of 5,811,138
shares of common stock and 6,572,808 warrants, each warrant to purchase one share of common stock for five years, exercisable immediately,
at an exercise price of $5.00. The Company also issued to the representative of the underwriters 290,557 warrants, each warrant to purchase
one share of common stock at an exercise price of $5.1625, during the period commencing August 9, 2022, and expiring on February 10,
2027.
Warrant
Exercise
On
June 21, 2022, the Company issued 169,530 shares of its common stock in connection with the cashless exercise of 170,382 prefunded conversion
warrants.
Note
8 – Equity Incentive Plans
2017
Equity Incentive Plan
Under
the Company’s 2017 Equity Incentive Plan, as may be modified and amended by the Company from time to time (the “2017 Equity
Plan”), the Board of Directors (the “Board”) (or the compensation committee of the Board, if one is established) may
award stock options, stock appreciation rights (“SARs”), restricted stock awards (“RSAs”), restricted stock unit
awards (“RSUs”), shares granted as a bonus or in lieu of another award, and other stock-based performance awards. The 2017
Equity Plan allocates 333,333 shares of the Company’s common stock (“Plan Shares”) for issuance of equity awards under
the 2017 Equity Plan. If any shares subject to an award are forfeited, expire, or otherwise terminate without issuance of such shares,
the shares will, to the extent of such forfeiture, expiration, or termination, again be available for awards under the 2017 Equity Plan.
During
the nine months ended September 30, 2023, no shares or options were issued and 1,665 options were cancelled under the 2017 Plan.
As
of September 30, 2023, of the 333,333 shares authorized under the 2017 Plan for equity awards, 163,692 shares have been issued, awards
relating to 145,512 options remain outstanding, and 24,129 shares remain available for future equity awards.
2021
Equity Incentive Plan
On
March 22, 2021, the Board approved the 2021 Equity Incentive Plan (the “2021 Equity Plan”), which was approved by the stockholders
on July 22, 2021. The 2021 Equity Plan permits the Board to grant awards of up to 666,667 shares of common stock. The 2021 Equity Plan
provides for the grant of incentive stock options intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended
(the “Code”), non-qualified stock options, stock appreciation rights (“SARs”), restricted stock awards and restricted
stock unit awards and other equity linked awards to our employees, consultants, and directors. If an equity award (i) expires or otherwise
terminates without having been exercised in full or (ii) is settled in cash (i.e., the holder of the award receives cash rather
than stock), such expiration, termination or settlement will not reduce (or otherwise offset) the number of shares of common stock that
may be issued pursuant to this Plan.
During
the nine months ended September 30, 2023:
| - | The
Company issued 122,398 shares of its common stock in settlement of restricted stock units
issued to its independent directors under the 2021 Equity Incentive Plan, pursuant to the
Director Compensation plan adopted on January 17, 2022. |
| - | 138,489
non-qualified stock options were issued to five employees and three former employees in respect
of the Company’s 2021 Equity Incentive Plan. The options vested immediately, have a
term of 10 years and an exercise price of $0.8955. An expense of $89,970 in respect of this
issuance had been accrued in 2022. An additional expense of $32,376 was recognized in 2023
upon management and board finalization and approval of the awards. |
| - | 16,631
non-qualified stock options were cancelled and 333 non-qualified stock options were forfeited
that had previously been issued under the 2021 Equity Incentive Plan. |
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
As
of September 30, 2023, of the 666,667 shares authorized under the 2021 Equity Plan, 132,568 shares have been issued in settlement of
restricted stock units, awards relating to 182,728 non-qualified stock options, and 40,816 incentive stock options remain outstanding,
and 310,555 shares remain available for future equity awards.
There
was $15,586 in unrecognized compensation expense for unvested non-qualified and incentive stock options as of September 30, 2023 which
will be recognized over approximately the next 18 months.
Non-Qualified
and Incentive Stock Options
A
summary of the non-qualified stock options and incentive stock options granted to employees and consultants under the 2017 and 2021 Equity
Plans during the nine months ended September 30, 2023, are presented in the table below:
Schedule
of Stock Option Activity
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding, December 31, 2022 | |
| 192,073 | | |
$ | 8.94 | | |
| 7.6 | | |
$ | - | |
Granted | |
| 138,489 | | |
$ | 0.90 | | |
| 6.4 | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Forfeited | |
| (18,629 | ) | |
$ | 2.63 | | |
| 9.2 | | |
$ | - | |
Expired | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Outstanding, September 30, 2023 | |
| 311,933 | | |
$ | 5.74 | | |
| 6.6 | | |
$ | - | |
Exercisable, September 30, 2023 | |
| 286,843 | | |
$ | 5.78 | | |
| 6.5 | | |
$ | - | |
A
summary of non-vested non-qualified stock options activity for employees and consultants under the 2017 and 2021 Equity Plans for the
nine months ended September 30, 2023, are presented in the table below:
Summary of
Non-Vested qualified Stock Option Activity
| |
Number of Options | | |
Weighted Average Grant-Date Fair Value | | |
Aggregate Intrinsic Value | | |
Grant-Date Fair Value | |
| |
| | |
| | |
| | |
| |
Nonvested, December 31, 2022 | |
| 28,756 | | |
$ | 4.73 | | |
$ | - | | |
$ | 136,016 | |
Granted | |
| 138,489 | | |
$ | 0.88 | | |
$ | - | | |
$ | 121,870 | |
Vested | |
| (141,822 | ) | |
$ | 0.92 | | |
$ | - | | |
$ | (130,476 | ) |
Forfeited | |
| (333 | ) | |
$ | 6.67 | | |
$ | - | | |
$ | (2,222 | ) |
Expired | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | |
Nonvested, September 30, 2023 | |
| 25,090 | | |
$ | 4.98 | | |
$ | - | | |
$ | 124,948 | |
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
For
the nine months ended September 30, 2023 and September 30, 2022, the Company recorded $76,110 and $129,733 as compensation expense related
to vested options issued to employees and consultants, net of forfeitures, respectively.
A
summary of the non-qualified stock options granted to directors under the 2017 and 2021 Equity Plans, during the nine
months ended September 30, 2023, are presented in the table below:
Schedule of Stock
Option Activity
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term | | |
Aggregate Intrinsic Value ($000) | |
| |
| | |
| | |
| | |
| |
Outstanding, December 31, 2022 | |
| 57,122 | | |
$ | 9.44 | | |
| 6.0 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
$ | - | |
Exercised | |
| - | | |
| - | | |
| - | | |
$ | - | |
Forfeited/Cancelled | |
| - | | |
| - | | |
| - | | |
$ | - | |
Expired | |
| - | | |
| - | | |
| - | | |
$ | - | |
Outstanding, September 30, 2023 | |
| 57,122 | | |
$ | 9.44 | | |
| 5.3 | | |
$ | - | |
Exercisable, September 30, 2023 | |
| 57,122 | | |
$ | 9.44 | | |
| 5.3 | | |
$ | - | |
There
were no non-vested, non-qualified stock options issued to directors under the 2017 Equity Plan and the 2021 Equity Plan, for the nine
months ended September 30, 2023.
During
the nine months ended September 30, 2023 and September 30, 2022, the Company incurred $0 and $29,656 respectively, as compensation expense
related to 0 and 6,250 fully vested options issued to directors, respectively.
Restricted
Stock Units
Effective
January 3, 2023, the Company issued a total of 119,032 restricted stock units (RSUs) under the 2021 Equity Plan to its four independent
directors. These RSUs vested upon grant.
Effective
January 17, 2023, the Company settled 3,366 RSUs that had been issued on January 17, 2022 to two new directors and that vested after
12 months by the issuance of shares of common stock
During
the nine months ended September 30, 2023 and September 30, 2022, the Company recorded $101,316 and $42,413, respectively, as compensation
expense related to vested RSUs issued to directors.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Schedule
of Restricted Units Activity
| |
Number of Units | | |
Weighted Average Grant-Date Fair Value | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| |
Outstanding, December 31, 2022 | |
| 3,366 | | |
$ | 7.42 | | |
$ | - | |
Granted | |
| 119,032 | | |
$ | 0.84 | | |
$ | - | |
Vested and settled with share issuance | |
| (122,398 | ) | |
$ | 1.02 | | |
$ | - | |
Forfeited/canceled | |
| - | | |
$ | - | | |
$ | - | |
Outstanding, September 30, 2023 | |
| - | | |
$ | - | | |
$ | - | |
Note
9 - Warrants
The
following table summarizes information with respect to outstanding warrants to purchase common stock during the nine months ended September
30, 2023:
Schedule
of Outstanding Warrants to purchase Common Stock
| |
| | |
| | |
| | |
Weighted | | |
| |
| |
| | |
| | |
Weighted | | |
Average | | |
| |
| |
Warrants | | |
Average
Exercise | | |
Remaining Life | | |
Aggregate
Intrinsic | |
| |
Outstanding | | |
Exercisable | | |
Price | | |
In Months | | |
Value | |
| |
| | |
| | |
| | |
| | |
| |
Outstanding at December 31, 2022 | |
| 7,623,772 | | |
| 7,623,772 | | |
$ | 5.14 | | |
| 49 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding at September 30, 2023 | |
| 7,623,772 | | |
| 7,623,772 | | |
$ | 5.14 | | |
| 40 | | |
| - | |
The
following table summarizes information about warrants outstanding at September 30, 2023:
Schedule
of Warrants Outstanding
| | |
Warrants | | |
Weighted Average | |
Exercise price | | |
Outstanding | | |
Exercisable | | |
Months Outstanding | |
| | |
| | |
| | |
| |
$ | 9.45 | | |
| 192,982 | | |
| 192,982 | | |
| 12 | |
| | | |
| | | |
| | | |
| | |
$ | 10.40 | | |
| 34,737 | | |
| 34,737 | | |
| 13 | |
| | | |
| | | |
| | | |
| | |
$ | 5.00 | | |
| 7,105,496 | | |
| 7,105,496 | | |
| 41 | |
| | | |
| | | |
| | | |
| | |
$ | 5.16 | | |
| 290,557 | | |
| 290,557 | | |
| 41 | |
| | | |
| | | |
| | | |
| | |
| | | |
| 7,623,772 | | |
| 7,623,772 | | |
| 40 | |
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Note
10 – Income Taxes
As
of September 30, 2023, the Company has U.S. federal and state net operating losses (“NOLs”) of approximately $27,873,000,
of which $11,196,000 will expire, if not utilized, in the years 2034 through 2037, however, NOLs generated subsequent to December 31,
2017 do not expire but may only be used against taxable income to 80%.
In
addition, pursuant to Section 382 of the Internal Revenue Code of 1986, as amended, use of the Company’s NOLs carryforwards may
be limited in the event of cumulative changes in ownership of more than 50% within a three-year period. In addition, under Section 382
of the Internal Revenue Code of 1986, as amended (the “Code”), and corresponding provisions of state law, if a corporation
undergoes an “ownership change,” which is generally defined as a greater than 50% change, by value, in its equity ownership
over a three-year period, the corporation’s ability to use its pre-change net operating loss carryforwards and other pre-change
tax attributes to offset its post-change income or taxes may be limited. Our sale of securities, both in September 2021 and February
2022, will need to be considered for determination of any “ownership change” that we have undergone during a determination
period. If an ownership change occurs and our ability to use our net operating loss carryforwards is materially limited, it would harm
our future bottom-line operating results by effectively increasing our future tax obligations.
The
Company must assess the likelihood that its net deferred tax assets will be recovered from future taxable income, and to the extent the
Company believes that recovery is not likely, the Company establishes a valuation allowance. Management’s judgment is required
in determining the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded
against the net deferred tax assets. The Company recorded a full valuation allowance as of September 30, 2023 and December 31, 2022.
Based on the available evidence, the Company believes it is more likely than not that it will not be able to utilize its net deferred
tax assets in the foreseeable future. The Company intends to maintain valuation allowances until sufficient evidence exists to support
the reversal of such valuation allowances. The Company makes estimates and judgments about its future taxable income that are based on
assumptions that are consistent with the Company’s plans. Should the actual amounts differ from the Company’s estimates,
the carrying value of the Company’s deferred tax assets could be materially impacted.
Note
11 – Related Party Transactions
The
Company entered into a manufacturer representative agreement with RSX Enterprises (“RSX”) in March 2021 to become a non-exclusive
representative for the Company to assist in marketing and soliciting orders. James R. Shipley, one of our independent directors,
has a significant ownership interest in RSX.
Under
the manufacturer representative agreement, RSX will act as a non-exclusive representative for the Company within the United States, Canada
and Mexico and may receive a commission for qualified customer leads. The agreement had an initial term through December 31, 2021 with
automatic one-year renewal terms unless notice is given 90 days prior to each annual expiration. During the nine months ended September
30, 2023 and September 30, 2022, the Company paid $18,273 and $9,884, respectively, in commissions under this agreement.
On
October 13, 2022, the Company entered into an agreement with Lone Star Bioscience, Inc. (Lone Star) to provide engineering design services.
Nicholas Etten, one of our independent directors, is the Chief Executive Officer of Lone Star. The balance due under this agreement
totaled $2,500
with $1,250
received as a deposit in 2022. Another agreement
for engineering services was signed on December 20, 2022, in the amount of $10,900.
We entered into positive change orders in March 2023 of $3,577
increasing the total of the second sales order
to $14,477.
Revenue of $16,977 was recorded in the nine months ended September 30, 2023 in respect of these agreements. During the nine months
ended September 30, 2023, the Company received $14,035
in cash payments for these contracts. A receivable of $1,692 remained outstanding as of September 30, 2023 which was subsequently paid in October.
Note
12 – Subsequent Events
In accordance with ASC 855, Subsequent Events,
the Company has evaluated all subsequent events through the date the financial statements were available to be issued. No material subsequent
events occurred after September 30, 2023, other than as set out below:
On October 20, 2023, Green Ice,
LLC and Sweet Cut Grow, LLC (“Claimants”) filed an Arbitration Petition against the Company in Denver, Colorado. The Claimants
allege a breach by the Company of two contracts – an Engineering Agreement with Green Ice, dated January 14, 2021 (“Engineering
Agreement”), and an Equipment Agreement with Sweet Cut Grow, dated March 29, 2021 (“Equipment Agreement”).
The Arbitration Petition alleges
causes of action for breach of the Engineering Agreement, Breach of the Equipment Agreement, Breach of the Warranties under the Equipment
Agreement, and Unjust Enrichment in the amount of moneys paid by Claimant to CEA to date under the contracts, of $1,049,280.
Given the Arbitration Petition’s
current uncertainty around estimability and success of claims, we have not recorded an accrual for any potential loss related to this
matter.
Regardless, we intend to generally
defend the claims on the basis that we promptly addressed all problems, and that any issues with defective HVAC equipment are the responsibility
of our third-party equipment manufacturer.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following discussion should be read in conjunction with our unaudited condensed consolidated financial statements and related notes included
elsewhere in this Quarterly Report, which include additional information about our accounting policies, practices, and the transactions
underlying our financial results, as well as with our audited consolidated financial statements included in our Annual Report on Form
10-K for the year ended December 31, 2022, as filed with the SEC. In addition to historical information, the following discussion and
other parts of this Quarterly Report contain forward-looking information that involves risks and uncertainties. Our actual results could
differ materially from those anticipated by such forward-looking information due to the factors discussed under “Cautionary Statements”
appearing elsewhere herein and the risks and uncertainties described or identified in “Item 1A – Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2022, as updated from time to time in the Company’s filings with the
SEC, and Part II, Item 1A of this Quarterly Report entitled “Risk Factors.”
Non-GAAP
Financial Measures
To
supplement our financial results on U.S. generally accepted accounting principles (“GAAP”) basis, we use non-GAAP measures
including net bookings, backlog, as well as adjusted net income (loss) which reflects adjustments for certain non-cash expenses such
as stock-based compensation, certain debt-related items and depreciation expense. We believe these non-GAAP measures are helpful in understanding
our past performance and are intended to aid in evaluating our potential future results. The presentation of these non-GAAP measures
should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for financial
information prepared or presented in accordance with GAAP. We believe these non-GAAP financial measures reflect an additional way to
view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting
our business. For purposes of this Quarterly Report, (i) “adjusted net income (loss)” and “adjusted operating income
(loss)” mean GAAP net income (loss) and operating income (loss), respectively, after adjustment for non-cash equity compensation
expense, debt-related items and depreciation expense, and (ii) “net bookings” means new sales contracts executed during the
quarter for which we received an initial deposit, net of any adjustments including cancellations and change orders during the quarter.
Our
backlog, remaining performance obligations and net bookings may not be indicative of future operating results, and our customers may
attempt to renegotiate or terminate their contracts for a number of reasons, including delays in or inability to obtain project financing
or licensing or abandonment of the project entirely. Accordingly, there can be no assurance that contracts included in the backlog or
remaining performance obligations will actually generate revenues or when the actual revenues will be generated.
Overview
CEA
Industries, through our subsidiary, Surna Cultivation Technologies LLC, is a company focused on selling environmental control and other
technologies and services to the Controlled Environment Agriculture (“CEA”) industry. The CEA industry aims to optimize the
use of horticultural resources such as water, energy, space, capital, and labor, to create an agriculture business that is more efficient
and more productive than those that use traditional farming methods. Typically, the CEA industry is focused on indoor agriculture and
vertical farming.
Headquartered
in Colorado, we leverage our experience in the CEA industry to bring our customers a variety of value-added technology solutions that
help improve their overall crop quality and yield, optimize energy and water efficiency, and satisfy the evolving state and local codes,
permitting and regulatory requirements. We do this by offering our customers a variety of principal service and product offerings that
include: (i) architectural design and licensed engineering of commercial scale thermodynamic systems specific to cultivation facilities,
(ii) liquid-based process cooling systems and other climate control systems, (iii) air handling equipment and systems, (iv) air sanitation
products, (v) LED lighting, (vi) benching and racking solutions for indoor cultivation, (vii) proprietary and third party controls systems
and technologies used for environmental, lighting and climate control, and (viii) preventative maintenance services, through our partnership
with a certified service contractor network, for CEA facilities.
Our
revenue stream is currently derived primarily from supplying our products, services and technologies to licensed commercial indoor facilities
operating in the cannabis industry. Our customers include state and provincial-regulated CEA growers located primarily in the U.S., Canada.
We recently have developed customers in the non-cannabis CEA market to expand our market reach. Customers use our services for building
new CEA facilities and expanding or retrofitting existing CEA facilities.
CEA
growers currently face a challenging business environment that includes high energy costs, water usage and conservation issues, continuously
evolving waste removal regulations, inflationary pressures, and labor shortages. In addition to these issues, our cannabis growing customers
face increasingly rigorous quality standards and declining cannabis prices in a growing industry whose standards are constantly evolving.
The part of the CEA industry focused on food related crops is also facing disruption from evolving market demand, competition, and reorganization,
including the lack of growth capital and several noteworthy bankruptcies.
We
support our clients by providing integrated mechanical, electrical, and plumbing (“MEP”) engineering design, proprietary
and curated environmental control equipment, and automation offerings that serve the CEA industry. Over our 16 years in business, we
have served hundreds of commercial indoor CEA facilities.
We
believe our customers partner with us because we have the reputation and experience to help them make cost-conscious and effective decisions
on the design and engineering of their indoor cultivation facilities. CEA facilities are resource intensive, and a growing list of states
have implemented building code changes that limit energy consumption in cultivation facilities. Energy and resource efficiency is a high
priority to us as engineers, and the senior engineers on our team hold the Leadership in Energy and Environmental Design (“LEED”)
credential. We believe this sustainability-focused technical experience is crucial in the value we provide to our customers.
We
have three core assets that we believe will support us as we pursue our business strategy. First, we enjoy strong relationships with
relevant stakeholders in the CEA industry. Largely focused in the cannabis segment, our partnerships include relationships with new and
existing growers, capital providers, consultants, independent contractors, and numerous other providers in the segment. These partnerships
include agreements reached in 2022 with Merida Capital and Hydrobuilder Holdings LLC. In June 2022 we announced a marketing arrangement
with Merida Capital, a cannabis-focused private equity firm, whereby Merida will use CEA Industries Inc. as its sole provider of certain
products and services for its indoor cultivation facilities. This relationship resulted in a new contract in October 2022 with one of
Merida’s Connecticut based clients.
Second,
our experience in this industry over time has built up specialized engineering know-how and experience. We have been serving indoor cultivators
since 2006 and designing CEA cultivation facilities since 2016. Since then, we have tested and solidified best practices from designing
environmental control systems for CEA cultivation facilities.
Third,
we have a line of proprietary environmental control products that support the specific growing environments that our customers want.
We believe these products offer significant benefits to our customers.
Shares
of our common stock and warrants currently are traded on the Nasdaq Capital Markets under the ticker symbols “CEAD” and “CEADW”,
respectively.
Impact
of the COVID-19 Pandemic on Our Business
The
impact of the government and the business economic response to the COVID-19 pandemic affected demand across the majority of our markets
and disrupted workflow and completion schedules on projects. We believe we continue to have adverse effects on our sales, project implementation,
supply chain infrastructure, operating margins, costs, and working capital. Due to this uncertainty, we continue to monitor costs and
continue to take actions to reduce costs in order to mitigate the long-term impact of the COVID-19 pandemic to the best of our ability.
However, these actions may not be sufficient in the long run to avoid reduced sales, increased losses, and reduced operating cash flows
in our business. During the year ended December 31, 2022, and continuing into the current fiscal quarter, the Company experienced delays
in the receipt of equipment it had ordered to meet its customer orders due to disruption and delays in its supply chain. Consequently,
our revenue recognition of some customer sales has been delayed until future periods when the shipment of orders can be completed.
Impact
of Ukrainian Conflict
We
believe that the conflict between Ukraine and Russia does not have any direct impact on our operations, financial condition, or financial
reporting. We believe the conflict will have only a general impact on our operations in the same manner as it is having a general impact
on all businesses that have their operations limited to North America resulting from international sanction and embargo regulations,
possible shortages of goods and goods incorporating parts that may be supplied from the Ukraine or Russia, supply chain challenges, and
the international and US domestic inflation resulting from the conflict and government spending for the Ukraine and funding of our country’s
response. As our operations are related only to the North American controlled agricultural industry, largely within the cannabis space,
we do not believe we will be targeted for cyber-attacks related to this conflict. We have no operations in the countries directly involved
in the conflict or are specifically impacted by any of the sanctions and embargoes, as we principally operate in the United States and
Canada. We do not believe that the conflict will have any impact on our internal control over financial reporting. Other than general
securities market trends, we do not have reason to believe that investors will evaluate the company as having special risks or exposures
related to the Ukrainian conflict.
Our
Bookings, Backlog and Revenue
During
the three months ended September 30, 2023, we executed new sales contracts with a total contract value of $644,000. During this same
period, we had cancellations of $279,000. After adjustments for these cancellations, our net bookings in the three months ended September
30, 2023 were $365,000, representing an increase of $160,000 (or 78%) from net bookings of $205,000 in the second quarter of 2023.
Our
backlog at September 30, 2023 was $548,000, a decrease of $518,000, or 49%, from June 30, 2023. The decrease in backlog is the result
of lower bookings in the fourth quarter of 2022 and the first nine months of 2023. Our backlog at September 30, 2023 includes booked
sales orders of $353,000 (64% of the total backlog) from four customers that we do not expect to be realized until 2024, if at all. Included
in the projected revenue is one booked sales order of $65,000 (12% of the total backlog) from one customer that we believe is at risk
of cancellation based on conversations with this customer. We believe the sales orders in these portions of our backlog have an elevated
level of risk and may, ultimately, be delayed or cancelled by our customers. Therefore, investors should not view backlog as earned revenue.
Our
backlog has declined for several quarters. The primary reason for the decline has been fewer new order bookings and contract cancellations.
The
following table sets forth: (i) our beginning backlog (the remaining contract value of outstanding sales contracts for which we have
received an initial deposit as of the previous period), (ii) our net bookings for the period (new sales contracts executed during the
period for which we received an initial deposit, net of any adjustments including cancellations and change orders during the period),
(iii) our recognized revenue for the period, and (iv) our ending backlog for the period (the sum of the beginning backlog and net bookings,
less recognized revenue). Based on the current economic climate and our cost cutting measures, there is no assurance that we will be
able to continue to obtain the level of bookings that we have had in the past and or fulfill our current backlog, and we may experience
contract cancellations, project scope reductions and project delays.
Our
recognized revenue for the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023 in the table below, excludes
$148,776, $55,959, and $29,400, respectively, in revenue arising from the forfeiture of non-refundable
deposits from former customers on previously cancelled contracts. The contracts were removed from the backlog at the time of
cancellation.
| |
For the quarter ended | |
| |
September 30,
2022 | | |
December 31,
2022 | | |
March
31,
2023 | | |
June
30,
2023 | | |
September 30,
2023 | |
Backlog, beginning balance | |
$ | 9,698,000 | | |
$ | 6,832,000 | | |
$ | 5,577,000 | | |
$ | 1,869,000 | | |
$ | 1,066,000 | |
Net bookings, current period | |
| 2,197,000 | | |
| 206,000 | | |
| 826,000 | | |
| 205,000 | | |
| 366,000 | |
Recognized revenue, current period | |
| 5,063,000 | | |
| 1,461,000 | | |
| 4,534,000 | | |
| 1,008,000 | | |
| 884,000 | |
Backlog, ending balance | |
$ | 6,832,000 | | |
$ | 5,577,000 | | |
$ | 1,869,000 | | |
$ | 1,066,000 | | |
$ | 548,000 | |
The
completion of a customer’s new build facility project is dependent upon the customer’s ability to secure funding and real
estate, obtain a license and then build their cultivation facility so they can take possession of the equipment. Accordingly, the time
it takes for these customers to complete a new build project, which corresponds to when we are able to recognize revenue, is driven by
numerous factors including: (i) the large number of first-time participants interested in the indoor cannabis cultivation business; (ii)
the complexities and uncertainties involved in obtaining state and local licensure and permitting; (iii) local and state government delays
in approving licenses and permits due to lack of staff or the large number of pending applications, especially in states where there
is no cap on the number of cultivators; (iv) the customer’s need to obtain cultivation facility financing; (v) the time needed,
and coordination required, for our customers to acquire real estate and properly design and build the facility (to the stage when climate
control systems can be installed); (vi) the large price tag and technical complexities of the climate control and air sanitation systems;
(vii) the availability of power; and (viii) delays that are typical in completing any construction project.
As
has historically been the case for the Company at each quarter-end, there remains significant uncertainty regarding the timing of revenue
recognition of our backlog as of September 30, 2023.
We
have provided an estimate in our condensed consolidated financial statements for when we expect to recognize revenue on our remaining
performance obligations (i.e., our Q3 2023 backlog), using separate time bands, with respect to engineering only paid contracts and partial
equipment paid contracts. There continues to be significant uncertainty regarding the timing of our recognition of revenue on our Q3
2023 backlog. Refer to the Revenue Recognition section of Note 1 in our condensed consolidated financial statements, included
as part of this Quarterly Report for additional information on our estimate of future revenue recognition on our remaining performance
obligations.
Our
backlog, remaining performance obligations, and net bookings may not be indicative of future operating results, and our customers may
attempt to renegotiate or terminate their contracts for a number of reasons, including delays in or inability to obtain project financing
or licensing or abandonment of the project entirely. Accordingly, there can be no assurance that contracts included in backlog or remaining
performance obligations will generate revenues or when the revenues will be generated. Net bookings and backlog are considered non-GAAP
financial measures, and therefore, they should be considered in addition to, rather than as a substitute for, our GAAP measures for recognized
revenue, deferred revenue, and remaining performance obligations. Further, we can provide no assurance as to the profitability of our
contracts reflected in remaining performance obligations, backlog and net bookings.
Results
of Operations
Comparison
of Three Months Ended September 30, 2023 and September 30, 2022
Revenues
and Cost of Goods Sold
Revenue
for the three months ended September 30, 2023 was $914,000, compared to $5,063,000 for the three months ended September 30 2022, representing
a decrease of $4,149,000, or 82%. The decrease was primarily due to a decrease in bookings in the last 12 months. We believe the lower
bookings are due to the suppression of capital expenditures in the cannabis market environment as a result of the prolonged effects of
pricing and inflationary pressure, in addition to a reduced sales effort.
Cost
of revenue decreased by $3,448,000, or 77%, from $4,466,000 for the three months ended September 30, 2022 to $1,018,000 for the three
months ended September 30, 2023. The decrease was primarily due to a decrease in revenue and a decrease in variable costs, offset by
higher fixed costs as a percentage of revenue, as discussed below.
During
the three months ended September 30, 2023 we recognized a gross loss of $104,000 compared to a gross profit of $597,000 for the three
months ended September 30, 2022, a decrease of 117%. Our gross profit margin decreased by 23.2 percentage points from a gross profit
margin of 11.8% for the three months ended September 30, 2022 to a gross loss margin of 11.4% for the three months ended September 30,
2023 primarily due to lower revenue and an increase in fixed costs as a percentage of revenue, as described below. Additionally, total
revenue in the three months ended September 30, 2023 includes $29,000 from forfeited, non-refundable deposits from former customers on
previously cancelled contracts.
Our
fixed costs (which include engineering, service, manufacturing and project management salaries and benefits and manufacturing overhead)
totaled $292,000, or 32% of total revenue, for the three months ended September 30, 2023 as compared to $373,000, or 7% of total revenue,
for the three months ended September 30, 2022. The decrease of $81,000 was primarily due to a decrease in salaries and benefits (including
stock-based compensation) of $78,000 and a decrease in fixed overhead of $3,000.
Our
variable costs (which include the cost of equipment, outside engineering costs, shipping and handling, travel and warranty costs) totaled
$726,000, or 80% of total revenue, during the three months ended September 30, 2023, as compared to $4,093,000, or 81% of total revenue,
in the three months ended September 30, 2022. The decrease in variable costs was primarily due to: (i) a decrease in equipment costs
of $3,139,000 driven by lower revenue, partially offset by lower equipment margins, (ii) a decrease in warranty of $215,000, (iii) a
decrease in other overhead of $48,000, (iv) a decrease in travel of $32,000, (v) a decrease in shipping and handling expense of $12,000,
offset by (i) an increase in outside engineering costs of $58,000, and (ii) an increase in excess and obsolete inventory costs of $21,000.
We
continue to focus on gross margin improvement through a combination of efforts, including more disciplined pricing, better absorption
of our fixed costs as we convert our bookings into revenue, and the implementation over time of lower-cost supplier alternatives.
Operating
Expenses
Operating
expenses decreased to $703,000 for the three months ended September 30, 2023, from $1,656,000 for the three months ended September 30,
2022, a decrease of $953,000, or 58%. The operating expense decrease consisted of: (i) a decrease in selling, general and administrative
expenses (“SG&A expenses”) of $611,000, (ii) a decrease in advertising and marketing expenses of $283,000, and (iii)
a decrease in product development of $59,000. These decreases are the result of recent cost-cutting measures.
Our
decrease in SG&A expenses for the three months ended September 30, 2023 compared to the three months ended September 30, 2022, was
primarily due to: (i) a decrease of $299,000 in salaries and benefits (including stock-based compensation) and other employee related
costs, (ii) a decrease in accounting and other professional fees of $145,000, (iii) a decrease in bad debt expense of $107,000, (iv)
a decrease in commissions and other sales related expense of $47,000, (v) a decrease of $33,000 for facility and office expenses, (vi)
a decrease in travel of $22,000, offset by (i) an increase in investor relations expense of $24,000, and (ii) an increase in business
taxes and licenses of $19,000.
The
decrease in advertising and marketing expenses was primarily due to (i) a decrease in salaries and benefits (including stock compensation
of $124,000, (ii) a decrease in advertising and promotion of $77,000, (iii) a decrease in trade show related expenses of $65,000, and
(iv) a reduction in outside services and other marketing expenses of $17,000.
The
decrease in product development costs was due to (i) a decrease in salaries and benefits (including stock-based compensation) of $55,000,
and (ii) a decrease in travel of $4,000.
Operating
Income (Loss)
We
recognized an operating loss of $807,000 for the three months ended September 30, 2023, as compared to an operating loss of $1,059,000
for the three months ended September 30, 2022, a decrease of $252,000 or 24%. The operating loss for the three months ended September
30, 2023 included $15,000 of non-cash, stock-based compensation, and $7,000 of depreciation expense, compared to $79,000 of non-cash,
stock-based compensation, and $7,000 of depreciation expense for the three months ended September 30, 2022. Excluding these non-cash
items, our operating loss decreased by $189,000.
Other
Income (Expense)
We
recognized other income (net) of $8,000 for the three months ended September 30, 2023, compared to other income (net) of $17,000 for
the three months ended September 30, 2022. Other income for both the three months ended September 30, 2023 and the three months ended
September 30, 2022 primarily consisted of interest income on a money market account.
Net
Income (Loss)
Overall,
we recognized a net loss of $799,000 for the three months ended September 30, 2023, as compared to a net loss of $1,042,000 for the three
months ended September 30, 2022, a decrease of $243,000 or 23%. The net loss for the three months ended September 30, 2023 included $15,000
of non-cash, stock-based compensation, and $7,000 of depreciation expense, compared to $79,000 of non-cash, stock-based compensation,
$7,000 of depreciation expense for the three months ended September 30, 2022. Excluding these non-cash items, our net loss decreased
by $180,000.
Comparison
of Nine Months Ended September 30, 2023 and September 30, 2022
Revenues
and Cost of Goods Sold
Revenue
for the nine months ended September 30, 2023 was $6,660,000, compared to $9,822,000 for the nine months ended September 30 2022, representing
a decrease of $3,162,000, or 32%. The decrease was primarily due to a decrease in bookings over the past 12 months. We believe the lower bookings are due to the suppression of capital expenditures in the cannabis market environment as a result of the prolonged effects of pricing and inflationary pressure, in addition to a reduced sales effort.
Cost
of revenue decreased by $2,996,000, or 34%, from $8,828,000 for the nine months ended September 30, 2022 to $5,832,000 for the nine months
ended September 30, 2023. The increase was primarily due to a decrease in revenue and a decrease in variable costs as a percentage of
revenue, offset by an increase in fixed costs as a percentage of revenue.
Our
gross profit for the nine months ended September 30, 2023 was $828,000 compared to $994,000 for the nine months ended September 30, 2022,
a decrease of 17%. Gross profit margin increased by 2.3 percentage points from 10.1% for the nine months ended September 30, 2022 to
12.4% for the nine months ended September 30, 2023 primarily due to a decrease in variable costs as a percentage of revenue, offset by
an increase in fixed costs as a percentage of revenue, as described below. Additionally, total revenue in the nine months ended September
30, 2023 includes $234,000 from forfeited, non-refundable deposits from former customers on previously cancelled contracts.
Our
fixed costs (which include engineering, service, manufacturing and project management salaries and benefits and manufacturing overhead)
totaled $1,002,000, or 15% of total revenue, for the nine months ended September 30, 2023 as compared to $1,181,000, or 12% of total
revenue, for the nine months ended September 30, 2022. The decrease of $179,000 was primarily due to a decrease in salaries and benefits
(including stock-based compensation) of $145,000 and a decrease in fixed overhead of $34,000.
Our
variable costs (which include the cost of equipment, outside engineering costs, shipping and handling, travel and warranty costs) totaled
$4,830,000, or 73% of total revenue, during the nine months ended September 30, 2023, as compared to $7,647,000, or 78% of total revenue,
in the nine months ended September 30, 2022. The decrease in variable costs was primarily due to: (i) a decrease in equipment costs of
$2,497,000 driven by lower revenue, (ii) a decrease in warranty expense of $197,000, (iii) a decrease in travel of $84,000, (iv) a decrease
in other overhead of $42,000, (v) a decrease in outside engineering costs of $30,000, (vi) a decrease in shipping and handling expense
of $20,000, offset by an increase in excess and obsolete inventory of $52,000.
We
continue to focus on gross margin improvement through a combination of efforts, including more disciplined pricing, better absorption
of our fixed costs as we convert our bookings into revenue, and the implementation over time of lower-cost supplier alternatives.
Operating
Expenses
Operating
expenses decreased to $2,786,000 for the nine months ended September 30, 2023, from $5,435,000 for the nine months ended September 30,
2022, a decrease of $2,649,000, or 49%. The operating expense decrease consisted of: (i) a decrease of $1,232,000 in selling, general
and administrative (“SG&A expenses”) (ii) a decrease of $631,000 for goodwill impairment charges, (iii) a decrease in
advertising and marketing expenses of $608,000, and (iv) a decrease in product development of $178,000. The decreases are a result of
cost-cutting measures implemented this year.
Our
decrease in SG&A expenses for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022, was
primarily due to: (i) a decrease of $671,000 in salaries and benefits (including stock-based compensation) and employee recruitment costs,
(ii) a decrease in accounting and other professional fees of $315,000, (iii) a decrease in bad debt expense of $96,000, (iv) a decrease
for commissions and other sales related expenses of $76,000, (v) a decrease in travel of $75,000, and (vi) a decrease of $68,000 for
facility and office expenses, offset by (i) an increase in costs related to investor relations of $40,000, (ii) an increase in business
taxes and licenses expense of $21,000, and (iii) an increase in board fees of $10,000.
The
decrease in advertising and marketing expenses was primarily due to (i) a decrease in salaries and benefits (including stock compensation)
of $230,000, (ii) a decrease in advertising and promotion of $165,000, (iii) a reduction in trade show related expenses of $107,000,
(iv) a decrease in outside services and other marketing expenses of $106,000.
The
decrease in product development costs was due to (i) a decrease in salaries and benefits (including stock-based compensation) of $143,000,
(ii) a decrease in R&D consulting and materials expense of $21,000, and (iii) a decrease in travel of $14,000.
Operating
Income (Loss)
We
recognized an operating loss of $1,958,000 for the nine months ended September 30, 2023, as compared to an operating loss of $4,442,000
for the nine months ended September 30, 2022, a decrease of $2,484,000 or 56%. The operating loss for the nine months ended September
30, 2023 included $177,000 of non-cash, stock-based compensation, and $20,000 of depreciation expense, compared to $267,000 of non-cash,
stock-based compensation, $20,000 of depreciation expense, and $631,000 for a goodwill impairment charge for the nine months ended September
30, 2022. Excluding these non-cash items, our operating loss decreased by $1,763,000.
Other
Income (Expense)
We
recognized other income (net) of $34,000 for the nine months ended September 30, 2023, compared to other income (net) of $216,000 for
the nine months ended September 30, 2022. Other income for the nine months ended September 30, 2023 consisted of interest income on a
money market account of $26,000 and $8,000 for adjustments to our ERC credit and unclaimed property liability. Other income for the nine
months ended September 30, 2022 primarily consisted of $185,000 for an insurance settlement, and interest income on a money market account.
Net
Income (Loss)
Overall,
we recognized a net loss of $1,924,000 for the nine months ended September 30, 2023, as compared to a net loss of $4,226,000 for the
nine months ended September 30, 2022, a decrease of $2,302,000 or 54%. The net loss for the nine months ended September 30, 2023 included
$177,000 of non-cash, stock-based compensation, and $20,000 of depreciation expense, compared to $267,000 of non-cash, stock-based compensation,
$20,000 of depreciation expense, and $631,000 for a goodwill impairment charge for the nine months ended September 30, 2022. Excluding
these non-cash items, our net loss decreased by $1,581,000.
Financial
Condition, Liquidity and Capital Resources
Cash,
Cash Equivalents
As
of September 30, 2023, we had cash and cash equivalents of $13,343,000, compared to cash and cash equivalents of $18,637,000 as of December
31, 2022. The $5,294,000 decrease in cash and cash equivalents during the nine months ended September 30, 2023, was the result of cash
used in operations. Our cash is held in bank depository accounts in a financial institution. During the nine months ended September 30,
2023, we held deposits in this financial institution that exceeded the federally insured amount.
As
of September 30, 2023, we had accounts receivable (net of allowance for doubtful accounts) of $273,000, inventory (net of excess and
obsolete allowance) of $315,000, and prepaid expenses and other assets of $324,000 (including $36,000 in advance payments on inventory
purchases). While we typically require advance payment before we commence engineering services or ship equipment to our customers, we
have made exceptions requiring us to record accounts receivable, which carry a risk of non-collectability especially since most of our
customers are funded on an as-needed basis to complete facility construction.
As
of September 30, 2023, we had total accounts payable and accrued expenses of $572,000, deferred revenue of $475,000, and the current
portion of operating lease liability of $124,000. As of September 30, 2023, we had working capital of $13,083,000, compared to working
capital of $14,724,000 as of December 31, 2022. The decrease in our working capital was primarily related to (i) a decrease in cash of
$5,294,000, (ii) a decrease in deferred revenue of $3,864,000, (iii) a decrease in prepaid and other expenses of $1,166,000, (iv) a decrease
in accounts payable and accrued liabilities of $635,000, and (v) an increase in accounts receivable (net) of $270,000.
We
currently intend to retain all available funds and any future earnings for use in the operation of our business. We have never declared
or paid any cash dividends on our common stock and do not anticipate paying any cash dividends in the foreseeable future.
Because
of the post-pandemic macro-economic and CEA industry economy that has developed during 2021 and 2022, and is continuing into 2023, we
cannot predict the continuing level of working capital that we will have in the future. Additionally, we cannot predict that our future
financial position will not deteriorate due to cancelled or delayed contract fulfillment, reduced sales and our ability to perform our
contracts. As mentioned elsewhere, we have taken steps to conserve our cash resources by reducing staff and taking other cost-cutting
measures.
Summary
of Cash Flows
The
following summarizes our approximate cash flows for the nine months ended September 30, 2023 and September 30, 2022:
| |
For the Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | |
Net cash used in operating activities | |
$ | (5,294,000 | ) | |
$ | (743,000 | ) |
Net cash used in investing activities | |
| - | | |
| (28,000 | ) |
Net cash provided by financing activities | |
| - | | |
| 19,695,000 | |
Net increase (decrease) in cash | |
$ | (5,294,000 | ) | |
$ | 18,924,000 | |
Operating
Activities
We
incurred a net loss for the nine months ended September 30, 2023 of $1,924,000 and have an accumulated deficit of $36,203,000 as of September
30, 2023.
Cash
used in operations for the nine months ended September 30, 2023 was $5,294,000 compared to cash used in operating activities of $743,000
for the nine months ended September 30, 2022, an increase in cash usage of $4,551,000.
The
increase in cash used in operating activities during the nine months ended September 30, 2023 as compared to the nine months ended September
30, 2022, was primarily attributable to: (i) an increase in cash used to fund working capital of $6,136,000, (ii) a decrease in net loss
of $2,302,000, and (iii) a decrease in non-cash operating charges of $717,000.
The
decrease in our working capital was primarily related to (i) a decrease in cash of $5,294,000, (ii) a decrease in deferred revenue of
$3,864,000, (iii) a decrease in prepaid and other expense of $1,166,000, (iv) a decrease in accounts payable and accrued liabilities
of $635,000, and (v) an increase in accounts receivable of $270,000.
The
decrease in non-cash operating charges was primarily due to (i) a decrease in goodwill impairment charges of $631,000, (ii) a decrease
in share-based compensation of $103,000, and (iii) a decrease in the provision for doubtful accounts of $96,000, offset by an increase
in the provision for excess and obsolete inventory of $116,000.
Investing
Activities
Cash
used in investing activities during the nine months ended September 30, 2023 was $0. Cash used in investing activities during the nine
months ended September 30, 2022 of $28,000 was primarily related to the purchase of property and equipment.
Financing
Activities
There
were no cash flows from financing activities during the nine months ended September 30, 2023.
Cash
flows from financing activities during the nine months ended September 30, 2022, was the result of cash proceeds from the sale of common
stock and warrants (net of issuance costs) of $21,711,000, offset by a cash payment of $2,016,000 for the redemption of series B preferred
stock, including related dividends.
Common
Stock Equity Offering
On
February 15, 2022, the Company completed a public offering of shares of common stock and warrants. The Company received net proceeds
of approximately $21,711,000 for the sale of 5,811,138 shares of common stock and 6,572,808 warrants, each warrant to purchase one share
of common stock for five years, exercisable immediately, at an exercise price of $5.00, expiring February 10, 2027. The Company also
issued to the representative of the underwriters 290,557 warrants, each warrant to purchase one share of common stock at an exercise
price of $5.16, during the period commencing August 9, 2022, and expiring on February 10, 2027.
The
net proceeds from the offering will be used for the Company’s operations, to pursue select acquisitions or strategic alternatives,
and for general corporate and working capital purposes. In connection with the offering, we received approval to list our common stock
on the Nasdaq Capital Market under the symbol “CEAD” and our warrants under the symbol “CEADW”. Effective February
10, 2022, trading of both shares of the Company’s common stock and certain of the Company’s warrants commenced on the Nasdaq.
See Item 5 below for discussion of the notice received from Nasdaq concerning a potential delisting.
Inflation
Recently,
our operations have started to be influenced by the inflation existent in the larger economy and in the industries related to building
renovations, retrofitting and new build facilities in which we operate. We are likely to continue to face inflationary increases in the
cost of products and our operations, which may adversely affect our margins and financial results and the pricing of our service and
product supply contracts. Inflation is reflected in higher wages, increased pricing of equipment and other products that we have contracted
to provide to our customers, and generally higher prices across all sectors of the economy. As we move forward, we plan to continuously
monitor our various contract terms and may decide to add clauses that will permit us to adjust pricing if inflation and price increase
pressures on us will impact our ability to perform our contracts and maintain our margins.
Contractual
Payment Obligations
As
of September 30, 2023, our contractual payment obligations consisted of a building lease. Refer to Note 2 – Leases
of the notes to the condensed consolidated financial statements, included as part of this Quarterly Report for a discussion of our building
lease.
Commitments
and Contingencies
Refer
to Note 6 – Commitments and Contingencies of the notes to the condensed consolidated financial statements, included as part
of this Quarterly Report for a discussion of commitments and contingencies.
Off-Balance
Sheet Arrangements
We
are required to disclose any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on
our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures,
or capital resources that are material to investors. As of September 30, 2023, we had no off-balance sheet arrangements. During the nine
months ended September 30, 2023, we did not engage in any off-balance sheet financing activities other than those included in the “Contractual
Payment Obligations” discussed above and those reflected in Note 6 of our condensed consolidated financial statements.
Critical
Accounting Estimates
This
discussion and analysis of our financial condition and results of operations is based upon our condensed consolidated financial statements,
which have been prepared in conformity with accounting principles generally accepted in the United States of America. Certain accounting
policies are particularly important to the understanding of our financial position and results of operations and require the application
of significant judgment by our management or can be materially affected by changes from period to period in economic factors or conditions
that are outside of our control. As a result, they are subject to an inherent degree of uncertainty. In applying these policies, management
uses their judgment to determine the appropriate assumptions to be used in the determination of certain estimates. Those estimates are
based on our historical operations, our future business plans and projected financial results, the terms of existing contracts, observance
of trends in the industry, information provided by our customers, and information available from other outside sources, as appropriate.
Actual results could materially differ from those estimates. Key estimates include: allocation of transaction prices to performance obligations
under contracts with customers, standalone selling prices, timing of expected revenue recognition on remaining performance obligations
under contracts with customers, valuation of intangible assets, valuation of equity-based compensation, valuation of deferred tax assets
and liabilities, warranty accruals, accounts receivable and inventory allowances, and legal contingencies.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We
are a smaller reporting company, as defined by Rule 12b-2 of the Exchange Act, therefore are not required to provide the information
under this item.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
Our
management, with the participation of our Chief Executive Officer and our Principal Financial and Accounting Officer, has evaluated the
effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the
end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and Principal
Financial and Accounting Officer concluded that as a result of material weaknesses in our internal control over financial reporting as
described in Item 9A of our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC, our disclosure controls
and procedures were not effective as of September 30, 2023.
We
did not maintain effective controls over certain aspects of the financial reporting process because: (i) we lack a sufficient complement
of personnel with a level of accounting expertise and an adequate supervisory review structure that is commensurate with our financial
reporting requirements, (ii) there is inadequate segregation of duties due to our limited number of accounting personnel, and (iii) we
have insufficient controls and processes in place to adequately verify the accuracy and completeness of spreadsheets that we use for
a variety of purposes including revenue, taxes, stock-based compensation and other areas, and place significant reliance on, for our
financial reporting.
We
intend to take appropriate and reasonable steps to make the necessary improvements to remediate these deficiencies. We are committed
to continuing to improve our financial organization including, without limitation, expanding our accounting staff and improving our systems
and controls to reduce our reliance on the manual nature of our existing systems. However, due to our size and our financial resources,
remediating the several identified weaknesses has not been possible and may not be economically feasible now or in the future.
Changes
in Internal Control over Financial Reporting
There
were no changes identified in connection with our internal control over financial reporting during the three months ended September 30,
2023, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II — OTHER INFORMATION
Item
1. Legal Proceedings
On October 20, 2023, Sweet Cut Grow, LLC and Green Ice, LLC (collectively, “Claimant”) a client of the
Company with which it had an equipment contract and engineering contract, filed a demand for arbitration asserting claims for breach of
contract, breach of warranty, and unjust enrichment, and demand for $1,049,280 in damages, plus interest (“Claims”). The Company’s equipment contract
with Claimant requires the parties to arbitrate their disputes under the rules of the American Arbitration Association (“AAA”).
The arbitration will be heard in Denver, Colorado. There are no scheduled hearing dates currently. The parties will pay their own legal
fees and expenses.
Item
1A. Risk Factors
In
addition to the information set forth in this Form 10-Q, you should also carefully review and consider the risk factors contained in
our other reports and periodic filings with the SEC, including, without limitation, the risk factors and uncertainties contained under
the caption “Item 1A—Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, that could
materially and adversely affect our business, financial condition, and results of operations. The risk factors discussed in that Form
10-K do not identify all risks that we face because our business operations could also be affected by additional factors that are not
known to us or that we currently consider to be immaterial to our operations.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item
3. Defaults upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
Nasdaq
Notice Regarding Minimum Bid Price
On
April 10, 2023, the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”)
indicating that, based upon the closing bid price of the Company’s common stock for the 30 consecutive business day period between
February 24, 2023, through April 6, 2023, the Company did not meet the minimum bid price of $1.00 per share required for continued listing
on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The letter also indicated that the Company will be provided
with a compliance period of 180 calendar days, or until October 9, 2023 (the “Compliance Period”), in which to regain compliance
pursuant to Nasdaq Listing Rule 5810(c)(3)(A) that could be extended upon application. On October 11, 2023, after Company application,
Nasdaq formally determined to grant the Company a second 180-day Compliance Period. The Company now has until April 7, 2024, to satisfy
the Listing Rule 5550(a)(2) deficiency.
In
order to regain compliance with Nasdaq’s minimum bid price requirement, the Company’s common stock must maintain a minimum
closing bid price of $1.00 for at least ten consecutive business days during the second Compliance Period. In the event the Company does
not regain compliance by the end of the second Compliance Period, the Company will be delisted from The Nasdaq Capital Market.
The
letter has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on The
Nasdaq Capital Market, subject to the Company’s compliance with the other listing requirements of The Nasdaq Capital Market.
Initiation
of Strategic Alternatives Review
On
May 24, 2023, the Company’s Board of Directors hired Roth Capital Partners to assist in its review of strategic alternatives. While
the Company is hopeful that this process increases the slate of opportunities available to create shareholder value, there can be no
assurance regarding the results or outcome of this review.
Item
6. Exhibits
The
documents listed in the Exhibit Index of this Form 10-Q are incorporated by reference or are filed with this Form 10-Q, in each case
as indicated therein (numbered in accordance with Item 601 of Regulation S-K).
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
|
CEA
INDUSTRIES INC. |
|
(the
“Registrant”) |
|
|
|
Dated:
November 14, 2023 |
By: |
/s/
Anthony K. McDonald |
|
|
Anthony
K. McDonald |
|
|
Chief
Executive Officer and President |
|
|
(Principal
Executive Officer) |
|
|
|
Dated:
November 14, 2023 |
By: |
/s/
Ian K. Patel |
|
|
Ian
K. Patel |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
EXHIBIT
INDEX
* |
Filed
herewith. |
** |
Furnished
herewith. |
Exhibit
31.1
CERTIFICATION
PURSUANT TO RULE 13a-14(a) and 15d-14(a)
UNDER
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I,
Anthony K. McDonald, the Chief Executive Officer of CEA Industries Inc. certify that:
1.
I have reviewed this quarterly report on Form 10-Q of CEA Industries Inc. for the quarterly period ended September 30, 2023;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
(b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Dated
November 14, 2023.
By: |
/s/
Anthony K. McDonald |
|
|
Anthony
K. McDonald
|
|
|
Chief
Executive Officer |
|
Exhibit
31.2
CERTIFICATION
PURSUANT TO RULE 13a-14(a) and 15d-14(a)
UNDER
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I,
Ian K. Patel, the Principal Financial and Accounting Officer of CEA Industries Inc. certify that:
1.
I have reviewed this quarterly report on Form 10-Q of CEA Industries Inc. for the quarterly period ended September 30, 2023;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
(b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Dated
November 14, 2023.
By: |
/s/
Ian K. Patel |
|
|
Ian
K. Patel
|
|
|
Chief
Financial Officer |
|
Exhibit
32.1
CERTIFICATION
PURSUANT TO SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002
In
connection with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the “Report”) of CEA Industries
Inc. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Anthony K. McDonald,
the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.
|
|
/s/
Anthony K. McDonald |
|
Name: |
Anthony
K. McDonald, |
|
|
Chief
Executive Officer |
|
Date: |
November
14, 2023 |
This
certification accompanies this Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not
be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or
the Exchange Act, except to the extent that the Company specifically incorporates it by reference.
Exhibit
32.2
CERTIFICATION
PURSUANT TO SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002
In
connection with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the “Report”) of CEA Industries
Inc. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Ian K. Patel, the Principal
Financial and Accounting Officer of the Registrant, hereby certify, to the best of my knowledge, that:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.
|
|
/s/
Ian K. Patel |
|
Name: |
Ian
K. Patel, |
|
|
Chief
Financial Officer |
|
Date: |
November
14, 2023 |
This
certification accompanies this Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not
be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or
the Exchange Act, except to the extent that the Company specifically incorporates it by reference.
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 14, 2023 |
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
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|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-41266
|
|
Entity Registrant Name |
CEA
INDUSTRIES INC.
|
|
Entity Central Index Key |
0001482541
|
|
Entity Tax Identification Number |
27-3911608
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
385
South Pierce Avenue
|
|
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Suite C
|
|
Entity Address, City or Town |
Louisville
|
|
Entity Address, State or Province |
CO
|
|
Entity Address, Postal Zip Code |
80027
|
|
City Area Code |
(303)
|
|
Local Phone Number |
993-5271
|
|
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Yes
|
|
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Yes
|
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Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
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false
|
|
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false
|
|
Entity Common Stock, Shares Outstanding |
|
8,076,372
|
Common Stock, $0.00001 par value |
|
|
Title of 12(b) Security |
Common
Stock, $0.00001 par value
|
|
Trading Symbol |
CEAD
|
|
Security Exchange Name |
NASDAQ
|
|
Warrants To Purchase Common Stock [Member] |
|
|
Title of 12(b) Security |
Warrants
to purchase common stock
|
|
Trading Symbol |
CEADW
|
|
Security Exchange Name |
NASDAQ
|
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v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current Assets |
|
|
Cash and cash equivalents |
$ 13,342,805
|
$ 18,637,114
|
Accounts receivable, net |
272,547
|
2,649
|
Inventory, net |
315,096
|
348,411
|
Prepaid expenses and other |
323,751
|
1,489,921
|
Total Current Assets |
14,254,199
|
20,478,095
|
Noncurrent Assets |
|
|
Property and equipment, net |
45,737
|
68,513
|
Intangible assets, net |
1,830
|
1,830
|
Deposits |
14,747
|
14,747
|
Operating lease right-of-use asset |
383,169
|
462,874
|
Total Noncurrent Assets |
445,483
|
547,964
|
TOTAL ASSETS |
14,699,682
|
21,026,059
|
Current Liabilities |
|
|
Accounts payable and accrued liabilities |
571,885
|
1,207,258
|
Deferred revenue |
474,888
|
4,338,570
|
Accrued equity compensation |
|
89,970
|
Current portion of operating lease liability |
124,319
|
118,235
|
Total Current Liabilities |
1,171,092
|
5,754,033
|
Noncurrent Liabilities |
|
|
Operating lease liability, net of current portion |
290,051
|
376,851
|
Total Noncurrent Liabilities |
290,051
|
376,851
|
TOTAL LIABILITIES |
1,461,143
|
6,130,884
|
Commitments and Contingencies (Note 6) |
|
|
SHAREHOLDERS’ EQUITY |
|
|
Preferred stock, $0.00001 par value; 25,000,000 shares authorized; 0 shares issued and outstanding |
|
|
Common stock, $0.00001 par value; 200,000,000 authorized; 8,076,372 and 7,953,974 shares issued and outstanding, respectively |
81
|
80
|
Additional paid in capital |
49,441,231
|
49,173,836
|
Accumulated deficit |
(36,202,773)
|
(34,278,741)
|
Total Shareholders’ Equity |
13,238,539
|
14,895,175
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ 14,699,682
|
$ 21,026,059
|
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v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par or stated value per share |
$ 0.00001
|
$ 0.00001
|
Preferred stock, shares authorized |
25,000,000
|
25,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par or stated value per share |
$ 0.00001
|
$ 0.00001
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
Common stock, shares issued |
8,076,372
|
7,953,974
|
Common stock, shares outstanding |
8,076,372
|
7,953,974
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenue, net |
$ 913,571
|
$ 5,063,079
|
$ 6,659,858
|
$ 9,822,391
|
Cost of revenue |
1,017,634
|
4,465,888
|
5,831,953
|
8,828,453
|
Gross profit (loss) |
(104,063)
|
597,191
|
827,905
|
993,938
|
Operating expenses: |
|
|
|
|
Advertising and marketing expenses |
21,551
|
304,600
|
256,965
|
865,305
|
Product development costs |
|
58,978
|
76,487
|
254,473
|
Selling, general and administrative expenses |
681,448
|
1,292,746
|
2,452,305
|
3,684,617
|
Goodwill impairment charges |
|
|
|
631,064
|
Total operating expenses |
702,999
|
1,656,324
|
2,785,757
|
5,435,459
|
Operating loss |
(807,062)
|
(1,059,133)
|
(1,957,852)
|
(4,441,521)
|
Other income (expense): |
|
|
|
|
Other income (expense), net |
|
6,358
|
7,778
|
191,358
|
Interest income (expense), net |
8,043
|
10,725
|
26,042
|
24,585
|
Total other income (expense) |
8,043
|
17,083
|
33,820
|
215,943
|
Loss before provision for income taxes |
(799,019)
|
(1,042,050)
|
(1,924,032)
|
(4,225,578)
|
Income taxes |
|
|
|
|
Net loss |
(799,019)
|
(1,042,050)
|
(1,924,032)
|
(4,225,578)
|
Convertible preferred series B stock dividends |
|
|
|
(35,984)
|
Deemed dividend on convertible preferred series B stock on down round |
|
|
|
(439,999)
|
Net loss available to common shareholders |
$ (799,019)
|
$ (1,042,050)
|
$ (1,924,032)
|
$ (4,701,561)
|
Loss per common share - basic |
$ (0.10)
|
$ (0.13)
|
$ (0.24)
|
$ (0.69)
|
Loss per common share - diluted |
$ (0.10)
|
$ (0.13)
|
$ (0.24)
|
$ (0.69)
|
Weighted average number of common shares outstanding, basic |
8,076,372
|
7,953,974
|
8,074,842
|
6,804,741
|
Weighted average number of common shares outstanding, diluted |
8,076,372
|
7,953,974
|
8,074,842
|
6,804,741
|
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v3.23.3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance value at Dec. 31, 2021 |
$ 16
|
$ 25,211,017
|
$ (28,781,566)
|
$ (3,570,533)
|
Balance, shares at Dec. 31, 2021 |
1,600,835
|
|
|
|
Fair value of vested stock options granted to employees |
|
208,672
|
|
208,672
|
Net loss |
|
|
(4,225,578)
|
(4,225,578)
|
Common shares issued in settlement of restricted stock units issued to directors |
|
24,994
|
|
24,994
|
Common shares issued in settlement of restricted stock units issued to directors, shares |
3,367
|
|
|
|
Fair value of restricted stock units issued to directors |
|
17,418
|
|
17,418
|
Cashless exercise of prefunded warrants |
2
|
(2)
|
|
|
Fair value of vested stock options granted to directors |
|
29,656
|
|
29,656
|
Issuance of common shares to round up partial shares following reverse split |
|
|
|
|
Issuance of common shares to round up partial shares following reverse split, shares |
6,798
|
|
|
|
Common shares and warrants issued for cash |
$ 58
|
21,711,073
|
|
21,711,131
|
Common shares and warrants issued for cash, shares |
5,811,138
|
|
|
|
Common shares and warrants issued on conversion of series B preferred stock |
$ 4
|
1,979,996
|
|
1,980,000
|
Common shares issued and warrants on conversion of series B preferred stock, shares |
362,306
|
|
|
|
Dividends on series B preferred stock |
|
(35,984)
|
|
(35,984)
|
Cashless exercise of prefunded warrants, shares |
169,530
|
|
|
|
Ending balance value at Sep. 30, 2022 |
$ 80
|
49,146,840
|
(33,007,144)
|
16,139,776
|
Balance, shares at Sep. 30, 2022 |
7,953,974
|
|
|
|
Beginning balance value at Jun. 30, 2022 |
$ 80
|
49,091,496
|
(31,965,094)
|
17,126,482
|
Balance, shares at Jun. 30, 2022 |
7,953,974
|
|
|
|
Fair value of vested stock options granted to employees |
|
49,099
|
|
49,099
|
Net loss |
|
|
(1,042,050)
|
(1,042,050)
|
Fair value of restricted stock units issued to directors |
|
6,245
|
|
6,245
|
Cashless exercise of prefunded warrants |
|
|
|
|
Ending balance value at Sep. 30, 2022 |
$ 80
|
49,146,840
|
(33,007,144)
|
16,139,776
|
Balance, shares at Sep. 30, 2022 |
7,953,974
|
|
|
|
Beginning balance value at Dec. 31, 2022 |
$ 80
|
49,173,836
|
(34,278,741)
|
14,895,175
|
Balance, shares at Dec. 31, 2022 |
7,953,974
|
|
|
|
Fair value of vested stock options granted to employees |
|
166,080
|
|
166,080
|
Net loss |
|
|
(1,924,032)
|
(1,924,032)
|
Common shares issued in settlement of restricted stock units issued to directors |
$ 1
|
(1)
|
|
|
Common shares issued in settlement of restricted stock units issued to directors, shares |
122,398
|
|
|
|
Fair value of restricted stock units issued to directors |
|
101,316
|
|
101,316
|
Ending balance value at Sep. 30, 2023 |
$ 81
|
49,441,231
|
(36,202,773)
|
13,238,539
|
Balance, shares at Sep. 30, 2023 |
8,076,372
|
|
|
|
Beginning balance value at Jun. 30, 2023 |
$ 81
|
49,426,065
|
(35,403,754)
|
14,022,392
|
Balance, shares at Jun. 30, 2023 |
8,076,372
|
|
|
|
Fair value of vested stock options granted to employees |
|
15,166
|
|
15,166
|
Net loss |
|
|
(799,019)
|
(799,019)
|
Ending balance value at Sep. 30, 2023 |
$ 81
|
$ 49,441,231
|
$ (36,202,773)
|
$ 13,238,539
|
Balance, shares at Sep. 30, 2023 |
8,076,372
|
|
|
|
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash Flows From Operating Activities: |
|
|
Net loss |
$ (1,924,032)
|
$ (4,225,578)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
Depreciation and intangible asset amortization expense |
22,476
|
24,731
|
Share-based compensation |
177,427
|
280,739
|
Provision for doubtful accounts |
(2,056)
|
93,500
|
Provision for excess and obsolete inventory |
111,123
|
(5,332)
|
Loss on disposal of assets |
100
|
4,489
|
Amortization of operating lease ROU asset |
79,705
|
76,917
|
Goodwill impairment charges |
|
631,064
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(267,842)
|
8,801
|
Inventory |
(77,808)
|
(230,966)
|
Prepaid expenses and other |
1,166,170
|
171,582
|
Accounts payable and accrued liabilities |
(635,373)
|
910,523
|
Deferred revenue |
(3,863,683)
|
1,595,644
|
Operating lease liability, net |
(80,716)
|
(65,157)
|
Accrued equity compensation |
|
(14,065)
|
Net cash provided by (used in) operating activities |
(5,294,509)
|
(743,108)
|
Cash Flows From Investing Activities |
|
|
Purchases of property and equipment |
|
(30,348)
|
Proceeds from the sale of property and equipment |
200
|
2,250
|
Net cash provided by (used in) investing activities |
200
|
(28,098)
|
Cash Flows From Financing Activities |
|
|
Payment of dividends on series B preferred stock |
|
(35,984)
|
Redemption of series B preferred stock |
|
(1,980,000)
|
Net cash proceeds on sale of common stock and warrants, net of expenses |
|
21,711,131
|
Net cash provided by financing activities |
|
19,695,147
|
Net change in cash and cash equivalents |
(5,294,309)
|
18,923,941
|
Cash and cash equivalents, beginning of period |
18,637,114
|
2,159,608
|
Cash and cash equivalents, end of period |
13,342,805
|
21,083,549
|
Supplemental cash flow information: |
|
|
Interest paid |
|
|
Income taxes paid |
|
|
Non-cash investing and financing activities: |
|
|
Conversion of series B preferred stock |
|
1,980,000
|
Deemed dividend on series B preferred stock arising on down round |
|
439,999
|
Cashless exercise of prefunded warrants |
|
2
|
Options issued for accrued equity compensation liability |
$ 89,970
|
$ 78,938
|
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v3.23.3
Nature of Operations and Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Nature of Operations and Significant Accounting Policies |
Note
1 – Nature of Operations and Significant Accounting Policies
Description
of Business
CEA
Industries Inc., formerly Surna Inc. (the “Company”), was incorporated in Nevada on October 15, 2009. We design, engineer
and sell environmental control and other technologies for the Controlled Environment Agriculture (“CEA”) industry. The CEA
industry is one of the faster-evolving sectors of the United States’ economy. From leafy greens (kale, Swiss chard, mustard, cress),
microgreens (leafy greens harvested at the first true leaf stage), ethnic vegetables, ornamentals, and small fruits (such as strawberries,
blackberries and raspberries) to bell peppers, cucumbers, and tomatoes and cannabis and hemp, more and more producers consider or act
to grow crops indoors in response to market dynamics or as part of their preferred farming practice. In service of the CEA industry,
we provide: (i) architectural design and licensed engineering of commercial scale thermodynamic systems specific to cultivation facilities,
(ii) liquid-based process cooling systems and other climate control systems, (iii) air handling equipment and systems, (iv) air sanitation
products, (v) LED lighting, (vi) benching and racking solutions for indoor cultivation, (vii) proprietary and third party controls systems
and technologies used for environmental, lighting, and climate control, and (viii) preventive maintenance services, through our partnership
with a certified service contractor network, for CEA facilities. Our customers include commercial, state- and provincial-regulated CEA
growers in the U.S. and Canada. Customers are those growers building new facilities and those expanding or retrofitting existing facilities.
Currently, our revenue stream is derived primarily from supplying our products, services, and technologies to commercial indoor facilities
ranging from several thousand to more than 100,000 square feet. Headquartered in Louisville, Colorado, we leverage our experience in
this space to bring value-added climate control solutions to our customers that help improve their overall crop quality and yield, optimize
energy and water efficiency, and satisfy the evolving state and local codes, permitting and regulatory requirements. Although most of
our customers do, we neither produce nor sell cannabis or its related products.
Impact
of the COVID-19 Pandemic on Our Business
The
impact of the government and the business economic response to the COVID-19 pandemic affected demand across the majority of our markets
and disrupted workflow and completion schedules on projects. We believe we continue to see adverse effects on our sales, project implementation,
supply chain infrastructure, operating margins, costs, and working capital.
Due
to this uncertainty, we continue to monitor costs and continue to take actions to reduce costs in order to mitigate the long-term impact
of the COVID-19 pandemic to the best of our ability. However, these actions may not be sufficient in the long run to avoid reduced sales,
increased losses, and reduced operating cash flows in our business. During the year ended December 31, 2022, and continuing into the
current fiscal quarter, the Company experienced delays in the receipt of equipment it had ordered to meet its customer orders due to
disruption and delays in its supply chain. Consequently, our revenue recognition of some customer sales has been delayed until future
periods when the shipment of orders can be completed.
Impact
of Ukrainian Conflict
Currently,
we believe that the conflict between Ukraine and Russia does not have any direct impact on our operations, financial condition, or financial
reporting. We believe the conflict will have only a general impact on our operations in the same manner as it has a general impact on
all businesses that have their operations limited to North America resulting from international sanction and embargo regulations, possible
shortages of goods and goods incorporating parts that may be supplied from the Ukraine or Russia, supply chain challenges, and the international
and US domestic inflationary results of the conflict and government spending for and funding of our country’s response. As our
operations are related only to the North American controlled environment agricultural industry, largely within the cannabis space, we
do not believe we will be targeted for cyber-attacks related to this conflict. We have no operations in the countries directly involved
in the conflict or are specifically impacted by any of the sanctions and embargoes, as we principally operate in the United States and
Canada. We do not believe that the conflict will have any impact on our internal control over financial reporting. Other than general
securities market trends, we do not have reason to believe that investors will evaluate the company as having special risks or exposures
related to the Ukrainian conflict.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Inflation
Our
operations are being influenced by the inflation existent in the larger economy and in the industries related to building renovations,
retrofitting and new build CEA facilities in which we operate. We believe that we will continue to face inflationary increases in the
cost of products and our operations, which will adversely affect our margins and financial results and the pricing of our service and
product supply contracts. Inflation is reflected in higher wages, increased pricing of equipment, delivery and transportation costs,
and general operational expenses. As we move forward, we plan to continuously monitor our various contract terms and may decide to add
clauses that will permit us to adjust pricing if inflation and price increase pressures on us will impact our ability to perform our
contracts and maintain our margins.
Financial
Statement Presentation
The
preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States
of America (“GAAP”) requires management to make estimates and assumptions that affect reported amounts and related disclosures.
Interim
Financial Statements
The
accompanying unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles
generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to
Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and note disclosures, normally
included in financial statements prepared in accordance with GAAP, have been condensed or omitted. In the opinion of management, all
adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results
for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending
December 31, 2023. The balance sheet information as of December 31, 2022 has been derived from the audited financial statements at that
date but does not include all the information and footnotes required by GAAP for complete financial statements. For further information,
refer to the consolidated financial statements and notes thereto contained in the Annual Report on Form 10-K for the year ended December
31, 2022.
Principles
of Consolidation
The
condensed consolidated financial statements include the accounts of the Company and its controlled and wholly owned subsidiaries, Hydro
Innovations, LLC (“Hydro”) and Surna Cultivation Technologies LLC (“SCT”). Intercompany transactions, profit,
and balances are eliminated in consolidation.
Use
of Estimates
Management
makes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the financial statements and that affect the reported amounts of revenue and expenses during the reporting
period. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under
the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results could differ from those estimates. Key estimates include: allocation of transaction
prices to performance obligations under contracts with customers, standalone selling prices, timing of expected revenue recognition on
remaining performance obligations under contracts with customers, valuation of intangible assets and goodwill, valuation of equity-based
compensation, valuation of deferred tax assets and liabilities, warranty accruals, accounts receivable and inventory allowances, and
legal contingencies.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Cash,
Cash Equivalents, and Restricted Cash
All
highly liquid investments with original maturities of three months or less at the date of purchase are considered to be cash equivalents.
The Company may, from time to time, have deposits in financial institutions that exceed the federally insured amount of $250,000. As
of September 30, 2023, the balance in the Company’s accounts was approximately $13,343,000, consequently approximately $13,093,000
of this balance was not insured by the FDIC. The Company has not experienced any losses to date on depository accounts.
Income
(Loss) Per Common Share
Basic
income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average
number of common shares outstanding during the period without consideration of common stock equivalents. Diluted net income (loss) per
common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding and potentially dilutive
common stock equivalents, including stock options, warrants and restricted stock units and other equity-based awards, except in cases
where the effect of the common stock equivalents would be antidilutive. Potential common stock equivalents consist of common stock issuable
upon exercise of stock options and warrants and the vesting of restricted stock units using the treasury method.
As
of September 30, 2023 and 2022, there were respectively, 7,992,829 and 7,881,160, potentially dilutive equity instruments outstanding
in respect of warrants, options and restricted stock units that were convertible into shares of the Company’s common stock. Of
these potentially dilutive equity instruments outstanding, 7,623,772 related to warrants outstanding at both September 30, 2023 and 2022
issued in connection with the sale of our shares of series B Preferred stock and common stock. The remaining 369,057 and 257,388 potentially
dilutive equity instruments outstanding as of September 30, 2023 and 2022, respectively, related to options and restricted stock units
that were convertible into shares of the Company’s common stock that had been issued to our directors and staff as compensation.
Goodwill
The
Company recorded goodwill in connection with its acquisition of Hydro Innovations, LLC in July 2014. Goodwill is reviewed for impairment
annually or more frequently when events or changes in circumstances indicate that fair value of the reporting unit has been reduced to
less than its carrying value. The Company performs a quantitative impairment test annually on December 31 by comparing the fair value
of the reporting unit with its carrying amount, including goodwill. The Company’s fair value is calculated using a market valuation
technique whereby an appropriate control premium is applied to the Company’s market capitalization as calculated by applying its
publicly quoted share price to the number of its common shares issued and outstanding. If the fair value of the reporting unit exceeds
its carrying amount, goodwill is considered not impaired. An impairment charge would be recognized for the amount by which the carrying
amount exceeds the reporting unit’s fair value. The Company determined that it has one reporting unit.
As
of June 30, 2022, the Company experienced a triggering event due to a drop in its stock price and performed a quantitative analysis for
potential impairment of its goodwill. Based on this analysis, the Company determined that its carrying value exceeded its fair value.
As a result, the Company recorded a non-cash goodwill impairment charge of $631,064 at June 30, 2022. No income tax benefit related to
this goodwill impairment charge was recorded at June 30, 2022.
Temporary
Equity
Shares
of preferred stock that are redeemable for cash or other assets are classified as temporary equity if they are redeemable, at the option
of the holder, at a fixed or determinable price on a fixed or determinable date or upon the occurrence of an event that is not solely
within the control of the Company. Redeemable equity instruments are initially carried at the fair value of the equity instrument at
the issuance date, net of issuance costs, which is subsequently adjusted to redemption value (including the amount for dividends earned
but not yet declared or paid) at each balance sheet date if the instrument is currently redeemable or if it is probable that the instrument
will become redeemable.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Revenue
Recognition
The
following table sets forth the Company’s revenue by source:
Schedule
of Revenue by Source
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended
September 30, | | |
For the Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Equipment and systems sales | |
$ | 647,870 | | |
$ | 4,941,380 | | |
$ | 5,944,445 | | |
$ | 9,375,093 | |
Engineering and other services | |
| 235,301 | | |
| 104,434 | | |
| 462,943 | | |
| 382,559 | |
Shipping and handling | |
| 1,000 | | |
| 17,265 | | |
| 18,335 | | |
| 64,739 | |
Forfeited non-refundable customer deposits | |
| 29,400 | | |
| - | | |
| 234,135 | | |
| - | |
Total revenue | |
$ | 913,571 | | |
$ | 5,063,079 | | |
$ | 6,659,858 | | |
$ | 9,822,391 | |
Revenue
Recognition Accounting Policy Summary
The
Company accounts for revenue in accordance with ASC 606. Under the revenue standard, a performance obligation is a promise in a contract
with a customer to transfer a distinct good or service to the customer. Most of the Company’s contracts contain multiple performance
obligations that include engineering and technical services as well as the delivery of a diverse range of climate control system equipment
and components, which can span multiple phases of a customer’s project life cycle from facility design and construction to equipment
delivery and system installation and start-up. The Company does not provide construction services or system installation services. Some
of the Company’s contracts with customers contain a single performance obligation, typically engineering only services contracts.
A
contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance
obligation is satisfied. When there are multiple performance obligations within a contract, the Company allocates the transaction price
to each performance obligation based on the standalone selling price. When estimating the selling price, the Company uses various observable
inputs. The best observable input is the Company’s actual selling price for the same good or service, however, this input is generally
not available for the Company’s contracts containing multiple performance obligations. For engineering services, the Company estimates
the standalone selling price by reference to certain physical characteristics of the project, such as facility size and mechanical systems
involved, which are indicative of the scope and complexity of the mechanical engineering services to be provided. For equipment sales,
the standalone selling price is determined by forecasting the expected costs of the equipment and components and then adding an appropriate
margin, based on a range of acceptable margins established by management. Depending on the nature of the performance obligations, the
Company may use a combination of different methods and observable inputs if certain performance obligations have highly variable or uncertain
standalone selling prices. Once the selling prices are determined, the Company applies the relative values to the total contract consideration
and estimates the amount of the transaction price to be recognized as each promise is fulfilled.
Generally,
satisfaction occurs when control of the promised goods is transferred to the customer or as services are rendered or completed in exchange
for consideration in an amount for which the Company expects to be entitled. The Company recognizes revenue for the sale of goods when
control transfers to the customer, which primarily occurs at the time of shipment. The Company’s historical rates of return are
insignificant as a percentage of sales and, as a result, the Company does not record a reserve for returns at the time the Company recognizes
revenue. The Company has elected to exclude from the measurement of the transaction price all taxes (e.g., sales, use, value added, and
certain excise taxes) that are assessed by a governmental authority in connection with a specific revenue-producing transaction and collected
by the Company from the customer. Accordingly, the Company recognizes revenue net of sales taxes. The revenue and cost for freight and
shipping is recorded when control over the sale of goods passes to the Company’s customers.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
The
Company also has performance obligations to perform certain engineering services that are satisfied over a period of time. Revenue is
recognized from this type of performance obligation as services are rendered based on the percentage completion towards certain specified
milestones.
The
Company offers assurance-type warranties for its products and products manufactured by others to meet specifications defined by the contracts
with customers and does not have any material separate performance obligations related to these warranties. The Company maintains a warranty
reserve based on historical warranty costs.
Disaggregation
of Revenue
In
accordance with ASC 606-10-50-5 through 6, the Company considered the appropriate level of disaggregated revenue information that depicts
how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Additionally, per the implementation
guidance in ASC 606-10-55-90 through 91, the Company also considered (a) disclosures presented outside of the financial statements such
as earnings releases and investor presentations, (b) information regularly reviewed by the Chief Operating Decision Maker for evaluating
the financial performance of operating segments and (c) other information that is similar to the types of information identified in (a)
and (b) and that is used by the Company or users of the Company’s financial statements to evaluate financial performance or make
resource allocation decisions. Finally, we considered the examples of categories found in the guidance that might be appropriate, including:
(a) type of good or service (major product lines), (b) geographical region (country or region), (c) market or type of customer (government
or non-government customers), (d) type of contract (fixed-price or time-and-materials), (e) contract duration (short- or long-term),
(f) timing of transfer of goods or services (point-in-time or over time) and (g) sales channels (direct to customers or through intermediaries).
Based
on the aforementioned guidance and considerations, the Company determined that disaggregation of revenue by sales, services, shipping
and handling, and miscellaneous was required.
Other
Judgments and Assumptions
The
Company typically receives customer payments in advance of its performance of services or transfers of goods. Applying the practical
expedient in ASC 606-10-32-18, which the Company has elected, the Company does not adjust the promised amount of consideration for the
effects of a significant financing component since the Company expects, at contract inception, that the period between when the Company
transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Accordingly,
the remaining performance obligations related to customer contracts does not consider the effects of the time value of money.
Applying
the practical expedient in ASC 340-40-25-4, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred
since the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs include
certain sales commissions and incentives, which are included in selling, general and administrative expenses, and are payable only when
associated revenue has been collected and earned by the Company.
Contract
Assets and Contract Liabilities
Contract
assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to
payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based
on the terms established in its contracts.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Contract
assets include unbilled amounts where revenue recognized exceeds the amount billed to the customer and the right of payment is conditional,
subject to completing a milestone, such as a phase of a project. The Company typically does not have material amounts of contract assets
since revenue is recognized as control of goods are transferred or as services are performed. As of September 30, 2023 and December 31,
2022, the Company had no contract assets.
Contract
liabilities consist of advance payments in excess of revenue recognized. The Company’s contract liabilities are recorded as a current
liability in deferred revenue in the consolidated balance sheets since the Company generally expects to recognize revenue in less than
one year. Non-refundable customer deposits are recognized as revenue when previously abandoned customer contracts have been forfeited
and a period of three years has passed. As of September 30, 2023, and December 31, 2022, deferred revenue, which was classified as a
current liability, was $474,888 and $4,338,570, respectively.
For
the three and nine months ended September 30, 2023, the Company recognized revenue of $12,461 and $3,911,083, respectively, related to
the deferred revenue at January 1, 2023 For the three and nine months ended September 30, 2022, the Company recognized revenue of $125,731
and $2,318,935, respectively, related to the deferred revenue at January 1, 2022.
Remaining
Performance Obligations
Remaining
performance obligations, or backlog, represents the aggregate amount of the transaction price allocated to the remaining obligations
that the Company has not performed under its customer contracts. The Company has elected not to use the optional exemption in ASC 606-10-50-14,
which exempts an entity from such disclosures if a performance obligation is part of a contract with an original expected duration of
one year or less. Accordingly, the information disclosed about remaining performance obligations includes all customer contracts, including
those with an expected duration of one year or less.
Industry
uncertainty, project financing concerns, and the licensing and qualification of our prospective customers, which are out of the Company’s
control, make it difficult for the Company to predict when it will recognize revenue on its remaining performance obligations. There
are risks that the Company may not realize the full contract value on customer projects in a timely manner or at all, and completion
of a customer’s cultivation facility project is dependent upon the customer’s ability to secure funding and real estate,
obtain a license and then build their cultivation facility so they can take possession of the equipment. Accordingly, the time it takes
for customers to complete a project, which corresponds to when the Company is able to recognize revenue, is driven by numerous factors
including: (i) the large number of first-time participants interested in the indoor cannabis cultivation business; (ii) the complexities
and uncertainties involved in obtaining state and local licensure and permitting; (iii) local and state government delays in approving
licenses and permits due to lack of staff or the large number of pending applications, especially in states where there is no cap on
the number of cultivators; (iv) the customer’s need to obtain cultivation facility financing; (v) the time needed, and coordination
required, for our customers to acquire real estate and properly design and build the facility (to the stage when climate control systems
can be installed); (vi) the large price tag and technical complexities of the climate control and air sanitation system; (vii) the availability
of power; and (viii) delays that are typical in completing any construction project. Further, based on the current economic climate,
t and the Company’s recent cost cutting measures, there is no assurance that the Company will be able to fulfill its backlog, and
the Company may experience contract cancellations, project scope reductions and project delays.
As
of September 30, 2023, the Company’s remaining performance obligations, or backlog, was approximately $548,000. The decline in
backlog was primarily the result of lower bookings. The Company has entered into fewer new contracts generally, and they have been for smaller
amounts. There is significant uncertainty regarding the timing of the Company’s recognition of revenue on its remaining performance
obligations, and there is no certainty that these will result in actual revenues. The backlog at September 30, 2023, includes booked
sales orders of $353,000 from four customers that the Company does not expect to be realized until 2024, if at all. Our projected revenue
amount contains a booked sales order of $65,000 (12% of the total backlog) from one customer that we believe is at risk of cancellation
based on conversations with this customer. Given the current supply chain and bottleneck issues that are still being worked through by
the Company’s supply chain partners, the Company believes that contract fulfillment could be delayed for these reasons.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
The
remaining performance obligations expected to be recognized through 2024 are as follows:
Schedule
of Remaining Performance Obligations Expected to be Recognized
| |
2023 | | |
2024 | | |
Total | |
Remaining performance obligations related to engineering only paid contracts | |
$ | - | | |
$ | - | | |
$ | - | |
Remaining performance obligations related to partial equipment paid contracts | |
| 195,000 | | |
| 353,000 | | |
| 548,000 | |
Total remaining performance obligations | |
$ | 195,000 | | |
$ | 353,000 | | |
$ | 548,000 | |
Product
Warranty
The
Company warrants the products that it manufactures for a warranty period equal to the lesser of 12 months from start-up or 18 months
from shipment. The Company’s warranty provides for the repair, rework, or replacement of products (at the Company’s option)
that fail to perform within stated specification. The Company’s third-party suppliers also warrant their products under similar
terms, which are passed through to the Company’s customers.
The
Company assesses the historical warranty claims on its manufactured products and, since 2016, warranty claims have been approximately
1% of annual revenue generated on these products. Based on the Company’s warranty policy, an accrual is established at 1% of the
trailing 18 months revenue. The Company continues to assess the need to record a warranty reserve at the time of sale based on historical
claims and other factors. As of September 30, 2023, and December 31, 2022, the Company had an accrued warranty reserve amount of $194,031
and $180,457, respectively, which are included in accounts payable and accrued liabilities on the Company’s consolidated balance
sheets.
Accounting
for Share-Based Compensation
The
Company recognizes the cost resulting from all share-based compensation arrangements, including stock options, restricted stock awards
and restricted stock units that the Company grants under its equity incentive plan in its condensed consolidated financial statements
based on their grant date fair value. The expense is recognized over the requisite service period or performance period of the award.
Awards with a graded vesting period based on service are expensed on a straight-line basis for the entire award. Awards with performance-based
vesting conditions, which require the achievement of a specific company financial performance goal at the end of the performance period
and required service period, are recognized over the performance period. Each reporting period, the Company reassesses the probability
of achieving the respective performance goal. If the goals are not expected to be met, no compensation cost is recognized and any previously
recognized amount recorded is reversed. If the award contains market-based vesting conditions, the compensation cost is based on the
grant date fair value and expected achievement of market condition and is not subsequently reversed if it is later determined that the
condition is not likely to be met or is expected to be lower than initially expected.
The
grant date fair value of stock options is based on the Black-Scholes Option Pricing Model (the “Black-Scholes Model”). The
Black-Scholes Model requires judgmental assumptions including volatility and expected term, both based on historical experience. The
risk-free interest rate is based on U.S. Treasury interest rates whose term is consistent with the expected term of the option. The Company
determines the assumptions used in the valuation of option awards as of the date of grant. Differences in the expected stock price volatility,
expected term or risk-free interest rate may necessitate distinct valuation assumptions at those grant dates. As such, the Company may
use different assumptions for options granted throughout the year. During the nine months ended September 30, 2023, the valuation assumptions
used to determine the fair value of each option award on the date of grant were: expected stock price volatility of 152.23%; expected
term in years of 10 and risk-free interest rate of 3.48%.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
The
grant date fair value of restricted stock and restricted stock units is based on the closing price of the underlying stock on the date
of the grant.
The
Company has elected to reduce share-based compensation expense for forfeitures as the forfeitures occur since the Company does not have
historical data or other factors to appropriately estimate the expected employee terminations and to evaluate whether particular groups
of employees have significantly different forfeiture expectations.
The
following is a summary of share-based compensation expenses included in the condensed consolidated statements of operations for the three
and nine months ended September 30, 2023 and September 30, 2022:
Schedule
of Share-based Compensation Costs
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended
September 30, | | |
For the Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Share-based compensation expense included in: | |
| | | |
| | | |
| | | |
| | |
Cost of revenue | |
$ | - | | |
$ | 3,956 | | |
$ | 4,898 | | |
$ | 9,851 | |
Advertising and marketing expenses | |
| - | | |
| 2,457 | | |
| 1,113 | | |
| 9,299 | |
Product development costs | |
| - | | |
| 2,481 | | |
| 3,570 | | |
| 7,442 | |
Selling, general and administrative expenses | |
| 15,166 | | |
| 69,637 | | |
| 167,846 | | |
| 240,083 | |
Total share-based compensation expense included in consolidated statement of operations | |
$ | 15,166 | | |
$ | 78,531 | | |
$ | 177,427 | | |
$ | 266,675 | |
Included
in the expense for the three and nine months ended September 30, 2022, is an accrual for $23,187 and $69,561, respectively, for the 2022
Annual Employee Incentive Compensation Plan. No accrual is being recorded in 2023.
Concentrations
Four
customers accounted for 29%, 19%, 16%, and 12% of the Company’s revenue for the three months ended September 30, 2023. Three customers
accounted for 38%, 20% and 12% of the Company’s revenue for the nine months ended September 30, 2023. Two customers accounted for
53% and 24% of the Company’s revenue for the three months ended September 30, 2022 and three customers accounted for 28%, 25%,
and 13% of the Company’s revenue for the nine months ended September 30, 2022.
Two
customers accounted for 78%, and 12% of the Company’s accounts receivable as of September 30, 2023. Two customers accounted for
57% and 43% of the Company’s accounts receivable as of December 31, 2022.
Recently
Issued Accounting Pronouncements
In
March 2023, the FASB issued ASU 2023-01 to require entities to classify and account for leases with related parties on the basis of legally
enforceable terms and conditions of the arrangement. The amendments are effective in periods beginning after December 15, 2023, including
interim periods within those fiscal years. The Company does not expect this ASU to have a material impact on its consolidated results
of operations, cash flows and financial position.
In
December 2022, the FASB issued ASU No. 2022-06, which defers the sunset date of Reference Rate Reform (Topic 848): Facilitation of
the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) from December 31, 2022 to December 31, 2024.
ASU No. 2022-06 was effective upon issuance. Topic 848 provides temporary optional guidance for a limited period of time to ease the
potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting, providing optional expedients
and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain
criteria are met. The Company does not expect this ASU to have a material impact on its consolidated results of operations, cash flows
and financial position.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
In
September 2022, the FASB issued Update 2022-04, “Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program
Obligations”. The update was issued in response to requests from financial statement users for increased transparency surrounding
the use of supplier finance programs. The amendments in Update 2022-04 require that a buyer in a supplier finance program disclose sufficient
information about the program to allow a user of financial statements to understand the program’s nature, activity during the period,
changes from period to period, and potential magnitude. The amendments in this update do not affect the recognition, measurement, or
financial statement presentation of obligations covered by supplier finance programs. The amendments in this update are effective for
fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward
information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company does not
expect this ASU to have a material impact on its consolidated results of operations, cash flows and financial position.
In
October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers”, which requires companies to apply ASC 606, “Revenue from Contracts with Customers”
to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This
creates an exception to the general recognition and measurement principle in ASC 805, which uses fair value. The guidance is effective
for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted, and the
guidance should be applied prospectively. The impact of the standard on the Company’s consolidated financial statements is dependent
on the size and frequency of any future acquisitions the Company may complete.
In
March 2020, the FAS issued ASU No. 2020-04 “Reference Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform
on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides optional guidance for a limited period of time to
ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments
are effective for the Company as of March 12, 2020 through December 31, 2022. The adoption of this guidance has not had a material impact
on the Company’s consolidated financial statements.
Other
accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have
a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated
to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
|
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v3.23.3
Leases
|
9 Months Ended |
Sep. 30, 2023 |
Leases |
|
Leases |
Note
2 – Leases
In
February 2016 the FASB issued ASU 2016-02, Leases (Topic 842) (“ASC 842” or the “new lease standard”).
The Company adopted ASC 842 as of January 1, 2019, using the effective date method.
The
new standard provides a number of optional practical expedients in transition. The Company has elected to apply the “package of
practical expedients” which allow the Company to not reassess: (i) whether existing or expired arrangements contain a lease, (ii)
the lease classification of existing or expired leases, or (iii) whether previous initial direct costs would qualify for capitalization
under the new lease standard. The Company has also elected to apply the short-term lease exemption for all leases with an original term
of less than 12 months, for purposes of applying the recognition and measurements requirements in the new lease standard.
On
July 28, 2021, the Company entered into an agreement to lease 11,491 square feet of office and manufacturing space (the “New Facility
Lease”), in Louisville, CO. The New Facility Lease commenced on November 1, 2021 and continues through January 31, 2027. From November
2021 through January 2022, the monthly rent was abated. Beginning February 2022, the monthly rent is $10,055 and will increase by 3%
annually every November through the end of the New Facility Lease term. Pursuant to the New Facility Lease, the Company made a security
deposit of $14,747. The Company has the option to renew the New Facility Lease for an additional five years. Additionally, the Company
pays the actual amounts for property taxes, insurance, and common area maintenance. The New Facility Lease agreement contains customary
events of default, representations, warranties, and covenants.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Upon
commencement of the New Facility Lease, the Company recognized on the balance sheet an operating lease right-of-use asset and lease liability
in the amount of $582,838. The lease liability was initially measured as the present value of the unpaid lease payments at commencement
and the ROU asset was initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments
made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. The renewal
option to extend the New Facility Lease is not included in the right-of-use asset or lease liability, as the option is not reasonably
certain to be exercised. The Company regularly evaluates the renewal option and when it is reasonably certain of exercise, the Company
will include the renewal period in its lease term.
The
lease cost, cash flows and other information related to the New Facility Lease were as follows:
Schedule
of Lease Cost
| |
As of
September 30, 2023 | |
Operating lease right-of-use asset | |
$ | 383,169 | |
Operating lease liability, current | |
$ | 124,319 | |
Operating lease liability, long-term | |
$ | 290,051 | |
| |
| | |
Remaining lease term | |
| 3.6 years | |
Discount rate | |
| 3.63 | % |
| |
For the Nine
Months Ended
September 30, 2023 | |
Operating cash outflow from operating lease | |
$ | 93,206 | |
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Future
annual minimum lease payments on the New Facility Lease as of September 30, 2023 are as follows:
Schedule
of Future Annual Minimum Lease Payments
As of September 30, 2023 | |
| |
| |
| |
Years ended December 31, | |
| |
2023 (excluding the nine months ended September 30, 2023) | |
$ | 31,690 | |
2024 | |
| 128,643 | |
2025 | |
| 132,503 | |
2026 | |
| 136,473 | |
Thereafter | |
| 11,654 | |
Total minimum lease payments | |
| 440,963 | |
Less imputed interest | |
| (26,593 | ) |
Present value of minimum lease payments | |
$ | 414,370 | |
|
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v3.23.3
Inventory
|
9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Inventory |
Note
3 – Inventory
Inventory
consisted of the following:
Schedule
of Inventory
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Finished goods | |
$ | 371,689 | | |
$ | 270,555 | |
Work in progress | |
| - | | |
| 155 | |
Raw materials | |
| 125,437 | | |
| 148,608 | |
Allowance for excess & obsolete inventory | |
| (182,030 | ) | |
| (70,907 | ) |
Inventory, net | |
$ | 315,096 | | |
$ | 348,411 | |
Overhead
expenses of $15,145 and $12,770 were included in the inventory balance as of September 30, 2023, and December 31, 2022, respectively.
Advance
payments on inventory purchases are recorded in prepaid expenses until title for such inventory passes to the Company. Prepaid expenses
included approximately $36,000 and $1,176,000 in advance payments for inventory as of September 30, 2023, and December 31, 2022, respectively.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.23.3
Property and Equipment
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
Note
4 – Property and Equipment
Property
and equipment consisted of the following:
Schedule of
Property and Equipment
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Furniture and equipment | |
$ | 275,994 | | |
$ | 278,389 | |
Vehicles | |
| 15,000 | | |
| 15,000 | |
Property and equipment, gross | |
| 290,994 | | |
| 293,389 | |
Accumulated depreciation | |
| (245,257 | ) | |
| (224,876 | ) |
Property and equipment, net | |
$ | 45,737 | | |
$ | 68,513 | |
Depreciation
expense was $22,476 for the nine months ended September 30, 2023. For the nine months ended September 30, 2023, $2,284 was allocated
to cost of sales, $571 was allocated to inventory with the remainder recorded as selling, general, and administrative expense.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
Accounts Payable and Accrued Liabilities
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
Accounts Payable and Accrued Liabilities |
Note
5 – Accounts Payable and Accrued Liabilities
Accounts
payable and accrued liabilities consisted of the following:
Schedule
of Accounts Payable and Accrued Liabilities
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Accounts payable | |
$ | 164,041 | | |
$ | 311,162 | |
Sales commissions payable | |
| 4,018 | | |
| 25,951 | |
Accrued payroll liabilities | |
| 146,376 | | |
| 465,094 | |
Product warranty accrual | |
| 194,031 | | |
| 180,457 | |
Other accrued expenses | |
| 63,419 | | |
| 224,594 | |
Total | |
$ | 571,885 | | |
$ | 1,207,258 | |
|
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
6 – Commitments and Contingencies
Litigation
On October 20, 2023, Green Ice,
LLC and Sweet Cut Grow, LLC (“Claimants”) filed an Arbitration Petition in Denver, Colorado against the Company. The Claimants
allege a breach by the Company of two contracts – an Engineering Agreement with Green Ice, dated January 14, 2021 (“Engineering
Agreement”), and an Equipment Agreement with Sweet Cut Grow, dated March 29, 2021 (“Equipment Agreement”).
The Arbitration Petition alleges
causes of action for breach of the Engineering Agreement, Breach of the Equipment Agreement, Breach of the Warranties under the Equipment
Agreement, and Unjust Enrichment in the amount of moneys paid by Claimant to CEA to date under the contracts, of $1,049,280.
Given the Arbitration Petition’s
current uncertainty around estimability and success of claims, we have not recorded an accrual for any potential loss related to this
matter.
Regardless, we intend to generally
defend the claims on the basis that we promptly addressed all problems, and that any issues with defective HVAC equipment are the responsibility
of our third-party equipment manufacturer.
From
time to time, in the normal course of its operations, the Company is subject to litigation matters and claims. Litigation can be expensive
and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict, and the Company’s
view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as
incurred. The Company records a liability for contingent losses when it is both probable that a liability has been incurred and the amount
of the loss is known. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company’s operations
or its financial position, liquidity or results of operations.
Leases
The
Company has a lease agreement for its manufacturing and office space. Refer to Note 2 Leases above.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Other
Commitments
In
the ordinary course of business, the Company enters into commitments to purchase inventory and may also provide indemnifications of varying
scope and terms to customers, vendors, lessors, business partners, and other parties with respect to certain matters, including, but
not limited to, losses arising out of the Company’s breach of such agreements, services to be provided by the Company, or from
intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements
with its directors and certain of its officers and employees that will require the Company to, among other things, indemnify them against
certain liabilities that may arise by reason of their status or service as directors, officers, or employees. The Company maintains director
and officer insurance, which may cover certain liabilities arising from its obligation to indemnify its directors and certain of its
officers and employees, and former officers, directors, and employees of acquired companies, in certain circumstances.
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v3.23.3
Stockholders’ Equity
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity |
Note
7 – Stockholders’ Equity
As
of September 30, 2023, the Company had 200,000,000 shares of common stock and 25,000,000 shares of preferred stock authorized at a $0.00001
par value.
As
of September 30, 2023, 8,076,372 shares of common stock were issued and outstanding and no shares of preferred stock were issued and
outstanding.
Directors
Remuneration
On
January 3, 2022, the Company issued 3,125 non-qualified stock options under the 2021 Equity Incentive Plan to each of two existing directors.
The options had an exercise price of $4.80, vested immediately and had a term ending at the earlier of five years after the date on which
the optionee’s continuous service ends, or the tenth anniversary on which the option was granted.
On
January 17, 2022, the Company issued an RSU grant of 3,367 shares of common stock under the 2021 Equity Incentive Plan to each of two
new directors, 1,684 shares of common stock vested immediately on grant date and the remaining 1,683 shares of common stock vested on
January 17, 2023. 1,684 shares of common stock were issued on January 17, 2022 to each of the two new directors in settlement of the
RSUs that vested immediately and a further 1,683 shares of common stock were issued to each of the two new directors on January 17, 2023
in settlement of the remainder.
On
January 3, 2023, the Company issued an RSU grant of 29,758 shares of common stock under the 2021 Equity Incentive Plan to each of its
four independent directors. The RSUs were granted as an equity retention award pursuant to the Company’s compensation plan for
independent directors effective January 17, 2022 and vested immediately on the grant date. A total of 119,032 shares of the Company’s
common stock were issued in settlement of the RSUs.
Revised
Compensation Plan for Directors
On
January 17, 2022, the Board of Directors revised the previously adopted compensation plan. This plan superseded the plan adopted on August
20, 2021. The plan was effective retroactively for the then current independent directors and for independent directors elected or appointed
after the Effective Date.
The
plan is divided into two phases: from the Effective Date of the plan until February 9, 2022, the day prior to the listing of the Company
securities on Nasdaq. (“Pre-uplist”) and from February 10, 2022, the uplist date forward (“Post-uplist”).
In
the Pre-uplist phase, the Company paid its independent directors an annual cash fee of $15,000, which for the Post-uplist phase was increased
to $25,000. The fee is payable quarterly in advance on the first business day of each quarter, as consideration for their participation
in: (i) any regular or special meetings of the Board or any committee thereof attended in person, (ii) any telephonic meeting of the
Board or any committee thereof in which the director is a member, (iii) any non-meeting consultations with the Company’s management,
and (iv) any other services provided by them in their capacities as directors (other than services as the Chairman of the Board, the
Chairman of the Company’s Audit Committee, and the Committee Chairman).
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
At
the time of initial election or appointment, each independent director received an equity retention award in the form of restricted stock
units (“RSUs”). The aggregate value of the RSUs at the time of grant was to be $25,000, with the number of shares underlying
the RSUs to be determined based on the closing price of the Company’s common stock on the date immediately prior to the date of
grant. Vesting of the RSUs was as follows: (i) 50% at the time of grant, and (ii) 50% on the first anniversary of the grant date.
In
addition, on the first business day of January each year, each independent director will also receive an equity retention award in the
form of RSUs. The aggregate value of the RSUs at the time of grant will be $25,000, with the number of shares underlying the RSUs to
be determined based on the closing price of the Company’s common stock on the date immediately prior to the date of grant. These
RSUs will be fully vested at date of grant.
The
Company pays the Audit Committee Chairman an additional annual fee of $10,000, payable quarterly in advance, for services as the Audit
Committee Chairman.
The
Company pays the Chairmen of any other committees of the Board an additional annual fee of $5,000, payable quarterly in advance, for
services as a Committee Chairman.
Directors
who are also executive officers of the Company do not receive separate compensation for their Board service.
Each
independent director is responsible for the payment of any and all income taxes arising with respect to the issuance of any equity awarded
under the plan, including the exercise of any non-qualified stock options. Each director is responsible for the payment of any and all
income taxes arising with respect to the issuance of common stock and the vesting and settlement of RSUs.
The
Company reimburses independent directors for out-of-pocket expenses incurred in attending Board and committee meetings and undertaking
certain matters on the Company’s behalf.
All
independent directors, Messrs. Shipley, Etten, Reisner, and Mariathasan are subject to the plan.
Reverse
Stock Split
On
January 17, 2022, the Company’s Board of Directors approved a reverse stock split at a ratio of one-for-one hundred and fifty.
The reverse stock split was implemented effective January 27, 2022. The par value for the Common Stock was not affected.
An
additional 6,798 shares of common stock were issued to round up partial shares following the reverse split.
As
a result of this reverse stock split, the number of the Company’s shares of common stock issued and outstanding at December 31,
2021 was reduced from 240,125,224 to 1,600,835. All Common Stock, warrants, options and per share amounts set forth herein are presented
to give retroactive effect to the Reverse Split for all periods presented.
Change
in Authorized Share Capital
In
connection with the aforementioned reverse stock split, the Company’s Board of Directors approved the reduction of the authorized
capital of the Company to 200,000,000 shares of common stock and 25,000,000 shares of preferred stock.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Equity
Raise
On
February 10, 2022, the Company signed a firm commitment underwriting agreement for the public offering of shares of common stock and
warrants, which closed on February 15, 2022. The Company received net proceeds of approximately $22 million for the sale of 5,811,138
shares of common stock and 6,572,808 warrants, each warrant to purchase one share of common stock for five years, exercisable immediately,
at an exercise price of $5.00. The Company also issued to the representative of the underwriters 290,557 warrants, each warrant to purchase
one share of common stock at an exercise price of $5.1625, during the period commencing August 9, 2022, and expiring on February 10,
2027.
Warrant
Exercise
On
June 21, 2022, the Company issued 169,530 shares of its common stock in connection with the cashless exercise of 170,382 prefunded conversion
warrants.
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v3.23.3
Equity Incentive Plans
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Equity Incentive Plans |
Note
8 – Equity Incentive Plans
2017
Equity Incentive Plan
Under
the Company’s 2017 Equity Incentive Plan, as may be modified and amended by the Company from time to time (the “2017 Equity
Plan”), the Board of Directors (the “Board”) (or the compensation committee of the Board, if one is established) may
award stock options, stock appreciation rights (“SARs”), restricted stock awards (“RSAs”), restricted stock unit
awards (“RSUs”), shares granted as a bonus or in lieu of another award, and other stock-based performance awards. The 2017
Equity Plan allocates 333,333 shares of the Company’s common stock (“Plan Shares”) for issuance of equity awards under
the 2017 Equity Plan. If any shares subject to an award are forfeited, expire, or otherwise terminate without issuance of such shares,
the shares will, to the extent of such forfeiture, expiration, or termination, again be available for awards under the 2017 Equity Plan.
During
the nine months ended September 30, 2023, no shares or options were issued and 1,665 options were cancelled under the 2017 Plan.
As
of September 30, 2023, of the 333,333 shares authorized under the 2017 Plan for equity awards, 163,692 shares have been issued, awards
relating to 145,512 options remain outstanding, and 24,129 shares remain available for future equity awards.
2021
Equity Incentive Plan
On
March 22, 2021, the Board approved the 2021 Equity Incentive Plan (the “2021 Equity Plan”), which was approved by the stockholders
on July 22, 2021. The 2021 Equity Plan permits the Board to grant awards of up to 666,667 shares of common stock. The 2021 Equity Plan
provides for the grant of incentive stock options intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended
(the “Code”), non-qualified stock options, stock appreciation rights (“SARs”), restricted stock awards and restricted
stock unit awards and other equity linked awards to our employees, consultants, and directors. If an equity award (i) expires or otherwise
terminates without having been exercised in full or (ii) is settled in cash (i.e., the holder of the award receives cash rather
than stock), such expiration, termination or settlement will not reduce (or otherwise offset) the number of shares of common stock that
may be issued pursuant to this Plan.
During
the nine months ended September 30, 2023:
| - | The
Company issued 122,398 shares of its common stock in settlement of restricted stock units
issued to its independent directors under the 2021 Equity Incentive Plan, pursuant to the
Director Compensation plan adopted on January 17, 2022. |
| - | 138,489
non-qualified stock options were issued to five employees and three former employees in respect
of the Company’s 2021 Equity Incentive Plan. The options vested immediately, have a
term of 10 years and an exercise price of $0.8955. An expense of $89,970 in respect of this
issuance had been accrued in 2022. An additional expense of $32,376 was recognized in 2023
upon management and board finalization and approval of the awards. |
| - | 16,631
non-qualified stock options were cancelled and 333 non-qualified stock options were forfeited
that had previously been issued under the 2021 Equity Incentive Plan. |
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
As
of September 30, 2023, of the 666,667 shares authorized under the 2021 Equity Plan, 132,568 shares have been issued in settlement of
restricted stock units, awards relating to 182,728 non-qualified stock options, and 40,816 incentive stock options remain outstanding,
and 310,555 shares remain available for future equity awards.
There
was $15,586 in unrecognized compensation expense for unvested non-qualified and incentive stock options as of September 30, 2023 which
will be recognized over approximately the next 18 months.
Non-Qualified
and Incentive Stock Options
A
summary of the non-qualified stock options and incentive stock options granted to employees and consultants under the 2017 and 2021 Equity
Plans during the nine months ended September 30, 2023, are presented in the table below:
Schedule
of Stock Option Activity
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding, December 31, 2022 | |
| 192,073 | | |
$ | 8.94 | | |
| 7.6 | | |
$ | - | |
Granted | |
| 138,489 | | |
$ | 0.90 | | |
| 6.4 | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Forfeited | |
| (18,629 | ) | |
$ | 2.63 | | |
| 9.2 | | |
$ | - | |
Expired | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Outstanding, September 30, 2023 | |
| 311,933 | | |
$ | 5.74 | | |
| 6.6 | | |
$ | - | |
Exercisable, September 30, 2023 | |
| 286,843 | | |
$ | 5.78 | | |
| 6.5 | | |
$ | - | |
A
summary of non-vested non-qualified stock options activity for employees and consultants under the 2017 and 2021 Equity Plans for the
nine months ended September 30, 2023, are presented in the table below:
Summary of
Non-Vested qualified Stock Option Activity
| |
Number of Options | | |
Weighted Average Grant-Date Fair Value | | |
Aggregate Intrinsic Value | | |
Grant-Date Fair Value | |
| |
| | |
| | |
| | |
| |
Nonvested, December 31, 2022 | |
| 28,756 | | |
$ | 4.73 | | |
$ | - | | |
$ | 136,016 | |
Granted | |
| 138,489 | | |
$ | 0.88 | | |
$ | - | | |
$ | 121,870 | |
Vested | |
| (141,822 | ) | |
$ | 0.92 | | |
$ | - | | |
$ | (130,476 | ) |
Forfeited | |
| (333 | ) | |
$ | 6.67 | | |
$ | - | | |
$ | (2,222 | ) |
Expired | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | |
Nonvested, September 30, 2023 | |
| 25,090 | | |
$ | 4.98 | | |
$ | - | | |
$ | 124,948 | |
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
For
the nine months ended September 30, 2023 and September 30, 2022, the Company recorded $76,110 and $129,733 as compensation expense related
to vested options issued to employees and consultants, net of forfeitures, respectively.
A
summary of the non-qualified stock options granted to directors under the 2017 and 2021 Equity Plans, during the nine
months ended September 30, 2023, are presented in the table below:
Schedule of Stock
Option Activity
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term | | |
Aggregate Intrinsic Value ($000) | |
| |
| | |
| | |
| | |
| |
Outstanding, December 31, 2022 | |
| 57,122 | | |
$ | 9.44 | | |
| 6.0 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
$ | - | |
Exercised | |
| - | | |
| - | | |
| - | | |
$ | - | |
Forfeited/Cancelled | |
| - | | |
| - | | |
| - | | |
$ | - | |
Expired | |
| - | | |
| - | | |
| - | | |
$ | - | |
Outstanding, September 30, 2023 | |
| 57,122 | | |
$ | 9.44 | | |
| 5.3 | | |
$ | - | |
Exercisable, September 30, 2023 | |
| 57,122 | | |
$ | 9.44 | | |
| 5.3 | | |
$ | - | |
There
were no non-vested, non-qualified stock options issued to directors under the 2017 Equity Plan and the 2021 Equity Plan, for the nine
months ended September 30, 2023.
During
the nine months ended September 30, 2023 and September 30, 2022, the Company incurred $0 and $29,656 respectively, as compensation expense
related to 0 and 6,250 fully vested options issued to directors, respectively.
Restricted
Stock Units
Effective
January 3, 2023, the Company issued a total of 119,032 restricted stock units (RSUs) under the 2021 Equity Plan to its four independent
directors. These RSUs vested upon grant.
Effective
January 17, 2023, the Company settled 3,366 RSUs that had been issued on January 17, 2022 to two new directors and that vested after
12 months by the issuance of shares of common stock
During
the nine months ended September 30, 2023 and September 30, 2022, the Company recorded $101,316 and $42,413, respectively, as compensation
expense related to vested RSUs issued to directors.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Schedule
of Restricted Units Activity
| |
Number of Units | | |
Weighted Average Grant-Date Fair Value | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| |
Outstanding, December 31, 2022 | |
| 3,366 | | |
$ | 7.42 | | |
$ | - | |
Granted | |
| 119,032 | | |
$ | 0.84 | | |
$ | - | |
Vested and settled with share issuance | |
| (122,398 | ) | |
$ | 1.02 | | |
$ | - | |
Forfeited/canceled | |
| - | | |
$ | - | | |
$ | - | |
Outstanding, September 30, 2023 | |
| - | | |
$ | - | | |
$ | - | |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
Warrants
|
9 Months Ended |
Sep. 30, 2023 |
Warrants |
|
Warrants |
Note
9 - Warrants
The
following table summarizes information with respect to outstanding warrants to purchase common stock during the nine months ended September
30, 2023:
Schedule
of Outstanding Warrants to purchase Common Stock
| |
| | |
| | |
| | |
Weighted | | |
| |
| |
| | |
| | |
Weighted | | |
Average | | |
| |
| |
Warrants | | |
Average
Exercise | | |
Remaining Life | | |
Aggregate
Intrinsic | |
| |
Outstanding | | |
Exercisable | | |
Price | | |
In Months | | |
Value | |
| |
| | |
| | |
| | |
| | |
| |
Outstanding at December 31, 2022 | |
| 7,623,772 | | |
| 7,623,772 | | |
$ | 5.14 | | |
| 49 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding at September 30, 2023 | |
| 7,623,772 | | |
| 7,623,772 | | |
$ | 5.14 | | |
| 40 | | |
| - | |
The
following table summarizes information about warrants outstanding at September 30, 2023:
Schedule
of Warrants Outstanding
| | |
Warrants | | |
Weighted Average | |
Exercise price | | |
Outstanding | | |
Exercisable | | |
Months Outstanding | |
| | |
| | |
| | |
| |
$ | 9.45 | | |
| 192,982 | | |
| 192,982 | | |
| 12 | |
| | | |
| | | |
| | | |
| | |
$ | 10.40 | | |
| 34,737 | | |
| 34,737 | | |
| 13 | |
| | | |
| | | |
| | | |
| | |
$ | 5.00 | | |
| 7,105,496 | | |
| 7,105,496 | | |
| 41 | |
| | | |
| | | |
| | | |
| | |
$ | 5.16 | | |
| 290,557 | | |
| 290,557 | | |
| 41 | |
| | | |
| | | |
| | | |
| | |
| | | |
| 7,623,772 | | |
| 7,623,772 | | |
| 40 | |
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
|
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note
10 – Income Taxes
As
of September 30, 2023, the Company has U.S. federal and state net operating losses (“NOLs”) of approximately $27,873,000,
of which $11,196,000 will expire, if not utilized, in the years 2034 through 2037, however, NOLs generated subsequent to December 31,
2017 do not expire but may only be used against taxable income to 80%.
In
addition, pursuant to Section 382 of the Internal Revenue Code of 1986, as amended, use of the Company’s NOLs carryforwards may
be limited in the event of cumulative changes in ownership of more than 50% within a three-year period. In addition, under Section 382
of the Internal Revenue Code of 1986, as amended (the “Code”), and corresponding provisions of state law, if a corporation
undergoes an “ownership change,” which is generally defined as a greater than 50% change, by value, in its equity ownership
over a three-year period, the corporation’s ability to use its pre-change net operating loss carryforwards and other pre-change
tax attributes to offset its post-change income or taxes may be limited. Our sale of securities, both in September 2021 and February
2022, will need to be considered for determination of any “ownership change” that we have undergone during a determination
period. If an ownership change occurs and our ability to use our net operating loss carryforwards is materially limited, it would harm
our future bottom-line operating results by effectively increasing our future tax obligations.
The
Company must assess the likelihood that its net deferred tax assets will be recovered from future taxable income, and to the extent the
Company believes that recovery is not likely, the Company establishes a valuation allowance. Management’s judgment is required
in determining the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded
against the net deferred tax assets. The Company recorded a full valuation allowance as of September 30, 2023 and December 31, 2022.
Based on the available evidence, the Company believes it is more likely than not that it will not be able to utilize its net deferred
tax assets in the foreseeable future. The Company intends to maintain valuation allowances until sufficient evidence exists to support
the reversal of such valuation allowances. The Company makes estimates and judgments about its future taxable income that are based on
assumptions that are consistent with the Company’s plans. Should the actual amounts differ from the Company’s estimates,
the carrying value of the Company’s deferred tax assets could be materially impacted.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
11 – Related Party Transactions
The
Company entered into a manufacturer representative agreement with RSX Enterprises (“RSX”) in March 2021 to become a non-exclusive
representative for the Company to assist in marketing and soliciting orders. James R. Shipley, one of our independent directors,
has a significant ownership interest in RSX.
Under
the manufacturer representative agreement, RSX will act as a non-exclusive representative for the Company within the United States, Canada
and Mexico and may receive a commission for qualified customer leads. The agreement had an initial term through December 31, 2021 with
automatic one-year renewal terms unless notice is given 90 days prior to each annual expiration. During the nine months ended September
30, 2023 and September 30, 2022, the Company paid $18,273 and $9,884, respectively, in commissions under this agreement.
On
October 13, 2022, the Company entered into an agreement with Lone Star Bioscience, Inc. (Lone Star) to provide engineering design services.
Nicholas Etten, one of our independent directors, is the Chief Executive Officer of Lone Star. The balance due under this agreement
totaled $2,500
with $1,250
received as a deposit in 2022. Another agreement
for engineering services was signed on December 20, 2022, in the amount of $10,900.
We entered into positive change orders in March 2023 of $3,577
increasing the total of the second sales order
to $14,477.
Revenue of $16,977 was recorded in the nine months ended September 30, 2023 in respect of these agreements. During the nine months
ended September 30, 2023, the Company received $14,035
in cash payments for these contracts. A receivable of $1,692 remained outstanding as of September 30, 2023 which was subsequently paid in October.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
12 – Subsequent Events
In accordance with ASC 855, Subsequent Events,
the Company has evaluated all subsequent events through the date the financial statements were available to be issued. No material subsequent
events occurred after September 30, 2023, other than as set out below:
On October 20, 2023, Green Ice,
LLC and Sweet Cut Grow, LLC (“Claimants”) filed an Arbitration Petition against the Company in Denver, Colorado. The Claimants
allege a breach by the Company of two contracts – an Engineering Agreement with Green Ice, dated January 14, 2021 (“Engineering
Agreement”), and an Equipment Agreement with Sweet Cut Grow, dated March 29, 2021 (“Equipment Agreement”).
The Arbitration Petition alleges
causes of action for breach of the Engineering Agreement, Breach of the Equipment Agreement, Breach of the Warranties under the Equipment
Agreement, and Unjust Enrichment in the amount of moneys paid by Claimant to CEA to date under the contracts, of $1,049,280.
Given the Arbitration Petition’s
current uncertainty around estimability and success of claims, we have not recorded an accrual for any potential loss related to this
matter.
Regardless, we intend to generally
defend the claims on the basis that we promptly addressed all problems, and that any issues with defective HVAC equipment are the responsibility
of our third-party equipment manufacturer.
|
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v3.23.3
Nature of Operations and Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Description of Business |
Description
of Business
CEA
Industries Inc., formerly Surna Inc. (the “Company”), was incorporated in Nevada on October 15, 2009. We design, engineer
and sell environmental control and other technologies for the Controlled Environment Agriculture (“CEA”) industry. The CEA
industry is one of the faster-evolving sectors of the United States’ economy. From leafy greens (kale, Swiss chard, mustard, cress),
microgreens (leafy greens harvested at the first true leaf stage), ethnic vegetables, ornamentals, and small fruits (such as strawberries,
blackberries and raspberries) to bell peppers, cucumbers, and tomatoes and cannabis and hemp, more and more producers consider or act
to grow crops indoors in response to market dynamics or as part of their preferred farming practice. In service of the CEA industry,
we provide: (i) architectural design and licensed engineering of commercial scale thermodynamic systems specific to cultivation facilities,
(ii) liquid-based process cooling systems and other climate control systems, (iii) air handling equipment and systems, (iv) air sanitation
products, (v) LED lighting, (vi) benching and racking solutions for indoor cultivation, (vii) proprietary and third party controls systems
and technologies used for environmental, lighting, and climate control, and (viii) preventive maintenance services, through our partnership
with a certified service contractor network, for CEA facilities. Our customers include commercial, state- and provincial-regulated CEA
growers in the U.S. and Canada. Customers are those growers building new facilities and those expanding or retrofitting existing facilities.
Currently, our revenue stream is derived primarily from supplying our products, services, and technologies to commercial indoor facilities
ranging from several thousand to more than 100,000 square feet. Headquartered in Louisville, Colorado, we leverage our experience in
this space to bring value-added climate control solutions to our customers that help improve their overall crop quality and yield, optimize
energy and water efficiency, and satisfy the evolving state and local codes, permitting and regulatory requirements. Although most of
our customers do, we neither produce nor sell cannabis or its related products.
|
Impact of the COVID-19 Pandemic on Our Business |
Impact
of the COVID-19 Pandemic on Our Business
The
impact of the government and the business economic response to the COVID-19 pandemic affected demand across the majority of our markets
and disrupted workflow and completion schedules on projects. We believe we continue to see adverse effects on our sales, project implementation,
supply chain infrastructure, operating margins, costs, and working capital.
Due
to this uncertainty, we continue to monitor costs and continue to take actions to reduce costs in order to mitigate the long-term impact
of the COVID-19 pandemic to the best of our ability. However, these actions may not be sufficient in the long run to avoid reduced sales,
increased losses, and reduced operating cash flows in our business. During the year ended December 31, 2022, and continuing into the
current fiscal quarter, the Company experienced delays in the receipt of equipment it had ordered to meet its customer orders due to
disruption and delays in its supply chain. Consequently, our revenue recognition of some customer sales has been delayed until future
periods when the shipment of orders can be completed.
|
Impact of Ukrainian Conflict |
Impact
of Ukrainian Conflict
Currently,
we believe that the conflict between Ukraine and Russia does not have any direct impact on our operations, financial condition, or financial
reporting. We believe the conflict will have only a general impact on our operations in the same manner as it has a general impact on
all businesses that have their operations limited to North America resulting from international sanction and embargo regulations, possible
shortages of goods and goods incorporating parts that may be supplied from the Ukraine or Russia, supply chain challenges, and the international
and US domestic inflationary results of the conflict and government spending for and funding of our country’s response. As our
operations are related only to the North American controlled environment agricultural industry, largely within the cannabis space, we
do not believe we will be targeted for cyber-attacks related to this conflict. We have no operations in the countries directly involved
in the conflict or are specifically impacted by any of the sanctions and embargoes, as we principally operate in the United States and
Canada. We do not believe that the conflict will have any impact on our internal control over financial reporting. Other than general
securities market trends, we do not have reason to believe that investors will evaluate the company as having special risks or exposures
related to the Ukrainian conflict.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
|
Inflation |
Inflation
Our
operations are being influenced by the inflation existent in the larger economy and in the industries related to building renovations,
retrofitting and new build CEA facilities in which we operate. We believe that we will continue to face inflationary increases in the
cost of products and our operations, which will adversely affect our margins and financial results and the pricing of our service and
product supply contracts. Inflation is reflected in higher wages, increased pricing of equipment, delivery and transportation costs,
and general operational expenses. As we move forward, we plan to continuously monitor our various contract terms and may decide to add
clauses that will permit us to adjust pricing if inflation and price increase pressures on us will impact our ability to perform our
contracts and maintain our margins.
|
Financial Statement Presentation |
Financial
Statement Presentation
The
preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States
of America (“GAAP”) requires management to make estimates and assumptions that affect reported amounts and related disclosures.
|
Interim Financial Statements |
Interim
Financial Statements
The
accompanying unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles
generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to
Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and note disclosures, normally
included in financial statements prepared in accordance with GAAP, have been condensed or omitted. In the opinion of management, all
adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results
for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending
December 31, 2023. The balance sheet information as of December 31, 2022 has been derived from the audited financial statements at that
date but does not include all the information and footnotes required by GAAP for complete financial statements. For further information,
refer to the consolidated financial statements and notes thereto contained in the Annual Report on Form 10-K for the year ended December
31, 2022.
|
Principles of Consolidation |
Principles
of Consolidation
The
condensed consolidated financial statements include the accounts of the Company and its controlled and wholly owned subsidiaries, Hydro
Innovations, LLC (“Hydro”) and Surna Cultivation Technologies LLC (“SCT”). Intercompany transactions, profit,
and balances are eliminated in consolidation.
|
Use of Estimates |
Use
of Estimates
Management
makes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the financial statements and that affect the reported amounts of revenue and expenses during the reporting
period. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under
the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results could differ from those estimates. Key estimates include: allocation of transaction
prices to performance obligations under contracts with customers, standalone selling prices, timing of expected revenue recognition on
remaining performance obligations under contracts with customers, valuation of intangible assets and goodwill, valuation of equity-based
compensation, valuation of deferred tax assets and liabilities, warranty accruals, accounts receivable and inventory allowances, and
legal contingencies.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
|
Cash, Cash Equivalents, and Restricted Cash |
Cash,
Cash Equivalents, and Restricted Cash
All
highly liquid investments with original maturities of three months or less at the date of purchase are considered to be cash equivalents.
The Company may, from time to time, have deposits in financial institutions that exceed the federally insured amount of $250,000. As
of September 30, 2023, the balance in the Company’s accounts was approximately $13,343,000, consequently approximately $13,093,000
of this balance was not insured by the FDIC. The Company has not experienced any losses to date on depository accounts.
|
Income (Loss) Per Common Share |
Income
(Loss) Per Common Share
Basic
income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average
number of common shares outstanding during the period without consideration of common stock equivalents. Diluted net income (loss) per
common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding and potentially dilutive
common stock equivalents, including stock options, warrants and restricted stock units and other equity-based awards, except in cases
where the effect of the common stock equivalents would be antidilutive. Potential common stock equivalents consist of common stock issuable
upon exercise of stock options and warrants and the vesting of restricted stock units using the treasury method.
As
of September 30, 2023 and 2022, there were respectively, 7,992,829 and 7,881,160, potentially dilutive equity instruments outstanding
in respect of warrants, options and restricted stock units that were convertible into shares of the Company’s common stock. Of
these potentially dilutive equity instruments outstanding, 7,623,772 related to warrants outstanding at both September 30, 2023 and 2022
issued in connection with the sale of our shares of series B Preferred stock and common stock. The remaining 369,057 and 257,388 potentially
dilutive equity instruments outstanding as of September 30, 2023 and 2022, respectively, related to options and restricted stock units
that were convertible into shares of the Company’s common stock that had been issued to our directors and staff as compensation.
|
Goodwill |
Goodwill
The
Company recorded goodwill in connection with its acquisition of Hydro Innovations, LLC in July 2014. Goodwill is reviewed for impairment
annually or more frequently when events or changes in circumstances indicate that fair value of the reporting unit has been reduced to
less than its carrying value. The Company performs a quantitative impairment test annually on December 31 by comparing the fair value
of the reporting unit with its carrying amount, including goodwill. The Company’s fair value is calculated using a market valuation
technique whereby an appropriate control premium is applied to the Company’s market capitalization as calculated by applying its
publicly quoted share price to the number of its common shares issued and outstanding. If the fair value of the reporting unit exceeds
its carrying amount, goodwill is considered not impaired. An impairment charge would be recognized for the amount by which the carrying
amount exceeds the reporting unit’s fair value. The Company determined that it has one reporting unit.
As
of June 30, 2022, the Company experienced a triggering event due to a drop in its stock price and performed a quantitative analysis for
potential impairment of its goodwill. Based on this analysis, the Company determined that its carrying value exceeded its fair value.
As a result, the Company recorded a non-cash goodwill impairment charge of $631,064 at June 30, 2022. No income tax benefit related to
this goodwill impairment charge was recorded at June 30, 2022.
|
Temporary Equity |
Temporary
Equity
Shares
of preferred stock that are redeemable for cash or other assets are classified as temporary equity if they are redeemable, at the option
of the holder, at a fixed or determinable price on a fixed or determinable date or upon the occurrence of an event that is not solely
within the control of the Company. Redeemable equity instruments are initially carried at the fair value of the equity instrument at
the issuance date, net of issuance costs, which is subsequently adjusted to redemption value (including the amount for dividends earned
but not yet declared or paid) at each balance sheet date if the instrument is currently redeemable or if it is probable that the instrument
will become redeemable.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
|
Revenue Recognition |
Revenue
Recognition
The
following table sets forth the Company’s revenue by source:
Schedule
of Revenue by Source
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended
September 30, | | |
For the Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Equipment and systems sales | |
$ | 647,870 | | |
$ | 4,941,380 | | |
$ | 5,944,445 | | |
$ | 9,375,093 | |
Engineering and other services | |
| 235,301 | | |
| 104,434 | | |
| 462,943 | | |
| 382,559 | |
Shipping and handling | |
| 1,000 | | |
| 17,265 | | |
| 18,335 | | |
| 64,739 | |
Forfeited non-refundable customer deposits | |
| 29,400 | | |
| - | | |
| 234,135 | | |
| - | |
Total revenue | |
$ | 913,571 | | |
$ | 5,063,079 | | |
$ | 6,659,858 | | |
$ | 9,822,391 | |
Revenue
Recognition Accounting Policy Summary
The
Company accounts for revenue in accordance with ASC 606. Under the revenue standard, a performance obligation is a promise in a contract
with a customer to transfer a distinct good or service to the customer. Most of the Company’s contracts contain multiple performance
obligations that include engineering and technical services as well as the delivery of a diverse range of climate control system equipment
and components, which can span multiple phases of a customer’s project life cycle from facility design and construction to equipment
delivery and system installation and start-up. The Company does not provide construction services or system installation services. Some
of the Company’s contracts with customers contain a single performance obligation, typically engineering only services contracts.
A
contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance
obligation is satisfied. When there are multiple performance obligations within a contract, the Company allocates the transaction price
to each performance obligation based on the standalone selling price. When estimating the selling price, the Company uses various observable
inputs. The best observable input is the Company’s actual selling price for the same good or service, however, this input is generally
not available for the Company’s contracts containing multiple performance obligations. For engineering services, the Company estimates
the standalone selling price by reference to certain physical characteristics of the project, such as facility size and mechanical systems
involved, which are indicative of the scope and complexity of the mechanical engineering services to be provided. For equipment sales,
the standalone selling price is determined by forecasting the expected costs of the equipment and components and then adding an appropriate
margin, based on a range of acceptable margins established by management. Depending on the nature of the performance obligations, the
Company may use a combination of different methods and observable inputs if certain performance obligations have highly variable or uncertain
standalone selling prices. Once the selling prices are determined, the Company applies the relative values to the total contract consideration
and estimates the amount of the transaction price to be recognized as each promise is fulfilled.
Generally,
satisfaction occurs when control of the promised goods is transferred to the customer or as services are rendered or completed in exchange
for consideration in an amount for which the Company expects to be entitled. The Company recognizes revenue for the sale of goods when
control transfers to the customer, which primarily occurs at the time of shipment. The Company’s historical rates of return are
insignificant as a percentage of sales and, as a result, the Company does not record a reserve for returns at the time the Company recognizes
revenue. The Company has elected to exclude from the measurement of the transaction price all taxes (e.g., sales, use, value added, and
certain excise taxes) that are assessed by a governmental authority in connection with a specific revenue-producing transaction and collected
by the Company from the customer. Accordingly, the Company recognizes revenue net of sales taxes. The revenue and cost for freight and
shipping is recorded when control over the sale of goods passes to the Company’s customers.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
The
Company also has performance obligations to perform certain engineering services that are satisfied over a period of time. Revenue is
recognized from this type of performance obligation as services are rendered based on the percentage completion towards certain specified
milestones.
The
Company offers assurance-type warranties for its products and products manufactured by others to meet specifications defined by the contracts
with customers and does not have any material separate performance obligations related to these warranties. The Company maintains a warranty
reserve based on historical warranty costs.
Disaggregation
of Revenue
In
accordance with ASC 606-10-50-5 through 6, the Company considered the appropriate level of disaggregated revenue information that depicts
how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Additionally, per the implementation
guidance in ASC 606-10-55-90 through 91, the Company also considered (a) disclosures presented outside of the financial statements such
as earnings releases and investor presentations, (b) information regularly reviewed by the Chief Operating Decision Maker for evaluating
the financial performance of operating segments and (c) other information that is similar to the types of information identified in (a)
and (b) and that is used by the Company or users of the Company’s financial statements to evaluate financial performance or make
resource allocation decisions. Finally, we considered the examples of categories found in the guidance that might be appropriate, including:
(a) type of good or service (major product lines), (b) geographical region (country or region), (c) market or type of customer (government
or non-government customers), (d) type of contract (fixed-price or time-and-materials), (e) contract duration (short- or long-term),
(f) timing of transfer of goods or services (point-in-time or over time) and (g) sales channels (direct to customers or through intermediaries).
Based
on the aforementioned guidance and considerations, the Company determined that disaggregation of revenue by sales, services, shipping
and handling, and miscellaneous was required.
Other
Judgments and Assumptions
The
Company typically receives customer payments in advance of its performance of services or transfers of goods. Applying the practical
expedient in ASC 606-10-32-18, which the Company has elected, the Company does not adjust the promised amount of consideration for the
effects of a significant financing component since the Company expects, at contract inception, that the period between when the Company
transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Accordingly,
the remaining performance obligations related to customer contracts does not consider the effects of the time value of money.
Applying
the practical expedient in ASC 340-40-25-4, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred
since the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs include
certain sales commissions and incentives, which are included in selling, general and administrative expenses, and are payable only when
associated revenue has been collected and earned by the Company.
Contract
Assets and Contract Liabilities
Contract
assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to
payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based
on the terms established in its contracts.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
Contract
assets include unbilled amounts where revenue recognized exceeds the amount billed to the customer and the right of payment is conditional,
subject to completing a milestone, such as a phase of a project. The Company typically does not have material amounts of contract assets
since revenue is recognized as control of goods are transferred or as services are performed. As of September 30, 2023 and December 31,
2022, the Company had no contract assets.
Contract
liabilities consist of advance payments in excess of revenue recognized. The Company’s contract liabilities are recorded as a current
liability in deferred revenue in the consolidated balance sheets since the Company generally expects to recognize revenue in less than
one year. Non-refundable customer deposits are recognized as revenue when previously abandoned customer contracts have been forfeited
and a period of three years has passed. As of September 30, 2023, and December 31, 2022, deferred revenue, which was classified as a
current liability, was $474,888 and $4,338,570, respectively.
For
the three and nine months ended September 30, 2023, the Company recognized revenue of $12,461 and $3,911,083, respectively, related to
the deferred revenue at January 1, 2023 For the three and nine months ended September 30, 2022, the Company recognized revenue of $125,731
and $2,318,935, respectively, related to the deferred revenue at January 1, 2022.
Remaining
Performance Obligations
Remaining
performance obligations, or backlog, represents the aggregate amount of the transaction price allocated to the remaining obligations
that the Company has not performed under its customer contracts. The Company has elected not to use the optional exemption in ASC 606-10-50-14,
which exempts an entity from such disclosures if a performance obligation is part of a contract with an original expected duration of
one year or less. Accordingly, the information disclosed about remaining performance obligations includes all customer contracts, including
those with an expected duration of one year or less.
Industry
uncertainty, project financing concerns, and the licensing and qualification of our prospective customers, which are out of the Company’s
control, make it difficult for the Company to predict when it will recognize revenue on its remaining performance obligations. There
are risks that the Company may not realize the full contract value on customer projects in a timely manner or at all, and completion
of a customer’s cultivation facility project is dependent upon the customer’s ability to secure funding and real estate,
obtain a license and then build their cultivation facility so they can take possession of the equipment. Accordingly, the time it takes
for customers to complete a project, which corresponds to when the Company is able to recognize revenue, is driven by numerous factors
including: (i) the large number of first-time participants interested in the indoor cannabis cultivation business; (ii) the complexities
and uncertainties involved in obtaining state and local licensure and permitting; (iii) local and state government delays in approving
licenses and permits due to lack of staff or the large number of pending applications, especially in states where there is no cap on
the number of cultivators; (iv) the customer’s need to obtain cultivation facility financing; (v) the time needed, and coordination
required, for our customers to acquire real estate and properly design and build the facility (to the stage when climate control systems
can be installed); (vi) the large price tag and technical complexities of the climate control and air sanitation system; (vii) the availability
of power; and (viii) delays that are typical in completing any construction project. Further, based on the current economic climate,
t and the Company’s recent cost cutting measures, there is no assurance that the Company will be able to fulfill its backlog, and
the Company may experience contract cancellations, project scope reductions and project delays.
As
of September 30, 2023, the Company’s remaining performance obligations, or backlog, was approximately $548,000. The decline in
backlog was primarily the result of lower bookings. The Company has entered into fewer new contracts generally, and they have been for smaller
amounts. There is significant uncertainty regarding the timing of the Company’s recognition of revenue on its remaining performance
obligations, and there is no certainty that these will result in actual revenues. The backlog at September 30, 2023, includes booked
sales orders of $353,000 from four customers that the Company does not expect to be realized until 2024, if at all. Our projected revenue
amount contains a booked sales order of $65,000 (12% of the total backlog) from one customer that we believe is at risk of cancellation
based on conversations with this customer. Given the current supply chain and bottleneck issues that are still being worked through by
the Company’s supply chain partners, the Company believes that contract fulfillment could be delayed for these reasons.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
The
remaining performance obligations expected to be recognized through 2024 are as follows:
Schedule
of Remaining Performance Obligations Expected to be Recognized
| |
2023 | | |
2024 | | |
Total | |
Remaining performance obligations related to engineering only paid contracts | |
$ | - | | |
$ | - | | |
$ | - | |
Remaining performance obligations related to partial equipment paid contracts | |
| 195,000 | | |
| 353,000 | | |
| 548,000 | |
Total remaining performance obligations | |
$ | 195,000 | | |
$ | 353,000 | | |
$ | 548,000 | |
|
Product Warranty |
Product
Warranty
The
Company warrants the products that it manufactures for a warranty period equal to the lesser of 12 months from start-up or 18 months
from shipment. The Company’s warranty provides for the repair, rework, or replacement of products (at the Company’s option)
that fail to perform within stated specification. The Company’s third-party suppliers also warrant their products under similar
terms, which are passed through to the Company’s customers.
The
Company assesses the historical warranty claims on its manufactured products and, since 2016, warranty claims have been approximately
1% of annual revenue generated on these products. Based on the Company’s warranty policy, an accrual is established at 1% of the
trailing 18 months revenue. The Company continues to assess the need to record a warranty reserve at the time of sale based on historical
claims and other factors. As of September 30, 2023, and December 31, 2022, the Company had an accrued warranty reserve amount of $194,031
and $180,457, respectively, which are included in accounts payable and accrued liabilities on the Company’s consolidated balance
sheets.
|
Accounting for Share-Based Compensation |
Accounting
for Share-Based Compensation
The
Company recognizes the cost resulting from all share-based compensation arrangements, including stock options, restricted stock awards
and restricted stock units that the Company grants under its equity incentive plan in its condensed consolidated financial statements
based on their grant date fair value. The expense is recognized over the requisite service period or performance period of the award.
Awards with a graded vesting period based on service are expensed on a straight-line basis for the entire award. Awards with performance-based
vesting conditions, which require the achievement of a specific company financial performance goal at the end of the performance period
and required service period, are recognized over the performance period. Each reporting period, the Company reassesses the probability
of achieving the respective performance goal. If the goals are not expected to be met, no compensation cost is recognized and any previously
recognized amount recorded is reversed. If the award contains market-based vesting conditions, the compensation cost is based on the
grant date fair value and expected achievement of market condition and is not subsequently reversed if it is later determined that the
condition is not likely to be met or is expected to be lower than initially expected.
The
grant date fair value of stock options is based on the Black-Scholes Option Pricing Model (the “Black-Scholes Model”). The
Black-Scholes Model requires judgmental assumptions including volatility and expected term, both based on historical experience. The
risk-free interest rate is based on U.S. Treasury interest rates whose term is consistent with the expected term of the option. The Company
determines the assumptions used in the valuation of option awards as of the date of grant. Differences in the expected stock price volatility,
expected term or risk-free interest rate may necessitate distinct valuation assumptions at those grant dates. As such, the Company may
use different assumptions for options granted throughout the year. During the nine months ended September 30, 2023, the valuation assumptions
used to determine the fair value of each option award on the date of grant were: expected stock price volatility of 152.23%; expected
term in years of 10 and risk-free interest rate of 3.48%.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
The
grant date fair value of restricted stock and restricted stock units is based on the closing price of the underlying stock on the date
of the grant.
The
Company has elected to reduce share-based compensation expense for forfeitures as the forfeitures occur since the Company does not have
historical data or other factors to appropriately estimate the expected employee terminations and to evaluate whether particular groups
of employees have significantly different forfeiture expectations.
The
following is a summary of share-based compensation expenses included in the condensed consolidated statements of operations for the three
and nine months ended September 30, 2023 and September 30, 2022:
Schedule
of Share-based Compensation Costs
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended
September 30, | | |
For the Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Share-based compensation expense included in: | |
| | | |
| | | |
| | | |
| | |
Cost of revenue | |
$ | - | | |
$ | 3,956 | | |
$ | 4,898 | | |
$ | 9,851 | |
Advertising and marketing expenses | |
| - | | |
| 2,457 | | |
| 1,113 | | |
| 9,299 | |
Product development costs | |
| - | | |
| 2,481 | | |
| 3,570 | | |
| 7,442 | |
Selling, general and administrative expenses | |
| 15,166 | | |
| 69,637 | | |
| 167,846 | | |
| 240,083 | |
Total share-based compensation expense included in consolidated statement of operations | |
$ | 15,166 | | |
$ | 78,531 | | |
$ | 177,427 | | |
$ | 266,675 | |
Included
in the expense for the three and nine months ended September 30, 2022, is an accrual for $23,187 and $69,561, respectively, for the 2022
Annual Employee Incentive Compensation Plan. No accrual is being recorded in 2023.
|
Concentrations |
Concentrations
Four
customers accounted for 29%, 19%, 16%, and 12% of the Company’s revenue for the three months ended September 30, 2023. Three customers
accounted for 38%, 20% and 12% of the Company’s revenue for the nine months ended September 30, 2023. Two customers accounted for
53% and 24% of the Company’s revenue for the three months ended September 30, 2022 and three customers accounted for 28%, 25%,
and 13% of the Company’s revenue for the nine months ended September 30, 2022.
Two
customers accounted for 78%, and 12% of the Company’s accounts receivable as of September 30, 2023. Two customers accounted for
57% and 43% of the Company’s accounts receivable as of December 31, 2022.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
In
March 2023, the FASB issued ASU 2023-01 to require entities to classify and account for leases with related parties on the basis of legally
enforceable terms and conditions of the arrangement. The amendments are effective in periods beginning after December 15, 2023, including
interim periods within those fiscal years. The Company does not expect this ASU to have a material impact on its consolidated results
of operations, cash flows and financial position.
In
December 2022, the FASB issued ASU No. 2022-06, which defers the sunset date of Reference Rate Reform (Topic 848): Facilitation of
the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) from December 31, 2022 to December 31, 2024.
ASU No. 2022-06 was effective upon issuance. Topic 848 provides temporary optional guidance for a limited period of time to ease the
potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting, providing optional expedients
and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain
criteria are met. The Company does not expect this ASU to have a material impact on its consolidated results of operations, cash flows
and financial position.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
September
30, 2023
(in
US Dollars except share numbers)
(Unaudited)
In
September 2022, the FASB issued Update 2022-04, “Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program
Obligations”. The update was issued in response to requests from financial statement users for increased transparency surrounding
the use of supplier finance programs. The amendments in Update 2022-04 require that a buyer in a supplier finance program disclose sufficient
information about the program to allow a user of financial statements to understand the program’s nature, activity during the period,
changes from period to period, and potential magnitude. The amendments in this update do not affect the recognition, measurement, or
financial statement presentation of obligations covered by supplier finance programs. The amendments in this update are effective for
fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward
information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company does not
expect this ASU to have a material impact on its consolidated results of operations, cash flows and financial position.
In
October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers”, which requires companies to apply ASC 606, “Revenue from Contracts with Customers”
to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This
creates an exception to the general recognition and measurement principle in ASC 805, which uses fair value. The guidance is effective
for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted, and the
guidance should be applied prospectively. The impact of the standard on the Company’s consolidated financial statements is dependent
on the size and frequency of any future acquisitions the Company may complete.
In
March 2020, the FAS issued ASU No. 2020-04 “Reference Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform
on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides optional guidance for a limited period of time to
ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments
are effective for the Company as of March 12, 2020 through December 31, 2022. The adoption of this guidance has not had a material impact
on the Company’s consolidated financial statements.
Other
accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have
a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated
to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
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v3.23.3
Nature of Operations and Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Revenue by Source |
The
following table sets forth the Company’s revenue by source:
Schedule
of Revenue by Source
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended
September 30, | | |
For the Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Equipment and systems sales | |
$ | 647,870 | | |
$ | 4,941,380 | | |
$ | 5,944,445 | | |
$ | 9,375,093 | |
Engineering and other services | |
| 235,301 | | |
| 104,434 | | |
| 462,943 | | |
| 382,559 | |
Shipping and handling | |
| 1,000 | | |
| 17,265 | | |
| 18,335 | | |
| 64,739 | |
Forfeited non-refundable customer deposits | |
| 29,400 | | |
| - | | |
| 234,135 | | |
| - | |
Total revenue | |
$ | 913,571 | | |
$ | 5,063,079 | | |
$ | 6,659,858 | | |
$ | 9,822,391 | |
|
Schedule of Remaining Performance Obligations Expected to be Recognized |
The
remaining performance obligations expected to be recognized through 2024 are as follows:
Schedule
of Remaining Performance Obligations Expected to be Recognized
| |
2023 | | |
2024 | | |
Total | |
Remaining performance obligations related to engineering only paid contracts | |
$ | - | | |
$ | - | | |
$ | - | |
Remaining performance obligations related to partial equipment paid contracts | |
| 195,000 | | |
| 353,000 | | |
| 548,000 | |
Total remaining performance obligations | |
$ | 195,000 | | |
$ | 353,000 | | |
$ | 548,000 | |
|
Schedule of Share-based Compensation Costs |
The
following is a summary of share-based compensation expenses included in the condensed consolidated statements of operations for the three
and nine months ended September 30, 2023 and September 30, 2022:
Schedule
of Share-based Compensation Costs
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended
September 30, | | |
For the Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Share-based compensation expense included in: | |
| | | |
| | | |
| | | |
| | |
Cost of revenue | |
$ | - | | |
$ | 3,956 | | |
$ | 4,898 | | |
$ | 9,851 | |
Advertising and marketing expenses | |
| - | | |
| 2,457 | | |
| 1,113 | | |
| 9,299 | |
Product development costs | |
| - | | |
| 2,481 | | |
| 3,570 | | |
| 7,442 | |
Selling, general and administrative expenses | |
| 15,166 | | |
| 69,637 | | |
| 167,846 | | |
| 240,083 | |
Total share-based compensation expense included in consolidated statement of operations | |
$ | 15,166 | | |
$ | 78,531 | | |
$ | 177,427 | | |
$ | 266,675 | |
|
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v3.23.3
Leases (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Leases |
|
Schedule of Lease Cost |
Schedule
of Lease Cost
| |
As of
September 30, 2023 | |
Operating lease right-of-use asset | |
$ | 383,169 | |
Operating lease liability, current | |
$ | 124,319 | |
Operating lease liability, long-term | |
$ | 290,051 | |
| |
| | |
Remaining lease term | |
| 3.6 years | |
Discount rate | |
| 3.63 | % |
| |
For the Nine
Months Ended
September 30, 2023 | |
Operating cash outflow from operating lease | |
$ | 93,206 | |
|
Schedule of Future Annual Minimum Lease Payments |
Schedule
of Future Annual Minimum Lease Payments
As of September 30, 2023 | |
| |
| |
| |
Years ended December 31, | |
| |
2023 (excluding the nine months ended September 30, 2023) | |
$ | 31,690 | |
2024 | |
| 128,643 | |
2025 | |
| 132,503 | |
2026 | |
| 136,473 | |
Thereafter | |
| 11,654 | |
Total minimum lease payments | |
| 440,963 | |
Less imputed interest | |
| (26,593 | ) |
Present value of minimum lease payments | |
$ | 414,370 | |
|
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v3.23.3
Inventory (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory |
Schedule
of Inventory
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Finished goods | |
$ | 371,689 | | |
$ | 270,555 | |
Work in progress | |
| - | | |
| 155 | |
Raw materials | |
| 125,437 | | |
| 148,608 | |
Allowance for excess & obsolete inventory | |
| (182,030 | ) | |
| (70,907 | ) |
Inventory, net | |
$ | 315,096 | | |
$ | 348,411 | |
|
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v3.23.3
Property and Equipment (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property and Equipment |
Schedule of
Property and Equipment
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Furniture and equipment | |
$ | 275,994 | | |
$ | 278,389 | |
Vehicles | |
| 15,000 | | |
| 15,000 | |
Property and equipment, gross | |
| 290,994 | | |
| 293,389 | |
Accumulated depreciation | |
| (245,257 | ) | |
| (224,876 | ) |
Property and equipment, net | |
$ | 45,737 | | |
$ | 68,513 | |
|
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v3.23.3
Accounts Payable and Accrued Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of Accounts Payable and Accrued Liabilities |
Schedule
of Accounts Payable and Accrued Liabilities
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Accounts payable | |
$ | 164,041 | | |
$ | 311,162 | |
Sales commissions payable | |
| 4,018 | | |
| 25,951 | |
Accrued payroll liabilities | |
| 146,376 | | |
| 465,094 | |
Product warranty accrual | |
| 194,031 | | |
| 180,457 | |
Other accrued expenses | |
| 63,419 | | |
| 224,594 | |
Total | |
$ | 571,885 | | |
$ | 1,207,258 | |
|
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v3.23.3
Equity Incentive Plans (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of Stock Option Activity |
Schedule
of Stock Option Activity
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding, December 31, 2022 | |
| 192,073 | | |
$ | 8.94 | | |
| 7.6 | | |
$ | - | |
Granted | |
| 138,489 | | |
$ | 0.90 | | |
| 6.4 | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Forfeited | |
| (18,629 | ) | |
$ | 2.63 | | |
| 9.2 | | |
$ | - | |
Expired | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Outstanding, September 30, 2023 | |
| 311,933 | | |
$ | 5.74 | | |
| 6.6 | | |
$ | - | |
Exercisable, September 30, 2023 | |
| 286,843 | | |
$ | 5.78 | | |
| 6.5 | | |
$ | - | |
|
Summary of Non-Vested qualified Stock Option Activity |
Summary of
Non-Vested qualified Stock Option Activity
| |
Number of Options | | |
Weighted Average Grant-Date Fair Value | | |
Aggregate Intrinsic Value | | |
Grant-Date Fair Value | |
| |
| | |
| | |
| | |
| |
Nonvested, December 31, 2022 | |
| 28,756 | | |
$ | 4.73 | | |
$ | - | | |
$ | 136,016 | |
Granted | |
| 138,489 | | |
$ | 0.88 | | |
$ | - | | |
$ | 121,870 | |
Vested | |
| (141,822 | ) | |
$ | 0.92 | | |
$ | - | | |
$ | (130,476 | ) |
Forfeited | |
| (333 | ) | |
$ | 6.67 | | |
$ | - | | |
$ | (2,222 | ) |
Expired | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | |
Nonvested, September 30, 2023 | |
| 25,090 | | |
$ | 4.98 | | |
$ | - | | |
$ | 124,948 | |
|
Schedule of Restricted Units Activity |
Schedule
of Restricted Units Activity
| |
Number of Units | | |
Weighted Average Grant-Date Fair Value | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| |
Outstanding, December 31, 2022 | |
| 3,366 | | |
$ | 7.42 | | |
$ | - | |
Granted | |
| 119,032 | | |
$ | 0.84 | | |
$ | - | |
Vested and settled with share issuance | |
| (122,398 | ) | |
$ | 1.02 | | |
$ | - | |
Forfeited/canceled | |
| - | | |
$ | - | | |
$ | - | |
Outstanding, September 30, 2023 | |
| - | | |
$ | - | | |
$ | - | |
|
2017 Equity Plan and 2021 Equity Plan [Member] | Directors [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of Stock Option Activity |
Schedule of Stock
Option Activity
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term | | |
Aggregate Intrinsic Value ($000) | |
| |
| | |
| | |
| | |
| |
Outstanding, December 31, 2022 | |
| 57,122 | | |
$ | 9.44 | | |
| 6.0 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
$ | - | |
Exercised | |
| - | | |
| - | | |
| - | | |
$ | - | |
Forfeited/Cancelled | |
| - | | |
| - | | |
| - | | |
$ | - | |
Expired | |
| - | | |
| - | | |
| - | | |
$ | - | |
Outstanding, September 30, 2023 | |
| 57,122 | | |
$ | 9.44 | | |
| 5.3 | | |
$ | - | |
Exercisable, September 30, 2023 | |
| 57,122 | | |
$ | 9.44 | | |
| 5.3 | | |
$ | - | |
|
X |
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v3.23.3
Warrants (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Warrants |
|
Schedule of Outstanding Warrants to purchase Common Stock |
Schedule
of Outstanding Warrants to purchase Common Stock
| |
| | |
| | |
| | |
Weighted | | |
| |
| |
| | |
| | |
Weighted | | |
Average | | |
| |
| |
Warrants | | |
Average
Exercise | | |
Remaining Life | | |
Aggregate
Intrinsic | |
| |
Outstanding | | |
Exercisable | | |
Price | | |
In Months | | |
Value | |
| |
| | |
| | |
| | |
| | |
| |
Outstanding at December 31, 2022 | |
| 7,623,772 | | |
| 7,623,772 | | |
$ | 5.14 | | |
| 49 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding at September 30, 2023 | |
| 7,623,772 | | |
| 7,623,772 | | |
$ | 5.14 | | |
| 40 | | |
| - | |
|
Schedule of Warrants Outstanding |
Schedule
of Warrants Outstanding
| | |
Warrants | | |
Weighted Average | |
Exercise price | | |
Outstanding | | |
Exercisable | | |
Months Outstanding | |
| | |
| | |
| | |
| |
$ | 9.45 | | |
| 192,982 | | |
| 192,982 | | |
| 12 | |
| | | |
| | | |
| | | |
| | |
$ | 10.40 | | |
| 34,737 | | |
| 34,737 | | |
| 13 | |
| | | |
| | | |
| | | |
| | |
$ | 5.00 | | |
| 7,105,496 | | |
| 7,105,496 | | |
| 41 | |
| | | |
| | | |
| | | |
| | |
$ | 5.16 | | |
| 290,557 | | |
| 290,557 | | |
| 41 | |
| | | |
| | | |
| | | |
| | |
| | | |
| 7,623,772 | | |
| 7,623,772 | | |
| 40 | |
|
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Schedule of Revenue by Source (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Product Information [Line Items] |
|
|
|
|
Total revenue |
$ 913,571
|
$ 5,063,079
|
$ 6,659,858
|
$ 9,822,391
|
Equipment And Systems Sales [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenue |
647,870
|
4,941,380
|
5,944,445
|
9,375,093
|
Engineering And Other Services [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenue |
235,301
|
104,434
|
462,943
|
382,559
|
Shipping and Handling [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenue |
1,000
|
17,265
|
18,335
|
64,739
|
Forfeited Non Refundable Customer Deposits [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total revenue |
$ 29,400
|
|
$ 234,135
|
|
X |
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Schedule of Share-based Compensation Costs (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Total share-based compensation expense included in consolidated statement of operations |
$ 15,166
|
$ 78,531
|
$ 177,427
|
$ 266,675
|
Cost of Sales [Member] |
|
|
|
|
Total share-based compensation expense included in consolidated statement of operations |
|
3,956
|
4,898
|
9,851
|
Advertising And Marketing Expenses [Member] |
|
|
|
|
Total share-based compensation expense included in consolidated statement of operations |
|
2,457
|
1,113
|
9,299
|
Product Development Costs [Member] |
|
|
|
|
Total share-based compensation expense included in consolidated statement of operations |
|
2,481
|
3,570
|
7,442
|
Selling, General and Administrative Expenses [Member] |
|
|
|
|
Total share-based compensation expense included in consolidated statement of operations |
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|
$ 69,637
|
$ 167,846
|
$ 240,083
|
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Nature of Operations and Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Product Information [Line Items] |
|
|
|
|
|
|
Federal insured amount |
$ 250,000
|
|
|
$ 250,000
|
|
|
Cash balance, amount |
13,343,000
|
|
|
13,343,000
|
|
|
Cash equivalent balance, amount |
13,093,000
|
|
|
$ 13,093,000
|
|
|
Potentially dilutive equity instruments that are convertible into common stock |
|
|
|
7,992,829
|
7,881,160
|
|
Goodwill and intangible asset impairment |
|
|
$ 631,064
|
|
$ 631,064
|
|
Contract with customer liability current |
474,888
|
|
|
474,888
|
|
$ 4,338,570
|
Revenue recognized |
12,461
|
125,731
|
|
3,911,083
|
2,318,935
|
|
Revenue remaining performance obligation |
548,000
|
|
|
$ 548,000
|
|
|
Product warranty description |
|
|
|
The
Company assesses the historical warranty claims on its manufactured products and, since 2016, warranty claims have been approximately
1% of annual revenue generated on these products. Based on the Company’s warranty policy, an accrual is established at 1% of the
trailing 18 months revenue
|
|
|
Accrued warranty reserve amount |
$ 194,031
|
|
|
$ 194,031
|
|
$ 180,457
|
Stock price volatility |
|
|
|
152.23%
|
|
|
Expected Term |
|
|
|
10 years
|
|
|
Risk-free interest rate |
|
|
|
3.48%
|
|
|
Accrued Incentive |
|
$ 23,187
|
|
$ 0
|
$ 69,561
|
|
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer One [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk percentage |
29.00%
|
53.00%
|
|
38.00%
|
28.00%
|
|
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Two [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk percentage |
19.00%
|
24.00%
|
|
20.00%
|
25.00%
|
|
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Three [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk percentage |
16.00%
|
|
|
12.00%
|
13.00%
|
|
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Four [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk percentage |
12.00%
|
|
|
|
|
|
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer One [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk percentage |
|
|
|
78.00%
|
|
57.00%
|
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk percentage |
|
|
|
12.00%
|
|
43.00%
|
2023 [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Revenue remaining performance obligation |
$ 195,000
|
|
|
$ 195,000
|
|
|
2023 [Member] | Booked Sales Orders From Three Customers [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Revenue remaining performance obligation |
353,000
|
|
|
$ 353,000
|
|
|
Director And Staff [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Potentially dilutive equity instruments that are convertible into common stock |
|
|
|
369,057
|
257,388
|
|
One Customer [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Revenue remaining performance obligation |
$ 65,000
|
|
|
$ 65,000
|
|
|
Series B Preferred Stock [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Potentially dilutive equity instruments that are convertible into common stock |
|
|
|
7,623,772
|
7,623,772
|
|
X |
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v3.23.3
Schedule of Lease Cost (Details) - USD ($)
|
9 Months Ended |
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Leases |
|
|
Operating lease right-of-use asset |
$ 383,169
|
$ 462,874
|
Operating lease liability, current |
124,319
|
118,235
|
Operating lease liability, long-term |
$ 290,051
|
$ 376,851
|
Remaining lease term |
3 years 7 months 6 days
|
|
Discount rate |
3.63%
|
|
Operating cash outflow from operating lease |
$ 93,206
|
|
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v3.23.3
Schedule of Future Annual Minimum Lease Payments (Details)
|
Sep. 30, 2023
USD ($)
|
Leases |
|
2023 (excluding the nine months ended September 30, 2023) |
$ 31,690
|
2024 |
128,643
|
2025 |
132,503
|
2026 |
136,473
|
Thereafter |
11,654
|
Total minimum lease payments |
440,963
|
Less imputed interest |
(26,593)
|
Present value of minimum lease payments |
$ 414,370
|
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v3.23.3
Schedule of Inventory (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Inventory Disclosure [Abstract] |
|
|
Finished goods |
$ 371,689
|
$ 270,555
|
Work in progress |
|
155
|
Raw materials |
125,437
|
148,608
|
Allowance for excess & obsolete inventory |
(182,030)
|
(70,907)
|
Inventory, net |
$ 315,096
|
$ 348,411
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v3.23.3
Schedule of Property and Equipment (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 290,994
|
$ 293,389
|
Accumulated depreciation |
(245,257)
|
(224,876)
|
Property and equipment, net |
45,737
|
68,513
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
275,994
|
278,389
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
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$ 15,000
|
$ 15,000
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v3.23.3
Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accounts payable |
$ 164,041
|
$ 311,162
|
Sales commissions payable |
4,018
|
25,951
|
Accrued payroll liabilities |
146,376
|
465,094
|
Product warranty accrual |
194,031
|
180,457
|
Other accrued expenses |
63,419
|
224,594
|
Total |
$ 571,885
|
$ 1,207,258
|
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v3.23.3
Stockholders’ Equity (Details Narrative) - USD ($)
|
|
|
|
|
|
|
9 Months Ended |
|
|
|
|
Jan. 17, 2023 |
Jan. 03, 2023 |
Jun. 21, 2022 |
Feb. 15, 2022 |
Jan. 17, 2022 |
Jan. 03, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 30, 2021 |
Mar. 22, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
200,000,000
|
|
200,000,000
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
25,000,000
|
|
25,000,000
|
|
|
|
Common stock par value |
|
|
|
|
|
|
$ 0.00001
|
|
$ 0.00001
|
|
|
|
Common stock, shares issued |
|
|
|
|
|
|
8,076,372
|
|
7,953,974
|
|
|
|
Common stock, shares outstanding |
|
|
|
|
|
|
8,076,372
|
|
7,953,974
|
1,600,835
|
240,125,224
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
0
|
|
0
|
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
0
|
|
0
|
|
|
|
Reverse stock split |
|
|
|
|
one-for-one hundred and fifty
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
|
|
6,798
|
|
|
|
|
|
|
|
Net proceeds from sale of common stock |
|
|
|
$ 22,000,000
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
|
|
$ 5.14
|
|
$ 5.14
|
|
|
|
Number of shares issued |
|
|
169,530
|
|
|
|
|
|
|
|
|
|
Prefunded conversion warrants |
|
|
170,382
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares sold |
|
|
|
5,811,138
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
5,811,138
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares sold |
|
|
|
6,572,808
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
$ 5.00
|
|
|
|
|
|
|
|
|
Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Management fee expense |
|
|
|
|
$ 15,000
|
|
$ 25,000
|
|
|
|
|
|
Audit Committee Chairman [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Management fee expense |
|
|
|
|
10,000
|
|
|
|
|
|
|
|
Committee Chairman [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Management fee expense |
|
|
|
|
$ 5,000
|
|
|
|
|
|
|
|
Board of Directors Chairman [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
200,000,000
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
25,000,000
|
|
|
|
|
|
Underwriters [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
$ 5.1625
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, issued for services |
|
|
|
290,557
|
|
|
|
|
|
|
|
|
Warrants maturity date |
|
|
|
Feb. 10, 2027
|
|
|
|
|
|
|
|
|
2021 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
|
$ 4.80
|
|
|
|
|
|
|
2021 Equity Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock options issued |
|
|
|
|
|
|
|
|
|
|
|
666,667
|
Number of shares issued |
|
|
|
|
|
|
122,398
|
|
|
|
|
|
Non-Qualified Stock Options [Member] | 2021 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock options issued |
|
|
|
|
|
3,125
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Vesting rights description |
|
|
|
|
Vesting of the RSUs was as follows: (i) 50% at the time of grant, and (ii) 50% on the first anniversary of the grant date
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation arrangement payment |
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | 2021 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock options issued |
|
29,758
|
|
|
3,367
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | 2021 Equity Incentive Plan [Member] | January 17, 2022 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock options issued |
|
|
|
|
1,684
|
|
|
|
|
|
|
|
Shares, vested |
|
|
|
|
1,684
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | 2021 Equity Incentive Plan [Member] | January 17, 2022 [Member] | Two New Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares, vested |
1,683
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | 2021 Equity Incentive Plan [Member] | January 17, 2023 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock options issued |
|
|
|
|
1,683
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | 2021 Equity Plan [Member] | Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares vested in period |
|
119,032
|
|
|
|
|
|
|
|
|
|
|
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v3.23.3
Schedule of Stock Option Activity (Details) - 2017 Equity Plan and 2021 Equity Plan [Member]
|
9 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Employees And Consultants [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options, Granted |
138,489
|
Employees And Consultants [Member] | Non-Qualified Stock Options [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options, Outstanding Beginning |
192,073
|
Weighted Average Exercise Price, Outstanding Beginning | $ / shares |
$ 8.94
|
Weighted Average Remaining Contractual Term, Beginning |
7 years 7 months 6 days
|
Aggregate Intrinsic Value, Outstanding Beginning | $ |
|
Number of Options, Granted |
138,489
|
Weighted Average Exercise Price, Granted | $ / shares |
$ 0.90
|
Weighted Average Remaining Contractual Term, Granted |
6 years 4 months 24 days
|
Number of Options, Exercised |
|
Weighted Average Exercise Price, Exercised | $ / shares |
|
Number of Options, Forfeited/Cancelled |
(18,629)
|
Weighted Average Exercise Price, Forfeited/Cancelled | $ / shares |
$ 2.63
|
Weighted Average Remaining Contractual Term, Forfeited |
9 years 2 months 12 days
|
Number of Options, Expired |
|
Weighted Average Exercise Price, Expired | $ / shares |
|
Number of Options, Outstanding Ending |
311,933
|
Weighted Average Exercise Price, Outstanding Ending | $ / shares |
$ 5.74
|
Weighted Average Remaining Contractual Term, Outstanding Ending |
6 years 7 months 6 days
|
Aggregate Intrinsic Value, Outstanding Ending | $ |
|
Number of Options, Exercisable Ending |
286,843
|
Weighted Average Exercise Price, Exercisable Ending | $ / shares |
$ 5.78
|
Weighted Average Remaining Contractual Term, Exercisable Ending |
6 years 6 months
|
Aggregate Intrinsic Value, Exercisable Ending | $ |
|
Directors [Member] | Non-Qualified Stock Options [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options, Outstanding Beginning |
57,122
|
Weighted Average Exercise Price, Outstanding Beginning | $ / shares |
$ 9.44
|
Weighted Average Remaining Contractual Term, Beginning |
6 years
|
Aggregate Intrinsic Value, Outstanding Beginning | $ |
|
Number of Options, Granted |
|
Weighted Average Exercise Price, Granted | $ / shares |
|
Number of Options, Exercised |
|
Weighted Average Exercise Price, Exercised | $ / shares |
|
Number of Options, Forfeited/Cancelled |
|
Weighted Average Exercise Price, Forfeited/Cancelled | $ / shares |
|
Number of Options, Expired |
|
Weighted Average Exercise Price, Expired | $ / shares |
|
Number of Options, Outstanding Ending |
57,122
|
Weighted Average Exercise Price, Outstanding Ending | $ / shares |
$ 9.44
|
Weighted Average Remaining Contractual Term, Outstanding Ending |
5 years 3 months 18 days
|
Aggregate Intrinsic Value, Outstanding Ending | $ |
|
Number of Options, Exercisable Ending |
57,122
|
Weighted Average Exercise Price, Exercisable Ending | $ / shares |
$ 9.44
|
Weighted Average Remaining Contractual Term, Exercisable Ending |
5 years 3 months 18 days
|
Aggregate Intrinsic Value, Exercisable Ending | $ |
|
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- DefinitionWeighted Average Remaining Contractual Term, Ending.
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v3.23.3
Summary of Non-Vested qualified Stock Option Activity (Details) - Employees And Consultants [Member] - 2017 Equity Plan and 2021 Equity Plan [Member]
|
9 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options Nonvested, Beginning | shares |
28,756
|
Weighted Average Grant-Date Fair Value, Nonvested, Beginning | $ / shares |
$ 4.73
|
Aggregated Intrinsic Value, Nonvested Beginning |
|
Grant Date Fair Value Nonvested, Beginning |
$ 136,016
|
Number of Options Nonvested, Granted | shares |
138,489
|
Weighted Average Grant-Date Fair Value, Nonvested, Granted | $ / shares |
$ 0.88
|
Grant Date Fair Value Nonvested, Granted |
$ 121,870
|
Number of Options Nonvested, Vested |
$ (141,822)
|
Weighted Average Grant-Date Fair Value, Nonvested, Vested | $ / shares |
$ 0.92
|
Grant Date Fair Value Nonvested, Vested |
$ (130,476)
|
Number of Options Nonvested, Forfeited | shares |
(333)
|
Weighted Average Grant-Date Fair Value, Nonvested, Forfeited | $ / shares |
$ 6.67
|
Grant Date Fair Value Nonvested, Forfeited |
$ (2,222)
|
Number of Options Nonvested, Expired | shares |
|
Weighted Average Grant-Date Fair Value, Nonvested, Expired | $ / shares |
|
Grant Date Fair Value Nonvested, Expired |
|
Number of Options Nonvested, Ending | shares |
25,090
|
Weighted Average Grant-Date Fair Value, Nonvested, Beginning | $ / shares |
$ 4.98
|
Aggregated Intrinsic Value, Nonvested Ending |
|
Grant Date Fair Value Nonvested, Ending |
$ 124,948
|
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v3.23.3
Schedule of Restricted Units Activity (Details)
|
9 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Aggregate Intrinsic Value Outstanding, Granted |
|
Aggregate Intrinsic Value Outstanding, ending |
|
2017 Equity Incentive Plan [Member] | Employees, Directors and Consultants [Member] | Restricted Stock Units (RSUs) [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Units Outstanding, beginning | shares |
3,366
|
Weighted Average Grant-Date Fair Value Outstanding, Beginning | $ / shares |
$ 7.42
|
Aggregate Intrinsic Value Outstanding, Beginning |
|
Number of Units, Granted | shares |
119,032
|
Weighted Average Grant-Date Fair Value, Granted | $ / shares |
$ 0.84
|
Aggregate Intrinsic Value Outstanding, Granted |
|
Number of Units, Vested and settled with share issuance | shares |
(122,398)
|
Weighted Average Grant-Date Fair Value, Vested and settled with share issuance | $ / shares |
$ 1.02
|
Aggregate Intrinsic Value Outstanding, Vested and settled with share issuance |
|
Number of Units, Forfeited/canceled | shares |
|
Weighted Average Grant-Date Fair Value, Forfeited/Canceled | $ / shares |
|
Aggregate Intrinsic Value Outstanding, Forfeited/canceled |
|
Number of Units Outstanding, ending | shares |
|
Weighted Average Grant-Date Fair Value Outstanding,ending | $ / shares |
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Aggregate Intrinsic Value Outstanding, ending |
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v3.23.3
Equity Incentive Plans (Details Narrative) - USD ($)
|
|
|
|
|
9 Months Ended |
|
|
|
Jan. 17, 2023 |
Jan. 03, 2023 |
Jun. 21, 2022 |
Jan. 03, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Jan. 17, 2022 |
Mar. 22, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Shares issued during the period |
|
|
169,530
|
|
|
|
|
|
|
Accrued equity compensation |
|
|
|
|
|
|
$ 89,970
|
|
|
Additional expense |
|
|
|
|
32,376
|
|
|
|
|
Share based compensation |
|
|
|
|
177,427
|
$ 280,739
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Employees, Directors and Consultants [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
$ 101,316
|
42,413
|
|
|
|
2017 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of options to purchase shares |
|
|
|
|
333,333
|
|
|
|
|
Number of option remain forfeited |
|
|
|
|
1,665
|
|
|
|
|
Number of shares authorized |
|
|
|
|
333,333
|
|
|
|
|
2017 Equity Incentive Plan [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
$ 0
|
$ 29,656
|
|
|
|
Number of options to purchase shares |
|
|
|
|
0
|
6,250
|
|
|
|
2017 Equity Incentive Plan [Member] | Non Qualified Stock Option [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of option remain outstanding |
|
|
|
|
145,512
|
|
|
|
|
Shares available for future equity awards |
|
|
|
|
24,129
|
|
|
|
|
2017 Equity Incentive Plan [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
163,692
|
|
|
|
|
2017 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Employees, Directors and Consultants [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares vested in period |
|
|
|
|
122,398
|
|
|
|
|
Number of shares granted |
|
|
|
|
119,032
|
|
|
|
|
2021 Equity Plan [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Shares available for future equity awards |
|
|
|
|
310,555
|
|
|
|
|
Number of shares grant in period |
|
|
|
|
|
|
|
|
666,667
|
Shares issued during the period |
|
|
|
|
122,398
|
|
|
|
|
Number of shares authorized |
|
|
|
|
666,667
|
|
|
|
|
Unrecognized compensation expense |
|
|
|
|
$ 15,586
|
|
|
|
|
Weighted Average Remaining Contractual Term |
|
|
|
|
18 months
|
|
|
|
|
2021 Equity Plan [Member] | Non Qualified Stock Option [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of option remain forfeited |
|
|
|
|
333
|
|
|
|
|
Number of option remain outstanding |
|
|
|
|
182,728
|
|
|
|
|
Number of option remain cancelled |
|
|
|
|
16,631
|
|
|
|
|
2021 Equity Plan [Member] | Incentive Stock Option [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of option remain outstanding |
|
|
|
|
40,816
|
|
|
|
|
2021 Equity Plan [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
132,568
|
|
|
|
|
2021 Equity Plan [Member] | Restricted Stock Units (RSUs) [Member] | Directors [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares vested in period |
|
119,032
|
|
|
|
|
|
|
|
Number of shares granted |
3,366
|
|
|
|
|
|
|
|
|
2021 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Exercise price per share |
|
|
|
$ 4.80
|
|
|
|
|
|
2021 Equity Incentive Plan [Member] | Five Employees [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of share awards granted |
|
|
|
|
138,489
|
|
|
|
|
Exercise price per share |
|
|
|
|
$ 0.8955
|
|
|
|
|
2021 Equity Incentive Plan [Member] | Non-Qualified Stock Options [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
3,125
|
|
|
|
|
|
2021 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares grant in period |
|
29,758
|
|
|
|
|
|
3,367
|
|
2017 Equity Plan and 2021 Equity Plan [Member] | Non-Qualified Stock Options [Member] | Employees And Consultants [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
$ 76,110
|
$ 129,733
|
|
|
|
2017 Equity Plan and 2021 Equity Plan [Member] | Non-Qualified Stock Options [Member] | Directors [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of option remain forfeited |
|
|
|
|
|
|
|
|
|
Number of option remain outstanding |
|
|
|
|
57,122
|
|
57,122
|
|
|
Number of share awards granted |
|
|
|
|
|
|
|
|
|
Exercise price per share |
|
|
|
|
|
|
|
|
|
Number of option remain cancelled |
|
|
|
|
|
|
|
|
|
Weighted Average Remaining Contractual Term |
|
|
|
|
6 years
|
|
|
|
|
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v3.23.3
Schedule of Outstanding Warrants to purchase Common Stock (Details)
|
9 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Warrants |
|
Warrants Outstanding, Beginning Balance |
7,623,772
|
Warrants Exercisable, Beginning Balance |
7,623,772
|
Weighted Average Exercise Price, Beginning Balance | $ / shares |
$ 5.14
|
Weighted Average Life of Outstanding Warrants in Months, Beginning Balance |
49 months
|
Aggregate Intrinsic Value, Beginning Balance | $ |
|
Warrants Outstanding. Granted |
|
Warrants Exercisable, Granted |
|
Weighted Average Exercise Price, Granted | $ / shares |
|
Weighted Average Life of Outstanding Warrants in Months, Granted |
|
Aggregate Intrinsic Value, Granted | $ |
|
Warrants Outstanding, Exercised |
|
Warrants Exercisable, Exercised |
|
Weighted Average Exercise Price, Exercised | $ / shares |
|
Weighted Average Remaining Life, Exercised |
|
Aggregate Intrinsic Value, Exercised | $ |
|
Warrants Outstanding, Expired |
|
Warrants Exercisable, Expired |
|
Weighted Average Exercise Price, Expired | $ / shares |
|
Weighted Average Life of Outstanding Warrants in Months, Granted |
|
Aggregate Intrinsic Value, Expired | $ |
|
Warrants Outstanding, Ending Balance |
7,623,772
|
Warrants Exercisable, Ending Balance |
7,623,772
|
Weighted Average Exercise Price, Ending Balance | $ / shares |
$ 5.14
|
Weighted Average Life of Outstanding Warrants in Months, Ending Balance |
40 months
|
Aggregate Intrinsic Value Outstanding, ending | $ |
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v3.23.3
Schedule of Warrants Outstanding (Details) - $ / shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Exercise price |
$ 5.14
|
$ 5.14
|
Warrants Outstanding |
7,623,772
|
7,623,772
|
Warrants Exercisable |
7,623,772
|
7,623,772
|
Weighted Average Life of Outstanding Warrants in Months |
40 months
|
|
Warrants Range [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Exercise price |
$ 9.45
|
|
Warrants Outstanding |
192,982
|
|
Warrants Exercisable |
192,982
|
|
Weighted Average Life of Outstanding Warrants in Months |
12 months
|
|
Warrants Range One [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Exercise price |
$ 10.40
|
|
Warrants Outstanding |
34,737
|
|
Warrants Exercisable |
34,737
|
|
Weighted Average Life of Outstanding Warrants in Months |
13 months
|
|
Warrants Range Two [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Exercise price |
$ 5.00
|
|
Warrants Outstanding |
7,105,496
|
|
Warrants Exercisable |
7,105,496
|
|
Weighted Average Life of Outstanding Warrants in Months |
41 months
|
|
Warrants Range Three [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Exercise price |
$ 5.16
|
|
Warrants Outstanding |
290,557
|
|
Warrants Exercisable |
290,557
|
|
Weighted Average Life of Outstanding Warrants in Months |
41 months
|
|
X |
- DefinitionNumber of equity instruments other than options exercisable, including both vested and non-vested instruments.
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v3.23.3
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Dec. 20, 2022 |
Oct. 13, 2022 |
Mar. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Payments for commissions |
|
|
|
$ 18,273
|
$ 9,884
|
|
Payments for Deposits |
|
|
|
14,035
|
|
|
Outstanding receivable |
|
|
|
1,692
|
|
|
Consulting Agreement [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
[custom:ProceedsFomDeposit] |
$ 10,900
|
|
|
|
|
|
Consulting Agreement [Member] | Lone Star Bioscience Inc [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
[custom:ProceedsFomDeposit] |
|
$ 2,500
|
$ 3,577
|
|
|
$ 1,250
|
[custom:ProceedsFomSales] |
|
|
$ 14,477
|
|
|
|
Revenue |
|
|
|
$ 16,977
|
|
|
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