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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 MARCH 31, 2024
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 May 14, 2024, the number of outstanding shares of common stock of the registrant was 8,212,737.
CEA
Industries Inc.
Quarterly
Report on Form 10-Q
For
the Quarterly Period Ended March 31, 2024
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, including the decrease in new client contracts; |
|
|
|
|
● |
our
overall financial condition, including declining revenues, 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, meeting client expectations, and whether
there are or will be warranty claims; |
|
|
|
|
● |
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 CEA and, in particular, the cannabis growers industry; |
|
|
|
|
● |
the
ability to effectively operate our business, including servicing our existing customers and obtaining new business; |
|
|
|
|
● |
our
relationships with our customers and suppliers and reliance on a limited number of 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; |
|
● |
The
potential for delisting from NASDAQ, and the impact that may have on the price and trading of our shares of common stock and warrants; |
|
|
|
|
● |
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 regular 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, 2023, 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)
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
| |
| (Unaudited) | | |
| | |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 11,598,836 | | |
$ | 12,508,251 | |
Accounts receivable, net | |
| 20,126 | | |
| 18,655 | |
Contract assets, net | |
| 224,414 | | |
| 224,414 | |
Inventory, net | |
| 245,894 | | |
| 296,404 | |
Prepaid expenses and other | |
| 227,514 | | |
| 313,115 | |
Total Current Assets | |
| 12,316,784 | | |
| 13,360,839 | |
Noncurrent Assets | |
| | | |
| | |
Property and equipment, net | |
| 19,019 | | |
| 38,558 | |
Intangible assets, net | |
| 1,830 | | |
| 1,830 | |
Deposits | |
| 14,747 | | |
| 14,747 | |
Operating lease right-of-use asset | |
| 328,792 | | |
| 356,109 | |
Total Noncurrent Assets | |
| 364,388 | | |
| 411,244 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 12,681,172 | | |
$ | 13,772,083 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 361,876 | | |
$ | 624,724 | |
Deferred revenue | |
| 539,956 | | |
| 499,800 | |
Current portion of operating lease liability | |
| 128,839 | | |
| 126,724 | |
Total Current Liabilities | |
| 1,030,671 | | |
| 1,251,248 | |
| |
| | | |
| | |
Noncurrent Liabilities | |
| | | |
| | |
Operating lease liability, net of current portion | |
| 228,927 | | |
| 259,627 | |
Total Noncurrent Liabilities | |
| 228,927 | | |
| 259,627 | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
| 1,259,598 | | |
| 1,510,875 | |
| |
| | | |
| | |
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; 8,212,737 and 8,076,372 shares issued and outstanding, respectively | |
| 82 | | |
| 81 | |
Additional paid in capital | |
| 49,528,387 | | |
| 49,451,419 | |
Accumulated deficit | |
| (38,106,895 | ) | |
| (37,190,292 | ) |
Total Shareholders’ Equity | |
| 11,421,574 | | |
| 12,261,208 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | |
$ | 12,681,172 | | |
$ | 13,772,083 | |
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)
| |
2024 | | |
2023 | |
| |
For the Three Months Ended
March 31, | |
| |
2024 | | |
2023 | |
Revenue | |
$ | 234,506 | | |
$ | 4,682,573 | |
| |
| | | |
| | |
Cost of revenue | |
| 388,881 | | |
| 3,829,297 | |
| |
| | | |
| | |
Gross (loss) profit | |
| (154,375 | ) | |
| 853,276 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
Advertising and marketing expenses | |
| 9,324 | | |
| 202,323 | |
Product development costs | |
| - | | |
| 76,413 | |
Selling, general and administrative expenses | |
| 760,110 | | |
| 1,020,702 | |
Total operating expenses | |
| 769,434 | | |
| 1,299,438 | |
| |
| | | |
| | |
Operating loss | |
| (923,809 | ) | |
| (446,162 | ) |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Other income (expense), net | |
| - | | |
| 5,704 | |
Interest income (expense), net | |
| 7,206 | | |
| 9,020 | |
Total other income (expense) | |
| 7,206 | | |
| 14,724 | |
| |
| | | |
| | |
| |
| | | |
| | |
Income taxes | |
| - | | |
| - | |
| |
| | | |
| | |
Net loss | |
| (916,603 | ) | |
| (431,438 | ) |
| |
| | | |
| | |
Loss per common share – basic and diluted | |
$ | (0.11 | ) | |
$ | (0.05 | ) |
| |
| | | |
| | |
Weighted average number of common shares outstanding, basic and diluted | |
| 8,209,730 | | |
| 8,071,731 | |
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 Months Ended March 31, 2024 and March 31, 2023
(in
US Dollars except share numbers)
(Unaudited)
| |
Number of
Shares | | |
Amount | | |
Paid in
Capital | | |
Accumulated
Deficit | | |
Shareholders’
Equity | |
| |
Common Stock | | |
Additional | | |
| | |
| |
| |
Number of
Shares | | |
Amount | | |
Paid in
Capital | | |
Accumulated
Deficit | | |
Shareholders’
Equity | |
Balance December 31, 2023 | |
| 8,076,372 | | |
$ | 81 | | |
$ | 49,451,419 | | |
$ | (37,190,292 | ) | |
$ | 12,261,208 | |
Fair value of vested stock options granted to employees | |
| - | | |
| - | | |
$ | 1,969 | | |
| - | | |
| 1,969 | |
Common shares issued in settlement of restricted stock units issued to directors | |
| 136,365 | | |
| 1 | | |
| (1 | ) | |
| - | | |
| - | |
Fair value of restricted stock units issued to directors | |
| - | | |
| - | | |
| 75,000 | | |
| | | |
| 75,000 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (916,603 | ) | |
| (916,603 | ) |
Balance March 31, 2024 | |
| 8,212,737 | | |
$ | 82 | | |
$ | 49,528,387 | | |
$ | (38,106,895 | ) | |
$ | 11,421,574 | |
| |
Common Stock | | |
Additional | | |
| | |
| |
| |
Number of
Shares | | |
Amount | | |
Paid in
Capital | | |
Accumulated
Deficit | | |
Shareholders’
Equity | |
Balance December 31, 2022 | |
| 7,953,974 | | |
$ | 80 | | |
$ | 49,173,836 | | |
$ | (34,278,741 | ) | |
$ | 14,895,175 | |
Balance | |
| 7,953,974 | | |
$ | 80 | | |
$ | 49,173,836 | | |
$ | (34,278,741 | ) | |
$ | 14,895,175 | |
Fair value of vested stock options granted to employees | |
| - | | |
| - | | |
| 135,748 | | |
| - | | |
| 135,748 | |
Common shares issued in settlement of restricted stock units issued to directors | |
| 123,398 | | |
| 1 | | |
| (1 | ) | |
| - | | |
| - | |
Fair value of restricted stock units issued to directors | |
| - | | |
| - | | |
| 101,316 | | |
| - | | |
| 101,316 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (431,438 | ) | |
| (431,438 | ) |
Balance March 31, 2023 | |
| 8,077,372 | | |
$ | 81 | | |
$ | 49,410,899 | | |
$ | (34,710,179 | ) | |
$ | 14,700,801 | |
Balance | |
| 8,077,372 | | |
$ | 81 | | |
$ | 49,410,899 | | |
$ | (34,710,179 | ) | |
$ | 14,700,801 | |
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)
| |
2024 | | |
2023 | |
| |
For the Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Cash Flows From Operating Activities: | |
| | | |
| | |
Net loss | |
$ | (916,603 | ) | |
$ | (431,438 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and intangible asset amortization expense | |
| 6,914 | | |
| 7,500 | |
Share-based compensation | |
| 76,969 | | |
| 147,094 | |
Provision for doubtful accounts | |
| (34,566 | ) | |
| (1,705 | ) |
Provision for excess and obsolete inventory | |
| 38,360 | | |
| 33,638 | |
Loss on disposal of assets | |
| 12,625 | | |
| 100 | |
Operating lease expense | |
| 27,317 | | |
| 26,325 | |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 33,096 | | |
| (57,420 | ) |
Inventory | |
| 12,151 | | |
| (126,360 | ) |
Prepaid expenses and other | |
| 85,600 | | |
| 1,018,785 | |
Accounts payable and accrued liabilities | |
| (262,849 | ) | |
| (43,124 | ) |
Deferred revenue | |
| 40,156 | | |
| (3,235,970 | ) |
Operating lease liability, net | |
| (28,585 | ) | |
| (26,662 | ) |
Net cash used in operating activities | |
| (909,415 | ) | |
| (2,689,237 | ) |
| |
| | | |
| | |
Cash Flows From Investing Activities | |
| | | |
| | |
Proceeds from the sale of property and equipment | |
| - | | |
| 200 | |
Net cash provided by investing activities | |
| - | | |
| 200 | |
| |
| | | |
| | |
Net change in cash and cash equivalents | |
| (909,415 | ) | |
| (2,689,037 | ) |
Cash and cash equivalents, beginning of period | |
| 12,508,251 | | |
| 18,637,114 | |
Cash and cash equivalents, end of period | |
$ | 11,598,836 | | |
$ | 15,948,077 | |
| |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | |
Interest paid | |
$ | - | | |
$ | - | |
Income taxes paid | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Non-cash investing and financing activities: | |
| | | |
| | |
Options issued for accrued equity compensation liability | |
$ | - | | |
$ | 89,970 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(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 fastest-growing 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, 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 CEA facilities with (i) air handling equipment and systems, (ii) air sanitation products, (iii) LED lighting, and (iv) benching
and racking solutions for indoor cultivation. 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.
We are evaluating merger and acquisition
opportunities and other alternatives for our future. As part of that evaluative process, we are also considering the legal procedure and
practical steps for dissolving ourselves, which would include a distribution of cash assets after creditors and other corporate obligations
have been accounted for and satisfied. For any plan of dissolution, management and the board of directors will need to formulate and adopt
a plan of dissolution. Certain transaction opportunities, depending on their structure, and any plan of dissolution will require shareholder
approval through a proxy solicitation process.
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, 2023, 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 conflicts involving Ukraine and Israel do not have any direct impact on our operations, financial condition, or financial
reporting. We believe the conflicts 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 countries involved in the conflicts, supply chain
challenges, and the international and US domestic inflation resulting from the conflict and government spending in relation to the conflicts.
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 the conflicts. 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 conflicts 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 conflicts.
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.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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 three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending
December 31, 2024. The balance sheet information as of December 31, 2023 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, 2023.
Liquidity
The
accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of
assets and the satisfaction of liabilities in the normal course of business within one year after the date the consolidated
financial statements are available to be issued. The Company continues to experience recurring losses since its inception. As a
result, in order to continue as a going concern, the Company has been reliant on the ability to obtain additional sources of
financing to fund growth. On February 15, 2022, the Company
received approximately $21,711,000
in net proceeds from completion of an equity offering. Based on management’s evaluation, the proceeds from the Offering will
be more than sufficient to fund any deficiencies in working capital or cash flow from operations, and the Company is confident that
it will be able to meet its obligations as they come due, and fund operations for at least 12 months after the issuance of these
consolidated financial statements. Accordingly, the conditions around liquidity and limited working capital necessary to fund
operations have been addressed.
However, we are continuing to evaluate
merger and acquisition opportunities and other alternatives for our future. As part of that evaluative process, and as disclosed in the Form 8-K
filed on April 10, 2024, we are also considering
the legal procedure and practical steps for dissolving ourselves, which would include a distribution of cash assets after creditors and
other corporate obligations have been accounted for and satisfied. For any plan of dissolution, management and the board of directors
will need to formulate and adopt a plan of dissolution. Certain transaction opportunities, depending on their structure, and any plan
of dissolution will require shareholder approval through a proxy solicitation process.
In
the event our Board of Directors decides to implement a plan of dissolution, and such plan is approved by our shareholders, we then will
not be continuing as a going concern. Accordingly, at such time, it would be management’s position that the Company would no longer
be a going concern.
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 as it applies to impairment analysis,
valuation of equity-based compensation, valuation of deferred tax assets and liabilities, warranty accruals, inventory allowances, and
legal contingencies.
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 maintains deposits in financial institutions that exceed the federally insured amount of $250,000. As of March 31, 2024,
the balance in the Company’s accounts was approximately $11,599,000, consequently approximately $11,349,000 of this balance was
not insured by the FDIC. The Company has not experienced any losses to date on depository accounts.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
Accounts
Receivable and Allowance for Accounts Receivable.
Accounts
receivables are recorded at the invoiced amount or based on revenue earned for items not yet invoiced, and generally do not bear interest.
In accordance with ASU No. 2016-13 (as amended), Measurement of Credit Losses on Financial Instruments, which the Company adopted
on a prospective basis effective January 1, 2023, an allowance for doubtful accounts is recorded against the Company’s receivables
by applying an expected credit loss model. Each period, management assesses the appropriateness of the level of allowance for credit
losses by considering credit risk inherent within its receivables as of the end of the period. The Company considers a receivable past
due when a debtor has not paid us by the contractually specified payment due date. Account balances are written off against the allowance
for credit losses if collection efforts are unsuccessful and the receivable balance is deemed uncollectible (debtor default), based on
factors such as the debtor’s credit rating as well as the length of time the amounts are past due. If the financial condition of
the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances
may be required.
As
of March 31, 2024, and December 31, 2023, the allowance for doubtful accounts was $91,000 and $125,000, respectively. During the three
months ended March 31, 2024, the Company received payment on certain accounts receivable which it had considered may have been uncollectible
and had provided against in full. Accordingly, we wrote back $34,566 during the period in respect of these balances that no longer needed
to be allowed against. Similarly, during the three months ended March 31, 2023, we wrote back $1,705 in respect payments received on
accounts receivable balances that had previously been fully allowed against in prior periods.
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 March 31, 2024 and 2023, there were respectively, 7,942,220
and 8,010,956, 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 March 31, 2024 and 2023 issued in connection with the sale of our shares of series B Preferred
stock and common stock. The remaining 318,448 and 387,184 potentially dilutive equity instruments outstanding as of March 31, 2024 and
2023, respectively, related to options that were convertible into shares of the Company’s common stock that had been issued to
our directors and staff as compensation.
Revenue
Recognition
On
January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09 (Topic 606), Revenue from Contracts with
Customers and all the related amendments (“ASC 606” or the “revenue standard”) to all contracts and elected
the modified retrospective method.
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.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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 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 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.
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).
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
Based
on the aforementioned guidance and considerations, the Company determined that disaggregation of revenue by equipment sales, engineering
and other services, shipping and handling, and forfeited non-refundable customer deposits was required.
The
following table sets forth the Company’s revenue by source:
Schedule
of Revenue by Source
| |
2024 | | |
2023 | |
| |
For the Three Months Ended
March 31, | |
| |
2024 | | |
2023 | |
Equipment and systems sales | |
$ | 113,172 | | |
$ | 4,396,827 | |
Engineering and other services | |
| 88,165 | | |
| 124,410 | |
Shipping and handling | |
| 1,904 | | |
| 12,560 | |
Forfeited non-refundable customer deposits | |
| 31,265 | | |
| 148,776 | |
Total revenue | |
$ | 234,506 | | |
$ | 4,682,573 | |
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.
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. Contract assets increased by $224,414 in
2023, due to revenue recognition related to the partial satisfaction of performance obligations, on three contracts with one customer,
for which we have not yet billed out customer. In accordance with ASU No. 2016-13 (as amended), Measurement of Credit Losses on Financial
Instruments, which the Company adopted on a prospective basis effective January 1, 2023, an
allowance for doubtful accounts is recorded against the Company’s contract assets by applying an expected credit loss model.
Each period, management assesses the appropriateness of the level of allowance for credit losses by considering credit risk inherent
within its contract assets as of the end of the period. As of March 31, 2024, and December 31, 2023, the allowance for doubtful accounts
was $1,436. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments,
additional allowances may be required. We expect to complete our performance obligations and bill the customer for this contract asset
during 2024. As of March 31, 2024, and December 31, 2023, the Company had contract assets of $224,414.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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 March 31, 2024, and December 31, 2023, deferred revenue, which was classified as a current
liability, was $539,956 and $499,800, respectively.
For
the three months ended March 31, 2024, the Company recognized revenue of $47,440 related to the deferred revenue at January 1, 2024.
For the three months ended March 31, 2023, the Company recognized revenue of $3,852,906 related to the deferred revenue at January 1,
2023.
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 March 31, 2024, the Company’s remaining performance obligations, or backlog, was approximately $535,000, a decrease of $1,334,000
from the March 31, 2023 backlog of $1,869,000. The decline 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.
Subsequent to March 31, 2024, a portion of one contract was cancelled. The amount cancelled was $170,000.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(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
| |
2024 | | |
Total | |
Remaining performance obligations related to partial equipment & engineering paid contracts | |
| 535,000 | | |
| 535,000 | |
Total remaining performance obligations | |
$ | 535,000 | | |
$ | 535,000 | |
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 March 31, 2024, and December 31, 2023, the Company had an accrued warranty reserve amount of $99,470
and $191,338, 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.
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.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
The
following is a summary of share-based compensation expenses included in the condensed consolidated statements of operations for the three
months ended March 31, 2024 and March 31, 2023:
Schedule
of Share-based Compensation Costs
| |
2024 | | |
2023 | |
| |
For the Three Months Ended
March 31, | |
| |
2024 | | |
2023 | |
Share-based compensation expense included in: | |
| | | |
| | |
Cost of revenue | |
$ | - | | |
$ | 4,898 | |
Advertising and marketing expenses | |
| - | | |
| 1,113 | |
Product development costs | |
| - | | |
| 3,570 | |
Selling, general and administrative expenses | |
| 76,969 | | |
| 137,513 | |
Total share-based compensation expense included in consolidated statement of operations | |
$ | 76,969 | | |
$ | 147,094 | |
Concentrations
Three
customers accounted for 24%, 16%, and 13% of the Company’s revenue, respectively, for the three months ended March 31, 2024. Three
customers accounted for 39%, 28%, and 17% of the Company’s revenue, respectively, for the three months ended March 31, 2023.
Three
customers accounted for 60%, 29%, and 11% of the Company’s accounts receivable, respectively, as of March 31, 2024. Three customers
accounted for 59%, 29%, and 12% of the Company’s accounts receivable, respectively, as of December 31, 2023.
Recently
Issued Accounting Pronouncements
In
March 2024, the Financial Accounting Standards Board
(FASB) issued ASU 2024-01 to clarify how an entity should determine whether a profits interest
or similar award should be accounted for as a share-based payment arrangement or similar to a cash bonus or profit-sharing arrangement.
The amendments are effective in annual periods beginning after December 15, 2024, and interim periods within those annual periods, with
early adoption permitted. The Company is currently evaluating the new guidance and the impact on its future consolidated statements.
In
December 2023, FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 includes
requirements that an entity disclose specific categories in the rate reconciliation and provide additional information for reconciling
items that are greater than five percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income
tax rate. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or
benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign. ASU 2023-09 is effective for annual periods
beginning after December 15, 2024. The Company is currently assessing the impact of ASU 2023-09 on its disclosures.
In
November 2023, the FASB issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU
2023-07 includes requirements that an entity disclose the title of the chief operating decision maker (CODM) and on an interim and annual
basis, significant segment expenses and the composition of other segment items for each segment’s reported profit. The standard
also permits disclosure of additional measures of segment profit. ASU 2023-07 is effective for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of
ASU 2023-07 on its disclosures.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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.
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
The
Louisville Facility Lease
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.
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
Company’s operating and finance right-of-use assets and lease liabilities are as follows:
Schedule
of Lease Cost
| |
As of
March 31, 2024 | |
Operating lease right-of-use asset | |
$ | 328,792 | |
Operating lease liability, current | |
$ | 128,839 | |
Operating lease liability, long-term | |
$ | 228,927 | |
| |
| | |
Remaining lease term | |
| 2.8 years | |
Discount rate | |
| 3.63 | % |
| |
For
the
Three Months
Ended
March 31, 2024 | |
Cash paid for operating lease | |
$ | 32,001 | |
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
Future
annual minimum under non-cancellable operating leases as of March 31, 2024 were as follows:
Schedule
of Future Annual Minimum Lease Payments
As of March 31, 2024 | |
| |
| |
| |
Years ended December 31, | |
| |
2024 (excluding the three months ended March 31, 2024) | |
| 96,643 | |
2025 | |
| 132,503 | |
2026 | |
| 136,473 | |
Thereafter | |
| 11,654 | |
Total minimum lease payments | |
| 377,273 | |
Less imputed interest | |
| (19,507 | ) |
Present value of minimum lease payments | |
$ | 357,766 | |
Note
3 – Inventory
Inventory
consisted of the following:
Schedule
of Inventory
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
Finished goods | |
$ | 355,138 | | |
$ | 366,844 | |
Raw materials | |
| 121,814 | | |
| 122,258 | |
Allowance for excess & obsolete inventory | |
| (231,058 | ) | |
| (192,698 | ) |
Inventory, net | |
$ | 245,894 | | |
$ | 296,404 | |
Overhead
expenses of $11,475 and $13,679 were included in the inventory balance as of March 31, 2024, and December 31, 2023, respectively.
Advance
payments on inventory purchases are recorded in prepaid expenses until title for such inventory passes to the Company. Prepaid expenses
included approximately $13,000 and $6,000 in advance payments for inventory as of March 31, 2024, and December 31, 2023, respectively.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
Note
4 – Property and Equipment
Property
and equipment consisted of the following:
Schedule
of Property and Equipment
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
Furniture and equipment | |
$ | 249,511 | | |
$ | 275,994 | |
Vehicles | |
| 15,000 | | |
| 15,000 | |
Property and equipment, gross | |
| 264,511 | | |
| 290,994 | |
Accumulated depreciation | |
| (245,492 | ) | |
| (252,436 | ) |
Property and equipment, net | |
$ | 19,019 | | |
$ | 38,558 | |
Depreciation
expense was $6,914 for the three months ended March 31, 2024. For the three months ended March 31, 2024, $535 was allocated to cost of
sales, $134 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
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accounts payable | |
$ | 101,591 | | |
$ | 183,359 | |
Sales commissions payable | |
| 1,706 | | |
| 1,710 | |
Accrued payroll liabilities | |
| 143,165 | | |
| 189,829 | |
Product warranty accrual | |
| 99,470 | | |
| 191,338 | |
Other accrued expenses | |
| 15,944 | | |
| 58,488 | |
Total | |
$ | 361,876 | | |
$ | 624,724 | |
Note
6 – Commitments and Contingencies
Litigation
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 a demand for $1,049,280 in damages, plus interest (“Claims”). The Company continues
to deny all the Claims and has asserted a counterclaim. The Company believes Claimant is owed nothing as the Company fulfilled all its
obligations under the contracts to Claimant, and further, that the negligence of a third-party supplier is the basis of the Claims. 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. 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. The matter is in the preliminary phase. The parties will pay their own legal fees and expenses. The Company intends
to defend itself vigorously, believing there are no merits to the claims as currently presented.
Given
the current uncertainty around estimability and success of claims, we have not recorded an accrual for any potential loss related to
this matter.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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.
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 March 31, 2024, 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 March 31, 2024, 8,212,737 shares of common stock were issued and outstanding and no shares of preferred stock were issued and outstanding.
Directors
Remuneration
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.
On
January 2, 2024, the Company issued an RSU grant of 45,455 shares of common stock under the 2021 Equity Incentive Plan to three of its
four independent directors. Mr. Shipley declined to receive the RSUs which he was entitled to receive. 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 136,365 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 supersedes the plan adopted on August
20, 2021. The Plan is effective retroactively for the current independent directors and for independent directors elected or appointed
after the Effective Date.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(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.
There
is no additional compensation paid to members of any committee of the Board. Interested (i.e. Executive directors) serving on the Board
do not receive compensation for their Board service.
All
independent directors, Messrs. Shipley, Etten, Reisner, and Mariathasan are subject to the Plan.
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.
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 three months ended March 31, 2024, no shares or options were issued and 6,134 options were forfeited under the 2017 Plan.
As
of March 31, 2024, of the 333,333 shares authorized under the 2017 Plan for equity awards, 163,692 shares have been issued, awards relating
to 139,378 options remain outstanding, and 30,263 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.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
During
the three months ended March 31, 2024:
|
- |
The
Company issued 136,365 shares of its common stock in settlement of restricted stock units issued to three of its independent directors
under the 2021 Equity Incentive Plan, pursuant to the Director Compensation plan adopted on January 17, 2022. |
|
|
|
|
- |
34,563
non-qualified stock options were forfeited that had previously been issued under the 2021 Equity Incentive Plan. |
As
of March 31, 2024, of the 666,667 shares authorized under the 2021 Equity Plan, 268,933 shares have been issued in settlement of restricted
stock units, awards relating to 138,252 non-qualified stock options, and 40,816 incentive stock options remain outstanding, and 218,665
shares remain available for future equity awards.
There
was $3,429 in unrecognized compensation expense for unvested non-qualified as of March 31, 2024 which will be recognized over approximately
the next 12 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 three months ended March 31, 2024, 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, 2023 | |
| 302,022 | | |
$ | 5.87 | | |
| 6.6 | | |
$ | - | |
Granted | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Forfeited | |
| (40,697 | ) | |
$ | 3.36 | | |
| - | | |
$ | - | |
Expired | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Outstanding, March 31, 2024 | |
| 261,325 | | |
$ | 6.26 | | |
| 7.2 | | |
$ | - | |
Exercisable, March 31, 2024 | |
| 256,325 | | |
$ | 6.34 | | |
| 7.2 | | |
$ | - | |
A
summary of non-vested non-qualified stock options activity for employees and consultants under the 2017 and 2021 Equity Plans for the
three months ended March 31, 2024, are presented in the table below:
Summary of Non-vested Non-qualified Stock Option Activity
| |
Number
of
Options | | |
Weighted
Average
Grant-Date
Fair
Value | | |
Aggregate
Intrinsic
Value | | |
Grant-Date
Fair
Value | |
| |
| | |
| | |
| | |
| |
Nonvested, December 31, 2023 | |
| 10,000 | | |
$ | 2.18 | | |
$ | - | | |
$ | 21,800 | |
Granted | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | |
Vested | |
| (5,000 | ) | |
$ | 2.18 | | |
$ | - | | |
$ | (10,900 | ) |
Forfeited | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | |
Expired | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | |
Nonvested, March 31, 2024 | |
| 5,000 | | |
$ | 2.18 | | |
$ | - | | |
$ | 10,900 | |
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
For
the three months ended March 31, 2024 and March 31, 2023, the Company recorded $1,969 and $45,778 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 three months ended March
31, 2024, 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, 2023 | |
| 57,122 | | |
$ | 9.44 | | |
| 5.0 | | |
$ | - | |
Granted | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Forfeited/Cancelled | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Expired | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Outstanding, March 31, 2024 | |
| 57,122 | | |
$ | 9.44 | | |
| 4.7 | | |
$ | - | |
Exercisable, March 31, 2024 | |
| 57,122 | | |
$ | 9.44 | | |
| 4.7 | | |
$ | - | |
There
were no non-vested, non-qualified stock options issued to directors under the 2017 Equity Plan and the 2021 Equity Plan, for the three
months ended March 31, 2024.
During
the three months ended March 31, 2024 and March 31, 2023, the Company incurred no compensation expense related to options issued to directors.
Restricted
Stock Units
Effective
January 2, 2024, the Company issued a total of 136,365 restricted stock units (RSUs) under the 2021 Equity Plan to three of its independent
directors. These RSUs vested upon grant.
During
the three months ended March 31, 2024 and March 31, 2023, the Company recorded $75,000 and $101,316, respectively, as compensation expense
related to vested RSUs issued to directors.
Schedule of Restricted Units Activity
| |
Number
of
Units | | |
Weighted
Average
Grant-Date
Fair
Value | | |
Aggregate
Intrinsic
Value | |
| |
| | |
| | |
| |
Outstanding, December 31, 2023 | |
| - | | |
$ | - | | |
$ | - | |
Granted | |
| 136,365 | | |
$ | 0.55 | | |
$ | 27,274 | |
Vested and settled with
share issuance | |
| (136,365 | ) | |
$ | 0.55 | | |
$ | - | |
Forfeited/canceled | |
| - | | |
$ | - | | |
$ | - | |
Outstanding, March 31, 2024 | |
| - | | |
$ | - | | |
$ | - | |
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
Note
9 - Warrants
The
following table summarizes information with respect to outstanding warrants to purchase common stock during the three months ended March
31, 2024:
Schedule of Outstanding Warrants to Purchase Common Stock
| |
| | |
| | |
Weighted | | |
Weighted | | |
| |
| |
| | |
| | |
Average | | |
Average | | |
Aggregate | |
| |
Warrants | | |
Exercise | | |
Remaining
Life | | |
Intrinsic | |
| |
Outstanding | | |
Exercisable | | |
Price | | |
In
Months | | |
Value | |
| |
| | |
| | |
| | |
| | |
| |
Outstanding at December 31, 2023 | |
| 7,623,772 | | |
| 7,623,772 | | |
$ | 5.14 | | |
| 37 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding at March 31, 2024 | |
| 7,623,772 | | |
| 7,623,772 | | |
$ |
5.14 | | |
| 34 | | |
| - | |
The
following table summarizes information about warrants outstanding at March 31, 2024:
Schedule of Warrants Outstanding
| | |
Warrants | | |
Weighted
Average | |
Exercise
price | | |
Outstanding | | |
Exercisable | | |
Months
Outstanding | |
| | |
| | |
| | |
| |
$ | 9.45 | | |
| 192,982 | | |
| 192,982 | | |
| 6 | |
| | | |
| | | |
| | | |
| | |
$ | 10.40 | | |
| 34,737 | | |
| 34,737 | | |
| 7 | |
| | | |
| | | |
| | | |
| | |
$ | 5.00 | | |
| 7,105,496 | | |
| 7,105,496 | | |
| 35 | |
| | | |
| | | |
| | | |
| | |
$ | 5.16 | | |
| 290,557 | | |
| 290,557 | | |
| 35 | |
| | | |
| | | |
| | | |
| | |
| | | |
| 7,623,772 | | |
| 7,623,772 | | |
| 34 | |
Note
10 – Income Taxes
As
of March 31, 2024, the Company has U.S. federal and state net operating losses (“NOLs”) of approximately $29,757,000, 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.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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 March 31, 2024 and December 31, 2023. 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
Agreements
and Transaction with a Company Director
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 three months ended March
31, 2024 and March 31, 2023, the Company paid $0 and $18,273, 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.
During the three months ended March 31, 2023, the Company received $14,035 in cash payments for these contracts. Revenue of $16,977 was
recorded in the three months ended March 31, 2023 in respect of these agreements. No transactions were recorded in the three months ended
March 31, 2024 in respect of this agreement.
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 March 31, 2024, other than as set out below:
As
previously disclosed, on April 10, 2023 the Company received notice from The Nasdaq Stock Market LLC (“Nasdaq”) 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 notice indicated that the Company may submit an update to its existing
plan to regain compliance with the Listing Rule no later than October 9, 2023, and, following receipt of the update, Nasdaq would consider
granting an extension of 180 calendar days to regain compliance. On October 11, 2023, Nasdaq formally determined to grant the Company
a second 180-day compliance period, which allowed the Company until April 7, 2024, to satisfy the Listing Rule 5550(a)(2) deficiency.
During that time, the Company was unable to satisfy the Listing Rule 5550(a)(2) deficiency.
On
April 9, 2024, the Company received a second notice from Nasdaq indicating that the Listings Qualifications Staff would be delisting
the shares of common stock and common stock warrants from Nasdaq at the opening of business on April 18, 2024, and a Form 25-NSE will
be filed with the Securities and Exchange Commission, which would remove the Company’s securities from listing and registration
on The Nasdaq Stock Market.
On
April 16, 2024, the Company filed an appeal with Nasdaq’s Listing Committee, which temporarily stays the delisting of the Company’s
securities and the filing of the Form 25-NSE, pending the decision of the Nasdaq’s Listing Committee. As part of this process the
Company will be provided a hearing, at which it will be asked to provide a plan to regain compliance and a commitment to effect a reverse
stock split, if necessary.
As
a result, until further notice, the Company’s shares and common stock warrants continue to trade on the Nasdaq under the tickers
“CEA” and “CEADW”.
On
May 2, 2024, the employment services of Mr. Ian Patel under his employment agreement were ended, with the effective date of contract
termination being June 4, 2024. Mr. Patel had served as the Chief Financial Officer of the Company.
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, 2023, 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, 2023, 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 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 aim to provide customers with 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 service and product offerings that include: (i) air handling equipment and systems,
(ii) air sanitation products, (iii) LED lighting, and (iv) benching and racking solutions for indoor cultivation.
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.
NASDAQ
Continued Listing - Delisting Notice
As
stated in Note 12 (Subsequent Events) above, on April 10, 2023 the Company received notice from The Nasdaq Stock Market LLC (“Nasdaq”)
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 notice indicated that the Company may submit an update to its
existing plan to regain compliance with the Listing Rule no later than October 9, 2023, and, following receipt of the update, Nasdaq
would consider granting an extension of 180 calendar days to regain compliance. On October 11, 2023, Nasdaq formally determined to grant
the Company a second 180-day compliance period, which allowed the Company until April 7, 2024, to satisfy the Listing Rule 5550(a)(2)
deficiency. During that time, the Company was unable to satisfy the Listing Rule 5550(a)(2) deficiency.
On
April 9, 2024, the Company received a second notice from Nasdaq indicating that the Listings Qualifications Staff would be delisting
the shares of common stock and common stock warrants from Nasdaq at the opening of business on April 18, 2024, and a Form 25-NSE will
be filed with the Securities and Exchange Commission, which would remove the Company’s securities from listing and registration
on The Nasdaq Stock Market.
On
April 16, 2024, the Company filed an appeal with Nasdaq’s Listing Committee, which temporarily stays the delisting of the Company’s
securities and the filing of the Form 25-NSE, pending the decision of the Nasdaq’s Listing Committee. As part of this process the
Company will be provided a hearing, at which it will be asked to provide a plan to regain compliance and a commitment to effect a reverse
stock split, if necessary.
As
a result, until further notice, the Company’s shares and common stock warrants continue to trade on the Nasdaq under the tickers
“CEA” and “CEADW”.
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, as a result of the pandemic. 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 years ended December 31, 2023 and December 31, 2022, and continuing since then,
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 and Israeli Conflicts
We
believe that the conflicts involving Ukraine and Israel do not have any direct impact on our operations, financial condition, or financial
reporting. We believe the conflicts 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 countries involved in the conflicts, supply chain
challenges, and the international and US domestic inflation resulting from the conflict and government spending in relation to the conflicts.
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 the conflicts. 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 conflicts 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 conflicts.
Our
Bookings, Backlog and Revenue
During
the three months ended March 31, 2024, we executed new sales contracts with a total contract value of $223,000. During this same period,
we had positive change orders of $80,000. Consequently, our net bookings in the three months ended March 31, 2024 were $303,000, representing
an increase of $165,000 (or 119%) from net bookings of $138,000 in the fourth quarter of 2023.
Our
backlog at March 31, 2024 was $535,000, an increase of $100,000, or 23%, from our backlog of $435,000 at December 31, 2023. The increase
in backlog is the result of higher bookings and slightly lower revenue in the first quarter of 2024. Subsequent to March 31, 2024, a
portion of one contract was cancelled. The amount cancelled was $170,000. While we expect to recognize all revenue from the remaining
backlog in 2024, 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. Therefore, investors should not view backlog
as earned revenue.
Our
backlog has significantly declined since the beginning of 2023. 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, September 30, 2023, December 31, 2023, and March 31, 2024, in
the table below, excludes $149,000, $56,000, $29,000, $0, and $31,000, 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.
Subsequent to March 31, 2024, a portion of one contract was cancelled. The amount cancelled was $170,000.
| |
For
the quarter ended | |
| |
March
31, 2023 | | |
June
30, 2023 | | |
September
30, 2023 | | |
December
31, 2023 | | |
March
31, 2024 | |
Backlog, beginning balance | |
$ | 5,577,000 | | |
$ | 1,869,000 | | |
$ | 1,066,000 | | |
$ | 548,000 | | |
$ | 435,000 | |
Net bookings, current period | |
| 826,000 | | |
| 205,000 | | |
| 366,000 | | |
| 138,000 | | |
| 303,000 | |
Recognized revenue,
current period | |
| (4,534,000 | ) | |
| (1,008,000 | ) | |
| (884,000 | ) | |
| (251,000 | ) | |
| (203,000 | ) |
Backlog, ending balance | |
$ | 1,869,000 | | |
$ | 1,066,000 | | |
$ | 548,000 | | |
$ | 435,000 | | |
$ | 535,000 | |
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 March 31, 2024.
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 Q1 2024 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 Q1
2024 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 the Three Months Ended March 31, 2024 and March 31, 2023
Revenues
and Cost of Goods Sold
Revenue
for the three months ended March 31, 2024 was $235,000, compared to $4,683,000 for the three months ended March 31, 2023, representing
a decrease of $4,448,000, or 95%. The decrease was primarily due to a decrease in bookings in the last 18 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 by the Company.
Cost
of revenue decreased by $3,440,000 or 90%, from $3,829,000 for the three months ended March 31, 2023 to $389,000 for the three months
ended March 31, 2024. The decrease was primarily due to a decrease in revenue, along with a decrease in fixed and variable costs, as
discussed below.
During
the three months ended March 31, 2024 we recognized a gross loss of $154,000 compared to a gross profit of $853,000 for the three months
ended March 31, 2023, a loss increase of 118%. Our gross profit margin decreased by 84 percentage points from a gross profit margin of
18% for the three months ended March 31, 2023 to a gross loss margin of 66% for the three months ended March 31, 2024 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 March 31, 2024 and March 31, 2023 included $31,000 and $149,000, respectively, 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 $254,000, or 108% of total revenue, for the three months ended March 31, 2024 as compared to $391,000, or 8% of total revenue,
for the three months ended March 31, 2023. The decrease of $137,000 was primarily due to a decrease in salaries and benefits (including
stock-based compensation) of $123,000 and a decrease in fixed overhead of $14,000.
Our
variable costs (which include the cost of equipment, outside engineering costs, shipping and handling, travel and warranty costs) totaled
$135,000, or 58% of total revenue, during the three months ended March 31, 2024, as compared to $3,439,000, or 73% of total revenue,
in the three months ended March 31, 2023. The decrease in variable costs was primarily due to: (i) a decrease in equipment costs of $3,170,000
driven by lower revenue, partially offset by lower equipment margins, (ii) a decrease in warranty of $119,000 due to a reduction in the
warranty accrual as a result of lower revenue during the past 18 months, (iii) a decrease in travel of $6,000, (iv) a decrease in shipping
and handling expense of $5,000, and (v) a reduction in other expenses of $4,000.
Operating
Expenses
Operating
expenses decreased to $769,000 for the three months ended March 31, 2024, from $1,299,000 for the three months ended March 31, 2023,
a decrease of $530,000, or 41%. The operating expense decrease consisted of: (i) a decrease in selling, general and administrative expenses
(“SG&A expenses”) of $261,000, (ii) a decrease in advertising and marketing expenses of $193,000, and (iii) a decrease
in product development of $76,000. These decreases are the result of our cost-cutting measures.
Our
decrease in SG&A expenses for the three months ended March 31, 2024 compared to the three months ended March 31, 2023, was primarily
due to: (i) a decrease of $195,000 in salaries and benefits (including stock-based compensation) and other employee related costs, (ii)
a decrease in bad debt expense of $33,000, (iii) a decrease in commissions of $30,000, (iv) a decrease of $20,000 for facilities expenses
and office supplies, (v) a decrease in travel of $10,000, (vi) a decrease in insurance of $6,000, (vii) a decrease of $5,000 for business
taxes and licenses, (viii) a reduction in investor relations expense of $4,000, offset by, (ix) an increase in accounting and other professional
fees of $30,000, and (x) an increase of $12,000 for loss on asset disposals.
The
decrease in advertising and marketing expenses was primarily due to (i) a decrease in salaries and benefits (including stock compensation
of $130,000), (ii) a decrease in advertising and promotion of $48,000, (iii) a decrease in outside services and other marketing expenses
of $10,000, and (iv) a reduction in trade show related costs of $5,000.
The
decrease in product development costs was due to (i) a decrease in salaries and benefits (including stock-based compensation) of $70,000,
(ii) a decrease of $4,000 for materials and other R&D costs, and (iii) a decrease in travel of $2,000.
Operating
Loss
We
recognized an operating loss of $924,000 for the three months ended March 31, 2024, as compared to an operating loss of $446,000 for
the three months ended March 31, 2023, an increase of $478,000 or 107%. The operating loss for the three months ended March 31, 2024
included $77,000 of non-cash, stock-based compensation, and $6,000 of depreciation expense, compared to $147,000 of non-cash, stock-based
compensation, and $6,000 of depreciation expense for the three months ended March 31, 2023. Excluding these non-cash items, our operating
loss increased by $548,000.
Other
Income (Expense)
We
recognized other income (net) of $7,000 for the three months ended March 31, 2024, compared to other income (net) of $15,000 for the
three months ended March 31, 2023. Other income for the three months ended March 31, 2024 consisted of interest income on our money market
account. Other income for three months ended March 31, 2023 primarily consisted of interest income on a money market account of $10,000
and an adjustment to our ERC credit of $5,000.
Net
Loss
Overall,
we recognized a net loss of $917,000 for the three months ended March 31, 2024, as compared to a net loss of $431,000 for the three months
ended March 31, 2023, an increase of $485,000 or 113%. The net loss for the three months ended March 31, 2024 included $77,000 of non-cash,
stock-based compensation, and $6,000 of depreciation expense, compared to $147,000 of non-cash, stock-based compensation, $6,000 of depreciation
expense for the three months ended March 31, 2023. Excluding these non-cash items, our net loss increased by $555,000.
Financial
Condition, Liquidity and Capital Resources
Cash,
Cash Equivalents
As
of March 31, 2024, we had cash and cash equivalents of $11,599,000, compared to cash and cash equivalents of $12,508,000 as of December
31, 2023. The $909,000 decrease in cash and cash equivalents during the three months ended March 31, 2024, was the result of cash used
in operations. Our cash is held in bank depository accounts in a financial institution. During the three months ended March 31, 2024,
we held deposits in this financial institution that exceeded the federally insured amount.
As
of March 31, 2024, we had accounts receivable (net of allowance for doubtful accounts) of $20,000, contract assets (net of allowance
for doubtful accounts) of $224,000, inventory (net of excess and obsolete allowance) of $246,000, and prepaid expenses and other assets
of $228,000 (including $13,000 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 March 31, 2024, we had total accounts payable and accrued expenses of $362,000, deferred revenue of $540,000, and the current portion
of operating lease liability of $129,000. As of March 31, 2024, we had working capital of $11,286,000, compared to working capital of
$12,110,000 as of December 31, 2023. The decrease in our working capital was primarily related to (i) a decrease in cash of $909,000,
(ii) a decrease in prepaid and other expenses of $86,000, (iii) a decrease in inventory (net) of $51,000, (iv) a decrease in accounts
payable and accrued liabilities of $263,000, offset by, (v) an increase in deferred revenue of $40,000.
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 challenges to the CEA industry economy and the specific challenges of our business, we cannot predict the continuing level of
working capital that we will have in the future. As mentioned elsewhere, we have taken steps to conserve our cash resources by reducing
staff and taking other cost-cutting measures and we will continue to evaluate further such measures in the future.
Summary
of Cash Flows
The
following summarizes our approximate cash flows for the three months ended March 31, 2024 and March 31, 2023:
| |
For
the Three Months Ended
March
31, | |
| |
2024 | | |
2023 | |
Net cash used in operating activities | |
$ | (909,000 | ) | |
$ | (2,689,000 | ) |
Net cash provided by (used in) investing activities | |
| - | | |
| - | |
Net cash provided by
(used in) financing activities | |
| - | | |
| - | |
Net decrease in cash | |
$ | (909,000 | ) | |
$ | (2,689,000 | ) |
Operating
Activities
We
incurred a net loss for the three months ended March 31, 2024 of $917,000 and have an accumulated deficit of $38,107,000 as of March
31, 2024.
Cash
used in operations for the three months ended March 31, 2024 was $909,000 compared to cash used in operating activities of $2,689,000
for the three months ended March 31, 2023, a decrease of $1,780,000.
The
decrease in cash used in operating activities during the three months ended March 31, 2024 as compared to the three months ended March
31, 2023, was primarily attributable to: (i) a decrease in cash used to fund working capital of $2,350,000, (ii) an increase in net loss
of $485,000, and (iii) a decrease in non-cash operating charges of $85,000.
The
decrease in our working capital was primarily related to (i) a decrease in cash of $909,000, (ii) a decrease in prepaid and other expenses
of $86,000, (iii) a decrease in inventory (net) of $51,000, (iv) a decrease in accounts payable and accrued liabilities of $263,000,
offset by, (v) an increase in deferred revenue of $40,000.
The
decrease in non-cash operating charges was primarily due to (i) a decrease of $70,000 for share-based compensation, (ii) a decrease in
the provision for doubtful accounts of $33,000, and (iii) an increase in loss on asset disposal of $12,000.
Investing
Activities
There
were no cash flows from investing activities during the three months ended March 31, 2024. Cash provided by investing activities during
the three months ended March 31, 2023 was less than $1,000.
Financing
Activities
There
were no cash flows from financing activities during the three months ended March 31, 2024 and March 31, 2023.
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.
Contractual
Payment Obligations
As
of March 31, 2024, 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 March 31, 2024, we had no off-balance sheet arrangements. During the three
months ended March 31, 2024, 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, 2023, filed with the SEC, our disclosure controls
and procedures were not effective as of March 31, 2024.
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 March 31, 2024,
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 continues to
deny all the Claims and has asserted a counterclaim. The Company believes Claimant is owed nothing as the Company fulfilled all its obligations
under the contracts to Claimant, and further, that the negligence of a third-party supplier is the basis of the Claims. 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. 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. The matter is in the preliminary phase. The parties will pay their own legal fees and expenses. The Company intends
to defend itself vigorously, believing there are no merits to the claims as currently presented.
Given
the current uncertainty around estimability and success of claims, we have not recorded an accrual for any potential loss related to
this matter.
From
time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the
enforcement of our rights under contracts with our customers. While the outcome of these legal proceedings cannot be predicted with certainty,
we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.
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, 2023, 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
As
stated in Note 12 (Subsequent Events) above, on April 10, 2023 the Company received notice from The Nasdaq Stock Market LLC (“Nasdaq”)
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 notice indicated that the Company may submit an update to its
existing plan to regain compliance with the Listing Rule no later than October 9, 2023, and, following receipt of the update, Nasdaq
would consider granting an extension of 180 calendar days to regain compliance. On October 11, 2023, Nasdaq formally determined to grant
the Company a second 180-day compliance period, which allowed the Company until April 7, 2024, to satisfy the Listing Rule 5550(a)(2)
deficiency. During that time, the Company was unable to satisfy the Listing Rule 5550(a)(2) deficiency.
On
April 9, 2024, the Company received a second notice from Nasdaq indicating that the Listings Qualifications Staff would be delisting
the shares of common stock and common stock warrants from Nasdaq at the opening of business on April 18, 2024, and a Form 25-NSE will
be filed with the Securities and Exchange Commission, which would remove the Company’s securities from listing and registration
on The Nasdaq Stock Market.
On
April 16, 2024, the Company filed an appeal with Nasdaq’s Listing Committee, which temporarily stays the delisting of the Company’s
securities and the filing of the Form 25-NSE, pending the decision of the Nasdaq’s Listing Committee. As part of this process the
Company will be provided a hearing, at which it will be asked to provide a plan to regain compliance and a commitment to effect a reverse
stock split, if necessary.
As
a result, until further notice, the Company’s shares and common stock warrants continue to trade on the Nasdaq under the tickers
“CEA” and “CEADW”.
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:
May 14, 2024 |
By: |
/s/
Anthony K. McDonald |
|
|
Anthony
K. McDonald |
|
|
Chief
Executive Officer and President |
|
|
(Principal
Executive 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 March 31, 2024;
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
May 14, 2024.
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,
Anthony K. McDonald, 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 March 31, 2024;
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
May 14, 2024.
By: |
/s/
Anthony K. McDonald |
|
|
Anthony
K. McDonald |
|
|
Principal
Financial and Accounting 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 March 31, 2024 (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: |
May
14, 2024 |
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 March 31, 2024 (the “Report”) of CEA Industries Inc.
(the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Anthony K. McDjonald, 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/
Anthony K. McDonald |
|
Name: |
Anthony
K. McDonald, |
|
|
Principal Financial and Accounting Officer |
|
Date: |
May
14, 2024 |
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.
v3.24.1.1.u2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 14, 2024 |
Document Type |
10-Q
|
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|
|
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Mar. 31, 2024
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
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
|
|
Entity Address, Address Line Two |
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
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
8,212,737
|
Common Stock, $0.00001 par value |
|
|
Title of 12(b) Security |
Common
Stock, $0.00001 par value
|
|
Trading Symbol |
CEAD
|
|
Security Exchange Name |
NASDAQ
|
|
Warrants to purchase common stock |
|
|
Title of 12(b) Security |
Warrants
to purchase common stock
|
|
Trading Symbol |
CEADW
|
|
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NASDAQ
|
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Current Assets |
|
|
Cash and cash equivalents |
$ 11,598,836
|
$ 12,508,251
|
Accounts receivable, net |
20,126
|
18,655
|
Contract assets, net |
224,414
|
224,414
|
Inventory, net |
245,894
|
296,404
|
Prepaid expenses and other |
227,514
|
313,115
|
Total Current Assets |
12,316,784
|
13,360,839
|
Noncurrent Assets |
|
|
Property and equipment, net |
19,019
|
38,558
|
Intangible assets, net |
1,830
|
1,830
|
Deposits |
14,747
|
14,747
|
Operating lease right-of-use asset |
328,792
|
356,109
|
Total Noncurrent Assets |
364,388
|
411,244
|
TOTAL ASSETS |
12,681,172
|
13,772,083
|
Current Liabilities |
|
|
Accounts payable and accrued liabilities |
361,876
|
624,724
|
Deferred revenue |
539,956
|
499,800
|
Current portion of operating lease liability |
128,839
|
126,724
|
Total Current Liabilities |
1,030,671
|
1,251,248
|
Noncurrent Liabilities |
|
|
Operating lease liability, net of current portion |
228,927
|
259,627
|
Total Noncurrent Liabilities |
228,927
|
259,627
|
TOTAL LIABILITIES |
1,259,598
|
1,510,875
|
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; 8,212,737 and 8,076,372 shares issued and outstanding, respectively |
82
|
81
|
Additional paid in capital |
49,528,387
|
49,451,419
|
Accumulated deficit |
(38,106,895)
|
(37,190,292)
|
Total Shareholders’ Equity |
11,421,574
|
12,261,208
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ 12,681,172
|
$ 13,772,083
|
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 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 value |
$ 0.00001
|
$ 0.00001
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
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8,212,737
|
8,076,372
|
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8,212,737
|
8,076,372
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
Revenue |
$ 234,506
|
$ 4,682,573
|
Cost of revenue |
388,881
|
3,829,297
|
Gross (loss) profit |
(154,375)
|
853,276
|
Operating expenses: |
|
|
Advertising and marketing expenses |
9,324
|
202,323
|
Product development costs |
|
76,413
|
Selling, general and administrative expenses |
760,110
|
1,020,702
|
Total operating expenses |
769,434
|
1,299,438
|
Operating loss |
(923,809)
|
(446,162)
|
Other income (expense): |
|
|
Other income (expense), net |
|
5,704
|
Interest income (expense), net |
7,206
|
9,020
|
Total other income (expense) |
7,206
|
14,724
|
Loss before provision for income taxes |
(916,603)
|
(431,438)
|
Income taxes |
|
|
Net loss |
$ (916,603)
|
$ (431,438)
|
Loss per common share - basic |
$ (0.11)
|
$ (0.05)
|
Loss per common share - diluted |
$ (0.11)
|
$ (0.05)
|
Weighted average number of common shares outstanding, basic |
8,209,730
|
8,071,731
|
Weighted average number of common shares outstanding, diluted |
8,209,730
|
8,071,731
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.24.1.1.u2
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance 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 |
|
135,748
|
|
135,748
|
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 |
123,398
|
|
|
|
Fair value of restricted stock units issued to directors |
|
101,316
|
|
101,316
|
Net loss |
|
|
(431,438)
|
(431,438)
|
Balance at Mar. 31, 2023 |
$ 81
|
49,410,899
|
(34,710,179)
|
14,700,801
|
Balance, shares at Mar. 31, 2023 |
8,077,372
|
|
|
|
Balance at Dec. 31, 2023 |
$ 81
|
49,451,419
|
(37,190,292)
|
12,261,208
|
Balance, shares at Dec. 31, 2023 |
8,076,372
|
|
|
|
Fair value of vested stock options granted to employees |
|
1,969
|
|
1,969
|
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 |
136,365
|
|
|
|
Fair value of restricted stock units issued to directors |
|
75,000
|
|
75,000
|
Net loss |
|
|
(916,603)
|
(916,603)
|
Balance at Mar. 31, 2024 |
$ 82
|
$ 49,528,387
|
$ (38,106,895)
|
$ 11,421,574
|
Balance, shares at Mar. 31, 2024 |
8,212,737
|
|
|
|
X |
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v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash Flows From Operating Activities: |
|
|
Net loss |
$ (916,603)
|
$ (431,438)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and intangible asset amortization expense |
6,914
|
7,500
|
Share-based compensation |
76,969
|
147,094
|
Provision for doubtful accounts |
(34,566)
|
(1,705)
|
Provision for excess and obsolete inventory |
38,360
|
33,638
|
Loss on disposal of assets |
12,625
|
100
|
Operating lease expense |
27,317
|
26,325
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
33,096
|
(57,420)
|
Inventory |
12,151
|
(126,360)
|
Prepaid expenses and other |
85,600
|
1,018,785
|
Accounts payable and accrued liabilities |
(262,849)
|
(43,124)
|
Deferred revenue |
40,156
|
(3,235,970)
|
Operating lease liability, net |
(28,585)
|
(26,662)
|
Net cash used in operating activities |
(909,415)
|
(2,689,237)
|
Cash Flows From Investing Activities |
|
|
Proceeds from the sale of property and equipment |
|
200
|
Net cash provided by investing activities |
|
200
|
Net change in cash and cash equivalents |
(909,415)
|
(2,689,037)
|
Cash and cash equivalents, beginning of period |
12,508,251
|
18,637,114
|
Cash and cash equivalents, end of period |
11,598,836
|
15,948,077
|
Supplemental cash flow information: |
|
|
Interest paid |
|
|
Income taxes paid |
|
|
Non-cash investing and financing activities: |
|
|
Options issued for accrued equity compensation liability |
|
$ 89,970
|
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v3.24.1.1.u2
Nature of Operations and Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
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 fastest-growing 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, 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 CEA facilities with (i) air handling equipment and systems, (ii) air sanitation products, (iii) LED lighting, and (iv) benching
and racking solutions for indoor cultivation. 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.
We are evaluating merger and acquisition
opportunities and other alternatives for our future. As part of that evaluative process, we are also considering the legal procedure and
practical steps for dissolving ourselves, which would include a distribution of cash assets after creditors and other corporate obligations
have been accounted for and satisfied. For any plan of dissolution, management and the board of directors will need to formulate and adopt
a plan of dissolution. Certain transaction opportunities, depending on their structure, and any plan of dissolution will require shareholder
approval through a proxy solicitation process.
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, 2023, 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 conflicts involving Ukraine and Israel do not have any direct impact on our operations, financial condition, or financial
reporting. We believe the conflicts 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 countries involved in the conflicts, supply chain
challenges, and the international and US domestic inflation resulting from the conflict and government spending in relation to the conflicts.
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 the conflicts. 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 conflicts 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 conflicts.
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.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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 three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending
December 31, 2024. The balance sheet information as of December 31, 2023 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, 2023.
Liquidity
The
accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of
assets and the satisfaction of liabilities in the normal course of business within one year after the date the consolidated
financial statements are available to be issued. The Company continues to experience recurring losses since its inception. As a
result, in order to continue as a going concern, the Company has been reliant on the ability to obtain additional sources of
financing to fund growth. On February 15, 2022, the Company
received approximately $21,711,000
in net proceeds from completion of an equity offering. Based on management’s evaluation, the proceeds from the Offering will
be more than sufficient to fund any deficiencies in working capital or cash flow from operations, and the Company is confident that
it will be able to meet its obligations as they come due, and fund operations for at least 12 months after the issuance of these
consolidated financial statements. Accordingly, the conditions around liquidity and limited working capital necessary to fund
operations have been addressed.
However, we are continuing to evaluate
merger and acquisition opportunities and other alternatives for our future. As part of that evaluative process, and as disclosed in the Form 8-K
filed on April 10, 2024, we are also considering
the legal procedure and practical steps for dissolving ourselves, which would include a distribution of cash assets after creditors and
other corporate obligations have been accounted for and satisfied. For any plan of dissolution, management and the board of directors
will need to formulate and adopt a plan of dissolution. Certain transaction opportunities, depending on their structure, and any plan
of dissolution will require shareholder approval through a proxy solicitation process.
In
the event our Board of Directors decides to implement a plan of dissolution, and such plan is approved by our shareholders, we then will
not be continuing as a going concern. Accordingly, at such time, it would be management’s position that the Company would no longer
be a going concern.
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 as it applies to impairment analysis,
valuation of equity-based compensation, valuation of deferred tax assets and liabilities, warranty accruals, inventory allowances, and
legal contingencies.
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 maintains deposits in financial institutions that exceed the federally insured amount of $250,000. As of March 31, 2024,
the balance in the Company’s accounts was approximately $11,599,000, consequently approximately $11,349,000 of this balance was
not insured by the FDIC. The Company has not experienced any losses to date on depository accounts.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
Accounts
Receivable and Allowance for Accounts Receivable.
Accounts
receivables are recorded at the invoiced amount or based on revenue earned for items not yet invoiced, and generally do not bear interest.
In accordance with ASU No. 2016-13 (as amended), Measurement of Credit Losses on Financial Instruments, which the Company adopted
on a prospective basis effective January 1, 2023, an allowance for doubtful accounts is recorded against the Company’s receivables
by applying an expected credit loss model. Each period, management assesses the appropriateness of the level of allowance for credit
losses by considering credit risk inherent within its receivables as of the end of the period. The Company considers a receivable past
due when a debtor has not paid us by the contractually specified payment due date. Account balances are written off against the allowance
for credit losses if collection efforts are unsuccessful and the receivable balance is deemed uncollectible (debtor default), based on
factors such as the debtor’s credit rating as well as the length of time the amounts are past due. If the financial condition of
the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances
may be required.
As
of March 31, 2024, and December 31, 2023, the allowance for doubtful accounts was $91,000 and $125,000, respectively. During the three
months ended March 31, 2024, the Company received payment on certain accounts receivable which it had considered may have been uncollectible
and had provided against in full. Accordingly, we wrote back $34,566 during the period in respect of these balances that no longer needed
to be allowed against. Similarly, during the three months ended March 31, 2023, we wrote back $1,705 in respect payments received on
accounts receivable balances that had previously been fully allowed against in prior periods.
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 March 31, 2024 and 2023, there were respectively, 7,942,220
and 8,010,956, 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 March 31, 2024 and 2023 issued in connection with the sale of our shares of series B Preferred
stock and common stock. The remaining 318,448 and 387,184 potentially dilutive equity instruments outstanding as of March 31, 2024 and
2023, respectively, related to options that were convertible into shares of the Company’s common stock that had been issued to
our directors and staff as compensation.
Revenue
Recognition
On
January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09 (Topic 606), Revenue from Contracts with
Customers and all the related amendments (“ASC 606” or the “revenue standard”) to all contracts and elected
the modified retrospective method.
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.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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 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 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.
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).
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
Based
on the aforementioned guidance and considerations, the Company determined that disaggregation of revenue by equipment sales, engineering
and other services, shipping and handling, and forfeited non-refundable customer deposits was required.
The
following table sets forth the Company’s revenue by source:
Schedule
of Revenue by Source
| |
2024 | | |
2023 | |
| |
For the Three Months Ended
March 31, | |
| |
2024 | | |
2023 | |
Equipment and systems sales | |
$ | 113,172 | | |
$ | 4,396,827 | |
Engineering and other services | |
| 88,165 | | |
| 124,410 | |
Shipping and handling | |
| 1,904 | | |
| 12,560 | |
Forfeited non-refundable customer deposits | |
| 31,265 | | |
| 148,776 | |
Total revenue | |
$ | 234,506 | | |
$ | 4,682,573 | |
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.
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. Contract assets increased by $224,414 in
2023, due to revenue recognition related to the partial satisfaction of performance obligations, on three contracts with one customer,
for which we have not yet billed out customer. In accordance with ASU No. 2016-13 (as amended), Measurement of Credit Losses on Financial
Instruments, which the Company adopted on a prospective basis effective January 1, 2023, an
allowance for doubtful accounts is recorded against the Company’s contract assets by applying an expected credit loss model.
Each period, management assesses the appropriateness of the level of allowance for credit losses by considering credit risk inherent
within its contract assets as of the end of the period. As of March 31, 2024, and December 31, 2023, the allowance for doubtful accounts
was $1,436. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments,
additional allowances may be required. We expect to complete our performance obligations and bill the customer for this contract asset
during 2024. As of March 31, 2024, and December 31, 2023, the Company had contract assets of $224,414.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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 March 31, 2024, and December 31, 2023, deferred revenue, which was classified as a current
liability, was $539,956 and $499,800, respectively.
For
the three months ended March 31, 2024, the Company recognized revenue of $47,440 related to the deferred revenue at January 1, 2024.
For the three months ended March 31, 2023, the Company recognized revenue of $3,852,906 related to the deferred revenue at January 1,
2023.
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 March 31, 2024, the Company’s remaining performance obligations, or backlog, was approximately $535,000, a decrease of $1,334,000
from the March 31, 2023 backlog of $1,869,000. The decline 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.
Subsequent to March 31, 2024, a portion of one contract was cancelled. The amount cancelled was $170,000.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(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
| |
2024 | | |
Total | |
Remaining performance obligations related to partial equipment & engineering paid contracts | |
| 535,000 | | |
| 535,000 | |
Total remaining performance obligations | |
$ | 535,000 | | |
$ | 535,000 | |
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 March 31, 2024, and December 31, 2023, the Company had an accrued warranty reserve amount of $99,470
and $191,338, 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.
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.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
The
following is a summary of share-based compensation expenses included in the condensed consolidated statements of operations for the three
months ended March 31, 2024 and March 31, 2023:
Schedule
of Share-based Compensation Costs
| |
2024 | | |
2023 | |
| |
For the Three Months Ended
March 31, | |
| |
2024 | | |
2023 | |
Share-based compensation expense included in: | |
| | | |
| | |
Cost of revenue | |
$ | - | | |
$ | 4,898 | |
Advertising and marketing expenses | |
| - | | |
| 1,113 | |
Product development costs | |
| - | | |
| 3,570 | |
Selling, general and administrative expenses | |
| 76,969 | | |
| 137,513 | |
Total share-based compensation expense included in consolidated statement of operations | |
$ | 76,969 | | |
$ | 147,094 | |
Concentrations
Three
customers accounted for 24%, 16%, and 13% of the Company’s revenue, respectively, for the three months ended March 31, 2024. Three
customers accounted for 39%, 28%, and 17% of the Company’s revenue, respectively, for the three months ended March 31, 2023.
Three
customers accounted for 60%, 29%, and 11% of the Company’s accounts receivable, respectively, as of March 31, 2024. Three customers
accounted for 59%, 29%, and 12% of the Company’s accounts receivable, respectively, as of December 31, 2023.
Recently
Issued Accounting Pronouncements
In
March 2024, the Financial Accounting Standards Board
(FASB) issued ASU 2024-01 to clarify how an entity should determine whether a profits interest
or similar award should be accounted for as a share-based payment arrangement or similar to a cash bonus or profit-sharing arrangement.
The amendments are effective in annual periods beginning after December 15, 2024, and interim periods within those annual periods, with
early adoption permitted. The Company is currently evaluating the new guidance and the impact on its future consolidated statements.
In
December 2023, FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 includes
requirements that an entity disclose specific categories in the rate reconciliation and provide additional information for reconciling
items that are greater than five percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income
tax rate. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or
benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign. ASU 2023-09 is effective for annual periods
beginning after December 15, 2024. The Company is currently assessing the impact of ASU 2023-09 on its disclosures.
In
November 2023, the FASB issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU
2023-07 includes requirements that an entity disclose the title of the chief operating decision maker (CODM) and on an interim and annual
basis, significant segment expenses and the composition of other segment items for each segment’s reported profit. The standard
also permits disclosure of additional measures of segment profit. ASU 2023-07 is effective for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of
ASU 2023-07 on its disclosures.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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.
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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v3.24.1.1.u2
Leases
|
3 Months Ended |
Mar. 31, 2024 |
Leases [Abstract] |
|
Leases |
Note
2 – Leases
The
Louisville Facility Lease
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.
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
Company’s operating and finance right-of-use assets and lease liabilities are as follows:
Schedule
of Lease Cost
| |
As of
March 31, 2024 | |
Operating lease right-of-use asset | |
$ | 328,792 | |
Operating lease liability, current | |
$ | 128,839 | |
Operating lease liability, long-term | |
$ | 228,927 | |
| |
| | |
Remaining lease term | |
| 2.8 years | |
Discount rate | |
| 3.63 | % |
| |
For
the
Three Months
Ended
March 31, 2024 | |
Cash paid for operating lease | |
$ | 32,001 | |
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
Future
annual minimum under non-cancellable operating leases as of March 31, 2024 were as follows:
Schedule
of Future Annual Minimum Lease Payments
As of March 31, 2024 | |
| |
| |
| |
Years ended December 31, | |
| |
2024 (excluding the three months ended March 31, 2024) | |
| 96,643 | |
2025 | |
| 132,503 | |
2026 | |
| 136,473 | |
Thereafter | |
| 11,654 | |
Total minimum lease payments | |
| 377,273 | |
Less imputed interest | |
| (19,507 | ) |
Present value of minimum lease payments | |
$ | 357,766 | |
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v3.24.1.1.u2
Inventory
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Inventory |
Note
3 – Inventory
Inventory
consisted of the following:
Schedule
of Inventory
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
Finished goods | |
$ | 355,138 | | |
$ | 366,844 | |
Raw materials | |
| 121,814 | | |
| 122,258 | |
Allowance for excess & obsolete inventory | |
| (231,058 | ) | |
| (192,698 | ) |
Inventory, net | |
$ | 245,894 | | |
$ | 296,404 | |
Overhead
expenses of $11,475 and $13,679 were included in the inventory balance as of March 31, 2024, and December 31, 2023, respectively.
Advance
payments on inventory purchases are recorded in prepaid expenses until title for such inventory passes to the Company. Prepaid expenses
included approximately $13,000 and $6,000 in advance payments for inventory as of March 31, 2024, and December 31, 2023, respectively.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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v3.24.1.1.u2
Property and Equipment
|
3 Months Ended |
Mar. 31, 2024 |
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
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
Furniture and equipment | |
$ | 249,511 | | |
$ | 275,994 | |
Vehicles | |
| 15,000 | | |
| 15,000 | |
Property and equipment, gross | |
| 264,511 | | |
| 290,994 | |
Accumulated depreciation | |
| (245,492 | ) | |
| (252,436 | ) |
Property and equipment, net | |
$ | 19,019 | | |
$ | 38,558 | |
Depreciation
expense was $6,914 for the three months ended March 31, 2024. For the three months ended March 31, 2024, $535 was allocated to cost of
sales, $134 was allocated to inventory with the remainder recorded as selling, general, and administrative expense.
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v3.24.1.1.u2
Accounts Payable and Accrued Liabilities
|
3 Months Ended |
Mar. 31, 2024 |
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
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accounts payable | |
$ | 101,591 | | |
$ | 183,359 | |
Sales commissions payable | |
| 1,706 | | |
| 1,710 | |
Accrued payroll liabilities | |
| 143,165 | | |
| 189,829 | |
Product warranty accrual | |
| 99,470 | | |
| 191,338 | |
Other accrued expenses | |
| 15,944 | | |
| 58,488 | |
Total | |
$ | 361,876 | | |
$ | 624,724 | |
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v3.24.1.1.u2
Commitments and Contingencies
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
6 – Commitments and Contingencies
Litigation
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 a demand for $1,049,280 in damages, plus interest (“Claims”). The Company continues
to deny all the Claims and has asserted a counterclaim. The Company believes Claimant is owed nothing as the Company fulfilled all its
obligations under the contracts to Claimant, and further, that the negligence of a third-party supplier is the basis of the Claims. 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. 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. The matter is in the preliminary phase. The parties will pay their own legal fees and expenses. The Company intends
to defend itself vigorously, believing there are no merits to the claims as currently presented.
Given
the current uncertainty around estimability and success of claims, we have not recorded an accrual for any potential loss related to
this matter.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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.
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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Stockholders’ Equity
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Stockholders’ Equity |
Note
7 – Stockholders’ Equity
As
of March 31, 2024, 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 March 31, 2024, 8,212,737 shares of common stock were issued and outstanding and no shares of preferred stock were issued and outstanding.
Directors
Remuneration
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.
On
January 2, 2024, the Company issued an RSU grant of 45,455 shares of common stock under the 2021 Equity Incentive Plan to three of its
four independent directors. Mr. Shipley declined to receive the RSUs which he was entitled to receive. 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 136,365 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 supersedes the plan adopted on August
20, 2021. The Plan is effective retroactively for the current independent directors and for independent directors elected or appointed
after the Effective Date.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(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.
There
is no additional compensation paid to members of any committee of the Board. Interested (i.e. Executive directors) serving on the Board
do not receive compensation for their Board service.
All
independent directors, Messrs. Shipley, Etten, Reisner, and Mariathasan are subject to the Plan.
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.
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v3.24.1.1.u2
Equity Incentive Plans
|
3 Months Ended |
Mar. 31, 2024 |
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 three months ended March 31, 2024, no shares or options were issued and 6,134 options were forfeited under the 2017 Plan.
As
of March 31, 2024, of the 333,333 shares authorized under the 2017 Plan for equity awards, 163,692 shares have been issued, awards relating
to 139,378 options remain outstanding, and 30,263 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.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
During
the three months ended March 31, 2024:
|
- |
The
Company issued 136,365 shares of its common stock in settlement of restricted stock units issued to three of its independent directors
under the 2021 Equity Incentive Plan, pursuant to the Director Compensation plan adopted on January 17, 2022. |
|
|
|
|
- |
34,563
non-qualified stock options were forfeited that had previously been issued under the 2021 Equity Incentive Plan. |
As
of March 31, 2024, of the 666,667 shares authorized under the 2021 Equity Plan, 268,933 shares have been issued in settlement of restricted
stock units, awards relating to 138,252 non-qualified stock options, and 40,816 incentive stock options remain outstanding, and 218,665
shares remain available for future equity awards.
There
was $3,429 in unrecognized compensation expense for unvested non-qualified as of March 31, 2024 which will be recognized over approximately
the next 12 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 three months ended March 31, 2024, 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, 2023 | |
| 302,022 | | |
$ | 5.87 | | |
| 6.6 | | |
$ | - | |
Granted | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Forfeited | |
| (40,697 | ) | |
$ | 3.36 | | |
| - | | |
$ | - | |
Expired | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Outstanding, March 31, 2024 | |
| 261,325 | | |
$ | 6.26 | | |
| 7.2 | | |
$ | - | |
Exercisable, March 31, 2024 | |
| 256,325 | | |
$ | 6.34 | | |
| 7.2 | | |
$ | - | |
A
summary of non-vested non-qualified stock options activity for employees and consultants under the 2017 and 2021 Equity Plans for the
three months ended March 31, 2024, are presented in the table below:
Summary of Non-vested Non-qualified Stock Option Activity
| |
Number
of
Options | | |
Weighted
Average
Grant-Date
Fair
Value | | |
Aggregate
Intrinsic
Value | | |
Grant-Date
Fair
Value | |
| |
| | |
| | |
| | |
| |
Nonvested, December 31, 2023 | |
| 10,000 | | |
$ | 2.18 | | |
$ | - | | |
$ | 21,800 | |
Granted | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | |
Vested | |
| (5,000 | ) | |
$ | 2.18 | | |
$ | - | | |
$ | (10,900 | ) |
Forfeited | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | |
Expired | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | |
Nonvested, March 31, 2024 | |
| 5,000 | | |
$ | 2.18 | | |
$ | - | | |
$ | 10,900 | |
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
For
the three months ended March 31, 2024 and March 31, 2023, the Company recorded $1,969 and $45,778 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 three months ended March
31, 2024, 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, 2023 | |
| 57,122 | | |
$ | 9.44 | | |
| 5.0 | | |
$ | - | |
Granted | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Forfeited/Cancelled | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Expired | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Outstanding, March 31, 2024 | |
| 57,122 | | |
$ | 9.44 | | |
| 4.7 | | |
$ | - | |
Exercisable, March 31, 2024 | |
| 57,122 | | |
$ | 9.44 | | |
| 4.7 | | |
$ | - | |
There
were no non-vested, non-qualified stock options issued to directors under the 2017 Equity Plan and the 2021 Equity Plan, for the three
months ended March 31, 2024.
During
the three months ended March 31, 2024 and March 31, 2023, the Company incurred no compensation expense related to options issued to directors.
Restricted
Stock Units
Effective
January 2, 2024, the Company issued a total of 136,365 restricted stock units (RSUs) under the 2021 Equity Plan to three of its independent
directors. These RSUs vested upon grant.
During
the three months ended March 31, 2024 and March 31, 2023, the Company recorded $75,000 and $101,316, respectively, as compensation expense
related to vested RSUs issued to directors.
Schedule of Restricted Units Activity
| |
Number
of
Units | | |
Weighted
Average
Grant-Date
Fair
Value | | |
Aggregate
Intrinsic
Value | |
| |
| | |
| | |
| |
Outstanding, December 31, 2023 | |
| - | | |
$ | - | | |
$ | - | |
Granted | |
| 136,365 | | |
$ | 0.55 | | |
$ | 27,274 | |
Vested and settled with
share issuance | |
| (136,365 | ) | |
$ | 0.55 | | |
$ | - | |
Forfeited/canceled | |
| - | | |
$ | - | | |
$ | - | |
Outstanding, March 31, 2024 | |
| - | | |
$ | - | | |
$ | - | |
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.1.1.u2
Warrants
|
3 Months Ended |
Mar. 31, 2024 |
Warrants |
|
Warrants |
Note
9 - Warrants
The
following table summarizes information with respect to outstanding warrants to purchase common stock during the three months ended March
31, 2024:
Schedule of Outstanding Warrants to Purchase Common Stock
| |
| | |
| | |
Weighted | | |
Weighted | | |
| |
| |
| | |
| | |
Average | | |
Average | | |
Aggregate | |
| |
Warrants | | |
Exercise | | |
Remaining
Life | | |
Intrinsic | |
| |
Outstanding | | |
Exercisable | | |
Price | | |
In
Months | | |
Value | |
| |
| | |
| | |
| | |
| | |
| |
Outstanding at December 31, 2023 | |
| 7,623,772 | | |
| 7,623,772 | | |
$ | 5.14 | | |
| 37 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding at March 31, 2024 | |
| 7,623,772 | | |
| 7,623,772 | | |
$ |
5.14 | | |
| 34 | | |
| - | |
The
following table summarizes information about warrants outstanding at March 31, 2024:
Schedule of Warrants Outstanding
| | |
Warrants | | |
Weighted
Average | |
Exercise
price | | |
Outstanding | | |
Exercisable | | |
Months
Outstanding | |
| | |
| | |
| | |
| |
$ | 9.45 | | |
| 192,982 | | |
| 192,982 | | |
| 6 | |
| | | |
| | | |
| | | |
| | |
$ | 10.40 | | |
| 34,737 | | |
| 34,737 | | |
| 7 | |
| | | |
| | | |
| | | |
| | |
$ | 5.00 | | |
| 7,105,496 | | |
| 7,105,496 | | |
| 35 | |
| | | |
| | | |
| | | |
| | |
$ | 5.16 | | |
| 290,557 | | |
| 290,557 | | |
| 35 | |
| | | |
| | | |
| | | |
| | |
| | | |
| 7,623,772 | | |
| 7,623,772 | | |
| 34 | |
|
X |
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v3.24.1.1.u2
Income Taxes
|
3 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note
10 – Income Taxes
As
of March 31, 2024, the Company has U.S. federal and state net operating losses (“NOLs”) of approximately $29,757,000, 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.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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 March 31, 2024 and December 31, 2023. 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 tax.
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v3.24.1.1.u2
Related Party Transactions
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
11 – Related Party Transactions
Agreements
and Transaction with a Company Director
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 three months ended March
31, 2024 and March 31, 2023, the Company paid $0 and $18,273, 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.
During the three months ended March 31, 2023, the Company received $14,035 in cash payments for these contracts. Revenue of $16,977 was
recorded in the three months ended March 31, 2023 in respect of these agreements. No transactions were recorded in the three months ended
March 31, 2024 in respect of this agreement.
|
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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v3.24.1.1.u2
Subsequent Events
|
3 Months Ended |
Mar. 31, 2024 |
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 March 31, 2024, other than as set out below:
As
previously disclosed, on April 10, 2023 the Company received notice from The Nasdaq Stock Market LLC (“Nasdaq”) 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 notice indicated that the Company may submit an update to its existing
plan to regain compliance with the Listing Rule no later than October 9, 2023, and, following receipt of the update, Nasdaq would consider
granting an extension of 180 calendar days to regain compliance. On October 11, 2023, Nasdaq formally determined to grant the Company
a second 180-day compliance period, which allowed the Company until April 7, 2024, to satisfy the Listing Rule 5550(a)(2) deficiency.
During that time, the Company was unable to satisfy the Listing Rule 5550(a)(2) deficiency.
On
April 9, 2024, the Company received a second notice from Nasdaq indicating that the Listings Qualifications Staff would be delisting
the shares of common stock and common stock warrants from Nasdaq at the opening of business on April 18, 2024, and a Form 25-NSE will
be filed with the Securities and Exchange Commission, which would remove the Company’s securities from listing and registration
on The Nasdaq Stock Market.
On
April 16, 2024, the Company filed an appeal with Nasdaq’s Listing Committee, which temporarily stays the delisting of the Company’s
securities and the filing of the Form 25-NSE, pending the decision of the Nasdaq’s Listing Committee. As part of this process the
Company will be provided a hearing, at which it will be asked to provide a plan to regain compliance and a commitment to effect a reverse
stock split, if necessary.
As
a result, until further notice, the Company’s shares and common stock warrants continue to trade on the Nasdaq under the tickers
“CEA” and “CEADW”.
On
May 2, 2024, the employment services of Mr. Ian Patel under his employment agreement were ended, with the effective date of contract
termination being June 4, 2024. Mr. Patel had served as the Chief Financial Officer of the Company.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.1.1.u2
Nature of Operations and Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
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 fastest-growing 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, 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 CEA facilities with (i) air handling equipment and systems, (ii) air sanitation products, (iii) LED lighting, and (iv) benching
and racking solutions for indoor cultivation. 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.
We are evaluating merger and acquisition
opportunities and other alternatives for our future. As part of that evaluative process, we are also considering the legal procedure and
practical steps for dissolving ourselves, which would include a distribution of cash assets after creditors and other corporate obligations
have been accounted for and satisfied. For any plan of dissolution, management and the board of directors will need to formulate and adopt
a plan of dissolution. Certain transaction opportunities, depending on their structure, and any plan of dissolution will require shareholder
approval through a proxy solicitation process.
|
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, 2023, 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
We
believe that the conflicts involving Ukraine and Israel do not have any direct impact on our operations, financial condition, or financial
reporting. We believe the conflicts 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 countries involved in the conflicts, supply chain
challenges, and the international and US domestic inflation resulting from the conflict and government spending in relation to the conflicts.
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 the conflicts. 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 conflicts 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 conflicts.
|
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.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
|
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 three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending
December 31, 2024. The balance sheet information as of December 31, 2023 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, 2023.
|
Liquidity |
Liquidity
The
accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of
assets and the satisfaction of liabilities in the normal course of business within one year after the date the consolidated
financial statements are available to be issued. The Company continues to experience recurring losses since its inception. As a
result, in order to continue as a going concern, the Company has been reliant on the ability to obtain additional sources of
financing to fund growth. On February 15, 2022, the Company
received approximately $21,711,000
in net proceeds from completion of an equity offering. Based on management’s evaluation, the proceeds from the Offering will
be more than sufficient to fund any deficiencies in working capital or cash flow from operations, and the Company is confident that
it will be able to meet its obligations as they come due, and fund operations for at least 12 months after the issuance of these
consolidated financial statements. Accordingly, the conditions around liquidity and limited working capital necessary to fund
operations have been addressed.
However, we are continuing to evaluate
merger and acquisition opportunities and other alternatives for our future. As part of that evaluative process, and as disclosed in the Form 8-K
filed on April 10, 2024, we are also considering
the legal procedure and practical steps for dissolving ourselves, which would include a distribution of cash assets after creditors and
other corporate obligations have been accounted for and satisfied. For any plan of dissolution, management and the board of directors
will need to formulate and adopt a plan of dissolution. Certain transaction opportunities, depending on their structure, and any plan
of dissolution will require shareholder approval through a proxy solicitation process.
In
the event our Board of Directors decides to implement a plan of dissolution, and such plan is approved by our shareholders, we then will
not be continuing as a going concern. Accordingly, at such time, it would be management’s position that the Company would no longer
be a going concern.
|
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 as it applies to impairment analysis,
valuation of equity-based compensation, valuation of deferred tax assets and liabilities, warranty accruals, inventory allowances, and
legal contingencies.
|
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 maintains deposits in financial institutions that exceed the federally insured amount of $250,000. As of March 31, 2024,
the balance in the Company’s accounts was approximately $11,599,000, consequently approximately $11,349,000 of this balance was
not insured by the FDIC. The Company has not experienced any losses to date on depository accounts.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
|
Accounts Receivable and Allowance for Accounts Receivable |
Accounts
Receivable and Allowance for Accounts Receivable.
Accounts
receivables are recorded at the invoiced amount or based on revenue earned for items not yet invoiced, and generally do not bear interest.
In accordance with ASU No. 2016-13 (as amended), Measurement of Credit Losses on Financial Instruments, which the Company adopted
on a prospective basis effective January 1, 2023, an allowance for doubtful accounts is recorded against the Company’s receivables
by applying an expected credit loss model. Each period, management assesses the appropriateness of the level of allowance for credit
losses by considering credit risk inherent within its receivables as of the end of the period. The Company considers a receivable past
due when a debtor has not paid us by the contractually specified payment due date. Account balances are written off against the allowance
for credit losses if collection efforts are unsuccessful and the receivable balance is deemed uncollectible (debtor default), based on
factors such as the debtor’s credit rating as well as the length of time the amounts are past due. If the financial condition of
the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances
may be required.
As
of March 31, 2024, and December 31, 2023, the allowance for doubtful accounts was $91,000 and $125,000, respectively. During the three
months ended March 31, 2024, the Company received payment on certain accounts receivable which it had considered may have been uncollectible
and had provided against in full. Accordingly, we wrote back $34,566 during the period in respect of these balances that no longer needed
to be allowed against. Similarly, during the three months ended March 31, 2023, we wrote back $1,705 in respect payments received on
accounts receivable balances that had previously been fully allowed against in prior periods.
|
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 March 31, 2024 and 2023, there were respectively, 7,942,220
and 8,010,956, 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 March 31, 2024 and 2023 issued in connection with the sale of our shares of series B Preferred
stock and common stock. The remaining 318,448 and 387,184 potentially dilutive equity instruments outstanding as of March 31, 2024 and
2023, respectively, related to options that were convertible into shares of the Company’s common stock that had been issued to
our directors and staff as compensation.
|
Revenue Recognition |
Revenue
Recognition
On
January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09 (Topic 606), Revenue from Contracts with
Customers and all the related amendments (“ASC 606” or the “revenue standard”) to all contracts and elected
the modified retrospective method.
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.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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 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 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.
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).
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
Based
on the aforementioned guidance and considerations, the Company determined that disaggregation of revenue by equipment sales, engineering
and other services, shipping and handling, and forfeited non-refundable customer deposits was required.
The
following table sets forth the Company’s revenue by source:
Schedule
of Revenue by Source
| |
2024 | | |
2023 | |
| |
For the Three Months Ended
March 31, | |
| |
2024 | | |
2023 | |
Equipment and systems sales | |
$ | 113,172 | | |
$ | 4,396,827 | |
Engineering and other services | |
| 88,165 | | |
| 124,410 | |
Shipping and handling | |
| 1,904 | | |
| 12,560 | |
Forfeited non-refundable customer deposits | |
| 31,265 | | |
| 148,776 | |
Total revenue | |
$ | 234,506 | | |
$ | 4,682,573 | |
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.
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. Contract assets increased by $224,414 in
2023, due to revenue recognition related to the partial satisfaction of performance obligations, on three contracts with one customer,
for which we have not yet billed out customer. In accordance with ASU No. 2016-13 (as amended), Measurement of Credit Losses on Financial
Instruments, which the Company adopted on a prospective basis effective January 1, 2023, an
allowance for doubtful accounts is recorded against the Company’s contract assets by applying an expected credit loss model.
Each period, management assesses the appropriateness of the level of allowance for credit losses by considering credit risk inherent
within its contract assets as of the end of the period. As of March 31, 2024, and December 31, 2023, the allowance for doubtful accounts
was $1,436. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments,
additional allowances may be required. We expect to complete our performance obligations and bill the customer for this contract asset
during 2024. As of March 31, 2024, and December 31, 2023, the Company had contract assets of $224,414.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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 March 31, 2024, and December 31, 2023, deferred revenue, which was classified as a current
liability, was $539,956 and $499,800, respectively.
For
the three months ended March 31, 2024, the Company recognized revenue of $47,440 related to the deferred revenue at January 1, 2024.
For the three months ended March 31, 2023, the Company recognized revenue of $3,852,906 related to the deferred revenue at January 1,
2023.
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 March 31, 2024, the Company’s remaining performance obligations, or backlog, was approximately $535,000, a decrease of $1,334,000
from the March 31, 2023 backlog of $1,869,000. The decline 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.
Subsequent to March 31, 2024, a portion of one contract was cancelled. The amount cancelled was $170,000.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(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
| |
2024 | | |
Total | |
Remaining performance obligations related to partial equipment & engineering paid contracts | |
| 535,000 | | |
| 535,000 | |
Total remaining performance obligations | |
$ | 535,000 | | |
$ | 535,000 | |
|
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 March 31, 2024, and December 31, 2023, the Company had an accrued warranty reserve amount of $99,470
and $191,338, 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.
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.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
The
following is a summary of share-based compensation expenses included in the condensed consolidated statements of operations for the three
months ended March 31, 2024 and March 31, 2023:
Schedule
of Share-based Compensation Costs
| |
2024 | | |
2023 | |
| |
For the Three Months Ended
March 31, | |
| |
2024 | | |
2023 | |
Share-based compensation expense included in: | |
| | | |
| | |
Cost of revenue | |
$ | - | | |
$ | 4,898 | |
Advertising and marketing expenses | |
| - | | |
| 1,113 | |
Product development costs | |
| - | | |
| 3,570 | |
Selling, general and administrative expenses | |
| 76,969 | | |
| 137,513 | |
Total share-based compensation expense included in consolidated statement of operations | |
$ | 76,969 | | |
$ | 147,094 | |
|
Concentrations |
Concentrations
Three
customers accounted for 24%, 16%, and 13% of the Company’s revenue, respectively, for the three months ended March 31, 2024. Three
customers accounted for 39%, 28%, and 17% of the Company’s revenue, respectively, for the three months ended March 31, 2023.
Three
customers accounted for 60%, 29%, and 11% of the Company’s accounts receivable, respectively, as of March 31, 2024. Three customers
accounted for 59%, 29%, and 12% of the Company’s accounts receivable, respectively, as of December 31, 2023.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
In
March 2024, the Financial Accounting Standards Board
(FASB) issued ASU 2024-01 to clarify how an entity should determine whether a profits interest
or similar award should be accounted for as a share-based payment arrangement or similar to a cash bonus or profit-sharing arrangement.
The amendments are effective in annual periods beginning after December 15, 2024, and interim periods within those annual periods, with
early adoption permitted. The Company is currently evaluating the new guidance and the impact on its future consolidated statements.
In
December 2023, FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 includes
requirements that an entity disclose specific categories in the rate reconciliation and provide additional information for reconciling
items that are greater than five percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income
tax rate. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or
benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign. ASU 2023-09 is effective for annual periods
beginning after December 15, 2024. The Company is currently assessing the impact of ASU 2023-09 on its disclosures.
In
November 2023, the FASB issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU
2023-07 includes requirements that an entity disclose the title of the chief operating decision maker (CODM) and on an interim and annual
basis, significant segment expenses and the composition of other segment items for each segment’s reported profit. The standard
also permits disclosure of additional measures of segment profit. ASU 2023-07 is effective for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of
ASU 2023-07 on its disclosures.
CEA
Industries Inc.
Notes
to Condensed Consolidated Financial Statements
March
31, 2024
(in
US Dollars except share numbers)
(Unaudited)
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.
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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v3.24.1.1.u2
Nature of Operations and Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Revenue by Source |
The
following table sets forth the Company’s revenue by source:
Schedule
of Revenue by Source
| |
2024 | | |
2023 | |
| |
For the Three Months Ended
March 31, | |
| |
2024 | | |
2023 | |
Equipment and systems sales | |
$ | 113,172 | | |
$ | 4,396,827 | |
Engineering and other services | |
| 88,165 | | |
| 124,410 | |
Shipping and handling | |
| 1,904 | | |
| 12,560 | |
Forfeited non-refundable customer deposits | |
| 31,265 | | |
| 148,776 | |
Total revenue | |
$ | 234,506 | | |
$ | 4,682,573 | |
|
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
| |
2024 | | |
Total | |
Remaining performance obligations related to partial equipment & engineering paid contracts | |
| 535,000 | | |
| 535,000 | |
Total remaining performance obligations | |
$ | 535,000 | | |
$ | 535,000 | |
|
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
months ended March 31, 2024 and March 31, 2023:
Schedule
of Share-based Compensation Costs
| |
2024 | | |
2023 | |
| |
For the Three Months Ended
March 31, | |
| |
2024 | | |
2023 | |
Share-based compensation expense included in: | |
| | | |
| | |
Cost of revenue | |
$ | - | | |
$ | 4,898 | |
Advertising and marketing expenses | |
| - | | |
| 1,113 | |
Product development costs | |
| - | | |
| 3,570 | |
Selling, general and administrative expenses | |
| 76,969 | | |
| 137,513 | |
Total share-based compensation expense included in consolidated statement of operations | |
$ | 76,969 | | |
$ | 147,094 | |
|
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v3.24.1.1.u2
Leases (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Leases [Abstract] |
|
Schedule of Lease Cost |
The
Company’s operating and finance right-of-use assets and lease liabilities are as follows:
Schedule
of Lease Cost
| |
As of
March 31, 2024 | |
Operating lease right-of-use asset | |
$ | 328,792 | |
Operating lease liability, current | |
$ | 128,839 | |
Operating lease liability, long-term | |
$ | 228,927 | |
| |
| | |
Remaining lease term | |
| 2.8 years | |
Discount rate | |
| 3.63 | % |
| |
For
the
Three Months
Ended
March 31, 2024 | |
Cash paid for operating lease | |
$ | 32,001 | |
|
Schedule of Future Annual Minimum Lease Payments |
Future
annual minimum under non-cancellable operating leases as of March 31, 2024 were as follows:
Schedule
of Future Annual Minimum Lease Payments
As of March 31, 2024 | |
| |
| |
| |
Years ended December 31, | |
| |
2024 (excluding the three months ended March 31, 2024) | |
| 96,643 | |
2025 | |
| 132,503 | |
2026 | |
| 136,473 | |
Thereafter | |
| 11,654 | |
Total minimum lease payments | |
| 377,273 | |
Less imputed interest | |
| (19,507 | ) |
Present value of minimum lease payments | |
$ | 357,766 | |
|
X |
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v3.24.1.1.u2
Inventory (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory |
Inventory
consisted of the following:
Schedule
of Inventory
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
Finished goods | |
$ | 355,138 | | |
$ | 366,844 | |
Raw materials | |
| 121,814 | | |
| 122,258 | |
Allowance for excess & obsolete inventory | |
| (231,058 | ) | |
| (192,698 | ) |
Inventory, net | |
$ | 245,894 | | |
$ | 296,404 | |
|
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v3.24.1.1.u2
Property and Equipment (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property and Equipment |
Property
and equipment consisted of the following:
Schedule
of Property and Equipment
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
Furniture and equipment | |
$ | 249,511 | | |
$ | 275,994 | |
Vehicles | |
| 15,000 | | |
| 15,000 | |
Property and equipment, gross | |
| 264,511 | | |
| 290,994 | |
Accumulated depreciation | |
| (245,492 | ) | |
| (252,436 | ) |
Property and equipment, net | |
$ | 19,019 | | |
$ | 38,558 | |
|
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v3.24.1.1.u2
Accounts Payable and Accrued Liabilities (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of Accounts Payable and Accrued Liabilities |
Accounts
payable and accrued liabilities consisted of the following:
Schedule
of Accounts Payable and Accrued Liabilities
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
Accounts payable | |
$ | 101,591 | | |
$ | 183,359 | |
Sales commissions payable | |
| 1,706 | | |
| 1,710 | |
Accrued payroll liabilities | |
| 143,165 | | |
| 189,829 | |
Product warranty accrual | |
| 99,470 | | |
| 191,338 | |
Other accrued expenses | |
| 15,944 | | |
| 58,488 | |
Total | |
$ | 361,876 | | |
$ | 624,724 | |
|
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v3.24.1.1.u2
Equity Incentive Plans (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
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, 2023 | |
| - | | |
$ | - | | |
$ | - | |
Granted | |
| 136,365 | | |
$ | 0.55 | | |
$ | 27,274 | |
Vested and settled with
share issuance | |
| (136,365 | ) | |
$ | 0.55 | | |
$ | - | |
Forfeited/canceled | |
| - | | |
$ | - | | |
$ | - | |
Outstanding, March 31, 2024 | |
| - | | |
$ | - | | |
$ | - | |
|
2017 and 2021 Equity Plan [Member] | Employees and Consultants [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of Stock Option Activity |
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 three months ended March 31, 2024, 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, 2023 | |
| 302,022 | | |
$ | 5.87 | | |
| 6.6 | | |
$ | - | |
Granted | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Forfeited | |
| (40,697 | ) | |
$ | 3.36 | | |
| - | | |
$ | - | |
Expired | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Outstanding, March 31, 2024 | |
| 261,325 | | |
$ | 6.26 | | |
| 7.2 | | |
$ | - | |
Exercisable, March 31, 2024 | |
| 256,325 | | |
$ | 6.34 | | |
| 7.2 | | |
$ | - | |
|
Summary of Non-vested Non-qualified Stock Option Activity |
A
summary of non-vested non-qualified stock options activity for employees and consultants under the 2017 and 2021 Equity Plans for the
three months ended March 31, 2024, are presented in the table below:
Summary of Non-vested Non-qualified Stock Option Activity
| |
Number
of
Options | | |
Weighted
Average
Grant-Date
Fair
Value | | |
Aggregate
Intrinsic
Value | | |
Grant-Date
Fair
Value | |
| |
| | |
| | |
| | |
| |
Nonvested, December 31, 2023 | |
| 10,000 | | |
$ | 2.18 | | |
$ | - | | |
$ | 21,800 | |
Granted | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | |
Vested | |
| (5,000 | ) | |
$ | 2.18 | | |
$ | - | | |
$ | (10,900 | ) |
Forfeited | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | |
Expired | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | |
Nonvested, March 31, 2024 | |
| 5,000 | | |
$ | 2.18 | | |
$ | - | | |
$ | 10,900 | |
|
2017 and 2021 Equity Plan [Member] | Directors [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of Stock Option Activity |
A
summary of the non-qualified stock options granted to directors under the 2017 and 2021 Equity Plans, during the three months ended March
31, 2024, 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, 2023 | |
| 57,122 | | |
$ | 9.44 | | |
| 5.0 | | |
$ | - | |
Granted | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Forfeited/Cancelled | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Expired | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
Outstanding, March 31, 2024 | |
| 57,122 | | |
$ | 9.44 | | |
| 4.7 | | |
$ | - | |
Exercisable, March 31, 2024 | |
| 57,122 | | |
$ | 9.44 | | |
| 4.7 | | |
$ | - | |
|
X |
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v3.24.1.1.u2
Warrants (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Warrants |
|
Schedule of Outstanding Warrants to Purchase Common Stock |
The
following table summarizes information with respect to outstanding warrants to purchase common stock during the three months ended March
31, 2024:
Schedule of Outstanding Warrants to Purchase Common Stock
| |
| | |
| | |
Weighted | | |
Weighted | | |
| |
| |
| | |
| | |
Average | | |
Average | | |
Aggregate | |
| |
Warrants | | |
Exercise | | |
Remaining
Life | | |
Intrinsic | |
| |
Outstanding | | |
Exercisable | | |
Price | | |
In
Months | | |
Value | |
| |
| | |
| | |
| | |
| | |
| |
Outstanding at December 31, 2023 | |
| 7,623,772 | | |
| 7,623,772 | | |
$ | 5.14 | | |
| 37 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Expired | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding at March 31, 2024 | |
| 7,623,772 | | |
| 7,623,772 | | |
$ |
5.14 | | |
| 34 | | |
| - | |
|
Schedule of Warrants Outstanding |
The
following table summarizes information about warrants outstanding at March 31, 2024:
Schedule of Warrants Outstanding
| | |
Warrants | | |
Weighted
Average | |
Exercise
price | | |
Outstanding | | |
Exercisable | | |
Months
Outstanding | |
| | |
| | |
| | |
| |
$ | 9.45 | | |
| 192,982 | | |
| 192,982 | | |
| 6 | |
| | | |
| | | |
| | | |
| | |
$ | 10.40 | | |
| 34,737 | | |
| 34,737 | | |
| 7 | |
| | | |
| | | |
| | | |
| | |
$ | 5.00 | | |
| 7,105,496 | | |
| 7,105,496 | | |
| 35 | |
| | | |
| | | |
| | | |
| | |
$ | 5.16 | | |
| 290,557 | | |
| 290,557 | | |
| 35 | |
| | | |
| | | |
| | | |
| | |
| | | |
| 7,623,772 | | |
| 7,623,772 | | |
| 34 | |
|
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v3.24.1.1.u2
Schedule of Revenue by Source (Details) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Product Information [Line Items] |
|
|
Total revenue |
$ 234,506
|
$ 4,682,573
|
Equipment And Systems Sales [Member] |
|
|
Product Information [Line Items] |
|
|
Total revenue |
113,172
|
4,396,827
|
Engineering And Other Services [Member] |
|
|
Product Information [Line Items] |
|
|
Total revenue |
88,165
|
124,410
|
Shipping and Handling [Member] |
|
|
Product Information [Line Items] |
|
|
Total revenue |
1,904
|
12,560
|
Forfeited Non Refundable Customer Deposits [Member] |
|
|
Product Information [Line Items] |
|
|
Total revenue |
$ 31,265
|
$ 148,776
|
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|
3 Months Ended |
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Mar. 31, 2023 |
Total share-based compensation expense included in consolidated statement of operations |
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|
|
3 Months Ended |
12 Months Ended |
Feb. 15, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Product Information [Line Items] |
|
|
|
|
Proceeds from issuance of common stock |
$ 21,711,000
|
|
|
|
FDIC insured amount |
|
$ 250,000
|
|
|
Cash balance, amount |
|
11,598,836
|
|
$ 12,508,251
|
FDIC uninsured amount |
|
11,349,000
|
|
|
Allowance for doubtful accounts |
|
91,000
|
|
125,000
|
Provision for doubtful accounts |
|
$ 34,566
|
$ 1,705
|
|
Potentially dilutive equity instruments that are convertible into common stock |
|
7,942,220
|
8,010,956
|
|
Contract assets |
|
$ 224,414
|
|
224,414
|
Allowance for doubtful accounts |
|
1,436
|
|
1,436
|
Contract with customer liability current |
|
539,956
|
|
499,800
|
Revenue recognized |
|
47,440
|
$ 3,852,906
|
|
Revenue remaining performance obligation |
|
$ 535,000
|
$ 1,869,000
|
|
Product warranty description |
|
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|
|
|
Product warranty accrual classified current |
|
$ 99,470
|
|
191,338
|
One Customer [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue remaining performance amount cancelled |
|
|
|
$ 170,000
|
Customer One [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
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|
24.00%
|
39.00%
|
|
Customer One [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
|
60.00%
|
59.00%
|
|
Customer Two [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
|
16.00%
|
28.00%
|
|
Customer Two [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
|
29.00%
|
29.00%
|
|
Customer Three [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
|
13.00%
|
17.00%
|
|
Customer Three [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
|
11.00%
|
12.00%
|
|
Maximum [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue remaining performance obligation |
|
$ 1,334,000
|
|
|
Director And Staff [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Potentially dilutive equity instruments that are convertible into common stock |
|
318,448
|
387,184
|
|
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
|
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v3.24.1.1.u2
Schedule of Lease Cost (Details) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Leases [Abstract] |
|
|
Operating lease right-of-use asset |
$ 328,792
|
$ 356,109
|
Operating lease liability, current |
128,839
|
126,724
|
Operating lease liability, long-term |
$ 228,927
|
$ 259,627
|
Remaining lease term |
2 years 9 months 18 days
|
|
Discount rate |
3.63%
|
|
Cash paid for operating lease |
$ 32,001
|
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v3.24.1.1.u2
Leases (Details Narrative)
|
Jul. 28, 2021
USD ($)
ft²
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Operating lease ROU |
|
$ 328,792
|
$ 356,109
|
Operating lease liability |
|
$ 357,766
|
|
New Facility Lease [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Area of land | ft² |
11,491
|
|
|
Operating lease term description |
The New Facility lease commenced on November 1, 2021 and continues through January 31, 2027.
|
|
|
Lease rental expense |
$ 10,055
|
|
|
Increase in rent percent |
3.00%
|
|
|
Security deposit |
$ 14,747
|
|
|
Lease renew term |
5 years
|
|
|
Operating lease ROU |
$ 582,838
|
|
|
Operating lease liability |
$ 582,838
|
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v3.24.1.1.u2
Schedule of Inventory (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Finished goods |
$ 355,138
|
$ 366,844
|
Raw materials |
121,814
|
122,258
|
Allowance for excess & obsolete inventory |
(231,058)
|
(192,698)
|
Inventory, net |
$ 245,894
|
$ 296,404
|
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v3.24.1.1.u2
Schedule of Property and Equipment (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 264,511
|
$ 290,994
|
Accumulated depreciation |
(245,492)
|
(252,436)
|
Property and equipment, net |
19,019
|
38,558
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
249,511
|
275,994
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 15,000
|
$ 15,000
|
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Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Accounts payable |
$ 101,591
|
$ 183,359
|
Sales commissions payable |
1,706
|
1,710
|
Accrued payroll liabilities |
143,165
|
189,829
|
Product warranty accrual |
99,470
|
191,338
|
Other accrued expenses |
15,944
|
58,488
|
Total |
$ 361,876
|
$ 624,724
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.
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Stockholders’ Equity (Details Narrative) - USD ($)
|
Jan. 02, 2024 |
Jan. 03, 2023 |
Jan. 17, 2022 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 22, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [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 |
|
|
|
8,212,737
|
8,076,372
|
|
Common stock, shares outstanding |
|
|
|
8,212,737
|
8,076,372
|
|
Preferred stock, shares issued |
|
|
|
0
|
0
|
|
Preferred stock, shares outstanding |
|
|
|
0
|
0
|
|
2021 Equity Plan [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Number of stock options issued |
|
|
|
|
|
666,667
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [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] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Share based compensation arrangement payment |
|
|
$ 25,000
|
|
|
|
Restricted Stock Units (RSUs) [Member] | 2021 Equity Incentive Plan [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Number of stock options issued |
45,455
|
29,758
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | 2021 Equity Plan [Member] | Directors [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Number of shares vested in period |
136,365
|
119,032
|
|
|
|
|
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v3.24.1.1.u2
Schedule of Stock Option Activity (Details) - 2017 Equity Plan and 2021 Equity Plan [Member] - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Employees and Consultants [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of Options, Granted |
|
|
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 |
302,022
|
|
Weighted Average Exercise Price, Outstanding Beginning |
$ 5.87
|
|
Weighted Average Remaining Contractual Term, Outstanding Ending |
7 years 2 months 12 days
|
6 years 7 months 6 days
|
Aggregate Intrinsic Value, Outstanding Beginning |
|
|
Number of Options, Granted |
|
|
Weighted Average Exercise Price, Granted |
|
|
Number of Options, Exercised |
|
|
Weighted Average Exercise Price, Exercised |
|
|
Number of Options, Forfeited/Cancelled |
(40,697)
|
|
Weighted Average Exercise Price, Forfeited/Cancelled |
$ 3.36
|
|
Number of Options, Expired |
|
|
Weighted Average Exercise Price, Expired |
|
|
Number of Options, Outstanding Ending |
261,325
|
302,022
|
Weighted Average Exercise Price, Outstanding Ending |
$ 6.26
|
$ 5.87
|
Aggregate Intrinsic Value, Outstanding Ending |
|
|
Number of Options, Exercisable |
256,325
|
|
Weighted Average Exercise Price, Exercisable Ending |
$ 6.34
|
|
Weighted Average Remaining Contractual Term, Exercisable Ending |
7 years 2 months 12 days
|
|
Aggregate Intrinsic Value, Exercisable Ending |
|
|
Number of Options, Expired |
|
|
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 |
$ 9.44
|
|
Weighted Average Remaining Contractual Term, Outstanding Ending |
4 years 8 months 12 days
|
5 years
|
Aggregate Intrinsic Value, Outstanding Beginning |
|
|
Number of Options, Granted |
|
|
Weighted Average Exercise Price, Granted |
|
|
Number of Options, Exercised |
|
|
Weighted Average Exercise Price, Exercised |
|
|
Number of Options, Forfeited/Cancelled |
|
|
Weighted Average Exercise Price, Forfeited/Cancelled |
|
|
Number of Options, Expired |
|
|
Weighted Average Exercise Price, Expired |
|
|
Number of Options, Outstanding Ending |
57,122
|
57,122
|
Weighted Average Exercise Price, Outstanding Ending |
$ 9.44
|
$ 9.44
|
Aggregate Intrinsic Value, Outstanding Ending |
|
|
Weighted Average Exercise Price, Exercisable Ending |
$ 9.44
|
|
Weighted Average Remaining Contractual Term, Exercisable Ending |
4 years 8 months 12 days
|
|
Aggregate Intrinsic Value, Exercisable Ending |
|
|
Number of Options, Expired |
|
|
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v3.24.1.1.u2
Summary of Non-vested Non-qualified Stock Option Activity (Details) - Employees and Consultants [Member] - 2017 Equity Plan and 2021 Equity Plan [Member]
|
3 Months Ended |
Mar. 31, 2024
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options Nonvested, Beginning | shares |
10,000
|
Weighted Average Grant-Date Fair Value, Nonvested, Beginning | $ / shares |
$ 2.18
|
Aggregated Intrinsic Value, Nonvested Beginning |
|
Grant Date Fair Value Nonvested, Beginning |
$ 21,800
|
Number of Options Nonvested, Granted | shares |
|
Weighted Average Grant-Date Fair Value, Nonvested, Granted | $ / shares |
|
Grant Date Fair Value Nonvested, Granted |
|
Number of Options Nonvested, Vested | shares |
(5,000)
|
Weighted Average Grant-Date Fair Value, Nonvested, Vested | $ / shares |
$ 2.18
|
Grant Date Fair Value Nonvested, Vested |
$ (10,900)
|
Number of Options Nonvested, Forfeited | shares |
|
Weighted Average Grant-Date Fair Value, Nonvested, Forfeited | $ / shares |
|
Grant Date Fair Value Nonvested, Forfeited |
|
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 |
5,000
|
Weighted Average Grant-Date Fair Value, Nonvested Ending | $ / shares |
$ 2.18
|
Aggregated Intrinsic Value, Nonvested Ending |
|
Grant Date Fair Value Nonvested, Ending |
$ 10,900
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Schedule of Restricted Units Activity (Details)
|
3 Months Ended |
Mar. 31, 2024
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] | Directors [Member] | Restricted Stock Units (RSUs) [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Units Outstanding, beginning | shares |
|
Weighted Average Grant-Date Fair Value Outstanding, Beginning | $ / shares |
|
Aggregate Intrinsic Value Outstanding, Beginning |
|
Number of Units, Granted | shares |
136,365
|
Weighted Average Grant-Date Fair Value, Granted | $ / shares |
$ 0.55
|
Aggregate Intrinsic Value Outstanding, Granted |
$ 27,274
|
Number of Units, Vested and settled with share issuance | shares |
(136,365)
|
Weighted Average Grant-Date Fair Value, Vested and settled with share issuance | $ / shares |
$ 0.55
|
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 |
|
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|
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|
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|
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v3.24.1.1.u2
Equity Incentive Plans (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
12 Months Ended |
|
Jan. 02, 2024 |
Jan. 03, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Mar. 22, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Share based compensation |
|
|
$ 76,969
|
$ 147,094
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Shares issued during the period |
|
|
136,365
|
|
|
|
Restricted Stock Units (RSUs) [Member] | 3 Directors [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Number of shares vested in period |
136,365
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Employees, Directors and Consultants [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Share based compensation |
|
|
$ 75,000
|
101,316
|
|
|
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 |
|
|
6,134
|
|
|
|
Number of shares authorized |
|
|
333,333
|
|
|
|
Number of shares issued |
|
|
163,692
|
|
|
|
Number of option remain outstanding |
|
|
|
|
139,378
|
|
Shares available for future equity awards |
|
|
30,263
|
|
|
|
2017 Equity Incentive Plan [Member] | Director [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Share based compensation |
|
|
$ 0
|
0
|
|
|
2017 Equity Incentive 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 |
|
|
136,365
|
|
|
|
2021 Equity Plan [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Shares available for future equity awards |
|
|
218,665
|
|
|
|
Number of shares grant in period |
|
|
|
|
|
666,667
|
Number of shares authorized |
|
|
666,667
|
|
|
|
Unrecognized compensation expense |
|
|
$ 3,429
|
|
|
|
Weighted average remaining contractual term |
|
|
12 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 |
|
|
34,563
|
|
|
|
Number of option remain outstanding |
|
|
138,252
|
|
|
|
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 Units (RSUs) [Member] | Directors [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Number of shares vested in period |
136,365
|
119,032
|
|
|
|
|
2021 Equity Plan [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Number of shares issued |
|
|
268,933
|
|
|
|
2021 Equity Plan [Member] | Non-Qualified Stock Options [Member] | Directors [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Number of shares issued |
|
|
0
|
|
|
|
2017 Equity Plan and 2021 Equity Plan [Member] | Employees and Consultants [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Share based compensation |
|
|
$ 1,969
|
$ 45,778
|
|
|
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
|
|
Weighted average remaining contractual term |
|
|
4 years 8 months 12 days
|
|
5 years
|
|
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v3.24.1.1.u2
Schedule of Outstanding Warrants to Purchase Common Stock (Details)
|
3 Months Ended |
Mar. 31, 2024
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 |
37 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 Life of Outstanding Warrants in Months, 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, Expired |
|
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 |
34 months
|
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Schedule of Warrants Outstanding (Details) - $ / shares
|
3 Months Ended |
|
Mar. 31, 2024 |
Dec. 31, 2023 |
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 |
34 months
|
|
Warrants Range One [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 |
6 months
|
|
Warrants Range Two [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 |
7 months
|
|
Warrants Range Three [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 |
35 months
|
|
Warrants Range Four [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 |
35 months
|
|
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v3.24.1.1.u2
Related Party Transactions (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
|
|
|
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Dec. 20, 2022 |
Oct. 13, 2022 |
Payments for commissions |
|
$ 0
|
$ 18,273
|
|
|
|
Payments for deposit |
|
|
14,035
|
|
|
|
Consulting Agreement [Member] |
|
|
|
|
|
|
Proceeds fom deposit |
|
|
|
|
$ 10,900
|
|
Consulting Agreement [Member] | Lone Star Bioscience Inc [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
|
Proceeds fom deposit |
|
|
|
$ 1,250
|
|
$ 2,500
|
Increased related party sales |
$ 3,577
|
|
|
|
|
|
Proceeds from related party sales |
$ 14,477
|
|
|
|
|
|
Revenue |
|
|
$ 16,977
|
|
|
|
Related party transaction |
|
$ 0
|
|
|
|
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v3.24.1.1.u2
Subsequent Events (Details Narrative)
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
Subsequent event description |
April 10, 2023 the Company received notice from The Nasdaq Stock Market LLC (“Nasdaq”) 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).
|
X |
- DefinitionDescribes the event or transaction that occurred between the balance sheet date and the date the financial statements are issued or available to be issued.
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