SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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3 Months Ended |
Mar. 31, 2022 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Schedule of financial assets and liabilities measured at fair value on recurring basis |
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Fair Value Measurements |
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as of March 31, 2022 Using: |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
Liabilities: |
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Warrant liability |
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$ |
— |
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$ |
12,253 |
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$ |
— |
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$ |
12,253 |
Contingent consideration |
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— |
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— |
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13,379,797 |
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13,379,797 |
Derivative liability |
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— |
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— |
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2,664,171 |
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2,664,171 |
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$ |
— |
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$ |
12,253 |
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$ |
16,043,968 |
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$ |
16,056,221 |
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Fair Value Measurements |
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as of December 31, 2021 Using: |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
Liabilities: |
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Warrant liability |
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$ |
— |
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$ |
18,223 |
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$ |
— |
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$ |
18,223 |
Contingent consideration |
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— |
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— |
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12,179,476 |
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12,179,476 |
Derivative liability |
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— |
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— |
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2,294,720 |
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2,294,720 |
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$ |
— |
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$ |
18,223 |
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$ |
14,474,196 |
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$ |
14,492,419 |
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Schedule of changes in contingent consideration |
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Contingent |
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Consideration |
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Liability |
Outstanding as of December 31, 2021 |
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$ |
12,179,476 |
Change in fair value |
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1,200,321 |
Outstanding as of March 31, 2022 |
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$ |
13,379,797 |
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Summary of changed in derivative liability |
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Derivative |
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Liability |
Outstanding as of December 31, 2021 |
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$ |
2,294,720 |
Conversion of underlying notes into common stock |
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(312,652) |
Change in fair value |
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682,103 |
Outstanding as of March 31, 2022 |
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$ |
2,664,171 |
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Schedule of Current Inventory |
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March 31, |
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December 31, |
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2022 |
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2021 |
Raw materials |
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$ |
412,748 |
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$ |
292,167 |
Work in process |
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235,867 |
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242,673 |
Finished goods |
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1,843,990 |
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2,220,519 |
Inventory |
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$ |
2,492,605 |
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$ |
2,755,358 |
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Schedule of potentially dilutive items outstanding |
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March 31, |
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2022 |
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2021 |
Convertible notes |
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5,164,752 |
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— |
Series Seed Preferred Stock (convertible to common stock) |
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— |
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20,714,518 |
Series A Preferred Stock (convertible to common stock) |
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— |
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5,654,072 |
Series A-2 Preferred Stock (convertible to common stock) |
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— |
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5,932,742 |
Series CF Preferred Stock (convertible to common stock) |
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— |
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836,331 |
Series A-3 Preferred Stock (convertible to common stock) |
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— |
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9,032,330 |
Series B Preferred Stock (convertible to common stock) |
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— |
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20,754,717 |
Common stock warrants |
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914,539 |
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914,539 |
Preferred stock warrants |
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— |
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806,903 |
Stock options |
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3,895,103 |
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1,163,103 |
Total potentially dilutive shares |
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9,974,393 |
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65,809,254 |
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