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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 June 30, 2023
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _______ to _______
Commission
file number: 001-41355
Sharps
Technology, Inc.
(Exact
name of registrant as specified in its charter)
Nevada |
|
82-3751728 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
105
Maxess Road, Melville, New York 11747
(Address
of principal executive offices) (Zip Code)
(631)
574 -4436
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.0001 par value |
|
STSS |
|
NASDAQ
Capital Market |
Common
Stock Purchase Warrants |
|
STSSW |
|
NASDAQ
Capital Market |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 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 past 90 days. Yes ☐ No ☒*
* |
The
registrant became subject to the requirement to file reports on April 13, 2022 and has filed all reports required since April 13,
2022. |
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,”
“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 August 14, 2023, the issuer had 11,655,936 shares of common stock, par value $0.0001 per share, outstanding.
SHARPS
TECHNOLOGY, INC.
TABLE
OF CONTENTS
SHARPS TECHNOLOGY, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
(Audited) | |
Assets: | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 2,924,019 | | |
$ | 4,170,897 | |
Prepaid expenses and other current assets | |
| 193,875 | | |
| 66,749 | |
Inventories (Note 3) | |
| 992,547 | | |
| 185,804 | |
Current Assets | |
| 4,110,441 | | |
| 4,423,450 | |
| |
| | | |
| | |
Fixed Assets, net of accumulated depreciation (Notes 4 and 5) | |
| 7,092,954 | | |
| 7,004,890 | |
Other Assets (Notes 5 and 6) | |
| 590,740 | | |
| 411,316 | |
TOTAL ASSETS | |
$ | 11,794,135 | | |
$ | 11,839,656 | |
| |
| | | |
| | |
Liabilities: | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable (Note 4) | |
$ | 825,622 | | |
$ | 543,226 | |
Accrued and other current liabilities (Note 15) | |
| 574,057 | | |
| 311,458 | |
Warrant liability (Notes 8 and 10) | |
| 1,513,187 | | |
| 1,151,838 | |
Total Current Liabilities | |
| 2,912,866 | | |
| 2,006,522 | |
| |
| | | |
| | |
Deferred Tax Liability | |
| 192,000 | | |
| 192,000 | |
Total Liabilities | |
| 3,104,866 | | |
| 2,198,522 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 15) | |
| - | | |
| - | |
Subsequent Events (Note 16) | |
| - | | |
| | |
| |
| | | |
| | |
Stockholders’ Equity: | |
| | | |
| | |
Preferred stock, $.0001 par value; 1,000,000 shares authorized; 1 share issued and outstanding | |
| - | | |
| - | |
Common stock, $.0001 par value; 100,000,000, shares authorized; 11,655,936 shares issued and outstanding (2022: 9,407,415) | |
| 1,166 | | |
| 941 | |
Additional paid-in capital | |
| 28,154,012 | | |
| 24,733,306 | |
Accumulated other comprehensive income | |
| 559,112 | | |
| 214,253 | |
Accumulated deficit | |
| (20,025,021 | ) | |
| (15,307,366 | ) |
Total Stockholders’ Equity | |
| 8,689,269 | | |
| 9,641,134 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | |
$ | 11,794,135 | | |
$ | 11,839,656 | |
The
accompanying notes are an integral part of these financial statements.
SHARPS
TECHNOLOGY, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR
THE THREE AND SIX MONTHS ENDED JUNE
(UNAUDITED)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
THREE MONTHS ENDED JUNE 30, | | |
SIX MONTHS ENDED JUNE 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue, net | |
$ | - | | |
$ | - | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development (Note 5) | |
| 224,260 | | |
| 556,868 | | |
| 558,148 | | |
| 1,063,243 | |
General and administrative | |
| 2,308,075 | | |
| 2,230,801 | | |
| 4,291,987 | | |
| 3,061,710 | |
Total operating expenses | |
| 2,532,335 | | |
| 2,787,669 | | |
| 4,850,135 | | |
| 4,124,953 | |
Loss from operations | |
| (2,532,335 | ) | |
| (2,787,669 | ) | |
| (4,850,135 | ) | |
| (4,124,953 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Interest income (expense) | |
| 40,079 | | |
| (1,100,507 | ) | |
| 76,871 | | |
| (1,345,944 | ) |
FMV adjustment on contingent stock & warrants | |
| (90,108 | ) | |
| 4,365,930 | | |
| 93,977 | | |
| 4,078,930 | |
Foreign currency and other | |
| (23,461 | ) | |
| - | | |
| (38,368 | ) | |
| - | |
Total Other Income (Expense) | |
| (73,490 | ) | |
| 3,265,423 | | |
| 132,480 | | |
| 2,732,986 | |
Net (loss) / Gain | |
$ | (2,605,825 | ) | |
$ | 477,754 | | |
| (4,717,655 | ) | |
| (1,391,967 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share, basic and diluted | |
$ | (0.22 | ) | |
$ | 0.06 | | |
| (0.42 | ) | |
| (0.20 | ) |
Weighted average shares used to compute net loss per share, basic and diluted | |
| 11,655,936 | | |
| 8,669,372 | | |
| 11,193,740 | | |
| 6,928,217 | |
The
accompanying notes are an integral part of these financial statements.
SHARPS
TECHNOLOGY, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30
(UNAUDITED)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
THREE MONTHS ENDED JUNE 30, | | |
SIX MONTHS ENDED JUNE 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss | |
$ | (2,605,825 | ) | |
$ | 477,754 | | |
| (4,717,655 | ) | |
| (1,391,967 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive income: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustments gain/(loss) | |
| 73,786 | | |
| - | | |
| 344,859 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive loss | |
$ | (2,532,039 | ) | |
$ | 477,754 | | |
| (4,372,796 | ) | |
| (1,391,967 | ) |
The
accompanying notes are an integral part of these financial statements.
SHARPS
TECHNOLOGY, INC.
CONDENSED
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2023
(Unaudited)
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Receivable |
|
|
Capital |
|
|
Income |
|
|
Deficit |
|
|
Equity |
|
|
|
Preferred
Stock |
|
|
Common
Stock |
|
|
Common
Stock Subscription |
|
|
Additional
Paid in |
|
|
Accumulated
Other Comprehensive |
|
|
Accumulated |
|
|
Total
Stockholders |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Receivable |
|
|
Capital |
|
|
Income |
|
|
Deficit |
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
-December 31, 2022 |
|
|
1 |
|
|
$ |
- |
|
|
|
9,407,415 |
|
|
$ |
941 |
|
|
|
- |
|
|
$ |
24,733,306 |
|
|
$ |
214,253 |
|
|
$ |
(15,307,366 |
) |
|
$ |
9,641,134 |
|
Beginning
balance |
|
|
1 |
|
|
$ |
- |
|
|
|
9,407,415 |
|
|
$ |
941 |
|
|
|
- |
|
|
$ |
24,733,306 |
|
|
$ |
214,253 |
|
|
$ |
(15,307,366 |
) |
|
$ |
9,641,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss for the three months ended March 31, 2023 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,111,830 |
) |
|
|
(2,111,830 |
) |
Shares
issued in Offering |
|
|
|
|
|
|
- |
|
|
|
2,248,521 |
|
|
|
225 |
|
|
|
|
|
|
|
2,783,160 |
|
|
|
- |
|
|
|
|
|
|
|
2,783,385 |
|
Share-based
compensation charges |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
383,100 |
|
|
|
- |
|
|
|
- |
|
|
|
383,100 |
|
Foreign
Currency Translation |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
270,983 |
|
|
|
- |
|
|
|
270,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
- March 31, 2023 |
|
|
1 |
|
|
$ |
- |
|
|
|
11,655,936 |
|
|
$ |
1,166 |
|
|
|
- |
|
|
$ |
27,899,566 |
|
|
$ |
485,236 |
|
|
$ |
(17,419,196 |
) |
|
$ |
10,966,772 |
|
Beginning
balance |
|
|
1 |
|
|
$ |
- |
|
|
|
11,655,936 |
|
|
$ |
1,166 |
|
|
|
- |
|
|
$ |
27,899,566 |
|
|
$ |
485,236 |
|
|
$ |
(17,419,196 |
) |
|
$ |
10,966,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss for the three months ended June 30, 2023 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,605,825 |
) |
|
|
(2,605,825 |
) |
Share-based
compensation charges |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
254,446 |
|
|
|
- |
|
|
|
- |
|
|
|
254,446 |
|
Foreign
Currency Translation |
|
|
- |
|
|
- |
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
73,876 |
|
|
|
- |
|
|
|
73,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
- June 30, 2023 |
|
|
1 |
|
|
$ |
- |
|
|
|
11,655,936 |
|
|
$ |
1,166 |
|
|
|
- |
|
|
$ |
28,154,012 |
|
|
$ |
559,112 |
|
|
$ |
(20,025,021 |
) |
|
$ |
8,689,269 |
|
Ending
balance |
|
|
1 |
|
|
$ |
- |
|
|
|
11,655,936 |
|
|
$ |
1,166 |
|
|
|
- |
|
|
$ |
28,154,012 |
|
|
$ |
559,112 |
|
|
$ |
(20,025,021 |
) |
|
$ |
8,689,269 |
|
SHARPS
TECHNOLOGY, INC.
CONDENSED
STATEMENT OF STOCKHOLDERS’ EQUITY
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2022
(Unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Receivable | | |
Capital | | |
Deficit | | |
Equity | |
| |
Preferred
Stock | | |
Common
Stock | | |
Common Stock Subscription | | |
Additional Paid
in | | |
Accumulated | | |
Total Stockholder’s | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Receivable | | |
Capital | | |
Deficit | | |
Equity | |
| |
| | |
| | |
| | |
| |
Balance -December 31, 2021 | |
| 1 | | |
$ | - | | |
| 5,187,062 | | |
$ | 519 | | |
$ | (32,500 | ) | |
$ | 13,835,882 | | |
$ | (10,667,704 | ) | |
| 3,136,197 | |
Beginning balance | |
| 1 | | |
$ | - | | |
| 5,187,062 | | |
$ | 519 | | |
$ | (32,500 | ) | |
$ | 13,835,882 | | |
$ | (10,667,704 | ) | |
| 3,136,197 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for the three months ended March 31, 2022 | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,869,721 | ) | |
| (1,869721 | ) |
Share-based compensation charges | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 328,460 | | |
| - | | |
| 328,460 | |
Collections of common stock subscriptions | |
| - | | |
| - | | |
| | | |
| | | |
| 32,500 | | |
| - | | |
| - | | |
| 32,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - March 31, 2022 | |
| 1 | | |
$ | - | | |
| 5,187,062 | | |
$ | 519 | | |
$ | - | | |
$ | 14,164,342 | | |
$ | (12,537,425 | ) | |
$ | 1,627,436 | |
Beginning balance | |
| 1 | | |
$ | - | | |
| 5,187,062 | | |
$ | 519 | | |
$ | - | | |
$ | 14,164,342 | | |
$ | (12,537,425 | ) | |
$ | 1,627,436 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income for the three months ended June 30, 2022 | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 477,754 | | |
| 477,754 | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 477,754 | | |
| 477,754 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued in Initial Public Offering | |
| - | | |
| - | | |
| 3,750,000 | | |
| 375 | | |
| - | | |
| 8,974,282 | | |
| - | | |
| 8,974,657 | |
Issuance of shares for contingent stock liability | |
| - | | |
| - | | |
| 235,294 | | |
| 24 | | |
| - | | |
| 495,976 | | |
| - | | |
| 496,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fractional share adjustment | |
| - | | |
| - | | |
| 59 | | |
| - | | |
| | | |
| - | | |
| - | | |
| | |
Share-based compensation charges | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 365,606 | | |
| - | | |
| 365,606 | |
Shares issued for services | |
| - | | |
| - | | |
| 35,000 | | |
| 4 | | |
| - | | |
| 60,547 | | |
| - | | |
| 60,551 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance – June 30, 2022 | |
| 1 | | |
$ | - | | |
| 9,207,415 | | |
$ | 922 | | |
$ | - | | |
$ | 24,060,753 | | |
$ | (12,059,671 | ) | |
$ | 12,002,004 | |
Ending balance | |
| 1 | | |
$ | - | | |
| 9,207,415 | | |
$ | 922 | | |
$ | - | | |
$ | 24,060,753 | | |
$ | (12,059,671 | ) | |
$ | 12,002,004 | |
The
accompanying notes are an integral part of these financial statements.
SHARPS
TECHNOLOGY, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR
THE SIX MONTHS ENDED JUNE 30
(UNAUDITED)
| |
2023 | | |
2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (4,717,655 | ) | |
$ | (1,391,967 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 448,657 | | |
| 156,100 | |
Stock-based compensation | |
| 637,547 | | |
| 650,104 | |
Accretion of debt discount | |
| | | |
| 1,299,985 | |
FMV adjustment for Contingent Stock | |
| | | |
| (181,000 | ) |
FMV adjustment for Warrants | |
| (93,977 | ) | |
| (3,897,930 | ) |
IPO Issuance costs relating to Warrants | |
| | | |
| 550,433 | |
Foreign exchange gain | |
| 30,141 | | |
| - | |
Changes in operating assets: | |
| | | |
| | |
Prepaid expenses and other current assets | |
| (119,761 | ) | |
| (27,542 | ) |
Inventory | |
| (769,088 | ) | |
| (5,448 | ) |
Other assets | |
| - | | |
| - | |
Accounts payable and accrued liabilities | |
| 453,136 | | |
| (245,840 | ) |
Net cash used in operating activities | |
| (4,131,000 | ) | |
| (3,093,105 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Acquistion of fixed assets or deposits paid | |
| (342,525 | ) | |
| (463,355 | ) |
Other assets – escrow and other | |
| - | | |
| (2,350,000 | ) |
Net cash used in investing activities | |
| (342,525 | ) | |
| (2,813,355 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Net proceeds from Initial Public Offering and additional offering | |
| 3,238,711 | | |
| 14,202,975 | |
Repayment of Note Payable | |
| - | | |
| (2,000,000 | ) |
Proceeds from subscriptions receivable | |
| - | | |
| 32,500 | |
Net cash provided by financing activities | |
| 3,238,711 | | |
| 12,235,475 | |
| |
| | | |
| | |
Effect of exchange rate changes on cash | |
| (12,064 | ) | |
| - | |
| |
| | | |
| | |
NET INCREASE (DECREASE) IN CASH | |
| (1,246,878 | ) | |
| 6,329,015 | |
CASH — BEGINNING OF YEAR | |
| 4,170,897 | | |
| 1,479,166 | |
CASH — END OF PPERIOD | |
$ | 2,924,019 | | |
$ | 7,808,181 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |
| | | |
| | |
Cash paid for interest | |
$ | - | | |
$ | 47,111 | |
| |
| | | |
| | |
Non-cash investing and financing activity: | |
| | | |
| | |
FMV for Common Stock Issued for Contingent Shares | |
| | | |
| 496,000 | |
Common stock issued and vested stock options for fixed assets acquired | |
$ | - | | |
$ | 63,612 | |
Common stock issued and vested stock options issued as consideration for acquisition | |
$ | - | | |
$ | 40,901 | |
The
accompanying notes are an integral part of these financial statements.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022
Note
1. Description of Business
Nature
of Business
Sharps
Technology, Inc. (“Sharps” or the “Company”) is a pre-revenue medical device company that has designed and patented
various safety syringes and is seeking commercialization by manufacturing and distribution of its products.
The
accompanying condensed consolidated financial statements include the accounts of Sharps Technology, Inc. and its wholly owned subsidiary,
Safegard Medical, Inc. collectively referred to as the “Company.” The condensed consolidated balance sheet as of June 30,
2023 and the condensed consolidated statements of operations, statements of comprehensive loss and statements of stockholders’
equity s for the three and six months ended June 30, 2023 and 2022 and the statements of cash flow for the six months ended June
30, 2023 (the “interim statements”) are unaudited. All intercompany transactions and balances have been eliminated. In the
opinion of management, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position
and operating results for the interim periods have been made. Certain information and footnote disclosure, normally included in annual
financial statements prepared in accordance with accounting principles generally accepted in the United States, have been condensed or
omitted. The interim statements should be read in conjunction with the consolidated financial statements for the year ended December
31, 2022 and notes thereto contained in the Company’s Form 10-K filed with the Securities and Exchange Commission. The condensed
consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements at that date. The results of operations
for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year
ending December 31, 2023.
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not
generated revenue or cash flow from operations since inception. As of June 30, 2023, the Company had a working capital of $1,197,575 which
is not expected to be sufficient to fund the Company’s planned operations for the next 12 months. These factors raise substantial
doubt regarding the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern
is dependent upon the Company’s ability to raise sufficient financing to acquire or commercialize its products into a profitable
business. The Company intends to finance its commercialization activities and its working capital needs largely from the sale of equity
securities and/or with additional funding from other traditional financing sources until such time that funds provided by operations
are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating
to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary
should the Company be unable to continue as a going concern.
The
Company’s fiscal year ends on December 31.
On
April 13, 2022, the Company’s Initial Public Offering was deemed effective with trading commencing on April 14, 2022. The Company
received net proceeds of $14.2 million on April 19, 2022 (See Note 8).
Note
2. Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying condensed consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting
principles (“GAAP”) in the United States (“U.S.”) and are expressed in U.S. dollars.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. As
of June 30, 2023, the most significant estimates relate to derivative liabilities and stock-based compensation.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less at the date
of purchase to be cash equivalents. Cash and cash equivalents are maintained with various financial institutions.
Inventories
The
Company values inventory at the lower of cost (average cost) or net realizable value. Work-in-process and finished goods inventories
consist of material, labor, and manufacturing overhead. Net realizable value is the estimated selling price in the ordinary course of
business, less reasonably predictable costs of completion, disposal, and transportation. A reserve is established for any excess or obsolete
inventories or they may be written off. At June 30, 2023 and December 31, 2022, inventory is comprised of raw materials, including packaging,
work in process (components) and finished goods.
Fair
Value Measurements
ASC
820, Fair Value Measurements and Disclosures, require an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding
the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the
lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be
used to measure fair value.
The
Company’s outstanding warrants are fair valued on a recurring basis with the trading price which could cause fluctuations in operating
results at the reporting periods.
Level
1
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Valuations
are based on quoted prices that are readily and regularly available in an active market and do not entail a significant degree of judgment.
Level
2
Level
2 applied to assets or liabilities for which there are other than Level 1 observable inputs such as quoted prices for similar assets
or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent
transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally
from, or corroborated by, observable market data.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
Level
2 instruments require more management judgment and subjectivity as compared to Level 1 instruments. For instance: determining which instruments
are most similar to the instrument being priced requires management to identify a sample of similar securities based on the coupon rates,
maturity, issuer credit rating and instrument type, and subjectively select an individual security or multiple securities that are deemed
most similar to the security being priced; and determining whether a market is considered active requires management judgment.
Level
3
Level
3 applied to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement
of the fair value of the assets or liabilities. The determination for Level 3 instruments requires the most management judgment and subjectivity.
Fixed
Assets
Fixed
assets are stated at cost. Expenditures for maintenance and repairs are charged to operations as incurred. The Company’s fixed
assets consist of land, building, machinery and equipment, molds and website. Depreciation is calculated using the straight-line method
commencing on the date the asset is operating in the way intended by management over the following useful lives: Building – 20
years, Machinery and Equipment – 3 -10 years and Website – 3 years. The expected life for Molds is based on the lesser of
the number of parts that will be produced based on the expected mold capability or 5 years.
Impairment
of Long-Lived Assets
Long-lived
assets are reviewed for impairment or whenever events or changes in circumstances indicate that the carrying amount of an asset may not
be recoverable. Recoverability is measured by comparison of the carrying amount of an asset group to the future net undiscounted cash
flows that the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured
by the amount by which the carrying amount of the assets exceeds the projected discounted future net cash flows arising from the asset.
There
were no impairment losses recognized during the six months ended June 30, 2023.
Purchased
Identified Intangible Assets
The
Company’s identified intangible assets are amortized on a straight-line basis over their estimated useful lives of 5 years. The
Company makes judgments about the recoverability of finite-lived intangible assets whenever facts and circumstances indicate that the
useful life is shorter than originally estimated or that the carrying amount of assets may not be recoverable. If such facts and circumstances
exist, the Company assesses recoverability by comparing the projected undiscounted net cash flows associated with the related asset or
group of assets over their remaining lives against their respective carrying amounts. Impairments, if any, are based on the excess of
the carrying amount over the fair value of those assets. If the useful life is shorter than originally estimated, the Company would accelerate
the rate of amortization and amortize the remaining carrying value over the new shorter useful life. The Company evaluates the carrying
value of indefinite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of an
asset may not be recoverable, and an impairment charge would be recognized to the extent that the carrying amount of such assets exceeds
their estimated fair value.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
Stock-based
Compensation Expense
The
Company measures its stock-based awards made to employees based on the estimated fair values of the awards as of the grant date. For
stock option awards, the Company uses the Black-Scholes option-pricing model. For restricted stock awards, the estimated fair value is
generally the fair market value of the underlying stock on the grant date. Stock-based compensation expense is recognized over the requisite
service period and is based on the value of the portion of stock-based payment awards that is ultimately expected to vest. The Company
recognizes forfeitures of stock-based awards as they occur on a prospective basis.
Stock-based
compensation expense for awards granted to non-employees as consideration for services received is measured on the date of performance
at the fair value of the consideration received or the fair value of the equity instruments issued, whichever can be more reliably measured.
Derivative
Instruments
The
Company accounts for common stock warrants as either equity-classified or liability-classified instruments based on an assessment of
the specific terms of the warrants and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC 480”), Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815,
Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments
pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all of the requirements for equity classification
under ASC 815, including whether the warrants are indexed to the Company’s own stock and whether the holders of the warrants could
potentially require net cash settlement in a circumstance outside of the Company’s control, among other conditions for equity classification.
This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent
quarterly period end date while the warrants are outstanding.
At
their issuance date and as of June 30, 2023, the warrants (see Notes 8 and 10) were accounted for as liabilities as these instruments
did not meet all of the requirements for equity classification under ASC 815-40 based on the terms of the aforementioned warrants. The
resulting warrant liabilities are re-measured at each balance sheet date until their exercise or expiration, and any change in fair value
is recognized in the Company’s condensed consolidated statements of operations and comprehensive loss.
Foreign
Currency Translation/Transactions
The
Company has determined that the functional currency for its foreign subsidiary is the local currency. For financial reporting purposes,
assets and liabilities denominated in foreign currencies are translated at current exchange rates and profit and loss accounts are translated
at weighted average exchange rates. Resulting translation gains and losses are included as a separate component of stockholders’
equity as accumulated other comprehensive income or loss. Gains or losses resulting from transactions entered into in other than the
functional currency are recorded as foreign exchange gains and losses in the consolidated statements of operations and comprehensive
loss.
Comprehensive
income (loss)
Comprehensive
income (loss) consists of the Company’s consolidated net loss and foreign currency translation adjustments related to its subsidiary.
Foreign currency translation adjustments included in comprehensive loss were not tax effected as the Company has a full valuation allowance
at June 30, 2023 and December 31, 2022. Accumulated other comprehensive income (loss) is a separate component of stockholders’
equity and consists of the cumulative foreign currency translation adjustments.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
Basic
and Diluted Loss Per Share
The
Company computes net loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted
earnings per share (EPS) on the face of the consolidated statement of operations and comprehensive loss. Basic EPS is computed by dividing
net income (loss) available to common stockholders (numerator) by the weighted average number of shares outstanding (denominator) during
the year. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method
and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used
in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all
dilutive potential shares if their effect is anti-dilutive. As of June 30, 2023, there were 13,788,724 stock options and warrants
that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would
have been antidilutive for the periods presented.
Income
Taxes
The
Company must make certain estimates and judgments in determining income tax expenses for financial statement purposes. These estimates
and judgments are used in the calculation of tax credits, tax benefits, tax deductions, and in the calculation of certain deferred taxes
and tax liabilities. Significant changes to these estimates may result in an increase or decrease to the Company’s tax provision
in a subsequent period.
The
provision for income taxes was comprised of the Company’s current tax liability and changes in deferred income tax assets and liabilities.
The calculation of the current tax liability involves dealing with uncertainties in the application of complex tax laws and regulations
and in determining the liability for tax positions, if any, taken on the Company’s tax returns in accordance with authoritative
guidance on accounting for uncertainty in income taxes. Deferred income taxes are determined based on the differences between the financial
reporting and tax basis of assets and liabilities. The Company must assess the likelihood that it will be able to recover the Company’s
deferred tax assets. If recovery is not likely on a more-likely-than-not basis, the Company must increase its provision for income taxes
by recording a valuation allowance against the deferred tax assets that it estimates will not ultimately be recoverable. However, should
there be a change in the Company’s ability to recover its deferred tax assets, the provision for income taxes would fluctuate in
the period of such change.
Research
and Development Costs
Research
and development costs are expensed as incurred.
Advance
payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized.
Such amounts are recognized as an expense as the related goods are delivered or the services are performed.
Contingencies
Liabilities
for loss contingencies arising from claims, assessments, litigations, fines and penalties and other sources are recognized when it is
probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Gain contingencies are evaluated
and not recognized until the gain is realizable or realized.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
Recent
Accounting Pronouncements
In
March 2020, the FASB issued ASC Topic 848, Reference Rate Reform. ASC Topic 848 provides relief for impacted areas as it relates
to impending reference rate reform. ASC Topic 848 contains optional expedients and exceptions for applying GAAP to debt arrangements,
contracts, hedging relationships, and other areas or transactions that are impacted by reference rate reform. This guidance is effective
upon issuance for all entities and elections of certain optional expedients are required to apply the provisions of the guidance.
On
August 5, 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for certain financial
instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own
equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. ASU
2020-06 simplifies the guidance in U.S. GAAP on the issuer’s accounting for convertible debt instruments, requires entities to
provide expanded disclosures about “the terms and features of convertible instruments” and how the instruments have been
reported in the entity’s financial statements. It also removes from ASC 815-40-25-10 certain conditions for equity classification
and amends certain guidance in ASC 260, Earnings per Share, on the computation of EPS for convertible instruments and contracts
on an entity’s own equity. An entity can use either a full or modified retrospective approach to adopt the ASU’s guidance.
The ASU’s amendments are effective for smaller public business entities fiscal years beginning after December 15, 2023. The Company
continues to assess all potential impact of the standard and will disclose the nature and reason for any elections that the Company makes.
In
June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject
to Contractual Sale Restrictions”, intended to clarify that a contractual restriction on the sale of an equity security is not
considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendment
also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. ASU No. 2022-03
is effective for public business entities for fiscal years, including interim periods within those fiscal years, beginning after December
15, 2023. Early adoption is permitted. For all other entities, it is effective for fiscal years, including interim periods within those
fiscal years beginning after December 15, 2024. Early adoption is permitted for both interim and annual financial statements that have
not yet been issued or made available for issuance. The Company is evaluating the adoption of the amendments and the potential impact
it may have, if any, on its financial statements.
The
Company does not expect the adoption of any accounting pronouncements to have a material impact on the condensed consolidated financial
statements.
We
reviewed all other recently issued accounting pronouncements and have concluded they are not applicable or not expected to be significant
to the accounting for our operations.
Note
3. Inventories
Inventories,
net consisted of the following at:
Schedule of Inventories
| |
June 30, 2023 | | |
December 31, 2022 | |
Raw materials | |
$ | 226,062 | | |
$ | 106,088 | |
Work in process | |
| 86,831 | | |
| 49,144 | |
Finished goods | |
| 679,654 | | |
| 30,572 | |
Total | |
$ | 992,547 | | |
$ | 185,804 | |
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
4. Fixed Assets
Fixed
asset, net, is summarized as follows as of:
Schedule of Property, Plant and Equipment
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Land | |
$ | 264,736 | | |
$ | 242,240 | |
Building | |
| 3,068,950 | | |
| 2,824,481 | |
Machinery and Equipment | |
| 4,863,882 | | |
| 4,601,293 | |
Website | |
| 20,363 | | |
| 16,600 | |
Fixed asset, gross | |
| 8,217,930 | | |
| 7,684,614 | |
Less: accumulated depreciation | |
| (1,124,976 | ) | |
| (679,724 | ) |
Fixed asset, net | |
$ | 7,092,954 | | |
$ | 7,004,890 | |
Depreciation
expense of fixed assets for the six months ended June 30, 2023 and 2022 was $445,252 net of foreign currency impacts and $156,100
respectively. Substantially, all the Company’s fixed assets are located at the Company’s Hungary location.
During
the six months ended June 30, 2022 , the Company recorded $63,612 in fixed asset costs relating to the estimated fair market value
for options granted in 2021 for the acquired machinery. As of June 30, 2023, the Company has $100,000 in remaining payments for machinery
purchased, which is included in accounts payable.
Note
5. Asset Acquisition
In
June 2020, the Company entered into a Share Purchase Agreement (“Agreement”) with Safegard Medical (“Safegard”)
and amendments to the Agreement, collectively, the Agreements, to purchase either the stock or certain assets of a manufacturing facility
for $2.5M in cash, plus additional consideration of 28,571 shares of common stock with an estimated fair market value of $7.00, 35,714
stock options with an exercise price of $7.00 and 50,000 stock options with an exercise price of $4.25. The purchase price includes the
fair market value of the common stock of $200,000 and the vested options of $183,135. The Agreements provided the Company various periods
for due diligence and post due diligence, requirements for escrow payments through the closing date (“Closing Date”).
Through
the Closing Date, the Agreements provided the Company with the exclusive use of the facility in exchange for payment of the facility’s
operating costs. The monthly fee (“Operating Costs”), which primarily covered the facility’s operating costs, was mainly
comprised of the seller’s workforce costs, materials and other recurring monthly operating cost.
During
the three and six months ended June 30, 2022, the Company had remitted $275,000 and $300,000, respectively for the forementioned Operating
Costs. The remittance of operating costs was discontinued after the Closing Date. These costs were included in research and development
expense in the condensed consolidated statement of operations as the activities at the facility in 2022 were related to design and testing
of the Company’s products.
The
acquisition of Safegard, which closed on July 6, 2022, did not meet the definition of a business pursuant to ASC 805-10, and accordingly
was accounted for as an asset acquisition in accordance with ASC 805-50. The cost of the acquisition was $2,936,712, including transaction
costs of $53,576, with the allocation to the assets acquired on a relative fair value basis. The intangibles relate to permits and a
limited workforce acquired. Under ASC 805-50, no goodwill is recognized. The operating results for Safegard are included in the consolidated
balance sheet and consolidated statements of operations and comprehensive loss for the period beginning after the closing on July 6,
2022.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
5. Asset Acquisition (continued)
The
relative fair value of the assets acquired and related deferred tax liability is as follows:
Schedule of Fair Value of the Assets Acquisition
| |
| | |
Land | |
$ | 226,000 | |
Building and affixed assets | |
| 2,648,000 | |
Machinery | |
| 158,000 | |
Inventory | |
| 32,000 | |
Intangibles | |
| 64,712 | |
Deferred tax liability | |
| (192,000 | ) |
| |
| | |
Total | |
$ | 2,936,712 | |
The
useful lives for the acquired assets is Building - 20 years; Machinery – 5 to 10 years; Intangibles – 5 years. The related
depreciation and amortization is being recorded on a straight-line basis.
Note
6. Other Assets
Other
assets as of June 30, 2023 and December 31, 2022 are summarized as follows:
Schedule of Other Assets
| |
2023 | | |
2022 | |
Intangibles, net | |
| 60,993 | | |
| 62,480 | |
Deposits or advance payments on machinery, molds, components or technology (see Note 15) | |
| 517,377 | | |
| 336,466 | |
Other | |
| 12,370 | | |
| 12,370 | |
Other assets | |
$ | 590,740 | | |
$ | 411,316 | |
Intangibles
are related to the Asset Acquisition (see Note 5) and consist of an acquired workforce and permits. Amortization for the six months ended
June 30, 2023 and 2022 was 7,928 and $1,487 respectively.
Note
7. Note Purchase Agreement
On
December 14, 2021, the Company entered into a Note Purchase Agreement (“NPA”) with three unrelated third-party purchasers
(“Purchasers”). The Purchasers provided financing to the Company in the form of bridge financing, aggregating principal of
$2,000,000 (the “Notes”). The principal under the Notes shall be payable on the earlier of (i) December 14, 2022, and (ii)
the date on which the Company consummates an initial public offering (“IPO”), herein referred to as the “Maturity Date”.
The Notes bore interest at 8% with interest payments due monthly. The Company and the Purchasers had entered into a Security Agreement
whereby the Notes were collateralized by substantially all the assets of the Company, both tangible and intangible both currently owned
with stated exclusions, as defined, and any future acquired with stated exclusions, as defined.
The
NPA provided for covenants that until all of the Notes have been converted, exchanged, redeemed or otherwise satisfied in accordance
with their terms, the Company shall not, and the Company shall not permit any of its subsidiaries without the prior written consent of
the Purchasers: a) incur or guarantee any new debt, b) issue any securities that would cause a breach or default under the NPA, c) incur
any liens other than permitted, d) redeem or repurchase shares, e) declare or pay any cash dividend or distribution, e) sell, lease or
dispose of assets other than in the ordinary course of business, or f) engage in different line of business.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
7. Note Purchase Agreement (continued)
As
additional consideration to the Purchasers for providing the financing, the Company also agreed to a) issue each Purchaser a number of
shares of the Company’s Common Stock equal to 50% of the original principal amount of each Purchaser’s Note (the “Contingent
Stock”) and b) issue each Purchaser a number of warrants, which would allow the Purchasers to purchase additional shares of the
Company’s Common Stock, equal to 50% of the original principal amount each Purchaser’s Note for a term of 5.0 years (the
“Contingent Warrants”).
For
both the Contingent Stock and the Contingent Warrants, the number of shares and warrants that each Purchaser will be issued was unknown
at the time of the NPA and was determined based on a formula of 50% of the original principal amount divided by a “Subsequent Offering
Price” based on the valuation in a future offering of Common stock or other equity interest in the Company (such offering referred
to as a “Consummated Offering”) during the period beginning on December 14, 2021 through and including the date the Company
consummates an initial public offering (“IPO”) (such period referred to as the “Subsequent Offering Period”).
In
accordance with ASC 480-10-25-14, a fixed monetary amount exists at inception for the total value of Contingent Stock that may be issued
to each Purchaser. The Contingent Stock is not considered outstanding at inception, as it will only be issued upon the consummation of
a Consummated Offering, and accordingly, is a conditional obligation. As such the fair market value (“FMV”) of the Contingent
Stock at inception was $677,000, which was recorded as debt discount. Similarly, a fixed monetary amount further exists at inception
for the total value of Contingent Warrants that may be issued to each Purchaser. Accordingly, a conditional obligation exists and as
such the FMV of Contingent Warrants at inception was $585,000, which was recorded as debt discount. The Company incurred $197,500 of
debt issuance costs associated with the NPA. The debt issuance costs were allocated between the Notes, Contingent Stock and Contingent
Warrants in a manner that was consistent with the allocation of the proceeds of the Notes. The portion of the debt issuance costs which
were allocated to the Contingent Stock and Contingent Warrants, which was $124,460, was expensed during the year ended December 31, 2021.
The debt issuance costs allocated to the Notes were recorded as a debt discount.
The
Contingent Stock and Contingent Warrant liabilities were measured at FMV on the date of issuance (based on the Black-Scholes valuation
model).
At
inception, the Notes were recorded at the net amount of approximately $665,000, after adjusting for debt discounts of approximately $1,335,000
relating to the debt issuance costs, Contingent Stock and Contingent Warrants. Management calculates the effective interest rate (“EIR”)
to consider the potential repayment at redemption date by reference to the face value amount after taking into account the stated 8%
interest rate. In 2022, through for the three months ended March 31, 2022, the Company recorded interest expense of $39,111 and accreted
interest of $206,417 The Company repaid the $2,000,000 in Notes with proceeds from the IPO that closed on April 19, 2022.
The
value of the Contingent Stock and Contingent Warrants was required to be re-measured at FMV at each reporting date, using either the
Black-Scholes valuation model or other valuation method, if deemed more appropriate, with recognition of the changes in fair value to
other income or expense in the consolidated statement of operations in accordance with ASC 480, Debt and Equity. For the three months
ended March 31, 2022, the Company recorded a $287,000 fair market (FMV) charge to reflect the increase in the Contingent Stock and Contingent
Warrants. On April 19, 2022, the Company issued 235,295 shares of Common Stock to settle the Contingent Stock liability, re-measured
the liability at its estimated FMV based on the stock’s trading price and reclassified $496,000 to Common Stock Par Value and Additional
Paid in Capital.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
7. Note Purchase Agreement (continued)
In
connection with the closing of the IPO, 235,295 warrants were issued to settle the Contingent Warrant liability (“Note Warrants”)
with an exercise price of $4.25. The terms of the Note Warrants continue to require classification as a liability under ASC 815 with
recognition of the changes in fair value to other income or expense in the consolidated statement of operations in accordance with ASC
480 Debt and Equity. (See Note 8 and 10).
Note
8. Stockholders’ Equity
Capital
Structure
On
December 11, 2017, the Company was incorporated in Wyoming with 20,000,000 shares of common stock authorized with a $0.0001 par value.
Effective, April 18, 2019, the Company’s authorized common stock was increased to 50,000,000 shares of common stock. The articles
of incorporation also authorized 10,000 preferred shares with a $0.001 par value.
Effective
March 22, 2022, the Company completed a plan and agreement of merger with Sharps Technology, Inc., a Nevada corporation (“Sharps
Nevada”). Pursuant to the merger agreement, (i) the Company merged with and into Sharps Nevada, (ii) each 3.5 shares of common
stock of the Company were converted into one share of common stock of Sharps Nevada and (iii) the articles of incorporation and bylaws
of Sharps Nevada, became the articles of incorporation and bylaws of the surviving corporation. The Company’s authorized common
stock and preferred stock increased from 50,000,000 to 100,000,000 and 10,000 to 1,000,000 shares, respectively. The par value of preferred
stock decreased from $0.001 to $0.0001 per share.
Common
Stock
On
February 3, 2023, the Company completed a securities purchase agreement (“Offering”) with institutional investors and received
net proceeds from the Offering were approximately $3.2 million, net of $600,000 in fees relating to the placement agent and other offering
expenses. The Offering was priced at the market under Nasdaq rules. In connection with the Offering, the Company issued 2,248,521 units
at a purchase price of $1.69 per unit. Each unit consists of one share of common stock and one non-tradable warrant (“Offering
Warrants”) exercisable for one share of common stock at a price of $1.56. The Offering Warrants have a term of five years from
the issuance date. On February 13, 2023, the Company filed an S-1 (Resale) Registration Statement in connection with the Offering and
on April 14, 2023, an Amendment to the S-1 was filed and went effective. The net proceeds, after reflecting par value, has been recorded
in Additional Paid in Capital of $2.8 million and with respect to the Warrants as a liability under ASC 815 of $455,326. (See Notes 8
and 10)
On
April 13, 2022, the Company’s initial public offering (“IPO”) was declared effective by the SEC pursuant to which the
Company issued and sold an aggregate of 3,750,000 units (“Units”), each consisting of one share of common stock and two warrants,
to purchase one share of common stock for each whole warrant, with an initial exercise price of $4.25 per share, adjusted to $1.56 at
February 3, 2023 based on the warrant terms, and a term of five years. In addition, the Company granted Aegis Capital Corp., as underwriter
a 45-day over-allotment option to purchase up to 15% of the number of shares included in the units sold in the offering, and/or additional
warrants equal to 15% of the number of Warrants included in the units sold in the offering, in each case solely to cover over-allotments,
which the Aegis Capital Corp. partially exercised with respect to 1,125,000 warrants on April 19, 2022.
The
Company’s common stock and warrants began trading on the Nasdaq Capital Market or Nasdaq on April 14, 2022. The net proceeds from
the IPO, prior to payments of certain listing and professional fees were approximately $14.2 million. The net proceeds, after reflecting
par value, has been recorded in Additional Paid in Capital of $9.0 million and with respect to the Warrants as a liability under ASC
815 of $5.2M. (See Note 10)
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
8. Stockholders’ Equity (continued)
During
the period April 1, 2022 through December 31, 2022, the Company issued 235,000 shares of common stock at the trading stock price in connection
with services provided to the Company and recorded a charge of $290,551, In addition, the Company issued 235,295 common shares relating
to the Note Purchase agreement. (See Note 7)
Warrants
|
a) |
In
connection with an advisory services arrangement entered into in April 2023, the Company issued 135,000 warrants during the three
months ended June 30, 2023 at an exercise price of $1.56. The warrants have a three-year term and were fully vested on issuance.
The FMV of the warrants was $19,836 computed using the Black Sholes valuation model with the following assumptions: a) volatility
of 37.45%, three-year term, risk free interest rate 3.58% and 0% dividend rate. |
|
|
|
|
(b) |
In
connection with the Offering in February 2023, the Company issued 2,248,521 non-trading warrants Offering Warrants as a component
of the Unit as noted in Common Stock above. The Offering Warrants were recorded at the FMV, computed using the Black Sholes valuation
method with the following assumptions: volatility of 41.24%, five-year term, risk free interest rate 3.71% and 0% dividend rate.
The Offering Warrant’s liability requires remeasurement at each reporting period. The Offering Warrants are classified as a
liability based on ASC 815. At the issuance date the liability was $455,326 and at June 30, 2023 the liability was $272,746. During
the three and six months ended June 30, 2023, the Company recorded a FMV gain (loss) adjustment of $1,505 and $182,580. (See Note
10). |
|
|
|
|
(c) |
In
connection with the IPO in April 2022, the Company issued 7,500,000 warrants (Trading Warrants) as a component of the Units and 1,125,000
warrants to the underwriter (Overallotment Warrants), as noted in Common Stock above. The Trading and Overallotment Warrants were
recorded at the FMV, being the trading price of the warrants, on the IPO effective date and the Warrants are classified as a Liability
based on ASC 815. The Warrant liability requires remeasurement at each reporting period. At the IPO, the liability was $5,778,750
and at December 31, 2022 the liability was $1,121,250. During the three and six months ended June 30, 2023, the Company recorded
an FMV loss adjustment of $86,250. During the three and six months ended June 30, 2022, the Company recorded a FMV gain adjustment
of $3,378,412. (See Note 10). |
|
|
|
|
(d) |
The
Company has issued 235,295 Warrants (“Note Warrants”) to the Purchasers of the Notes on April 19, 2022. The Note Warrants
have an exercise price of $4.25 and a term of five years. At the issuance date, the liability was $157,647 and through the year ended
December 31, 2022, the Company recorded a FMV gain of $127,059. During the three and six months ended June 30, 2023, the Company
recorded a FMV loss adjustment of $2,353 and the warrant liability was $32,941 at June 30, 2023. During the three and six months
ended June 30, 2022, the Company recorded a FMV gain adjustment of $520,000. (See Note 8 and 10).
|
|
|
|
|
(e) |
The
underwriter received 187,500 warrants in connection with the IPO for a nominal cost of $11,250. The Warrants have an exercise price
of $5.32 and are exercisable after October 9, 2022. The FMV at the date of issuance was $228,750 computed using the Black Sholes
valuation model with the following assumptions: a) volatility of 93.47%, five-year term, risk free interest rate 2.77% and 0% dividend
rate. The estimated FMV was classified as additional issuance costs. |
Note
9. Preferred Stock
In
February 2018, the Company Board of Directors issued one share of Series A Preferred Stock to Alan Blackman, the Company’s co-founder
and Director. The Series A Preferred Stock entitles the holder to vote on any matters related to the election of directors and was reduced
from 50.1% at December 31, 2021 to 29.5%, effective with the IPO. The Series A Preferred Stock has no right to dividends, or distributions
in the event of a liquidation and is not convertible into common stock. In the event the Company is sold during the two-year period following
completion of IPO at a price per share of more than 500% of the initial offering price per Unit in the IPO, the Series A Preferred Stock,
as in effect upon completion of the IPO, will entitle the holder to 10% of the total purchase price. (See Note 15)
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
10. Warrant Liability
The
Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented as a Warrant liability in the accompanying
condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with
changes in fair value presented within the condensed consolidated statements of operations. (See Notes 7 and 8)
The
Warrant liability at June 30, 2023 was as follows:
Schedule
of Warrant Liability
| |
| | |
Trading and Overallotment Warrants | |
$ | 1,207,500 | |
Note Warrants | |
| 32,941 | |
Offering Warrants | |
| 272,746 | |
Total | |
$ | 1,513,187 | |
Warrant liability | |
$ | 1,513,187 | |
The
Warrants outstanding at June 30, 2023 are as follows:
Schedule
of Warrant Outstanding
| |
| | |
Trading and Overallotment Warrants | |
| 8,812,500 | |
Note warrants | |
| 235,295 | |
Offering Warrants | |
| 2,248,521 | |
Warrants issued for services arrangement | |
| 135,000 | |
Total | |
| 11,431,316 | |
Warrant outstanding | |
| 11,431,316 | |
The
following table presents the changes in the Warrant liability of the Level 1 warrants issued on April 14, 2022, the effective date of
the IPO measured at fair value from December 31, 2022 and the changes in the Offering Warrants liability of the Level 2 warrants issued
on February 6, 2023 through June 30, 2023.
Schedule
of Changes in the Warrant Liability
| |
Total | |
| |
| |
FMV of Note Warrants | |
$ | 30,588 | |
FMV of Trading and Overallotment Warrants | |
| 1,121,250 | |
FMV of Offering Warrants, at issuance | |
| 455,326 | |
Change in fair value of warrant liability for the six months ended June 30,2023 | |
| (93,977 | ) |
| |
| | |
Fair Value at June 30, 2023 | |
$ | 1,513,187 | |
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
11. Stock Options
A
summary of options granted and outstanding is presented below.
Schedule
of Stock Options Granted and Outstanding
| |
June 30, 2023 | |
| |
Options | | |
Weighted Average Weighted | |
Outstanding at Beginning of year | |
| 1,358,122 | | |
$ | 4.37 | |
Granted | |
| 1,025,000 | | |
| 1.37 | |
Forfeited | |
| (25,714 | ) | |
| 1.75 | |
Outstanding at end of period | |
| 2,357,408 | | |
$ | 3.08 | |
| |
| | | |
| | |
Exercisable at end of period | |
| 1,665,378 | | |
$ | 3.63 | |
During
the six months ended June 30, 2023 , the Company granted five-year options (the “Options”) to purchase a total of 975,000
shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) to its directors, executive
officers, employees and consultants pursuant to the Company’s. 2022 and 2023 Equity Incentive Plans. The Options are exercisable
at $1.37 per share which was the closing price on January 25, 2023. Of the Options granted, Options to purchase an aggregate of 495,000
shares of Common Stock were issued to executive officers Options to purchase an aggregate of 455,000 shares of Common Stock were issued
to directors and Options to purchase an aggregate of 25,000 shares of Common Stock to employees and a consultant. In connection with
an employment agreement the Company granted five-year options to purchase 50,000 shares of common stock in February 2023 under the 2022
Equity Incentive Plan. (See Note 15).
On
January 25, 2023, the Company’s Board of Directors adopted the 2023 Equity Incentive Plan (the “2023 Plan”). The 2023
Plan provides for the issuance of up to 1,400,000 options and/or shares of restricted stock to be available for issuance to officers,
directors, employees and consultants. The 2023 Plan is subject to shareholder approval at the annual meeting.
As
of June 30, 2023, there was $725,355 in unrecognized stock-based compensation related to unvested stock options, which is expected to
be recognized over a weighted average period of forty months.
The
following table summarizes information about options outstanding at June 30, 2023:
Schedule
of Information about Options Outstanding
Exercise
Prices |
|
|
Shares
Outstanding |
|
|
Weighted
Average Remaining Contractual Life |
|
|
Shares
Exercisable |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1.21 |
|
|
|
307,500 |
|
|
|
4.42 |
|
|
|
233,719 |
|
$ |
1.30 |
|
|
|
50,000 |
|
|
|
4.71 |
|
|
|
18,750 |
|
$ |
1.37 |
|
|
|
975,000 |
|
|
|
4.67 |
|
|
|
437,032 |
|
$ |
1.39 |
|
|
|
10,000 |
|
|
|
4.17 |
|
|
|
10,000 |
|
$ |
1.75 |
|
|
|
42,857 |
|
|
|
2.75 |
|
|
|
42,857 |
|
$ |
2.80 |
|
|
|
141,429 |
|
|
|
1.00 |
|
|
|
141,429 |
|
$ |
4.25 |
|
|
|
50,000 |
|
|
|
4.00 |
|
|
|
50,000 |
|
$ |
4.38 |
|
|
|
244,286 |
|
|
|
1.75 |
|
|
|
244,286 |
|
$ |
7.00 |
|
|
|
536,336 |
|
|
|
2.50 |
|
|
|
477,305 |
|
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
11. Stock Options (continued)
For
the three and six months ended June 30, 2023, the Company recognized stock-based compensation expense of $234,610 and $617,711
respectively, recorded in general and administrative. For the three and six months ended June 30, 2022, the recognized stock-based compensation
expense of $365,606 and $589,553 respectively, of which $39,870 and $50,182 was recorded in general and administrative and research and
development expenses, respectively. Further, for the three months ended March 31, 2022, the Company recorded stock-based charges relating
to consideration for purchase of machinery of $63,512 (see Note 4) and $40,901 relating to an Acquisition (see Note 5).
The
fair value of stock option awards accounted for under ASC 718 was estimated at the date of grant using a Black-Scholes option-pricing
model with the following assumptions for the options granted during the six months ended June 30, 2023.
Schedule
of Fair Value of Stock Option Awards
Expected term (years) | |
2.88 to 3.25 | |
Expected volatility | |
75.40% to 89.93 | % |
Risk-free interest rate | |
3.71% to 4.27 | % |
Dividend rate | |
| 0 | % |
Note
12. Income Taxes
At
the end of each interim reporting period, the Company estimates its effective tax rate expected to be applied for the full year. This
estimate is used to determine the income tax provision or benefit on a year-to-date basis and may change in subsequent interim periods.
Accordingly, the Company’s effective tax rate for the three and six months ended , June 30, 2023 was 0%, compared to the
effective tax rate of 0% for the three and six months ended June 30, 2022. The Company’s effective tax rates for both periods were
affected primarily by a full valuation allowance on domestic net deferred tax assets.
Note
13. Related Party Transactions and Balances
As
of June 30, 2023 and December 31, 2022, accounts payable and accrued liabilities include $31,000 and $105,667, respectively, payable
to officers and directors of the Company. The amounts are unsecured, non-interest bearing and are due on demand (See Note 15).
Note
14. Fair Value Measurements
The
Company’s financial instruments include cash, accounts payable, notes payable, contingent stock and warrant liability and warrant
liability. Cash, contingent stock liability, contingent warrant liability and warrant liability are measured at fair value. Accounts
payable and notes payable are measured at amortized cost and approximates fair value due to their short duration and market rate for
similar instruments, respectively.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
14. Fair Value Measurements (continued)
As
of June 30, 2023, the following financial assets and liabilities were measured at fair value on a recurring basis presented on the Company’s
consolidated balance sheet:
Schedule
of Assets and Liabilities Measured at Fair Value on Recurring Basis
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
2,924,019 |
|
|
|
- |
|
|
|
- |
|
|
$ |
2,924,019 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Total
assets measured at fair value |
|
$ |
2,924,019 |
|
|
|
- |
|
|
|
|
|
|
$ |
2,924,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant
liability |
|
$ |
1,240,441 |
|
|
|
272,276 |
|
|
|
- |
|
|
$ |
1,513,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities measured at fair value |
|
$ |
1,240,441 |
|
|
|
272,276 |
|
|
|
- |
|
|
$ |
1,513,187 |
|
Note
15. Commitments and Contingencies
Fixed
Assets and Other
At
June 30, 2023, the Company has outstanding orders to purchase equipment, mold and component parts for research and development of $490,651
of which advance payments of $280,349 have been made and recorded in Other Assets (See Note 6).
Contingencies
At
each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably
estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company is currently not
involved in any material litigation or other loss contingencies.
Royalty
Agreement
In
connection with the purchase of certain intellectual property in July 2017, Barry Berler and Alan Blackman entered into a royalty agreement
which provides that Barry Berler will be entitled to a royalty of four percent (4%) of net sales derived from the use, sale, lease, rent
and export of products related to the intellectual property. The royalty continues until the patent expires or is no longer used in the
Company’s product. The royalty agreement was assumed by the Company in December 2017.
In
September 2018, the Royalty Agreement was amended to reduce the royalty to 2% and further provided for a single payment of $500,000 to
Barry Berler within three years in return for cancellation of all further royalty obligations of the Company. In May 2019, the Royalty
Agreement was further amended to change the payment date to on or before May 31, 2021 or during the term of the amended Royalty Agreement
should the Company be acquired or a controlling interest be acquired. The Company has not made the aforementioned payment or incur any
change in control as such the 2% royalty remains in place.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
15. Commitments and Contingencies (continued)
Employment
Agreements and Other
On
August 1, 2022, the Company cancelled the consulting agreement with Alan Blackman, Co- Chairman and Chief Operating Officer and
entered into an Employment Agreement which provides for annual salary of $256,000,
which provides for increases, and provisions compensation adjustments, expense and tax differential reimbursements, benefits and
bonuses. As of September 1, 2022, the annual salary is $320,000.
At June 30, 2022, the Company approved and accrued a $250,000
bonus to Mr. Blackman for services provided in 2022, of which $65,000
was paid subsequent to December 31, 2022. The Company terminated Mr. Blackman’s Employment Agreement effective May 1, 2023.
Mr. Blackman continued to serve as the Co-Chairman and a member of the Board of Directors. The parties were having preliminary
settlement discussions. Subsequent to June 30, 2023, the Company and Mr. Blackman entered into a separation agreement whereby, Mr.
Blackman will be paid severance payments of approximately $346,000,
which was recorded as an expense and an accrued expense as of June 30, 2023, over thirteen months, continue his medical benefits for
such period with a cost of approximately $29,000
which has been accrued at June 30, 2023. Further, all unvested options were fully vested. In connection with the separation
agreement, Mr. Blackman no longer serves as Co-Chairman or Board member and has agreed to vote his Series A Preferred Stock in favor
of the election, reelection, and/or designation of each individual nominated to serve as a director on the Board of Director as
shall be identified in an applicable proxy statement filed by the Company for such election of directors. Once the payments due Mr.
Blackman are fully paid, the Series A Preferred Stock shall be deemed immediately cancelled and forfeited and without further
consideration. The Series A Preferred shall at such time be returned to the status of an authorized but unissued share of preferred
stock of the Company.
On
September 30, 2022, the Company entered into a formal employment agreement, effective on such date and will continue until terminated
by either party, subject to the terms of the agreement, with Andrew R. Crescenzo who has been serving as the Company’s Chief Financial
Officer on a contract services basis for the last three years. The agreement provided for annual compensation of $225,000 and plus a
one-time $18,750 incentive payment upon the commencement of the agreement. During the course of the term, Mr. Crescenzo will be eligible
for (i) performance bonuses to be granted at the discretion of the Company’s Compensation Committee and (ii) to participate in
the Company’s 2022 Equity Incentive Plan. The agreement contains customary employment terms and conditions.
In
October 2022, the Company entered into a service agreement (“Service Agreement”) with an unrelated third-party for marketing
and investor relations services. The Service Agreement, which has a term of one year, has various deliverables and provides payments
to the third party as follows; a) an initial fee of $90,000, b) monthly fees through the term of $12,500, c) 200,000 shares of restricted
common stock and d) $300,000 specifically related to digital marketing activities. As stated in Note 8, the 200,000 shares of restricted
common stock were valued at $230,000, representative of the trading price on the issuance.
On
February 09, 2023, the Company, appointed Justin Page,
as Vice President of Technical Operations with a start date of February 15, 2023. The agreement
provides for annual compensation of $235,000 and options to purchase 50,000 shares of common stock at the exercise price of $1.30, the
closing price on the grant date. During the course of the term, Mr. Paige will be eligible for (i) performance bonuses to be granted
at the discretion of the Company’s Compensation Committee and (ii) to participate in the Company’s Equity Incentive Plan.
The agreement contains customary employment terms and conditions and provides for severance of six months if a change in control occurs,
as defined.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following discussion and analysis summarizes the significant factors affecting the consolidated operating results, financial condition,
liquidity and cash flows of our Company as of and for the periods presented below. The following discussion and analysis of our financial
condition and results of operations should be read in conjunction with our consolidated financial statements and the accompanying notes
thereto included elsewhere in this Quarterly Report on Form 10-Q. Unless the context requires otherwise, references in this Quarterly
Report on Form 10-Q to “we,” “us,” and “our” refer to Sharps Technology, Inc.
Forward-Looking
Statements
The
information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities
Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act,
which are subject to the “safe harbor” created by those sections. These forward-looking statements include, but are not limited
to, statements concerning our strategy, future operations, future financial position, future revenues, projected costs, prospects and
plans and objectives of management. The words “anticipates,” “believes,” “estimates,” “expects,”
“intends,” “may,” “plans,” “projects,” “will,” “would” and similar
expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying
words. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should
not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions
and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties
that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation,
the risks set forth in our filings with the SEC. The forward-looking statements are applicable only as of the date on which they are
made, and we do not assume any obligation to update any forward-looking statements.
Overview
Since
our inception in 2017, we have devoted substantially all of our resources to the research and development of our safety syringe products.
To date, we have generated no revenue. We have incurred net losses in each year since our inception and, as of June 30, 2023, we had
an accumulated deficit of $20,025,021 . Our net loss was $4,717,655 for the six months ended June 30, 2023. Substantially
all of our net losses resulted from costs incurred in connection with our research and development efforts, payroll and consulting fees,
stock compensation and general and administrative costs associated with our operations, including costs incurred for being a public company
since April 14, 2022. See below, Liquidity and Capital Resources and Notes to Consolidated Condensed Financial Statements.
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not
generated revenue or cash flow from operations since inception. As at June 30, 2023, the Company had a working capital of $1,197,575 which
is not expected to be sufficient to fund the Company’s planned operations for the next 12 months. These factors raise substantial
doubt regarding the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern
is dependent upon the Company’s ability to raise sufficient financing to acquire or commercialize its products into a profitable
business. The Company intends to finance its commercialization activities and its working capital needs largely from the sale of equity
securities and/or with additional funding from other traditional financing sources until such time that funds provided by operations
are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating
to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary
should the Company be unable to continue as a going concern.
We
classify our operating expenses as research and development and general and administrative expenses. We maintain a corporate office located
in Melville, New York, but employees and consultants in the US work remotely and will continue to do so indefinitely. In June 2020, in
connection with the agreement to acquire Safegard, a former syringe manufacturing facility in Hungary, which was completed on July 6,
2022. Through the closing, we were contractually provided the exclusive use of the facility for research and development and testing
in exchange for payment of the seller’s operating costs, including among others, use of Safegard’s work force, utility costs
and other services.
In
order to compete in the market, we must build inventory. Commencing in the 4th Quarter of 2022 we have started building inventory.
We require commercial quantities of inventory to secure orders. Delivery is expected shortly after receiving orders.
Research
and Development
Research
and development expense consists of expenses incurred while performing research and development activities for our various syringe products.
We recognize research and development expenses as they are incurred. Our research and development expense primarily consist of:
● |
Manufacturing
and testing costs and related supplies and materials; |
|
|
● |
Consulting
fees paid for our Chief Technology Officer; |
|
|
● |
Operating
costs paid to Safegard, through the acquisition date for use of Safegard’s workforce, utilities and other services, relating
to the facility being utilized; and |
|
|
● |
Third-party
costs, including engineering, incurred for development and design. |
Substantially
all of our research and development expenses to date have been incurred in connection with our syringe products. We expect to continue
to incur research and development expense for the foreseeable future as we continue to enhance our product to meet the market requirements
for our Sharps syringe product line for its various intended uses throughout the world.
Initial
Public Offering
On
April 13, 2022, our registration statement on Form S-1 (File No. 333-263715), as amended, related to our IPO was declared effective by
the SEC, and our common stock and warrants began trading on the Nasdaq Capital Market, or Nasdaq, on April 14, 2022. Our IPO closed on
April 19, 2022. Net proceeds from the IPO were approximately $14.2 million. In connection with the closing of the IPO, the Company used
net proceeds to repay the Note Payable of $2 million.
Recent
Development
On
September 29, 2022, the Company entered into an agreement (the “NPC Agreement”) with Nephron Pharmaceuticals Corporation
(“NPC”) and various affiliates of NPC, including InjectEZ, LLC, that we believe will provide multiple future opportunities
for the Company. The NPC Agreement is for a period of four (4) years, expiring on September 28, 2026, and continues thereafter for successive
one (1) year periods.
The
NPC Agreement is intended to support several areas of the Company’s development and growth. The Company and NPC intend to supplement
the NPC Agreement by entering into a manufacturing supply agreement, a sales and distribution agreement and a pharma services program
to support growth, and a future agreement to support manufacturing expansion.
The
manufacturing and supply agreement will be focused on the development and manufacture of high value pre-fillable syringe systems that
can be utilized by Nephron which are highly sought after by the healthcare industry and pharmaceutical markets, with projected product
supply beginning in mid-2023. The syringe lines will utilize highly automated equipment and controlled environments established by Nephron.
These premium offerings will be made from what we believe are the highest quality raw materials, on the most innovative technology. These
products will be compliant with the USP standards required in the United States, as well as the EP and JP international standards, as
applicable The products that the Company and Nephron intend to develop and commercialize are designed to provide solutions to support
Nephron’s current fill/finish strategies, as well as their pipeline of new drug applications, and sets forward a strategy to support
branded pharma and advanced therapies including ophthalmic and biologic applications. Our seasoned understanding of pharma fill/finish
processes and equipment and strong connections with preferred component suppliers and large pharmaceutical companies sets the groundwork
for an effective market strategy in partnership with Nephron.
On
December 8, 2022, the Company completed the sales and distribution agreement (the “Distribution Agreement”) portion of the
overall agreement with Nephron Pharmaceuticals Corporation and Nephron SC, Inc. (collectively, “Nephron”), pursuant to which
the Company appointed Nephron as its exclusive distributor for the sale and distribution of the products subject to the Distribution
Agreement in and throughout the United States. Pursuant to the Distribution Agreement, the price of shipping products will be based on
the cost of delivery to Nephron’s warehouse and the Company will pay for the cost of delivery to Nephron. The Distribution Agreement
has a term of two years and will continue in effect unless either party notifies the other party of its desire to terminate. At any time
and for any reason, either party can terminate the Distribution Agreement after thirty (30) days’ notice and in the event of a
breach of any of the Distribution Agreement’s terms and provisions, either party can terminate the Distribution Agreement by providing
90 days written notice. The Company has the right to terminate the Distribution Agreement with 60 days written notice in the event that
certain conditions are met as set forth in the Distribution Agreement.
The
Company’s collaboration will include the creation of a Pharma Services Program (PSP) designed to support Healthcare customers that
need innovative solutions and products to support their business. This program will create new business development growth opportunities
for both companies. We believe that these opportunities for the Company will include the development and sale of next generation drug
delivery systems for Nephron products, the healthcare industry, and pharmaceutical markets. The development of the program will help
create new fill/finish project opportunities that will utilize innovative packaging solutions developed by the Company. These new customer
projects will help create a future pipeline of growth for both companies working together. Initial, and currently confidential, projects
have been identified and will be further developed through the collaboration efforts of Nephron and the Company. The opportunity to create
new innovative technologies to support Nephron and the healthcare industry would be transformative for the Company and its future.
The
Company will be working with Nephron on plans for future expansion, innovation, collaboration and building for long-term success. To
further support the planned growth for the Pharma Services Program, we will be working to expand our U.S. operations in South Carolina
with the help of NPC. This expansion may include the construction of an additional manufacturing facility, located on the Nephron campus,
that would be focused on the manufacture of specialized drug delivery technologies to support Nephron and the healthcare and pharmaceutical
industries. Through this plan of accelerated expansion, we believe that the Company will be able to deliver increased capacity, driving
growth and ultimately, profitability for the high value products’ segment of our business.
On
February 3, 2023, the Company completed a securities purchase agreement (“Offering”) with institutional investors and received
net proceeds from the Offering were approximately $3.2 million, net of $600,000 in fees relating to the placement agent and other offering
expenses. The Offering was priced at the market under Nasdaq rules. In connection with the Offering, the Company issued 2,248,521 units
at a purchase price of $1.69 per unit. Each unit consists of one share of common stock and one non-tradable warrant exercisable for one
share of common stock at a price of $1.56. The warrants have a term of five years from the issuance date.
Critical
Accounting Policies and Significant Judgments and Estimates
This
management’s discussion and analysis of our financial condition and results of operations is based on our financial statements,
which we have prepared in accordance with accounting principles generally accepted in the United States. The preparation of our financial
statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure
of contingent assets and liabilities at the date of our financial statements, as well as the reported revenues and expenses during the
reported periods. We evaluate these estimates and judgments on an ongoing basis. We base our estimates on historical experience and on
various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments
about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
estimates under different assumptions or conditions. The FMV adjustments, based on the trading price of outstanding warrants classified
as liabilities, could impact the operating results in the reporting periods.
Nature
of Business
Nature
of Business
Sharps
Technology, Inc. (“Sharps” or the “Company”) is a pre-revenue medical device company that has designed and patented
various safety syringes and is seeking commercialization by manufacturing and distribution of its products.
The
accompanying consolidated financial statements include the accounts of Sharps Technology, Inc. and its wholly owned subsidiary, Safegard
Medical, Inc, collectively referred to as the “Company.” All intercompany transactions and balances have been eliminated.
The
Company’s fiscal year ends on December 31.
On
April 13, 2022, the Company’s Initial Public Offering was deemed effective with trading commencing on April 14, 2022. The Company
received net proceeds of $14.2 million on April 19, 2022. (See Capital Structure and Note 8 to the Condensed Consolidated Financial Statements)
In
March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak has adversely
affected workforces, economies, and financial markets globally leading to an economic downturn in certain industries and countries. It
is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s
business or ability to raise funds. Management continues to monitor the situation but has not experienced a significant disruption to
its product development efforts.
Summary
of Significant Accounting Policies
Basis
of Presentation
The
accompanying consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles
(“GAAP”) in the United States (“U.S.”) and are expressed in U.S. dollars.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less at the date
of purchase to be cash equivalents. Cash and cash equivalents are maintained with various financial institutions.
Inventories
The
Company values inventory at the lower of cost (average cost) or net realizable value. Work-in-process and finished goods inventories
consist of material, labor, and manufacturing overhead. Net
realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion,
disposal, and transportation. A reserve is established for any excess or obsolete inventories or they may be written off. At June 30,
2023 and December 31, 2022, inventory is comprised of raw materials, including packaging, work in process (components) and finished goods.
Fair
Value Measurements
Fair
Value Measurements and Disclosures, require an entity to maximize the use of observable inputs and minimize the use of unobservable inputs
when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding
the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the
lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be
used to measure fair value.
Level
1
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Valuations
are based on quoted prices that are readily and regularly available in an active market and do no entail a significant degree of judgment.
Level
2
Level
2 applied to assets or liabilities for which there are other than Level 1 observable inputs such as quoted prices for similar assets
or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent
transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally
from, or corroborated by, observable market date.
Level
2 instruments require more management judgment and subjectivity as compared to Level 1 instruments. For instance: determining which instruments
are most similar to the instrument being priced requires management to identify a sample of similar securities based on the coupon rates,
maturity, issuer credit rating and instrument type, and subjectively select an individual security or multiple securities that are deemed
most similar to the security being priced; and determining whether a market is considered active requires management judgment.
Level
3
Level
3 applied to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement
of the fair value of the assets or liabilities. The determination for Level 3 instruments requires the most management judgment and subjectivity.
Fixed
Assets
Fixed
assets are stated at cost. Expenditures for maintenance and repairs are charged to operations as incurred. The Company’s fixed
assets consist of land, building, machinery and equipment, molds and website. Depreciation is calculated using the straight-line method
commencing on the date the asset is operating in the way intended by management over the following useful lives: Building – 20
years, Machinery and Equipment – 3 -10 years and Website – 3 years. The expected life for Molds is based lesser of the number
of parts that will be produced based on the expected mold capability or 5 years.
Impairment
of Long-Lived Assets
Long-lived
assets are reviewed for impairment or whenever events or changes in circumstances indicate that the carrying amount of an asset may not
be recoverable. Recoverability is measured by comparison of the carrying amount of an asset group to the future net undiscounted cash
flows that the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured
by the amount by which the carrying amount of the assets exceeds the projected discounted future net cash flows arising from the asset.
Purchased
Identified Intangible Assets
When
applicable, the Company’s identified intangible assets are amortized on a straight-line basis over their estimated useful lives.
The Company makes judgments about the recoverability of finite-lived intangible assets whenever facts and circumstances indicate that
the useful life is shorter than originally estimated or that the carrying amount of assets may not be recoverable. If such facts and
circumstances exist, the Company assesses recoverability by comparing the projected undiscounted net cash flows associated with the related
asset or group of assets over their remaining lives against their respective carrying amounts. Impairments, if any, are based on the
excess of the carrying amount over the fair value of those assets. If the useful life is shorter than originally estimated, the Company
would accelerate the rate of amortization and amortize the remaining carrying value over the new shorter useful life. The Company evaluates
the carrying value of indefinite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount
of an asset may not be recoverable, and an impairment charge would be recognized to the extent that the carrying amount of such assets
exceeds their estimated fair value.
Stock-based
Compensation Expense
The
Company measures its stock-based awards made to employees based on the estimated fair values of the awards as of the grant date. For
stock option awards, the Company uses the Black-Scholes option-pricing model. The stock-based awards are granted at an exercise price
that represents the fair market value of the underlying common stock based on the stock price, at which the Company sold stock in private
placements completed by the Company, during the period such options were issued. Stock-based compensation expense is recognized over
the requisite service period and is based on the value of the portion of stock-based payment awards that is ultimately expected to vest.
The Company recognizes forfeitures of stock-based awards as they occur on a prospective basis.
Stock-based
compensation expense for awards granted to non-employees as consideration for services received is measured on the date of performance
at the fair value of the consideration received or the fair value of the equity instruments issued, whichever can be more reliably measured.
Derivative
Instruments
The
Company accounts for common stock warrants as either equity-classified or liability-classified instruments based on an assessment of
the specific terms of the warrants and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC 480”), Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815,
Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments
pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all of the requirements for equity classification
under ASC 815, including whether the warrants are indexed to the Company’s own stock and whether the holders of the warrants could
potentially require net cash settlement in a circumstance outside of the Company’s control, among other conditions for equity classification.
This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent
quarterly period end date while the warrants are outstanding.
At
their issuance date and as of June 30, 2023, certain warrants were accounted for as liabilities as these instruments did not meet all
of the requirements for equity classification under ASC 815-40 based on the terms of the aforementioned warrants. The resulting warrant
liabilities are re-measured at each balance sheet date until their exercise or expiration, and any change in fair value is recognized
in the Company’s consolidated condensed statement of operations and comprehensive loss (See Notes 7, 8 and 10 to the Consolidated
Condensed Financial Statements).
Basic
and Diluted Loss Per Share
The
Company computes net loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted
earnings per share (EPS) on the face of the consolidated statement of operations and comprehensive loss. Basic EPS is computed by dividing
net income (loss) available to common stockholders (numerator) by the weighted average number of shares outstanding (denominator) during
the year. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method
and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used
in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all
dilutive potential shares if their effect is anti-dilutive. As at June 30, 2023 there were 13,788,724 stock options and warrants
that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would
have been antidilutive for the periods presented.
Income
Taxes
The
Company must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates
and judgments are used in the calculation of tax credits, tax benefits, tax deductions, and in the calculation of certain deferred taxes
and tax liabilities. Significant changes to these estimates may result in an increase or decrease to the Company’s tax provision
in a subsequent period.
The
provision for income taxes was composed of the Company’s current tax liability and changes in deferred income tax assets and liabilities.
The calculation of the current tax liability involves dealing with uncertainties in the application of complex tax laws and regulations
and in determining the liability for tax positions, if any, taken on the Company’s tax returns in accordance with authoritative
guidance on accounting for uncertainty in income taxes. Deferred income taxes are determined based on the differences between the financial
reporting and tax basis of assets and liabilities. The Company must assess the likelihood that it will be able to recover the Company’s
deferred tax assets. If recovery is not likely on a more-likely-than-not basis, the Company must increase its provision for income taxes
by recording a valuation allowance against the deferred tax assets that it estimates will not ultimately be recoverable. However, should
there be a change in the Company’s ability to recover its deferred tax assets, the provision for income taxes would fluctuate in
the period of such change.
Contingencies
Contingencies
are evaluated and a liability is recorded when the matter is both probable and reasonably estimable. Gain contingencies are evaluated
and not recognized until the gain is realizable or realized.
Off-Balance
Sheet Arrangements
During
the periods presented, we did not have any off-balance sheet arrangements as defined under Regulation S-K Item 303(a)(4).
Results
of Operations – three months ended June 30, 2023 and 2022.
|
|
2023 |
|
|
2022 |
|
|
Change |
|
|
Change
% |
|
Research
and development |
|
$ |
224,260 |
|
|
|
556,868 |
|
|
$ |
(332,608) |
|
|
|
-60 |
% |
General
and administrative |
|
|
2,308,075 |
|
|
|
2,230,801 |
|
|
|
77,274 |
|
|
|
3 |
% |
Interest
expense (income) |
|
|
(40,079) |
|
|
|
1,100,507 |
|
|
|
(1,140,586) |
|
|
|
-104 |
% |
FMV
(gain) loss adjustment for derivatives |
|
|
90,108 |
|
|
|
(4,365,930) |
|
|
|
4,456,038 |
|
|
|
-102 |
% |
Foreign
currency loss |
|
|
23,461 |
|
|
|
|
|
|
|
23,461 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss (income) |
|
$ |
2,605,825 |
|
|
$ |
(477,754) |
|
|
$ |
3,083,579 |
|
|
|
-645 |
% |
Revenue
The
Company has not generated any revenue to date.
Research
and Development
For
the three months ended June 30, 2023, Research and Development (“R&D”) expenses decreased to $224,260 compared to $556,868
for the three months ended June 30, 2022. The decrease of $332,608 was primarily due to a shift to both manufacturing and R&D activities.
In the 2022 period, prior to the acquisition of Safegard we utilized the facility for R&D efforts and paid all operating costs, including
labor, utility costs and other operating costs. These operating costs were $300,000 in 2022 (nil in 2023) as the facility was acquired
in July 2022. In addition, other R&D expenses decreased by $61,000 and stock comp declined $28,000. This was partially offset by
increased depreciation related to R&D equipment by $61,000.
General
and Administrative
For
the three months ended June 30, 2023, General and Administrative (“G&A”) expenses were $2,308,075 as compared to $2,230,801
for the three months ended June 30, 2022. The increase of $77,274 was primarily attributable to: i) increases in payroll and consulting
fees of $225,000 from $516,000 in 2022 to $741,000 in 2023, due to compensation increases and head count increases, which includes the
staff at Safegard not in the 2022 period since not acquired until July 2022, ii) decrease in stock compensation expense, due to the timing
of option awards and vesting, of approximately $71,000 from $326,000 in 2022 to $254,000 in 2023. iii) a decrease in public company costs
of $638,000 from $761,000 to $123,000 as 2022 costs primarily related to the 2022 IPO. Further, we had increases of $375,000 relating
to a contract settlement, $96,000 in depreciation, professional fees ($74,000), rent ($36,000), computer related ($44,000) and other
expenses ($132,000) and decreases in by marketing ($41,000), travel ($61,000), Board costs ($40,000), insurance ($41,000) and patent
fees of ($13,000)
Interest
expense (income)
Interest
income, was $40,079 for the three months ended June 30, 2023,
compared to interest expense of $1,100,507 for the three months ended June 30, 2022. Interest income was earned from cash balances
held in interest bearing accounts that benefited from rate increases in 2023. Interest expense
in 2022 was related to the financing entered into in December 2021 which was repaid at the
IPO closing with net proceeds.
FMV
Adjustment for Derivatives
The
Warrants require the Fair Market Value (“FMV”) to be remeasured at each reporting date while outstanding with recognition
of the changes in fair value to other income or expense in the consolidated statement of operations. For the three months ended June
30, 2023, the Company recorded a $90,108 FMV loss to reflect adjustments required for outstanding Warrants liabilities. The Company had
FMV gain adjustment of $4,365,930 at June 30, 2022. (See Notes 7, 8 and 10 to the Unaudited Condensed Consolidated Financial Statements)
Results
of Operations – six months ended June 30, 2023 and 2022
|
|
June
30, 2023 |
|
|
June
30, 2022 |
|
|
Change |
|
|
Change
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
$ |
558,148 |
|
|
$ |
1,063,243 |
|
|
$ |
(505,095 |
) |
|
|
-48 |
% |
General
and administrative |
|
|
4,291,987 |
|
|
|
3,061,710 |
|
|
|
1,230,277 |
|
|
|
40 |
% |
Interest
expense /(income) |
|
|
(76,871 |
) |
|
|
1,345,944 |
|
|
|
(1,422,815 |
) |
|
|
-106 |
% |
Foreign
exchange loss & Other |
|
|
38,368 |
|
|
|
- |
|
|
|
38,368 |
|
|
|
- |
|
FMV
(income) expense adjustment for Contingent Stock & Warrants |
|
|
(93,977 |
) |
|
|
(4,078,930 |
) |
|
|
3,984,953 |
|
|
|
100 |
% |
Net
loss |
|
$ |
4,717,655 |
|
|
$ |
1,391,967 |
|
|
$ |
3,325,688 |
|
|
|
239 |
% |
Revenue
The
Company has not generated any revenue to date.
Research
and Development
For
the six months ended June 30, 2023, Research and Development (“R&D”) expenses decreased to $558,148 compared to $1,063,243
for the six months ended June 30, 2022. The decrease of $505,095 was primarily due to R&D costs of approximately $575,000 from $575,000
in 2022 to $0 in 2023 paid to Safegard for operating costs to use their facility and the purchase of R&D materials. In the 2022 period,
prior to the acquisition date the facility, had been used for further development, production of current prototype samples and related
testing. The operating costs are primarily related to the use of Safegard’s workforce, utility costs incurred and other services.
We had further decreased in stock compensation expense of approximately $50,000, primarily due to the timing of awards and a decrease
of $12,000 in other R&D costs. Partially offsetting the decreases was an increase in depreciation related to R&D equipment of
$132,000.
General
and Administrative
For
the six months ended June 30, 2023, General and Administrative (“G&A”) expenses were $4,291,987 as compared to $3,061,710
for the six months ended June 30, 2022. The increase of $1,230,277 was primarily attributable to increases in: i) payroll and consulting
fees of $536,000 from $781,546 in 2022 to $1,217,117 in 2023, primarily due to increases in compensation and consulting fees incurred,
and additional headcount increases. ii) increases in stock compensation expense, due to new option awards and timing of award vesting,
of approximately $98,000 from $539,000 in 2022 to $637,000 in 2023. Further, we had increases due, relating to a contract settlement
during the second quarter of 2023 for $375,000 , marketing ($101,000), professional fees ($74,000), insurance ($157,000), rent ($60,000),
computer ($22,000), other operating costs ($186,000) and depreciation ($155,000) partially offset by decreases from patent and registration
fees ($43,000), board fees ($26,000), travel ($55,000) and public company related expenses ($410,000). In 2022, public company costs
were primarily related to the IPO.
Interest
expense (income)
Interest
income was $76,871 for the six months ended June 30, 2023, as compared to interest expense, net of interest income, of $1,345,944 for
the six months ended June 30, 2022. Interest expense decreased by $1,422,815 due to the financing which was in December 2021 which was
repaid at the IPO closing with net proceeds. The interest was payable at an 8% face amount of $47,111 plus accreted interest of $1,299,985
on the $2,000,000 Note Payable.
FMV
Adjustment for Derivatives
The
Warrants require the FMV to be remeasured at each reporting date while recognition of the changes in fair value to income or expense
in the consolidated statement of operations. For the six months ended June 30, 2023, the Company recorded a $93,977 FMV loss to reflect
the increase in the Warrant liability. For the six months ended June 30, 2022, the Company recorded a $4,078,930 FMV gain to reflect
the decrease in the Warrant liability. (See Note 7, 8 and 10 to the Unaudited Condensed Consolidated Financial Statements)
Liquidity
and Capital Resources
At
June 30, 2023 and December 31, 2022, we had a cash balance of $2,924,019 and $4,107,897, respectively. The Company had working capital
of $1,197,575 and $2,416,928 as of June 30, 2023 and December 31, 2022, respectively. The decrease in our working capital was primarily
by uses of cash in operations for the six month ended June 30, 2023 offset by net proceeds from the Offering in February 2023 which resulted
in net proceeds of approximately $3.2M. (See below and Note 8 to the Condensed Consolidated Financial Statements)
On
February 3, 2023, we completed a securities purchase agreement (“Offering”) with institutional investors and received net
proceeds from the Offering were approximately $3.2 million, net of $600,000 in fees relating to the placement agent and other offering
expenses. The Offering was priced at the market under Nasdaq rules. In connection with the Offering, we issued 2,248,521 units at a purchase
price of $1.69 per unit. Each unit consists of one share of common stock and one non-tradable warrant (Offering Warrant) exercisable
for one share of common stock at a price of $1.56. The Offering Warrants have a term of five years from the issuance date. (See Notes
8 to the Condensed Consolidated Financial Statements)
On
April 13, 2022, we completed its IPO which was declared effective by the SEC, and the Company’s common stock and warrants began
trading on the Nasdaq Capital Market or Nasdaq on April 14, 2022 and which closed on April 19, 2022. The net proceeds from the IPO were
approximately $14.2 million of which $5,778,750 was attributed to the warrant liability (See Notes 8 and 10 to the Condensed Consolidated
Financial Statements).
Cash
Flows
Net
Cash Used in Operating Activities
The
Company used cash of $4,131,000 and $3,093,105 in operating activities for the six months ended June 30, 2023 and 2022, respectively.
The increase in cash used of $1,037, 895, was principally due to the Company incurring additional operating expenses during the
six months ended June 30, 2023.
Net
Cash Used in Investing Activities
For
the six months ended June 30, 2023 and 2022, the Company used cash in investing activities of $342,525 and $2,813,355, respectively.
In both periods cash was used to acquire or pay deposits for fixed assets equipment of $342,525 and $463,355, respectively. Further,
in 2022 the Company used $2,350,000 related to escrow payments for the acquisition of Safegard.
Net
Cash Provided by Financing Activities
For
the six months ended June 30, 2023 and 2022, the Company provided cash from financing activities of $3,238,711 and $12,235,475, respectively.
In the 2023 period, the cash provided from the Offering in February 2023. In the 2022 period, the cash provided was primarily from
the IPO net proceeds of $14,202,975, prior to the effect of recording the liability attributed to the warrants from the IPO, less the
Notes repayment of $2,000,000.
Off-Balance
Sheet Arrangements
We
do not have any off-balance sheet arrangements as defined in Regulation S-K Item 303(a)(4).
Emerging
Growth Company Status
We
are an “emerging-growth company”, as defined in the JOBS Act, and, for as long as we continue to be an emerging growth company,
we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to emerging
growth companies, including, but not limited to, not being required to have our independent registered public accounting firm audit our
internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive
compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote
on executive compensation and stockholder approval of any golden parachute payments not previously approved. As an emerging growth company,
we can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We intend
to avail ourselves of these options. Once adopted, we must continue to report on that basis until we no longer qualify as an emerging
growth company.
We
will cease to be an emerging growth company upon the earliest of: (i) the end of the fiscal year following the fifth anniversary of the
initial public offering; (ii) the first fiscal year after our annual gross revenue are $1.07 billion or more; (iii) the date on which
we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; or (iv) the end of
any fiscal year in which the market value of our common stock held by non-affiliates exceeded $700 million as of the end of the second
quarter of that fiscal year. We cannot predict if investors will find our common stock less attractive if we choose to rely on these
exemptions. If, as a result of our decision to reduce future disclosure, investors find our common shares less attractive, there may
be a less active trading market for our common shares and the price of our common shares may be more volatile.
We
are also a “smaller reporting company,” meaning that the market value of our stock held by non-affiliates plus the aggregate
amount of gross proceeds to us as a result of the IPO is less than $700 million and our annual revenue was less than $100 million during
the most recently completed fiscal year. We may continue to be a smaller reporting company if either (i) the market value of our stock
held by non-affiliates is less than $250 million or (ii) our annual revenue was less than $100 million during the most recently completed
fiscal year and the market value of our stock held by non-affiliates is less than $700 million. If we are a smaller reporting company
at the time, we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that
are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most
recent fiscal years of audited financial statements in our Annual Report on Form 10-K and, similar to emerging growth companies, smaller
reporting companies have reduced disclosure obligations regarding executive compensation.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
required for smaller reporting companies.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
As
required by Rule 13a-15(b) under the Exchange Act, our management, including our Chief Executive Officer and Chief Financial Officer,
evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on
Form 10-Q. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period
covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective to provide reasonable assurance
that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the SEC’s rules and forms and to provide reasonable assurance that
such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d)
and 15d-15(d) of the Exchange Act that occurred during the period covered by this Quarterly Report on Form 10-Q that has materially affected,
or is reasonably likely to materially affect, our internal control over financial reporting.
Inherent
Limitations on Effectiveness of Controls
Our
management, including our Chief Executive Officer and Chief Financial Officer, do not expect that our disclosure controls or our internal
control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated,
can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control
system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.
Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control
issues and instances of fraud, if any, within the Company have been or would be detected. These inherent limitations include the realities
that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls
can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls.
The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there
can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls
may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because
of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
PART
II — OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
We
are not currently a party to any material legal proceedings. From time to time, we may become involved in legal proceedings arising in
the ordinary course of our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement
costs, diversion of management resources, negative publicity, reputational harm and other factors.
ITEM
1A. RISK FACTORS
Factors
that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in the Form
10-K for the year ended December 31, 2022, Any of these factors could result in a significant or material adverse effect on our results
of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also
impair our business or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk
factors disclosed in the Form 10-K for the year ended December 31, 2022. We may disclose changes to such factors or disclose additional
factors from time to time in our future filings with the SEC.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Recent
Sale of Unregistered Equity Securities
On
February 3, 2023, we completed a securities purchase agreement (“Offering”) with institutional investors and received net
proceeds from the Offering were approximately $3.2 million, net of $600,000 in fees relating to the placement agent and other offering
expenses. The Offering was priced at the market under Nasdaq rules. In connection with the Offering, we issued 2,248,521 units at a purchase
price of $1.69 per unit. Each unit consists of one share of common stock and one non-tradable warrant (Offering Warrant) exercisable
for one share of common stock at a price of $1.56. The Offering Warrants have a term of five years from the issuance date. (See Notes
8 to the Condensed Consolidated Financial Statements).
Use
of Proceeds
On
April 13, 2022, our Registration Statement on Form S-1 (No. 333-263715) was declared effective by the SEC pursuant to which we issued
and sold an aggregate of 3,750,000 units, each consisting of one share of common stock and two warrants, to purchase one share of common
stock for each whole warrant, with an initial exercise price of $4.25 per share and a term of five years. In addition, we granted Aegis
Capital Corp., as underwriter a 45-day over-allotment option to purchase up to 15% of the number of shares included in the units sold
in the offering, and/or additional warrants equal to 15% of the number of Warrants included in the units sold in the offering, in each
case solely to cover over-allotments, which the Aegis Capital Corp. partially exercised with respect to 1,125,000 warrants on April 19,
2022. No payments for such expenses were made directly or indirectly to (i) any of our officers or directors or their associates, (ii)
any persons owning 10% or more of any class of our equity securities or (iii) any of our affiliates. There has been no material change
in the planned use of proceeds from our initial public offering from that described in the Prospectus.
ITEM
6. EXHIBITS
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized, on this 14th day of August 2023.
|
SHARPS
TECHNOLOGY, INC. |
|
|
August
14, 2023 |
/s/
Robert M. Hayes |
|
Robert
M. Hayes |
|
Chief
Executive Officer and Director
(Principal
Executive Officer) |
|
|
August
14, 2023 |
/s/
Andrew R. Crescenzo |
|
Andrew
R. Crescenzo |
|
Chief
Financial Officer |
|
(Principal
Financial Officer) |
Exhibit 31.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
I,
Robert M. Hayes, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Sharps Technology, Inc. (the Registrant); |
|
|
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)) for the Registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to
ensure that material information relating to the Registrant, including its consolidated subsidiary, is made known to me by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report my 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 |
|
|
|
|
c) |
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 function): |
|
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. |
|
/s/
Robert M. Hayes |
|
Robert
M. Hayes |
|
Chief
Executive Officer (Principal Executive Officer) |
|
|
Date:
August 14, 2023 |
|
Exhibit 31.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
I,
Andrew R. Crescenzo, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Sharps Technology, Inc. (the Registrant); |
|
|
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)) for the Registrant and we 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 subsidiary, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
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 |
|
|
|
|
c) |
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 function): |
|
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. |
|
/s/
Andrew R. Crescenzo |
|
Andrew
R. Crescenzo |
|
Chief
Financial Officer (Principal Financial Officer) |
|
|
Date:
August 14, 2023 |
|
Exhibit 32.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350
In
connection with the accompanying Quarterly Report on Form 10-Q of Sharps Technology, Inc. for the period ended June 30, 2023, I, Robert
M. Hayes, Chief Executive Officer of Sharps Technology, Inc., hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:
|
(1) |
Such
Quarterly Report on Form 10-Q of Sharps Technology, Inc. for the period ended March 31, 2023, fully complies with the requirements
of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The
information contained in such Quarterly Report on Form 10-Q of Sharps Technology, Inc. for the period ended June 30, 2023, fairly
presents, in all material respects, the financial condition and results of operations of Sharps Technology, Inc. |
|
/s/
Robert M. Hayes |
|
Robert
M. Hayes |
|
Chief
Executive Officer (Principal Executive Officer) |
|
|
Date:
August 14, 2023 |
|
A
signed original of the certification required by Section 906 has been provided to Sharps Technology, Inc. and will be retained by Sharps
Technology, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit 32.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350
In
connection with the accompanying Quarterly Report on Form 10-Q of Sharps Technology, Inc. for the period ended June 30, 2023, I, Andrew
R. Crescenzo, Chief Financial Officer of Sharps Technology, Inc., hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:
|
(1) |
Such
Quarterly Report on Form 10-Q of Sharps Technology, Inc. for the period ended June 30 2023, fully complies with the requirements
of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The
information contained in such Quarterly Report on Form 10-Q of Sharps Technology, Inc. for the period ended March 31, 2023, fairly
presents, in all material respects, the financial condition and results of operations of Sharps Technology, Inc. |
|
/s/
Andrew R. Crescenzo |
|
Andrew
R. Crescenzo |
|
Chief
Financial Officer (Principal Financial Officer) |
|
|
Date:
August 14, 2023 |
|
A
signed original of the certification required by Section 906 has been provided to Sharps Technology, Inc. and will be retained by Sharps
Technology, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current Assets |
|
|
Cash |
$ 2,924,019
|
$ 4,170,897
|
Prepaid expenses and other current assets |
193,875
|
66,749
|
Inventories (Note 3) |
992,547
|
185,804
|
Current Assets |
4,110,441
|
4,423,450
|
Fixed Assets, net of accumulated depreciation (Notes 4 and 5) |
7,092,954
|
7,004,890
|
Other Assets (Notes 5 and 6) |
590,740
|
411,316
|
TOTAL ASSETS |
11,794,135
|
11,839,656
|
Current Liabilities |
|
|
Accounts payable (Note 4) |
825,622
|
543,226
|
Accrued and other current liabilities (Note 15) |
574,057
|
311,458
|
Warrant liability (Notes 8 and 10) |
1,513,187
|
1,151,838
|
Total Current Liabilities |
2,912,866
|
2,006,522
|
Deferred Tax Liability |
192,000
|
192,000
|
Total Liabilities |
3,104,866
|
2,198,522
|
Commitments and Contingencies (Note 15) |
|
|
Subsequent Events (Note 16) |
|
|
Stockholders’ Equity: |
|
|
Preferred stock, $.0001 par value; 1,000,000 shares authorized; 1 share issued and outstanding |
|
|
Common stock, $.0001 par value; 100,000,000, shares authorized; 11,655,936 shares issued and outstanding (2022: 9,407,415) |
1,166
|
941
|
Additional paid-in capital |
28,154,012
|
24,733,306
|
Accumulated other comprehensive income |
559,112
|
214,253
|
Accumulated deficit |
(20,025,021)
|
(15,307,366)
|
Total Stockholders’ Equity |
8,689,269
|
9,641,134
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ 11,794,135
|
$ 11,839,656
|
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, shares issued |
1
|
1
|
Preferred stock, shares outstanding |
1
|
1
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
11,655,936
|
9,407,415
|
Common stock, shares outstanding |
11,655,936
|
9,407,415
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenue, net |
|
|
|
|
Operating expenses: |
|
|
|
|
Research and development (Note 5) |
224,260
|
556,868
|
$ 558,148
|
$ 1,063,243
|
General and administrative |
2,308,075
|
2,230,801
|
4,291,987
|
3,061,710
|
Total operating expenses |
2,532,335
|
2,787,669
|
4,850,135
|
4,124,953
|
Loss from operations |
(2,532,335)
|
(2,787,669)
|
(4,850,135)
|
(4,124,953)
|
Other income (expense) |
|
|
|
|
Interest income (expense) |
40,079
|
(1,100,507)
|
76,871
|
(1,345,944)
|
FMV adjustment on contingent stock & warrants |
(90,108)
|
4,365,930
|
93,977
|
4,078,930
|
Foreign currency and other |
(23,461)
|
|
(38,368)
|
|
Total Other Income (Expense) |
(73,490)
|
3,265,423
|
132,480
|
2,732,986
|
Net (loss) / Gain |
$ (2,605,825)
|
$ 477,754
|
$ (4,717,655)
|
$ (1,391,967)
|
Net loss per share, basic |
$ (0.22)
|
$ 0.06
|
$ (0.42)
|
$ (0.20)
|
Net loss per share, diluted |
$ (0.22)
|
$ 0.06
|
$ (0.42)
|
$ (0.20)
|
Weighted average shares used to compute net loss per share, basic |
11,655,936
|
8,669,372
|
11,193,740
|
6,928,217
|
Weighted average shares used to compute net loss per share, diluted |
11,655,936
|
8,669,372
|
11,193,740
|
6,928,217
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net loss |
$ (2,605,825)
|
$ 477,754
|
$ (4,717,655)
|
$ (1,391,967)
|
Other comprehensive income: |
|
|
|
|
Foreign currency translation adjustments gain/(loss) |
73,786
|
|
344,859
|
|
Comprehensive loss |
$ (2,532,039)
|
$ 477,754
|
$ (4,372,796)
|
$ (1,391,967)
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.23.2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Common Stock Subscription Receivable [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
Beginning balance at Dec. 31, 2021 |
|
$ 519
|
$ (32,500)
|
$ 13,835,882
|
|
$ (10,667,704)
|
$ 3,136,197
|
Beginning balance, shares at Dec. 31, 2021 |
1
|
5,187,062
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
(1,869,721)
|
(1,869,721)
|
Share-based compensation charges |
|
|
|
328,460
|
|
|
328,460
|
Collections of common stock subscriptions |
|
|
32,500
|
|
|
|
32,500
|
Ending balance at Mar. 31, 2022 |
|
$ 519
|
|
14,164,342
|
|
(12,537,425)
|
1,627,436
|
Ending balance, shares at Mar. 31, 2022 |
1
|
5,187,062
|
|
|
|
|
|
Beginning balance at Dec. 31, 2021 |
|
$ 519
|
(32,500)
|
13,835,882
|
|
(10,667,704)
|
3,136,197
|
Beginning balance, shares at Dec. 31, 2021 |
1
|
5,187,062
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
|
(1,391,967)
|
Ending balance at Jun. 30, 2022 |
|
$ 922
|
|
24,060,753
|
|
(12,059,671)
|
12,002,004
|
Ending balance, shares at Jun. 30, 2022 |
1
|
9,207,415
|
|
|
|
|
|
Beginning balance at Mar. 31, 2022 |
|
$ 519
|
|
14,164,342
|
|
(12,537,425)
|
1,627,436
|
Beginning balance, shares at Mar. 31, 2022 |
1
|
5,187,062
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
477,754
|
477,754
|
Share-based compensation charges |
|
|
|
365,606
|
|
|
365,606
|
Shares issued in Initial Public Offering |
|
$ 375
|
|
8,974,282
|
|
|
8,974,657
|
Shares issued in Initial Public Offering, shares |
|
3,750,000
|
|
|
|
|
|
Issuance of shares for contingent stock liability |
|
$ 24
|
|
495,976
|
|
|
496,000
|
Issuance of shares for contingent stock liability, shares |
|
235,294
|
|
|
|
|
|
Fractional share adjustment |
|
|
|
|
|
|
|
Fractional share adjustment, shares |
|
59
|
|
|
|
|
|
Shares issued for services |
|
$ 4
|
|
60,547
|
|
|
60,551
|
Shares issued for services, shares |
|
35,000
|
|
|
|
|
|
Ending balance at Jun. 30, 2022 |
|
$ 922
|
|
24,060,753
|
|
(12,059,671)
|
12,002,004
|
Ending balance, shares at Jun. 30, 2022 |
1
|
9,207,415
|
|
|
|
|
|
Beginning balance at Mar. 31, 2022 |
|
$ 519
|
|
14,164,342
|
|
(12,537,425)
|
1,627,436
|
Beginning balance, shares at Mar. 31, 2022 |
1
|
5,187,062
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
$ 290,551
|
Shares issued for services, shares |
|
|
|
|
|
|
235,000
|
Ending balance at Dec. 31, 2022 |
|
$ 941
|
|
24,733,306
|
$ 214,253
|
(15,307,366)
|
$ 9,641,134
|
Ending balance, shares at Dec. 31, 2022 |
1
|
9,407,415
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
(2,111,830)
|
(2,111,830)
|
Shares issued in Offering |
|
$ 225
|
|
2,783,160
|
|
|
2,783,385
|
Shares issued in Offering, shares |
|
2,248,521
|
|
|
|
|
|
Share-based compensation charges |
|
|
|
383,100
|
|
|
383,100
|
Foreign Currency Translation |
|
|
|
|
270,983
|
|
270,983
|
Ending balance at Mar. 31, 2023 |
|
$ 1,166
|
|
27,899,566
|
485,236
|
(17,419,196)
|
10,966,772
|
Ending balance, shares at Mar. 31, 2023 |
1
|
11,655,936
|
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
|
$ 941
|
|
24,733,306
|
214,253
|
(15,307,366)
|
9,641,134
|
Beginning balance, shares at Dec. 31, 2022 |
1
|
9,407,415
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
|
(4,717,655)
|
Ending balance at Jun. 30, 2023 |
|
$ 1,166
|
|
28,154,012
|
559,112
|
(20,025,021)
|
8,689,269
|
Ending balance, shares at Jun. 30, 2023 |
1
|
11,655,936
|
|
|
|
|
|
Beginning balance at Mar. 31, 2023 |
|
$ 1,166
|
|
27,899,566
|
485,236
|
(17,419,196)
|
10,966,772
|
Beginning balance, shares at Mar. 31, 2023 |
1
|
11,655,936
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
(2,605,825)
|
(2,605,825)
|
Share-based compensation charges |
|
|
|
254,446
|
|
|
254,446
|
Foreign Currency Translation |
|
|
|
|
73,876
|
|
73,876
|
Ending balance at Jun. 30, 2023 |
|
$ 1,166
|
|
$ 28,154,012
|
$ 559,112
|
$ (20,025,021)
|
$ 8,689,269
|
Ending balance, shares at Jun. 30, 2023 |
1
|
11,655,936
|
|
|
|
|
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (4,717,655)
|
$ (1,391,967)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
448,657
|
156,100
|
Stock-based compensation |
637,547
|
650,104
|
Accretion of debt discount |
|
1,299,985
|
FMV adjustment for Contingent Stock |
|
(181,000)
|
FMV adjustment for Warrants |
(93,977)
|
(3,897,930)
|
IPO Issuance costs relating to Warrants |
|
550,433
|
Foreign exchange gain |
30,141
|
|
Changes in operating assets: |
|
|
Prepaid expenses and other current assets |
(119,761)
|
(27,542)
|
Inventory |
(769,088)
|
(5,448)
|
Other assets |
|
|
Accounts payable and accrued liabilities |
453,136
|
(245,840)
|
Net cash used in operating activities |
(4,131,000)
|
(3,093,105)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Acquistion of fixed assets or deposits paid |
(342,525)
|
(463,355)
|
Other assets – escrow and other |
|
(2,350,000)
|
Net cash used in investing activities |
(342,525)
|
(2,813,355)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Net proceeds from Initial Public Offering and additional offering |
3,238,711
|
14,202,975
|
Repayment of Note Payable |
|
(2,000,000)
|
Proceeds from subscriptions receivable |
|
32,500
|
Net cash provided by financing activities |
3,238,711
|
12,235,475
|
Effect of exchange rate changes on cash |
(12,064)
|
|
NET INCREASE (DECREASE) IN CASH |
(1,246,878)
|
6,329,015
|
CASH — BEGINNING OF YEAR |
4,170,897
|
1,479,166
|
CASH — END OF PPERIOD |
2,924,019
|
7,808,181
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
Cash paid for interest |
|
47,111
|
Non-cash investing and financing activity: |
|
|
FMV for Common Stock Issued for Contingent Shares |
|
496,000
|
Common stock issued and vested stock options for fixed assets acquired |
|
63,612
|
Common stock issued and vested stock options issued as consideration for acquisition |
|
$ 40,901
|
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v3.23.2
Description of Business
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Description of Business |
Note
1. Description of Business
Nature
of Business
Sharps
Technology, Inc. (“Sharps” or the “Company”) is a pre-revenue medical device company that has designed and patented
various safety syringes and is seeking commercialization by manufacturing and distribution of its products.
The
accompanying condensed consolidated financial statements include the accounts of Sharps Technology, Inc. and its wholly owned subsidiary,
Safegard Medical, Inc. collectively referred to as the “Company.” The condensed consolidated balance sheet as of June 30,
2023 and the condensed consolidated statements of operations, statements of comprehensive loss and statements of stockholders’
equity s for the three and six months ended June 30, 2023 and 2022 and the statements of cash flow for the six months ended June
30, 2023 (the “interim statements”) are unaudited. All intercompany transactions and balances have been eliminated. In the
opinion of management, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position
and operating results for the interim periods have been made. Certain information and footnote disclosure, normally included in annual
financial statements prepared in accordance with accounting principles generally accepted in the United States, have been condensed or
omitted. The interim statements should be read in conjunction with the consolidated financial statements for the year ended December
31, 2022 and notes thereto contained in the Company’s Form 10-K filed with the Securities and Exchange Commission. The condensed
consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements at that date. The results of operations
for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year
ending December 31, 2023.
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not
generated revenue or cash flow from operations since inception. As of June 30, 2023, the Company had a working capital of $1,197,575 which
is not expected to be sufficient to fund the Company’s planned operations for the next 12 months. These factors raise substantial
doubt regarding the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern
is dependent upon the Company’s ability to raise sufficient financing to acquire or commercialize its products into a profitable
business. The Company intends to finance its commercialization activities and its working capital needs largely from the sale of equity
securities and/or with additional funding from other traditional financing sources until such time that funds provided by operations
are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating
to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary
should the Company be unable to continue as a going concern.
The
Company’s fiscal year ends on December 31.
On
April 13, 2022, the Company’s Initial Public Offering was deemed effective with trading commencing on April 14, 2022. The Company
received net proceeds of $14.2 million on April 19, 2022 (See Note 8).
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2. Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying condensed consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting
principles (“GAAP”) in the United States (“U.S.”) and are expressed in U.S. dollars.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. As
of June 30, 2023, the most significant estimates relate to derivative liabilities and stock-based compensation.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less at the date
of purchase to be cash equivalents. Cash and cash equivalents are maintained with various financial institutions.
Inventories
The
Company values inventory at the lower of cost (average cost) or net realizable value. Work-in-process and finished goods inventories
consist of material, labor, and manufacturing overhead. Net realizable value is the estimated selling price in the ordinary course of
business, less reasonably predictable costs of completion, disposal, and transportation. A reserve is established for any excess or obsolete
inventories or they may be written off. At June 30, 2023 and December 31, 2022, inventory is comprised of raw materials, including packaging,
work in process (components) and finished goods.
Fair
Value Measurements
ASC
820, Fair Value Measurements and Disclosures, require an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding
the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the
lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be
used to measure fair value.
The
Company’s outstanding warrants are fair valued on a recurring basis with the trading price which could cause fluctuations in operating
results at the reporting periods.
Level
1
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Valuations
are based on quoted prices that are readily and regularly available in an active market and do not entail a significant degree of judgment.
Level
2
Level
2 applied to assets or liabilities for which there are other than Level 1 observable inputs such as quoted prices for similar assets
or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent
transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally
from, or corroborated by, observable market data.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
Level
2 instruments require more management judgment and subjectivity as compared to Level 1 instruments. For instance: determining which instruments
are most similar to the instrument being priced requires management to identify a sample of similar securities based on the coupon rates,
maturity, issuer credit rating and instrument type, and subjectively select an individual security or multiple securities that are deemed
most similar to the security being priced; and determining whether a market is considered active requires management judgment.
Level
3
Level
3 applied to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement
of the fair value of the assets or liabilities. The determination for Level 3 instruments requires the most management judgment and subjectivity.
Fixed
Assets
Fixed
assets are stated at cost. Expenditures for maintenance and repairs are charged to operations as incurred. The Company’s fixed
assets consist of land, building, machinery and equipment, molds and website. Depreciation is calculated using the straight-line method
commencing on the date the asset is operating in the way intended by management over the following useful lives: Building – 20
years, Machinery and Equipment – 3 -10 years and Website – 3 years. The expected life for Molds is based on the lesser of
the number of parts that will be produced based on the expected mold capability or 5 years.
Impairment
of Long-Lived Assets
Long-lived
assets are reviewed for impairment or whenever events or changes in circumstances indicate that the carrying amount of an asset may not
be recoverable. Recoverability is measured by comparison of the carrying amount of an asset group to the future net undiscounted cash
flows that the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured
by the amount by which the carrying amount of the assets exceeds the projected discounted future net cash flows arising from the asset.
There
were no impairment losses recognized during the six months ended June 30, 2023.
Purchased
Identified Intangible Assets
The
Company’s identified intangible assets are amortized on a straight-line basis over their estimated useful lives of 5 years. The
Company makes judgments about the recoverability of finite-lived intangible assets whenever facts and circumstances indicate that the
useful life is shorter than originally estimated or that the carrying amount of assets may not be recoverable. If such facts and circumstances
exist, the Company assesses recoverability by comparing the projected undiscounted net cash flows associated with the related asset or
group of assets over their remaining lives against their respective carrying amounts. Impairments, if any, are based on the excess of
the carrying amount over the fair value of those assets. If the useful life is shorter than originally estimated, the Company would accelerate
the rate of amortization and amortize the remaining carrying value over the new shorter useful life. The Company evaluates the carrying
value of indefinite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of an
asset may not be recoverable, and an impairment charge would be recognized to the extent that the carrying amount of such assets exceeds
their estimated fair value.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
Stock-based
Compensation Expense
The
Company measures its stock-based awards made to employees based on the estimated fair values of the awards as of the grant date. For
stock option awards, the Company uses the Black-Scholes option-pricing model. For restricted stock awards, the estimated fair value is
generally the fair market value of the underlying stock on the grant date. Stock-based compensation expense is recognized over the requisite
service period and is based on the value of the portion of stock-based payment awards that is ultimately expected to vest. The Company
recognizes forfeitures of stock-based awards as they occur on a prospective basis.
Stock-based
compensation expense for awards granted to non-employees as consideration for services received is measured on the date of performance
at the fair value of the consideration received or the fair value of the equity instruments issued, whichever can be more reliably measured.
Derivative
Instruments
The
Company accounts for common stock warrants as either equity-classified or liability-classified instruments based on an assessment of
the specific terms of the warrants and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC 480”), Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815,
Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments
pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all of the requirements for equity classification
under ASC 815, including whether the warrants are indexed to the Company’s own stock and whether the holders of the warrants could
potentially require net cash settlement in a circumstance outside of the Company’s control, among other conditions for equity classification.
This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent
quarterly period end date while the warrants are outstanding.
At
their issuance date and as of June 30, 2023, the warrants (see Notes 8 and 10) were accounted for as liabilities as these instruments
did not meet all of the requirements for equity classification under ASC 815-40 based on the terms of the aforementioned warrants. The
resulting warrant liabilities are re-measured at each balance sheet date until their exercise or expiration, and any change in fair value
is recognized in the Company’s condensed consolidated statements of operations and comprehensive loss.
Foreign
Currency Translation/Transactions
The
Company has determined that the functional currency for its foreign subsidiary is the local currency. For financial reporting purposes,
assets and liabilities denominated in foreign currencies are translated at current exchange rates and profit and loss accounts are translated
at weighted average exchange rates. Resulting translation gains and losses are included as a separate component of stockholders’
equity as accumulated other comprehensive income or loss. Gains or losses resulting from transactions entered into in other than the
functional currency are recorded as foreign exchange gains and losses in the consolidated statements of operations and comprehensive
loss.
Comprehensive
income (loss)
Comprehensive
income (loss) consists of the Company’s consolidated net loss and foreign currency translation adjustments related to its subsidiary.
Foreign currency translation adjustments included in comprehensive loss were not tax effected as the Company has a full valuation allowance
at June 30, 2023 and December 31, 2022. Accumulated other comprehensive income (loss) is a separate component of stockholders’
equity and consists of the cumulative foreign currency translation adjustments.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
Basic
and Diluted Loss Per Share
The
Company computes net loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted
earnings per share (EPS) on the face of the consolidated statement of operations and comprehensive loss. Basic EPS is computed by dividing
net income (loss) available to common stockholders (numerator) by the weighted average number of shares outstanding (denominator) during
the year. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method
and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used
in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all
dilutive potential shares if their effect is anti-dilutive. As of June 30, 2023, there were 13,788,724 stock options and warrants
that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would
have been antidilutive for the periods presented.
Income
Taxes
The
Company must make certain estimates and judgments in determining income tax expenses for financial statement purposes. These estimates
and judgments are used in the calculation of tax credits, tax benefits, tax deductions, and in the calculation of certain deferred taxes
and tax liabilities. Significant changes to these estimates may result in an increase or decrease to the Company’s tax provision
in a subsequent period.
The
provision for income taxes was comprised of the Company’s current tax liability and changes in deferred income tax assets and liabilities.
The calculation of the current tax liability involves dealing with uncertainties in the application of complex tax laws and regulations
and in determining the liability for tax positions, if any, taken on the Company’s tax returns in accordance with authoritative
guidance on accounting for uncertainty in income taxes. Deferred income taxes are determined based on the differences between the financial
reporting and tax basis of assets and liabilities. The Company must assess the likelihood that it will be able to recover the Company’s
deferred tax assets. If recovery is not likely on a more-likely-than-not basis, the Company must increase its provision for income taxes
by recording a valuation allowance against the deferred tax assets that it estimates will not ultimately be recoverable. However, should
there be a change in the Company’s ability to recover its deferred tax assets, the provision for income taxes would fluctuate in
the period of such change.
Research
and Development Costs
Research
and development costs are expensed as incurred.
Advance
payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized.
Such amounts are recognized as an expense as the related goods are delivered or the services are performed.
Contingencies
Liabilities
for loss contingencies arising from claims, assessments, litigations, fines and penalties and other sources are recognized when it is
probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Gain contingencies are evaluated
and not recognized until the gain is realizable or realized.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
Recent
Accounting Pronouncements
In
March 2020, the FASB issued ASC Topic 848, Reference Rate Reform. ASC Topic 848 provides relief for impacted areas as it relates
to impending reference rate reform. ASC Topic 848 contains optional expedients and exceptions for applying GAAP to debt arrangements,
contracts, hedging relationships, and other areas or transactions that are impacted by reference rate reform. This guidance is effective
upon issuance for all entities and elections of certain optional expedients are required to apply the provisions of the guidance.
On
August 5, 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for certain financial
instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own
equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. ASU
2020-06 simplifies the guidance in U.S. GAAP on the issuer’s accounting for convertible debt instruments, requires entities to
provide expanded disclosures about “the terms and features of convertible instruments” and how the instruments have been
reported in the entity’s financial statements. It also removes from ASC 815-40-25-10 certain conditions for equity classification
and amends certain guidance in ASC 260, Earnings per Share, on the computation of EPS for convertible instruments and contracts
on an entity’s own equity. An entity can use either a full or modified retrospective approach to adopt the ASU’s guidance.
The ASU’s amendments are effective for smaller public business entities fiscal years beginning after December 15, 2023. The Company
continues to assess all potential impact of the standard and will disclose the nature and reason for any elections that the Company makes.
In
June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject
to Contractual Sale Restrictions”, intended to clarify that a contractual restriction on the sale of an equity security is not
considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendment
also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. ASU No. 2022-03
is effective for public business entities for fiscal years, including interim periods within those fiscal years, beginning after December
15, 2023. Early adoption is permitted. For all other entities, it is effective for fiscal years, including interim periods within those
fiscal years beginning after December 15, 2024. Early adoption is permitted for both interim and annual financial statements that have
not yet been issued or made available for issuance. The Company is evaluating the adoption of the amendments and the potential impact
it may have, if any, on its financial statements.
The
Company does not expect the adoption of any accounting pronouncements to have a material impact on the condensed consolidated financial
statements.
We
reviewed all other recently issued accounting pronouncements and have concluded they are not applicable or not expected to be significant
to the accounting for our operations.
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v3.23.2
Inventories
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Inventories |
Note
3. Inventories
Inventories,
net consisted of the following at:
Schedule of Inventories
| |
June 30, 2023 | | |
December 31, 2022 | |
Raw materials | |
$ | 226,062 | | |
$ | 106,088 | |
Work in process | |
| 86,831 | | |
| 49,144 | |
Finished goods | |
| 679,654 | | |
| 30,572 | |
Total | |
$ | 992,547 | | |
$ | 185,804 | |
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
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v3.23.2
Fixed Assets
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Fixed Assets |
Note
4. Fixed Assets
Fixed
asset, net, is summarized as follows as of:
Schedule of Property, Plant and Equipment
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Land | |
$ | 264,736 | | |
$ | 242,240 | |
Building | |
| 3,068,950 | | |
| 2,824,481 | |
Machinery and Equipment | |
| 4,863,882 | | |
| 4,601,293 | |
Website | |
| 20,363 | | |
| 16,600 | |
Fixed asset, gross | |
| 8,217,930 | | |
| 7,684,614 | |
Less: accumulated depreciation | |
| (1,124,976 | ) | |
| (679,724 | ) |
Fixed asset, net | |
$ | 7,092,954 | | |
$ | 7,004,890 | |
Depreciation
expense of fixed assets for the six months ended June 30, 2023 and 2022 was $445,252 net of foreign currency impacts and $156,100
respectively. Substantially, all the Company’s fixed assets are located at the Company’s Hungary location.
During
the six months ended June 30, 2022 , the Company recorded $63,612 in fixed asset costs relating to the estimated fair market value
for options granted in 2021 for the acquired machinery. As of June 30, 2023, the Company has $100,000 in remaining payments for machinery
purchased, which is included in accounts payable.
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v3.23.2
Asset Acquisition
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Asset Acquisition |
Note
5. Asset Acquisition
In
June 2020, the Company entered into a Share Purchase Agreement (“Agreement”) with Safegard Medical (“Safegard”)
and amendments to the Agreement, collectively, the Agreements, to purchase either the stock or certain assets of a manufacturing facility
for $2.5M in cash, plus additional consideration of 28,571 shares of common stock with an estimated fair market value of $7.00, 35,714
stock options with an exercise price of $7.00 and 50,000 stock options with an exercise price of $4.25. The purchase price includes the
fair market value of the common stock of $200,000 and the vested options of $183,135. The Agreements provided the Company various periods
for due diligence and post due diligence, requirements for escrow payments through the closing date (“Closing Date”).
Through
the Closing Date, the Agreements provided the Company with the exclusive use of the facility in exchange for payment of the facility’s
operating costs. The monthly fee (“Operating Costs”), which primarily covered the facility’s operating costs, was mainly
comprised of the seller’s workforce costs, materials and other recurring monthly operating cost.
During
the three and six months ended June 30, 2022, the Company had remitted $275,000 and $300,000, respectively for the forementioned Operating
Costs. The remittance of operating costs was discontinued after the Closing Date. These costs were included in research and development
expense in the condensed consolidated statement of operations as the activities at the facility in 2022 were related to design and testing
of the Company’s products.
The
acquisition of Safegard, which closed on July 6, 2022, did not meet the definition of a business pursuant to ASC 805-10, and accordingly
was accounted for as an asset acquisition in accordance with ASC 805-50. The cost of the acquisition was $2,936,712, including transaction
costs of $53,576, with the allocation to the assets acquired on a relative fair value basis. The intangibles relate to permits and a
limited workforce acquired. Under ASC 805-50, no goodwill is recognized. The operating results for Safegard are included in the consolidated
balance sheet and consolidated statements of operations and comprehensive loss for the period beginning after the closing on July 6,
2022.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
5. Asset Acquisition (continued)
The
relative fair value of the assets acquired and related deferred tax liability is as follows:
Schedule of Fair Value of the Assets Acquisition
| |
| | |
Land | |
$ | 226,000 | |
Building and affixed assets | |
| 2,648,000 | |
Machinery | |
| 158,000 | |
Inventory | |
| 32,000 | |
Intangibles | |
| 64,712 | |
Deferred tax liability | |
| (192,000 | ) |
| |
| | |
Total | |
$ | 2,936,712 | |
The
useful lives for the acquired assets is Building - 20 years; Machinery – 5 to 10 years; Intangibles – 5 years. The related
depreciation and amortization is being recorded on a straight-line basis.
|
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v3.23.2
Other Assets
|
6 Months Ended |
Jun. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
Other Assets |
Note
6. Other Assets
Other
assets as of June 30, 2023 and December 31, 2022 are summarized as follows:
Schedule of Other Assets
| |
2023 | | |
2022 | |
Intangibles, net | |
| 60,993 | | |
| 62,480 | |
Deposits or advance payments on machinery, molds, components or technology (see Note 15) | |
| 517,377 | | |
| 336,466 | |
Other | |
| 12,370 | | |
| 12,370 | |
Other assets | |
$ | 590,740 | | |
$ | 411,316 | |
Intangibles
are related to the Asset Acquisition (see Note 5) and consist of an acquired workforce and permits. Amortization for the six months ended
June 30, 2023 and 2022 was 7,928 and $1,487 respectively.
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v3.23.2
Note Purchase Agreement
|
6 Months Ended |
Jun. 30, 2023 |
Note Purchase Agreement |
|
Note Purchase Agreement |
Note
7. Note Purchase Agreement
On
December 14, 2021, the Company entered into a Note Purchase Agreement (“NPA”) with three unrelated third-party purchasers
(“Purchasers”). The Purchasers provided financing to the Company in the form of bridge financing, aggregating principal of
$2,000,000 (the “Notes”). The principal under the Notes shall be payable on the earlier of (i) December 14, 2022, and (ii)
the date on which the Company consummates an initial public offering (“IPO”), herein referred to as the “Maturity Date”.
The Notes bore interest at 8% with interest payments due monthly. The Company and the Purchasers had entered into a Security Agreement
whereby the Notes were collateralized by substantially all the assets of the Company, both tangible and intangible both currently owned
with stated exclusions, as defined, and any future acquired with stated exclusions, as defined.
The
NPA provided for covenants that until all of the Notes have been converted, exchanged, redeemed or otherwise satisfied in accordance
with their terms, the Company shall not, and the Company shall not permit any of its subsidiaries without the prior written consent of
the Purchasers: a) incur or guarantee any new debt, b) issue any securities that would cause a breach or default under the NPA, c) incur
any liens other than permitted, d) redeem or repurchase shares, e) declare or pay any cash dividend or distribution, e) sell, lease or
dispose of assets other than in the ordinary course of business, or f) engage in different line of business.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
7. Note Purchase Agreement (continued)
As
additional consideration to the Purchasers for providing the financing, the Company also agreed to a) issue each Purchaser a number of
shares of the Company’s Common Stock equal to 50% of the original principal amount of each Purchaser’s Note (the “Contingent
Stock”) and b) issue each Purchaser a number of warrants, which would allow the Purchasers to purchase additional shares of the
Company’s Common Stock, equal to 50% of the original principal amount each Purchaser’s Note for a term of 5.0 years (the
“Contingent Warrants”).
For
both the Contingent Stock and the Contingent Warrants, the number of shares and warrants that each Purchaser will be issued was unknown
at the time of the NPA and was determined based on a formula of 50% of the original principal amount divided by a “Subsequent Offering
Price” based on the valuation in a future offering of Common stock or other equity interest in the Company (such offering referred
to as a “Consummated Offering”) during the period beginning on December 14, 2021 through and including the date the Company
consummates an initial public offering (“IPO”) (such period referred to as the “Subsequent Offering Period”).
In
accordance with ASC 480-10-25-14, a fixed monetary amount exists at inception for the total value of Contingent Stock that may be issued
to each Purchaser. The Contingent Stock is not considered outstanding at inception, as it will only be issued upon the consummation of
a Consummated Offering, and accordingly, is a conditional obligation. As such the fair market value (“FMV”) of the Contingent
Stock at inception was $677,000, which was recorded as debt discount. Similarly, a fixed monetary amount further exists at inception
for the total value of Contingent Warrants that may be issued to each Purchaser. Accordingly, a conditional obligation exists and as
such the FMV of Contingent Warrants at inception was $585,000, which was recorded as debt discount. The Company incurred $197,500 of
debt issuance costs associated with the NPA. The debt issuance costs were allocated between the Notes, Contingent Stock and Contingent
Warrants in a manner that was consistent with the allocation of the proceeds of the Notes. The portion of the debt issuance costs which
were allocated to the Contingent Stock and Contingent Warrants, which was $124,460, was expensed during the year ended December 31, 2021.
The debt issuance costs allocated to the Notes were recorded as a debt discount.
The
Contingent Stock and Contingent Warrant liabilities were measured at FMV on the date of issuance (based on the Black-Scholes valuation
model).
At
inception, the Notes were recorded at the net amount of approximately $665,000, after adjusting for debt discounts of approximately $1,335,000
relating to the debt issuance costs, Contingent Stock and Contingent Warrants. Management calculates the effective interest rate (“EIR”)
to consider the potential repayment at redemption date by reference to the face value amount after taking into account the stated 8%
interest rate. In 2022, through for the three months ended March 31, 2022, the Company recorded interest expense of $39,111 and accreted
interest of $206,417 The Company repaid the $2,000,000 in Notes with proceeds from the IPO that closed on April 19, 2022.
The
value of the Contingent Stock and Contingent Warrants was required to be re-measured at FMV at each reporting date, using either the
Black-Scholes valuation model or other valuation method, if deemed more appropriate, with recognition of the changes in fair value to
other income or expense in the consolidated statement of operations in accordance with ASC 480, Debt and Equity. For the three months
ended March 31, 2022, the Company recorded a $287,000 fair market (FMV) charge to reflect the increase in the Contingent Stock and Contingent
Warrants. On April 19, 2022, the Company issued 235,295 shares of Common Stock to settle the Contingent Stock liability, re-measured
the liability at its estimated FMV based on the stock’s trading price and reclassified $496,000 to Common Stock Par Value and Additional
Paid in Capital.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
7. Note Purchase Agreement (continued)
In
connection with the closing of the IPO, 235,295 warrants were issued to settle the Contingent Warrant liability (“Note Warrants”)
with an exercise price of $4.25. The terms of the Note Warrants continue to require classification as a liability under ASC 815 with
recognition of the changes in fair value to other income or expense in the consolidated statement of operations in accordance with ASC
480 Debt and Equity. (See Note 8 and 10).
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v3.23.2
Stockholders’ Equity
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity |
Note
8. Stockholders’ Equity
Capital
Structure
On
December 11, 2017, the Company was incorporated in Wyoming with 20,000,000 shares of common stock authorized with a $0.0001 par value.
Effective, April 18, 2019, the Company’s authorized common stock was increased to 50,000,000 shares of common stock. The articles
of incorporation also authorized 10,000 preferred shares with a $0.001 par value.
Effective
March 22, 2022, the Company completed a plan and agreement of merger with Sharps Technology, Inc., a Nevada corporation (“Sharps
Nevada”). Pursuant to the merger agreement, (i) the Company merged with and into Sharps Nevada, (ii) each 3.5 shares of common
stock of the Company were converted into one share of common stock of Sharps Nevada and (iii) the articles of incorporation and bylaws
of Sharps Nevada, became the articles of incorporation and bylaws of the surviving corporation. The Company’s authorized common
stock and preferred stock increased from 50,000,000 to 100,000,000 and 10,000 to 1,000,000 shares, respectively. The par value of preferred
stock decreased from $0.001 to $0.0001 per share.
Common
Stock
On
February 3, 2023, the Company completed a securities purchase agreement (“Offering”) with institutional investors and received
net proceeds from the Offering were approximately $3.2 million, net of $600,000 in fees relating to the placement agent and other offering
expenses. The Offering was priced at the market under Nasdaq rules. In connection with the Offering, the Company issued 2,248,521 units
at a purchase price of $1.69 per unit. Each unit consists of one share of common stock and one non-tradable warrant (“Offering
Warrants”) exercisable for one share of common stock at a price of $1.56. The Offering Warrants have a term of five years from
the issuance date. On February 13, 2023, the Company filed an S-1 (Resale) Registration Statement in connection with the Offering and
on April 14, 2023, an Amendment to the S-1 was filed and went effective. The net proceeds, after reflecting par value, has been recorded
in Additional Paid in Capital of $2.8 million and with respect to the Warrants as a liability under ASC 815 of $455,326. (See Notes 8
and 10)
On
April 13, 2022, the Company’s initial public offering (“IPO”) was declared effective by the SEC pursuant to which the
Company issued and sold an aggregate of 3,750,000 units (“Units”), each consisting of one share of common stock and two warrants,
to purchase one share of common stock for each whole warrant, with an initial exercise price of $4.25 per share, adjusted to $1.56 at
February 3, 2023 based on the warrant terms, and a term of five years. In addition, the Company granted Aegis Capital Corp., as underwriter
a 45-day over-allotment option to purchase up to 15% of the number of shares included in the units sold in the offering, and/or additional
warrants equal to 15% of the number of Warrants included in the units sold in the offering, in each case solely to cover over-allotments,
which the Aegis Capital Corp. partially exercised with respect to 1,125,000 warrants on April 19, 2022.
The
Company’s common stock and warrants began trading on the Nasdaq Capital Market or Nasdaq on April 14, 2022. The net proceeds from
the IPO, prior to payments of certain listing and professional fees were approximately $14.2 million. The net proceeds, after reflecting
par value, has been recorded in Additional Paid in Capital of $9.0 million and with respect to the Warrants as a liability under ASC
815 of $5.2M. (See Note 10)
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
8. Stockholders’ Equity (continued)
During
the period April 1, 2022 through December 31, 2022, the Company issued 235,000 shares of common stock at the trading stock price in connection
with services provided to the Company and recorded a charge of $290,551, In addition, the Company issued 235,295 common shares relating
to the Note Purchase agreement. (See Note 7)
Warrants
|
a) |
In
connection with an advisory services arrangement entered into in April 2023, the Company issued 135,000 warrants during the three
months ended June 30, 2023 at an exercise price of $1.56. The warrants have a three-year term and were fully vested on issuance.
The FMV of the warrants was $19,836 computed using the Black Sholes valuation model with the following assumptions: a) volatility
of 37.45%, three-year term, risk free interest rate 3.58% and 0% dividend rate. |
|
|
|
|
(b) |
In
connection with the Offering in February 2023, the Company issued 2,248,521 non-trading warrants Offering Warrants as a component
of the Unit as noted in Common Stock above. The Offering Warrants were recorded at the FMV, computed using the Black Sholes valuation
method with the following assumptions: volatility of 41.24%, five-year term, risk free interest rate 3.71% and 0% dividend rate.
The Offering Warrant’s liability requires remeasurement at each reporting period. The Offering Warrants are classified as a
liability based on ASC 815. At the issuance date the liability was $455,326 and at June 30, 2023 the liability was $272,746. During
the three and six months ended June 30, 2023, the Company recorded a FMV gain (loss) adjustment of $1,505 and $182,580. (See Note
10). |
|
|
|
|
(c) |
In
connection with the IPO in April 2022, the Company issued 7,500,000 warrants (Trading Warrants) as a component of the Units and 1,125,000
warrants to the underwriter (Overallotment Warrants), as noted in Common Stock above. The Trading and Overallotment Warrants were
recorded at the FMV, being the trading price of the warrants, on the IPO effective date and the Warrants are classified as a Liability
based on ASC 815. The Warrant liability requires remeasurement at each reporting period. At the IPO, the liability was $5,778,750
and at December 31, 2022 the liability was $1,121,250. During the three and six months ended June 30, 2023, the Company recorded
an FMV loss adjustment of $86,250. During the three and six months ended June 30, 2022, the Company recorded a FMV gain adjustment
of $3,378,412. (See Note 10). |
|
|
|
|
(d) |
The
Company has issued 235,295 Warrants (“Note Warrants”) to the Purchasers of the Notes on April 19, 2022. The Note Warrants
have an exercise price of $4.25 and a term of five years. At the issuance date, the liability was $157,647 and through the year ended
December 31, 2022, the Company recorded a FMV gain of $127,059. During the three and six months ended June 30, 2023, the Company
recorded a FMV loss adjustment of $2,353 and the warrant liability was $32,941 at June 30, 2023. During the three and six months
ended June 30, 2022, the Company recorded a FMV gain adjustment of $520,000. (See Note 8 and 10).
|
|
|
|
|
(e) |
The
underwriter received 187,500 warrants in connection with the IPO for a nominal cost of $11,250. The Warrants have an exercise price
of $5.32 and are exercisable after October 9, 2022. The FMV at the date of issuance was $228,750 computed using the Black Sholes
valuation model with the following assumptions: a) volatility of 93.47%, five-year term, risk free interest rate 2.77% and 0% dividend
rate. The estimated FMV was classified as additional issuance costs. |
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v3.23.2
Preferred Stock
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Preferred Stock |
Note
9. Preferred Stock
In
February 2018, the Company Board of Directors issued one share of Series A Preferred Stock to Alan Blackman, the Company’s co-founder
and Director. The Series A Preferred Stock entitles the holder to vote on any matters related to the election of directors and was reduced
from 50.1% at December 31, 2021 to 29.5%, effective with the IPO. The Series A Preferred Stock has no right to dividends, or distributions
in the event of a liquidation and is not convertible into common stock. In the event the Company is sold during the two-year period following
completion of IPO at a price per share of more than 500% of the initial offering price per Unit in the IPO, the Series A Preferred Stock,
as in effect upon completion of the IPO, will entitle the holder to 10% of the total purchase price. (See Note 15)
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
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v3.23.2
Warrant Liability
|
6 Months Ended |
Jun. 30, 2023 |
Warrant Liability |
|
Warrant Liability |
Note
10. Warrant Liability
The
Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented as a Warrant liability in the accompanying
condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with
changes in fair value presented within the condensed consolidated statements of operations. (See Notes 7 and 8)
The
Warrant liability at June 30, 2023 was as follows:
Schedule
of Warrant Liability
| |
| | |
Trading and Overallotment Warrants | |
$ | 1,207,500 | |
Note Warrants | |
| 32,941 | |
Offering Warrants | |
| 272,746 | |
Total | |
$ | 1,513,187 | |
Warrant liability | |
$ | 1,513,187 | |
The
Warrants outstanding at June 30, 2023 are as follows:
Schedule
of Warrant Outstanding
| |
| | |
Trading and Overallotment Warrants | |
| 8,812,500 | |
Note warrants | |
| 235,295 | |
Offering Warrants | |
| 2,248,521 | |
Warrants issued for services arrangement | |
| 135,000 | |
Total | |
| 11,431,316 | |
Warrant outstanding | |
| 11,431,316 | |
The
following table presents the changes in the Warrant liability of the Level 1 warrants issued on April 14, 2022, the effective date of
the IPO measured at fair value from December 31, 2022 and the changes in the Offering Warrants liability of the Level 2 warrants issued
on February 6, 2023 through June 30, 2023.
Schedule
of Changes in the Warrant Liability
| |
Total | |
| |
| |
FMV of Note Warrants | |
$ | 30,588 | |
FMV of Trading and Overallotment Warrants | |
| 1,121,250 | |
FMV of Offering Warrants, at issuance | |
| 455,326 | |
Change in fair value of warrant liability for the six months ended June 30,2023 | |
| (93,977 | ) |
| |
| | |
Fair Value at June 30, 2023 | |
$ | 1,513,187 | |
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
|
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v3.23.2
Stock Options
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Stock Options |
Note
11. Stock Options
A
summary of options granted and outstanding is presented below.
Schedule
of Stock Options Granted and Outstanding
| |
June 30, 2023 | |
| |
Options | | |
Weighted Average Weighted | |
Outstanding at Beginning of year | |
| 1,358,122 | | |
$ | 4.37 | |
Granted | |
| 1,025,000 | | |
| 1.37 | |
Forfeited | |
| (25,714 | ) | |
| 1.75 | |
Outstanding at end of period | |
| 2,357,408 | | |
$ | 3.08 | |
| |
| | | |
| | |
Exercisable at end of period | |
| 1,665,378 | | |
$ | 3.63 | |
During
the six months ended June 30, 2023 , the Company granted five-year options (the “Options”) to purchase a total of 975,000
shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) to its directors, executive
officers, employees and consultants pursuant to the Company’s. 2022 and 2023 Equity Incentive Plans. The Options are exercisable
at $1.37 per share which was the closing price on January 25, 2023. Of the Options granted, Options to purchase an aggregate of 495,000
shares of Common Stock were issued to executive officers Options to purchase an aggregate of 455,000 shares of Common Stock were issued
to directors and Options to purchase an aggregate of 25,000 shares of Common Stock to employees and a consultant. In connection with
an employment agreement the Company granted five-year options to purchase 50,000 shares of common stock in February 2023 under the 2022
Equity Incentive Plan. (See Note 15).
On
January 25, 2023, the Company’s Board of Directors adopted the 2023 Equity Incentive Plan (the “2023 Plan”). The 2023
Plan provides for the issuance of up to 1,400,000 options and/or shares of restricted stock to be available for issuance to officers,
directors, employees and consultants. The 2023 Plan is subject to shareholder approval at the annual meeting.
As
of June 30, 2023, there was $725,355 in unrecognized stock-based compensation related to unvested stock options, which is expected to
be recognized over a weighted average period of forty months.
The
following table summarizes information about options outstanding at June 30, 2023:
Schedule
of Information about Options Outstanding
Exercise
Prices |
|
|
Shares
Outstanding |
|
|
Weighted
Average Remaining Contractual Life |
|
|
Shares
Exercisable |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1.21 |
|
|
|
307,500 |
|
|
|
4.42 |
|
|
|
233,719 |
|
$ |
1.30 |
|
|
|
50,000 |
|
|
|
4.71 |
|
|
|
18,750 |
|
$ |
1.37 |
|
|
|
975,000 |
|
|
|
4.67 |
|
|
|
437,032 |
|
$ |
1.39 |
|
|
|
10,000 |
|
|
|
4.17 |
|
|
|
10,000 |
|
$ |
1.75 |
|
|
|
42,857 |
|
|
|
2.75 |
|
|
|
42,857 |
|
$ |
2.80 |
|
|
|
141,429 |
|
|
|
1.00 |
|
|
|
141,429 |
|
$ |
4.25 |
|
|
|
50,000 |
|
|
|
4.00 |
|
|
|
50,000 |
|
$ |
4.38 |
|
|
|
244,286 |
|
|
|
1.75 |
|
|
|
244,286 |
|
$ |
7.00 |
|
|
|
536,336 |
|
|
|
2.50 |
|
|
|
477,305 |
|
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
11. Stock Options (continued)
For
the three and six months ended June 30, 2023, the Company recognized stock-based compensation expense of $234,610 and $617,711
respectively, recorded in general and administrative. For the three and six months ended June 30, 2022, the recognized stock-based compensation
expense of $365,606 and $589,553 respectively, of which $39,870 and $50,182 was recorded in general and administrative and research and
development expenses, respectively. Further, for the three months ended March 31, 2022, the Company recorded stock-based charges relating
to consideration for purchase of machinery of $63,512 (see Note 4) and $40,901 relating to an Acquisition (see Note 5).
The
fair value of stock option awards accounted for under ASC 718 was estimated at the date of grant using a Black-Scholes option-pricing
model with the following assumptions for the options granted during the six months ended June 30, 2023.
Schedule
of Fair Value of Stock Option Awards
Expected term (years) | |
2.88 to 3.25 | |
Expected volatility | |
75.40% to 89.93 | % |
Risk-free interest rate | |
3.71% to 4.27 | % |
Dividend rate | |
| 0 | % |
|
X |
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v3.23.2
Income Taxes
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note
12. Income Taxes
At
the end of each interim reporting period, the Company estimates its effective tax rate expected to be applied for the full year. This
estimate is used to determine the income tax provision or benefit on a year-to-date basis and may change in subsequent interim periods.
Accordingly, the Company’s effective tax rate for the three and six months ended , June 30, 2023 was 0%, compared to the
effective tax rate of 0% for the three and six months ended June 30, 2022. The Company’s effective tax rates for both periods were
affected primarily by a full valuation allowance on domestic net deferred tax assets.
|
X |
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v3.23.2
Related Party Transactions and Balances
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions and Balances |
Note
13. Related Party Transactions and Balances
As
of June 30, 2023 and December 31, 2022, accounts payable and accrued liabilities include $31,000 and $105,667, respectively, payable
to officers and directors of the Company. The amounts are unsecured, non-interest bearing and are due on demand (See Note 15).
|
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v3.23.2
Fair Value Measurements
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
Note
14. Fair Value Measurements
The
Company’s financial instruments include cash, accounts payable, notes payable, contingent stock and warrant liability and warrant
liability. Cash, contingent stock liability, contingent warrant liability and warrant liability are measured at fair value. Accounts
payable and notes payable are measured at amortized cost and approximates fair value due to their short duration and market rate for
similar instruments, respectively.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
14. Fair Value Measurements (continued)
As
of June 30, 2023, the following financial assets and liabilities were measured at fair value on a recurring basis presented on the Company’s
consolidated balance sheet:
Schedule
of Assets and Liabilities Measured at Fair Value on Recurring Basis
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
2,924,019 |
|
|
|
- |
|
|
|
- |
|
|
$ |
2,924,019 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Total
assets measured at fair value |
|
$ |
2,924,019 |
|
|
|
- |
|
|
|
|
|
|
$ |
2,924,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant
liability |
|
$ |
1,240,441 |
|
|
|
272,276 |
|
|
|
- |
|
|
$ |
1,513,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities measured at fair value |
|
$ |
1,240,441 |
|
|
|
272,276 |
|
|
|
- |
|
|
$ |
1,513,187 |
|
|
X |
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- DefinitionThe entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.
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v3.23.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
15. Commitments and Contingencies
Fixed
Assets and Other
At
June 30, 2023, the Company has outstanding orders to purchase equipment, mold and component parts for research and development of $490,651
of which advance payments of $280,349 have been made and recorded in Other Assets (See Note 6).
Contingencies
At
each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably
estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company is currently not
involved in any material litigation or other loss contingencies.
Royalty
Agreement
In
connection with the purchase of certain intellectual property in July 2017, Barry Berler and Alan Blackman entered into a royalty agreement
which provides that Barry Berler will be entitled to a royalty of four percent (4%) of net sales derived from the use, sale, lease, rent
and export of products related to the intellectual property. The royalty continues until the patent expires or is no longer used in the
Company’s product. The royalty agreement was assumed by the Company in December 2017.
In
September 2018, the Royalty Agreement was amended to reduce the royalty to 2% and further provided for a single payment of $500,000 to
Barry Berler within three years in return for cancellation of all further royalty obligations of the Company. In May 2019, the Royalty
Agreement was further amended to change the payment date to on or before May 31, 2021 or during the term of the amended Royalty Agreement
should the Company be acquired or a controlling interest be acquired. The Company has not made the aforementioned payment or incur any
change in control as such the 2% royalty remains in place.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
15. Commitments and Contingencies (continued)
Employment
Agreements and Other
On
August 1, 2022, the Company cancelled the consulting agreement with Alan Blackman, Co- Chairman and Chief Operating Officer and
entered into an Employment Agreement which provides for annual salary of $256,000,
which provides for increases, and provisions compensation adjustments, expense and tax differential reimbursements, benefits and
bonuses. As of September 1, 2022, the annual salary is $320,000.
At June 30, 2022, the Company approved and accrued a $250,000
bonus to Mr. Blackman for services provided in 2022, of which $65,000
was paid subsequent to December 31, 2022. The Company terminated Mr. Blackman’s Employment Agreement effective May 1, 2023.
Mr. Blackman continued to serve as the Co-Chairman and a member of the Board of Directors. The parties were having preliminary
settlement discussions. Subsequent to June 30, 2023, the Company and Mr. Blackman entered into a separation agreement whereby, Mr.
Blackman will be paid severance payments of approximately $346,000,
which was recorded as an expense and an accrued expense as of June 30, 2023, over thirteen months, continue his medical benefits for
such period with a cost of approximately $29,000
which has been accrued at June 30, 2023. Further, all unvested options were fully vested. In connection with the separation
agreement, Mr. Blackman no longer serves as Co-Chairman or Board member and has agreed to vote his Series A Preferred Stock in favor
of the election, reelection, and/or designation of each individual nominated to serve as a director on the Board of Director as
shall be identified in an applicable proxy statement filed by the Company for such election of directors. Once the payments due Mr.
Blackman are fully paid, the Series A Preferred Stock shall be deemed immediately cancelled and forfeited and without further
consideration. The Series A Preferred shall at such time be returned to the status of an authorized but unissued share of preferred
stock of the Company.
On
September 30, 2022, the Company entered into a formal employment agreement, effective on such date and will continue until terminated
by either party, subject to the terms of the agreement, with Andrew R. Crescenzo who has been serving as the Company’s Chief Financial
Officer on a contract services basis for the last three years. The agreement provided for annual compensation of $225,000 and plus a
one-time $18,750 incentive payment upon the commencement of the agreement. During the course of the term, Mr. Crescenzo will be eligible
for (i) performance bonuses to be granted at the discretion of the Company’s Compensation Committee and (ii) to participate in
the Company’s 2022 Equity Incentive Plan. The agreement contains customary employment terms and conditions.
In
October 2022, the Company entered into a service agreement (“Service Agreement”) with an unrelated third-party for marketing
and investor relations services. The Service Agreement, which has a term of one year, has various deliverables and provides payments
to the third party as follows; a) an initial fee of $90,000, b) monthly fees through the term of $12,500, c) 200,000 shares of restricted
common stock and d) $300,000 specifically related to digital marketing activities. As stated in Note 8, the 200,000 shares of restricted
common stock were valued at $230,000, representative of the trading price on the issuance.
On
February 09, 2023, the Company, appointed Justin Page,
as Vice President of Technical Operations with a start date of February 15, 2023. The agreement
provides for annual compensation of $235,000 and options to purchase 50,000 shares of common stock at the exercise price of $1.30, the
closing price on the grant date. During the course of the term, Mr. Paige will be eligible for (i) performance bonuses to be granted
at the discretion of the Company’s Compensation Committee and (ii) to participate in the Company’s Equity Incentive Plan.
The agreement contains customary employment terms and conditions and provides for severance of six months if a change in control occurs,
as defined.
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying condensed consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting
principles (“GAAP”) in the United States (“U.S.”) and are expressed in U.S. dollars.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. As
of June 30, 2023, the most significant estimates relate to derivative liabilities and stock-based compensation.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less at the date
of purchase to be cash equivalents. Cash and cash equivalents are maintained with various financial institutions.
|
Inventories |
Inventories
The
Company values inventory at the lower of cost (average cost) or net realizable value. Work-in-process and finished goods inventories
consist of material, labor, and manufacturing overhead. Net realizable value is the estimated selling price in the ordinary course of
business, less reasonably predictable costs of completion, disposal, and transportation. A reserve is established for any excess or obsolete
inventories or they may be written off. At June 30, 2023 and December 31, 2022, inventory is comprised of raw materials, including packaging,
work in process (components) and finished goods.
|
Fair Value Measurements |
Fair
Value Measurements
ASC
820, Fair Value Measurements and Disclosures, require an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding
the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the
lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be
used to measure fair value.
The
Company’s outstanding warrants are fair valued on a recurring basis with the trading price which could cause fluctuations in operating
results at the reporting periods.
Level
1
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Valuations
are based on quoted prices that are readily and regularly available in an active market and do not entail a significant degree of judgment.
Level
2
Level
2 applied to assets or liabilities for which there are other than Level 1 observable inputs such as quoted prices for similar assets
or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent
transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally
from, or corroborated by, observable market data.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
Level
2 instruments require more management judgment and subjectivity as compared to Level 1 instruments. For instance: determining which instruments
are most similar to the instrument being priced requires management to identify a sample of similar securities based on the coupon rates,
maturity, issuer credit rating and instrument type, and subjectively select an individual security or multiple securities that are deemed
most similar to the security being priced; and determining whether a market is considered active requires management judgment.
Level
3
Level
3 applied to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement
of the fair value of the assets or liabilities. The determination for Level 3 instruments requires the most management judgment and subjectivity.
|
Fixed Assets |
Fixed
Assets
Fixed
assets are stated at cost. Expenditures for maintenance and repairs are charged to operations as incurred. The Company’s fixed
assets consist of land, building, machinery and equipment, molds and website. Depreciation is calculated using the straight-line method
commencing on the date the asset is operating in the way intended by management over the following useful lives: Building – 20
years, Machinery and Equipment – 3 -10 years and Website – 3 years. The expected life for Molds is based on the lesser of
the number of parts that will be produced based on the expected mold capability or 5 years.
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
Long-lived
assets are reviewed for impairment or whenever events or changes in circumstances indicate that the carrying amount of an asset may not
be recoverable. Recoverability is measured by comparison of the carrying amount of an asset group to the future net undiscounted cash
flows that the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured
by the amount by which the carrying amount of the assets exceeds the projected discounted future net cash flows arising from the asset.
There
were no impairment losses recognized during the six months ended June 30, 2023.
Purchased
Identified Intangible Assets
The
Company’s identified intangible assets are amortized on a straight-line basis over their estimated useful lives of 5 years. The
Company makes judgments about the recoverability of finite-lived intangible assets whenever facts and circumstances indicate that the
useful life is shorter than originally estimated or that the carrying amount of assets may not be recoverable. If such facts and circumstances
exist, the Company assesses recoverability by comparing the projected undiscounted net cash flows associated with the related asset or
group of assets over their remaining lives against their respective carrying amounts. Impairments, if any, are based on the excess of
the carrying amount over the fair value of those assets. If the useful life is shorter than originally estimated, the Company would accelerate
the rate of amortization and amortize the remaining carrying value over the new shorter useful life. The Company evaluates the carrying
value of indefinite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of an
asset may not be recoverable, and an impairment charge would be recognized to the extent that the carrying amount of such assets exceeds
their estimated fair value.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
|
Stock-based Compensation Expense |
Stock-based
Compensation Expense
The
Company measures its stock-based awards made to employees based on the estimated fair values of the awards as of the grant date. For
stock option awards, the Company uses the Black-Scholes option-pricing model. For restricted stock awards, the estimated fair value is
generally the fair market value of the underlying stock on the grant date. Stock-based compensation expense is recognized over the requisite
service period and is based on the value of the portion of stock-based payment awards that is ultimately expected to vest. The Company
recognizes forfeitures of stock-based awards as they occur on a prospective basis.
Stock-based
compensation expense for awards granted to non-employees as consideration for services received is measured on the date of performance
at the fair value of the consideration received or the fair value of the equity instruments issued, whichever can be more reliably measured.
|
Derivative Instruments |
Derivative
Instruments
The
Company accounts for common stock warrants as either equity-classified or liability-classified instruments based on an assessment of
the specific terms of the warrants and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC 480”), Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815,
Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments
pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all of the requirements for equity classification
under ASC 815, including whether the warrants are indexed to the Company’s own stock and whether the holders of the warrants could
potentially require net cash settlement in a circumstance outside of the Company’s control, among other conditions for equity classification.
This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent
quarterly period end date while the warrants are outstanding.
At
their issuance date and as of June 30, 2023, the warrants (see Notes 8 and 10) were accounted for as liabilities as these instruments
did not meet all of the requirements for equity classification under ASC 815-40 based on the terms of the aforementioned warrants. The
resulting warrant liabilities are re-measured at each balance sheet date until their exercise or expiration, and any change in fair value
is recognized in the Company’s condensed consolidated statements of operations and comprehensive loss.
|
Foreign Currency Translation/Transactions |
Foreign
Currency Translation/Transactions
The
Company has determined that the functional currency for its foreign subsidiary is the local currency. For financial reporting purposes,
assets and liabilities denominated in foreign currencies are translated at current exchange rates and profit and loss accounts are translated
at weighted average exchange rates. Resulting translation gains and losses are included as a separate component of stockholders’
equity as accumulated other comprehensive income or loss. Gains or losses resulting from transactions entered into in other than the
functional currency are recorded as foreign exchange gains and losses in the consolidated statements of operations and comprehensive
loss.
|
Comprehensive income (loss) |
Comprehensive
income (loss)
Comprehensive
income (loss) consists of the Company’s consolidated net loss and foreign currency translation adjustments related to its subsidiary.
Foreign currency translation adjustments included in comprehensive loss were not tax effected as the Company has a full valuation allowance
at June 30, 2023 and December 31, 2022. Accumulated other comprehensive income (loss) is a separate component of stockholders’
equity and consists of the cumulative foreign currency translation adjustments.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
|
Basic and Diluted Loss Per Share |
Basic
and Diluted Loss Per Share
The
Company computes net loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted
earnings per share (EPS) on the face of the consolidated statement of operations and comprehensive loss. Basic EPS is computed by dividing
net income (loss) available to common stockholders (numerator) by the weighted average number of shares outstanding (denominator) during
the year. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method
and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used
in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all
dilutive potential shares if their effect is anti-dilutive. As of June 30, 2023, there were 13,788,724 stock options and warrants
that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would
have been antidilutive for the periods presented.
|
Income Taxes |
Income
Taxes
The
Company must make certain estimates and judgments in determining income tax expenses for financial statement purposes. These estimates
and judgments are used in the calculation of tax credits, tax benefits, tax deductions, and in the calculation of certain deferred taxes
and tax liabilities. Significant changes to these estimates may result in an increase or decrease to the Company’s tax provision
in a subsequent period.
The
provision for income taxes was comprised of the Company’s current tax liability and changes in deferred income tax assets and liabilities.
The calculation of the current tax liability involves dealing with uncertainties in the application of complex tax laws and regulations
and in determining the liability for tax positions, if any, taken on the Company’s tax returns in accordance with authoritative
guidance on accounting for uncertainty in income taxes. Deferred income taxes are determined based on the differences between the financial
reporting and tax basis of assets and liabilities. The Company must assess the likelihood that it will be able to recover the Company’s
deferred tax assets. If recovery is not likely on a more-likely-than-not basis, the Company must increase its provision for income taxes
by recording a valuation allowance against the deferred tax assets that it estimates will not ultimately be recoverable. However, should
there be a change in the Company’s ability to recover its deferred tax assets, the provision for income taxes would fluctuate in
the period of such change.
|
Research and Development Costs |
Research
and Development Costs
Research
and development costs are expensed as incurred.
Advance
payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized.
Such amounts are recognized as an expense as the related goods are delivered or the services are performed.
|
Contingencies |
Contingencies
Liabilities
for loss contingencies arising from claims, assessments, litigations, fines and penalties and other sources are recognized when it is
probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Gain contingencies are evaluated
and not recognized until the gain is realizable or realized.
SHARPS
TECHNOLOGY, INC.
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE MONTHS ENDED JUNE 30, 2023 AND 2022
Note
2. Summary of Significant Accounting Policies (continued)
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
March 2020, the FASB issued ASC Topic 848, Reference Rate Reform. ASC Topic 848 provides relief for impacted areas as it relates
to impending reference rate reform. ASC Topic 848 contains optional expedients and exceptions for applying GAAP to debt arrangements,
contracts, hedging relationships, and other areas or transactions that are impacted by reference rate reform. This guidance is effective
upon issuance for all entities and elections of certain optional expedients are required to apply the provisions of the guidance.
On
August 5, 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for certain financial
instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own
equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. ASU
2020-06 simplifies the guidance in U.S. GAAP on the issuer’s accounting for convertible debt instruments, requires entities to
provide expanded disclosures about “the terms and features of convertible instruments” and how the instruments have been
reported in the entity’s financial statements. It also removes from ASC 815-40-25-10 certain conditions for equity classification
and amends certain guidance in ASC 260, Earnings per Share, on the computation of EPS for convertible instruments and contracts
on an entity’s own equity. An entity can use either a full or modified retrospective approach to adopt the ASU’s guidance.
The ASU’s amendments are effective for smaller public business entities fiscal years beginning after December 15, 2023. The Company
continues to assess all potential impact of the standard and will disclose the nature and reason for any elections that the Company makes.
In
June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject
to Contractual Sale Restrictions”, intended to clarify that a contractual restriction on the sale of an equity security is not
considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendment
also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. ASU No. 2022-03
is effective for public business entities for fiscal years, including interim periods within those fiscal years, beginning after December
15, 2023. Early adoption is permitted. For all other entities, it is effective for fiscal years, including interim periods within those
fiscal years beginning after December 15, 2024. Early adoption is permitted for both interim and annual financial statements that have
not yet been issued or made available for issuance. The Company is evaluating the adoption of the amendments and the potential impact
it may have, if any, on its financial statements.
The
Company does not expect the adoption of any accounting pronouncements to have a material impact on the condensed consolidated financial
statements.
We
reviewed all other recently issued accounting pronouncements and have concluded they are not applicable or not expected to be significant
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v3.23.2
Inventories (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventories |
Inventories,
net consisted of the following at:
Schedule of Inventories
| |
June 30, 2023 | | |
December 31, 2022 | |
Raw materials | |
$ | 226,062 | | |
$ | 106,088 | |
Work in process | |
| 86,831 | | |
| 49,144 | |
Finished goods | |
| 679,654 | | |
| 30,572 | |
Total | |
$ | 992,547 | | |
$ | 185,804 | |
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Fixed Assets (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment |
Fixed
asset, net, is summarized as follows as of:
Schedule of Property, Plant and Equipment
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Land | |
$ | 264,736 | | |
$ | 242,240 | |
Building | |
| 3,068,950 | | |
| 2,824,481 | |
Machinery and Equipment | |
| 4,863,882 | | |
| 4,601,293 | |
Website | |
| 20,363 | | |
| 16,600 | |
Fixed asset, gross | |
| 8,217,930 | | |
| 7,684,614 | |
Less: accumulated depreciation | |
| (1,124,976 | ) | |
| (679,724 | ) |
Fixed asset, net | |
$ | 7,092,954 | | |
$ | 7,004,890 | |
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v3.23.2
Asset Acquisition (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of Fair Value of the Assets Acquisition |
The
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Schedule of Fair Value of the Assets Acquisition
| |
| | |
Land | |
$ | 226,000 | |
Building and affixed assets | |
| 2,648,000 | |
Machinery | |
| 158,000 | |
Inventory | |
| 32,000 | |
Intangibles | |
| 64,712 | |
Deferred tax liability | |
| (192,000 | ) |
| |
| | |
Total | |
$ | 2,936,712 | |
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Other Assets (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
Schedule of Other Assets |
Other
assets as of June 30, 2023 and December 31, 2022 are summarized as follows:
Schedule of Other Assets
| |
2023 | | |
2022 | |
Intangibles, net | |
| 60,993 | | |
| 62,480 | |
Deposits or advance payments on machinery, molds, components or technology (see Note 15) | |
| 517,377 | | |
| 336,466 | |
Other | |
| 12,370 | | |
| 12,370 | |
Other assets | |
$ | 590,740 | | |
$ | 411,316 | |
|
X |
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v3.23.2
Warrant Liability (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Warrant Liability |
|
Schedule of Warrant Liability |
The
Warrant liability at June 30, 2023 was as follows:
Schedule
of Warrant Liability
| |
| | |
Trading and Overallotment Warrants | |
$ | 1,207,500 | |
Note Warrants | |
| 32,941 | |
Offering Warrants | |
| 272,746 | |
Total | |
$ | 1,513,187 | |
Warrant liability | |
$ | 1,513,187 | |
|
Schedule of Warrant Outstanding |
The
Warrants outstanding at June 30, 2023 are as follows:
Schedule
of Warrant Outstanding
| |
| | |
Trading and Overallotment Warrants | |
| 8,812,500 | |
Note warrants | |
| 235,295 | |
Offering Warrants | |
| 2,248,521 | |
Warrants issued for services arrangement | |
| 135,000 | |
Total | |
| 11,431,316 | |
Warrant outstanding | |
| 11,431,316 | |
|
Schedule of Changes in the Warrant Liability |
The
following table presents the changes in the Warrant liability of the Level 1 warrants issued on April 14, 2022, the effective date of
the IPO measured at fair value from December 31, 2022 and the changes in the Offering Warrants liability of the Level 2 warrants issued
on February 6, 2023 through June 30, 2023.
Schedule
of Changes in the Warrant Liability
| |
Total | |
| |
| |
FMV of Note Warrants | |
$ | 30,588 | |
FMV of Trading and Overallotment Warrants | |
| 1,121,250 | |
FMV of Offering Warrants, at issuance | |
| 455,326 | |
Change in fair value of warrant liability for the six months ended June 30,2023 | |
| (93,977 | ) |
| |
| | |
Fair Value at June 30, 2023 | |
$ | 1,513,187 | |
|
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v3.23.2
Stock Options (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Stock Options Granted and Outstanding |
A
summary of options granted and outstanding is presented below.
Schedule
of Stock Options Granted and Outstanding
| |
June 30, 2023 | |
| |
Options | | |
Weighted Average Weighted | |
Outstanding at Beginning of year | |
| 1,358,122 | | |
$ | 4.37 | |
Granted | |
| 1,025,000 | | |
| 1.37 | |
Forfeited | |
| (25,714 | ) | |
| 1.75 | |
Outstanding at end of period | |
| 2,357,408 | | |
$ | 3.08 | |
| |
| | | |
| | |
Exercisable at end of period | |
| 1,665,378 | | |
$ | 3.63 | |
|
Schedule of Information about Options Outstanding |
The
following table summarizes information about options outstanding at June 30, 2023:
Schedule
of Information about Options Outstanding
Exercise
Prices |
|
|
Shares
Outstanding |
|
|
Weighted
Average Remaining Contractual Life |
|
|
Shares
Exercisable |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1.21 |
|
|
|
307,500 |
|
|
|
4.42 |
|
|
|
233,719 |
|
$ |
1.30 |
|
|
|
50,000 |
|
|
|
4.71 |
|
|
|
18,750 |
|
$ |
1.37 |
|
|
|
975,000 |
|
|
|
4.67 |
|
|
|
437,032 |
|
$ |
1.39 |
|
|
|
10,000 |
|
|
|
4.17 |
|
|
|
10,000 |
|
$ |
1.75 |
|
|
|
42,857 |
|
|
|
2.75 |
|
|
|
42,857 |
|
$ |
2.80 |
|
|
|
141,429 |
|
|
|
1.00 |
|
|
|
141,429 |
|
$ |
4.25 |
|
|
|
50,000 |
|
|
|
4.00 |
|
|
|
50,000 |
|
$ |
4.38 |
|
|
|
244,286 |
|
|
|
1.75 |
|
|
|
244,286 |
|
$ |
7.00 |
|
|
|
536,336 |
|
|
|
2.50 |
|
|
|
477,305 |
|
|
Schedule of Fair Value of Stock Option Awards |
The
fair value of stock option awards accounted for under ASC 718 was estimated at the date of grant using a Black-Scholes option-pricing
model with the following assumptions for the options granted during the six months ended June 30, 2023.
Schedule
of Fair Value of Stock Option Awards
Expected term (years) | |
2.88 to 3.25 | |
Expected volatility | |
75.40% to 89.93 | % |
Risk-free interest rate | |
3.71% to 4.27 | % |
Dividend rate | |
| 0 | % |
|
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v3.23.2
Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
As
of June 30, 2023, the following financial assets and liabilities were measured at fair value on a recurring basis presented on the Company’s
consolidated balance sheet:
Schedule
of Assets and Liabilities Measured at Fair Value on Recurring Basis
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
2,924,019 |
|
|
|
- |
|
|
|
- |
|
|
$ |
2,924,019 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Total
assets measured at fair value |
|
$ |
2,924,019 |
|
|
|
- |
|
|
|
|
|
|
$ |
2,924,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant
liability |
|
$ |
1,240,441 |
|
|
|
272,276 |
|
|
|
- |
|
|
$ |
1,513,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities measured at fair value |
|
$ |
1,240,441 |
|
|
|
272,276 |
|
|
|
- |
|
|
$ |
1,513,187 |
|
|
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v3.23.2
Description of Business (Details Narrative) - USD ($)
|
Apr. 19, 2022 |
Apr. 14, 2022 |
Jun. 30, 2023 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Working capital |
|
|
$ 1,197,575
|
IPO [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Initial public offering |
$ 14,200,000
|
$ 14,200,000
|
|
X |
- DefinitionThe cash inflow associated with the amount received from entity's first offering of stock to the public.
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v3.23.2
Summary of Significant Accounting Policies (Details Narrative)
|
6 Months Ended |
Jun. 30, 2023
USD ($)
shares
|
Property, Plant and Equipment [Line Items] |
|
Impairment losses | $ |
$ 0
|
Stock Options and Warrants [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Antidilutive securities shares | shares |
13,788,724
|
Building [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, Plant and Equipment, Useful Life |
20 years
|
Machinery and Equipment [Member] | Minimum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, Plant and Equipment, Useful Life |
3 years
|
Machinery and Equipment [Member] | Maximum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, Plant and Equipment, Useful Life |
10 years
|
Website [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, Plant and Equipment, Useful Life |
3 years
|
X |
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v3.23.2
Schedule of Inventories (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Inventory Disclosure [Abstract] |
|
|
Raw materials |
$ 226,062
|
$ 106,088
|
Work in process |
86,831
|
49,144
|
Finished goods |
679,654
|
30,572
|
Total |
$ 992,547
|
$ 185,804
|
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v3.23.2
Schedule of Property, Plant and Equipment (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Fixed asset, gross |
$ 8,217,930
|
$ 7,684,614
|
Less: accumulated depreciation |
(1,124,976)
|
(679,724)
|
Fixed asset, net |
7,092,954
|
7,004,890
|
Land [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Fixed asset, gross |
264,736
|
242,240
|
Building [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Fixed asset, gross |
3,068,950
|
2,824,481
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Fixed asset, gross |
4,863,882
|
4,601,293
|
Website [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Fixed asset, gross |
$ 20,363
|
$ 16,600
|
X |
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v3.23.2
Schedule of Fair Value of the Assets Acquisition (Details) - Safegard Medical, Inc [Member]
|
Jul. 06, 2022
USD ($)
|
Business Acquisition [Line Items] |
|
Land |
$ 226,000
|
Building and affixed assets |
2,648,000
|
Machinery |
158,000
|
Inventory |
32,000
|
Intangibles |
64,712
|
Deferred tax liability |
(192,000)
|
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Asset Acquisition (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
Jul. 06, 2022 |
Jun. 30, 2022 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Building [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Finite-lived intangible asset, useful life |
|
|
|
20 years
|
Machinery and Equipment [Member] | Minimum [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Finite-lived intangible asset, useful life |
|
|
|
5 years
|
Machinery and Equipment [Member] | Maximum [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Finite-lived intangible asset, useful life |
|
|
|
10 years
|
Finite-Lived Intangible Assets [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Finite-lived intangible asset, useful life |
|
|
|
5 years
|
Safegard Medical, Inc [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Acquisition cost |
$ 2,936,712
|
|
|
|
Fair value of assets acquired |
53,576
|
|
|
|
Share Purchase Agreement [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Asset acquisition |
$ 2,500,000
|
|
|
|
Operating costs |
|
$ 275,000
|
$ 300,000
|
|
Share Purchase Agreement [Member] | Equity Option [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Stock options issued |
35,714
|
|
|
|
Exercise price |
$ 7.00
|
|
|
|
Vested options, value |
$ 183,135
|
|
|
|
Share Purchase Agreement [Member] | Stock Option One [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Stock options issued |
50,000
|
|
|
|
Exercise price |
$ 4.25
|
|
|
|
Share Purchase Agreement [Member] | Common Stock [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Additional consideration, shares |
28,571
|
|
|
|
Share price |
$ 7.00
|
|
|
|
Fair market value of common stock |
$ 200,000
|
|
|
|
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v3.23.2
Schedule of Other Assets (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
Intangibles, net |
$ 60,993
|
$ 62,480
|
Deposits or advance payments on machinery, molds, components or technology (see Note 15) |
517,377
|
336,466
|
Other |
12,370
|
12,370
|
Other assets |
$ 590,740
|
$ 411,316
|
X |
- References
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v3.23.2
Note Purchase Agreement (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
Feb. 13, 2023 |
Apr. 19, 2022 |
Apr. 14, 2022 |
Dec. 14, 2021 |
Apr. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Gain loss on sale of derivatives |
|
|
|
|
|
$ (90,108)
|
$ 4,365,930
|
|
$ 93,977
|
$ 4,078,930
|
|
|
Common stock, shares issued |
|
|
|
|
|
11,655,936
|
|
|
11,655,936
|
|
9,407,415
|
|
Fair market value of warrant |
$ 455,326
|
|
$ 5,200,000
|
|
$ 19,836
|
|
|
|
|
|
|
|
Note Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Fair market value of warrant |
|
|
|
|
|
|
|
|
|
$ 3,378,412
|
$ 127,059
|
|
Note Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
8.00%
|
|
|
8.00%
|
|
|
Contingent stock liability |
|
|
|
$ 677,000
|
|
|
|
|
|
|
|
|
Contingent warrants liability |
|
|
|
585,000
|
|
|
|
|
|
|
|
|
Allocation of debt issuance cost to contingent stock and contingent warrants |
|
|
|
|
|
|
|
|
|
|
|
$ 124,460
|
Notes payable |
|
|
|
|
|
|
$ 665,000
|
|
|
$ 665,000
|
|
|
Debt discount |
|
|
|
|
|
|
$ 1,335,000
|
|
|
$ 1,335,000
|
|
|
Interest expense |
|
|
|
|
|
|
|
$ 39,111
|
|
|
|
|
Accreted interest |
|
|
|
|
|
|
|
206,417
|
|
|
|
|
Notes payable |
|
$ 2,000,000
|
|
|
|
|
|
|
|
|
|
|
Gain loss on sale of derivatives |
|
|
|
|
|
|
|
$ 287,000
|
|
|
|
|
Common stock, shares issued |
|
235,295
|
|
|
|
|
|
|
|
|
|
|
Fair market value of warrant |
|
$ 496,000
|
|
|
|
|
|
|
|
|
|
|
Note Purchase Agreement [Member] | Note Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Contingent warrant |
|
|
|
|
|
|
|
|
235,295
|
|
|
|
Exercise price |
|
|
|
|
|
|
|
|
$ 4.25
|
|
|
|
Note Purchase Agreement [Member] | Unrelated Third Party Purchasers [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
$ 2,000,000
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
Debt description |
|
|
|
As
additional consideration to the Purchasers for providing the financing, the Company also agreed to a) issue each Purchaser a number of
shares of the Company’s Common Stock equal to 50% of the original principal amount of each Purchaser’s Note (the “Contingent
Stock”) and b) issue each Purchaser a number of warrants, which would allow the Purchasers to purchase additional shares of the
Company’s Common Stock, equal to 50% of the original principal amount each Purchaser’s Note for a term of 5.0 years (the
“Contingent Warrants”)
|
|
|
|
|
|
|
|
|
Debt issuance costs |
|
|
|
$ 197,500
|
|
|
|
|
|
|
|
|
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v3.23.2
Stockholders’ Equity (Details Narrative) - USD ($)
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
Feb. 13, 2023 |
Feb. 03, 2023 |
Apr. 19, 2022 |
Apr. 14, 2022 |
Apr. 13, 2022 |
Mar. 22, 2022 |
Apr. 30, 2023 |
Feb. 28, 2023 |
Apr. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2022 |
Apr. 18, 2019 |
Dec. 11, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, share authorized |
|
|
|
|
|
50,000,000
|
|
|
|
100,000,000
|
|
100,000,000
|
|
100,000,000
|
100,000,000
|
50,000,000
|
20,000,000
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
$ 0.0001
|
|
$ 0.0001
|
Preferred stock, shares authorized |
|
|
|
|
|
10,000
|
|
|
|
1,000,000
|
|
1,000,000
|
|
1,000,000
|
1,000,000
|
10,000
|
|
Preferred stock, par value |
|
|
|
|
|
$ 0.001
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
$ 0.0001
|
$ 0.001
|
|
Conversion of stock, description |
|
|
|
|
|
Pursuant to the merger agreement, (i) the Company merged with and into Sharps Nevada, (ii) each 3.5 shares of common
stock of the Company were converted into one share of common stock of Sharps Nevada and (iii) the articles of incorporation and bylaws
of Sharps Nevada, became the articles of incorporation and bylaws of the surviving corporation
|
|
|
|
|
|
|
|
|
|
|
|
Additional paid in capital |
$ 2,800,000
|
|
|
$ 9,000,000.0
|
|
|
|
|
|
$ 28,154,012
|
|
$ 28,154,012
|
|
$ 24,733,306
|
$ 24,733,306
|
|
|
Fair value adjustment of warrants |
$ 455,326
|
|
|
5,200,000
|
|
|
$ 19,836
|
|
|
|
|
|
|
|
|
|
|
Warrants received |
|
|
|
|
|
|
|
|
|
11,431,316
|
|
11,431,316
|
|
|
|
|
|
Common stock issued for services, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
235,000
|
|
|
|
Common stock issued for services, value |
|
|
|
|
|
|
|
|
|
|
$ 60,551
|
|
|
$ 290,551
|
|
|
|
Volatility |
|
|
|
|
|
|
37.45%
|
|
|
|
|
|
|
|
|
|
|
Risk free interest rate |
|
|
|
|
|
|
3.58%
|
|
|
|
|
|
|
|
|
|
|
Dividend rate |
|
|
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
|
|
|
|
|
$ 5.32
|
|
$ 5.32
|
|
|
|
|
|
Fair value adjustment of warrants |
|
|
|
|
|
|
|
|
|
|
|
$ 228,750
|
|
|
|
|
|
Warrants received |
|
|
|
|
|
|
|
|
|
187,500
|
|
187,500
|
|
|
|
|
|
Net proceeds from IPO |
|
|
$ 14,200,000
|
$ 14,200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
|
|
|
|
|
|
|
|
|
|
|
93.47%
|
|
|
|
|
|
Risk free interest rate |
|
|
|
|
|
|
|
|
|
|
|
2.77%
|
|
|
|
|
|
Dividend rate |
|
|
|
|
|
|
|
|
|
|
|
0.00%
|
|
|
|
|
|
Warrants cost |
|
|
|
|
|
|
|
|
|
$ 11,250
|
|
$ 11,250
|
|
|
|
|
|
Expected term |
|
|
|
|
|
|
|
|
|
|
|
5 years
|
|
|
|
|
|
Non Trading Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of warrants |
|
|
|
|
|
|
135,000
|
2,248,521
|
|
|
|
|
|
|
|
|
|
Fair value adjustment of warrants |
|
|
|
|
|
|
|
|
|
1,505
|
|
$ 182,580
|
|
|
|
|
|
Volatility |
|
|
|
|
|
|
|
41.24%
|
|
|
|
|
|
|
|
|
|
Risk free interest rate |
|
|
|
|
|
|
|
3.71%
|
|
|
|
|
|
|
|
|
|
Dividend rate |
|
|
|
|
|
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
Warrants cost |
|
|
|
|
|
|
|
$ 455,326
|
|
$ 272,746
|
|
$ 272,746
|
|
|
|
|
|
Note Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of warrants |
|
|
235,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
$ 4.25
|
|
|
|
|
|
|
$ 1.56
|
|
$ 1.56
|
|
|
|
|
|
Warrant term |
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment of warrants |
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,378,412
|
|
127,059
|
|
|
Issuance of liability |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
157,647
|
|
|
Trading Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of warrants |
|
|
|
|
|
|
|
|
7,500,000
|
|
|
|
|
|
|
|
|
Fair value adjustment of warrants |
|
|
|
|
|
|
|
|
|
$ 86,250
|
3,378,412
|
$ 86,250
|
|
|
|
|
|
Warrants cost |
|
|
|
|
|
|
|
|
$ 5,778,750
|
|
|
|
|
$ 1,121,250
|
$ 1,121,250
|
|
|
Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of warrants |
|
|
|
|
|
|
|
|
1,125,000
|
|
|
|
|
|
|
|
|
Note Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment of warrants |
|
|
|
|
|
|
|
|
|
$ 2,353
|
$ 520,000
|
$ 2,353
|
$ 520,000
|
|
|
|
|
Warrants received |
|
|
|
|
|
|
|
|
|
235,295
|
|
235,295
|
|
|
|
|
|
Warrants cost |
|
|
|
|
|
|
|
|
|
$ 32,941
|
|
$ 32,941
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant term |
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial public offering |
|
|
|
|
3,750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
$ 4.25
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants received |
|
|
1,125,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from offering |
|
$ 3,200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offering expenses |
|
$ 600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of warrants |
|
2,248,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
$ 1.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
$ 1.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant term |
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment of warrants |
|
|
$ 496,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued for services, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
235,295
|
|
|
|
Note Purchase Agreement [Member] | Note Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
|
|
|
|
|
|
|
$ 4.25
|
|
|
|
|
|
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v3.23.2
Schedule of Warrant Liability (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
Warrant liability |
$ 1,513,187
|
$ 1,151,838
|
Trading And Overallotment Warrants [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Warrant liability |
1,207,500
|
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Note Warrants [Member] |
|
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Subsidiary, Sale of Stock [Line Items] |
|
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Warrant liability |
32,941
|
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Offering Warrants [Member] |
|
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$ 272,746
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Schedule of Warrant Outstanding (Details)
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Jun. 30, 2023
shares
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11,431,316
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Trading And Overallotment Warrants [Member] |
|
Subsidiary, Sale of Stock [Line Items] |
|
Warrant outstanding |
8,812,500
|
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|
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|
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235,295
|
Offering Warrants [Member] |
|
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|
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2,248,521
|
Warrants Issued For Service Management [Member] |
|
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135,000
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Schedule of Changes in the Warrant Liability (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Warrant Liability |
|
|
FMV of Note Warrants |
$ 30,588
|
|
FMV of Trading and Overallotment Warrants |
1,121,250
|
|
FMV of Offering Warrants, at issuance |
455,326
|
|
Change in fair value of warrant liability for the six months ended June 30,2023 |
(93,977)
|
|
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$ 1,513,187
|
$ 1,151,838
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Schedule of Stock Options Granted and Outstanding (Details)
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Share-Based Payment Arrangement [Abstract] |
|
Stock option, beginning balance | shares |
1,358,122
|
Weighted average exercise price, beginning balance | $ / shares |
$ 4.37
|
Shares, options granted | shares |
1,025,000
|
Weighted average exercise price, options granted | $ / shares |
$ 1.37
|
Shares, options granted | shares |
(25,714)
|
Weighted average exercise price, options granted | $ / shares |
$ 1.75
|
Stock option, ending balance | shares |
2,357,408
|
Weighted average exercise price, ending balance | $ / shares |
$ 3.08
|
Stock option, exercisable | shares |
1,665,378
|
Weighted average exercise price, exercisable | $ / shares |
$ 3.63
|
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v3.23.2
Schedule of Information about Options Outstanding (Details)
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Exercise Price Range One [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Stock option, exercise price | $ / shares |
$ 1.21
|
Stock option, shares outstanding |
307,500
|
Stock option, weighted average remaining contractual life |
4 years 5 months 1 day
|
Stock option, shares exercisable |
233,719
|
Exercise Price Range Two [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Stock option, exercise price | $ / shares |
$ 1.30
|
Stock option, shares outstanding |
50,000
|
Stock option, weighted average remaining contractual life |
4 years 8 months 15 days
|
Stock option, shares exercisable |
18,750
|
Exercise Price Range Three [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Stock option, exercise price | $ / shares |
$ 1.37
|
Stock option, shares outstanding |
975,000
|
Stock option, weighted average remaining contractual life |
4 years 8 months 1 day
|
Stock option, shares exercisable |
437,032
|
Exercise Price Range Four [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Stock option, exercise price | $ / shares |
$ 1.39
|
Stock option, shares outstanding |
10,000
|
Stock option, weighted average remaining contractual life |
4 years 2 months 1 day
|
Stock option, shares exercisable |
10,000
|
Exercise Price Range Five [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Stock option, exercise price | $ / shares |
$ 1.75
|
Stock option, shares outstanding |
42,857
|
Stock option, weighted average remaining contractual life |
2 years 9 months
|
Stock option, shares exercisable |
42,857
|
Exercise Price Range Six [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Stock option, exercise price | $ / shares |
$ 2.80
|
Stock option, shares outstanding |
141,429
|
Stock option, weighted average remaining contractual life |
1 year
|
Stock option, shares exercisable |
141,429
|
Exercise Price Range Seven [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Stock option, exercise price | $ / shares |
$ 4.25
|
Stock option, shares outstanding |
50,000
|
Stock option, weighted average remaining contractual life |
4 years
|
Stock option, shares exercisable |
50,000
|
Exercise Price Range Eight [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Stock option, exercise price | $ / shares |
$ 4.38
|
Stock option, shares outstanding |
244,286
|
Stock option, weighted average remaining contractual life |
1 year 9 months
|
Stock option, shares exercisable |
244,286
|
Exercise Price Range Nine [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Stock option, exercise price | $ / shares |
$ 7.00
|
Stock option, shares outstanding |
536,336
|
Stock option, weighted average remaining contractual life |
2 years 6 months
|
Stock option, shares exercisable |
477,305
|
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v3.23.2
X |
- DefinitionThe estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.
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v3.23.2
Stock Options (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
|
Feb. 09, 2023 |
Feb. 28, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jan. 25, 2023 |
Dec. 31, 2022 |
Dec. 11, 2017 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock option purchase shares |
50,000
|
|
|
|
|
|
|
|
|
|
Ciommon stock, par value |
|
|
$ 0.0001
|
|
|
$ 0.0001
|
|
|
$ 0.0001
|
$ 0.0001
|
Unrecognized stock based compensation |
|
|
$ 725,355
|
|
|
$ 725,355
|
|
|
|
|
Share based compensation |
|
|
|
|
|
637,547
|
$ 650,104
|
|
|
|
Stock based charges relating to purchase of machinery |
|
|
|
|
$ 63,512
|
|
|
|
|
|
Stock based charges relating to acquisition |
|
|
|
|
$ 40,901
|
|
|
|
|
|
General and Administrative Expense [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
$ 234,610
|
$ 365,606
|
|
$ 617,711
|
589,553
|
|
|
|
Research and Development Expense [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
$ 39,870
|
|
|
$ 50,182
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock option purchase shares |
|
|
|
|
|
495,000
|
|
|
|
|
Director [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock option purchase shares |
|
|
|
|
|
455,000
|
|
|
|
|
Employees and Consultant [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock option purchase shares |
|
|
|
|
|
25,000
|
|
|
|
|
2023 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Expected term |
|
|
|
|
|
5 years
|
|
|
|
|
Stock option purchase shares |
|
|
|
|
|
975,000
|
|
|
|
|
Ciommon stock, par value |
|
|
$ 0.0001
|
|
|
$ 0.0001
|
|
|
|
|
Options exercisable |
|
|
$ 1.37
|
|
|
$ 1.37
|
|
|
|
|
Stock available for issuance |
|
|
|
|
|
|
|
1,400,000
|
|
|
2022 Equity Incentive Plan [Member] | Employment Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Expected term |
|
5 years
|
|
|
|
|
|
|
|
|
Stock option purchase shares |
|
50,000
|
|
|
|
|
|
|
|
|
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v3.23.2
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v3.23.2
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Assets |
|
|
Cash |
$ 2,924,019
|
|
Total assets measured at fair value |
2,924,019
|
|
Liabilities |
|
|
Warrant liability |
1,513,187
|
$ 1,151,838
|
Total liabilities measured at fair value |
1,513,187
|
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Assets |
|
|
Cash |
2,924,019
|
|
Total assets measured at fair value |
2,924,019
|
|
Liabilities |
|
|
Warrant liability |
1,240,441
|
|
Total liabilities measured at fair value |
1,240,441
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Assets |
|
|
Cash |
|
|
Total assets measured at fair value |
|
|
Liabilities |
|
|
Warrant liability |
272,276
|
|
Total liabilities measured at fair value |
272,276
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Assets |
|
|
Cash |
|
|
Liabilities |
|
|
Warrant liability |
|
|
Total liabilities measured at fair value |
|
|
X |
- DefinitionFair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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v3.23.2
Commitments and Contingencies (Details Narrative) - USD ($)
|
|
|
|
|
|
1 Months Ended |
6 Months Ended |
|
Feb. 09, 2023 |
Jan. 01, 2023 |
Sep. 30, 2022 |
Sep. 01, 2022 |
Aug. 01, 2022 |
Oct. 31, 2022 |
May 31, 2019 |
Sep. 30, 2018 |
Jul. 31, 2017 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Total order costs to purchase equipment and molds |
|
|
|
|
|
|
|
|
|
$ 490,651
|
|
Progress payments |
|
|
|
|
|
|
|
|
|
280,349
|
|
Severance costs |
|
|
|
|
|
|
|
|
|
346,000
|
|
Medical benefit cost |
|
|
|
|
|
|
|
|
|
$ 29,000
|
|
Compensation cost |
$ 235,000
|
|
|
|
|
|
|
|
|
|
|
Options to purchase shares |
50,000
|
|
|
|
|
|
|
|
|
|
|
Stock option, exercise price |
$ 1.30
|
|
|
|
|
|
|
|
|
|
|
Mr. Blackman [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Accrued Bonuses |
|
|
|
|
|
|
|
|
|
|
$ 250,000
|
Payment for bonuses |
|
$ 65,000
|
|
|
|
|
|
|
|
|
|
Royalty Agreement [Member] | Barry Berler [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Royalty percentage |
|
|
|
|
|
|
2.00%
|
2.00%
|
4.00%
|
|
|
Single payment obligation |
|
|
|
|
|
|
|
$ 500,000
|
|
|
|
Employment Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
|
|
$ 320,000
|
$ 256,000
|
|
|
|
|
|
|
Annual compensation |
|
|
$ 225,000
|
|
|
|
|
|
|
|
|
Payment for incentive fee |
|
|
$ 18,750
|
|
|
|
|
|
|
|
|
Service Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Initial fee |
|
|
|
|
|
$ 90,000
|
|
|
|
|
|
Monthly fee |
|
|
|
|
|
$ 12,500
|
|
|
|
|
|
Shares of restricted common stock |
|
|
|
|
|
200,000
|
|
|
|
|
|
Value of digital marketing activities |
|
|
|
|
|
$ 300,000
|
|
|
|
|
|
Value of restricted common stock |
|
|
|
|
|
$ 230,000
|
|
|
|
|
|
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