0001851734-21-000017 | 10-Q | XBRL Viewer

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

1.	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Business Description

Wrap Technologies, Inc., a Delaware corporation (the “Company”, “we”, “us”, and “our”), is a publicly traded company with our Common Stock, par value $0.0001 per share (“Common Stock”), listed on the Nasdaq Capital Market (“Nasdaq”) under the trading symbol “WRAP”. The Company is a developer and supplier of public safety products and training services for law enforcement and security personnel. The Company’s primary product is the BolaWrap® remote restraint device. The principal markets for the Company’s proprietary products and services are in North and South America, Europe, Middle East and Asia.

Basis of Presentation

The Company’s unaudited interim condensed consolidated financial statements included herein have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In management’s opinion, the accompanying financial statements reflect adjustments necessary to present fairly the financial position, results of operations, and cash flows for those periods indicated, and contain adequate disclosure to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the footnotes. The condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 4, 2021. The accompanying condensed consolidated balance sheet at December 31, 2020 has been derived from the audited consolidated balance sheet at December 31, 2020 contained in the above referenced Form 10-K. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.

Where necessary, the prior year’s information has been reclassified to conform to the current year presentation.

Principles of Consolidation

The Company has one wholly-owned subsidiary, Wrap Reality, Inc., formed in December 2020, and has commenced selling its virtual reality training system primarily targeting law enforcement and security agencies. The condensed consolidated financial statements include the accounts of this subsidiary after elimination of intercompany transactions and accounts.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions (e.g., stock-based compensation valuation, allowance for doubtful accounts, valuation of inventory and intangible assets, warranty reserve, accrued expense and recognition and measurement of contingencies) that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and affect the reported amounts of revenue and expense during the reporting period. Actual results could materially differ from those estimates.

Loss per Share

Basic loss per common share is computed by dividing net loss for the period by the weighted-average number of shares of Common Stock outstanding during the period. Diluted net loss per Common Share reflects the potential dilution of securities that could share in the earnings of an entity. The Company’s losses for the periods presented cause the inclusion of potential Common Stock instruments outstanding to be antidilutive. Stock options, restricted stock units and warrants exercisable or issuable for a total of 5,397,165 shares of Common Stock were outstanding at September 30, 2021. These securities are not included in the computation of diluted net loss per common share for the periods presented as their inclusion would be antidilutive due to losses incurred by the Company.

Exit Activity Expense

During the second quarter ended June 30, 2021 the Company recorded $747 of product line exit costs related to the wind down and closure of the BolaWrap 100 product line related to a shift in production efforts to a new BolaWrap 150 generation product requiring new tooling, new production equipment and processes and additional licensing. These non-cash inventory costs included end of life raw material write offs of $531 and tooling retirement costs of $106. An additional $110 was recorded in accrued liabilities as a reserve for estimated non-cancelable raw material purchase commitments. This reserve was applied against raw material purchases and as a $56 obsolescence allowance during the three months ended September 30, 2021.

The $747 of exit costs were recorded as a component of cost of revenues. There was no such expense recorded during the prior year. Development and start-up expense of new products are expensed as incurred except for capitalized equipment and tooling.

Recent Issued Accounting Guidance

Adopted the First Quarter of 2021:

In December 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. We adopted ASU 2019-12 in the first quarter ended March 31, 2021 and it did not have a significant impact on our financial statements.

Other Pronouncements:

In August 2020, the FASB issued Accounting Standards Update (“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”): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the impact of this standard on its financial statements and related disclosures.

The Company has reviewed other recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements will be expected to cause a material impact on its financial condition or the results of operations.

Note 2 - Revenue and Product Expense

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Text Block]

2.	REVENUE AND PRODUCT EXPENSE

On January 1, 2018, the Company adopted FASB ASC Topic 606, Revenue from contracts with customers (“Topic 606”) and, as it had no prior revenue or contracts with customers, there was no transition required nor any impact on prior results. Topic 606 requires entities to recognize revenue through the application of a five-step model, which includes identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations and recognition of revenue as the entity satisfies the performance obligations.

The Company enters into contracts that include various combinations of products, accessories, software and services, each of which are generally distinct and are accounted for as separate performance obligations.

A performance obligation is a promise in a contract to transfer a distinct good or service to a customer, and is the unit of account in Topic 606. For contracts with a single performance obligation, the entire transaction price is allocated to the single performance obligation. For contracts with multiple performance obligations, the Company allocates the contract transaction price to each performance obligation using the Company’s estimate of the standalone selling price (“SSP” or “SSPs”) of each distinct good or service in a contract. The Company determines SSPs based on the relative SSP. If the SSP is not observable through past transactions, the Company estimates the SSP considering available information such as market conditions and internally approved pricing guidelines related to the performance obligations.

Most of the Company’s products and accessories are sold through domestic and international distributors. Performance obligations to deliver products and accessories are generally satisfied at the point in time the Company ships the product, as this is when the customer obtains control of the asset under our standard terms and conditions. Periodically, certain customers request bill and hold transactions for future delivery as scheduled and designated by them. In such cases, revenue is not recognized until after control, title and risk of ownership has transferred which is generally when the customer has requested such transaction under normal billing and payment terms and has been notified that the product (i) has been completed according to customer specifications, (ii) has passed quality control inspections, and (iii) has been tagged and packed for shipment, separated from other inventory and ready for physical transfer to the customer. The value associated with custodial storage services is deemed immaterial in the context of such contracts and in total, and accordingly, none of the transaction price is allocated to such service.

The Company has elected to recognize shipping costs as an expense in cost of revenue when control has transferred to the customer.

Time-based virtual reality system contracts generally include setup, training and the use of software and hardware for a fixed term, generally one to five years and support and upgrade services during the same period. The Company does not sell time-based arrangements without setup, training and support services and therefore revenues for the entire arrangement are recognized on a straight-line basis over the term. When hardware is bundled and not sold separately the Company allocates the contract transaction price to each performance obligation using the SSP of each distinct good and service in the contract.

The timing of revenue recognition may differ from the timing of invoicing to customers. The Company generally has an unconditional right to consideration when customers are invoiced and a receivable is recorded. A contract asset is recognized when revenue is recognized prior to invoicing, or a contract liability (deferred revenue) when revenue will be recognized subsequent to invoicing. At September 30, 2021 the Company’s deferred revenue totaled $240, of which $152 related to virtual reality training and $88 related to BolaWrap extended product warranties and training services. At December 31, 2020 the Company’s deferred revenue totaled $16, of which $14 related to virtual reality training and $2 related to extended product warranties.

The Company may also receive consideration, per terms of a contract, from customers prior to transferring goods to the customer. The Company records customer deposits as a contract liability.

The Company recognizes an asset if there are incremental costs of obtaining a contract with a customer such as commissions. These costs are ascribed to or allocated to the underlying performance obligations in the contract and amortized consistent with the recognition timing of the revenue for any such underlying performance obligations. The Company had no such assets at September 30, 2021 and December 31, 2020. The Company applies the practical expedient to expense any sales commissions related to performance obligations with an amortization of one year or less when incurred within selling, general and administrative expense.

Estimated expense for the Company’s standard one-year warranty are charged to cost of products sold when revenue is recorded for the related product. Royalties are also charged to cost of products sold.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Note 3 - Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Text Block]

3.	FAIR VALUE MEASUREMENTS

Assets and liabilities recorded at fair value on a recurring basis in the Condensed Consolidated Balance Sheets and assets and liabilities measured at fair value on a non-recurring basis or disclosed at fair value, are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The accounting guidance also establishes a three-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based upon whether such inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions made by the reporting entity. The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows:

Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3—Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

Instruments Measured at Fair Value on a Recurring Basis

The Company’s cash equivalent Money Market Funds and short-term investments consisting of U.S. Treasury bill securities are classified as Level 1 because they are valued using quoted market prices.

The following table shows the Company’s cash and cash equivalents, Money Market Funds and short-term investments by significant investment category as of September 30, 2021 and December 31, 2020.

	As of September 30, 2021
	Adjusted		Unrealized		Unrealized		Market
	Cost		Gains		Losses		Value
Level 1:
Money Market Funds	$	1,535	$	-	$	-	$	1,535
U.S. Treasury securities considered cash equivalents		-		-		-		-
U.S. Treasury securities in short-term investments		29,993		11		-		30,004
Total Financial Assets	$	31,528	$	11	$	-	$	31,539

	As of December 31, 2020
	Adjusted		Unrealized		Unrealized		Market
	Cost		Gains		Losses		Value
Level 1:
Money Market Funds	$	6,035	$	-	$	-	$	6,035
U.S. Treasury securities considered cash equivalents		9,998		-		-		9,998
U.S. Treasury securities in short-term investments		24,979		15		-		24,994
Total Financial Assets	$	41,012	$	15	$	-	$	41,027

Unrealized gains or losses resulting from our short-term investments are recorded in accumulated other comprehensive gain or loss. As of September 30, 2021, $11 was recorded to accumulated other comprehensive gain.

Our financial instruments also include accounts receivable, accounts payable, accrued liabilities and business acquisition liabilities. Due to the short-term nature of these instruments, their fair values approximate their carrying values on the balance sheet.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 4 - Inventories, Net

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Text Block]

4.	INVENTORIES, NET

Inventory is recorded at the lower of cost or net realizable value. The cost of substantially all the Company’s inventory is determined by the FIFO cost method. Inventories consisted of the following:

	September 30,			December 31,
	2021			2020
Finished goods	$	1,796		$	1,249
Work in process		142			64
Raw materials		402			1,342
Inventories, net		2,340			2,655
Less allowance for obsolescence		(56	)		-
Inventories - net	$	2,284		$	2,655

As part of product line exit costs (see Note 1) end of life raw material costs aggregating $531 were written off during the quarter ended June 30, 2021 and an additional $54 was written off during the quarter ended September 30, 2021.

Note 5 - Property and Equipment, Net

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment Disclosure [Text Block]

5.	PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following:

	September 30,			December 31,
	2021			2020
Production and lab equipment	$	450		$	148
Tooling		188			81
Computer equipment		408			180
Furniture, fixtures and improvements		177			165
		1,223			574
Accumulated depreciation		(335	)		(217	)
Property and equipment, net	$	888		$	357

Depreciation expense was $69 and $191 for the three and nine months ended September 30, 2021 and was $35 and $82 for the three and nine months ended September 30, 2020, respectively.

As part of product line exit costs (see Note 1) unamortized production tooling costs of $106 were recorded during the quarter ended June 30, 2021.

Note 6 - Intangible Assets, Net

9 Months Ended

Sep. 30, 2021

Intangible Assets Disclosure [Text Block]

6.	INTANGIBLE ASSETS, NET

Intangible assets consisted of the following:

	September 30,			December 31,
	2021			2020
Amortizable intangible assets:
Patents	$	368		$	280
Trademarks		125			84
Software		1,023			662
Other		50			50
		1,566			1,076
Accumulated amortization		(138	)		(23	)
Total amortizable		1,428			1,053
Indefinite life assets (non-amortizable)		344			344
Total intangible assets, net	$	1,772		$	1,397

Amortization expense was $48 and $145 for the three and nine months ended September 30, 2021 and was $3 and $9 for the three and nine months ended September 30, 2020, respectively. An impairment charge of $170 for purchased software was recorded in the quarter ended September 30, 2021.

At September 30, 2021, future amortization expense is as follows:

2021 (3 months)	$	60
2022		223
2023		218
2024		218
2025		218
Thereafter		491
Total estimated amortization expense	$	1,428

Note 7 - Accounts Payable and Accrued Liabilities

9 Months Ended

Sep. 30, 2021

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

7.	ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable includes $134 and $53 due to related party Syzygy Licensing, LLC (“Syzygy”) as of September 30, 2021 and December 31, 2020, respectively. Accounts payable at December 31, 2020 also included $10 due to related party V3 Capital Partners, LLC. See Notes 12 and 13 for additional related party information.

Accrued liabilities consist of the following:

	September 30,		December 31,
	2021		2020
Patent and legal costs	$	22	$	65
Accrued compensation		972		563
Warranty costs		82		48
Consulting costs		269		2
Taxes and other		21		43
	$	1,366	$	721

Note 8 - Leases

9 Months Ended

Sep. 30, 2021

Lessee, Operating Leases [Text Block]

8.	LEASES

The Company adopted ASU 2016-02, Leases (Topic 842) on January 1, 2019 using the modified retrospective approach. The Company has elected not to apply ASC Topic 842 to arrangements with lease terms of 12 months or less.

Amortization of Right of Use operating lease assets was $21 and $67 for the three and nine months ended September 30, 2021 and was $31 and $91 for the three and nine months ended September 30, 2020, respectively.

Operating lease expense for capitalized operating leases included in operating activities was $23 and $73 for the three and nine months ended September 30, 2021 and was $34 and $103 for the three and nine months ended September 30, 2020, respectively.

Operating lease obligations recorded on the balance sheet at September 30, 2021 are:

Operating lease liability- short term	$	79
Operating lease liability - long term		-
Total Operating Lease Liability	$	79

Future lease payments included in the measurement of lease liabilities on the balance sheet at September 30, 2021 for future periods are as follows:

2021 (3 months)	$	24
2022		58
Total future minimum lease payments		82
Less imputed interest		(3	)
Total	$	79

The weighted average remaining lease term is 0.8 years and the weighted average discount rate is 7.0%.

The Company does not have any finance leases.

Note 9 - Other Liabilities

9 Months Ended

Sep. 30, 2021

Other Liabilities Disclosure [Text Block]

9.	OTHER LIABILITIES

The Company’s other liabilities at September 30, 2021 consisted of operating lease liabilities (see Note 8). Other liabilities at December 31, 2020 included operating lease liabilities (see Note 8) and business acquisition liabilities totaling $298 of which $275 related to short term business liabilities and $23 related to contingent consideration recorded as a long-term business acquisition liability on our balance sheet.

During the quarter ended September 30, 2021 the Company eliminated the contingent consideration, a recurring Level 3 measurement, and recorded a $23 gain in other income.

Note 10 - Stockholders' Equity

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note Disclosure [Text Block]

10.

STOCKHOLDERS’ EQUITY

The Company’s authorized capital consists of 150,000,000 shares of Common Stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.0001 per share (“Preferred Stock”).

Summary of Stock Purchase Warrants

The following table summarizes warrant activity during the nine months ended September 30, 2021:

	Number			Average Price Per Share
Shares purchasable under outstanding warrants at December 31, 2020		3,206,910		$	6.36
Stock purchase warrants issued		-			-
Stock purchase warrants exercised		(1,815,012	)	$	6.64
Stock purchase warrants expired		(231	)	$	7.58
Shares purchasable under outstanding warrants at September 30, 2021		1,391,667		$	6.00

The Company has outstanding Common Stock purchase warrants as of September 30, 2021 as follows:

	Number of		Exercise Price
Description	Common Shares		Per Share		Expiration Date
Purchase Warrants		1,391,667	$	6.00	June 1, 2022

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Note 11 - Share-based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Text Block]

11.

SHARE-BASED COMPENSATION

On March 31, 2017, the Company adopted, and the stockholders approved, the 2017 Stock Incentive Plan (the “Plan”) authorizing 2,000,000 shares of Company Common Stock for issuance as stock options and restricted stock units to employees, directors or consultants. In May 2019, the stockholders ratified an increase in the Plan authorizing an additional 2,100,000 shares of Common Stock and in June 2020 ratified a further authorization of 1,900,000 shares of Common Stock for a total of 6,000,000 shares subject to the Plan. In June 2021, the stockholders ratified an increase in the 2017 Stock Incentive Plan authorizing an additional 1,500,000 shares of Common Stock to a total of 7,500,000 shares. At September 30, 2021 there were 1,667,338 shares of Common Stock available for grant under the Plan.

The Company generally recognizes share-based compensation expense on the grant date and over the period of vesting or period that services will be provided.

Stock Options

The following table summarizes stock option activity for the nine months ended September 30, 2021:

				Weighted Average
	*Options on*					*Remaining*		*Aggregate*
	*Common*			*Exercise*		*Contractual*		*Intrinsic*
	*Shares*			*Price*		*Term*		*Value*
Outstanding December 31, 2020		3,931,586		$	4.41		4.80
Granted		982,500		$	5.57
Exercised		(915,404	)	$	1.83
Forfeited, cancelled, expired		(319,799	)	$	5.12
Outstanding September 30, 2021		3,678,883		$	5.30		5.47	$	4,335
Exercisable September 30, 2021		1,904,711		$	4.37		3.01	$	3,493

Options outstanding at December 31, 2020 included 100,000 of performance-based options exercisable at $5.46 per share with vesting based on achieving certain virtual reality revenue targets by December 1, 2024. These options were forfeited on September 30, 2021 and no share-based compensation expense was recorded related to these options during the period outstanding. All other options are service-based.

The Company recorded $836 and $2,065 of stock option compensation expense for employees, directors and consultants for the three and nine months ended September 30, 2021, respectively. The Company recorded $319 and $599 of stock option compensation expense for employees, directors and consultants for the three and nine months ended September 30, 2020, respectively.

The Company uses the Black-Scholes option pricing model to determine the fair value of the options granted. The following table summarizes the assumptions used to compute the fair value of options granted to employees and non-employees:

	For the Nine Months
	Ended September 30,
	2021			2020
Expected stock price volatility		50	%		46	%
Risk-free interest rate		0.90	%		0.38	%
Forfeiture rate		0	%		0	%
Expected dividend yield		0	%		0	%
Expected life of options - years		5.74			6.15
Weighted-average fair value of options granted	$	2.57		$	3.43

Estimated volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate each year during the expected life of awards. The Company’s estimated volatility was based on an average of the historical volatility of peer entities whose stock prices were publicly available. The Company’s calculation of estimated volatility is based on historical stock prices of these peer entities over a period equal to the expected life of the awards. The Company uses the historical volatility of peer entities due to the lack of sufficient historical data of its stock price.

The risk-free interest rate assumption is based upon observed interest rates on zero coupon U.S. Treasury bonds whose maturity period is appropriate for the term of the options. The Company accounts for actual forfeitures as they occur. The dividend yield of zero is based on the fact that the Company has never paid cash dividends and has no present intention to pay cash dividends. The Company calculates the expected life of the options using the Simplified Method for the employee stock options as the Company does not have sufficient historical data.

Restricted Stock Units

The Plan provides for the grant of restricted stock units (“RSUs”). The following table summarizes RSU activity under the Plan for the nine months ended September 30, 2021:

				Weighted Average		Weighted Average
	*Service-Based*			*Grant Date*		*Vesting*
	*RSU's*			*Fair Value*		*Period (in Years)*
Unvested at December 31, 2020		428,006		$	6.13
Granted - service based		352,890		$	5.72
Vested		(421,407	)	$	5.63
Forfeited and cancelled		(32,874	)	$	6.10
Unvested at September 30, 2021		326,615		$	6.34	2.1

Compensation expense for RSUs was $467 and $2,245 for the three and nine months ended September 30, 2021, respectively. Compensation expense for RSUs was $227 and $963 for the three and nine months ended September 30, 2020, respectively.

Share-Based Compensation Expense

The Company recorded share-based compensation for options and RSUs in its statements of operations for the relevant periods as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Selling, general and administrative	$	1,093	$	468	$	3,722	$	1,393
Research and development		210		78		588		169
Total share-based expense	$	1,303	$	546	$	4,310	$	1,562

As of September 30, 2021, total estimated compensation expense of stock options granted and outstanding but not yet vested was $4,300 which is expected to be recognized over the weighted average period of 2.3 years. As of September 30, 2021, total estimated compensation cost of RSUs granted and outstanding but not yet vested was $1,718 which is expected to be recognized over the weighted average period of 2.1 years.

Note 12 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Text Block]

12.

COMMITMENTS AND CONTINGENCIES

Facility Leases

See Note 8.

Related Party Technology License Agreement

The Company is obligated to pay royalties and pay development and patent costs pursuant to that certain exclusive Amended and Restated Intellectual Property License Agreement dated as of September 30, 2016, by and between the Company and Syzygy (the “Syzygy Agreement”), a company owned and controlled by stockholders/officers Messrs. Elwood Norris and James Barnes, both of whom are stockholders and officers of the Company. The Syzygy Agreement provides for royalty payments of 4% of revenue from products employing the licensed ensnarement device technology up to an aggregate of $1,000 in royalties or until September 30, 2026, whichever occurs earlier. The Company recorded $65 and $185 for royalties incurred under the Syzygy Agreement during the three and nine months ended September 30, 2021 and $37 and $90 incurred for the three and nine months ended September 30, 2020, respectively.

Purchase Commitments

At September 30, 2021 the Company was committed for approximately $713 for future component deliveries and contract services that are generally subject to modification or rescheduling in the normal course of business.

Securities Litigation

On September 23, 2020, Carone Cobden filed a putative class action complaint against the Company, former Chief Executive Officer David Norris (“Norris”), Chief Financial Officer, James A. Barnes (“Barnes”), and President, Thomas Smith (“Smith”) in the United States District Court for the Central District of California, docketed as Case No. 2-20-cv-08760-DMG-PVCx (the “Cobden Complaint”). The Cobden Complaint alleges that the named defendants, in their capacities as officers of the Company, knowingly made false or misleading statements or omissions regarding trials of the Company’s BolaWrap product conducted by the Los Angeles Police Department (the “BolaWrap Pilot Program”). The Cobden Complaint also alleges that the conduct of the named defendants artificially inflated the price of the Company’s traded securities, and that the disclosure of certain adverse information to the public led to a decline in the market value of the Company’s securities. The Cobden Complaint further alleges violations of Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder, and defines the class period as July 31, 2020 through September 23, 2020.

On October 1, 2020, Joseph Mercurio filed a second putative class action complaint against the Company, Norris, Smith, and Barnes in the same court, which contains substantially the same factual allegations and legal claims as set forth in the Cobden Complaint, and is docketed as Case No. 2-20-cv-09030-DMG-PVCx (the “Mercurio Complaint”). On October 15, 2020, Paula Earley filed a third putative class action complaint against the Company, Smith, Norris, Barnes, Chief Strategy Officer Mike Rothans (“Rothans”), and former Chief Executive Officer, Marc Thomas (“Thomas”) in the same court, which contains many of the same factual allegations and legal claims as set forth in the Cobden and Mercurio Complaints, but defines the class period as April 29, 2020 through September 23, 2020, and alleges additional false or misleading statements in connection with BolaWrap and the BolaWrap Pilot Program (the “Earley Complaint”). The Earley Complaint is docketed as Case No. 2-20-cv-09444-DMG-PVCx.

On November 3, 2020, the Hon. Dolly M. Gee consolidated the three above-mentioned cases under the caption In re Wrap Technologies, Inc. Securities Exchange Act Litigation, Case No. 20-8760-DMG (PVCx) (the “Securities Action”). On January 7, 2021, the Court appointed a lead plaintiff in the Securities Action, who designated its attorneys as lead counsel. On January 21, 2021, Judge Gee ordered that a consolidated amended complaint be filed in the Securities Action on or before March 12, 2021, with defendants’ motion to dismiss to be filed on or before April 26, 2021, and a hearing on the motion to dismiss to be held on July 23, 2021. On March 12, 2021, lead plaintiff filed an amended complaint, naming the Company, Norris, Thomas, Smith, and Barnes as defendants. Those defendants jointly filed a motion to dismiss on April 26, 2021. Briefing on the motion to dismiss is now complete, and the motion is currently under submission before Judge Gee. The Company believes that the Securities Action is without merit and will continue to vigorously defend against the claims raised therein.

Shareholder Derivative Litigation

On November 13, 2020, Naresh Rammohan filed a shareholder derivative action in the United States District Court for the Central District of California against Smith, Barnes, Rothans, Thomas, Norris, and Messrs. Scot Cohen, Patrick Kinsella, Michael Parris, and Wayne Walker, alleging unjust enrichment, breach of fiduciary duty, waste of corporate assets, and contribution claims under the Securities Exchange Act of 1934, docketed as Case No. 2:20-cv-10444-DMG-PVCx (the “Rammohan Complaint”). The Rammohan Complaint names the Company as a nominal defendant and recites many of the allegations set forth in the Securities Action relating to the BolaWrap Pilot Program. On January 20, 2021, Ray Westerman filed a second derivative complaint in the same court against the same parties, alleging breach of fiduciary duty and contribution claims under the Securities Exchange Act of 1934, docketed as Case No. 2:21-cv-00550-DMG-PVCx (the “Westerman Complaint”). On January 22, 2021, Jesse Lowe filed a third derivative complaint in the same court against the same parties, alleging breach of fiduciary duty and asserting various claims under the Securities Exchange Act of 1934, docketed as Case No. 2:21-cv-00597-DMG-PVCx (the “Lowe Complaint”).

The above-mentioned derivative cases were each been transferred to Judge Gee as cases related to the Securities Action. On February 16, 2021, Judge Gee issued an order consolidating these cases under the caption In re Wrap Technologies, Inc. Shareholder Derivative Litigation, Case No. 2:20-10444-DMG-PVCx, (the “Derivative Action”), and stayed the Derivative Action pending the resolution of the motion to dismiss in the Securities Action. On March 9, 2021, the Lowe Complaint was designated as the operative complaint in the Derivative Action. As with the Securities Action, the Company believes that the Derivative Action is without merit and will vigorously defend against the claims raised therein.

Other Legal Information

The Company may at times be involved in other litigation in the ordinary course of business. The Company will, from time to time, when appropriate in management’s estimation, record adequate reserves in the Company’s consolidated financial statements for pending litigation. Currently, other than described above there are no other pending material legal proceedings to which the Company is a party or to which any of its property is subject. At September 30, 2021 the Company had no provision for liability under existing litigation.

Note 13 - Related Party Transactions

9 Months Ended

Sep. 30, 2021

13.

RELATED PARTY TRANSACTIONS

Commencing in October 2017 the Company began reimbursing Mr. Elwood Norris, a former officer and current stockholder of the Company, $1.5 per month on a month-to-month basis for laboratory facility expense, for an aggregate of $13 during the nine months ended September 30, 2021 and 2020, respectively. Effective July 1, 2021 Mr. Norris commenced serving as a consultant to the Company and the facility rent costs continue during such consultancy.

See Notes 7, 11 and 12 for additional information on related party transactions and obligations.

Note 14 - Major Customers and Related Information

9 Months Ended

Sep. 30, 2021

Concentration Risk Disclosure [Text Block]

14.

MAJOR CUSTOMERS AND RELATED INFORMATION

For the three months ended September 30, 2021, revenues from two distributors accounted for approximately 41% and 29% of revenues with no other single customer accounting for more than 10% of total revenues. For the three months ended September 30, 2020, revenues from one distributor accounted for approximately 49% of revenues with no other single customer accounting for more than 10% of total revenues.

For the nine months ended September 30, 2021, revenues from two distributors accounted for approximately 27% and 21% of revenues with no other single customer accounting for more than 10% of total revenues. For the nine months ended September 30, 2020, revenues from three distributors accounted for approximately 39%, 12% and 11% of revenues with no other single customer accounting for more than 10% of total revenues.

At September 30, 2021, accounts receivable from two distributors accounted for 45% and 22% of accounts receivable with no other single customer accounting for more than 10% of the accounts receivable balance. Two distributors accounted for 28% and 26% of accounts receivable at December 31, 2020 with no other single customer accounting for more than 10% of the accounts receivable balance.

The following table summarizes revenues by geographic region. Revenues are attributed to countries based on customer’s delivery location.

	For the Three Months					For the Nine Months
	Ended September 30,					Ended September 30,
	2021			2020		2021		2020
Americas	$	1,088		$	384	$	2,837	$	788
Europe, Middle East and Africa		745			51		2,424		653
Asia Pacific		(28	)		572		19		1,088
	$	1,805		$	1,007	$	5,280	$	2,529

Note 15 - Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Text Block]

15.

SUBSEQUENT EVENTS

In October 2021 we released a new generation product, the BolaWrap 150. The BolaWrap 150 is electronically deployed and is more robust, smaller, lighter and simpler to deploy than the BolaWrap 100 that is being phased out.

The Company evaluated other subsequent events for their potential impact on the financial statements and disclosures through the date the financial statements were available to be issued, and determined that, except as disclosed herein, no subsequent events occurred that were reasonably expected to impact the financial statements presented herein.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Business Description and Business Description [Policy Text Block]	Organization and Business Description Wrap Technologies, Inc., a Delaware corporation (the “Company”, “we”, “us”, and “our”), is a publicly traded company with our Common Stock, par value $0.0001 per share (“Common Stock”), listed on the Nasdaq Capital Market (“Nasdaq”) under the trading symbol “WRAP”. The Company is a developer and supplier of public safety products and training services for law enforcement and security personnel. The Company’s primary product is the BolaWrap® remote restraint device. The principal markets for the Company’s proprietary products and services are in North and South America, Europe, Middle East and Asia.
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements included herein have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In management’s opinion, the accompanying financial statements reflect adjustments necessary to present fairly the financial position, results of operations, and cash flows for those periods indicated, and contain adequate disclosure to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the footnotes. The condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 4, 2021. The accompanying condensed consolidated balance sheet at December 31, 2020 has been derived from the audited consolidated balance sheet at December 31, 2020 contained in the above referenced Form 10-K. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year. Where necessary, the prior year’s information has been reclassified to conform to the current year presentation.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The Company has one wholly-owned subsidiary, Wrap Reality, Inc., formed in December 2020, and has commenced selling its virtual reality training system primarily targeting law enforcement and security agencies. The condensed consolidated financial statements include the accounts of this subsidiary after elimination of intercompany transactions and accounts.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions (e.g., stock-based compensation valuation, allowance for doubtful accounts, valuation of inventory and intangible assets, warranty reserve, accrued expense and recognition and measurement of contingencies) that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and affect the reported amounts of revenue and expense during the reporting period. Actual results could materially differ from those estimates.
Earnings Per Share, Policy [Policy Text Block]	Loss per Share Basic loss per common share is computed by dividing net loss for the period by the weighted-average number of shares of Common Stock outstanding during the period. Diluted net loss per Common Share reflects the potential dilution of securities that could share in the earnings of an entity. The Company’s losses for the periods presented cause the inclusion of potential Common Stock instruments outstanding to be antidilutive. Stock options, restricted stock units and warrants exercisable or issuable for a total of 5,397,165 shares of Common Stock were outstanding at September 30, 2021. These securities are not included in the computation of diluted net loss per common share for the periods presented as their inclusion would be antidilutive due to losses incurred by the Company.
Exit Activity Expenses [Policy Text Block]	Exit Activity Expense During the second quarter ended June 30, 2021 the Company recorded $747 of product line exit costs related to the wind down and closure of the BolaWrap 100 product line related to a shift in production efforts to a new BolaWrap 150 generation product requiring new tooling, new production equipment and processes and additional licensing. These non-cash inventory costs included end of life raw material write offs of $531 and tooling retirement costs of $106. An additional $110 was recorded in accrued liabilities as a reserve for estimated non-cancelable raw material purchase commitments. This reserve was applied against raw material purchases and as a $56 obsolescence allowance during the three months ended September 30, 2021. The $747 of exit costs were recorded as a component of cost of revenues. There was no such expense recorded during the prior year. Development and start-up expense of new products are expensed as incurred except for capitalized equipment and tooling.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Issued Accounting Guidance Adopted the First Quarter of 2021: In December 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. We adopted ASU 2019-12 in the first quarter ended March 31, 2021 and it did not have a significant impact on our financial statements. Other Pronouncements: In August 2020, the FASB issued Accounting Standards Update (“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”): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the impact of this standard on its financial statements and related disclosures. The Company has reviewed other recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements will be expected to cause a material impact on its financial condition or the results of operations.

Note 3 - Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

	As of September 30, 2021
	Adjusted		Unrealized		Unrealized		Market
	Cost		Gains		Losses		Value
Level 1:
Money Market Funds	$	1,535	$	-	$	-	$	1,535
U.S. Treasury securities considered cash equivalents		-		-		-		-
U.S. Treasury securities in short-term investments		29,993		11		-		30,004
Total Financial Assets	$	31,528	$	11	$	-	$	31,539

	As of December 31, 2020
	Adjusted		Unrealized		Unrealized		Market
	Cost		Gains		Losses		Value
Level 1:
Money Market Funds	$	6,035	$	-	$	-	$	6,035
U.S. Treasury securities considered cash equivalents		9,998		-		-		9,998
U.S. Treasury securities in short-term investments		24,979		15		-		24,994
Total Financial Assets	$	41,012	$	15	$	-	$	41,027

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Note 4 - Inventories, Net (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Inventory, Current [Table Text Block]

	September 30,			December 31,
	2021			2020
Finished goods	$	1,796		$	1,249
Work in process		142			64
Raw materials		402			1,342
Inventories, net		2,340			2,655
Less allowance for obsolescence		(56	)		-
Inventories - net	$	2,284		$	2,655

Note 5 - Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Table Text Block]

	September 30,			December 31,
	2021			2020
Production and lab equipment	$	450		$	148
Tooling		188			81
Computer equipment		408			180
Furniture, fixtures and improvements		177			165
		1,223			574
Accumulated depreciation		(335	)		(217	)
Property and equipment, net	$	888		$	357

Note 6 - Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	September 30,			December 31,
	2021			2020
Amortizable intangible assets:
Patents	$	368		$	280
Trademarks		125			84
Software		1,023			662
Other		50			50
		1,566			1,076
Accumulated amortization		(138	)		(23	)
Total amortizable		1,428			1,053
Indefinite life assets (non-amortizable)		344			344
Total intangible assets, net	$	1,772		$	1,397

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

2021 (3 months)	$	60
2022		223
2023		218
2024		218
2025		218
Thereafter		491
Total estimated amortization expense	$	1,428

Note 7 - Accounts Payable and Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Accrued Liabilities [Table Text Block]

	September 30,		December 31,
	2021		2020
Patent and legal costs	$	22	$	65
Accrued compensation		972		563
Warranty costs		82		48
Consulting costs		269		2
Taxes and other		21		43
	$	1,366	$	721

Note 8 - Leases (Tables)

9 Months Ended

Sep. 30, 2021

Lessee, Operating Lease, Disclosure [Table Text Block]

Operating lease liability- short term	$	79
Operating lease liability - long term		-
Total Operating Lease Liability	$	79

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

2021 (3 months)	$	24
2022		58
Total future minimum lease payments		82
Less imputed interest		(3	)
Total	$	79

Note 10 - Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block]

	Number			Average Price Per Share
Shares purchasable under outstanding warrants at December 31, 2020		3,206,910		$	6.36
Stock purchase warrants issued		-			-
Stock purchase warrants exercised		(1,815,012	)	$	6.64
Stock purchase warrants expired		(231	)	$	7.58
Shares purchasable under outstanding warrants at September 30, 2021		1,391,667		$	6.00

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

	Number of		Exercise Price
Description	Common Shares		Per Share		Expiration Date
Purchase Warrants		1,391,667	$	6.00	June 1, 2022

Note 11 - Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement, Option, Activity [Table Text Block]

				Weighted Average
	*Options on*					*Remaining*		*Aggregate*
	*Common*			*Exercise*		*Contractual*		*Intrinsic*
	*Shares*			*Price*		*Term*		*Value*
Outstanding December 31, 2020		3,931,586		$	4.41		4.80
Granted		982,500		$	5.57
Exercised		(915,404	)	$	1.83
Forfeited, cancelled, expired		(319,799	)	$	5.12
Outstanding September 30, 2021		3,678,883		$	5.30		5.47	$	4,335
Exercisable September 30, 2021		1,904,711		$	4.37		3.01	$	3,493

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	For the Nine Months
	Ended September 30,
	2021			2020
Expected stock price volatility		50	%		46	%
Risk-free interest rate		0.90	%		0.38	%
Forfeiture rate		0	%		0	%
Expected dividend yield		0	%		0	%
Expected life of options - years		5.74			6.15
Weighted-average fair value of options granted	$	2.57		$	3.43

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

				Weighted Average		Weighted Average
	*Service-Based*			*Grant Date*		*Vesting*
	*RSU's*			*Fair Value*		*Period (in Years)*
Unvested at December 31, 2020		428,006		$	6.13
Granted - service based		352,890		$	5.72
Vested		(421,407	)	$	5.63
Forfeited and cancelled		(32,874	)	$	6.10
Unvested at September 30, 2021		326,615		$	6.34	2.1

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Selling, general and administrative	$	1,093	$	468	$	3,722	$	1,393
Research and development		210		78		588		169
Total share-based expense	$	1,303	$	546	$	4,310	$	1,562

Note 14 - Major Customers and Related Information (Tables)

9 Months Ended

Sep. 30, 2021

Disaggregation of Revenue [Table Text Block]

	For the Three Months					For the Nine Months
	Ended September 30,					Ended September 30,
	2021			2020		2021		2020
Americas	$	1,088		$	384	$	2,837	$	788
Europe, Middle East and Africa		745			51		2,424		653
Asia Pacific		(28	)		572		19		1,088
	$	1,805		$	1,007	$	5,280	$	2,529

Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares	Jun. 30, 2021 USD ($) $ / shares	Sep. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) $ / shares	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) $ / shares
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001		$ 0.0001
Number of Wholly-owned Subsidiaries	1				1
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) \| shares					5,397,165
Product Line Exit Expense	$ 0	$ 747	$ 0		$ 747	$ 0	$ 0
Write-off, Inventory Cost	54	531
Retiring Cost				$ 106
Raw Material Purchase Reserve		$ 110		$ 110
Inventory Valuation Reserves, Ending Balance	$ 56				$ 56		$ (0)

Note 2 - Revenue and Product Expense (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Contract with Customer, Liability, Total	$ 240	$ 16
Contract with Customer, Asset, after Allowance for Credit Loss, Total	0	0
Virtual Reality Training [Member]
Contract with Customer, Liability, Total	152	14
Extended Product Warranties [Member]
Contract with Customer, Liability, Total	$ 88	$ 2

Note 3 - Fair Value Measurements (Details Textual) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Marketable Securities, Unrealized Gain (Loss), Total	$ 11

Note 3 - Fair Value Measurements - Instruments by Significant Investment Category (Details) - Fair Value, Inputs, Level 1 [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Adjusted Cost	$ 31,528	$ 41,012
Unrealized Gains	11	15
Unrealized Losses	0	0
Market Value	31,539	41,027
Money Market Fund [Member]
Adjusted Cost	1,535	6,035
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	1,535	6,035
US Treasury Securities Considered Cash Equivalents [Member]
Adjusted Cost	0	9,998
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	0	9,998
US Treasury Securities in Short-term Investments [Member]
Adjusted Cost	29,993	24,979
Unrealized Gains	11	15
Unrealized Losses	0	0
Market Value	$ 30,004	$ 24,994

Note 4 - Inventories, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Write-off, Inventory Cost	$ 54	$ 531

Note 4 - Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finished goods	$ 1,796	$ 1,249
Work in process	142	64
Raw materials	402	1,342
Inventories, gross	2,340	2,655
Less allowance for obsolescence	(56)	0
Inventories - net	$ 2,284	$ 2,655

Note 5 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Depreciation, Depletion and Amortization, Total	$ 69		$ 35	$ 191	$ 82
Production Costs, Period Cost		$ 106

Note 5 - Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property and equipment, gross	$ 1,223	$ 574
Accumulated depreciation	(335)	(217)
Property and equipment, net	888	357
Production and Lab Equipment [Member]
Property and equipment, gross	450	148
Tooling [Member]
Property and equipment, gross	188	81
Computer Equipment [Member]
Property and equipment, gross	408	180
Furniture and Fixtures [Member]
Property and equipment, gross	$ 177	$ 165

Note 6 - Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Amortization of Intangible Assets, Total	$ 48	$ 3	$ 145	$ 9
Impairment of Intangible Assets, Finite-lived			$ 170	$ 0
Computer Software, Intangible Asset [Member]
Impairment of Intangible Assets, Finite-lived	$ 170

Note 6 - Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Amortizable intangible assets, gross	$ 1,566	$ 1,076
Accumulated amortization	(138)	(23)
Total estimated amortization expense	1,428	1,053
Indefinite life assets (non-amortizable)	344	344
Total intangible assets, net	1,772	1,397
Patents [Member]
Amortizable intangible assets, gross	368	280
Trademarks [Member]
Amortizable intangible assets, gross	125	84
Computer Software, Intangible Asset [Member]
Amortizable intangible assets, gross	1,023	662
Other Intangible Assets [Member]
Amortizable intangible assets, gross	$ 50	$ 50

Note 6 - Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
2021 (3 months)	$ 60
2022	223
2023	218
2024	218
2025	218
Thereafter	491
Total estimated amortization expense	$ 1,428	$ 1,053

Note 7 - Accounts Payable and Accrued Liabilities (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Syzygy Licensing LLC [Member]
Accounts Payable, Total	$ 134	$ 53
V3 Capital Partners, LLC [Member]
Accounts Payable, Total		$ 10

Note 7 - Accounts Payable and Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Patent and legal costs	$ 22	$ 65
Accrued compensation	972	563
Warranty costs	82	48
Consulting costs	269	2
Taxes and other	21	43
Accrued Liabilities, Current, Total	$ 1,366	$ 721

Note 8 - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		21 Months Ended
Note 8 - Leases (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021
Operating Lease, Right-of-Use Asset, Amortization Expense	$ 21	$ 31	$ 67		$ 91
Operating Lease, Expense	$ 23	$ 34	$ 73	$ 103
Finance Lease, Weighted Average Remaining Lease Term (Year)	9 months 18 days		9 months 18 days		9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	7.00%		7.00%		7.00%

Note 8 - Leases - Summary of Operating Lease Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating lease liability- short term	$ 79	$ 94
Operating lease liability - long term	0	$ 56
Total Operating Lease Liability	$ 79

Note 8 - Leases - Future Lease Payments (Details) $ in Thousands	Sep. 30, 2021 USD ($)
2021 (3 months)	$ 24
2022	58
Total future minimum lease payments	82
Less imputed interest	(3)
Total	$ 79

Note 9 - Other Liabilities (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Business Combination, Acquisition Related Costs				$ 298
Business Combination, Contingent Consideration, Liability, Total	$ 0	$ 0		275
Contingent Consideration				$ 23
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		$ (23)	$ 0
Other Income [Member]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ (23)

Note 10 - Stockholders' Equity (Details Textual) - $ / shares	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Common Stock, Shares Authorized (in shares)	150,000,000	150,000,000	150,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized (in shares)	5,000,000	5,000,000	5,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001

Note 10 - Stockholders' Equity - Summary of Warrant Activity (Details) - Purchase Warrants [Member]	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Shares purchasable under outstanding warrants, beginning balance (in shares) \| shares	3,206,910
Shares purchasable, average price per share, beginning balance (in dollars per share) \| $ / shares	$ 6.36
Stock purchase warrants issued (in shares) \| shares	0
Stock purchase warrants issued (in dollars per share) \| $ / shares	$ 0
Stock purchase warrants exercised (in shares) \| shares	(1,815,012)
Stock purchase warrants exercised (in dollars per share) \| $ / shares	$ 6.64
Stock purchase warrants expired (in shares) \| shares	(231)
Stock purchase warrants expired (in dollars per share) \| $ / shares	$ 7.58
Shares purchasable under outstanding warrants, ending balance (in shares) \| shares	1,391,667
Shares purchasable, average price per share, ending balance (in dollars per share) \| $ / shares	$ 6.00

Note 10 - Stockholders' Equity - Oustanding Common Stock Purchase Warrants (Details) - Purchase Warrants [Member]	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Purchase Warrants, Number of Common Shares (in shares) \| shares	1,391,667
Warrants, exercise price (in dollars per share) \| $ / shares	$ 6.00
Purchase Warrants, Expiration Date	Jun. 01, 2022

Note 11 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, Pure in Thousands, $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	May 31, 2019	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)				3,678,883		3,678,883		3,931,586
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)				$ 5.30		$ 5.30		$ 4.41
Share-based Payment Arrangement, Expense				$ 1,303	$ 546	$ 4,310	$ 1,562
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate						0.00%	0.00%
The 2017 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	7,500,000	6,000,000							2,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)	1,500,000	1,900,000	2,100,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)				1,667,338		1,667,338
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount				$ 4,300		$ 4,300
The 2017 Stock Incentive Plan [Member] \| Performance-based Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)								100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)								$ 5.46
Share-based Payment Arrangement, Expense						$ 0		$ 0
The 2017 Stock Incentive Plan [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate						0.00%
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)						2 years 3 months 18 days
The 2017 Stock Incentive Plan [Member] \| Share-based Payment Arrangement, Option [Member] \| Employees, Directors and Consultants [Member]
Share-based Payment Arrangement, Expense				836	319	$ 2,065	$ 599
The 2017 Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Payment Arrangement, Expense				467	$ 227	$ 2,245	$ 963
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)						2 years 1 month 6 days
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount				$ 1,718		$ 1,718

Note 11 - Share-based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 $ / shares shares
Options on Common Shares, Outstanding (in shares) \| shares	3,931,586
Outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 4.41
Outstanding, remaining contractual term (Year)	5 years 5 months 19 days	4 years 9 months 18 days
Options on Common Shares, Granted (in shares) \| shares	982,500
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 5.57
Options on Common Shares, Exercised (in shares) \| shares	(915,404)
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 1.83
Options on Common Shares, Forfeited, cancelled, expired (in shares) \| shares	(319,799)
Forfeited, cancelled, expired, weighted average exercise price (in dollars per share) \| $ / shares	$ 5.12
Options on Common Shares, Outstanding (in shares) \| shares	3,678,883	3,931,586
Outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 5.30	$ 4.41
Outstanding, aggregate intrinsic value \| $	$ 4,335
Options on Common Shares, Exercisable (in shares) \| shares	1,904,711
Exercisable weighted average exercise price (in dollars per share) \| $ / shares	$ 4.37
Exercisable, remaining contractual term (Year)	3 years 3 days
Exercisable, aggregate intrinsic value \| $	$ 3,493

Note 11 - Share-based Compensation - Summary of Stock Option Valuation Assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Expected stock price volatility	50.00%	46.00%
Risk-free interest rate	0.90%	0.38%
Forfeiture rate	0.00%	0.00%
Expected dividend yield	0.00%	0.00%
Expected life of options (Year)	5 years 8 months 26 days	6 years 1 month 24 days
Weighted-average fair value of options granted (in dollars per share)	$ 2.57	$ 3.43

Note 11 - Share-based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Awards other than options, unvested, beginning balance (in shares) \| shares	428,006
Awards other than options, unvested, weighted average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 6.13
Awards other than options, Granted - service based (in shares) \| shares	352,890
Awards other than options, granted - service based, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 5.72
Awards other than options, Vested (in shares) \| shares	(421,407)
Awards other than options, vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 5.63
Awards other than options, Forfeited and cancelled (in shares) \| shares	(32,874)
Awards other than options, forfeited and cancelled, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 6.10
Awards other than options, unvested, ending balance (in shares) \| shares	326,615
Awards other than options, unvested, weighted average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 6.34
Weighted average vesting period (Year)	2 years 1 month 6 days

Note 11 - Share-based Compensation - Allocation of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based expense	$ 1,303	$ 546	$ 4,310	$ 1,562
Selling, General and Administrative Expenses [Member]
Share-based expense	1,093	468	3,722	1,393
Research and Development Expense [Member]
Share-based expense	$ 210	$ 78	$ 588	$ 169

Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2016
Contractual Obligation, Total	$ 713		$ 713
Estimated Litigation Liability	0		0
Related Party Technology License Agreement [Member] \| Syzygy Licensing LLC [Member]
Royalty Payments, Percentage of Product Revenue					4.00%
Maximum Royalties to Be Paid Under Agreement					$ 1,000
Royalty Expense	$ 65	$ 37	$ 185	$ 90

Note 13 - Related Party Transactions (Details Textual) - Mr. Elwood Norris [Member] - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Reimbursement of Expenses to Related Party, Monthly Amount	$ 1,500
Related Party Transaction, Amounts of Transaction	$ 13,000	$ 13,000

Note 14 - Major Customers and Related Information (Details Textual) - Customer Concentration Risk [Member]	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenue Benchmark [Member]
Number of Major Customers	2		2	3
Revenue Benchmark [Member] \| Distributor One [Member]
Concentration Risk, Percentage	41.00%	49.00%	27.00%	39.00%
Revenue Benchmark [Member] \| Distributor Two [Member]
Concentration Risk, Percentage	29.00%		21.00%	12.00%
Revenue Benchmark [Member] \| Agencies [Member]
Number of Major Customers		1
Revenue Benchmark [Member] \| Distributor Three [Member]
Concentration Risk, Percentage				11.00%
Accounts Receivable [Member]
Number of Major Customers			2		2
Accounts Receivable [Member] \| Distributor One [Member]
Concentration Risk, Percentage			45.00%		28.00%
Accounts Receivable [Member] \| Distributor Two [Member]
Concentration Risk, Percentage			22.00%		26.00%

Note 14 - Major Customers and Related Information - Disaggregation of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues	$ 1,805	$ 1,007	$ 5,280	$ 2,529
Americas [Member]
Revenues	1,088	384	2,837	788
Europe, Middle East and Africa [Member]
Revenues	745	51	2,424	653
Asia Pacific [Member]
Revenues	$ (28)	$ 572	$ 19	$ 1,088