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Basis of Presentation | 3 Months Ended
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Mar. 31, 2022
Basis of Presentation [Abstract] |
Basis of Presentation | 2. Basis of presentation The unaudited interim condensed consolidated financial statements include the accounts of AquaBounty Technologies, Inc. and its wholly owned direct subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. The unaudited interim condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) consistent with those applied in, and should be read in conjunction with, the Company’s audited financial statements and related notes for the year ended December 31, 2021. The unaudited interim condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of March 31, 2022, results of operations and cash flows for the interim periods presented, and are not necessarily indicative of results for subsequent interim periods or for the full year. The unaudited interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, as allowed by the relevant U.S. Securities and Exchange Commission (“SEC”) rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading. Liquidity The Company had $179.9 million in cash and cash equivalents, marketable securities and restricted cash as of March 31, 2022. While the Company has experienced net losses and negative cash flows from operations since inception, management believes that it has sufficient cash to meet the Company's requirements beyond the next twelve months from the filing date of these condensed consolidated financial statements. However, until such time as the Company reaches profitability, it may require additional financing to fund its operations and execute its business plan. Inventories Inventories are mainly comprised of feed, eggs, fish in process and finished goods. Fish in process inventory is measured based on the estimated biomass of fish on hand. The Company has established a standard procedure to estimate the biomass of fish on hand using counting and sampling techniques. The Company measures inventory at the lower of cost or net realizable value (NRV). The NRV calculation contains various estimates and assumptions in regard to the calculation of the biomass, including expected yield, the market value of the biomass and estimated costs of completion and transportation. The Company considers fish that has been harvested and transported from its farm to be finished goods inventory. Revenue recognition The Company generates revenue from the sale of its products. Revenue is recognized when the customer takes physical control of the goods, in an amount that reflects the transaction price consideration that the Company expects to receive in exchange for the goods. Revenue excludes any sales tax collected and includes any estimate of future credits. During the period ended March 31, 2022, the Company recognized the following product revenue:
| Quarter Ended March 31, 2022
|  | U.S. |  |  | Canada |  |  | Total
GE Atlantic salmon | $ | 788,977 |  | $ | 131,860 |  | $ | 920,837
Non-GE Atlantic salmon fry |  | - |  |  | 41,807 |  |  | 41,807
Other revenue |  | - |  |  | 237 |  |  | 237
Total Revenue | $ | 788,977 |  | $ | 173,904 |  | $ | 962,881
During the period ended March 31, 2022, the Company had the following customer concentration of revenue:
|  |  |  |  |  | Quarter Ended
|  |  |  |  |  | March 31, 2022
Customer A |  |  |  |  |  |  |  | 34%
Customer B |  |  |  |  |  |  |  | 21%
Customer C |  |  |  |  |  |  |  | 14%
All other |  |  |  |  |  |  |  | 31%
Total of all customers |  |  |  |  |  |  |  | 100%
Net loss per share Basic and diluted net loss per share available to common stockholders has been calculated by dividing net loss by the weighted average number of Common Shares outstanding during the year. Basic net loss per share is based solely on the number of Common Shares outstanding during the year. Common Shares outstanding exclude any issued, but unvested restricted shares. Fully diluted net loss per share includes the number of Common Shares issuable upon the exercise of warrants and options with an exercise price less than the fair value of the Common Shares, as well as all issued but unvested restricted shares. Since the Company is reporting a net loss for all periods presented, all potential Common Shares are considered anti-dilutive and are excluded from the calculation of diluted net loss per share. The following table shows the impact of potentially dilutive securities outstanding:
|  |  |  |  | March 31, 2022 |  |  | December 31, 2021
Shares issued and outstanding, excluding unvested restricted shares |  |  | 71,087,504 |  |  | 70,992,361
Reserve for issued stock options |  |  | 873,180 |  |  | 663,425
Reserve for issued warrants |  |  | 418,441 |  |  | 418,441
Reserve for issued but unvested restricted shares |  |  | 184,645 |  |  | 65,100
Fully diluted shares |  |  |  |  | 72,563,770 |  |  | 72,139,327
Accounting Pronouncements Management does not expect any recently issued, but not yet effective, accounting standards to have a material effect on its results of operations or financial condition.

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- Definition The 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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -URI http://asc.fasb.org/topic&trid=2122149 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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