$ISPC
iSpecimen Inc.

2021 Q4 Form 10-Q Financial Statement

#000110465921134005 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $2.549M $2.719M $2.250M
YoY Change -6.28% 20.82% 226.11%
Cost Of Revenue $1.222M $913.8K $903.9K
YoY Change -21.14% 1.1% 84.46%
Gross Profit $1.327M $1.805M $1.346M
YoY Change 14.38% 34.05% 541.09%
Gross Profit Margin 52.05% 66.39% 59.83%
Selling, General & Admin $3.322M $2.149M $1.281M
YoY Change 58.18% 67.77% -26.37%
% of Gross Profit 250.37% 119.1% 95.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $256.2K $11.13K $4.883K
YoY Change 42.32% 127.93% -98.96%
% of Gross Profit 19.31% 0.62% 0.36%
Operating Expenses $3.322M $2.149M $1.281M
YoY Change 58.18% 67.77% -26.37%
Operating Profit -$1.995M -$1.459M -$723.1K
YoY Change 112.23% 101.79% -52.74%
Interest Expense -$32.61K $75.92K $469.5K
YoY Change -95.06% -83.83% -176.96%
% of Operating Profit
Other Income/Expense, Net -$22.78K -$93.95K -$523.4K
YoY Change -82.05%
Pretax Income -$2.050M -$1.553M -$1.246M
YoY Change 28.96% 24.59% -42.02%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.050M -$1.553M -$1.246M
YoY Change 28.96% 24.59% -40.93%
Net Earnings / Revenue -80.44% -57.13% -55.4%
Basic Earnings Per Share -$0.22
Diluted Earnings Per Share -$270.5K -$223.1K -$204.9K
COMMON SHARES
Basic Shares Outstanding 6.997M 6.923M
Diluted Shares Outstanding 6.960M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.74M $9.791M $960.0K
YoY Change 3862.71% 919.87%
Cash & Equivalents $27.74M $9.791M $957.2K
Short-Term Investments
Other Short-Term Assets $327.0K $459.3K $110.0K
YoY Change -22.13% 317.56%
Inventory $30.00K
Prepaid Expenses
Receivables $3.002M $2.719M $2.080M
Other Receivables $140.9K $179.4K $180.0K
Total Short-Term Assets $32.95M $14.90M $3.360M
YoY Change 848.87% 343.42%
LONG-TERM ASSETS
Property, Plant & Equipment $32.78K $44.75K $90.00K
YoY Change -56.63% -50.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.60K $27.60K $30.00K
YoY Change -8.0% -8.0%
Total Long-Term Assets $2.771M $2.723M $2.690M
YoY Change 1.24% 1.23%
TOTAL ASSETS
Total Short-Term Assets $32.95M $14.90M $3.360M
Total Long-Term Assets $2.771M $2.723M $2.690M
Total Assets $35.72M $17.62M $6.050M
YoY Change 475.22% 191.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $832.7K $351.4K $1.210M
YoY Change -53.54% -70.96%
Accrued Expenses $1.010M $1.025M $3.720M
YoY Change 24.53% -72.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $11.98M
YoY Change -100.0% -100.0%
Long-Term Debt Due $0.00 $0.00 $470.0K
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $2.505M $2.103M $20.26M
YoY Change -88.68% -89.62%
LONG-TERM LIABILITIES
Long-Term Debt $3.423M $3.428M $310.0K
YoY Change 1801.46% 1005.93%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.423M $3.428M $310.0K
YoY Change 1801.46% 1005.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.505M $2.103M $20.26M
Total Long-Term Liabilities $3.423M $3.428M $310.0K
Total Liabilities $5.928M $5.531M $20.57M
YoY Change -73.43% -73.11%
SHAREHOLDERS EQUITY
Retained Earnings -$38.02M -$35.97M
YoY Change 30.84%
Common Stock $873.00 $697.00
YoY Change 828.72%
Preferred Stock
YoY Change
Treasury Stock (at cost) $172.00 $172.00
YoY Change 0.0%
Treasury Stock Shares $31.00K $31.00K
Shareholders Equity $29.79M $12.09M -$25.70M
YoY Change
Total Liabilities & Shareholders Equity $35.72M $17.62M $6.050M
YoY Change 475.22% 191.27%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$2.050M -$1.553M -$1.246M
YoY Change 28.96% 24.59% -40.93%
Depreciation, Depletion And Amortization $256.2K $11.13K $4.883K
YoY Change 42.32% 127.93% -98.96%
Cash From Operating Activities -$1.320M -$6.080M $166.0K
YoY Change 4299.03% -3762.53% -108.97%
INVESTING ACTIVITIES
Capital Expenditures -$304.2K -$290.8K -$609.8K
YoY Change 32.26% -52.31% -45.55%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$304.2K -$290.8K -$609.8K
YoY Change 32.26% -52.31% -45.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.57M 2.977M 1.030M
YoY Change 189.07% -56.54%
NET CHANGE
Cash From Operating Activities -1.320M -6.080M 166.0K
Cash From Investing Activities -304.2K -290.8K -609.8K
Cash From Financing Activities 19.57M 2.977M 1.030M
Net Change In Cash 17.95M -3.394M 586.2K
YoY Change -7003.17% -678.9% -197.7%
FREE CASH FLOW
Cash From Operating Activities -$1.320M -$6.080M $166.0K
Capital Expenditures -$304.2K -$290.8K -$609.8K
Free Cash Flow -$1.016M -$5.789M $775.8K
YoY Change -607.75% -846.23% -206.28%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-1246469
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
-25696691
us-gaap Net Income Loss
NetIncomeLoss
-6911428
us-gaap Net Income Loss
NetIncomeLoss
-3058540
us-gaap Share Based Compensation
ShareBasedCompensation
450231
us-gaap Share Based Compensation
ShareBasedCompensation
80598
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
12500
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
731172
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-865927
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
500000
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
1250000
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
3500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
714444
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
864921
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-733722
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
783008
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
18000000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2339816
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
992
ispc Transaction Cost Issuance Of Over Allotment Shares Of Common Stock
TransactionCostIssuanceOfOverAllotmentSharesOfCommonStock
202499
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
599425
us-gaap Depreciation
Depreciation
33390
us-gaap Depreciation
Depreciation
33563
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
33856
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1088
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
141628
ispc Amortization Of Financing Costs1
AmortizationOfFinancingCosts1
3277
ispc Amortization Of Discount On Bridge Notes
AmortizationOfDiscountOnBridgeNotes
869600
ispc Change In Fair Value Of Derivative Liabilities
ChangeInFairValueOfDerivativeLiabilities
-1311700
ispc Change In Fair Value Of Derivative Liabilities
ChangeInFairValueOfDerivativeLiabilities
76000
ispc Loss On Extinguishment Of Bridge Notes And Bridge Notes Related Parties
LossOnExtinguishmentOfBridgeNotesAndBridgeNotesRelatedParties
2740425
ispc Loss On Extinguishment Of Convertible Notes
LossOnExtinguishmentOfConvertibleNotes
260185
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
788156
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1226146
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
924827
ispc Accounts Receivable Unbilled
AccountsReceivableUnbilled
1097983
ispc Accounts Receivable Unbilled
AccountsReceivableUnbilled
-130813
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
41392
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
6970
ispc Increase Or Decrease In Tax Credit Receivable
IncreaseOrDecreaseInTaxCreditReceivable
104624
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1441008
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
474263
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
214226
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
129644
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-1709579
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
1374139
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-154531
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
581912
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9348701
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-263728
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2550
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1006
ispc Proceeds From Issuance Of Over Allotment Shares Of Commonstock Net Of Transaction Cost
ProceedsFromIssuanceOfOverAllotmentSharesOfCommonstockNetOfTransactionCost
2497501
ispc Payment Of Principal To Bridge Note Holders
PaymentOfPrincipalToBridgeNoteHolders
3000000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
25825
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
19177246
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2033008
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
9094823
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
903353
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
695909
ispc Conversion Of Redeemable Convertible Preferred Stock Into Common Stock
ConversionOfRedeemableConvertiblePreferredStockIntoCommonStock
11173076
ispc Conversion Of Convertible Notes And Accrued Interest Into Common Stock
ConversionOfConvertibleNotesAndAccruedInterestIntoCommonStock
6748729
ispc Conversion Of Bridge Notes And Accrued Interest Into Common Stock
ConversionOfBridgeNotesAndAccruedInterestIntoCommonStock
4717646
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
53893
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9790732
CY2021Q3 us-gaap Depreciation
Depreciation
11130
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
957246
us-gaap Interest Paid Net
InterestPaidNet
2824032
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8586217
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5466375
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
141952
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
108096
ispc Issuance Of Common Stock Warrants As Offering Costs In Connection With Public Offering Of Common Stock
IssuanceOfCommonStockWarrantsAsOfferingCostsInConnectionWithPublicOfferingOfCommonStock
374400
ispc Debt Conversion Converted Instrument Warrants Or Options Issued Amount
DebtConversionConvertedInstrumentWarrantsOrOptionsIssuedAmount
49072
us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2021Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0
CY2021Q2 ispc Debt Conversion Original Debt Principal Amount
DebtConversionOriginalDebtPrincipalAmount
5500000
CY2021Q2 ispc Debt Conversion Original Debt Accrued Interest Amount
DebtConversionOriginalDebtAccruedInterestAmount
1300000
CY2021Q2 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
1206614
CY2021Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
5.60
CY2021Q3 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
0
ispc Debt Conversion Original Debt Principal Amount
DebtConversionOriginalDebtPrincipalAmount
4000000
us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
842429
CY2021Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
5.60
CY2021Q3 ispc Payment Of Principal To Bridge Note Holders
PaymentOfPrincipalToBridgeNoteHolders
3000000.0
CY2021Q3 ispc Debt Conversion Original Debt Accrued Interest Amount
DebtConversionOriginalDebtAccruedInterestAmount
64110
CY2021Q3 ispc Working Capital Deficit
WorkingCapitalDeficit
12796062
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-35969015
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9790732
CY2021Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
1376560
CY2021Q3 us-gaap Proceeds From Loans
ProceedsFromLoans
3500000
CY2021Q3 ispc Remaining Balance Of Bridge Note
RemainingBalanceOfBridgeNote
3000000.0
ispc Bridge Note Outstanding
BridgeNoteOutstanding
0
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;line-height:1.19;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of the Company’s unaudited interim condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company utilizes certain estimates in the determination of the fair value of its warrants, deferred tax valuation allowances, revenue recognition, share-based compensation, derivative liabilities for embedded conversion features, and accrued expenses amongst others. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;line-height:1.19;margin:0pt 0pt 12pt 0pt;">Off-Balance Sheet Risk and Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has no significant off-balance sheet risks, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Cash accounts are maintained at financial institutions that potentially subject the Company to concentrations of credit risk. At September 30, 2021 and December 31, 2020, substantially all of the Company’s cash was deposited in accounts at one financial institution. The Company maintains its cash deposits, which at times may exceed the federally insured limits, with a reputable financial institution and, accordingly, the Company believes such funds are subject to minimal credit risk.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">Concentration of credit risk with respect to accounts receivable is typically related to customers who account for a significant portion of revenue. During the three months ended September 30, 2021, one customer represented approximately 16% of the Company’s revenues. During the three months ended September 30, 2020, two customers represented approximately 10% and 32% of the Company’s revenues.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the nine months ended September 30, 2021, one customer represented approximately 10% of the Company’s revenues. During the nine months ended September 30, 2020, two customers represented approximately 21% and 15% of the Company’s revenues.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of September 30, 2021, three customers each <span style="-sec-ix-hidden:Hidden_YID3H5oNkEyVs1XUscQsjA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:justify;">represented</span></span> 12% of the Company’s <span style="-sec-ix-hidden:Hidden_9U4odY38NkC1r1-UwlBYvA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:justify;">accounts</span></span> receivable balance. As of September 30, 2020, one customer represented 13% of the Company’s accounts receivable balance.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of September 30, 2021, three customers represented 23%, 17%, and 13%, respectively, of the Company’s unbilled accounts receivable balance. As of September 30, 2020, there were no customers with unbilled accounts receivable balances in excess of 10% of the total.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the three months ended September 30, 2021 and 2020, revenue attributable to customers located in foreign countries represented approximately 4% and 6% of revenue, respectively. During the nine months ended September 30, 2021 and 2020, revenue attributable to customers located in foreign countries represented approximately 5% and 6% of revenue, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of September 30, 2021 and 2020, accounts receivable attributable to customers located in foreign countries represented approximately 4% and 8% of accounts receivable, respectively. As of September 30, 2021 and 2020, accounts receivable-unbilled attributable to customers located in foreign countries represented approximately 5% and 12% of accounts receivable-unbilled, respectively.</p>
CY2021Q3 ispc Number Of Customers
NumberOfCustomers
1
CY2020Q3 ispc Number Of Customers
NumberOfCustomers
2
ispc Number Of Customers
NumberOfCustomers
1
ispc Concentration Risk Percentages1
ConcentrationRiskPercentages1
0.02
CY2021Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
600000
CY2021Q2 ispc Deferred Initial Public Offering Costs
DeferredInitialPublicOfferingCosts
2300000
CY2021Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2020Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
265000
us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;line-height:1.19;margin:0pt 0pt 12pt 0pt;">Derivative Liability for Embedded Conversion Features</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company evaluates its convertible instruments to determine if those contracts or embedded components of those contracts qualify as derivatives to be accounted for separately. In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other bifurcated embedded derivative instruments in the convertible instrument, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. The result of this accounting treatment is that the fair value of the embedded derivative is recorded as a liability and marked-to-market each balance sheet date, with the change in fair value recorded in the statements of operations as other income or expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity.</p>
ispc Number Of Days From Receipt Of Specimens To Inspect Specimens To Ensure Compliance
NumberOfDaysFromReceiptOfSpecimensToInspectSpecimensToEnsureCompliance
P14D
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2718534
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2250147
ispc Schedule Of Common Stock Equivalents Excluded From Diluted Net Loss Per Share
ScheduleOfCommonStockEquivalentsExcludedFromDilutedNetLossPerShare
<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:72.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:8pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:8pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:8pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:8pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:8pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:72.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td colspan="3" style="vertical-align:middle;white-space:nowrap;width:25.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.27;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Nine months ended September 30, </b></p></td></tr><tr><td style="vertical-align:bottom;width:72.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><b style="color:#231f20;font-weight:bold;">    </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.45%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.27;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="color:#231f20;font-weight:bold;">2021</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><b style="color:#231f20;font-weight:bold;">    </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.46%;border-bottom:1px solid #231f20;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.27;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="color:#231f20;font-weight:bold;">2020</b></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:72.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;"><span style="color:#231f20;">Shares issuable upon conversion of preferred stock</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="color:#231f20;"> </span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;">—</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 1,291,012</p></td></tr><tr><td style="vertical-align:bottom;width:72.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;"><span style="color:#231f20;">Shares issuable upon vesting of RSUs</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="color:#231f20;"> </span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 284,267</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> —</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:72.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;"><span style="color:#231f20;">Shares issuable upon exercise of stock options</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="color:#231f20;font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 269,770</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 253,575</p></td></tr><tr><td style="vertical-align:bottom;width:72.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;"><span style="color:#231f20;">Shares issuable upon exercise of Lender Warrant to purchase common stock</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="color:#231f20;"> </span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 12,500</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 23,309</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:72.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;"><span style="color:#231f20;">Shares issuable upon exercise of Underwriter Warrants to purchase common stock</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="color:#231f20;"> </span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 90,000</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;">—</p></td></tr></table>
CY2021Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
0
CY2020Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
1291012
CY2021Q3 ispc Shares Issuable Upon Vesting Of Rsus
SharesIssuableUponVestingOfRsus
284267
CY2020Q3 ispc Shares Issuable Upon Vesting Of Rsus
SharesIssuableUponVestingOfRsus
0
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
269770
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
253575
ispc Shares Issuable Upon Exercise Of Warrants To Purchase Common Stock
SharesIssuableUponExerciseOfWarrantsToPurchaseCommonStock
12500
ispc Shares Issuable Upon Exercise Of Warrants To Purchase Common Stock
SharesIssuableUponExerciseOfWarrantsToPurchaseCommonStock
23309
CY2021Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
90000
CY2020Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
44749
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
75589
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
340083
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
337533
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
295334
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
261944
CY2020Q3 us-gaap Depreciation
Depreciation
4883
us-gaap Depreciation
Depreciation
33390
us-gaap Depreciation
Depreciation
33563
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
29287
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
731172
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
864921
CY2021Q3 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
242860
CY2020Q3 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
179168
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
714444
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
599425
ispc Conversion Of Principal And Accrued Interest Of Convertible Notes And Bridge Notes Into Common Stock Upon Initial Public Offering
ConversionOfPrincipalAndAccruedInterestOfConvertibleNotesAndBridgeNotesIntoCommonStockUponInitialPublicOffering
16392344
ispc Conversion Of Principal And Accrued Interest Of Convertible Notes And Bridge Notes Into Common Stock Upon Initial Public Offering
ConversionOfPrincipalAndAccruedInterestOfConvertibleNotesAndBridgeNotesIntoCommonStockUponInitialPublicOffering
16392344
ispc Schedule Of Components Of Convertible Notes And Bridge Notes Of Non Cash Transaction
ScheduleOfComponentsOfConvertibleNotesAndBridgeNotesOfNonCashTransaction
<p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.27;margin-bottom:8pt;visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:81.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:8pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:8pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:8pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:8pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:81.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;">Write off of derivative liability relating to the Convertible Notes</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;">    </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 2,644,000</p></td></tr><tr><td style="vertical-align:bottom;width:81.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;">Extinguishment of Convertible Notes principal</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 5,486,199</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:81.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;">Accrued and unpaid interest on the Convertible Notes</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 1,257,066</p></td></tr><tr><td style="vertical-align:bottom;width:81.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;">Accumulated amortization on debt issuance costs</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 33,035</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:81.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;">Loss on extinguishment of Convertible Notes</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 260,185</p></td></tr><tr><td style="vertical-align:bottom;width:81.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;">Write off of debt issuance costs</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (27,573)</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:81.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;">Write off of derivative liability relating to the Bridge Notes</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 2,031,300</p></td></tr><tr><td style="vertical-align:bottom;width:81.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;">Extinguishment of Bridge Notes principal</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 4,000,000</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:81.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;">Accrued and unpaid interest on the Bridge Notes</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 717,646</p></td></tr><tr><td style="vertical-align:bottom;width:81.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;">Gain on extinguishment of Bridge Notes</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (9,514)</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:81.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0.05pt 0pt;">Total conversion of Convertible Notes and Bridge Notes into common stock</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:8pt;visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.63%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.03%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> 16,392,344</p></td></tr></table>
ispc Accumulated Amortization On Debt Issuance Costs
AccumulatedAmortizationOnDebtIssuanceCosts
33035
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
27573
ispc Conversion Of Principal And Accrued Interest Of Convertible Notes And Bridge Notes Into Common Stock Upon Initial Public Offering
ConversionOfPrincipalAndAccruedInterestOfConvertibleNotesAndBridgeNotesIntoCommonStockUponInitialPublicOffering
16392344
CY2021Q3 ispc Debt Conversion Original Debt Accrued Interest Amount
DebtConversionOriginalDebtAccruedInterestAmount
64110
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
40353
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
163158
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
165254
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
27601
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
396366
CY2021Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
46261
CY2020Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
13276
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
113341
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
82794
CY2021Q3 ispc Shares Authorized
SharesAuthorized
250000000
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
2000
CY2021Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
6.25
CY2021Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
12500
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0047
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0066
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0135
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0141
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.4983
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.4998
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.4311
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.4391
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
23019
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
213813
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.94
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.72
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
399821
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
450231
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
80598
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
261676
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y10M24D
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2021Q3 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
800000

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