$ISPC
iSpecimen Inc.

2021 Form 10-K Financial Statement

#000155837022004077 Filed on March 22, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $11.14M $2.720M $8.184M
YoY Change 36.06% 110.85% 90.33%
Cost Of Revenue $5.249M $1.550M $3.585M
YoY Change 46.4% 150.0% 68.33%
Gross Profit $5.886M $1.160M $4.599M
YoY Change 28.0% 73.13% 111.92%
Gross Profit Margin 52.86% 42.65% 56.19%
Selling, General & Admin $8.036M $2.100M $4.183M
YoY Change 92.12% 51.08% -29.1%
% of Gross Profit 136.52% 181.03% 90.96%
Research & Development $295.3K $319.2K
YoY Change -7.5% 99.52%
% of Gross Profit 5.02% 6.94%
Depreciation & Amortization $45.36K $180.0K $44.76K
YoY Change 1.34% 5.88% -93.01%
% of Gross Profit 0.77% 15.52% 0.97%
Operating Expenses $8.332M $2.100M $4.502M
YoY Change 85.06% 51.08% -25.59%
Operating Profit -$5.925M -$940.0K -$2.406M
YoY Change 146.23% 30.56% -37.98%
Interest Expense $2.103M -$660.0K $2.097M
YoY Change 0.28% -4.35% -279.21%
% of Operating Profit
Other Income/Expense, Net -$3.037M $0.00 -$2.246M
YoY Change 35.22% -100.0% -1421.0%
Pretax Income -$8.962M -$1.590M -$4.650M
YoY Change 92.73% 14.39% -4.71%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.962M -$1.590M -$4.652M
YoY Change 92.64% 17.78% -1.65%
Net Earnings / Revenue -80.48% -58.46% -56.84%
Basic Earnings Per Share -$2.09 -$4.97
Diluted Earnings Per Share -$2.09 -$260.7K -$4.97
COMMON SHARES
Basic Shares Outstanding 4.287M 936.2K
Diluted Shares Outstanding 4.287M 936.2K

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.74M $700.0K $700.0K
YoY Change 3862.71% 1300.0%
Cash & Equivalents $695.9K
Short-Term Investments
Other Short-Term Assets $327.0K $420.0K $420.0K
YoY Change -22.13% 425.0%
Inventory
Prepaid Expenses
Receivables $4.741M $1.526M $2.180M
Other Receivables $140.9K $180.0K $180.0K
Total Short-Term Assets $32.95M $3.472M $3.470M
YoY Change 849.52% 119.62%
LONG-TERM ASSETS
Property, Plant & Equipment $32.78K $75.59K $80.00K
YoY Change -59.03% -33.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.60K $30.00K $30.00K
YoY Change -8.0% 0.0%
Total Long-Term Assets $2.771M $2.737M $2.740M
YoY Change 1.14% 4.18%
TOTAL ASSETS
Total Short-Term Assets $32.95M $3.472M $3.470M
Total Long-Term Assets $2.771M $2.737M $2.740M
Total Assets $35.72M $6.210M $6.210M
YoY Change 475.19% 47.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $832.7K $1.792M $1.790M
YoY Change -53.48% 141.89%
Accrued Expenses $1.018M $810.9K $4.510M
YoY Change -77.43% 103.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $11.99M $11.99M
YoY Change -100.0% 13.22%
Long-Term Debt Due $0.00 $600.0K $600.0K
YoY Change -100.0%
Total Short-Term Liabilities $2.505M $22.14M $22.14M
YoY Change -88.68% 40.48%
LONG-TERM LIABILITIES
Long-Term Debt $3.423M $180.0K $180.0K
YoY Change 1801.46%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.423M $180.0K $180.0K
YoY Change 1801.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.505M $22.14M $22.14M
Total Long-Term Liabilities $3.423M $180.0K $180.0K
Total Liabilities $5.928M $22.31M $22.31M
YoY Change -73.43% 41.56%
SHAREHOLDERS EQUITY
Retained Earnings -$29.06M
YoY Change
Common Stock $94.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $172.00
YoY Change
Treasury Stock Shares $31.00K
Shareholders Equity $29.79M -$27.28M -$16.10M
YoY Change
Total Liabilities & Shareholders Equity $35.72M $6.210M $6.210M
YoY Change 475.19% 47.51%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$8.962M -$1.590M -$4.652M
YoY Change 92.64% 17.78% -1.65%
Depreciation, Depletion And Amortization $45.36K $180.0K $44.76K
YoY Change 1.34% 5.88% -93.01%
Cash From Operating Activities -$10.67M -$30.00K -$288.4K
YoY Change 3599.43% -96.39% -89.24%
INVESTING ACTIVITIES
Capital Expenditures $2.550K -$230.0K $426.00
YoY Change 498.59% -36.11% -100.03%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.038M -$230.0K -$1.103M
YoY Change -5.87% -36.11% -25.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $18.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 38.75M 0.000 2.033M
YoY Change 1806.01% -100.0% -33.99%
NET CHANGE
Cash From Operating Activities -10.67M -30.00K -288.4K
Cash From Investing Activities -1.038M -230.0K -1.103M
Cash From Financing Activities 38.75M 0.000 2.033M
Net Change In Cash 27.04M -260.0K 642.0K
YoY Change 4112.21% -45.83% -159.45%
FREE CASH FLOW
Cash From Operating Activities -$10.67M -$30.00K -$288.4K
Capital Expenditures $2.550K -$230.0K $426.00
Free Cash Flow -$10.67M $200.0K -$288.8K
YoY Change 3594.85% -142.55% -75.93%

Facts In Submission

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iSpecimen Inc.
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CY2021 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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CY2021 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1035367
CY2020 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1102186
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1037917
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1102612
CY2021 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
500000
CY2020 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
1250000
CY2021 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
3500000
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
18000000
CY2021 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2339816
CY2020 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
783008
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
58648
CY2020 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
9185
CY2021 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
20999988
CY2021 ispc Payments Of Offering Costs In Connection With Pipe
PaymentsOfOfferingCostsInConnectionWithPipe
1434999
CY2021 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
992
CY2021 ispc Transaction Costs Issuance Of Shares Over Allotment
TransactionCostsIssuanceOfSharesOverAllotment
202499
CY2021 ispc Proceeds From Issuance Of Over Allotment Shares Of Common Stock Net Of Transaction Cost
ProceedsFromIssuanceOfOverAllotmentSharesOfCommonStockNetOfTransactionCost
2497501
CY2021 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
3000000
CY2021 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
32917
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
38749397
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2033008
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
27043070
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
642016
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
53893
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27738979
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
695909
CY2021 us-gaap Interest Paid Net
InterestPaidNet
2824032
CY2021 ispc Conversion Of Redeemable Convertible Preferred Stock Into Common Stock
ConversionOfRedeemableConvertiblePreferredStockIntoCommonStock
11173076
CY2021 ispc Conversion Of Convertible Notes And Accrued Interest Into Common Stock
ConversionOfConvertibleNotesAndAccruedInterestIntoCommonStock
6748729
CY2021 ispc Conversion Of Shares Conversion Of Bridge Notes And Accrued Interest Into Common Stock
ConversionOfSharesConversionOfBridgeNotesAndAccruedInterestIntoCommonStock
4717646
CY2021 ispc Issuance Of Shares Issuance Of Common Stock Warrants As Offering Costs In Connection Of Public Offering
IssuanceOfSharesIssuanceOfCommonStockWarrantsAsOfferingCostsInConnectionOfPublicOffering
374400
CY2021 ispc Debt Conversion Converted Instrument Warrants Or Options Issued Amount
DebtConversionConvertedInstrumentWarrantsOrOptionsIssuedAmount
49072
CY2021 ispc Debt Conversion Converted Instrument Warrants Or Options Issued Amount Pipe
DebtConversionConvertedInstrumentWarrantsOrOptionsIssuedAmountPipe
10624759
CY2020 ispc Deferred Offering Costs Included In Accrued Expenses
DeferredOfferingCostsIncludedInAccruedExpenses
-57420
CY2021 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2021Q2 ispc Debt Conversion Original Debt Principal Amount
DebtConversionOriginalDebtPrincipalAmount
5500000
CY2021Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
0
CY2021 ispc Debt Conversion Original Debt Principal Amount
DebtConversionOriginalDebtPrincipalAmount
4000000
CY2021 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
842429
CY2021 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
3000000.0
CY2021Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
18200000
CY2021Q4 ispc Working Capital Deficit
WorkingCapitalDeficit
30442955
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
27738979
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
1842481
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of the Company’s 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 common stock and warrants, deferred tax valuation allowances, revenue recognition, share-based compensation, 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>
CY2021 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Reclassification</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Certain comparative figures have been reclassified to conform to the current year presentation. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During 2021, the Company updated its accounting policy to allocate stock-based compensation costs to all departments. The costs were previously included only in general and administrative expenses. As a result of the reclassification, certain line items have been amended for the year ended December 31, 2020, in the statement of operations and the related notes to the financial statements. The reclassifications had no impact on the total operating expenses, net income or earnings per share for the year ended December 31, 2020.</p>
CY2021 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;text-align:justify;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;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 December 31, 2021 and 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;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 2021, no customers represented greater than 10% of the Company’s revenues, one customer represented approximately 11% of accounts receivable and two customers represented approximately 23% and 17% of accounts receivable-unbilled at December 31, 2021. During 2020, two customers represented approximately 11% and 10% of the Company’s revenues, one customer represented approximately 10% of accounts receivable, and three customers represented approximately 23%, 13% and 11% of accounts receivable-unbilled at December 31, 2020. During the years ended December 31, 2021 and 2020, revenue attributable to customers located in foreign countries is approximately 7% and 6% of revenue, respectively. During the years ended December 31, 2021 and 2020, accounts receivable attributable to customers located in foreign countries is approximately 6% and 11% of accounts receivable, respectively. During the years ended December 31, 2021 and 2020, accounts receivable-unbilled attributable to customers located in foreign countries is approximately 11% and 0% of accounts receivable-unbilled, respectively.</p>
CY2021 us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Derivative Liability for Embedded Conversion Features</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company evaluates its convertible notes 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>
CY2021 ispc Number Of Days From Receipt Of Specimens To Inspect Specimens To Ensure Compliance
NumberOfDaysFromReceiptOfSpecimensToInspectSpecimensToEnsureCompliance
P14D
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11135303
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8184106
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
269170
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
108096
CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2021 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
875293
CY2021 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
295305
CY2020 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
319235
CY2021 us-gaap Advertising Expense
AdvertisingExpense
229223
CY2020 us-gaap Advertising Expense
AdvertisingExpense
111304
CY2021 ispc Supply Development
SupplyDevelopment
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Supply Development</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has agreements with supply partners that allow the Company to procure specimens from them and distribute these samples to customers. Supply development costs primarily include payroll and related expenses for personnel engaged in the development and management of this supply network; related travel expenses; regulatory compliance costs to support the network; and other supply development and management costs.</p>
CY2021 ispc Fulfillment Costs
FulfillmentCosts
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Fulfillment</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Fulfillment costs primarily consist of those costs incurred in operating and staffing operations and customer service teams, including costs attributable to assess the feasibility of specimen requests; creating and managing orders; picking non-capitalizable, packaging, and preparing customer orders for shipment; responding to inquiries from customers; and laboratory equipment and supplies.</p>
CY2021 ispc General And Administrative Expenses
GeneralAndAdministrativeExpenses
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">General and Administrative</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">General and administrative expenses primarily consist of costs for corporate functions, including payroll and related expenses for human resources, legal, finance, and executive teams; associated software licenses; facilities and equipment expenses, such as depreciation and amortization expense and rent, outside legal expenses, insurance costs, and other general and administrative costs.</p>
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
3.83
CY2020 us-gaap Capitalized Computer Software Amortization1
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CY2021Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
3833904
CY2020Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
2875264
CY2020Q4 us-gaap Deferred Offering Costs
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265000
CY2021Q2 ispc Deferred Initial Public Offering Costs
DeferredInitialPublicOfferingCosts
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CY2021Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
2300000
CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2020Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
1291012
CY2021 ispc Shares Issuable Upon Vesting Of Rsus
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282417
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
255147
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
251847
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1312500
CY2021Q3 us-gaap Stock Issued During Period Shares Issued For Services
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2000
CY2021 ispc Conversion Of Principal And Accrued Interest Of Convertible Notes And Bridge Notes Into Common Stock Upon Initial Public Offering
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16392344
CY2021Q3 us-gaap Proceeds From Issuance Initial Public Offering
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18200000
CY2020Q4 us-gaap Deferred Tax Assets Gross
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8000000
CY2021Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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300000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
261944
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
32781
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
340083
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
337533
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
307302
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
75589
CY2021 us-gaap Depreciation
Depreciation
45358
CY2020 us-gaap Depreciation
Depreciation
44758
CY2021 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
1035367
CY2020 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
1102186
CY2021 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
958639
CY2020 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
136281
CY2021Q4 ispc Shares Authorized
SharesAuthorized
250000000
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
141000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2020Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
179000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021 ispc Accumulated Amortization On Debt Issuance Costs
AccumulatedAmortizationOnDebtIssuanceCosts
33035
CY2021 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
27573
CY2021 ispc Conversion Of Principal And Accrued Interest Of Convertible Notes And Bridge Notes Into Common Stock Upon Initial Public Offering
ConversionOfPrincipalAndAccruedInterestOfConvertibleNotesAndBridgeNotesIntoCommonStockUponInitialPublicOffering
16392344
CY2021 ispc Debt Conversion Original Debt Accrued Interest Amount
DebtConversionOriginalDebtAccruedInterestAmount
64110
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1166667
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1400000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
933333
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3500000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
77384
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
3422616
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
163158
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
165254
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
27601
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
356013
CY2021 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
167167
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
6.78
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q3 us-gaap Shares Issued Price Per Share
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6.25
CY2021Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
12500
CY2021Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P9Y7M13D
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0047
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0066
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0030
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0141
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.4983
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.4998
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.4311
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.5014
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
379276
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.94
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.55
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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432520
CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y4M24D
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
58648
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
329246
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.71
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
44129
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
6.33
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
2700
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
6.34
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
282417
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
7775000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
6600000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
850000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
700000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
325000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
700000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
8950000
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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0
CY2021 dei Auditor Firm
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392
CY2020Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
250000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
300000
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
250000
CY2021Q4 ispc Deferred Tax Assets Liabilities Before Valuation Allowance
DeferredTaxAssetsLiabilitiesBeforeValuationAllowance
8650000
CY2020Q4 ispc Deferred Tax Assets Liabilities Before Valuation Allowance
DeferredTaxAssetsLiabilitiesBeforeValuationAllowance
7750000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
8650000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7750000
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
900000
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.080
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.080
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.257
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.290
CY2021 ispc Effective Income Tax Rate Reconciliation Loan Forgiveness
EffectiveIncomeTaxRateReconciliationLoanForgiveness
0.033
CY2020 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0

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