$ISPC
iSpecimen Inc.

2023 Q1 Form 10-K Financial Statement

#000155837023004231 Filed on March 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.950M $2.962M $10.40M
YoY Change 17.13% 16.18% -6.58%
Cost Of Revenue $1.147M $1.410M $4.757M
YoY Change -1.63% 15.32% -9.37%
Gross Profit $1.803M $1.552M $5.645M
YoY Change 33.31% 16.97% -4.09%
Gross Profit Margin 61.12% 52.4% 54.27%
Selling, General & Admin $2.781M $3.694M $15.83M
YoY Change 8.71% 11.19% 97.0%
% of Gross Profit 154.19% 237.99% 280.43%
Research & Development $1.474M
YoY Change 398.98%
% of Gross Profit 26.1%
Depreciation & Amortization $38.59K $365.8K $22.43K
YoY Change 718.95% 42.8% -50.54%
% of Gross Profit 2.14% 23.57% 0.4%
Operating Expenses $2.781M $3.694M $15.83M
YoY Change 8.71% 11.19% 90.02%
Operating Profit -$2.542M -$2.142M -$10.19M
YoY Change 7.8% 7.35% 71.91%
Interest Expense $3.535K -$18.05K -$69.61K
YoY Change -90.71% -44.65% -103.31%
% of Operating Profit
Other Income/Expense, Net $110.6K $0.00 $9.780K
YoY Change -536.27% -100.0% -100.32%
Pretax Income -$2.432M -$2.160M -$10.25M
YoY Change 2.02% 5.33% 14.33%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.432M -$2.160M -$10.25M
YoY Change 2.02% 5.33% 14.33%
Net Earnings / Revenue -82.43% -72.92% -98.5%
Basic Earnings Per Share -$0.27 -$1.16
Diluted Earnings Per Share -$0.25 -$0.24 -$1.16
COMMON SHARES
Basic Shares Outstanding 9.017M 8.761M 8.844M
Diluted Shares Outstanding 8.981M 8.844M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.02M $15.31M $15.31M
YoY Change -57.77% -44.81% -44.81%
Cash & Equivalents $3.763M $15.31M
Short-Term Investments $7.259M $0.00
Other Short-Term Assets $7.572M $300.4K $300.4K
YoY Change 2460.4% -8.14% -8.14%
Inventory
Prepaid Expenses
Receivables $3.006M $3.926M $3.926M
Other Receivables $34.67K $140.9K $140.9K
Total Short-Term Assets $15.96M $19.68M $19.68M
YoY Change -47.07% -40.28% -40.28%
LONG-TERM ASSETS
Property, Plant & Equipment $195.3K $410.5K $410.5K
YoY Change 595.76% 1152.37% 1152.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.60K $27.60K $27.60K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $5.979M $4.942M $4.942M
YoY Change 90.64% 78.33% 78.33%
TOTAL ASSETS
Total Short-Term Assets $15.96M $19.68M $19.68M
Total Long-Term Assets $5.979M $4.942M $4.942M
Total Assets $21.94M $24.62M $24.62M
YoY Change -34.09% -31.08% -31.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.701M $2.459M $2.459M
YoY Change 859.61% 195.32% 195.32%
Accrued Expenses $908.3K $1.690M $1.690M
YoY Change -12.66% 67.33% 65.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $3.855M $4.281M $4.281M
YoY Change 88.31% 70.87% 70.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $0.00 $27.40K $27.40K
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $27.40K $27.40K
YoY Change -100.0% -99.2% -99.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.855M $4.281M $4.281M
Total Long-Term Liabilities $0.00 $27.40K $27.40K
Total Liabilities $3.855M $4.308M $4.308M
YoY Change -31.41% -27.32% -27.32%
SHAREHOLDERS EQUITY
Retained Earnings -$50.70M -$48.27M
YoY Change 25.48% 26.95%
Common Stock $902.00 $892.00
YoY Change 2.38% 2.18%
Preferred Stock
YoY Change
Treasury Stock (at cost) $172.00 $172.00
YoY Change 0.0% 0.0%
Treasury Stock Shares $31.00K $31.00K
Shareholders Equity $18.08M $20.31M $20.31M
YoY Change
Total Liabilities & Shareholders Equity $21.94M $24.62M $24.62M
YoY Change -34.09% -31.08% -31.08%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$2.432M -$2.160M -$10.25M
YoY Change 2.02% 5.33% 14.33%
Depreciation, Depletion And Amortization $38.59K $365.8K $22.43K
YoY Change 718.95% 42.8% -50.54%
Cash From Operating Activities -$2.826M -$207.3K -$5.818M
YoY Change 105.36% -84.29% -45.47%
INVESTING ACTIVITIES
Capital Expenditures $8.030K $1.642M $215.5K
YoY Change -102.37% -639.75% 8351.14%
Acquisitions
YoY Change
Other Investing Activities -$7.241M
YoY Change
Cash From Investing Activities -$8.788M -$1.642M -$3.191M
YoY Change 2491.16% 439.75% 207.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 67.74K -3.500M -3.421M
YoY Change -10.02% -117.88% -108.83%
NET CHANGE
Cash From Operating Activities -2.826M -207.3K -5.818M
Cash From Investing Activities -8.788M -1.642M -3.191M
Cash From Financing Activities 67.74K -3.500M -3.421M
Net Change In Cash -11.55M -5.349M -12.43M
YoY Change 604.11% -129.8% -145.96%
FREE CASH FLOW
Cash From Operating Activities -$2.826M -$207.3K -$5.818M
Capital Expenditures $8.030K $1.642M $215.5K
Free Cash Flow -$2.834M -$1.849M -$6.033M
YoY Change 173.31% 82.1% -43.46%

Facts In Submission

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CY2021 us-gaap Increase Decrease In Interest Payable Net
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CY2021 us-gaap Increase Decrease In Deferred Revenue
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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PaymentsToAcquirePropertyPlantAndEquipment
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2021 us-gaap Payments To Develop Software
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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ProceedsFromUnsecuredNotesPayable
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ProceedsFromStockOptionsExercised
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CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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CY2021 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
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CY2021 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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CY2021 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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CY2021 ispc Adjustments To Paid In Capital Transaction Costs In Connection With Pipe
AdjustmentsToPaidInCapitalTransactionCostsInConnectionWithPipe
-1434999
CY2021 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
992
CY2021 ispc Transaction Costs Issuance Of Shares Over Allotment
TransactionCostsIssuanceOfSharesOverAllotment
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CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2021 us-gaap Repayments Of Notes Payable
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CY2021 us-gaap Payments Of Debt Issuance Costs
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CY2022 us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27738979
CY2022 us-gaap Interest Paid Net
InterestPaidNet
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CY2021 us-gaap Interest Paid Net
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CY2021 ispc Conversion Of Redeemable Convertible Preferred Stock Into Common Stock
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CY2021 ispc Conversion Of Convertible Notes And Accrued Interest Into Commonstock
ConversionOfConvertibleNotesAndAccruedInterestIntoCommonstock
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CY2021 ispc Conversion Of Shares Conversion Of Bridge Notes And Accrued Interest Into Common Stock
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AdjustmentsToAdditionalPaidInCapitalWarrantIssued
49072
CY2021 ispc Debt Conversion Converted Instrument Warrants Or Options Issued Amount Pipe
DebtConversionConvertedInstrumentWarrantsOrOptionsIssuedAmountPipe
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CY2022 ispc Non Cash Amounts Of Lease Liabilities Arising From Obtaining Right Of Use Assets
NonCashAmountsOfLeaseLiabilitiesArisingFromObtainingRightOfUseAssets
333123
CY2022 us-gaap Number Of Reporting Units
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1
CY2021Q2 ispc Debt Conversion Original Debt Principal Amount
DebtConversionOriginalDebtPrincipalAmount
5500000
CY2022 ispc Debt Conversion Original Debt Principal Amount
DebtConversionOriginalDebtPrincipalAmount
4000000
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18200000
CY2022Q4 ispc Working Capital Deficit
WorkingCapitalDeficit
15394634
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
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CY2022 ispc Purchase Orders Negatively Impacted Due To Invasion
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1000000
CY2022 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 internally developed software, deferred tax valuation allowances, 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>
CY2022 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, 2022 and 2021, 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. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During 2022, two customers represented 14% and 12% of the Company’s revenues. As of December 31, 2022, one customer represented approximately 15% of accounts receivable and two customers represented approximately 13% and 11% of accounts receivable-unbilled. During 2021, no customers represented greater than 10% of the Company’s revenues. As of December 31, 2021, one customer represented approximately 11% of accounts receivable and two customers represented approximately 23% and 17% of accounts receivable-unbilled. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the years ended December 31, 2022 and 2021, revenue attributable to customers located in foreign countries was approximately 11% and 7% of revenue, respectively. As of December 31, 2022 and 2021, accounts receivable attributable to customers located in foreign countries was approximately 10% and 6% of accounts receivable, respectively. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of December 31, 2022 and 2021, accounts receivable-unbilled attributable to customers located in foreign countries was approximately 18% and 11% of accounts receivable-unbilled, respectively.</p>
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2021 ispc Gain On Conversion Of Debt
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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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CY2022 ispc Number Of Operating Lease
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us-gaap Impairment Of Long Lived Assets Held For Use
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CY2021 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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LesseeOperatingLeaseDiscountRate
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1473520
CY2021 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2022 us-gaap Advertising Expense
AdvertisingExpense
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CY2021 us-gaap Advertising Expense
AdvertisingExpense
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CY2022 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>
CY2022 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>
CY2022 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>
CY2022 ispc Shares Issuable Upon Vesting Of Rsus
SharesIssuableUponVestingOfRsus
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CY2021 ispc Shares Issuable Upon Vesting Of Rsus
SharesIssuableUponVestingOfRsus
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
255147
CY2021Q1 ispc Minimum Accounts Receivable Without Recourse Entity Has Agreed To Sell
MinimumAccountsReceivableWithoutRecourseEntityHasAgreedToSell
1200000
CY2021Q2 ispc Payments Made For Termination Of Factoring Agreement
PaymentsMadeForTerminationOfFactoringAgreement
139374
CY2021Q3 ispc Additional Amount Of Factoring Accounts Receivable
AdditionalAmountOfFactoringAccountsReceivable
214497
CY2021Q4 ispc Total Receivables Sold Under Factoring Agreement
TotalReceivablesSoldUnderFactoringAgreement
3400000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
553040
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
337536
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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327188
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
304755
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
225852
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
32781
CY2022 us-gaap Depreciation
Depreciation
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CY2021 us-gaap Depreciation
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CY2022 us-gaap Capitalized Computer Software Additions
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CY2021 us-gaap Capitalized Computer Software Additions
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CY2022 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
1182766
CY2021 us-gaap Capitalized Computer Software Amortization1
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CY2022Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
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CY2021Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
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CY2021 ispc Discount Rate On Issue Price Of Stock In Elective Conversion Stocks
DiscountRateOnIssuePriceOfStockInElectiveConversionStocks
0.30
CY2021 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
869600
CY2021 ispc Debt Conversion Original Debt Principal Amount
DebtConversionOriginalDebtPrincipalAmount
4000000
CY2021 ispc Debt Conversion Original Debt Accrued Interest Amount
DebtConversionOriginalDebtAccruedInterestAmount
717646
CY2021 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
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CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
164314
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
12022
CY2022 us-gaap Lease Cost
LeaseCost
176336
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2022Q4 ispc Right Of Use Assets Total
RightOfUseAssetsTotal
184692
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
27396
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
185847
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y2M1D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
165254
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
27601
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
192855
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7008
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
185847
CY2022 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
176336
CY2021 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
167167
CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
148431
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
333123
CY2021Q2 ispc Shares Authorized
SharesAuthorized
250000000
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2021Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2021Q3 us-gaap Proceeds From Issuance Initial Public Offering
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18200000
CY2021 us-gaap Stock Issued During Period Shares Issued For Services
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CY2021Q4 us-gaap Shares Issued Price Per Share
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CY2021 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
12500
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
216626
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
379276
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.76
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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3.94
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
233004
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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432520
CY2022 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
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CY2022 us-gaap Proceeds From Stock Options Exercised
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78641
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
58648
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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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
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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
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5400
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
279720
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
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
178386
CY2022 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
4.15
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
110286
CY2022 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
6.41
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
80315
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
5.90
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
267505
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
5.43
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
141000
CY2022Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
141000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
10164000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
7775000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
1095000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
850000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
542000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
325000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
11801000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
8950000
CY2022Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
-50400
CY2022Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
357600
CY2021Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
300000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
408000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
300000
CY2022Q4 ispc Deferred Tax Assets Liabilities Before Valuation Allowance
DeferredTaxAssetsLiabilitiesBeforeValuationAllowance
11393000
CY2021Q4 ispc Deferred Tax Assets Liabilities Before Valuation Allowance
DeferredTaxAssetsLiabilitiesBeforeValuationAllowance
8650000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11393000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
8650000
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
2743000
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.063
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.080
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.273
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.257
CY2021 ispc Effective Income Tax Rate Reconciliation Loan Forgiveness
EffectiveIncomeTaxRateReconciliationLoanForgiveness
0.033
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2022 dei Auditor Firm
AuditorFirmId
392

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