Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 15, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Protagenic Therapeutics, Inc.\new | |
Entity Central Index Key | 1,022,899 | |
Trading Symbol | ptix | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 10,257,078 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 2,744,996 | $ 3,100,398 |
Prepaid expenses | 24,167 | 60,417 |
TOTAL CURRENT ASSETS | 2,769,163 | 3,160,815 |
EQUIPMENT - NET | 215 | 1,097 |
TOTAL ASSETS | 2,769,378 | 3,161,912 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 75,823 | 167,987 |
Derivative liability | 516,987 | 516,870 |
TOTAL CURRENT LIABILITIES | 592,810 | 684,857 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock | ||
Common stock, $.0001 par value, 100,000,000 shares authorized, 10,257,078 shares issued and outstanding at March 31, 2017, and December 31, 2016 | 1,026 | 1,026 |
Additional paid-in-capital | 11,595,122 | 11,239,786 |
Accumulated deficit | (9,239,976) | (8,582,123) |
Accumulated other comprehensive loss | (179,605) | (181,635) |
TOTAL STOCKHOLDERS' EQUITY | 2,176,568 | 2,477,055 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 2,769,378 | 3,161,912 |
Series B Convertible Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock | $ 1 | $ 1 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.000001 | $ 0.000001 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 10,257,078 | 10,257,078 |
Common stock, shares outstanding (in shares) | 10,257,078 | 10,257,078 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.000001 | $ 0.000001 |
Preferred stock, shares authorized (in shares) | 18,000,000 | 18,000,000 |
Preferred stock, shares issued (in shares) | 872,766 | 872,766 |
Preferred stock, shares outstanding (in shares) | 872,766 | 872,766 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
REVENUE | $ 0 | $ 0 |
OPERATING AND ADMINISTRATIVE EXPENSES | ||
Research and development | 138,812 | 48,515 |
General and administrative | 519,108 | 273,058 |
Goodwill impairment | 404,169 | |
TOTAL OPERATING AND ADMINISTRATIVE EXPENSES | 657,920 | 725,742 |
LOSS FROM OPERATIONS | (657,920) | (725,742) |
OTHER INCOME (EXPENSE) | ||
Interest income | 184 | |
Interest expense - stockholder | (5,394) | |
Realized loss on foreign exchange transactions | (7,142) | |
Change in fair value of derivative liability | (117) | (1,507) |
TOTAL OTHER INCOME (EXPENSE) | 67 | (14,043) |
NET LOSS | (657,853) | (739,785) |
COMPREHENSIVE LOSS | ||
Net Loss | (657,853) | (739,785) |
Foreign exchange translation gain | 2,030 | 424 |
TOTAL COMPREHENSIVE LOSS | $ (655,823) | $ (739,361) |
Net loss per share - Basic and Diluted (in dollars per share) | $ (0.06) | $ (52.83) |
Weighted average common shares - Basic and Diluted (in shares) | 10,257,078 | 13,995 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) | Preferred Stock [Member]Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 872,766 | 10,257,078 | ||||
Balance at Dec. 31, 2016 | $ 1 | $ 1,026 | $ 11,239,786 | $ (8,582,123) | $ (181,635) | $ 2,477,055 |
Foreign currency translation gain | 2,030 | 2,030 | ||||
Stock compensation - stock options | 355,336 | 355,336 | ||||
Net Loss | (657,853) | (657,853) | ||||
Balance (in shares) at Mar. 31, 2017 | 872,766 | 10,257,078 | ||||
Balance at Mar. 31, 2017 | $ 1 | $ 1,026 | $ 11,595,122 | $ (9,239,976) | $ (179,605) | $ 2,176,568 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (657,853) | $ (739,785) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation expense | 917 | 82 |
Goodwill impairment | 404,169 | |
Stock based compensation | 355,336 | 102,908 |
Accretion to bridge loan | 5,394 | |
Legal fees satisfied through issuance of Series B preferred stock | 150,000 | |
Change in fair value of the derivative liability | 117 | 1,507 |
Changes in operating assets and liabilities | ||
Prepaid expenses | 36,250 | |
Other receivables | 6,428 | |
Accounts payable and accrued expenses | 92,164 | (11,906) |
NET CASH USED IN OPERATING ACTIVITIES | (357,397) | (57,391) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from bridge loan | 19,000 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 3,797,250 | |
Effect of exchange rate on cash and cash equivalents | 1,995 | 7,565 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (355,402) | 3,747,424 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3,100,398 | 3,343 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 2,744,996 | 3,750,767 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for interest expense | ||
Cash paid for income taxes | ||
NONCASH TRANSACTIONS | ||
Warrants issued to placement agent | 146,641 | |
Warrants issued for Atrinsic debt settlement and conversion | 340,784 | |
Debt settled with issuance of Series B preferred stock | 350,000 | |
Reclassification of warrants to derivative liabilities from equity | 487,425 | |
Accrued liabilities paid through the issuances of Series B preferred stock | 125,000 | |
Goodwill Acquired through Stock Issuance to Predecessor Stockholders [Member] | ||
NONCASH TRANSACTIONS | ||
Shares issued in connection with reverse business combination | 404,169 | |
Series B Preferred Stock [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of Series B Preferred Stock | $ 3,778,250 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1 ORGANIZATION AND NATURE OF BUSINESS Company Background Protagenic Therapeutics, Inc. (“we,” “our,” “Protagenic” or “the Company”), a Delaware corporation with one (2006) 2006 The Company was most recently known as Atrinsic, Inc., a company that was once a reporting company under the Securities Act, but that, in 2012 2013, 11 February 12, 2016, June 17, 2016, The Company is a biotechnology company focused on the discovery, research and development of pre-clinical studies for developing novel, naturally occurring, human neuropeptide-based, brain- active therapeutics for treatment of depression, mood, anxiety and other neurodegenerative disorders. The Company is also interested in acquiring exclusive intellectual property rights for peptide-based therapeutics for the treatment of neurological and mood disorders. |
Note 2 - Liquidity
Note 2 - Liquidity | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Liquidity and Going Concern [Text Block] | NOTE 2 We continually projects anticipated cash requirements, predominantly from the ongoing funding requirements of our neuropeptide drug development program. The majority of these expenses relate to paying external vendors such as Contract Research Organizations (CROs) and peptide synthesizer companies. They could also include business combinations, capital expenditures, and new drug development working capital requirements. As shown in the accompanying consolidated condensed financial statements, the Company incurred a net loss of $657,853 $739,785 three March 31, 2017 2016, $9,239,976 March 31, 2017. $2,176,353 March 31, 2017. third 2018. third 2018. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 SUMMARY OF SIGNFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the SEC for interim financial information. In the opinion of the Company’s management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting of normal, recurring adjustments, considered necessary for a fair presentation of the results for the interim periods ended March 31, 2017 2016. The condensed consolidated financial statements include the accounts of Atrinsic, Inc., and its wholly owned subsidiary, Protagenic Acquisition Corp, and Protagenic Therapeutics, Inc., which was merged with and into Protagenic Acquisition Corp, on February 12, 2016, The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s financial statements for the year ended December 31, 2016, December 31, 2016 2015 10 April 18, 2017. three March 31, 2017 December 31, 2017 Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates underlying the consolidated financial statements include the allocation of the fair value of acquired assets and liabilities associated with the Merger, income tax provisions, impairment of goodwill, valuation of stock options and warrants and assessment of deferred tax asset valuation allowance. Concentrations of Credit Risk The Company maintains its cash accounts at financial institutions which are insured by the Federal Deposit Insurance Corporation. At times, the Company may Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three March 31, 2017 December 31, 2016, no Goodwill Goodwill represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed. The Company is required to perform impairment reviews annually and more frequently in certain circumstances. The Company performs the annual assessment on December 31. In accordance with ASC 350–20 Goodwill two–step two–step Atrinsic’s assets and liabilities acquired in the Merger had a minimal value therefore the Company recorded the fair value of shares given to predecessor stockholders as goodwill. Immediately subsequent to the merger the Company fully impaired the goodwill. The allocation of the consideration transferred is as follows: Shares issued in connection with Merger: Atrinsic 25,867 shares Common stock $ 32,334 Atrinsic Series A preferred stock as converted to Series B preferred stock, 297,468 shares 371,835 Total value of shares issued to Atrinsic on Merger 404,169 Fair value of net assets identified - Goodwill 404,169 Net value of consideration $ - Goodwill impairment for the year ended December 31, 2016 $404,169. Fair Value Measurements ASC 820, 820 three 1) 3). The three Level 1 Level 2 Level 3 The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts payable and accrued expenses approximate their fair value because of the short maturity of those instruments. Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may The assets or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The following table provides a summary of financial instruments that are measured at fair value as of March 31, 2017. Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Derivative warrants liabilities $ 516,987 $ — $ — $ 516,987 $ 516,987 The following table provides a summary of financial instruments that are measured at fair value as of December 31, 2016. Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Derivative warrants liabilities $ 516,870 $ — $ — $ 516,870 $ 516,870 The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) March 31, 2017: Fair Value Measurement Using Level 3 Inputs Total Balance, December 31, 2016 $ 516,870 Change in fair value of derivative warrants liabilities 117 Balance, March 31, 2017 $ 516,987 The fair value of the derivative feature of the 127,346 295,945 February 12, 2016 December 31, 2016 March 31, 2017 Exercise price $1.25 $1.25 $1.25 Risk free interest rate 1.20% 1.93% 1.93% Dividend yield 0.00% 0.00% 0.00% Expected volatility 156% 219% 278% Contractual term (years) 5.0 4.25 4.0 Risk-free interest rate: The Company uses the risk-free interest rate of a U.S. Treasury Note with a similar expected term on the date of the grant. Dividend yield: The Company uses a 0% Volatility: The Company calculates the expected volatility of the stock price based on the corresponding volatility of the Company’s peer group stock price for a period consistent with the warrants’ contractural term. Contractural term: The Company’s contractural term is based on the remaining contractual maturity of the warrants. The use of a Monte Carlo or lattice model for these calculations would not have resulted in a material difference. During the three March 31, 2017 2016, $117 $1,507, Derivative Liability The Company evaluates its options, warrants or other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC 815 10 05 4 815 40 25. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative liabilities will be classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument is expected within 12 Stock-Based Compensation The Company accounts for stock based compensation costs under the provisions of ASC 718, 718. 718 Stock-Based Compensation for Non-Employees The Company accounts for warrants and options issued to non-employees under ASC 505 50, Equity – Equity Based Payments to Non-Employees, Basic and Diluted Net (Loss) per Common Share Basic (loss) per common share is computed by dividing the net (loss) by the weighted average number of shares of common stock outstanding for each period. Diluted (loss) per share is computed by dividing the net (loss) by the weighted average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the common stock equivalents. Potentially Outstanding Dilutive Common Shares For the Three Months Ended March 31, 2017 For the Three Months Ended March 31, 2016 Conversion Feature Shares Common shares issuable under the conversion feature of preferred shares 872,766 10,598,506 Stock Options 2,613,299 1,391,146 Warrants 3,726,658 3,826,658 Total potentially outstanding dilutive common shares 7,212,723 15,816,310 |
Note 4 - Accounts Payable and A
Note 4 - Accounts Payable and Accrued Expenses | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 4 ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following at: March 31, 2017 December 31, 2016 Legal $ - $ 1,190 Accounting 25,107 - Patent expense - 37,142 Research and development 46,121 116,255 Other 4,595 13,400 $ 75,823 $ 167,987 |
Note 5 - Derivative Liabilities
Note 5 - Derivative Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 5 Upon closing of the private placement transactions on February 12, 2016, 127,346 295,945 $1.25 five |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 6 STOCKHOLDERS’ EQUITY Stock-Based Compensation In connection with the Merger, all of the issued and outstanding options to purchase shares of Prior Protagenic common stock converted, on a 1 1 New Options 2006 2006 The Plan is authorized to issue up to 2,000,000 one five ten There were 2,484,445 December 31, 2016. Exercise price $.26 - $1.25 Expected dividend yield 0% Risk free interest rate 1.01% - 2.43% Expected life in years 5 Expected volatility 85% - 213% There were 2,613,299 March 31, 2017. Exercise price $1. - $1.25 Expected dividend yield 0% Risk free interest rate 1.93% - 2.40% Expected life in years 4.60 - 9.84 Expected volatility 210% - 266% The following is an analysis of the stock option grant activity under the Plan: Number Weighted Average Exercise Price Weighted Average Remaining Life Stock Options Outstanding January 1, 2017 2,484,445 $ 1.18 9.82 Granted 150,000 1.25 4.60 Expired (21,146 ) 1.00 Outstanding March 31, 2017 2,613,299 $ 1.14 8.17 As of March 31, 2017 December 31, 2016, $166,250 $171,537, The total number of options granted during the three March 31, 2017 2016 150,000 and 161,582, $1.25 The Company recognized compensation expense related to options issued of $355,336 $102,908 three March 31, 2017 2016, Warrants: In connection with the Merger, all of the issued and outstanding warrants to purchase shares of Prior Protagenic common stock, converted, on a 1 1 New Warrants Simultaneous with the Merger and the Private Offering, New Warrants to purchase 3,403,367 $1.05 $665,000 $35,000 five 295,945 $1.25 127,346 $1.25 423,291 6. A summary of warrant issuances are as follows: Weighted Average Weighted Average Number Exercise Price Remaining Life Warrants Outstanding January 1, 2017 3,826,658 $ 1.02 5.72 Expired 100,000 1.25 Outstanding March 31, 2017 3,726,658 $ 1.05 5.51 As of March 31, 2017 3,726,658 $1.05 $763,342. |
Note 7 - Collaborative Agreemen
Note 7 - Collaborative Agreements | 3 Months Ended |
Mar. 31, 2017 | |
In Process Research and Development [Member] | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 7 COLLABORATIVE AGREEMENTS The Company and the University of Toronto, a stockholder of the Company (the “University”) entered into an agreement effective December 14, 2004 March 31, 2013. The Company and the University entered into an agreement effective April 1, 2014 March 30, 2016. February 2017, December 31, 2016 Prior to January 1, 2016, 25,000 $1.00 10 April 1, 2022. March 31, 2017, 483,299 275,000 $1.00 10 13 March 30, 2021, December 1, 2022, April 15, 2026 March 1, 2027. The sponsorship research and development expenses pertaining to the Research Agreements were $23,002 $3,000 March 31, 2017 2016, |
Note 8 - Licensing Agreements
Note 8 - Licensing Agreements | 3 Months Ended |
Mar. 31, 2017 | |
Licensing Agreements [Member] | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 8 LICENSING AGREEMENTS On July 31, 2005, February 18, 2015 Pursuant to the License Agreement and its amendment, the Company obtained an exclusive worldwide license to make, have made, use, sell and import products based upon the Technologies, or to sublicense the Technologies in accordance with the terms of the License Agreement and amendment. In consideration, the Company agreed to pay to the University a royalty payment of 2.5% 10% September 9, 2006, 2.5% no three March 31, 2017 2016 In the event the Company fails to provide the University with semi-annual reports on the progress or fails to continue to make reasonable commercial efforts towards obtaining regulatory approval for products based on the Technologies, the University may 3% may may may 2.5% The patent applications were made in the name of the Professor and other inventors, but the Company’s exclusive, worldwide rights to such patent applications are included in the License Agreement and its amendment with the University. The Company maintains exclusive licensing agreements and it currently controls the six |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9 Consulting Agreement The Company had an employment agreement with its Officer/Related Party which expired on December 31, 2015. $6,489 December 31, 2015, 75,000 $64,223 $53,519 2015. As the agreement above expired, the Company issued a consulting agreement in its place that extended the majority of the terms of the employment agreement on a month-to-month basis. As a consultant, he is responsible for financial reporting, data compilation, and document retrieval services, reporting to the Chief Financial Officer, and to endeavor to secure non-dilutive grant funding for the Company. Prior to January 1, 2016, 250,000 $0.26, $1.00, $1.25 10 August 1, 2016 March 9, 2025. $2,000 December 31, 2016 may fifteen (15) The Company has accrued $0 $12,900 three March 31, 2017. Consulting Agreement PTI Canada entered into a consulting agreement with a stockholder of the Company (the “Consultant”) which expired on December 31, 2015, December 31, 2016 January 1, 2016, 150,000 $1.00 $1.25 10 March 30, 2021 March 1, 2025. CA$3,000 may fifteen (15) The Company has accrued $0 $6,799 three March 31, 2017. Legal Proceedings From time to time we may |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 10 SUBSEQUENT EVENTS The Company has evaluated the period after the balance sheet date up through the date that the consolidated financial statements were filed, and determined that other than noted above, there were subsequent events or transactions that required recognition or disclosure in the consolidated financial statements. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the SEC for interim financial information. In the opinion of the Company’s management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting of normal, recurring adjustments, considered necessary for a fair presentation of the results for the interim periods ended March 31, 2017 2016. The condensed consolidated financial statements include the accounts of Atrinsic, Inc., and its wholly owned subsidiary, Protagenic Acquisition Corp, and Protagenic Therapeutics, Inc., which was merged with and into Protagenic Acquisition Corp, on February 12, 2016, The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s financial statements for the year ended December 31, 2016, December 31, 2016 2015 10 April 18, 2017. three March 31, 2017 December 31, 2017 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates underlying the consolidated financial statements include the allocation of the fair value of acquired assets and liabilities associated with the Merger, income tax provisions, impairment of goodwill, valuation of stock options and warrants and assessment of deferred tax asset valuation allowance. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk The Company maintains its cash accounts at financial institutions which are insured by the Federal Deposit Insurance Corporation. At times, the Company may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three March 31, 2017 December 31, 2016, no |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed. The Company is required to perform impairment reviews annually and more frequently in certain circumstances. The Company performs the annual assessment on December 31. In accordance with ASC 350–20 Goodwill two–step two–step Atrinsic’s assets and liabilities acquired in the Merger had a minimal value therefore the Company recorded the fair value of shares given to predecessor stockholders as goodwill. Immediately subsequent to the merger the Company fully impaired the goodwill. The allocation of the consideration transferred is as follows: Shares issued in connection with Merger: Atrinsic 25,867 shares Common stock $ 32,334 Atrinsic Series A preferred stock as converted to Series B preferred stock, 297,468 shares 371,835 Total value of shares issued to Atrinsic on Merger 404,169 Fair value of net assets identified - Goodwill 404,169 Net value of consideration $ - Goodwill impairment for the year ended December 31, 2016 $404,169. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements ASC 820, 820 three 1) 3). The three Level 1 Level 2 Level 3 The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts payable and accrued expenses approximate their fair value because of the short maturity of those instruments. Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may The assets or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The following table provides a summary of financial instruments that are measured at fair value as of March 31, 2017. Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Derivative warrants liabilities $ 516,987 $ — $ — $ 516,987 $ 516,987 The following table provides a summary of financial instruments that are measured at fair value as of December 31, 2016. Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Derivative warrants liabilities $ 516,870 $ — $ — $ 516,870 $ 516,870 The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) March 31, 2017: Fair Value Measurement Using Level 3 Inputs Total Balance, December 31, 2016 $ 516,870 Change in fair value of derivative warrants liabilities 117 Balance, March 31, 2017 $ 516,987 The fair value of the derivative feature of the 127,346 295,945 February 12, 2016 December 31, 2016 March 31, 2017 Exercise price $1.25 $1.25 $1.25 Risk free interest rate 1.20% 1.93% 1.93% Dividend yield 0.00% 0.00% 0.00% Expected volatility 156% 219% 278% Contractual term (years) 5.0 4.25 4.0 Risk-free interest rate: The Company uses the risk-free interest rate of a U.S. Treasury Note with a similar expected term on the date of the grant. Dividend yield: The Company uses a 0% Volatility: The Company calculates the expected volatility of the stock price based on the corresponding volatility of the Company’s peer group stock price for a period consistent with the warrants’ contractural term. Contractural term: The Company’s contractural term is based on the remaining contractual maturity of the warrants. The use of a Monte Carlo or lattice model for these calculations would not have resulted in a material difference. During the three March 31, 2017 2016, $117 $1,507, |
Derivatives, Policy [Policy Text Block] | Derivative Liability The Company evaluates its options, warrants or other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC 815 10 05 4 815 40 25. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative liabilities will be classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument is expected within 12 |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based Compensation The Company accounts for stock based compensation costs under the provisions of ASC 718, 718. 718 Stock-Based Compensation for Non-Employees The Company accounts for warrants and options issued to non-employees under ASC 505 50, Equity – Equity Based Payments to Non-Employees, |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Net (Loss) per Common Share Basic (loss) per common share is computed by dividing the net (loss) by the weighted average number of shares of common stock outstanding for each period. Diluted (loss) per share is computed by dividing the net (loss) by the weighted average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the common stock equivalents. Potentially Outstanding Dilutive Common Shares For the Three Months Ended March 31, 2017 For the Three Months Ended March 31, 2016 Conversion Feature Shares Common shares issuable under the conversion feature of preferred shares 872,766 10,598,506 Stock Options 2,613,299 1,391,146 Warrants 3,726,658 3,826,658 Total potentially outstanding dilutive common shares 7,212,723 15,816,310 |
Note 3 - Summary of Significa18
Note 3 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Shares issued in connection with Merger: Atrinsic 25,867 shares Common stock $ 32,334 Atrinsic Series A preferred stock as converted to Series B preferred stock, 297,468 shares 371,835 Total value of shares issued to Atrinsic on Merger 404,169 Fair value of net assets identified - Goodwill 404,169 Net value of consideration $ - |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Derivative warrants liabilities $ 516,987 $ — $ — $ 516,987 $ 516,987 Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Derivative warrants liabilities $ 516,870 $ — $ — $ 516,870 $ 516,870 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair Value Measurement Using Level 3 Inputs Total Balance, December 31, 2016 $ 516,870 Change in fair value of derivative warrants liabilities 117 Balance, March 31, 2017 $ 516,987 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | February 12, 2016 December 31, 2016 March 31, 2017 Exercise price $1.25 $1.25 $1.25 Risk free interest rate 1.20% 1.93% 1.93% Dividend yield 0.00% 0.00% 0.00% Expected volatility 156% 219% 278% Contractual term (years) 5.0 4.25 4.0 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Potentially Outstanding Dilutive Common Shares For the Three Months Ended March 31, 2017 For the Three Months Ended March 31, 2016 Conversion Feature Shares Common shares issuable under the conversion feature of preferred shares 872,766 10,598,506 Stock Options 2,613,299 1,391,146 Warrants 3,726,658 3,826,658 Total potentially outstanding dilutive common shares 7,212,723 15,816,310 |
Note 4 - Accounts Payable and19
Note 4 - Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 2017 December 31, 2016 Legal $ - $ 1,190 Accounting 25,107 - Patent expense - 37,142 Research and development 46,121 116,255 Other 4,595 13,400 $ 75,823 $ 167,987 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Exercise price $.26 - $1.25 Expected dividend yield 0% Risk free interest rate 1.01% - 2.43% Expected life in years 5 Expected volatility 85% - 213% Exercise price $1. - $1.25 Expected dividend yield 0% Risk free interest rate 1.93% - 2.40% Expected life in years 4.60 - 9.84 Expected volatility 210% - 266% |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number Weighted Average Exercise Price Weighted Average Remaining Life Stock Options Outstanding January 1, 2017 2,484,445 $ 1.18 9.82 Granted 150,000 1.25 4.60 Expired (21,146 ) 1.00 Outstanding March 31, 2017 2,613,299 $ 1.14 8.17 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Weighted Average Weighted Average Number Exercise Price Remaining Life Warrants Outstanding January 1, 2017 3,826,658 $ 1.02 5.72 Expired 100,000 1.25 Outstanding March 31, 2017 3,726,658 $ 1.05 5.51 |
Note 2 - Liquidity (Details Tex
Note 2 - Liquidity (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Net Income (Loss) Attributable to Parent | $ (657,853) | $ (739,785) | |
Retained Earnings (Accumulated Deficit) | (9,239,976) | $ (8,582,123) | |
Net Working Capital | $ 2,176,353 |
Note 3 - Summary of Significa22
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Feb. 12, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Goodwill, Impairment Loss | $ 404,169 | $ 404,169 | ||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Derivative, Gain (Loss) on Derivative, Net | $ (117) | $ (1,507) | ||
Cash Equivalents, at Carrying Value | $ 0 | $ 0 | ||
Private Placement [Member] | Series B Preferred Stock [Member] | Strategic Bio Partners [Member] | Debt Settlement [Member] | ||||
Class of Warrant or Right, Issued | 295,945 | |||
Private Placement [Member] | Series B Preferred Stock [Member] | Placement Agent Warrants [Member] | ||||
Class of Warrant or Right, Issued | 127,346 |
Note 3 - Summary of Significa23
Note 3 - Summary of Significant Accounting Policies - Allocation of Consideration Transferred (Details) - Protagenic Therapeutics Inc [Member] | Feb. 12, 2016USD ($) |
Total value of shares issued to Atrinsic on Merger | $ 404,169 |
Fair value of net assets identified | |
Goodwill | 404,169 |
Common Stock [Member] | |
Atrinsic | 32,334 |
Preferred Stock [Member] | Series B Preferred Stock [Member] | |
Atrinsic | $ 371,835 |
Note 3 - Summary of Significa24
Note 3 - Summary of Significant Accounting Policies - Allocation of Consideration Transferred (Details) (Parentheticals) - Protagenic Therapeutics Inc [Member] | Feb. 12, 2016shares |
Common Stock [Member] | |
Stock Issued During Period, Shares, Reverse Stock Split, Post-split (in shares) | 25,867 |
Preferred Stock [Member] | Series B Preferred Stock [Member] | |
Stock Issued During Period, Shares, Conversion of Series A Preferred Stock to Series B Preferred Stock (in shares) | 297,468 |
Note 3 - Summary of Significa25
Note 3 - Summary of Significant Accounting Policies - Assets Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Reported Value Measurement [Member] | ||
Derivative warrants liabilities | $ 516,987 | $ 516,870 |
Estimate of Fair Value Measurement [Member] | ||
Derivative warrants liabilities | 516,987 | 516,870 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative warrants liabilities | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative warrants liabilities | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative warrants liabilities | $ 516,987 | $ 516,870 |
Note 3 - Summary of Significa26
Note 3 - Summary of Significant Accounting Policies - Changes in Fair Value for Assets and Liabilities Measured on a Recurring Basis (Details) - Derivative Financial Instruments, Liabilities [Member] | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Balance, December 31, 2016 | $ 516,870 |
Change in fair value of derivative warrants liabilities | 117 |
Balance, March 31, 2017 | $ 516,987 |
Note 3 - Summary of Significa27
Note 3 - Summary of Significant Accounting Policies - Weighted Average Assumptions (Details) - $ / shares | Feb. 12, 2016 | Mar. 31, 2017 | Dec. 31, 2016 |
Dividend yield | 0.00% | ||
Derivative Financial Instruments, Liabilities [Member] | |||
Exercise price (in dollars per share) | $ 1.25 | $ 1.25 | $ 1.25 |
Risk free interest rate | 1.20% | 1.93% | 1.93% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 156.00% | 278.00% | 219.00% |
Contractual term (years) (Year) | 5 years | 4 years | 4 years 91 days |
Note 3 - Summary of Significa28
Note 3 - Summary of Significant Accounting Policies - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Common shares issuable under the conversion feature of preferred shares (in shares) | 7,212,723 | 15,816,310 |
Convertible Preferred Shares [Member] | ||
Common shares issuable under the conversion feature of preferred shares (in shares) | 872,766 | 10,598,506 |
Employee Stock Option [Member] | ||
Common shares issuable under the conversion feature of preferred shares (in shares) | 2,613,299 | 1,391,146 |
Warrant [Member] | ||
Common shares issuable under the conversion feature of preferred shares (in shares) | 3,726,658 | 3,826,658 |
Note 4 - Accounts Payable and29
Note 4 - Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Legal | $ 1,190 | |
Accounting | 25,107 | |
Patent expense | 37,142 | |
Research and development | 46,121 | 116,255 |
Other | 4,595 | 13,400 |
$ 75,823 | $ 167,987 |
Note 5 - Derivative Liabiliti30
Note 5 - Derivative Liabilities (Details Textual) - Private Placement [Member] - Series B Preferred Stock [Member] | Feb. 12, 2016$ / sharesshares |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 |
Class of Warrant or Right, Expiration Period | 5 years |
Strategic Bio Partners [Member] | Debt Settlement [Member] | |
Class of Warrant or Right, Issued During Period | 295,945 |
Placement Agent Warrants [Member] | |
Class of Warrant or Right, Issued During Period | 127,346 |
Note 6 - Stockholders' Equity31
Note 6 - Stockholders' Equity (Details Textual) | Feb. 12, 2016USD ($)$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 166,250 | $ 171,537 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 150,000 | 161,582 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 1.25 | $ 1.25 | ||
Class of Warrant or Right, Outstanding | 3,726,658 | 3,826,658 | ||
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price | $ / shares | $ 1.05 | $ 1.02 | ||
Class of Warrant or Right Outstanding, Aggregate Intrinsic Value | $ | $ 763,342 | |||
Private Placement [Member] | Series B Preferred Stock [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 423,291 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 | |||
Class of Warrant or Right, Expiration Period | 5 years | |||
Protagenic Therapeutics Inc [Member] | ||||
Business Combination, Stock Warrant Conversion Ratio | 1 | |||
Debt Instrument, Face Amount | $ | $ 665,000 | |||
Debt Instrument, Increase, Accrued Interest | $ | $ 35,000 | |||
Protagenic Therapeutics Inc [Member] | Predecessor Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 295,945 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 | |||
Class of Warrant or Right, Expiration Period | 5 years | |||
Protagenic Therapeutics Inc [Member] | Placement Agent Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 127,346 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 | |||
Protagenic Therapeutics Inc [Member] | Private Placement [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,403,367 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.05 | |||
Employee Stock Option [Member] | ||||
Allocated Share-based Compensation Expense | $ | $ 355,336 | $ 102,908 | ||
The 2006 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,613,299 | 2,484,445 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 150,000 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 1.25 | |||
The 2006 Plan [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
The 2006 Plan [Member] | Employee Stock Option [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
The 2006 Plan [Member] | Employee Stock Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Fair Value Assumption (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Exercise price (in dollars per share) | ||
Expected dividend yield | 0.00% | 0.00% |
Expected life in years (Year) | 5 years | |
Minimum [Member] | ||
Exercise price (in dollars per share) | $ 1 | $ 0.26 |
Risk free interest rate | 1.93% | 1.01% |
Expected life in years (Year) | 4 years 219 days | |
Expected volatility | 210.00% | 85.00% |
Maximum [Member] | ||
Exercise price (in dollars per share) | $ 1.25 | $ 1.25 |
Risk free interest rate | 2.40% | 2.43% |
Expected life in years (Year) | 9 years 303 days | |
Expected volatility | 266.00% | 213.00% |
Note 6 - Stockholders' Equity33
Note 6 - Stockholders' Equity - Stock Option Grant Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Granted (in shares) | 150,000 | 161,582 | |
Granted, stock options, weighted average exercise price (in dollars per share) | $ 1.25 | $ 1.25 | |
The 2006 Plan [Member] | |||
Outstanding January 1, 2017 (in shares) | 2,484,445 | ||
Outstanding, stock options, weighted average exercise price, January 1, 2016 (in dollars per share) | $ 1.18 | ||
Outstanding, stock options, weighted average remaining contractual life, January 1, 2016 (Year) | 8 years 62 days | 9 years 299 days | |
Granted (in shares) | 150,000 | ||
Granted, stock options, weighted average exercise price (in dollars per share) | $ 1.25 | ||
Granted, stock options, weighted average remaining contractual life (Year) | 4 years 219 days | ||
Expired (in shares) | (21,146) | ||
Expired, stock options, weighted average exercise price (in dollars per share) | $ 1 | ||
Outstanding March 31, 2017 (in shares) | 2,613,299 | 2,484,445 | |
Outstanding, stock options, weighted average exercise price, December 31, 2016 (in dollars per share) | $ 1.14 | $ 1.18 |
Note 6 - Stockholders' Equity34
Note 6 - Stockholders' Equity - Summary of Warrants (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Outstanding (in shares) | 3,826,658 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.02 | |
Outstanding, weighted average remaining life (Year) | 5 years 186 days | 5 years 262 days |
Expired (in shares) | 100,000 | |
Expired, weighted average exercise price (in dollars per share) | $ 1.25 | |
Outstanding (in shares) | 3,726,658 | 3,826,658 |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.05 | $ 1.02 |
Note 7 - Collaborative Agreem35
Note 7 - Collaborative Agreements (Details Textual) - USD ($) | 3 Months Ended | 36 Months Ended | 133 Months Ended | 148 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2015 | Mar. 31, 2017 | |
Research and Development Expense | $ 138,812 | $ 48,515 | |||
In Process Research and Development [Member] | |||||
Research and Development Expense | $ 23,002 | $ 3,000 | |||
University of Toronto [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 25,000 | ||||
University of Toronto [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
University of Toronto [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 1 | ||||
Professor [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 483,299 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 275,000 | ||||
Professor [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 1 | $ 1 | $ 1 | ||
Professor [Member] | Maximum [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 13 years | ||||
Professor [Member] | Minimum [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note 8 - Licensing Agreements (
Note 8 - Licensing Agreements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Royalty Payment on Behalf of Sub-licensee, Percentage | 2.50% | |
Revenues | $ 0 | $ 0 |
Licensing Agreements [Member] | ||
Royalty Payment, Percentage | 2.50% | |
Up-front Sub-license Fees, Percentage | 10.00% | |
Interest on Amounts Owed Under License Agreement, Rate | 3.00% |
Note 9 - Commitments and Cont37
Note 9 - Commitments and Contingencies (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2017CAD | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | |
Employee Stock Option [Member] | |||||
Allocated Share-based Compensation Expense | $ 355,336 | $ 102,908 | |||
Officer [Member] | Employment Agreement [Member] | |||||
Monthly Salary Agreement Amount | $ 6,489 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | shares | 75,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Value | $ 64,223 | ||||
Allocated Share-based Compensation Expense | $ 53,519 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 250,000 | ||||
Compensation of Rendered Service | $ 2,000 | ||||
Increase (Decrease) in Accrued Salaries | 0 | ||||
Compensation | 12,900 | ||||
Officer [Member] | Employment Agreement [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Officer [Member] | Employment Agreement [Member] | Range One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 0.26 | ||||
Officer [Member] | Employment Agreement [Member] | Range Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | 1 | ||||
Officer [Member] | Employment Agreement [Member] | Range Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 1.25 | ||||
Stockholder [Member] | Consulting Agreement [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 150,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Compensation of Rendered Service | CAD | CAD 3,000 | ||||
Increase (Decrease) in Accrued Salaries | 0 | ||||
Compensation | $ 6,799 | ||||
Stockholder [Member] | Consulting Agreement [Member] | Range One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 1 | ||||
Stockholder [Member] | Consulting Agreement [Member] | Range Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 1.25 |