Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 08, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001088034 | |
Entity Registrant Name | Usio, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-30152 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 98-0190072 | |
Entity Address, Address Line One | 3611 Paesanos Parkway, Suite 300 | |
Entity Address, City or Town | San Antonio | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78231 | |
City Area Code | 210 | |
Local Phone Number | 249-4100 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Trading Symbol | USIO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,324,198 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 4,613,123 | $ 7,255,321 |
Accounts receivable, net | 3,569,082 | 4,979,493 |
Settlement processing assets | 49,697,691 | 63,824,646 |
Prepaid card load assets | 15,318,411 | 36,590,893 |
Customer deposits | 1,585,586 | 1,364,193 |
Inventory | 420,432 | 434,532 |
Prepaid expenses and other | 545,435 | 426,963 |
Current assets before merchant reserves | 75,749,760 | 114,876,041 |
Merchant reserves | 5,654,729 | 6,381,153 |
Total current assets | 81,404,489 | 121,257,194 |
Property and equipment, net | 3,407,021 | 3,607,157 |
Other assets: | ||
Intangibles, net | 2,843,327 | 4,163,894 |
Deferred tax asset, net | 1,504,000 | 1,504,000 |
Operating lease right-of-use assets | 2,932,812 | 2,802,113 |
Other assets | 355,357 | 345,357 |
Total other assets | 7,635,496 | 8,815,364 |
Total assets | 92,447,006 | 133,679,715 |
Current liabilities: | ||
Accounts payable | 612,189 | 1,400,100 |
Accrued expenses | 2,371,178 | 2,325,665 |
Operating lease liabilities, current portion | 537,034 | 504,027 |
Equipment loan, current portion | 56,429 | 54,760 |
Settlement processing obligations | 49,697,691 | 63,824,646 |
Prepaid card load obligations | 15,318,411 | 36,590,893 |
Customer deposits | 1,585,586 | 1,364,193 |
Deferred revenues | 0 | 17,647 |
Current liabilities before merchant reserve obligations | 70,178,518 | 106,081,931 |
Merchant reserve obligations | 5,654,729 | 6,381,153 |
Total current liabilities | 75,833,247 | 112,463,084 |
Non-current liabilities: | ||
Equipment loan, non-current portion | 28,893 | 71,434 |
Operating lease liabilities, non-current portion | 2,581,645 | 2,476,291 |
Total liabilities | 78,443,785 | 115,010,809 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized; -0- shares outstanding at September 30, 2022 (unaudited) and December 31, 2021, respectively | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized; 26,966,300 and 26,807,145 issued, and 25,263,333 and 25,473,453 outstanding at September 30, 2022 (unaudited) and December 31, 2021, respectively | 195,391 | 195,235 |
Additional paid-in capital | 93,811,189 | 93,100,129 |
Treasury stock, at cost; 1,702,967 and 1,333,692 shares at September 30, 2022 (unaudited) and December 31, 2021, respectively | (3,299,099) | (2,404,458) |
Deferred compensation | (5,992,070) | (6,842,195) |
Accumulated deficit | (70,712,190) | (65,379,805) |
Total stockholders’ equity | 14,003,221 | 18,668,906 |
Total liabilities and stockholders’ equity | $ 92,447,006 | $ 133,679,715 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 26,966,300 | 26,807,145 |
Common stock, outstanding (in shares) | 25,263,333 | 25,473,453 |
Treasury stock, shares (in shares) | 1,702,967 | 1,333,692 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | $ 16,395,760 | $ 15,821,070 | $ 50,722,789 | $ 44,515,761 |
Cost of services | 13,261,240 | 11,787,439 | 40,819,236 | 33,447,448 |
Gross profit | 3,134,520 | 4,033,631 | 9,903,553 | 11,068,313 |
Selling, general and administrative: | ||||
Stock-based compensation | 515,992 | 343,567 | 1,540,375 | 988,567 |
Other SG&A expenses | 3,679,484 | 2,844,205 | 11,323,326 | 8,349,452 |
Depreciation and amortization | 640,599 | 634,912 | 2,163,468 | 1,884,268 |
Total selling, general and administrative expenses | 4,836,075 | 3,822,684 | 15,027,169 | 11,222,287 |
Operating income (loss) | (1,701,555) | 210,947 | (5,123,616) | (153,974) |
Other income and (expense): | ||||
Interest income | 2,728 | 1,767 | 4,475 | 6,403 |
Interest expense | (943) | (1,480) | (3,244) | (2,964) |
Other income and (expense), net | 1,785 | 287 | 1,231 | 3,439 |
Income (Loss) before income taxes | (1,699,770) | 211,234 | (5,122,385) | (150,535) |
Income tax expense | 70,000 | 70,000 | 210,000 | 210,000 |
Net income (Loss) | $ (1,769,770) | $ 141,234 | $ (5,332,385) | $ (360,535) |
Income (Loss) Per Share | ||||
Basic income (loss) per common share: (in dollars per share) | $ (0.09) | $ 0.01 | $ (0.26) | $ (0.02) |
Diluted income (loss) per common share: (in dollars per share) | $ (0.09) | $ 0.01 | $ (0.26) | $ (0.02) |
Weighted average common shares outstanding | ||||
Basic (in shares) | 20,371,654 | 20,033,515 | 20,322,934 | 19,986,279 |
Diluted (in shares) | 20,371,654 | 24,935,517 | 20,322,934 | 19,986,279 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities: | ||
Net (loss) | $ (5,332,385) | $ (360,535) |
Adjustments to reconcile net (loss) to net cash provided (used) by operating activities: | ||
Depreciation | 842,901 | 480,368 |
Amortization | 1,320,567 | 1,403,900 |
Bad debt | 0 | 87,190 |
Stock-based compensation | 1,540,375 | 988,567 |
Amortization of warrant costs | 20,965 | 26,955 |
Changes in current assets and current liabilities: | ||
Accounts receivable | 1,410,411 | (1,410,805) |
Prepaid expenses and other | (118,472) | 54,709 |
Operating lease right-of-use assets | (130,699) | (249,863) |
Other assets | (10,000) | 23,000 |
Inventory | 14,100 | (45,209) |
Accounts payable and accrued expenses | (742,398) | 765,512 |
Operating lease liabilities | 138,361 | 258,896 |
Prepaid card load obligations | (21,272,482) | 7,474,626 |
Merchant reserves | (726,424) | (1,004,402) |
Customer deposits | 221,393 | 200,028 |
Deferred revenue | (17,647) | (35,690) |
Net cash provided (used) by operating activities | (22,841,434) | 8,657,247 |
Investing activities: | ||
Purchases of property and equipment | (642,764) | (999,493) |
Net cash (used) by investing activities | (642,764) | (999,493) |
Financing activities: | ||
Payments on equipment loan | (40,872) | (26,446) |
Purchases of treasury stock | (894,641) | (198,350) |
Net cash (used) by financing activities | (935,513) | (58,800) |
Change in cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves | (24,419,711) | 7,598,954 |
Cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves, beginning of period | 51,591,560 | 22,192,225 |
Cash, Cash Equivalents, Prepaid Card Load Assets, Customer Deposits and Merchant Reserves, End of Period | 27,171,849 | 29,791,179 |
Supplemental disclosure of cash flow information: | ||
Interest | 3,244 | 2,964 |
Income taxes | 0 | 92,850 |
Non-cash transactions: | ||
Issuance of deferred stock compensation | 166,330 | 0 |
Equipment Loan [Member] | ||
Financing activities: | ||
Proceeds from loan | $ 0 | $ 165,996 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Deferred Compensation, Share-Based Payments [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 26,260,776 | |||||
Balance at Dec. 31, 2020 | $ 194,692 | $ 89,659,433 | $ (2,165,721) | $ (5,926,872) | $ (65,058,171) | $ 16,703,361 |
Issuance of common stock under equity incentive plan (in shares) | 51,000 | |||||
Issuance of common stock under equity incentive plan | $ 51 | 120,484 | 0 | 0 | 0 | 120,535 |
Warrant compensation costs | 0 | 8,985 | 0 | 0 | 0 | 8,985 |
Deferred compensation amortization | 0 | 0 | 0 | 249,801 | 0 | 249,801 |
Purchase of treasury stock costs | 0 | 0 | (49,454) | 0 | 0 | (49,454) |
Net (loss) | $ 0 | 0 | 0 | 0 | (720,252) | (720,252) |
Reversal of deferred compensation amortization that did not vest (in shares) | (17,111) | |||||
Reversal of deferred compensation amortization that did not vest | $ (17) | (48,599) | 0 | 5,994 | 0 | (42,622) |
Cashless warrant exercise (in shares) | 19,795 | |||||
Cashless warrant exercise | $ 19 | (19) | ||||
Balance (in shares) at Mar. 31, 2021 | 26,314,460 | |||||
Balance at Mar. 31, 2021 | $ 194,745 | 89,740,284 | (2,215,175) | (5,671,077) | (65,778,423) | 16,270,354 |
Balance (in shares) at Dec. 31, 2020 | 26,260,776 | |||||
Balance at Dec. 31, 2020 | $ 194,692 | 89,659,433 | (2,165,721) | (5,926,872) | (65,058,171) | 16,703,361 |
Net (loss) | (360,535) | |||||
Balance (in shares) at Sep. 30, 2021 | 26,289,288 | |||||
Balance at Sep. 30, 2021 | $ 194,746 | 89,702,612 | (2,364,071) | (4,954,584) | (65,418,706) | 17,159,997 |
Balance (in shares) at Mar. 31, 2021 | 26,314,460 | |||||
Balance at Mar. 31, 2021 | $ 194,745 | 89,740,284 | (2,215,175) | (5,671,077) | (65,778,423) | 16,270,354 |
Issuance of common stock under equity incentive plan (in shares) | 61,556 | |||||
Issuance of common stock under equity incentive plan | $ 61 | 150,481 | 0 | 0 | 0 | 150,542 |
Warrant compensation costs | 0 | 8,985 | 0 | 0 | 0 | 8,985 |
Deferred compensation amortization | 0 | 0 | 0 | 245,847 | 0 | 245,847 |
Purchase of treasury stock costs | 0 | 0 | (29,810) | 0 | 0 | (29,810) |
Net (loss) | $ 0 | 0 | 0 | 0 | 218,483 | 218,483 |
Reversal of deferred compensation amortization that did not vest (in shares) | (115,000) | |||||
Reversal of deferred compensation amortization that did not vest | $ (115) | (237,085) | 0 | 158,096 | 0 | (79,104) |
Balance (in shares) at Jun. 30, 2021 | 26,261,016 | |||||
Balance at Jun. 30, 2021 | $ 194,691 | 89,662,665 | (2,244,985) | (5,267,134) | (65,559,940) | 16,785,297 |
Issuance of common stock under equity incentive plan (in shares) | 49,322 | |||||
Issuance of common stock under equity incentive plan | $ 76 | 108,146 | 0 | 20,785 | 0 | 129,007 |
Warrant compensation costs | 0 | 8,985 | 0 | 0 | 0 | 8,985 |
Deferred compensation amortization | 0 | 0 | 0 | 239,331 | 0 | 239,331 |
Purchase of treasury stock costs | 0 | 0 | (119,086) | 0 | 0 | (119,086) |
Net (loss) | $ 0 | 0 | 0 | 0 | 141,234 | 141,234 |
Reversal of deferred compensation amortization that did not vest (in shares) | (41,000) | |||||
Reversal of deferred compensation amortization that did not vest | $ (41) | (77,164) | 0 | 52,434 | 0 | (24,771) |
Cashless warrant exercise (in shares) | 19,950 | |||||
Cashless warrant exercise | $ 20 | (20) | 0 | 0 | 0 | 0 |
Balance (in shares) at Sep. 30, 2021 | 26,289,288 | |||||
Balance at Sep. 30, 2021 | $ 194,746 | 89,702,612 | (2,364,071) | (4,954,584) | (65,418,706) | 17,159,997 |
Balance (in shares) at Dec. 31, 2021 | 26,807,145 | |||||
Balance at Dec. 31, 2021 | $ 195,235 | 93,100,129 | (2,404,458) | (6,842,195) | (65,379,805) | 18,668,906 |
Issuance of common stock under equity incentive plan (in shares) | 61,600 | |||||
Issuance of common stock under equity incentive plan | $ 62 | 267,856 | 0 | (12,330) | 0 | 255,588 |
Warrant compensation costs | 0 | 8,985 | 0 | 0 | 0 | 8,985 |
Deferred compensation amortization | 295,092 | 295,092 | ||||
Purchase of treasury stock costs | 0 | 0 | (66,494) | 0 | 0 | (66,494) |
Net (loss) | $ 0 | 0 | 0 | 0 | (1,622,270) | (1,622,270) |
Balance (in shares) at Mar. 31, 2022 | 26,868,745 | |||||
Balance at Mar. 31, 2022 | $ 195,297 | 93,376,970 | (2,470,952) | (6,559,433) | (67,002,075) | 17,539,807 |
Balance (in shares) at Dec. 31, 2021 | 26,807,145 | |||||
Balance at Dec. 31, 2021 | $ 195,235 | 93,100,129 | (2,404,458) | (6,842,195) | (65,379,805) | 18,668,906 |
Net (loss) | (5,332,385) | |||||
Balance (in shares) at Sep. 30, 2022 | 26,966,300 | |||||
Balance at Sep. 30, 2022 | $ 195,391 | 93,811,189 | (3,299,099) | (5,992,070) | (70,712,190) | 14,003,221 |
Balance (in shares) at Mar. 31, 2022 | 26,868,745 | |||||
Balance at Mar. 31, 2022 | $ 195,297 | 93,376,970 | (2,470,952) | (6,559,433) | (67,002,075) | 17,539,807 |
Issuance of common stock under equity incentive plan (in shares) | 54,233 | |||||
Issuance of common stock under equity incentive plan | $ 52 | 258,636 | 0 | 0 | 0 | 258,687 |
Warrant compensation costs | 0 | 8,985 | 0 | 0 | 0 | 8,985 |
Deferred compensation amortization | 293,942 | 293,942 | ||||
Purchase of treasury stock costs | 0 | 0 | (480,095) | 0 | 0 | (480,095) |
Net (loss) | $ 0 | 0 | 0 | 0 | (1,940,345) | (1,940,345) |
Reversal of deferred compensation amortization that did not vest (in shares) | (85,000) | |||||
Reversal of deferred compensation amortization that did not vest | $ (85) | (176,465) | 97,621 | (78,929) | ||
Balance (in shares) at Jun. 30, 2022 | 26,837,978 | |||||
Balance at Jun. 30, 2022 | $ 195,264 | 93,468,126 | (2,951,047) | (6,167,870) | (68,942,420) | 15,602,052 |
Issuance of common stock under equity incentive plan (in shares) | 163,322 | |||||
Issuance of common stock under equity incentive plan | $ 162 | 406,083 | 0 | (154,000) | 0 | 252,245 |
Warrant compensation costs | 0 | 2,995 | 0 | 0 | 0 | 2,995 |
Deferred compensation amortization | 0 | 0 | 0 | 291,963 | 0 | 291,963 |
Purchase of treasury stock costs | 0 | 0 | (348,052) | 0 | 0 | (348,052) |
Net (loss) | $ 0 | 0 | 0 | 0 | (1,769,770) | (1,769,770) |
Reversal of deferred compensation amortization that did not vest (in shares) | (35,000) | |||||
Reversal of deferred compensation amortization that did not vest | $ (35) | (66,015) | 0 | 37,837 | 0 | (28,213) |
Balance (in shares) at Sep. 30, 2022 | 26,966,300 | |||||
Balance at Sep. 30, 2022 | $ 195,391 | $ 93,811,189 | $ (3,299,099) | $ (5,992,070) | $ (70,712,190) | $ 14,003,221 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. The accompanying unaudited interim condensed consolidated financial statements of Usio, Inc. and its subsidiaries (the “Company”) have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been omitted pursuant to such rules and regulations. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all adjustments of a normal recurring nature considered necessary to present fairly the Company's financial position, results of operations and cash flows for such periods. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's annual report on Form 10 December 31, 2021, March 17, 2022. not may three September 30, 2022 2021 may Use of Estimates: Revenue Recognition: 606 10 third may may 45 30 not The following table presents the Company's revenues by source: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 ACH and complementary service revenue $ 3,242,794 $ 3,733,453 $ 10,985,722 $ 10,813,806 Credit card revenue 6,842,065 6,509,344 20,495,984 18,791,129 Prepaid card services revenue 1,576,871 2,004,657 5,733,428 3,968,764 Output solutions revenue 4,734,030 3,573,616 13,507,655 10,942,062 Total revenue $ 16,395,760 $ 15,821,070 $ 50,722,789 $ 44,515,761 Deferred Revenues: September 30, 2022 December 31, 2021 Cash and Cash Equivalents: 90 Settlement Processing Assets and Obligations: Customer Deposits: not Merchant Reserves: may not Prepaid Card Load Assets: The reconciliation of cash and cash equivalents to cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves is as follows for each period presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves: Cash and cash equivalents $ 5,102,061 $ 5,614,702 $ 7,255,321 $ 5,011,132 Prepaid card load assets 15,104,808 9,157,519 36,590,893 7,610,242 Customer deposits 1,471,214 1,410,607 1,364,193 1,305,296 Merchant reserves 6,815,073 8,101,153 6,381,153 8,265,555 Total $ 28,493,156 $ 24,283,981 $ 51,591,560 $ 22,192,225 Ending cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves: Cash and cash equivalents $ 4,613,123 $ 5,939,834 $ 4,613,123 $ 5,939,834 Prepaid card load assets 15,318,411 15,084,868 15,318,411 15,084,868 Customer deposits 1,585,586 1,505,324 1,585,586 1,505,324 Merchant reserves 5,654,729 7,261,153 5,654,729 7,261,153 Total $ 27,171,849 $ 29,791,179 $ 27,171,849 $ 29,791,179 Allowance for Estimated Losses: nine September 30, 2022 December 31, 2021 may September 30, 2022 December 31, 2021 Inventory September 30, 2022 December 31, 2021, Accounting for Internal Use Software: no nine September 30, 2022 September 30, 2021 Valuation of Long-Lived and Intangible Assets: may not may not 2021 nine September 30, 2022 not may Reserve for Processing Losses: one not may may not September 30, 2022 December 31, 2021 Legal Proceedings: may not no not New Accounting Pronouncements June 2016, No. 2016 13, Financial Instruments - Credit Losses 326 326 326 December 15, 2022, not 2016 13 Accounting standards that have been issued or proposed by the FASB, the SEC or other standard setting bodies that do not not |
Note 2 - Leases
Note 2 - Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 2. The Company leases facilities and office equipment under various operating leases, which generally are expected to be renewed or replaced by other leases. For each of the three September 30, 2022 2021 |
Note 3 - Accrued Expenses
Note 3 - Accrued Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 3. Accrued expenses consisted of the following balances: September 30, 2022 December 31, 2021 Accrued commissions $ 969,056 $ 879,120 Reserve for processing losses 722,494 623,494 Other accrued expenses 286,794 226,888 Accrued taxes 258,766 298,168 Accrued salaries 134,068 297,995 Total accrued expenses $ 2,371,178 $ 2,325,665 |
Note 4 - Equipment Loan
Note 4 - Equipment Loan | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 4. On March 20, 2021, March 20, 2024 three nine September 30, 2022 |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 5. Stock Warrants August 21, 2018, first October 5, 2018; July 31, 2019 July 31, 2022. 30,000 one hundred twenty 30,000 120,000 2.77%; 0%; nine September 30, 2022 2021 On August 12, 2020, On February 5, 2021, On September 1, 2021, On December 15, 2020, three December 15, 2021 December 15, 2023. $0.58; 0.09%; 0%; five |
Note 6 - Net (Loss) Per Share
Note 6 - Net (Loss) Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 6. Basic (loss) per share (EPS) was computed by dividing net (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted EPS differs from basic EPS due to the assumed conversion of potentially dilutive awards and options that were outstanding during the period. The following is a reconciliation of the numerators and the denominators of the basic and diluted per share computations for net (loss) for the three nine September 30, 2022 September 30, 2021 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Numerator for basic and diluted income (loss) per share, net income (loss) available to common shareholders $ (1,769,770 ) $ 141,234 $ (5,332,385 ) $ (360,535 ) Denominator: Denominator for basic income (loss) per share, weighted average shares outstanding 20,371,654 20,033,515 20,322,934 19,986,279 Effect of dilutive securities — 4,902,002 — — Denominator for diluted earnings per share, adjust weighted average shares and assumed conversion 20,371,654 24,935,517 20,322,934 19,986,279 Basic income (loss) per common share $ (0.09 ) $ 0.01 $ (0.26 ) $ (0.02 ) Diluted income (loss) per common share and common share equivalent $ (0.09 ) $ 0.01 $ (0.26 ) $ (0.02 ) The awards and options to purchase shares of common stock that were outstanding at September 30, 2022 September 30, 2021 not Nine Months Ended September 30, 2022 2021 Anti-dilutive awards and options 5,224,902 4,902,002 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 7. Deferred tax assets and liabilities are recorded based on the difference between financial reporting and tax basis of assets and liabilities and are measured by the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Deferred tax assets are computed with the presumption that they will be realizable in future periods when taxable income is generated. Predicting the ability to realize these assets in future periods requires judgment by management. U.S. generally accepted accounting principles prescribe a recognition threshold and measurement attribute for a tax position taken or expected to be taken in a tax return. Income tax benefits that meet the “more likely than not” The Company has recognized a net deferred tax asset of approximately $1.5 million and has recorded a valuation allowance of approximately $5.2 million against the other deferred tax assets. The Company reviews the assessment of the deferred tax asset and valuation allowance on an annual basis or more often when events indicate that a change to the valuation allowance may At December 31, 2021 2017 20 Net operating loss carryforwards totaling $10.7 million expired in 2021. 2017 may Tax Year End NOL Expiration 2002 $ 9,109,774 2022 2004 1,621,096 2024 2005 1,788,157 2025 2006 1,350,961 2026 2007 1,740,724 2027 2008 918,960 2028 2009 835,322 2029 2010 429,827 2030 2013 504,862 2033 2016 474,465 2036 2017 1,267,336 2037 Total $ 20,041,484 Effective for tax years ending in 2018, 2018 2018 Tax Year End NOL 2018 $ 4,410,916 2019 2,730,461 2020 2,272,315 Total $ 9,413,692 Total loss carryforwards $ 29,455,176 Management is not |
Note 8 - Related Party Transact
Note 8 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 8. Louis Hoch During the nine September 30, 2022 December 31, 2021 Directors and Officers On January 6, 2022 , January 6, 2022 On January 6, 2021, The Company granted 319,900 shares of restricted common stock with a 10-year vesting period and 141,900 restricted stock units (RSUs) with a 3-year vesting period to employees and Directors as a performance bonus on November 18, 2021 10 On April 1, 2021, |
Note 9 - COVID-19
Note 9 - COVID-19 | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Effect of Covid-19 Pandemic [Text Block] | Note 9. 19 The ongoing COVID- 19 not 19 19, During 2020 2021, 19 In April May 2020, Since 2020, Due to the COVID- 19 may The impacts and recovery from the COVID- 19 not |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 10. Following the close of the quarter ended September 30, 2022 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition: 606 10 third may may 45 30 not The following table presents the Company's revenues by source: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 ACH and complementary service revenue $ 3,242,794 $ 3,733,453 $ 10,985,722 $ 10,813,806 Credit card revenue 6,842,065 6,509,344 20,495,984 18,791,129 Prepaid card services revenue 1,576,871 2,004,657 5,733,428 3,968,764 Output solutions revenue 4,734,030 3,573,616 13,507,655 10,942,062 Total revenue $ 16,395,760 $ 15,821,070 $ 50,722,789 $ 44,515,761 Deferred Revenues: September 30, 2022 December 31, 2021 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: 90 |
Credit Card Origination Costs, Policy [Policy Text Block] | Settlement Processing Assets and Obligations: |
Customer Deposits [Policy Text Block] | Customer Deposits: not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Merchant Reserves: may not |
Prepaid Card Load Assets, Policy [Policy Text Block] | Prepaid Card Load Assets: The reconciliation of cash and cash equivalents to cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves is as follows for each period presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves: Cash and cash equivalents $ 5,102,061 $ 5,614,702 $ 7,255,321 $ 5,011,132 Prepaid card load assets 15,104,808 9,157,519 36,590,893 7,610,242 Customer deposits 1,471,214 1,410,607 1,364,193 1,305,296 Merchant reserves 6,815,073 8,101,153 6,381,153 8,265,555 Total $ 28,493,156 $ 24,283,981 $ 51,591,560 $ 22,192,225 Ending cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves: Cash and cash equivalents $ 4,613,123 $ 5,939,834 $ 4,613,123 $ 5,939,834 Prepaid card load assets 15,318,411 15,084,868 15,318,411 15,084,868 Customer deposits 1,585,586 1,505,324 1,585,586 1,505,324 Merchant reserves 5,654,729 7,261,153 5,654,729 7,261,153 Total $ 27,171,849 $ 29,791,179 $ 27,171,849 $ 29,791,179 |
Receivable [Policy Text Block] | Allowance for Estimated Losses: nine September 30, 2022 December 31, 2021 may September 30, 2022 December 31, 2021 |
Inventory, Policy [Policy Text Block] | Inventory September 30, 2022 December 31, 2021, |
Internal Use Software, Policy [Policy Text Block] | Accounting for Internal Use Software: no nine September 30, 2022 September 30, 2021 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Valuation of Long-Lived and Intangible Assets: may not may not 2021 nine September 30, 2022 not may |
Contingent Liability Reserve Estimate, Policy [Policy Text Block] | Reserve for Processing Losses: one not may may not September 30, 2022 December 31, 2021 |
Legal Costs, Policy [Policy Text Block] | Legal Proceedings: may not no not |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements June 2016, No. 2016 13, Financial Instruments - Credit Losses 326 326 326 December 15, 2022, not 2016 13 Accounting standards that have been issued or proposed by the FASB, the SEC or other standard setting bodies that do not not |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 ACH and complementary service revenue $ 3,242,794 $ 3,733,453 $ 10,985,722 $ 10,813,806 Credit card revenue 6,842,065 6,509,344 20,495,984 18,791,129 Prepaid card services revenue 1,576,871 2,004,657 5,733,428 3,968,764 Output solutions revenue 4,734,030 3,573,616 13,507,655 10,942,062 Total revenue $ 16,395,760 $ 15,821,070 $ 50,722,789 $ 44,515,761 |
Schedule of Cash and Cash Equivalents [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves: Cash and cash equivalents $ 5,102,061 $ 5,614,702 $ 7,255,321 $ 5,011,132 Prepaid card load assets 15,104,808 9,157,519 36,590,893 7,610,242 Customer deposits 1,471,214 1,410,607 1,364,193 1,305,296 Merchant reserves 6,815,073 8,101,153 6,381,153 8,265,555 Total $ 28,493,156 $ 24,283,981 $ 51,591,560 $ 22,192,225 Ending cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves: Cash and cash equivalents $ 4,613,123 $ 5,939,834 $ 4,613,123 $ 5,939,834 Prepaid card load assets 15,318,411 15,084,868 15,318,411 15,084,868 Customer deposits 1,585,586 1,505,324 1,585,586 1,505,324 Merchant reserves 5,654,729 7,261,153 5,654,729 7,261,153 Total $ 27,171,849 $ 29,791,179 $ 27,171,849 $ 29,791,179 |
Note 3 - Accrued Expenses (Tabl
Note 3 - Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | September 30, 2022 December 31, 2021 Accrued commissions $ 969,056 $ 879,120 Reserve for processing losses 722,494 623,494 Other accrued expenses 286,794 226,888 Accrued taxes 258,766 298,168 Accrued salaries 134,068 297,995 Total accrued expenses $ 2,371,178 $ 2,325,665 |
Note 6 - Net (Loss) Per Share (
Note 6 - Net (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Numerator for basic and diluted income (loss) per share, net income (loss) available to common shareholders $ (1,769,770 ) $ 141,234 $ (5,332,385 ) $ (360,535 ) Denominator: Denominator for basic income (loss) per share, weighted average shares outstanding 20,371,654 20,033,515 20,322,934 19,986,279 Effect of dilutive securities — 4,902,002 — — Denominator for diluted earnings per share, adjust weighted average shares and assumed conversion 20,371,654 24,935,517 20,322,934 19,986,279 Basic income (loss) per common share $ (0.09 ) $ 0.01 $ (0.26 ) $ (0.02 ) Diluted income (loss) per common share and common share equivalent $ (0.09 ) $ 0.01 $ (0.26 ) $ (0.02 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Nine Months Ended September 30, 2022 2021 Anti-dilutive awards and options 5,224,902 4,902,002 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Summary of Operating Loss Carryforwards [Table Text Block] | Tax Year End NOL Expiration 2002 $ 9,109,774 2022 2004 1,621,096 2024 2005 1,788,157 2025 2006 1,350,961 2026 2007 1,740,724 2027 2008 918,960 2028 2009 835,322 2029 2010 429,827 2030 2013 504,862 2033 2016 474,465 2036 2017 1,267,336 2037 Total $ 20,041,484 Tax Year End NOL 2018 $ 4,410,916 2019 2,730,461 2020 2,272,315 Total $ 9,413,692 Total loss carryforwards $ 29,455,176 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Contract with Customer, Liability, Current | $ 0 | $ 17,647 | |
Accounts Receivable, Allowance for Credit Loss, Current | 319,000 | 319,000 | |
Capitalized Computer Software, Additions | 438,128 | $ 561,177 | |
Asset Impairment Charges, Total | 0 | 0 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | $ 722,494 | $ 623,494 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Schedule of Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | $ 16,395,760 | $ 15,821,070 | $ 50,722,789 | $ 44,515,761 |
ACH and Complementary Service Revenue [Member] | ||||
Revenues | 3,242,794 | 3,733,453 | 10,985,722 | 10,813,806 |
Credit Card Revenue [Member] | ||||
Revenues | 6,842,065 | 6,509,344 | 20,495,984 | 18,791,129 |
Prepaid Card Services Revenue [Member] | ||||
Revenues | 1,576,871 | 2,004,657 | 5,733,428 | 3,968,764 |
Output Solutions [Member] | ||||
Revenues | $ 4,734,030 | $ 3,573,616 | $ 13,507,655 | $ 10,942,062 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation - Reconciliation of Cash and Cash Equivalents to Cash, Cash Equivalents and Merchant Reserves (Details) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 |
Cash and cash equivalents | $ 5,102,061 | $ 7,255,321 | $ 5,939,834 | $ 5,614,702 | $ 5,011,132 |
Prepaid card load assets | 15,104,808 | 36,590,893 | 15,084,868 | 9,157,519 | 7,610,242 |
Customer deposits | 1,471,214 | 1,364,193 | 1,505,324 | 1,410,607 | 1,305,296 |
Merchant reserves | 6,815,073 | 6,381,153 | 7,261,153 | 8,101,153 | 8,265,555 |
Cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves, beginning of period | 28,493,156 | 51,591,560 | 29,791,179 | 24,283,981 | 22,192,225 |
Cash and cash equivalents | 4,613,123 | 5,102,061 | 7,255,321 | 5,939,834 | 5,614,702 |
Prepaid card load assets | 15,318,411 | 15,104,808 | 36,590,893 | 15,084,868 | 9,157,519 |
Customer deposits | 1,585,586 | 1,471,214 | 1,364,193 | 1,505,324 | 1,410,607 |
Merchant reserves | 5,654,729 | 6,815,073 | 6,381,153 | 7,261,153 | 8,101,153 |
Cash, Cash Equivalents, Prepaid Card Load Assets, Customer Deposits and Merchant Reserves, End of Period | $ 27,171,849 | $ 28,493,156 | $ 51,591,560 | $ 29,791,179 | $ 24,283,981 |
Note 2 - Leases (Details Textua
Note 2 - Leases (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Lease, Expense | $ 152,401 | $ 117,689 |
Note 3 - Accrued Expenses - Sum
Note 3 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued commissions | $ 969,056 | $ 879,120 |
Reserve for processing losses | 722,494 | 623,494 |
Other accrued expenses | 286,794 | 226,888 |
Accrued taxes | 258,766 | 298,168 |
Accrued salaries | 134,068 | 297,995 |
Total accrued expenses | $ 2,371,178 | $ 2,325,665 |
Note 4 - Equipment Loan (Detail
Note 4 - Equipment Loan (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 20, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Repayments of Long-Term Debt, Total | $ 40,872 | $ 26,446 | ||
Debit Arrangement to Finance Purchase of Output Solutions Sorter [Member] | ||||
Debt Instrument, Face Amount | $ 165,996 | |||
Debt Instrument, Term (Month) | 36 months | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | |||
Debt Instrument, Periodic Payment, Total | $ 4,902 | |||
Repayments of Long-Term Debt, Total | $ 13,762 | $ 40,872 |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Details Textual) | 9 Months Ended | |||||||
Sep. 01, 2021 $ / shares shares | Feb. 05, 2021 $ / shares shares | Dec. 15, 2020 USD ($) $ / shares shares | Aug. 12, 2020 $ / shares shares | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Oct. 05, 2018 $ / shares shares | Aug. 21, 2018 USD ($) $ / shares shares | |
Warrants and Rights Outstanding, Reduction of Revenue During Period | $ | $ 20,965 | $ 26,955 | ||||||
Measurement Input, Risk Free Interest Rate [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0277 | |||||||
Measurement Input, Expected Term [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 5 | |||||||
Measurement Input, Expected Dividend Rate [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||||
Measurement Input, Price Volatility [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.646 | |||||||
Common Stock Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 150,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 5.97 | $ 5.88 | $ 3.46 | |||||
Warrants and Rights Outstanding | $ | $ 135,764 | |||||||
Stock Issued During Period, Shares, Warrants Exercised (in shares) | 19,950 | 19,795 | 27,051 | |||||
Class of Warrant or Right, Number of Warrants Exercised (in shares) | 30,000 | 30,000 | 60,000 | |||||
Common Stock Warrants, Tranche One [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 30,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.80 | |||||||
Common Stock Warrants, Tranche One [Member] | Measurement Input, Share Price [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.94 | |||||||
Common Stock Warrants, Tranche Two through Five [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 120,000 | 120,000 | ||||||
Warrants and Rights Outstanding, Term (Year) | 4 years | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights, Maximum Percentage of Market Price of Common Stock | 120% | |||||||
Common Stock Warrants, Tranche Two through Five [Member] | Measurement Input, Share Price [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.90 | |||||||
Common Stock Warrants, Tranche Two through Five [Member] | Maximum [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2 | |||||||
Common Stock Warrants, Tranche Two [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 30,000 | |||||||
Warrants Issued to Acquire Information Management Solutions, LLC [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 4.23 | |||||||
Warrants and Rights Outstanding | $ | $ 552,283 | |||||||
Class of Warrant or Right, Issued During Period (in shares) | 945,599 | |||||||
Class of Warrant or Right, Vesting Period (Year) | 3 years | |||||||
Class of Warrant or Right, Term Following Vesting (Year) | 5 years | |||||||
Warrants Issued to Acquire Information Management Solutions, LLC [Member] | Measurement Input, Share Price [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.58 | |||||||
Warrants Issued to Acquire Information Management Solutions, LLC [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0009 | |||||||
Warrants Issued to Acquire Information Management Solutions, LLC [Member] | Measurement Input, Expected Term [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 5 | |||||||
Warrants Issued to Acquire Information Management Solutions, LLC [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||||
Warrants Issued to Acquire Information Management Solutions, LLC [Member] | Measurement Input, Price Volatility [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.599 |
Note 6 - Net Loss Per Share - E
Note 6 - Net Loss Per Share - Earnings Per Share Reconciliation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||
Numerator for basic and diluted income (loss) per share, net income (loss) available to common shareholders | $ (1,769,770) | $ 141,234 | $ (5,332,385) | $ (360,535) |
Denominator: | ||||
Denominator for basic income (loss) per share, weighted average shares outstanding (in shares) | 20,371,654 | 20,033,515 | 20,322,934 | 19,986,279 |
Effect of dilutive securities (in shares) | 0 | 4,902,002 | 0 | 0 |
Denominator for diluted earnings per share, adjust weighted average shares and assumed conversion (in shares) | 20,371,654 | 24,935,517 | 20,322,934 | 19,986,279 |
Basic income (loss) per common share (in dollars per share) | $ (0.09) | $ 0.01 | $ (0.26) | $ (0.02) |
Diluted income (loss) per common share and common share equivalent (in dollars per share) | $ (0.09) | $ 0.01 | $ (0.26) | $ (0.02) |
Note 6 - Net (Loss) Per Share -
Note 6 - Net (Loss) Per Share - Anti-dilutive Securities (Details) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Anti-dilutive awards and options (in shares) | 5,224,902 | 4,902,002 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | 36 Months Ended | 57 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Sep. 30, 2022 | Dec. 31, 2021 | |
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 1,500,000 | |||||
Deferred Tax Assets, Valuation Allowance | 5,200,000 | |||||
Operating Loss Carryforwards, Total | 29,455,176 | $ 29,500,000 | ||||
Net Operating Loss That Can Be Carried Forward Indefinitely | $ 2,272,315 | $ 2,730,461 | $ 4,410,916 | $ 9,413,692 | $ 9,413,692 | |
Expiring in 2021 [Member] | ||||||
Operating Loss Carryforwards, Total | $ 10,700,000 |
Note 7 - Income Taxes - Schedul
Note 7 - Income Taxes - Schedule of Net Operating Losses (Details) - USD ($) | 12 Months Ended | 36 Months Ended | 57 Months Ended | 192 Months Ended | ||||||||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2004 | Dec. 31, 2002 | Dec. 31, 2020 | Sep. 30, 2022 | Dec. 31, 2017 | Dec. 31, 2021 | |
NOL | $ 1,267,336 | $ 474,465 | $ 504,862 | $ 429,827 | $ 835,322 | $ 918,960 | $ 1,740,724 | $ 1,350,961 | $ 1,788,157 | $ 1,621,096 | $ 9,109,774 | $ 20,041,484 | ||||||
NOL generated | $ 2,272,315 | $ 2,730,461 | $ 4,410,916 | $ 9,413,692 | $ 9,413,692 | |||||||||||||
Total loss carryforwards | $ 29,455,176 | $ 29,500,000 |
Note 8 - Related Party Transa_2
Note 8 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Jan. 06, 2022 | Nov. 18, 2021 | Apr. 01, 2021 | Jan. 06, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Treasury Stock, Value, Acquired, Cost Method | $ 348,052 | $ 480,095 | $ 66,494 | $ 119,086 | $ 29,810 | $ 49,454 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 6.39 | |||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 141,900 | 103,000 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.08 | |||||||||||
Restricted Stock Units (RSUs) [Member] | Director One [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,000 | |||||||||||
Restricted Stock Units (RSUs) [Member] | Director Two [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 30,000 | |||||||||||
Performance Shares [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 10 years | 10 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 319,900 | 1,444,000 | ||||||||||
Performance Shares [Member] | President and Chief Executive Officer [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 300,000 | |||||||||||
Angry Pug Sportswear [Member] | ||||||||||||
Related Party Transaction, Purchases from Related Party | $ 22,478 | $ 4,009 | ||||||||||
Louis Hoch [Member] | Angry Pug Sportswear [Member] | ||||||||||||
Ownership Percentage | 50% | |||||||||||
Chief Financial Officer [Member] | ||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 11,361 | 11,860 | ||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 47,930 | |||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 4.21 | $ 3.25 | ||||||||||
Chief Financial Officer [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 21,000 | |||||||||||
Chief Financial Officer [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 50,000 | 200,000 | ||||||||||
President and Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 30,000 | |||||||||||
President and Chief Executive Officer [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 100,000 | |||||||||||
Greg Carter [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 9,000 | |||||||||||
Greg Carter [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 30,000 | |||||||||||
Director One [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 6,000 | |||||||||||
Director One [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 25,000 | |||||||||||
Director Two [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 12,000 | |||||||||||
Director Three [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 12,000 | |||||||||||
Director Four [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 12,000 |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Nov. 09, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Treasury Stock, Value, Acquired, Cost Method | $ 348,052 | $ 480,095 | $ 66,494 | $ 119,086 | $ 29,810 | $ 49,454 | |
Subsequent Event [Member] | |||||||
Treasury Stock, Shares, Acquired (in shares) | 135,578 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 232,611 |