Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 11, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | Nuo Therapeutics, Inc. | |
Entity Central Index Key | 1,091,596 | |
Trading Symbol | aurx | |
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) | 22,722,400 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 146,935 | $ 693,515 |
Accounts and other receivable, net | 341,605 | 114,331 |
Inventory, net | 37,198 | 35,590 |
Prepaid expenses and other current assets | 238,091 | 341,671 |
Total current assets | 763,829 | 1,185,107 |
Property and equipment, net | 193,604 | 223,616 |
Deferred costs and other assets | 15,316 | 15,316 |
Total assets | 972,749 | 1,424,039 |
Current liabilities | ||
Accounts payable | 536,313 | 380,280 |
Accrued expenses and liabilities | 617,941 | 556,557 |
Total current liabilities | 1,154,254 | 936,837 |
Other liabilities | 2,888 | 4,331 |
Total liabilities | 1,157,142 | 941,168 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity (deficit) | ||
Preferred stock; $0.0001 par value, 1,000,000 authorized, 29,038 issued and outstanding; liquidation value of $29,038,000 | 3 | 3 |
Common stock; $0.0001 par value, 31,500,000 authorized, 22,722,400 issued and outstanding | 2,272 | 2,272 |
Additional paid-in capital | 21,158,387 | 21,155,404 |
Accumulated deficit | (21,345,055) | (20,674,808) |
Total stockholders' equity (deficit) | (184,393) | 482,871 |
Total liabilities and stockholders' equity (deficit) | $ 972,749 | $ 1,424,039 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 29,038 | 29,038 |
Preferred stock, shares outstanding (in shares) | 29,038 | 29,038 |
Preferred stock, liquidation value | $ 29,038,000 | $ 29,038,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 31,500,000 | 31,500,000 |
Common stock, shares issued (in shares) | 22,722,400 | 22,722,400 |
Common stock, shares outstanding (in shares) | 22,722,400 | 22,722,400 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue: | ||
Revenue | $ 159,943 | $ 172,743 |
Costs of revenue | ||
Costs of sales | 49,004 | 270,087 |
Total costs of revenue | 49,004 | 270,087 |
Gross profit (loss) | 110,939 | (97,344) |
Operating expenses | ||
Sales and marketing | 61,123 | 213,700 |
Research and development | 258,035 | 399,414 |
General and administrative | 459,507 | 974,413 |
Total operating expenses | 778,665 | 1,587,527 |
Loss from operations | (667,726) | (1,684,871) |
Other income (expense) | ||
Interest, net | 44 | (6,579) |
Other | (2,565) | (1,150) |
Total other expense | (2,521) | (7,729) |
Net loss | $ (670,247) | $ (1,692,600) |
Loss per common share | ||
Basic (in dollars per share) | $ (0.03) | $ (0.17) |
Diluted (in dollars per share) | $ (0.03) | $ (0.17) |
Weighted average common shares outstanding | ||
Basic (in shares) | 22,722,400 | 9,927,112 |
Diluted (in shares) | 22,722,400 | 9,927,112 |
Product [Member] | ||
Revenue: | ||
Revenue | $ 124,910 | $ 113,082 |
Royalty [Member] | ||
Revenue: | ||
Revenue | $ 35,033 | $ 59,661 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (670,247) | $ (1,692,600) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 26,084 | 310,045 |
Stock-based compensation | 2,983 | 15,808 |
Bad debt (recovery) expense | (239,660) | 466 |
Increase in allowance for inventory obsolescence | 949 | 915 |
Loss (gain) on the disposal of fixed assets | 3,928 | (1,205) |
Change in operating assets and liabilities: | ||
Accounts and other receivable | 12,386 | 56,222 |
Inventory | (2,557) | 4,317 |
Prepaid expenses and other current assets | 103,580 | (47,773) |
Other assets | 30,208 | |
Accounts payable | 156,033 | (14,267) |
Accrued expenses and liabilities | 61,384 | 75,369 |
Other liabilities | (1,443) | (19,756) |
Net cash used in operating activities | (546,580) | (1,282,251) |
Net decrease in cash, cash equivalents and restricted cash | (546,580) | (1,282,251) |
Cash, cash equivalents and restricted cash, beginning of period | 693,515 | 2,673,526 |
Cash, cash equivalents and restricted cash, end of period | 146,935 | 1,391,275 |
Supplemental cash flow information | ||
Interest expense paid in cash | 665 | |
Income taxes paid in cash |
Note 1 - Description of Busines
Note 1 - Description of Business and Bankruptcy Proceedings | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1 Description of Business Nuo Therapeutics, Inc. (“Nuo Therapeutics,” the “Company,” “we,” “us,” or “our”) is a biomedical company marketing its products primarily within the U.S. We commercialize innovative cell-based technologies that harness the regenerative capacity of the human body to trigger natural healing. The use of autologous (from self) biological therapies for tissue repair and regeneration is part of a transformative clinical strategy designed to improve long term recovery in complex chronic conditions with significant unmet medical needs. Growth opportunities for the Aurix System in the United States in the near to intermediate term include the treatment of chronic wounds with Aurix in: (i) the Medicare population under a National Coverage Determination (“NCD”), when registry data is collected under the Coverage with Evidence Development (“CED”) program of the Centers for Medicare & Medicaid Services (“CMS”); and (ii) the Veterans Affairs (“VA”) healthcare system and other federal accounts settings. As of March 31, 2018, May 5, 2016 ( 6 two ® ® May 5, 2016, |
Note 2 - Liquidity and Summary
Note 2 - Liquidity and Summary of Significant Accounting Principles | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 – Liquidity and Summary of Significant Accounting Principles Liquidity Our operations are subject to certain risks and uncertainties including, among others, current and potential competitors with greater resources, dependence on significant customers, lack of operating history, uncertainty of future profitability and possible fluctuations in financial results. Since our inception, we have financed our operations by raising debt, issuing equity and equity-linked instruments, and executing licensing arrangements, and to a lesser extent by generating royalties and product revenues. We have incurred, and continue to incur, recurring losses and negative cash flows. During the quarter ended September 30, 2017, 12,800,000 $3.0 March 31, 2018, $147,000 no The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities in the ordinary course of business. The propriety of using the going-concern basis is dependent upon, among other things, the achievement of future profitable operations, the ability to generate sufficient cash from operations, and potential other funding sources, including cash on hand, to meet our obligations as they become due. We believe based on the operating cash requirements and capital expenditures expected for the next twelve 30 We require additional capital and seek to continue financing our operations with external capital for the foreseeable future. Any equity financings may may may not may not If we are unable to secure sufficient capital to fund our operating activities or we are unable to increase revenues significantly, we may 30 Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not December 31, 2017, not may not 10 December 31, 2017. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned and controlled subsidiary Aldagen, Inc. (“Aldagen”). All significant inter-company accounts and transactions are eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us 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 financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not Credit Concentration We generate accounts receivable from the sale of our products. In addition, other receivables consist primarily of a settlement amount for a prior value added tax receivable due from the contract manufacturer of the prior Angel product line and receivable for royalties due for sales of Aldeflour. Customers or other receivables balances in excess of 10% March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Customer A 70% 72% Customer B 10% 12% Revenue from significant customers exceeding 10% Three Months ended March 31, 2018 Three Months ended March 31, 2017 Customer B 22% 35% Customer C 14% - Historically, we used single suppliers for several components of the Aurix product line. We outsource the manufacturing of various products to contract manufacturers. While we believe these manufacturers demonstrate competency, reliability and stability, there is no one not Cash Equivalents We consider all highly liquid instruments purchased with an original maturity of three Accounts Receivables We generate accounts receivables from the sale of our products. We provide for an allowance against receivables for estimated losses that may not March 31, 2018, $2,000. December 31, 2017, $306,000 March 29, 2018, $240,000 April 9, 2018. Inventory Our inventory is produced by third first first 18 two As of March 31, 2018, $32,000 $29,000 December 31, 2017, $40,000 $18,000 We provide for an allowance against inventory for estimated losses that may March 31, 2018 December 31, 2017, $24,000 $23,000, Property and Equipment Property and equipment is stated at cost less accumulated depreciation and is depreciated, using the straight-line method, over its estimated useful life ranging from one six one three Centrifuges may no no Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not Revenue Recognition Prior to January 1, 2018, four 1 2 3 4 January 1, 2018 not Beginning January 1, 2018, We provide for the sale of our products, including disposable processing sets and supplies to customers. Revenue from the sale of products is recognized upon shipment of products to the customers. We do not not not License Agreement with Rohto The Company’s license agreement with Rohto (See Note 4 – Distribution, Licensing and Collaboration Arrangements not $3.0 Segments and Geographic Information Approximately 30% 35% three March 31, 2018 2017, Stock-Based Compensation Prior to the Effective Date, the Company, from time to time, issued stock options or stock awards to employees, directors, consultants, and other service providers under its 2002 2013 6 – Equity and Stock-Based Compensation In July 2016, August 2016 2016 “2016 November 21, 2016, 2016 no three March 31, 2018. 22,500 three March 31, 2017. The fair value of employee stock options is measured at the date of grant. Expected volatilities for the 2016 five Stock-based compensation for awards granted to non-employees is periodically re-measured as the underlying awards vest. The Company recognizes an expense for such awards throughout the performance period as the services are provided by the non-employees, based on the fair value of these options and warrants at each reporting period. The fair value of stock options and compensatory warrants issued to service providers utilizes the same methodology with the exception of the expected term. For awards to non-employees, the Company estimates that the options or warrants will be held for the full term. The Company adopted new accounting guidance on January 1, 2017 not Income Taxes The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credits and loss carryforwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income before taxes. There were no 2018 2017. Basic and Diluted Earnings (Loss) per Share Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding (including contingently issuable shares when the contingencies have been resolved) during the period. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive. For periods of net income, and when the effects are not All of the Company’s outstanding stock options and warrants were considered anti-dilutive for the three March 31, 2018 2017. Three months ended March 31, 201 8 Three months ended March 31, 201 7 Shares underlying: Common stock options 742,084 1,225,833 Stock purchase warrants 6,180,000 6,180,000 Reclassifications Certain reclassification have been made to the prior year financial statements to conform to the current year presentation, including the addition of restricted cash to cash and cash equivalents on the consolidated statements of cash flows as a result of the adoption of new accounting guidance. Recently Adopted Accounting Pronouncements As previously discussed, the Company adopted new accounting guidance for revenue recognition effective January 1, 2018 not In July 2015, 330 December 15, 2016, January 1, 2017; not In November 2015, December 15, 2016. January 1, 2017; not In November 2016, January 1, 2018 three March 31, 2017: Previously Reported Adjustment As Revised Net cash used in investing activities $ (13 ) $ 13 $ - In January 2017, 2 2, not zero 2 December 15, 2021. January 1, 2017. January 1, 2017; not not 2017 04. one June 30, 2017, $2.8 $2.1 zero June 30, 2017. Unadopted Accounting Pronouncements In February 2016, December 15, 2018 We have evaluated all other issued and unadopted Accounting Standards Updates and believe the adoption of these standards will not |
Note 3 - Distribution, Licensin
Note 3 - Distribution, Licensing and Collaboration Arrangements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Distributors and License Agreement [Text Block] | Note 3 – Distribution, Licensing and Collaboration Arrangements Distribution and License Agreement with Rohto In January 2015, $3.0 one $1.5 $3.0 may Collaboration Agreement with Restorix Health On March 22, 2016, 30 200 three 2018 Pursuant to the Collaboration Agreement, the Company agreed to provide: (i) clinical support services by its clinical staff as reasonably agreed between the Company and Restorix as necessary and appropriate, (ii) reasonable and necessary support regarding certain reimbursement activities, (iii) coverage of Institutional Review Board (“IRB”) fees and payment to Restorix for certain training costs subject to certain limitations and (iv) community-focused public relations materials for participating RXH Partner Hospitals to promote the use of Aurix and participation in the Protocols. Pursuant to the Collaboration Agreement, Restorix agreed to: (i) provide access and support as reasonably necessary and appropriate at up to 30 Subject to the satisfaction of certain conditions, during the term of the Collaboration Agreement: (i) Restorix will have site specific geographic exclusivity for usage of Aurix in connection with treatment of patients in the Protocols within a 30 not 19 Under the Collaboration Agreement, the Company will pay Restorix or the RXH Partner Hospital, as the case may $700 2018 Boyalife Distribution Agreement Effective as of May 5, 2016, five not May 5, 2016 $500,000 90 no December 31, 2018, $40, not third first no $250,000 |
Note 4 - Receivables
Note 4 - Receivables | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4 Accounts and other receivables, net consisted of the following: March 31, 2018 December 31, 2017 Trade receivables $ 68,285 $ 64,387 Other receivables 275,295 355,839 343,580 420,226 Less allowance for doubtful accounts (1,975 ) (305,895 ) Accounts and other receivables, net $ 341,605 $ 114,331 Other receivables at March 31, 2018 December 31, 2017 April 9, 2018 March 31, 2018 $2,000 December 31, 2017 $240,000 three March 31, 2018. |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 Property and equipment, net consisted of the following: March 31, 201 8 December 31, 2017 Medical equipment $ 396,818 $ 401,719 Office equipment 38,104 48,888 Software 257,619 257,619 Manufacturing equipment 34,899 34,899 Leasehold improvements 19,215 19,215 746,655 762,340 Less accumulated depreciation and amortization (553,051 ) (538,724 ) Property and equipment, net $ 193,604 $ 223,616 Depreciation expense of property and equipment was approximately $26,000 $97,000 three March 31, 2018 2017, |
Note 6 - Equity and Stock-based
Note 6 - Equity and Stock-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 6 – Equity and Stock-Based Compensation Under the Second Amended and Restated Certificate of Incorporation of the Company, it has the authority to issue a total of 32,500,000 31,500,000 1,000,000 $0.0001 Series A Preferred Stock On May 5, 2016 ( 29,038 $0.0001 29,038 1145 not The Series A Preferred Stock has no not $29,038,000, not one five one 1% pari passu not $3.0 two Stock Purchase Warrants As part of the Plan, the Company also issued Warrants to purchase 6,180,000 May 5, 2021 $0.50 $0.75 Stock-Based Compensation In July 2016, August 4, 2016, 2016 “2016 first January 1, 2017) six 6% may not 1,000,000 November 21, 2016, 2016 1,685,400 2016 March 31, 2018. A summary of stock option activity under the 2016 three March 31, 2018 Stock Options – 2016 Omnibus Plan Shares Weighted Average Weighted Aggregate Outstanding at January 1, 2018 861,250 $ 1.04 8.57 $ - Granted - - - $ - Exercised - - Forfeited or expired (119,166 ) $ 1.31 - $ - Outstanding at March 31, 2018 742,084 $ 1.00 6.56 $ - Exercisable at March 31, 2018 660,418 $ 1.00 6.34 $ - There were no 2016 three March 31, 2018. three March 31, 2018 zero No three March 31, 2018. March 31, 2018, $10,000 0.94 The Company recorded stock-based compensation expense in the periods presented as follows: Three Months ended March 31, 201 8 Three Months ended March 31, 201 7 Sales and marketing $ - $ 1,122 Research and development 1,324 3,111 General and administrative 1,659 11,575 $ 2,983 $ 15,808 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 7 – Fair Value Measurements Financial Instruments Carried at Cost Short-term financial instruments in our condensed consolidated balance sheets, including cash and cash equivalents other than money market funds (which are carried at fair value), accounts, and other receivables and accounts payable, are carried at cost which approximates fair value, due to their short-term nature. Fair Value Measurements Our condensed consolidated balance sheets include certain financial instruments that are carried at fair value. Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include: ● Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; ● Level 2, defined as observable inputs other than Level 1 not ● Level 3, defined as unobservable inputs in which little or no An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. At each reporting period, we perform a detailed analysis of our assets and liabilities that are measured at fair value. All assets and liabilities for which the fair value measurement is based on significant unobservable inputs or instruments which trade infrequently, and therefore have little or no 3. Financial Assets and Liabilities Measured at Fair Value The Company had no March 31, 2018 December 31, 2017. Non-Financial Assets and Liabilities Measured at Fair Value The Company’s property and equipment are measured at fair value on a non-recurring basis, upon establishment pursuant to fresh start accounting. |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 8 – Commitments and Contingencies As of the Effective Date, the Company entered into a registration rights agreement (the “Registration Rights Agreement”) with certain accredited investors who acquired common shares in accordance with the Plan of Reorganization (the “Recapitalization Investors”). The Registration Rights Agreement provides certain resale registration rights to the Recapitalization Investors with respect to the common shares they received. Pursuant to the Registration Rights Agreement, the Company filed, and has to update periodically, a registration statement with the U.S. Securities and Exchange Commission that covers the resale of all shares of common stock issued to the Investors on the Effective Date until such time as such shares have been sold or may 144 not Our primary office and warehouse facilities are located in Gaithersburg, Maryland, and comprise approximately 12,000 two $18,000 September 2019. 2,100 $4,000 April 30, 2018. January 28, 2018, $4,000 16,300 $22,000 December 31, 2018. 401 July 31, 2014, August 1, 2014. $14,000 December 31, 2018. December 31, 2017, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Liquidity, Policy [Policy Text Block] | Liquidity Our operations are subject to certain risks and uncertainties including, among others, current and potential competitors with greater resources, dependence on significant customers, lack of operating history, uncertainty of future profitability and possible fluctuations in financial results. Since our inception, we have financed our operations by raising debt, issuing equity and equity-linked instruments, and executing licensing arrangements, and to a lesser extent by generating royalties and product revenues. We have incurred, and continue to incur, recurring losses and negative cash flows. During the quarter ended September 30, 2017, 12,800,000 $3.0 March 31, 2018, $147,000 no The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities in the ordinary course of business. The propriety of using the going-concern basis is dependent upon, among other things, the achievement of future profitable operations, the ability to generate sufficient cash from operations, and potential other funding sources, including cash on hand, to meet our obligations as they become due. We believe based on the operating cash requirements and capital expenditures expected for the next twelve 30 We require additional capital and seek to continue financing our operations with external capital for the foreseeable future. Any equity financings may may may not may not If we are unable to secure sufficient capital to fund our operating activities or we are unable to increase revenues significantly, we may 30 |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not December 31, 2017, not may not 10 December 31, 2017. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned and controlled subsidiary Aldagen, Inc. (“Aldagen”). All significant inter-company accounts and transactions are eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us 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 financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Credit Concentration We generate accounts receivable from the sale of our products. In addition, other receivables consist primarily of a settlement amount for a prior value added tax receivable due from the contract manufacturer of the prior Angel product line and receivable for royalties due for sales of Aldeflour. Customers or other receivables balances in excess of 10% March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Customer A 70% 72% Customer B 10% 12% Revenue from significant customers exceeding 10% Three Months ended March 31, 2018 Three Months ended March 31, 2017 Customer B 22% 35% Customer C 14% - Historically, we used single suppliers for several components of the Aurix product line. We outsource the manufacturing of various products to contract manufacturers. While we believe these manufacturers demonstrate competency, reliability and stability, there is no one not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents We consider all highly liquid instruments purchased with an original maturity of three |
Receivables, Policy [Policy Text Block] | Accounts Receivables We generate accounts receivables from the sale of our products. We provide for an allowance against receivables for estimated losses that may not March 31, 2018, $2,000. December 31, 2017, $306,000 March 29, 2018, $240,000 April 9, 2018. |
Inventory, Policy [Policy Text Block] | Inventory Our inventory is produced by third first first 18 two As of March 31, 2018, $32,000 $29,000 December 31, 2017, $40,000 $18,000 We provide for an allowance against inventory for estimated losses that may March 31, 2018 December 31, 2017, $24,000 $23,000, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at cost less accumulated depreciation and is depreciated, using the straight-line method, over its estimated useful life ranging from one six one three Centrifuges may no no Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Prior to January 1, 2018, four 1 2 3 4 January 1, 2018 not Beginning January 1, 2018, We provide for the sale of our products, including disposable processing sets and supplies to customers. Revenue from the sale of products is recognized upon shipment of products to the customers. We do not not not License Agreement with Rohto The Company’s license agreement with Rohto (See Note 4 – Distribution, Licensing and Collaboration Arrangements not $3.0 |
Segment Reporting, Policy [Policy Text Block] | Segments and Geographic Information Approximately 30% 35% three March 31, 2018 2017, |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Prior to the Effective Date, the Company, from time to time, issued stock options or stock awards to employees, directors, consultants, and other service providers under its 2002 2013 6 – Equity and Stock-Based Compensation In July 2016, August 2016 2016 “2016 November 21, 2016, 2016 no three March 31, 2018. 22,500 three March 31, 2017. The fair value of employee stock options is measured at the date of grant. Expected volatilities for the 2016 five Stock-based compensation for awards granted to non-employees is periodically re-measured as the underlying awards vest. The Company recognizes an expense for such awards throughout the performance period as the services are provided by the non-employees, based on the fair value of these options and warrants at each reporting period. The fair value of stock options and compensatory warrants issued to service providers utilizes the same methodology with the exception of the expected term. For awards to non-employees, the Company estimates that the options or warrants will be held for the full term. The Company adopted new accounting guidance on January 1, 2017 not |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credits and loss carryforwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income before taxes. There were no 2018 2017. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings (Loss) per Share Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding (including contingently issuable shares when the contingencies have been resolved) during the period. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive. For periods of net income, and when the effects are not All of the Company’s outstanding stock options and warrants were considered anti-dilutive for the three March 31, 2018 2017. Three months ended March 31, 201 8 Three months ended March 31, 201 7 Shares underlying: Common stock options 742,084 1,225,833 Stock purchase warrants 6,180,000 6,180,000 |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassification have been made to the prior year financial statements to conform to the current year presentation, including the addition of restricted cash to cash and cash equivalents on the consolidated statements of cash flows as a result of the adoption of new accounting guidance. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements As previously discussed, the Company adopted new accounting guidance for revenue recognition effective January 1, 2018 not In July 2015, 330 December 15, 2016, January 1, 2017; not In November 2015, December 15, 2016. January 1, 2017; not In November 2016, January 1, 2018 three March 31, 2017: Previously Reported Adjustment As Revised Net cash used in investing activities $ (13 ) $ 13 $ - In January 2017, 2 2, not zero 2 December 15, 2021. January 1, 2017. January 1, 2017; not not 2017 04. one June 30, 2017, $2.8 $2.1 zero June 30, 2017. Unadopted Accounting Pronouncements In February 2016, December 15, 2018 We have evaluated all other issued and unadopted Accounting Standards Updates and believe the adoption of these standards will not |
Note 2 - Liquidity and Summar15
Note 2 - Liquidity and Summary of Significant Accounting Principles (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | March 31, 2018 December 31, 2017 Customer A 70% 72% Customer B 10% 12% Three Months ended March 31, 2018 Three Months ended March 31, 2017 Customer B 22% 35% Customer C 14% - |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended March 31, 201 8 Three months ended March 31, 201 7 Shares underlying: Common stock options 742,084 1,225,833 Stock purchase warrants 6,180,000 6,180,000 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Previously Reported Adjustment As Revised Net cash used in investing activities $ (13 ) $ 13 $ - |
Note 4 - Receivables (Tables)
Note 4 - Receivables (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2018 December 31, 2017 Trade receivables $ 68,285 $ 64,387 Other receivables 275,295 355,839 343,580 420,226 Less allowance for doubtful accounts (1,975 ) (305,895 ) Accounts and other receivables, net $ 341,605 $ 114,331 |
Note 5 - Property and Equipme17
Note 5 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 201 8 December 31, 2017 Medical equipment $ 396,818 $ 401,719 Office equipment 38,104 48,888 Software 257,619 257,619 Manufacturing equipment 34,899 34,899 Leasehold improvements 19,215 19,215 746,655 762,340 Less accumulated depreciation and amortization (553,051 ) (538,724 ) Property and equipment, net $ 193,604 $ 223,616 |
Note 6 - Equity and Stock-bas18
Note 6 - Equity and Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock Options – 2016 Omnibus Plan Shares Weighted Average Weighted Aggregate Outstanding at January 1, 2018 861,250 $ 1.04 8.57 $ - Granted - - - $ - Exercised - - Forfeited or expired (119,166 ) $ 1.31 - $ - Outstanding at March 31, 2018 742,084 $ 1.00 6.56 $ - Exercisable at March 31, 2018 660,418 $ 1.00 6.34 $ - |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Three Months ended March 31, 201 8 Three Months ended March 31, 201 7 Sales and marketing $ - $ 1,122 Research and development 1,324 3,111 General and administrative 1,659 11,575 $ 2,983 $ 15,808 |
Note 1 - Description of Busin19
Note 1 - Description of Business and Bankruptcy Proceedings (Details Textual) | May 05, 2016 |
Platelet Rich Plasma (PRP) [Member] | |
Number of Products Produced | 2 |
Note 2 - Liquidity and Summar20
Note 2 - Liquidity and Summary of Significant Accounting Principles (Details Textual) - USD ($) | Mar. 29, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2017 |
Stock Issued During Period, Shares, New Issues | 12,800,000 | |||||
Proceeds from Issuance of Common Stock | $ 3,000,000 | |||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 146,935 | $ 693,515 | ||||
Debt, Long-term and Short-term, Combined Amount, Total | 0 | |||||
Allowance for Doubtful Accounts Receivable, Ending Balance | 2,000 | 306,000 | ||||
Allowance for Doubtful Accounts Receivable, Recoveries | $ 240,000 | 240,000 | ||||
Inventory, Finished Goods, Gross, Total | 32,000 | 40,000 | ||||
Inventory, Raw Materials, Gross, Total | 29,000 | 18,000 | ||||
Inventory Valuation Reserves, Ending Balance | $ 24,000 | 23,000 | ||||
Percentage of Revenues Generated Outside of United States | 30.00% | 35.00% | ||||
Income Tax Examination, Penalties and Interest Expense, Total | $ 0 | $ 0 | ||||
Number of Reporting Units | 1 | |||||
Goodwill, Carrying Amount Exceeding Fair Value | $ 2,800,000 | |||||
Goodwill, Impairment Loss | 2,100,000 | |||||
Goodwill, Ending Balance | $ 0 | |||||
The 2016 Omnibus Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 22,500 | ||||
License [Member] | ||||||
Contract with Customer, Liability, Revenue Recognized | $ 3,000,000 | |||||
Minimum [Member] | ||||||
Inventory Shelf Life | 1 year 180 days | |||||
Property, Plant and Equipment, Useful Life | 1 year | |||||
Minimum [Member] | Leasehold Improvements [Member] | ||||||
Property, Plant and Equipment, Useful Life | 1 year | |||||
Maximum [Member] | ||||||
Inventory Shelf Life | 2 years | |||||
Property, Plant and Equipment, Useful Life | 6 years | |||||
Maximum [Member] | Leasehold Improvements [Member] | ||||||
Property, Plant and Equipment, Useful Life | 3 years |
Note 2 - Liquidity and Summar21
Note 2 - Liquidity and Summary of Significant Accounting Principles - Summary of Concentration Risk (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Accounts Receivable [Member] | Customer A [Member] | |||
Concentration percentage | 70.00% | 72.00% | |
Accounts Receivable [Member] | Customer B [Member] | |||
Concentration percentage | 10.00% | 12.00% | |
Sales Revenue, Net [Member] | Customer B [Member] | |||
Concentration percentage | 22.00% | 35.00% | |
Sales Revenue, Net [Member] | Customer C [Member] | |||
Concentration percentage | 14.00% |
Note 2 - Liquidity and Summar22
Note 2 - Liquidity and Summary of Significant Accounting Policies - Anti-dilutive Securities Excluded From the Computation of Diluted Earnings (Loss) Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Employee Stock Option [Member] | ||
Anti-dilutive securities (in shares) | 742,084 | 1,225,833 |
Warrant [Member] | ||
Anti-dilutive securities (in shares) | 6,180,000 | 6,180,000 |
Note 2 - Liquidity and Summar23
Note 2 - Liquidity and Summary of Significant Accounting Principles - Adoption of ASU 2016-18 (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Net cash used in investing activities | |
Previously Reported [Member] | |
Net cash used in investing activities | (13) |
Restatement Adjustment [Member] | Accounting Standards Update 2016-18 [Member] | |
Net cash used in investing activities | $ 13 |
Note 3 - Distribution, Licens24
Note 3 - Distribution, Licensing and Collaboration Arrangements (Details Textual) | May 05, 2016USD ($)$ / item | Mar. 22, 2016 | Jan. 31, 2015USD ($) | Mar. 31, 2018USD ($) |
Distribution Agreement with Boyalife [Member] | Affiliated Entity [Member] | ||||
License Agreement, Original Term | 5 years | |||
Due from Related Parties, Current, Total | $ 500,000 | |||
Maximum Payment on Right Excercisable | $ 250,000 | |||
Distribution Agreement with Boyalife [Member] | Affiliated Entity [Member] | Aurix System [Member] | ||||
Distribution Fee per Unit Sold | $ / item | 40 | |||
Restorix Distribution Agreement [Member] | ||||
Collaboration Agreement, Term | 2018 years | |||
Current Product Price | $ 700 | |||
Rohto Pharmaceutical Co., Ltd [Member] | ||||
Proceeds from License Fees Received | $ 3,000,000 | |||
Millennia Holdings, Inc [Member] | ||||
Payments for Terminated Licenses | $ 1,500,000 |
Note 4 - Receivables (Details T
Note 4 - Receivables (Details Textual) - USD ($) | Mar. 29, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Allowance for Doubtful Accounts Receivable, Current, Ending Balance | $ 1,975 | $ 305,895 | |
Allowance for Doubtful Accounts Receivable, Recoveries | $ 240,000 | 240,000 | |
Trade Accounts Receivable [Member] | |||
Allowance for Doubtful Accounts Receivable, Current, Ending Balance | $ 2,000 |
Note 4 - Receivables - Accounts
Note 4 - Receivables - Accounts and Other Receivable, Net (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts receivable, gross | $ 343,580 | $ 420,226 |
Less allowance for doubtful accounts | (1,975) | (305,895) |
Accounts and other receivables, net | 341,605 | 114,331 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 68,285 | 64,387 |
Less allowance for doubtful accounts | (2,000) | |
Other Receivables [Member] | ||
Accounts receivable, gross | $ 275,295 | $ 355,839 |
Note 5 - Property and Equipme27
Note 5 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Depreciation, Depletion and Amortization, Total | $ 26,084 | $ 310,045 |
Note 5 - Property and Equipme28
Note 5 - Property and Equipment - Property and Equipment, Net (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Property, plant, and equipment, gross | $ 746,655 | $ 762,340 |
Less accumulated depreciation and amortization | (553,051) | (538,724) |
Property and equipment, net | 193,604 | 223,616 |
Medical Equipment [Member] | ||
Property, plant, and equipment, gross | 396,818 | 401,719 |
Office Equipment [Member] | ||
Property, plant, and equipment, gross | 38,104 | 48,888 |
Technology Equipment [Member] | ||
Property, plant, and equipment, gross | 257,619 | 257,619 |
Manufacturing Equipment [Member] | ||
Property, plant, and equipment, gross | 34,899 | 34,899 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | $ 19,215 | $ 19,215 |
Note 6 - Equity and Stock-bas29
Note 6 - Equity and Stock-based Compensation (Details Textual) | May 05, 2016USD ($)$ / sharesshares | Mar. 31, 2018USD ($)$ / sharesshares | Sep. 30, 2017shares | Mar. 31, 2017shares | Dec. 31, 2017USD ($)$ / sharesshares | Aug. 04, 2016shares |
Authorized Shares, Common and Preferred | 32,500,000 | |||||
Common Stock, Shares Authorized | 31,500,000 | 31,500,000 | ||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.001 | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Stock Issued During Period, Shares, New Issues | 12,800,000 | |||||
Preferred Stock, Liquidation Preference, Value | $ | $ 29,038,000 | $ 29,038,000 | ||||
The 2016 Omnibus Plan [Member] | ||||||
Evergreen Provision, Increase in Number of Shares Authorized Calculation, Percentage Amount of Prior Year's Reserved Shares | 6.00% | |||||
Evergreen Provision, Maximum Limit of Increase to Authorized Shares | 1,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,685,400 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 22,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ | $ 10,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 343 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | $ 0 | |||||
Common Stock [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 6,180,000 | |||||
Maximum [Member] | Common Stock [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.75 | |||||
Minimum [Member] | Common Stock [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.50 | |||||
Series A Preferred Stock [Member] | ||||||
Preferred Stock, Shares Authorized | 29,038 | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | |||||
Stock Issued During Period, Shares, New Issues | 29,038 | |||||
Preferred Stock, Liquidation Preference, Value | $ | $ 29,038,000 | |||||
Preferred Stock, Voting Rights, Number of Votes Per Share | 5 | |||||
Preferred Stock, Restrictions, Debt Ceiling Other Than for Working Capital Purposes | $ | $ 3,000,000 | |||||
Series A Preferred Stock [Member] | Maximum [Member] | ||||||
Preferred Stock, Voting Rights, Percentage of Voting Rights of Capital Stock | 1.00% |
Note 6 - Equity and Stock-bas30
Note 6 - Equity and Stock-based Compensation - Stock Option Activity (Details) - The 2016 Omnibus Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Shares outstanding (in shares) | 861,250 | ||
Shares outstanding, weighted-average exercise price (in dollars per share) | $ 1.04 | ||
Shares outstanding, weighted-average remaining contractual term (Year) | 6 years 204 days | 8 years 208 days | |
Shares outstanding, aggregate intrinsic value | $ 0 | $ 0 | |
Shares granted (in shares) | 0 | 22,500 | |
Shares granted, weighted-average exercise price (in dollars per share) | |||
Shares granted, weighted-average remaining contractual term (Year) | |||
Shares exercised (in shares) | 0 | ||
Shares exercised, weighted-average exercise price (in dollars per share) | |||
Shares forfeited or expired (in shares) | (119,166) | ||
Shares forfeited or expired, weighted-average exercise price (in dollars per share) | $ 1.31 | ||
Shares outstanding (in shares) | 742,084 | 861,250 | |
Shares outstanding, weighted-average exercise price (in dollars per share) | $ 1 | $ 1.04 | |
Shares exercisable (in shares) | 660,418 | ||
Shares exercisable, weighted-average exercise price (in dollars per share) | $ 1 | ||
Shares exercisable, weighted-average remaining contractual term (Year) | 6 years 124 days |
Note 6 - Equity and Stock-bas31
Note 6 - Equity and Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based compensation | $ 2,983 | $ 15,808 |
Selling and Marketing Expense [Member] | ||
Share-based compensation | 1,122 | |
Research and Development Expense [Member] | ||
Share-based compensation | 1,324 | 3,111 |
General and Administrative Expense [Member] | ||
Share-based compensation | $ 1,659 | $ 11,575 |
Note 7 - Fair Value Measureme32
Note 7 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Measurements, Recurring [Member] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Financial Liabilities Fair Value Disclosure, Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Financial Liabilities Fair Value Disclosure, Total | $ 0 | $ 0 |
Note 8 - Commitments and Cont33
Note 8 - Commitments and Contingencies (Details Textual) | 3 Months Ended | |
Mar. 31, 2018USD ($)ft² | Jan. 28, 2018USD ($) | |
Office and Warehouse Facilities in Gaithersburg, Maryland Leases [Member] | ||
Operating Leases, Area | ft² | 12,000 | |
Operating Leases of Lessee, Number of Operating Leases | 2 | |
Operating Leases, Monthly Rent Expense | $ 18,000 | |
Commercial Operation Facility in Nashville, Tennessee [Member] | ||
Operating Leases, Area | ft² | 2,100 | |
Operating Leases, Monthly Rent Expense | $ 4,000 | |
Security Deposit Forfeited on Sublease | $ 4,000 | |
Facility in Durham, North Carolina [Member] | ||
Operating Leases, Area | ft² | 16,300 | |
Operating Leases, Monthly Rent Expense | $ 22,000 | |
Sublease of Facility in Durham, North Carolina [Member] | ||
Operating Leases, Sublease Rental Monthly Payments | $ 14,000 |