Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 12, 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 | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 23,722,400 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 250,171 | $ 693,515 |
Accounts and other receivable, net | 254,553 | 114,331 |
Inventory, net | 34,066 | 35,590 |
Prepaid expenses and other current assets | 75,049 | 341,671 |
Total current assets | 613,839 | 1,185,107 |
Property and equipment, net | 130,684 | 223,616 |
Deferred costs and other assets | 15,316 | 15,316 |
Total assets | 759,839 | 1,424,039 |
Current liabilities | ||
Accounts payable | 481,000 | 380,280 |
Accrued expenses and liabilities | 314,482 | 556,557 |
Accrued interest payable | 1,506 | |
Convertible notes, net | 16,667 | |
Derivative liabilities | 528,003 | |
Total current liabilities | 1,341,658 | 936,837 |
Other liabilities | 4,331 | |
Total liabilities | 1,341,658 | 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, 100,000,000 authorized and 23,722,400 issued and outstanding as of September 30, 2018; 31,500,000 authorized and 22,722,400 issued and outstanding as of December 31, 2017 | 2,372 | 2,272 |
Additional paid-in capital | 22,000,902 | 21,155,404 |
Accumulated deficit | (22,585,096) | (20,674,808) |
Total stockholders' equity (deficit) | (581,819) | 482,871 |
Total liabilities and stockholders' equity (deficit) | $ 759,839 | $ 1,424,039 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 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) | 100,000,000 | 31,500,000 |
Common stock, shares issued (in shares) | 23,722,400 | 22,722,400 |
Common stock, shares outstanding (in shares) | 23,722,400 | 22,722,400 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue: | ||||
Revenue | $ 260,280 | $ 162,196 | $ 558,532 | $ 523,539 |
Costs of revenue | ||||
Costs of sales | 44,856 | 263,993 | 132,083 | 811,451 |
Total costs of revenue | 44,856 | 263,993 | 132,083 | 811,451 |
Gross profit (loss) | 215,424 | (101,797) | 426,449 | (287,912) |
Operating expenses | ||||
Sales and marketing | 16,856 | 162,867 | 98,907 | 537,248 |
Research and development | 95,486 | 299,477 | 493,588 | 1,008,377 |
General and administrative | 514,876 | 811,034 | 1,496,138 | 3,058,046 |
Total operating expenses | 627,218 | 1,273,378 | 2,088,633 | 6,682,955 |
Loss from operations | (411,794) | (1,375,175) | (1,662,184) | (6,970,867) |
Impairment of goodwill | 2,079,284 | |||
Other income (expense) | ||||
Interest, net | (18,253) | (3,900) | (18,620) | (11,738) |
Fair value of derivatives in excess of convertible notes | (234,824) | (234,824) | ||
Change in fair value of derivative liabilities | 3,997 | 3,997 | ||
Other | 10,996 | 2,176 | 1,343 | 1,045 |
Total other income (expense) | (238,084) | (1,724) | (248,104) | (10,693) |
Net loss | $ (649,878) | $ (1,376,899) | $ (1,910,288) | $ (6,981,560) |
Loss per common share | ||||
Basic (in dollars per share) | $ (0.03) | $ (0.09) | $ (0.08) | $ (0.59) |
Diluted (in dollars per share) | $ (0.03) | $ (0.09) | $ (0.08) | $ (0.59) |
Weighted average common shares outstanding | ||||
Basic (in shares) | 23,722,400 | 15,852,764 | 23,128,993 | 11,924,035 |
Diluted (in shares) | 23,722,400 | 15,852,764 | 23,128,993 | 11,924,035 |
Product [Member] | ||||
Revenue: | ||||
Revenue | $ 65,280 | $ 122,087 | $ 270,375 | $ 382,884 |
Royalty [Member] | ||||
Revenue: | ||||
Revenue | $ 195,000 | $ 40,109 | $ 288,157 | $ 140,655 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,910,288) | $ (6,981,560) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 76,994 | 868,570 |
Fair value of derivatives in excess of convertible notes | 234,824 | |
Change in fair value of derivative liabilities | (3,997) | |
Impairment of goodwill | 2,079,284 | |
Stock-based compensation | 5,724 | 42,306 |
Bad debt recovery | (239,660) | (97,115) |
Increase in allowance for inventory obsolescence | 6,464 | 5,101 |
Loss (gain) on the disposal of fixed assets | 13,938 | (1,205) |
Amortization of debt discount | 16,667 | |
Changes in operating assets and liabilities: | ||
Accounts and other receivable | 99,438 | 227,785 |
Inventory | (4,940) | 718 |
Prepaid expenses and other current assets | 266,622 | (33,047) |
Other assets | 90,625 | |
Accounts payable | 100,720 | 41,852 |
Accrued expenses and liabilities | 79,175 | 118,866 |
Accrued interest | 1,506 | |
Other liabilities | (4,331) | (64,440) |
Net cash used in operating activities | (1,261,144) | (3,702,260) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sale of equipment | 2,000 | 1,914 |
Net cash provided by investing activities | 2,000 | 1,914 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock | 500,000 | 3,000,000 |
Proceeds from convertible notes, net | 315,800 | |
Net cash provided by financing activities | 815,800 | 3,000,000 |
Net decrease in cash, cash equivalents and restricted cash | (443,344) | (700,346) |
Cash, cash equivalents and restricted cash at beginning of period | 693,515 | 2,673,526 |
Cash, cash equivalents and restricted cash at end of period | 250,171 | 1,973,180 |
Supplemental cash flow information | ||
Interest expense paid in cash | 9,812 | |
Income taxes paid in cash | ||
Recognition of derivative liabilities related to convertible debt | 532,000 | |
Accrued cost related to issuance of common stock | 77,500 | |
Issuance of options to settle accrued compensation liabilities | 321,250 | |
Debt discount related to issuance of warrants | $ 18,624 |
Note 1 - Description of Busines
Note 1 - Description of Business and Bankruptcy Proceedings | 9 Months Ended |
Sep. 30, 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. Currently, our commercial offering consists solely of the Aurix point of care technology for the safe and efficient separation of autologous blood to produce a platelet based therapy for the chronic wound care market. Prior to May 5, 2016 ( 6 two May 5, 2016, |
Note 2 - Liquidity and Summary
Note 2 - Liquidity and Summary of Significant Accounting Principles | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 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. As of September 30, 2018, September 30, 2017, 12,800,000 $3.0 June 2018, 1,000,000 $0.5 May 28, 2018 September 2018, two $0.3 6 Convertible Notes and Stock Purchase Warrants $0.2 fourth 2018. September 30, 2018, $0.25 $0.35 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 October 2018 ( 9 Subsequent Events 90 Even assuming we succeed in raising sufficient additional funds in the near future to avoid a cessation of business operations, we require additional capital and will 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 90 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 product. In addition, other receivables consist primarily of (i) a receivable for the royalty buyout by the licensee of Aldeflour as of September 30, 2018, December 31, 2017. 10% September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Customer A - % 72 % Customer B 76 % 12 % Revenue from significant customers exceeding 10% Three Months ended September 30, 2018 Three Months ended September 30, 2017 Customer A 75 % 25 % Customer B - % 13 % Customer C - % 11 % Nine Months ended September 30, 2018 Nine Months ended September 30, 2017 Customer A 52 % 27 % Customer B - % 11 % Historically, we have used single suppliers for several components of the Aurix product line. We outsource the manufacturing of various product components 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, net We generate accounts receivables from the sale of our products. We provide for an allowance against receivables for estimated losses that may not September 30, 2018, $2,000. December 31, 2017, $306,000 March 29, 2018, $240,000 April 2018. Inventory, net Our inventory is produced by third first first 18 two As of September 30, 2018, $30,000 $20,000 December 31, 2017, $40,000 $18,000 We provide for an allowance against inventory for estimated losses that may September 30, 2018 December 31, 2017, $16,000 $23,000, Property and Equipment, net 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 3 – Distribution, Licensing and Collaboration Arrangements not $3.0 9 – Subsequent Events Segments and Geographic Information Approximately 75% 25% three September 30, 2018 2017, 52% 27% nine September 30, 2018 2017, Stock-Based Compensation 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. 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 nine September 30, 2018 2017. Nine months ended September 30, 2018 Nine months ended September 30, 2017 Shares underlying: Common stock options 1,291,876 1,111,250 Stock purchase warrants 6,646,666 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 Standards The Company adopted new accounting guidance for revenue recognition effective January 1, 2018 not In November 2016, January 1, 2018 nine September 30, 2017: Previously Reported Adjustment As Revised Net cash provided by investing activities $ 5,409 $ (3,495 ) $ 1,914 Following is a summary of cash, cash equivalents and restricted cash: September 30, 2018 December 31, 2017 September 30, 2017 December 31, 2016 Cash and cash equivalents $ 250,171 $ 693,515 $ 1,923,172 $ 2,620,023 Restricted cash - - 50,008 53,503 Cash, cash equivalents and restricted stock $ 250,171 $ 693,515 $ 1,973,180 $ 2,673,526 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. In July 2017, no July 1, 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 | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Distributors and License Agreement [Text Block] | Note 3 Distribution and License Agreement with Rohto See Note 9 Subsequent Events In January 2015, $3.0 one $1.5 $3.0 On May 28, 2018, ● The milestone payment that Rohto was obligated to make upon achievement of the pricing event was reduced from $1,000,000 $300,000, second ● The royalty payment structure was amended. Previously, the royalty was 9% 9% 5% not December 31, 2029 two 2019 2032. The Exclusive License and Distribution Agreement, as so amended, is referred to herein as the “Amended License and Distribution Agreement". See Note 9 Subsequent Events Collaboration Agreement with Restorix Health On March 22, 2016, 30 200 three March 2018 not 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 Pursuant to the Collaboration Agreement and subject to the satisfaction of certain conditions, during the term of the Collaboration Agreement: (i) Restorix had 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 was required to 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 | 9 Months Ended |
Sep. 30, 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: September 30, 2018 December 31, 2017 Trade receivables $ 61,528 $ 64,387 Other receivables 195,000 355,839 256,528 420,226 Less allowance for doubtful accounts (1,975 ) (305,895 ) Accounts and other receivables, net $ 254,553 $ 114,331 Other receivables at December 31, 2017 April 2018 September 30, 2018 September 30, 2018 $2,000 December 31, 2017 $240,000 nine September 30, 2018. |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 Property and equipment, net consisted of the following: September 30, 2018 December 31, 2017 Medical equipment $ 393,156 $ 401,719 Office equipment 38,104 48,888 Software 257,619 257,619 Manufacturing equipment 15,640 34,899 Leasehold improvements 19,215 19,215 723,734 762,340 Less accumulated depreciation and amortization (593,050 ) (538,724 ) Property and equipment, net $ 130,684 $ 223,616 Depreciation expense of property and equipment was approximately $77,000 $230,000 nine September 30, 2018 2017, $25,000 $51,000 three September 30, 2018 2017, |
Note 6 - Convertible Notes and
Note 6 - Convertible Notes and Stock Purchase Warrants | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Convertible Debt Disclosure [Text Block] | Note 6 On September 17, 2018, 12% $175,000, $315,800 $34,200 September 17, 2018, 233,333 466,666 The purchase agreements contain certain representations, warranties and covenants by, among and for the benefit of the respective parties. The purchase agreements also provide for customary indemnification of the Investors by the Company. The notes mature nine June 17, 2019) 12% may 130% 90 145% 91 180 not 181 may no may one After six may 40% two 25 not seven 24% may 150% The warrants are exercisable at any time, at an exercise price per share equal to $0.15, five The transaction documents also include most favored nations provisions and limitations on the Company’s ability to offer additional securities (unless the use of proceeds is to repay the notes). The warrants are treated as equity and the fair market value at issuance of approximately $18,000 $532,000 2.46% 364% nine 0.75 0%, 40% $350,000 nine |
Note 7 - Equity and Stock-based
Note 7 - Equity and Stock-based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 7 – Equity and Stock-Based Compensation Under the Second Amended and Restated Certificate of Incorporation of the Company, as amended, it has the authority to issue a total of 101,000,000 100,000,000 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 Common Stock On May 28, 2018, 1,000,000 $500,000 7 Convertible Notes September 2018. Stock Purchase Warrants As part of the Plan of Reorganization, the Company also issued warrants to purchase 6,180,000 May 5, 2021 $0.50 $0.75 See Note 6 Convertible Notes 466,666 September 2018. Stock-Based Compensation In July 2016, 2016 “2016 August 4, 2016, first January 1, 2017) six 6% may not 1,000,000 November 21, 2016, 2016 1,685,400 2016 September 30, 2018. A summary of stock option activity under the 2016 nine September 30, 2018 Stock Options – 2016 Omnibus Plan Shares Weighted Average Weighted Aggregate Outstanding at January 1, 2018 861,250 $ 1.04 8.57 $ - Granted 815,626 0.40 7.00 $ - Exercised - - Forfeited or expired (385,000 ) $ 1.10 - $ - Outstanding at September 30, 2018 1,291,876 $ 0.62 7.20 $ - Exercisable at September 30, 2018 1,260,210 $ 0.61 7.19 $ - There were 815,626 2016 nine September 30, 2018 nine September 30, 2018 $51,000. $321,250 No nine September 30, 2018. September 30, 2018, $1,000 0.25 The Company recorded stock-based compensation expense in the periods presented as follows: Three Months ended September 30, 2018 Three Months ended September 30, 2017 Sales and marketing $ - $ 1,392 Research and development 721 2,978 General and administrative 649 9,965 $ 1,370 $ 14,335 Nine Months ended September 30, 2018 Nine Months ended September 30, 2017 Sales and marketing $ - $ 3,906 Research and development 2,766 9,201 General and administrative 2,958 29,199 $ 5,724 $ 42,306 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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. August 1, 2018, first three $100,000. In addition, we subleased an approximately 2,100 $4,000 April 30, 2018. January 28, 2018, $4,000 We also leased a 16,300 $22,000 December 31, 2018. 401 July 31, 2014, August 1, 2014. $14,000 December 31, 2018. December 31, 2017, June 29, 2018, $32,000 one $26,000. |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 9 – Subsequent Events On October 24, 2018, The IP Sale Agreement provides for the sale to Rohto of the intellectual property under license pursuant to the Amended License and Distribution Agreement (consisting of two five Under the Service Agreement, we agreed to the sale of a patent application in Brazil, the grant of a royalty free license to our know how in the Field of Use in Brazil and India, and the grant of a royalty-free non-exclusive license to the use of our device patent in the Field of Use in the United States, Canada and Mexico. The latter license becomes effective if and only if we cease our business with respect to the Aurix System or grant a non-exclusive license to a third The aggregate consideration receivable under the Agreements is $750,000, $500,000 November 8, 2018 15 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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. As of September 30, 2018, September 30, 2017, 12,800,000 $3.0 June 2018, 1,000,000 $0.5 May 28, 2018 September 2018, two $0.3 6 Convertible Notes and Stock Purchase Warrants $0.2 fourth 2018. September 30, 2018, $0.25 $0.35 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 October 2018 ( 9 Subsequent Events 90 Even assuming we succeed in raising sufficient additional funds in the near future to avoid a cessation of business operations, we require additional capital and will 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 90 |
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 product. In addition, other receivables consist primarily of (i) a receivable for the royalty buyout by the licensee of Aldeflour as of September 30, 2018, December 31, 2017. 10% September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Customer A - % 72 % Customer B 76 % 12 % Revenue from significant customers exceeding 10% Three Months ended September 30, 2018 Three Months ended September 30, 2017 Customer A 75 % 25 % Customer B - % 13 % Customer C - % 11 % Nine Months ended September 30, 2018 Nine Months ended September 30, 2017 Customer A 52 % 27 % Customer B - % 11 % Historically, we have used single suppliers for several components of the Aurix product line. We outsource the manufacturing of various product components 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, net We generate accounts receivables from the sale of our products. We provide for an allowance against receivables for estimated losses that may not September 30, 2018, $2,000. December 31, 2017, $306,000 March 29, 2018, $240,000 April 2018. |
Inventory, Policy [Policy Text Block] | Inventory, net Our inventory is produced by third first first 18 two As of September 30, 2018, $30,000 $20,000 December 31, 2017, $40,000 $18,000 We provide for an allowance against inventory for estimated losses that may September 30, 2018 December 31, 2017, $16,000 $23,000, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, net 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 3 – Distribution, Licensing and Collaboration Arrangements not $3.0 9 – Subsequent Events |
Segment Reporting, Policy [Policy Text Block] | Segments and Geographic Information Approximately 75% 25% three September 30, 2018 2017, 52% 27% nine September 30, 2018 2017, |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation 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] | 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 nine September 30, 2018 2017. Nine months ended September 30, 2018 Nine months ended September 30, 2017 Shares underlying: Common stock options 1,291,876 1,111,250 Stock purchase warrants 6,646,666 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 Standards The Company adopted new accounting guidance for revenue recognition effective January 1, 2018 not In November 2016, January 1, 2018 nine September 30, 2017: Previously Reported Adjustment As Revised Net cash provided by investing activities $ 5,409 $ (3,495 ) $ 1,914 Following is a summary of cash, cash equivalents and restricted cash: September 30, 2018 December 31, 2017 September 30, 2017 December 31, 2016 Cash and cash equivalents $ 250,171 $ 693,515 $ 1,923,172 $ 2,620,023 Restricted cash - - 50,008 53,503 Cash, cash equivalents and restricted stock $ 250,171 $ 693,515 $ 1,973,180 $ 2,673,526 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. In July 2017, no July 1, 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 Summar_2
Note 2 - Liquidity and Summary of Significant Accounting Principles (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | September 30, 2018 December 31, 2017 Customer A - % 72 % Customer B 76 % 12 % Three Months ended September 30, 2018 Three Months ended September 30, 2017 Customer A 75 % 25 % Customer B - % 13 % Customer C - % 11 % Nine Months ended September 30, 2018 Nine Months ended September 30, 2017 Customer A 52 % 27 % Customer B - % 11 % |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Nine months ended September 30, 2018 Nine months ended September 30, 2017 Shares underlying: Common stock options 1,291,876 1,111,250 Stock purchase warrants 6,646,666 6,180,000 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Previously Reported Adjustment As Revised Net cash provided by investing activities $ 5,409 $ (3,495 ) $ 1,914 |
Reconciliation of Balance of Cash, Cash Equivalents, and Restricted Cash [Table Text Block] | September 30, 2018 December 31, 2017 September 30, 2017 December 31, 2016 Cash and cash equivalents $ 250,171 $ 693,515 $ 1,923,172 $ 2,620,023 Restricted cash - - 50,008 53,503 Cash, cash equivalents and restricted stock $ 250,171 $ 693,515 $ 1,973,180 $ 2,673,526 |
Note 4 - Receivables (Tables)
Note 4 - Receivables (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2018 December 31, 2017 Trade receivables $ 61,528 $ 64,387 Other receivables 195,000 355,839 256,528 420,226 Less allowance for doubtful accounts (1,975 ) (305,895 ) Accounts and other receivables, net $ 254,553 $ 114,331 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, 2018 December 31, 2017 Medical equipment $ 393,156 $ 401,719 Office equipment 38,104 48,888 Software 257,619 257,619 Manufacturing equipment 15,640 34,899 Leasehold improvements 19,215 19,215 723,734 762,340 Less accumulated depreciation and amortization (593,050 ) (538,724 ) Property and equipment, net $ 130,684 $ 223,616 |
Note 7 - Equity and Stock-bas_2
Note 7 - Equity and Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 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 815,626 0.40 7.00 $ - Exercised - - Forfeited or expired (385,000 ) $ 1.10 - $ - Outstanding at September 30, 2018 1,291,876 $ 0.62 7.20 $ - Exercisable at September 30, 2018 1,260,210 $ 0.61 7.19 $ - |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Three Months ended September 30, 2018 Three Months ended September 30, 2017 Sales and marketing $ - $ 1,392 Research and development 721 2,978 General and administrative 649 9,965 $ 1,370 $ 14,335 Nine Months ended September 30, 2018 Nine Months ended September 30, 2017 Sales and marketing $ - $ 3,906 Research and development 2,766 9,201 General and administrative 2,958 29,199 $ 5,724 $ 42,306 |
Note 1 - Description of Busin_2
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 Summar_3
Note 2 - Liquidity and Summary of Significant Accounting Principles (Details Textual) - USD ($) | Sep. 17, 2018 | May 28, 2018 | Mar. 29, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Stock Issued During Period, Shares, New Issues | 1,000,000 | 1,000,000 | 12,800,000 | |||||||||
Proceeds from Issuance of Common Stock | $ 500,000 | $ 500,000 | $ 3,000,000 | $ 500,000 | $ 3,000,000 | |||||||
Proceeds from Convertible Debt | 315,800 | |||||||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 250,171 | $ 1,923,172 | 250,171 | $ 1,923,172 | $ 693,515 | $ 2,620,023 | ||||||
Debt, Long-term and Short-term, Combined Amount, Total | $ 0 | |||||||||||
Allowance for Doubtful Accounts Receivable, Ending Balance | 2,000 | 2,000 | 306,000 | |||||||||
Allowance for Doubtful Accounts Receivable, Recoveries | $ 240,000 | 240,000 | ||||||||||
Inventory, Finished Goods, Gross, Total | 30,000 | 30,000 | 40,000 | |||||||||
Inventory, Raw Materials, Gross, Total | 20,000 | 20,000 | 18,000 | |||||||||
Inventory Valuation Reserves, Ending Balance | $ 16,000 | $ 16,000 | $ 23,000 | |||||||||
Percentage of Revenues Generated Outside of United States | 75.00% | 25.00% | 52.00% | 27.00% | ||||||||
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 | |||||||||||
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 | |||||||||||
Scenario, Forecast [Member] | ||||||||||||
Proceeds from Royalty Buyout Agreement | $ 200,000 | |||||||||||
Convertible Promissory Notes 12% [Member] | ||||||||||||
Proceeds from Convertible Debt | $ 315,800 | |||||||||||
Convertible Notes Payable, Total | $ 350,000 | $ 350,000 |
Note 2 - Liquidity and Summar_4
Note 2 - Liquidity and Summary of Significant Accounting Principles - Summary of Concentration Risk (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Accounts Receivable [Member] | Customer A [Member] | |||||
Concentration percentage | 72.00% | ||||
Accounts Receivable [Member] | Customer B [Member] | |||||
Concentration percentage | 76.00% | 12.00% | |||
Sales Revenue, Net [Member] | Customer A [Member] | |||||
Concentration percentage | 75.00% | 25.00% | 52.00% | 27.00% | |
Sales Revenue, Net [Member] | Customer B [Member] | |||||
Concentration percentage | 13.00% | 11.00% | |||
Sales Revenue, Net [Member] | Customer C [Member] | |||||
Concentration percentage | 11.00% |
Note 2 - Liquidity and Summar_5
Note 2 - Liquidity and Summary of Significant Accounting Principles - Anti-dilutive Securities Excluded From the Computation of Diluted Earnings (Loss) Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Employee Stock Option [Member] | ||
Anti-dilutive securities (in shares) | 1,291,876 | 1,111,250 |
Warrant [Member] | ||
Anti-dilutive securities (in shares) | 6,646,666 | 6,180,000 |
Note 2 - Liquidity and Summar_6
Note 2 - Liquidity and Summary of Significant Accounting Principles - Adoption of ASU 2016-18 (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Net cash provided by investing activities | $ 2,000 | $ 1,914 |
Previously Reported [Member] | ||
Net cash provided by investing activities | 5,409 | |
Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member] | ||
Net cash provided by investing activities | $ (3,495) |
Note 2 - Liquidity and Summar_7
Note 2 - Liquidity and Summary of Significant Accounting Principles - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 250,171 | $ 693,515 | $ 1,923,172 | $ 2,620,023 |
Restricted cash | 50,008 | 53,503 | ||
Cash, cash equivalents and restricted stock | $ 250,171 | $ 693,515 | $ 1,973,180 | $ 2,673,526 |
Note 3 - Distribution, Licens_2
Note 3 - Distribution, Licensing and Collaboration Arrangements (Details Textual) | May 28, 2018USD ($) | May 27, 2018USD ($) | May 05, 2016USD ($)$ / item | Jan. 31, 2015USD ($) | Sep. 30, 2018USD ($) |
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] | |||||
Current Product Price | $ 700 | ||||
Rohto Pharmaceutical Co., Ltd [Member] | |||||
Distribution and License Agreement, Milestone Payment | $ 300,000 | $ 1,000,000 | |||
Royalty Payment, Percent of Net Sales | 9.00% | ||||
Royalty Payment, Percent of Net Sales When Using a Nuo Patent | 9.00% | ||||
Royalty Payment, Percent of Net Sales Not Using a Nuo Patent | 5.00% | ||||
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 | Sep. 30, 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 ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts receivable, gross | $ 256,528 | $ 420,226 |
Less allowance for doubtful accounts | (1,975) | (305,895) |
Accounts and other receivables, net | 254,553 | 114,331 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 61,528 | 64,387 |
Less allowance for doubtful accounts | (2,000) | |
Other Receivables [Member] | ||
Accounts receivable, gross | $ 195,000 | $ 355,839 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Depreciation, Total | $ 77,000 | $ 230,000 | ||
Depreciation, Depletion and Amortization, Total | $ 25,000 | $ 51,000 | $ 76,994 | $ 868,570 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Property and Equipment, Net (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Property, plant, and equipment, gross | $ 723,734 | $ 762,340 |
Less accumulated depreciation and amortization | (593,050) | (538,724) |
Property and equipment, net | 130,684 | 223,616 |
Medical Equipment [Member] | ||
Property, plant, and equipment, gross | 393,156 | 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 | 15,640 | 34,899 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | $ 19,215 | $ 19,215 |
Note 6 - Convertible Notes an_2
Note 6 - Convertible Notes and Stock Purchase Warrants (Details Textual) - USD ($) | Sep. 17, 2018 | Sep. 30, 2018 | Sep. 30, 2017 |
Proceeds from Convertible Debt | $ 315,800 | ||
Warrants Issued to Investors [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 466,666 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.15 | ||
Warrants and Rights Outstanding, Term | 5 years | ||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 18,000 | ||
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 532,000 | ||
Warrants Issued to Investors [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Embedded Derivative Liability, Measurement Input | 0.0246 | ||
Warrants Issued to Investors [Member] | Measurement Input, Price Volatility [Member] | |||
Embedded Derivative Liability, Measurement Input | 3.64 | ||
Warrants Issued to Investors [Member] | Measurement Input, Expected Term [Member] | |||
Embedded Derivative Liability, Measurement Input | 0.75 | ||
Warrants Issued to Investors [Member] | Measurement Input, Expected Dividend Rate [Member] | |||
Embedded Derivative Liability, Measurement Input | 0 | ||
Warrants Issued to Investors [Member] | Measurement Input, Discount Rate [Member] | |||
Embedded Derivative Liability, Measurement Input | 0.4 | ||
Warrants Issued to Investors [Member] | Auctus Fund, LLC [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 233,333 | ||
Convertible Promissory Notes 12% [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||
Proceeds from Convertible Debt | $ 315,800 | ||
Payments of Debt Issuance Costs | $ 34,200 | ||
Debt Instrument, Term | 270 days | ||
Debt Instrument, Covenant, Prepayment of Outstanding Principal and Interest, Percentage, After 90 Days from Date of Issuance | 130.00% | ||
Debt Instrument, Covenant, Prepayment of Outstanding Principal and Interest, Percentage, Starting After 91 Days and Ending at 180 Days from Date of Issuance | 145.00% | ||
Debt Instrument, Covenant, Threshold Period After Date of Issuance for Convertible Notes to No Longer Qualify for Prepayment | 181 days | ||
Debt Instrument, Convertible, Period After Date of Issuance | 180 days | ||
Debt Instrument, Convertible, Conversion Price, Percentage Discount of Common Stock Trading Price | 40.00% | ||
Debt Instrument, Covenant, Number of Times that Authorized and Unissued Common Stock Shares Must Be Greater Than the Number of Shares Issuable Upon Note Conversion | 7 | ||
Debt Instrument, Debt Default, Interest Rate, Stated Percentage | 24.00% | ||
Debt Instrument, Debt Default, Repayment Amount of Outstanding Principal Plus Accrued and Unpaid Interest, Percentage | 150.00% | ||
Debt Instrument, Unamortized Discount, Total | $ 350,000 | ||
Convertible Promissory Notes 12% [Member] | EMA Financial, LLC [Member] | Maximum [Member] | |||
Debt Instrument, Extension Term | 1 year | ||
Convertible Promissory Notes 12% [Member] | Auctus Fund, LLC [Member] | |||
Debt Instrument, Face Amount | $ 175,000 | ||
Convertible Promissory Notes 12% [Member] | EMA Financial, LLC [Member] | |||
Debt Instrument, Face Amount | $ 175,000 | ||
Warrants Issued to Investors [Member] | EMA Financial, LLC [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 233,333 |
Note 7 - Equity and Stock-bas_3
Note 7 - Equity and Stock-based Compensation (Details Textual) | May 28, 2018USD ($)shares | May 05, 2016USD ($)$ / sharesshares | Jun. 30, 2018USD ($)shares | Sep. 30, 2017USD ($)shares | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($) | Sep. 17, 2018shares | Dec. 31, 2017USD ($)$ / sharesshares | Aug. 04, 2016shares |
Authorized Shares, Common and Preferred | 101,000,000 | ||||||||
Common Stock, Shares Authorized | 100,000,000 | 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 | 1,000,000 | 1,000,000 | 12,800,000 | ||||||
Preferred Stock, Liquidation Preference, Value | $ | $ 29,038,000 | $ 29,038,000 | |||||||
Proceeds from Issuance of Common Stock | $ | $ 500,000 | $ 500,000 | $ 3,000,000 | 500,000 | $ 3,000,000 | ||||
Issuance of Options to Settle Accrued Compensation Liabilities | $ | $ 321,250 | ||||||||
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 | 815,626 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | $ 51,000 | ||||||||
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 | $ | $ 1,000 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 91 days | ||||||||
Warrants Issued to Investors [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 466,666 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.15 | ||||||||
Common Stock [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 6,180,000 | ||||||||
Additional Paid-in Capital [Member] | The 2016 Omnibus Plan [Member] | |||||||||
Issuance of Options to Settle Accrued Compensation Liabilities | $ | $ 321,250 | ||||||||
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 7 - Equity and Stock-bas_4
Note 7 - Equity and Stock-based Compensation - Stock Option Activity (Details) - The 2016 Omnibus Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | 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) | 7 years 73 days | 8 years 208 days |
Shares outstanding, aggregate intrinsic value | $ 0 | $ 0 |
Shares granted (in shares) | 815,626 | |
Shares granted, weighted-average exercise price (in dollars per share) | $ 0.40 | |
Shares granted, weighted-average remaining contractual term (Year) | 7 years | |
Shares exercised (in shares) | 0 | |
Shares exercised, weighted-average exercise price (in dollars per share) | ||
Shares forfeited or expired (in shares) | (385,000) | |
Shares forfeited or expired, weighted-average exercise price (in dollars per share) | $ 1.10 | |
Shares outstanding (in shares) | 1,291,876 | 861,250 |
Shares outstanding, weighted-average exercise price (in dollars per share) | $ 0.62 | $ 1.04 |
Shares exercisable (in shares) | 1,260,210 | |
Shares exercisable, weighted-average exercise price (in dollars per share) | $ 0.61 | |
Shares exercisable, weighted-average remaining contractual term (Year) | 7 years 69 days |
Note 7 - Equity and Stock-bas_5
Note 7 - Equity and Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based compensation | $ 1,370 | $ 14,335 | $ 5,724 | $ 42,306 |
Selling and Marketing Expense [Member] | ||||
Share-based compensation | 1,392 | 3,906 | ||
Research and Development Expense [Member] | ||||
Share-based compensation | 721 | 2,978 | 2,766 | 9,201 |
General and Administrative Expense [Member] | ||||
Share-based compensation | $ 649 | $ 9,965 | $ 2,958 | $ 29,199 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Details Textual) | Jun. 29, 2018USD ($) | Sep. 30, 2018USD ($)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 | ||
Operating Leases, Deferred Monthly Rent Amount | $ 100,000 | ||
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 | ||
Proceeds from Release of Security Deposit | $ 32,000 | ||
Payment of Lease Termination Agreement | $ 26,000 | ||
Sublease of Facility in Durham, North Carolina [Member] | |||
Operating Leases, Sublease Rental Monthly Payments | $ 14,000 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Intellectual Property and License and Service Agreement [Member] | Nov. 08, 2018USD ($) | Oct. 24, 2018USD ($) |
Number of Patents Sold | 2 | |
Disposition of Assets, Consideration Receivable | $ 750,000 | |
Proceeds from Sale of Intangible Assets | $ 500,000 | |
Disposition of Intangible Assets, Consideration Receivable, Period Within Delivery for Balance to Become Due | 15 days | |
JAPAN | ||
Disposition of Intangible Assets, Noncompete Period | 5 years |