Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 12, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001091596 | |
Entity Registrant Name | Nuo Therapeutics, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-28443 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 23-3011702 | |
Entity Address, Address Line One | 8285 El Rio, Suite 190 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77054 | |
City Area Code | 346 | |
Local Phone Number | 396-4770 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,466,238 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 473,040 | $ 928,681 |
Accounts receivable, net | 304,971 | 250,703 |
Inventory, net | 216,816 | 209,589 |
Prepaid expenses and other current assets | 179,701 | 174,471 |
Total current assets | 1,174,528 | 1,563,444 |
Property and equipment, net | 41,648 | 45,082 |
Operating lease right of use assets | 204,296 | 269,354 |
Total assets | 1,420,472 | 1,877,880 |
Current liabilities | ||
Accounts payable | 397,643 | 394,518 |
Accrued expenses | 230,277 | 188,622 |
Current portion of operating lease liabilities | 62,432 | 91,387 |
Total current liabilities | 690,352 | 674,527 |
Non-current portion of operating lease liabilities | 131,607 | 164,205 |
Total liabilities | 821,959 | 838,732 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity | ||
Common stock; $0.0001 par value, 100,000,000 shares authorized, 45,466,238 and 44,241,516 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 4,547 | 4,424 |
Additional paid-in capital | 31,779,079 | 30,970,965 |
Accumulated deficit | (31,185,113) | (29,936,241) |
Total stockholders' equity | 598,513 | 1,039,148 |
Total liabilities and stockholders' equity | $ 1,420,472 | $ 1,877,880 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 45,466,238 | 44,241,516 |
Common stock, shares outstanding (in shares) | 45,466,238 | 44,241,516 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue: | ||||
Revenue | $ 364,773 | $ 118,169 | $ 599,350 | $ 179,269 |
Costs of sales | 65,335 | 20,487 | 115,926 | 30,906 |
Gross profit | 299,438 | 97,682 | 483,424 | 148,363 |
Operating expenses | ||||
Selling, general and administrative | 841,420 | 969,105 | 1,734,652 | 1,874,979 |
Total operating expenses | 841,420 | 969,105 | 1,734,652 | 1,874,979 |
Loss from operations | (541,982) | (871,423) | (1,251,228) | (1,726,616) |
Other income (expense) | ||||
Interest income (expense), net | 541 | (463) | 1,006 | (1,025) |
Other income | 1,350 | 0 | 1,350 | 0 |
Total other income (expenses) | 1,891 | (463) | 2,356 | (1,025) |
Net loss | $ (540,091) | $ (871,886) | $ (1,248,872) | $ (1,727,641) |
Loss per common share | ||||
Basic and diluted (in dollars per share) | $ (0.01) | $ (0.02) | $ (0.03) | $ (0.04) |
Weighted average common shares outstanding | ||||
Basic and diluted (in shares) | 44,657,742 | 41,799,016 | 44,449,629 | 41,799,016 |
Product [Member] | ||||
Revenue: | ||||
Revenue | $ 364,773 | $ 118,169 | $ 599,350 | $ 179,269 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 41,799,016 | |||
Balance at Dec. 31, 2022 | $ 4,180 | $ 28,951,963 | $ (26,764,805) | $ 2,191,338 |
Stock compensation expense | 2,420 | 2,420 | ||
Net loss | $ 0 | 0 | (855,755) | (855,755) |
Balance (in shares) at Mar. 31, 2023 | 41,799,016 | |||
Balance at Mar. 31, 2023 | $ 4,180 | 28,954,383 | (27,620,560) | 1,338,003 |
Balance (in shares) at Dec. 31, 2022 | 41,799,016 | |||
Balance at Dec. 31, 2022 | $ 4,180 | 28,951,963 | (26,764,805) | 2,191,338 |
Net loss | (1,727,641) | |||
Balance (in shares) at Jun. 30, 2023 | 41,799,016 | |||
Balance at Jun. 30, 2023 | $ 4,180 | 28,959,101 | (28,492,446) | 470,835 |
Balance (in shares) at Dec. 31, 2022 | 41,799,016 | |||
Balance at Dec. 31, 2022 | $ 4,180 | 28,951,963 | (26,764,805) | 2,191,338 |
Balance (in shares) at Dec. 31, 2023 | 44,241,516 | |||
Balance at Dec. 31, 2023 | $ 4,424 | 30,970,965 | (29,936,241) | 1,039,148 |
Balance (in shares) at Mar. 31, 2023 | 41,799,016 | |||
Balance at Mar. 31, 2023 | $ 4,180 | 28,954,383 | (27,620,560) | 1,338,003 |
Stock compensation expense | 0 | 4,718 | 0 | 4,718 |
Net loss | $ 0 | 0 | (871,886) | (871,886) |
Balance (in shares) at Jun. 30, 2023 | 41,799,016 | |||
Balance at Jun. 30, 2023 | $ 4,180 | 28,959,101 | (28,492,446) | 470,835 |
Balance (in shares) at Dec. 31, 2023 | 44,241,516 | |||
Balance at Dec. 31, 2023 | $ 4,424 | 30,970,965 | (29,936,241) | 1,039,148 |
Stock compensation expense | 3,081 | 3,081 | ||
Net loss | $ 0 | 0 | (708,781) | (708,781) |
Balance (in shares) at Mar. 31, 2024 | 44,241,516 | |||
Balance at Mar. 31, 2024 | $ 4,424 | 30,974,046 | (30,645,022) | 333,448 |
Balance (in shares) at Dec. 31, 2023 | 44,241,516 | |||
Balance at Dec. 31, 2023 | $ 4,424 | 30,970,965 | (29,936,241) | 1,039,148 |
Net loss | (1,248,872) | |||
Balance (in shares) at Jun. 30, 2024 | 45,466,238 | |||
Balance at Jun. 30, 2024 | $ 4,547 | 31,779,079 | (31,185,113) | 598,513 |
Balance (in shares) at Mar. 31, 2024 | 44,241,516 | |||
Balance at Mar. 31, 2024 | $ 4,424 | 30,974,046 | (30,645,022) | 333,448 |
Stock compensation expense | 0 | 3,081 | 0 | 3,081 |
Net loss | $ 0 | 0 | (540,091) | (540,091) |
Issuance of common stock for cash proceeds (in shares) | 867,833 | |||
Issuance of common stock for cash proceeds | $ 87 | 650,788 | 0 | 650,875 |
Issuance of common stock for warrant exercise (in shares) | 270,000 | |||
Issuance of common stock for warrant exercise | $ 27 | 151,173 | 0 | 151,200 |
Issuance of common stock for cashless warrant exercise (in shares) | 86,889 | |||
Issuance of common stock for cashless warrant exercise | $ 9 | (9) | 0 | 0 |
Balance (in shares) at Jun. 30, 2024 | 45,466,238 | |||
Balance at Jun. 30, 2024 | $ 4,547 | $ 31,779,079 | $ (31,185,113) | $ 598,513 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net loss | $ (540,091) | $ (708,781) | $ (871,886) | $ (855,755) | $ (1,248,872) | $ (1,727,641) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation expense | 3,767 | 3,787 | 7,535 | 7,888 | |||
Stock-based compensation | 6,162 | 7,138 | |||||
Provision for credit losses | 17,500 | 0 | $ 160,000 | ||||
Amortization of operating lease right of use assets | 39,887 | 43,977 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable, net | (71,768) | (109,177) | |||||
Inventory, net | (7,227) | 14,202 | |||||
Prepaid expenses and other current assets | (5,230) | 3,697 | |||||
Right of use assets | 25,170 | 0 | |||||
Accounts payable | 3,125 | 38,434 | |||||
Accrued expenses | 41,655 | 58,725 | |||||
Operating lease liabilities | (61,553) | (38,738) | |||||
Net cash used in operating activities | (1,253,616) | (1,701,494) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchases of property and equipment | (4,100) | (5,343) | |||||
Net cash used in investing activities | (4,100) | (5,343) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Net proceeds from issuance of common stock | 650,875 | 0 | |||||
Net proceeds from warrant exercise | 151,200 | 0 | |||||
Net cash provided by financing activities | 802,075 | 0 | |||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (455,641) | (1,706,837) | |||||
Cash and cash equivalents, beginning of period | 928,681 | 2,106,208 | 928,681 | 2,106,208 | 2,106,208 | ||
Cash and cash equivalents, end of period | 473,040 | 399,371 | 473,040 | 399,371 | 928,681 | ||
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | |||||||
Cash and cash equivalents | 928,681 | 2,051,208 | 928,681 | 2,051,208 | 2,051,208 | ||
Restricted cash | 0 | 55,000 | 0 | 55,000 | 55,000 | ||
Cash, cash equivalents, and restricted cash, beginning of period | $ 928,681 | $ 2,106,208 | 928,681 | 2,106,208 | 2,106,208 | ||
Cash and cash equivalents | 473,040 | 344,371 | 473,040 | 344,371 | 928,681 | ||
Restricted cash | 0 | 55,000 | 0 | 55,000 | 0 | ||
Cash, cash equivalents, and restricted cash, end of period | $ 473,040 | $ 399,371 | 473,040 | 399,371 | $ 928,681 | ||
SUPPLEMENTAL INFORMATION | |||||||
Interest expense | $ 1,687 | $ 1,411 |
Note 1 - Description of Busines
Note 1 - Description of Business | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1 Description of Business Description of Business Nuo Therapeutics, Inc. (“Nuo,” the “Company,” “we,” “us,” or “our”) is a Delaware corporation organized in 1998 1999, 2000, 2001, 2002 September 2007, 510 April 2010, February 2012, 2014, 2016, 11. May 1, 2019, April 2021, October 2021. |
Note 2 - Liquidity and Summary
Note 2 - Liquidity and Summary of Significant Accounting Principles | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 Liquidity and Summary of Significant Accounting Principles Liquidity 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. In mid- 2019, April 2021 six June 30, 2024, May 2024 December 31, 2023, two August December 2023. We have incurred, and continue to incur, recurring losses and negative cash flows. As of June 30, 2024, The accompanying unaudited 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 12 not Even assuming we succeed in raising sufficient additional funds in the near future, we anticipate requiring additional capital and will seek to continue financing our operations with external capital. Any equity financing may may may not may not Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Accordingly, they do not December 31, 2023, not may not 10 December 31, 2023. The unaudited consolidated financial statements include the accounts of the Company and its wholly owned, controlled, and inactive subsidiary Aldagen, Inc. (“Aldagen”). All significant inter-company accounts and transactions are eliminated in consolidation. The Company operates its business in one one 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 unaudited consolidated financial statements, estimates are used for, but not Credit Concentration We generate accounts receivable from the sale of our products. Specific customer receivable balances in excess of 10% June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Customer A 24% * Customer B * 10% Customer C * 12% Customer D * 21% * less than 10% Revenue from significant customers exceeding 10% three six June 30, 2024 2023 Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Customer A 25% 10% 21% * Customer C * 12% * * Customer E 12% 0% * 0% Customer F 0% 14% 0% * * less than 10% Historically, we 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, Cash Equivalents, and Restricted Cash We consider all highly liquid instruments purchased with an original maturity of three $250,000 June 30, 2024. no June 30, 2024 December 31, 2023. June 30, 2023, Accounts Receivable, net We generate accounts receivable from the sale of Aurix products and accounts receivable as of June 30, 2024 December 31, 2023 three September 30, 2022. We provide for an allowance against receivables for estimated losses that may may not six June 30, 2024, June 30, 2024, December 31, 2023, December 31, 2023, Inventory, net Our inventory is produced by third first first 12 two As of June 30, 2024, December 31, 2023, We provide for an allowance against inventory for estimated losses that may December 31, 2023, June 30, 2024. Property and Equipment, net Property and equipment is stated at cost less accumulated depreciation. Assets are depreciated, using the straight-line method, over their estimated useful life ranging from one six Leases At the inception of a contract, we determine if the arrangement is, or contains, a lease. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Rent expense is recognized on a straight-line basis over the lease term. We have made certain accounting policy elections whereby we (i) do not 12 Revenue Recognition We analyze our revenue arrangements to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligation. We recognize revenues upon the satisfaction of the performance obligations (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. In certain instances where the revenue is variable and we cannot estimate the amount of consideration to which we expect to be entitled, we are constrained from initially recognizing revenue. In these cases, once the estimate is no 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 Stock-Based Compensation The fair value of employee stock options is measured at the date of grant. Expected volatilities for the 2016 five no six June 30, 2024 June 30, 2023. Income Taxes We account 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. Tax rate changes are reflected in income during the period such changes are enacted. We measure our deferred tax assets and liabilities using the enacted tax rates that we believe will apply in the years in which the temporary differences are expected to be recovered or paid. We expect that recent tax law changes contained in the Inflation Reduction Act and CHIPS Act will not 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 Our policy for recording interest and penalties associated with audits is to record such items as a component of income before taxes. There were no six June 30, 2024 2023. Basic and Diluted Loss per Share In periods of net loss, basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. In periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. For periods of net income, diluted earnings per share is computed using the more dilutive of the “treasury method” or “two class method.” Dilutive earnings per share under the “treasury method” is calculated by dividing net income available to common stockholders by the weighted- average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method, and convertible notes using the if-converted method. Because none All of our potential dilutive securities are considered anti-dilutive for the three six June 30, 2024 2023. Six months ended June 30, 2024 Six months ended June 30, 2023 Shares underlying: Common stock options 3,189,167 3,376,667 Stock purchase warrants 450,000 450,000 Financing participation right and contingent warrant - 500,000 Performance shares 300,000 300,000 3,939,167 4,626,667 Recent Accounting Standards In December 2023, No. 2023 09, 740 December 15, 2024. not We have evaluated all other issued and unadopted Accounting Standards Updates and believe the adoption of these standards will not |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 Property and Equipment Property and equipment, net consisted of the following: June 30, 2024 December 31, 2023 Medical equipment $ 387,665 $ 387,665 Office/warehouse equipment 48,019 43,919 Warehouse/production equipment 23,317 23,317 459,001 454,901 Less accumulated depreciation (417,353 ) (409,819 ) Property and equipment, net $ 41,648 $ 45,082 Depreciation expense was $3,767 and $3,787 for the three June 30, 2024 2023, six June 30, 2024 2023, None six June 30, 2024 2023. |
Note 4 - Stock Purchase Warrant
Note 4 - Stock Purchase Warrants | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Stock Purchase Warrants [Text Block] | Note 4 Stock Purchase Warrants The following schedule reflects outstanding stock purchase warrants as of June 30, 2024 2023: Description June 30, 2024 June 30, 2023 2022 Sales incentive warrants 450,000 450,000 Total 450,000 450,000 During the year ended December 31, 2022, two December 31, 2027 December 31, 2028 2023 2025. 2022 June 30, 2024 zero January 1, 2024 six June 30, 2024. Note 5 Equity and Stock Based Compensation |
Note 5 - Equity and Stock-based
Note 5 - Equity and Stock-based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 5 Equity and Stock-Based Compensation Under the Second Amended and Restated Certificate of Incorporation, we have the authority to issue a total of 101,000,000 shares of capital stock, consisting of 100,000,000 shares of common stock and 1,000,000 shares of preferred stock, par value $0.0001 per share, which will have such rights, powers and preferences as the Board of Directors shall determine. Pacific Medical Common Stock and Warrant Purchase Agreement On August 24, 2022, Pursuant to the Agreement, Pacific Med purchased 500,000 shares of common stock for $500,000. As part of the purchase of common stock, we agreed to grant to Pacific Med the right to participate in any future financing by Nuo through December 31, 2023 ( not December 31, 2023, January 1, 2024 June 30, 2024, 20 December 31, 2023 ( “2024 2024 January 1, 2024 six June 30, 2024. 2024 As part of the Agreement and as additional incentive compensation with respect to Pacific Med’s performance under its existing sales and distribution arrangement, we also provided to Pacific Med two first 2023 2024. second 2024 2025. December 31, 2027 December 31, 2028. two not June 30, 2024, no six June 30, 2024. 12 June 30, 2024 2025 not June 30, 2024, no six June 30, 2024. 2024 We sold 867,833 shares of common stock to certain accredited investors pursuant to a Securities Purchase Agreement in a private placement which closed in May 2024 2023 We sold 2,442,500 shares of common stock to certain accredited investors pursuant to Securities Purchase Agreements in two August December 2023 two 2023 Stock-Based Compensation In July 2016, 2016 “2016 November 2016, 2016 March 2022, 2016 June 2022. A summary of stock option activity under the 2016 six June 30, 2024 Stock Options 2016 Omnibus Plan Shares Weighted Average Weighted Outstanding at January 1, 2024 3,189,167 $ 0.64 5.69 Granted - - - Exercised - - - Forfeited or expired - - - Outstanding at June 30, 2024 3,189,167 $ 0.64 5.10 Exercisable at June 30, 2024 2,868,750 $ 0.62 4.75 There were no stock options granted or exercised under the 2016 six June 30, 2024 June 30, 2023. June 30, 2024 For the three June 30, 2024 2023, six June 30, 2024 2023, June 30, 2024, 2026. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 6 Commitments and Contingencies Lease Agreements In January 2022, December 31, 2024. March 24, 2024, no In February 2022, March 2027. three March 31, 2022 April 1, 2022; April 1, 2022 10%. Total operating lease costs were approximately $27,400 and $39,400 for the three June 30, 2024 2023, six June 30, 2024 2023, no Future undiscounted cash flows under this lease are: 2024 38,920 2025 80,273 2026 82,705 2027 21,284 Total operating lease payments 223,182 Discount factor (29,143 ) Present value of operating lease liabilities 194,039 Current portion of operating lease liabilities (62,432 ) Non-current portion of operating lease liabilities $ 131,607 |
Note 7 - Subsequent Events
Note 7 - Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 7 Subsequent Events On July 17, 2024, one three |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Other On August 9, 2024, four The Change in Control Agreements were approved on August 8, 2024 Management and the Board of Directors of the Company are not Pursuant to the Change in Control Agreements, upon a change in control by which any person or group of persons becomes beneficial owner of at least 80% $3,000,000 In particular, for each of Mr. Jorden and Mr. Clausen, unless he does not 0.15% $40,000,000 $60,000,000, 0.35% $60,000,001 $85,000,000, $300,000 $85,000,000. The Change in Control Agreements terminate on December 31, 2025, The description above of the Change in Control Agreements with Mr. Jorden and Mr. Clausen is qualified by reference to the full text of such agreements filed as Exhibits 10.2 10.3 10 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Liquidity, Policy [Policy Text Block] | Liquidity 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. In mid- 2019, April 2021 six June 30, 2024, May 2024 December 31, 2023, two August December 2023. We have incurred, and continue to incur, recurring losses and negative cash flows. As of June 30, 2024, The accompanying unaudited 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 12 not Even assuming we succeed in raising sufficient additional funds in the near future, we anticipate requiring additional capital and will seek to continue financing our operations with external capital. Any equity financing may may may not may not |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Accordingly, they do not December 31, 2023, not may not 10 December 31, 2023. The unaudited consolidated financial statements include the accounts of the Company and its wholly owned, controlled, and inactive subsidiary Aldagen, Inc. (“Aldagen”). All significant inter-company accounts and transactions are eliminated in consolidation. The Company operates its business in one one |
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 unaudited 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. Specific customer receivable balances in excess of 10% June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Customer A 24% * Customer B * 10% Customer C * 12% Customer D * 21% * less than 10% Revenue from significant customers exceeding 10% three six June 30, 2024 2023 Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Customer A 25% 10% 21% * Customer C * 12% * * Customer E 12% 0% * 0% Customer F 0% 14% 0% * * less than 10% Historically, we 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, Cash Equivalents, and Restricted Cash We consider all highly liquid instruments purchased with an original maturity of three $250,000 June 30, 2024. no June 30, 2024 December 31, 2023. June 30, 2023, |
Receivable [Policy Text Block] | Accounts Receivable, net We generate accounts receivable from the sale of Aurix products and accounts receivable as of June 30, 2024 December 31, 2023 three September 30, 2022. We provide for an allowance against receivables for estimated losses that may may not six June 30, 2024, June 30, 2024, December 31, 2023, December 31, 2023, |
Inventory, Policy [Policy Text Block] | Inventory, net Our inventory is produced by third first first 12 two As of June 30, 2024, December 31, 2023, We provide for an allowance against inventory for estimated losses that may December 31, 2023, June 30, 2024. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, net Property and equipment is stated at cost less accumulated depreciation. Assets are depreciated, using the straight-line method, over their estimated useful life ranging from one six |
Lessee, Leases [Policy Text Block] | Leases At the inception of a contract, we determine if the arrangement is, or contains, a lease. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Rent expense is recognized on a straight-line basis over the lease term. We have made certain accounting policy elections whereby we (i) do not 12 |
Revenue [Policy Text Block] | Revenue Recognition We analyze our revenue arrangements to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligation. We recognize revenues upon the satisfaction of the performance obligations (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. In certain instances where the revenue is variable and we cannot estimate the amount of consideration to which we expect to be entitled, we are constrained from initially recognizing revenue. In these cases, once the estimate is no 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 |
Share-Based Payment Arrangement [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 no six June 30, 2024 June 30, 2023. |
Income Tax, Policy [Policy Text Block] | Income Taxes We account 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. Tax rate changes are reflected in income during the period such changes are enacted. We measure our deferred tax assets and liabilities using the enacted tax rates that we believe will apply in the years in which the temporary differences are expected to be recovered or paid. We expect that recent tax law changes contained in the Inflation Reduction Act and CHIPS Act will not 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 Our policy for recording interest and penalties associated with audits is to record such items as a component of income before taxes. There were no six June 30, 2024 2023. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Loss per Share In periods of net loss, basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. In periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. For periods of net income, diluted earnings per share is computed using the more dilutive of the “treasury method” or “two class method.” Dilutive earnings per share under the “treasury method” is calculated by dividing net income available to common stockholders by the weighted- average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method, and convertible notes using the if-converted method. Because none All of our potential dilutive securities are considered anti-dilutive for the three six June 30, 2024 2023. Six months ended June 30, 2024 Six months ended June 30, 2023 Shares underlying: Common stock options 3,189,167 3,376,667 Stock purchase warrants 450,000 450,000 Financing participation right and contingent warrant - 500,000 Performance shares 300,000 300,000 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards In December 2023, No. 2023 09, 740 December 15, 2024. not 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) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | June 30, 2024 December 31, 2023 Customer A 24% * Customer B * 10% Customer C * 12% Customer D * 21% Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Customer A 25% 10% 21% * Customer C * 12% * * Customer E 12% 0% * 0% Customer F 0% 14% 0% * |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Six months ended June 30, 2024 Six months ended June 30, 2023 Shares underlying: Common stock options 3,189,167 3,376,667 Stock purchase warrants 450,000 450,000 Financing participation right and contingent warrant - 500,000 Performance shares 300,000 300,000 |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2024 December 31, 2023 Medical equipment $ 387,665 $ 387,665 Office/warehouse equipment 48,019 43,919 Warehouse/production equipment 23,317 23,317 459,001 454,901 Less accumulated depreciation (417,353 ) (409,819 ) Property and equipment, net $ 41,648 $ 45,082 |
Note 4 - Stock Purchase Warra_2
Note 4 - Stock Purchase Warrants (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Description June 30, 2024 June 30, 2023 2022 Sales incentive warrants 450,000 450,000 Total 450,000 450,000 |
Note 5 - Equity and Stock-bas_2
Note 5 - Equity and Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Stock Options 2016 Omnibus Plan Shares Weighted Average Weighted Outstanding at January 1, 2024 3,189,167 $ 0.64 5.69 Granted - - - Exercised - - - Forfeited or expired - - - Outstanding at June 30, 2024 3,189,167 $ 0.64 5.10 Exercisable at June 30, 2024 2,868,750 $ 0.62 4.75 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 38,920 2025 80,273 2026 82,705 2027 21,284 Total operating lease payments 223,182 Discount factor (29,143 ) Present value of operating lease liabilities 194,039 Current portion of operating lease liabilities (62,432 ) Non-current portion of operating lease liabilities $ 131,607 |
Note 2 - Liquidity and Summar_3
Note 2 - Liquidity and Summary of Significant Accounting Principles (Details Textual) - USD ($) | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Proceeds from Warrant Exercises | $ 151,200 | $ 0 | |||
Retained Earnings (Accumulated Deficit) | $ (31,185,113) | (31,185,113) | $ (29,936,241) | ||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | 473,040 | 473,040 | 399,371 | 928,681 | $ 2,106,208 |
Cash, Uninsured Amount | 500,000 | 500,000 | |||
Accounts Receivable, Credit Loss Expense (Reversal) | 17,500 | 0 | 160,000 | ||
Accounts Receivable, Allowance for Credit Loss | 49,900 | 49,900 | 32,400 | ||
Inventory, Finished Goods, Gross | 130,000 | 130,000 | 150,000 | ||
Inventory, Raw Materials, Gross | 87,000 | 87,000 | 60,000 | ||
Inventory Valuation Reserves | $ 16,000 | $ 16,000 | 16,000 | ||
Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 1 year | 1 year | |||
Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 6 years | 6 years | |||
Asset Pledged as Collateral [Member] | Corporate Credit Card [Member] | |||||
Restricted Cash | $ 55,000 | ||||
Private Placement [Member] | |||||
Proceeds from Issuance of Private Placement | $ 650,875 | $ 650,875 | $ 1,997,500 |
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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Customer A [Member] | Accounts Receivable [Member] | |||||
Concentration percentage | 24% | ||||
Customer A [Member] | Revenue Benchmark [Member] | |||||
Concentration percentage | 25% | 10% | 21% | ||
Customer B [Member] | Accounts Receivable [Member] | |||||
Concentration percentage | 10% | ||||
Customer C [Member] | Accounts Receivable [Member] | |||||
Concentration percentage | 12% | ||||
Customer C [Member] | Revenue Benchmark [Member] | |||||
Concentration percentage | 12% | ||||
Customer E [Member] | Revenue Benchmark [Member] | |||||
Concentration percentage | 12% | 0% | 0% | ||
Customer D [Member] | Accounts Receivable [Member] | |||||
Concentration percentage | 21% | ||||
Customer F [Member] | Revenue Benchmark [Member] | |||||
Concentration percentage | 0% | 14% | 0% |
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 | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Anti-dilutive securities (in shares) | 3,939,167 | 4,626,667 |
Share-Based Payment Arrangement, Option [Member] | ||
Anti-dilutive securities (in shares) | 3,189,167 | 3,376,667 |
Warrant [Member] | ||
Anti-dilutive securities (in shares) | 450,000 | 450,000 |
Contingent Warrants Upon Future Financing Events [Member] | ||
Anti-dilutive securities (in shares) | 0 | 500,000 |
Performance Shares [Member] | ||
Anti-dilutive securities (in shares) | 300,000 | 300,000 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Depreciation | $ 3,767 | $ 3,787 | $ 7,535 | $ 7,888 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment - Property and Equipment, Net (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Property, plant, and equipment, gross | $ 459,001 | $ 454,901 |
Less accumulated depreciation | (417,353) | (409,819) |
Property and equipment, net | 41,648 | 45,082 |
Medical Equipment [Member] | ||
Property, plant, and equipment, gross | 387,665 | 387,665 |
Office Warehouse Equipment [Member] | ||
Property, plant, and equipment, gross | 48,019 | 43,919 |
Warehouse and Production Equipment [Member] | ||
Property, plant, and equipment, gross | $ 23,317 | $ 23,317 |
Note 4 - Stock Purchase Warra_3
Note 4 - Stock Purchase Warrants (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2022 | |
Proceeds from Warrant Exercises | $ 151,200 | $ 0 | |
The 2022 Sales Incentive Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 250,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1 | ||
The 2022 Sales Incentive Warrants [Member] | Distribution Partner [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 200,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.5 | ||
Class of Warrant or Right, Outstanding, Aggregate Intrinsic Value | $ 0 | ||
Contingent Warrants Upon Future Financing Events [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 500,000 | ||
Proceeds from Warrant Exercises | $ 151,200 | ||
Stock Issued During Period, Shares, Cashless Exercise of Warrants (in shares) | 86,889 |
Note 4 - Stock Purchase Warra_4
Note 4 - Stock Purchase Warrants - Outstanding Stock Purchase Warrants (Details) - shares | Jun. 30, 2024 | Jun. 30, 2023 |
Outstanding warrants (in shares) | 450,000 | 450,000 |
The 2022 Sales Incentive Warrants [Member] | ||
Outstanding warrants (in shares) | 450,000 | 450,000 |
Note 5 - Equity and Stock-bas_3
Note 5 - Equity and Stock-based Compensation (Details Textual) - USD ($) | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Aug. 24, 2022 | Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2025 | Jun. 30, 2024 | Dec. 31, 2023 | Jan. 01, 2024 | Mar. 31, 2022 | |
Authorized Shares, Common and Preferred (in shares) | 101,000,000 | 101,000,000 | 101,000,000 | 101,000,000 | |||||||
Common Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||||
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Stock Issued During Period, Value, New Issues | $ 650,875 | ||||||||||
Proceeds from Warrant Exercises | $ 151,200 | $ 0 | |||||||||
Share-Based Payment Arrangement, Expense | 3,081 | $ 2,420 | 6,162 | $ 7,138 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 68,000 | $ 68,000 | $ 68,000 | $ 68,000 | |||||||
The 2016 Omnibus Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 4,250,000 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |||||||||
Principal Shareholder, Members of the Board of Directors, and a Member of Senior Management [Member] | |||||||||||
Proceeds from Issuance of Private Placement | $ 187,500 | $ 760,000 | |||||||||
Private Placement [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 867,833 | 2,442,500 | |||||||||
Proceeds from Issuance of Private Placement | $ 650,875 | $ 650,875 | $ 1,997,500 | ||||||||
Participation Rights [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 500,000 | ||||||||||
Contingent Warrant [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 500,000 | ||||||||||
Class of Warrant or Right, Purchase Price of Warrants or Rights (in dollars per share) | $ 2 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.56 | ||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 270,000 | ||||||||||
Proceeds from Warrant Exercises | $ 151,200 | ||||||||||
Class of Warrant or Right, Exercised on Cashless Basis (in shares) | 230,000 | ||||||||||
Stock Issued During Period, Shares, Cashless Exercise of Warrants (in shares) | 86,889 | ||||||||||
First Warrant [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 250,000 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1 | ||||||||||
Warrants and Rights Outstanding | $ 434,000 | ||||||||||
Second Warrant [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 200,000 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.5 | ||||||||||
Warrants and Rights Outstanding | $ 345,000 | ||||||||||
First and Second Compensatory Performance-based Stock Purchase Warrants [Member] | |||||||||||
Share-Based Payment Arrangement, Expense | $ 0 | ||||||||||
Pacific Med [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 500,000 | ||||||||||
Stock Issued During Period, Value, New Issues | $ 500,000 | ||||||||||
Share-Based Payment Arrangement, Expense | $ 0 | ||||||||||
Sales and Distribution Agreement, Milestone Achievement, Minimum Revenue to be Achieved | $ 4,500,000 | ||||||||||
Common Stock, Capital Shares Agreed for Future Issuance Upon Milestone Achievement, Fair Value | $ 615,000 | ||||||||||
Pacific Med [Member] | Forecast [Member] | |||||||||||
Sales and Distribution Agreement, Milestone Achievement, Minimum Revenue to be Achieved | $ 12,500,000 | ||||||||||
Pacific Med [Member] | Maximum [Member] | |||||||||||
Common Stock, Capital Shares Agreed for Future Issuance Upon Milestone Achievement (in shares) | 300,000 |
Note 5 - Equity and Stock-bas_4
Note 5 - Equity and Stock-based Compensation - Stock Option Activity (Details) - The 2016 Omnibus Plan [Member] - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Shares outstanding (in shares) | 3,189,167 | ||
Shares outstanding, weighted-average exercise price (in dollars per share) | $ 0.64 | ||
Shares outstanding, weighted-average remaining contractual term (Year) | 5 years 1 month 6 days | 5 years 8 months 8 days | |
Shares granted (in shares) | 0 | 0 | |
Shares granted, weighted-average exercise price (in dollars per share) | $ 0 | ||
Shares exercised (in shares) | 0 | ||
Shares exercised, weighted-average exercise price (in dollars per share) | $ 0 | ||
Shares forfeited or expired (in shares) | 0 | ||
Shares forfeited or expired, weighted-average exercise price (in dollars per share) | $ 0 | ||
Shares outstanding (in shares) | 3,189,167 | 3,189,167 | |
Shares outstanding, weighted-average exercise price (in dollars per share) | $ 0.64 | $ 0.64 | |
Shares exercisable (in shares) | 2,868,750 | ||
Shares exercisable, weighted-average exercise price (in dollars per share) | $ 0.62 | ||
Shares exercisable, weighted-average remaining contractual term (Year) | 4 years 9 months |
Note 6 - Commitments and Cont_3
Note 6 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Mar. 24, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Apr. 01, 2022 | Jan. 31, 2022 | |
Operating Lease, Right-of-Use Asset | $ 204,296 | $ 204,296 | $ 269,354 | $ 337,226 | $ 89,312 | |||
Operating Lease, Weighted Average Discount Rate, Percent | 10% | 10% | ||||||
Gain (Loss) on Termination of Lease | $ 0 | |||||||
Operating Lease, Expense | $ 27,400 | $ 39,400 | $ 63,900 | $ 78,800 |
Note 6 - Commitments and Cont_4
Note 6 - Commitments and Contingencies - Future Undiscounted Cash Flows (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
2024 | $ 38,920 | |
2025 | 80,273 | |
2026 | 82,705 | |
2027 | 21,284 | |
Total operating lease payments | 223,182 | |
Discount factor | (29,143) | |
Present value of operating lease liabilities | 194,039 | |
Current portion of operating lease liabilities | (62,432) | $ (91,387) |
Non-current portion of operating lease liabilities | $ 131,607 | $ 164,205 |
Note 7 - Subsequent Events (Det
Note 7 - Subsequent Events (Details Textual) - Subsequent Event [Member] | Jul. 17, 2024 $ / shares shares |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 0.33 |
Share-Based Payment Arrangement, Employee [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 295,000 |
Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Option [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years |
Share-Based Payment Arrangement, Nonemployee [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 105,000 |
Share-Based Payment Arrangement, Nonemployee [Member] | Share-Based Payment Arrangement, Option [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year |