Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 27, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001213809 | ||
Entity Registrant Name | DYADIC INTERNATIONAL INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-55264 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 45-0486747 | ||
Entity Address, Address Line One | 1044 North U.S. Highway One, Suite 201 | ||
Entity Address, City or Town | Jupiter | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33477 | ||
City Area Code | 561 | ||
Local Phone Number | 743-8333 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | DYAI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
Document Financial Statement Error Correction [Flag] | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 39,100,000 | ||
Entity Common Stock, Shares Outstanding | 28,974,105 | ||
Auditor Firm ID | 173 | ||
Auditor Name | Crowe LLP | ||
Auditor Location | Livingston, New Jersey |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 6,515,028 | $ 5,794,272 |
Short-term investment securities | 748,290 | 6,847,270 |
Interest receivable | 10,083 | 58,285 |
Accounts receivable | 466,159 | 330,001 |
Prepaid expenses and other current assets | 327,775 | 392,236 |
Total current assets | 8,067,335 | 13,422,064 |
Non-current assets: | ||
Operating lease right-of-use asset, net | 141,439 | 0 |
Investment in Alphazyme | 0 | 284,709 |
Other assets | 10,462 | 6,045 |
Total assets | 8,219,236 | 13,712,818 |
Current liabilities: | ||
Accounts payable | 656,445 | 1,276,313 |
Accrued expenses | 1,057,164 | 955,081 |
Deferred research and development obligations | 490,113 | 40,743 |
Deferred license revenue, current portion | 0 | 176,471 |
Operating lease liability, current portion | 48,059 | 0 |
Total current liabilities | 2,251,781 | 2,448,608 |
Deferred license revenue, net of current portion | 0 | 176,471 |
Operating lease liability, net of current portion | 88,870 | 0 |
Total liabilities | 2,340,651 | 2,625,079 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity: | ||
Preferred stock, $.0001 par value: Authorized shares - 5,000,000; none issued and outstanding | 0 | 0 |
Authorized shares - 100,000,000; issued shares - 41,064,563 and 40,816,602, outstanding shares - 28,811,061 and 28,563,100 as of December 31, 2023 and 2022, respectively | 41,065 | 40,817 |
Additional paid-in capital | 105,044,756 | 103,458,697 |
Treasury stock, shares held at cost - 12,253,502 | (18,929,915) | (18,929,915) |
Accumulated deficit | (80,277,321) | (73,481,860) |
Total stockholders’ equity | 5,878,585 | 11,087,739 |
Total liabilities and stockholders’ equity | $ 8,219,236 | $ 13,712,818 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 41,064,563 | 40,816,602 |
Common stock, outstanding (in shares) | 28,811,061 | 28,563,061 |
Treasury stock (in shares) | 12,253,502 | 12,253,502 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues: | ||
Total revenue | $ 2,898,806 | $ 2,930,303 |
Costs and expenses: | ||
Costs of research and development revenue | 1,975,849 | 2,123,193 |
Research and development | 3,297,266 | 4,501,365 |
General and administrative | 5,817,013 | 6,421,505 |
Foreign currency exchange loss | 38,417 | 49,918 |
Total costs and expenses | 11,128,545 | 13,095,981 |
Loss from operations | (8,229,739) | (10,165,678) |
Other income: | ||
Interest income | 416,686 | 180,420 |
Gain on sale of Alphazyme | 1,017,592 | 0 |
Other income | 0 | 250,000 |
Total other income | 1,434,278 | 430,420 |
Net loss | $ (6,795,461) | $ (9,735,258) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.24) | $ (0.34) |
Basic and diluted weighted-average common shares outstanding (in shares) | 28,798,833 | 28,364,482 |
Research and Development [Member] | ||
Revenues: | ||
Total revenue | $ 2,545,865 | $ 2,683,244 |
License [Member] | ||
Revenues: | ||
Total revenue | $ 352,941 | $ 247,059 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 40,482,659 | (12,253,502) | |||
Balance at Dec. 31, 2021 | $ 40,483 | $ (18,929,915) | $ 101,026,496 | $ (63,746,602) | $ 18,390,462 |
Stock-based compensation expenses | $ 0 | $ 0 | 1,888,944 | 0 | $ 1,888,944 |
Issuance of common stock upon exercise of stock options (in shares) | 333,943 | 0 | 333,943 | ||
Issuance of common stock upon exercise of stock options | $ 334 | $ 0 | 543,257 | 0 | $ 543,591 |
Net loss | $ 0 | $ 0 | 0 | (9,735,258) | (9,735,258) |
Issuance of common stock upon vesting of restricted stock units (in shares) | 333,943 | ||||
Balance (in shares) at Dec. 31, 2022 | 40,816,602 | (12,253,502) | |||
Balance at Dec. 31, 2022 | $ 40,817 | $ (18,929,915) | 103,458,697 | (73,481,860) | 11,087,739 |
Stock-based compensation expenses | 0 | 0 | 1,244,121 | 0 | $ 1,244,121 |
Issuance of common stock upon exercise of stock options (in shares) | 0 | ||||
Net loss | $ 0 | $ 0 | 0 | (6,795,461) | $ (6,795,461) |
Issuance of common stock upon vesting of restricted stock units (in shares) | 247,961 | 0 | |||
Issuance of common stock upon vesting of restricted stock units | $ 248 | $ 0 | 341,938 | 0 | 342,186 |
Balance (in shares) at Dec. 31, 2023 | 41,064,563 | (12,253,502) | |||
Balance at Dec. 31, 2023 | $ 41,065 | $ (18,929,915) | $ 105,044,756 | $ (80,277,321) | $ 5,878,585 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (6,795,461) | $ (9,735,258) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 1,244,121 | 1,888,944 |
Amortization of held-to-maturity securities, net | (53,032) | 33,790 |
Gain on investment in Alphazyme | (1,017,592) | 0 |
Foreign currency exchange loss | 38,418 | 49,918 |
Changes in operating assets and liabilities: | ||
Operating lease assets and liabilities, net | (4,510) | 0 |
Interest receivable | 48,202 | 36,090 |
Accounts receivable | (141,332) | (83,265) |
Prepaid expenses and other current assets | 64,902 | (13,925) |
Accounts payable | (651,168) | (248,128) |
Accrued expenses | 444,269 | 245,521 |
Deferred license revenue | (352,942) | (147,058) |
Deferred research and development obligations | 449,370 | (110,404) |
Net cash used in operating activities | (6,726,755) | (8,083,775) |
Cash flows from investing activities | ||
Purchases of held-to-maturity investment securities | (2,995,988) | (9,869,280) |
Proceeds from maturities of investment securities | 9,148,000 | 7,500,000 |
Proceeds from the sale of investment in Alphazyme | 1,297,884 | 0 |
Net cash provided by (used in) investing activities | 7,449,896 | (2,369,280) |
Cash flows from financing activities | ||
Proceeds from exercise of options | 0 | 543,591 |
Net cash provided by financing activities | 0 | 543,591 |
Effect of exchange rate changes on cash | (2,385) | (44,744) |
Net decrease in cash and cash equivalents | 720,756 | (9,954,208) |
Cash and cash equivalents at beginning of period | 5,794,272 | 15,748,480 |
Cash and cash equivalents at end of period | 6,515,028 | 5,794,272 |
Supplemental cash flow information | ||
Vesting of restricted stock units | 342,186 | 0 |
Right-of-use asset obtained in exchange for lease obligations | $ 156,983 | $ 0 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 9B. Other Information Insider Trading Arrangements During the quarter ended December 31, 2023, none 16a 1 1934, 10b5 1 10b5 1 408 | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1: Description of Business Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) is a global biotechnology company based in Jupiter, Florida with operations in the United States and a satellite office in the Netherlands, and it utilizes third two third Thermothelomyces heterothallica Myceliophthora thermophila C1. Subsequent to the Company selling its industrial technology business to Danisco USA (“Danisco”), the industrial biosciences business of DuPont (NYSE: DD) (the “DuPont Transaction”) on December 31, 2015, C1 C1 C1 The Company also developed the Dapibus™ thermophilic filamentous fungal based microbial protein production platform to enable the rapid development and large-scale manufacture of low-cost proteins, metabolites, and other biologic products for use in non-pharmaceutical applications, such as food, nutrition, and wellness. Liquidity and Capital Resources The Company expects to incur losses and have negative net cash flows from operating activities as it continues developing its microbial platforms and related products, and as it expands its pipelines and engages in further research and development activities for internal products as well as for its third For the year ended December 31, 2023, On March 8, 2024, March 8, 2027 ( 4 2 1933, 5% The Convertible Notes will be senior, secured obligations of Dyadic and its affiliates, and interest will be payable quarterly in cash on the principal amount equal to 8% per annum. The Convertible Notes will mature on March 8, 2027 ( The Convertible Notes can be converted into shares of Dyadic’s Class A common stock (the “Common Stock”), at the option of the holders of the Convertible Notes (the “Noteholders”) at any time prior to the Maturity Date. The conversion price is $1.79 per share of the Common Stock, which is equal to 125% of the trailing 30 This private placement funding strengthened our financial position, and it will support our new-term revenue growth and accelerate our strategic objective of commercialization opportunities for pharmaceutical and non-pharmaceutical applications. The Company has received successful top-line results for the Phase 1 100, not 2/3 third The Company expects its existing cash and cash equivalents and cash raised from the Convertible Notes, investments in debt securities, and operating cash flows will be sufficient to meet its operational, business, and other liquidity requirements for at least the next twelve 12 10 may may not not may no Basis of Presentation The accompanying audited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Dyadic consolidates entities in which we have a controlling financial interest. We consolidate subsidiaries in which we hold and/or control, directly or indirectly, more than 50% The Company conducts business in one Use of Estimates The preparation of these consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amount of assets and liabilities and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the applicable period. Estimates inherent in the preparation of these consolidated financial statements include, but are not may Concentrations and Credit Risk The Company’s financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, investment securities, and accounts receivable. At times, the Company has cash, cash equivalents, and investment securities at financial institutions exceeding the Federal Depository Insurance Company (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”) insured limit on domestic currency and the Netherlands FDIC counterpart for foreign currency. The Company only deals with reputable financial institutions and has not For the years ended December 31, 2023 2022 December 31, 2023 2022 10% December 31, 2023 2022 two and three signifi $1,150,000 or 45.2% d $1,811,000 or 67.5% of r one The Company conducts operations in the Netherlands through its foreign subsidiary and generates a portion of its revenues from customers that are located outside of the United States. For the years ended December 31, 2023 2022 December 31, 2023 2022 The Company uses contract research organizations (“CROs”) to conduct its research projects and manage its clinical trial. For each of the years ended December 31, 2023 2022 three $4,644,0 00 December 31, 2023 three $620,000 or 94.4% of a December 31, 2022 Cash and Cash Equivalents We treat highly liquid investments with original maturities of three Investment Securities The Company’s investment policy requires investment securities to be investment grade and held to maturity with the primary objective to maintain a high degree of liquidity while maximizing yield. The Company invests excess cash balances in short-term and long-term investment grade securities. Short-term investment securities mature within twelve 12 twelve 12 The Company classifies its investments in debt securities as held-to-maturity. Held-to-maturity securities are those securities that the Company has the ability and intent to hold until maturity. Held-to-maturity securities are recorded at amortized cost, net of allowance for credit losses if applicable, and adjusted for the amortization or accretion of premiums or discounts. Premiums and discounts are amortized over the life of the related held-to-maturity security. When a debt security is purchased at a premium, both the face value of the debt and premium amount are reflected as investing outflow. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates, and whether it is more likely than not As of December 31, 2023 2022 not December 31, 2023 2022 Accounts Receivable Accounts receivable consist of billed receivables currently due from customers and unbilled receivables. Unbilled receivables represent the excess of contract revenue (or amounts reimbursable under contracts) over billings to date. Such amounts become billable in accordance with the contract terms, which usually consider the passage of time, achievement of certain milestones or completion of the project. Accounts receivable are stated net of an allowance for credit losses, if deemed necessary based on the Company’s evaluation of collectability and potential credit losses. Management assesses the collectability of its accounts receivable using the specific identification of account balances and considers the credit quality and financial condition of its significant customers, historical information regarding credit losses and the Company’s evaluation of current and expected future economic conditions and changes in our customer collection trends. If necessary, an allowance for credit losses is recorded against accounts receivable such that the carrying value of accounts receivable reflects the net amount expected to be collected. Accounts receivable balances are written off against the allowance for credit losses when the potential for collectability is considered remote. Substantially all of our accounts receivable were current and include unbilled amounts that will be billed and collected over the next twelve 12 December 31, 2023 2022 Accounts receivable consist of the following: December 31, 2023 2022 Billed receivable $ 410,617 $ 115,469 Unbilled receivable 55,542 214,532 $ 466,159 $ 330,001 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: December 31, 2023 2022 Prepaid insurance $ 209,888 $ 265,429 Prepaid expenses - various 117,887 124,273 Prepaid taxes — 2,534 $ 327,775 $ 392,236 Accounts Payable Accounts payable consist of the following: December 31, 2023 2022 Research and development expenses $ 575,436 $ 1,067,958 Legal expenses 1,957 56,514 Other 79,052 151,841 $ 656,445 $ 1,276,313 Accrued Expenses Accrued expenses consist of the following: December 31, 2023 2022 Employee wages and benefits $ 561,720 $ 580,264 Research and development expenses 274,080 343,457 Legal expenses 210,004 — Other 11,360 31,360 $ 1,057,164 $ 955,081 Revenue Recognition The Company has no third may Revenue related to research collaborations and agreements: 5 606 606” 606 Under the input method, revenue will be recognized based on the entity’s efforts or inputs to the satisfaction of a performance obligation (e.g., resources consumed, labor hours expended, costs incurred, or time elapsed) relative to the total expected inputs to the satisfaction of that performance obligation. The Company believes that the cost-based input method is the best measure of progress to reflect how the Company transfers its performance obligation to a customer. In applying the cost-based input method of revenue recognition, the Company uses actual costs incurred relative to budgeted costs to fulfill the performance obligation. These costs consist primarily of full-time equivalent effort and third A cost-based input method of revenue recognition requires management to make estimates of costs to complete the Company’s performance obligations. In making such estimates, significant judgment is required to evaluate assumptions related to cost estimates. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. Revenue related to grants: may not . not third 2 Revenue related to sublicensing agreements: Customer options: Milestone payments: not Royalties: not We invoice customers based on our contractual arrangements with each customer, which may not We are not one The Company adopted a practical expedient to expense sales commissions when incurred because the amortization period would be one Leases The Company determines if an arrangement is, or contains, a lease at contract inception and during modifications or renewal of existing leases. The Company does not twelve not 842. For operating leases, right-of-use assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses an estimated rate of interest that they would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The operating lease right-of-use asset also includes any lease payments made and excludes any lease incentives. Lease expense is recognized on a straight-line basis over the expected lease term. The Company’s prior lease for its corporate headquarters located at 140 August 31, 2023, no August 2023, “1044 1044 1, September 1, 2023 ( August 31, 2026. three 1044 1044 three two one not not For the years ended December 31, 2023 2022 , the Company’s total operating lease expense was approximately $72,000 and $58,000 , respectively. As of December 31, 2023 , the Company’s total operating lease liabilities was approximately $136,929, which is presented net of imputed interest of $16,770, and the operating lease right-of-use asset was approximately $141,439. There were no operating lease liabilities or operating lease right-of-use assets as of December 31, 2022. As of December 31, 2023 , the Research and Development Costs Research and development (“R&D”) costs are expensed as incurred. R&D costs are related to the Company’s internally funded pharmaceutical programs and other governmental and commercial projects. Research and development costs consist of personnel-related costs, facilities, research-related overhead, services from independent contract research organizations, and other external costs. Research and development costs, during the years ended December 31, 2023 2022 Years Ended December 31, 2023 2022 Outside contracted services $ 2,677,941 $ 3,707,269 Personnel related costs 553,741 743,051 Facilities, overhead and other 65,584 51,045 $ 3,297,266 $ 4,501,365 Foreign Currency Transaction Gain or Loss The Company and its foreign subsidiary use the U.S. dollar as its functional currency, and initially measure the foreign currency denominated assets and liabilities at the transaction date. Monetary assets and liabilities are then re-measured at exchange rates in effect at the end of each period, and property and non-monetary assets and liabilities are converted at historical rates. Fair Value Measurements The Company applies fair value accounting for certain financial instruments that are recognized or disclosed at fair value in the financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three • Level 1 • Level 2 • Level 3 The Company’s financial instruments included cash and cash equivalents, investment in debt securities, accounts receivable, accounts payable and accrued expenses, accrued payroll and related liabilities, deferred research and development obligations and deposits. The carrying amount of these financial instruments, except for investment in debt securities, approximates fair value due to the short-term maturities of these instruments. The Company’s short-term and long-term investments in debt securities are recorded at amortized cost, and their estimated fair value amounts are provided by the third Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC Topic 740, not not In determining taxable income for the Company’s consolidated financial statements, we are required to estimate income taxes in each of the jurisdictions in which we operate. This process requires the Company to make certain estimates of our actual current tax exposure and assessment of temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Company’s ability to recover its deferred tax assets, the Company must consider all available positive and negative evidence including its past operating results, the existence of cumulative losses in the most recent years and its forecast of future taxable income. Significant management judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. The Company is required to evaluate the provisions of ASC 740 740 not not 740. Other Income For the year ended December 31, 2023 , other income of approximately $1,018,000 was related to the sale of the equity interest in Alphazyme, LLC. For the year ended December 31, 2022, Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other revenue, expenses, gains and losses that are recorded as an element of shareholders’ equity but are excluded from net income (loss) under U.S. GAAP. The Company does not not Stock-Based Compensation We recognize all share-based payments to employees, consultants, and our Board of Directors (the “Board”), as non-cash compensation expense, in research and development expenses or general and administrative expenses in the consolidated statement of operations based on the grant date fair values of such payments. Stock-based compensation expense recognized each period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. Forfeitures are recorded as they occur. For performance-based awards, the Company recognizes related stock-based compensation expense based upon its determination of the potential likelihood of achievement of the specified performance conditions at each reporting date. Net Loss Per Share Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted net loss per share adjusts the weighted average number of common stock outstanding for the potential dilution that could occur if common stock equivalents, such as stock options, warrants, restricted stock, restricted stock units and convertible debt, were exercised and converted into common stock, calculated by applying the treasury stock method. For the years ended December 31, 2023 2022 Recently Adopted Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 Measurement of Credit Losses on Financial Instruments 2016 13 2016 13 2016 13 January 1, 2023, not Recent Accounting Pronouncements Not December 31, 2023 In December 2023, 2023 09 740 1 2 2023 09 2025 not not In November 2023, 2023 07 280 other segment items other segment items 280 one 280. 2023 07 December 15, 2023, not |
Note 2 - Cash, Cash Equivalents
Note 2 - Cash, Cash Equivalents, and Investments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | Note 2: The Company’s investments in debt securities are classified as held-to-maturity and are recorded at amortized cost, net of allowance for credit losses, and its investments in money market funds are classified as available-for-sale securities and presented as cash equivalents on the consolidated balance sheets. The following table shows the Company’s cash, available-for-sale securities, and investment securities by major security type as of December 31, 2023 2022 December 31, 2023 Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 25,775 $ — $ — $ 25,775 Money Market Funds 1 6,489,253 — — 6,489,253 Subtotal 6,515,028 — — 6,515,028 Short-Term Investment Securities (2) Corporate Bonds (3) 2 748,105 — (185 ) 748,290 Total $ 7,263,133 $ — $ (185 ) $ 7,263,318 December 31, 2022 Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 26,782 $ — $ — $ 26,782 Money Market Funds 1 5,767,490 — — 5,767,490 Subtotal 5,794,272 — — 5,794,272 Short-Term Investment Securities (2) Corporate Bonds (3) 2 6,800,062 — (47,208 ) 6,847,270 Total $ 12,594,334 $ — $ (47,208 ) $ 12,641,542 Notes: ( 1 three • Level 1 • Level 2 • Level 3 ( 2 12 ( 3 December 31, 2023 2022 $39,012 and $6,280 to purchase held-to-maturity investment securities, The Company considers declines in market value of its investment portfolio to be temporary in nature. The Company’s investment policy requires investment securities to be investment grade and held to maturity with the primary objective to maintain a high degree of liquidity while maximizing yield. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates, and whether it is more likely than not December 31, 2023 not |
Note 3 - Research and Collabora
Note 3 - Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | Note 3: Inzymes ApS On September 18, 2023, Under the terms of the Inzymes Agreement, a research collaboration to develop a basket of dairy enzymes will be fully funded by Inzymes with an upfront payment of $0.6 million and an additional payment payable upon the first first In October 2023, first For the year ended December 31, 2023 , the Company recorded research and development revenues of approximately $110,000, in A Global Food Ingredient Company On May 10, 2022, Under the initial terms of the JDA, Dyadic was to develop its proprietary production cell lines for the manufacture of animal free ingredient product candid ates. As of December 31, 2023, one g $1.35 not, For the years ended December 31, 2023 2022 ly $631,000 and $790,000, respectively, in c Phibro/Abic On February 10, 2022, July 1, 2020. April 2022. Under the Phibro/Abic Agreement, the Company has received an exclusivity payment in April 2022 . The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. The Company will not As of December 31, 2023 , there were no no Janssen On December 16, 2021, C1 one On October 2, 2 023, December 31, 2023. For the years ended December 31, 2023 2022 , the Company recognized approximately $353,000 and $176,000 license revenue and ely $520,000 and $539,000, resp December 31, 2023 2022 $145,000 an Alphazyme In 2019 The Company evaluated the nature of its equity interest investment in Alphazyme and determined that Alphazyme is a VIE due to the capital structure of the entity. However, the Company is not not not not On January 18, 2023, The Amended Sublicense Agreement between Dyadic and Alphazyme, which was previously entered on June 24, 2020, C1 For the year ended December 31, 2023, |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 4: For the year ended December 31, 2023 no The significant components of gain (loss) before income taxes are as follows: Years Ended December 31, 2023 2022 U.S. operations $ (6,766,409 ) $ (9,828,427 ) Foreign operations (29,052 ) 93,169 Total loss before provision for income taxes $ (6,795,461 ) $ (9,735,258 ) The Company has no current or deferred income tax for the years ended December 31, 2023 2022 The income tax provision differs from the expense amount that would result from applying the federal statutory rates to income before income taxes due to permanent differences, state income taxes and a change in the deferred tax valuation allowance. The reconciliation between the statutory tax rate and the Company’s actual effective tax rate is as follows: Years Ended December 31, 2023 2022 Tax at U.S. statutory rate (21.00 )% (21.00 )% State taxes, net of federal benefit (4.19 ) (4.35 ) Non-deductible items 0.76 — Change in valuation allowance 14.54 24.77 True-up adjustment 10.00 0.34 Foreign operations (0.11 ) 0.24 Change in tax rate — — Other — — Effective income tax rate — % — % The significant components of the Company’s net deferred income tax assets are as follows: December 31, 2023 2022 Section 174 - R&D expenses $ 1,769,000 $ 1,046,400 Stock option expense 1,419,300 1,341,900 NOL carryforward 11,620,700 11,524,900 Research and development credits 1,503,600 1,623,100 Operating lease liability 34,700 — Right-of-use asset (35,800 ) — Other 134,800 (78,200 ) Deferred tax asset, net of deferred tax liabilities 16,446,300 15,458,100 Valuation allowance (16,446,300 ) (15,458,100 ) Net deferred tax asset $ — $ — Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In assessing the realizability of deferred tax assets, Management evaluates whether it is more likely than not not December 31, 2023 2022. The Company had federal and state net operating loss (“NOL”) carryforwards available as of December 31, 2023, 2022, 2037. December 31, 2023, 2022, 2025 2027. The Tax Cuts and Jobs Act eliminated the current year deduction election for research and experimental expenditures. Instead, a taxpayer must charge such expenditures to a capital account and is allowed to amortize such expenditures ratably over a five fifteen |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 5: Leases Jupiter Florida Headquarters In August 2023, 1044 1, September 1, 2023, August 31, 2026. The Netherlands Office The Company maintains a small satellite office in Wageningen, The Netherlands. The Company occupies a flexible office space for an annual rental rate of approximately $4,800. The lease expires on January 31, 2025, lign with the future operations of the Company. As of December 31, 2023 , the future minimum annual lease payments under the operating leases are below. There are no 2026. 2024 $ 53,361 2025 59,901 2026 35,638 Total $ 148,900 Purchase Obligations Purchase obligations are primarily related to our contracts with the Company’s contract research organizations to provide certain research services. The contracts set forth the Company’s minimum purchase requirements that are subject to adjustments based on certain performance conditions. The commitments related to agreements to purchase certain services in the ordinary course of business, as of December 31, 2023 is approximately $932,000. 2024. VTT Research Contract Extension On January 31, 2024, C1 apeutic protein production. The original contract was entered on June 28, 2019, June 21, 2022 September 9, 2022. January 31, 2025 €186,000 C1 C1 90 Legal Proceedings We are not one |
Note 6 - Share-based Compensati
Note 6 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 6: Description of Equity Plans The 2021 “2021 April 9, 2021, June 11, 2021. 2021 2011 “2011 2021 2021 no 2011 2021 April 16, 2021, 2021 2011. As of December 31, 2023 nal share 2021 December 31, 2022 2021 Stock Options Options are granted to purchase common stock at prices that are equal to the fair value of the common stock on the date the option is granted. Vesting is determined by the Board of Directors at the time of grant. The term of any stock option awards under the Company’s 2011 2021 ten one three The grant-date fair value of each option grant is estimated using the Black-Scholes option pricing model and amortized on a straight-line basis over the requisite service period, which is generally the vesting period, for each separately vesting portion of the award as if the award was, in substance, multiple awards. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs, including the following: Risk-free interest rate Expected dividend yield not Expected stock price volatility. Expected life of option. ors (i.e., 1 or 3 years). The assumptions used in the Black-Scholes option pricing model for stock options granted for the years ended December 31, 2023 2022 Years Ended December 31, 2023 2022 Risk-free interest rate 3.90% -5.12% 1.40% - 3.24% Expected dividend yield —% —% Expected stock price volatility 62.22% - 64.27% 61.30% - 61.58% Expected life of options (in years) 1.13 -6.25 5.5 - 6.25 The following table summarizes the combined stock option activity under the Company’s Equity Compensation Plans: Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Shares Exercise Price Term (Years) Value Outstanding at December 31, 2021 4,774,215 $ 3.04 6.14 $ 8,413,444 Granted 865,825 4.43 Exercised (333,943 ) 1.63 Expired (200,000 ) 5.47 Canceled (75,000 ) 4.81 Outstanding at December 31, 2022 5,031,097 $ 3.25 5.75 $ 13,000 Granted (1) 805,350 1.45 Exercised — — Expired (2) (351,520 ) 1.71 Canceled (3) (15,680 ) 3.50 Outstanding at December 31, 2023 5,469,247 $ 3.08 5.66 $ 322,738 Exercisable at December 31, 2023 4,160,298 $ 3.15 4.81 $ 161,427 Notes: ( 1 • Annual share-based compensation awards on January 3, 2023, one four one four one • Throughout the year the following stock options were granted: (a) on May 30, 2023, two September 15, 2023, half October 23, 2023, four ( 2 • 27 0,000 ( 3 The weighted average grant-date fair market value of stock options granted for the years ended December 31, 2023 2022 was and , respectively, based on the Black-Scholes option pricing model. The intrinsic value of options exercised for the years ended December 31, 2023 2022 was and , respectively. As of December 31, 2023 2022 , total unrecognized compensation cost related to non-vested stock options granted under the Company’s equity compensation plans was and , respectively, which is expected to be recognized over a weighted average period of years and years, respectively. The Company adjusts unrecognized compensation cost for actual forfeitures as they occur. Restricted Stock Units Restricted stock units (the “RSUs”) are granted subject to certain restrictions. Vesting conditions are determined at the discretion of the Board of Directors. The fair market value of RSUs is generally determined based on the closing market price of the stock on the grant date. The following table summarizes the restricted stock award activity during the year ended December 31, 2023 Weighted-Average Grant Date Shares Fair Value Outstanding at December 31, 2022 — $ — Granted (1) 461,005 1.38 Vested (1) (247,961 ) 1.38 Outstanding at December 31, 2023 213,044 $ 1.38 Notes: ( 1 January 3, 2023, 2022. one 2023. December 6, 2023, Compensation Expenses We recognize all share-based payments to employees, consultants, and our Board, as non-cash compensation expense, in research and development expenses or general and administrative expenses in the consolidated statement of operations, and these charges had no For performance-based awards, the Company recognizes related stock-based compensation expenses based upon its determination of the potential likelihood of achievement of the specified performance conditions at each reporting date. There was no performance-based award recognized during the years ended December 31, 2023 2022 Total non-cash stock option compensation expense was allocated among the following expense categories: Years Ended December 31, 2023 2022 General and administrative $ 1,201,027 $ 1,661,025 Research and development 43,094 227,919 Total $ 1,244,121 $ 1,888,944 The following table summarizes the Company’s non-cash share-based compensation expenses: Years Ended December 31, 2023 2022 Share based compensation expense- stock options $ 1,004,054 $ 1,888,944 Share based compensation expense- restricted stock units 240,067 — Total $ 1,244,121 $ 1,888,944 |
Note 7 - Shareholders' Equity
Note 7 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 7: Issuances of Common Stock For the year ended December 31, 2023 December 31, 2022, Treasury Stock As of December 31, 2023 2022 |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 8: For purpose of disclosure in the consolidated financial statements, the Company has evaluated subsequent events through March 28, 2024 not 2024 On January 2, 2024, one four one four one On January 2, 2024, ed 141,510 restricted stock units one 2024. December 2023. On March 11, 2024, December 31, 2023. Senior Secured Convertible Promissory Notes On March 8, 2024, March 8, 2027 February 28, 1996, 5% 4 2 1933, The Convertible Notes will be senior, secured obligations of the Company and its affiliates, and interest will be payable quarterly in cash on the principal amount equal to 8% per annum, and guaranteed by Dyadic International (USA), Inc. under a subsidiary guarantee for the benefit of the holders of the Convertible Notes (each such holder, a “Holder”). The Convertible Notes will mature on March 8, 2027 first The Convertible Notes are convertible into shares of the Company’s common stock, in whole or in part, at the option of the Holders at any time, based on an initial conversion price of $1.79 per share of common stock, subject to adjustment in certain circumstances; provided that the Company shall not not not 19.99% may The Holders may 18, 21, 24, 27, 30, 33 not 60 may not 60 The Convertible Notes contain customary terms and covenants and customary events of default ("Events of Default”). Upon the occurrence of any Event of Default, at the Holder’s election, the outstanding principal amount of the applicable Convertible Notes, plus accrued but unpaid interest, liquidated damages, and other amounts owing in respect thereof through the date of acceleration, shall become immediately due and payable. After the occurrence of any Event of Default that results in the eventual acceleration of any Note, the interest rate on such Note shall accrue at an interest rate equal to 18% per annum (with a credit for any “unused” guaranteed interest). The Securities Purchase Agreement also contains certain affirmative and negative covenants (including, without limitation, restrictions on our ability to incur indebtedness, permit liens, make dividends or certain debt payments or consummate certain affiliate transactions) and customary representations and warranties of the Company and the Purchasers, indemnification obligations of the Company, termination provisions, and other obligations and rights of the parties. The Company also entered into a registration rights agreement (the “Registration Rights Agreement”) with the Purchasers, pursuant to which the Company has agreed to register under the Securities Act any common stock of the Company issuable upon conversion of the Convertible Notes. The Company also entered into a security agreement (the “Security Agreement”) with the Purchasers, pursuant to which the Company granted the Purchasers a continuing security interest in certain collateral to secure the full and prompt payment, performance and observance of all present and future indebtedness, obligations, liabilities and agreements of any kind of the Company to the Purchasers arising under or in connection with the Convertible Notes. Dyadic International (USA), Inc., a subsidiary of the Company (the “Guarantor”) also entered into a subsidiary guarantee (the “Subsidiary Guarantee”) with the Purchasers, pursuant to which the Guarantor has guaranteed to the Purchasers the prompt and complete payment and performance when due of the obligations under the Securities Purchase Agreement. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Liquidity and Capital Resources, Policy [Policy Text Block] | Liquidity and Capital Resources The Company expects to incur losses and have negative net cash flows from operating activities as it continues developing its microbial platforms and related products, and as it expands its pipelines and engages in further research and development activities for internal products as well as for its third For the year ended December 31, 2023, On March 8, 2024, March 8, 2027 ( 4 2 1933, 5% The Convertible Notes will be senior, secured obligations of Dyadic and its affiliates, and interest will be payable quarterly in cash on the principal amount equal to 8% per annum. The Convertible Notes will mature on March 8, 2027 ( The Convertible Notes can be converted into shares of Dyadic’s Class A common stock (the “Common Stock”), at the option of the holders of the Convertible Notes (the “Noteholders”) at any time prior to the Maturity Date. The conversion price is $1.79 per share of the Common Stock, which is equal to 125% of the trailing 30 This private placement funding strengthened our financial position, and it will support our new-term revenue growth and accelerate our strategic objective of commercialization opportunities for pharmaceutical and non-pharmaceutical applications. The Company has received successful top-line results for the Phase 1 100, not 2/3 third The Company expects its existing cash and cash equivalents and cash raised from the Convertible Notes, investments in debt securities, and operating cash flows will be sufficient to meet its operational, business, and other liquidity requirements for at least the next twelve 12 10 may may not not may no |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying audited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Dyadic consolidates entities in which we have a controlling financial interest. We consolidate subsidiaries in which we hold and/or control, directly or indirectly, more than 50% The Company conducts business in one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of these consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amount of assets and liabilities and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the applicable period. Estimates inherent in the preparation of these consolidated financial statements include, but are not may |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations and Credit Risk The Company’s financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, investment securities, and accounts receivable. At times, the Company has cash, cash equivalents, and investment securities at financial institutions exceeding the Federal Depository Insurance Company (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”) insured limit on domestic currency and the Netherlands FDIC counterpart for foreign currency. The Company only deals with reputable financial institutions and has not For the years ended December 31, 2023 2022 December 31, 2023 2022 10% December 31, 2023 2022 two and three signifi $1,150,000 or 45.2% d $1,811,000 or 67.5% of r one The Company conducts operations in the Netherlands through its foreign subsidiary and generates a portion of its revenues from customers that are located outside of the United States. For the years ended December 31, 2023 2022 December 31, 2023 2022 The Company uses contract research organizations (“CROs”) to conduct its research projects and manage its clinical trial. For each of the years ended December 31, 2023 2022 three $4,644,0 00 December 31, 2023 three $620,000 or 94.4% of a December 31, 2022 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We treat highly liquid investments with original maturities of three |
Investment, Policy [Policy Text Block] | Investment Securities The Company’s investment policy requires investment securities to be investment grade and held to maturity with the primary objective to maintain a high degree of liquidity while maximizing yield. The Company invests excess cash balances in short-term and long-term investment grade securities. Short-term investment securities mature within twelve 12 twelve 12 The Company classifies its investments in debt securities as held-to-maturity. Held-to-maturity securities are those securities that the Company has the ability and intent to hold until maturity. Held-to-maturity securities are recorded at amortized cost, net of allowance for credit losses if applicable, and adjusted for the amortization or accretion of premiums or discounts. Premiums and discounts are amortized over the life of the related held-to-maturity security. When a debt security is purchased at a premium, both the face value of the debt and premium amount are reflected as investing outflow. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates, and whether it is more likely than not As of December 31, 2023 2022 not December 31, 2023 2022 |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable consist of billed receivables currently due from customers and unbilled receivables. Unbilled receivables represent the excess of contract revenue (or amounts reimbursable under contracts) over billings to date. Such amounts become billable in accordance with the contract terms, which usually consider the passage of time, achievement of certain milestones or completion of the project. Accounts receivable are stated net of an allowance for credit losses, if deemed necessary based on the Company’s evaluation of collectability and potential credit losses. Management assesses the collectability of its accounts receivable using the specific identification of account balances and considers the credit quality and financial condition of its significant customers, historical information regarding credit losses and the Company’s evaluation of current and expected future economic conditions and changes in our customer collection trends. If necessary, an allowance for credit losses is recorded against accounts receivable such that the carrying value of accounts receivable reflects the net amount expected to be collected. Accounts receivable balances are written off against the allowance for credit losses when the potential for collectability is considered remote. Substantially all of our accounts receivable were current and include unbilled amounts that will be billed and collected over the next twelve 12 December 31, 2023 2022 Accounts receivable consist of the following: December 31, 2023 2022 Billed receivable $ 410,617 $ 115,469 Unbilled receivable 55,542 214,532 $ 466,159 $ 330,001 |
Prepaid Expenses and Other Current Assets, Policy [Policy Text Block] | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: December 31, 2023 2022 Prepaid insurance $ 209,888 $ 265,429 Prepaid expenses - various 117,887 124,273 Prepaid taxes — 2,534 $ 327,775 $ 392,236 |
Accounts Payable, Policy [Policy Text Block] | Accounts Payable Accounts payable consist of the following: December 31, 2023 2022 Research and development expenses $ 575,436 $ 1,067,958 Legal expenses 1,957 56,514 Other 79,052 151,841 $ 656,445 $ 1,276,313 |
Accrued Expenses, Policy [Policy Text Block] | Accrued Expenses Accrued expenses consist of the following: December 31, 2023 2022 Employee wages and benefits $ 561,720 $ 580,264 Research and development expenses 274,080 343,457 Legal expenses 210,004 — Other 11,360 31,360 $ 1,057,164 $ 955,081 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company has no third may Revenue related to research collaborations and agreements: 5 606 606” 606 Under the input method, revenue will be recognized based on the entity’s efforts or inputs to the satisfaction of a performance obligation (e.g., resources consumed, labor hours expended, costs incurred, or time elapsed) relative to the total expected inputs to the satisfaction of that performance obligation. The Company believes that the cost-based input method is the best measure of progress to reflect how the Company transfers its performance obligation to a customer. In applying the cost-based input method of revenue recognition, the Company uses actual costs incurred relative to budgeted costs to fulfill the performance obligation. These costs consist primarily of full-time equivalent effort and third A cost-based input method of revenue recognition requires management to make estimates of costs to complete the Company’s performance obligations. In making such estimates, significant judgment is required to evaluate assumptions related to cost estimates. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods. Revenue related to grants: may not . not third 2 Revenue related to sublicensing agreements: Customer options: Milestone payments: not Royalties: not We invoice customers based on our contractual arrangements with each customer, which may not We are not one The Company adopted a practical expedient to expense sales commissions when incurred because the amortization period would be one |
Lessee, Leases [Policy Text Block] | Leases The Company determines if an arrangement is, or contains, a lease at contract inception and during modifications or renewal of existing leases. The Company does not twelve not 842. For operating leases, right-of-use assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses an estimated rate of interest that they would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The operating lease right-of-use asset also includes any lease payments made and excludes any lease incentives. Lease expense is recognized on a straight-line basis over the expected lease term. The Company’s prior lease for its corporate headquarters located at 140 August 31, 2023, no August 2023, “1044 1044 1, September 1, 2023 ( August 31, 2026. three 1044 1044 three two one not not For the years ended December 31, 2023 2022 , the Company’s total operating lease expense was approximately $72,000 and $58,000 , respectively. As of December 31, 2023 , the Company’s total operating lease liabilities was approximately $136,929, which is presented net of imputed interest of $16,770, and the operating lease right-of-use asset was approximately $141,439. There were no operating lease liabilities or operating lease right-of-use assets as of December 31, 2022. As of December 31, 2023 , the |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development (“R&D”) costs are expensed as incurred. R&D costs are related to the Company’s internally funded pharmaceutical programs and other governmental and commercial projects. Research and development costs consist of personnel-related costs, facilities, research-related overhead, services from independent contract research organizations, and other external costs. Research and development costs, during the years ended December 31, 2023 2022 Years Ended December 31, 2023 2022 Outside contracted services $ 2,677,941 $ 3,707,269 Personnel related costs 553,741 743,051 Facilities, overhead and other 65,584 51,045 $ 3,297,266 $ 4,501,365 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transaction Gain or Loss The Company and its foreign subsidiary use the U.S. dollar as its functional currency, and initially measure the foreign currency denominated assets and liabilities at the transaction date. Monetary assets and liabilities are then re-measured at exchange rates in effect at the end of each period, and property and non-monetary assets and liabilities are converted at historical rates. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company applies fair value accounting for certain financial instruments that are recognized or disclosed at fair value in the financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three • Level 1 • Level 2 • Level 3 The Company’s financial instruments included cash and cash equivalents, investment in debt securities, accounts receivable, accounts payable and accrued expenses, accrued payroll and related liabilities, deferred research and development obligations and deposits. The carrying amount of these financial instruments, except for investment in debt securities, approximates fair value due to the short-term maturities of these instruments. The Company’s short-term and long-term investments in debt securities are recorded at amortized cost, and their estimated fair value amounts are provided by the third |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC Topic 740, not not In determining taxable income for the Company’s consolidated financial statements, we are required to estimate income taxes in each of the jurisdictions in which we operate. This process requires the Company to make certain estimates of our actual current tax exposure and assessment of temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Company’s ability to recover its deferred tax assets, the Company must consider all available positive and negative evidence including its past operating results, the existence of cumulative losses in the most recent years and its forecast of future taxable income. Significant management judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. The Company is required to evaluate the provisions of ASC 740 740 not not 740. |
Other Income Policy [Policy Text Block] | Other Income For the year ended December 31, 2023 , other income of approximately $1,018,000 was related to the sale of the equity interest in Alphazyme, LLC. For the year ended December 31, 2022, |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other revenue, expenses, gains and losses that are recorded as an element of shareholders’ equity but are excluded from net income (loss) under U.S. GAAP. The Company does not not |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation We recognize all share-based payments to employees, consultants, and our Board of Directors (the “Board”), as non-cash compensation expense, in research and development expenses or general and administrative expenses in the consolidated statement of operations based on the grant date fair values of such payments. Stock-based compensation expense recognized each period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. Forfeitures are recorded as they occur. For performance-based awards, the Company recognizes related stock-based compensation expense based upon its determination of the potential likelihood of achievement of the specified performance conditions at each reporting date. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted net loss per share adjusts the weighted average number of common stock outstanding for the potential dilution that could occur if common stock equivalents, such as stock options, warrants, restricted stock, restricted stock units and convertible debt, were exercised and converted into common stock, calculated by applying the treasury stock method. For the years ended December 31, 2023 2022 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 Measurement of Credit Losses on Financial Instruments 2016 13 2016 13 2016 13 January 1, 2023, not Recent Accounting Pronouncements Not December 31, 2023 In December 2023, 2023 09 740 1 2 2023 09 2025 not not In November 2023, 2023 07 280 other segment items other segment items 280 one 280. 2023 07 December 15, 2023, not |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2023 2022 Billed receivable $ 410,617 $ 115,469 Unbilled receivable 55,542 214,532 $ 466,159 $ 330,001 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | December 31, 2023 2022 Prepaid insurance $ 209,888 $ 265,429 Prepaid expenses - various 117,887 124,273 Prepaid taxes — 2,534 $ 327,775 $ 392,236 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2023 2022 Research and development expenses $ 575,436 $ 1,067,958 Legal expenses 1,957 56,514 Other 79,052 151,841 $ 656,445 $ 1,276,313 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2023 2022 Employee wages and benefits $ 561,720 $ 580,264 Research and development expenses 274,080 343,457 Legal expenses 210,004 — Other 11,360 31,360 $ 1,057,164 $ 955,081 |
Schedule of Research and Development Costs [Table Text Block] | Years Ended December 31, 2023 2022 Outside contracted services $ 2,677,941 $ 3,707,269 Personnel related costs 553,741 743,051 Facilities, overhead and other 65,584 51,045 $ 3,297,266 $ 4,501,365 |
Note 2 - Cash, Cash Equivalen_2
Note 2 - Cash, Cash Equivalents, and Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | December 31, 2023 Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 25,775 $ — $ — $ 25,775 Money Market Funds 1 6,489,253 — — 6,489,253 Subtotal 6,515,028 — — 6,515,028 Short-Term Investment Securities (2) Corporate Bonds (3) 2 748,105 — (185 ) 748,290 Total $ 7,263,133 $ — $ (185 ) $ 7,263,318 December 31, 2022 Gross Gross Level Unrealized Unrealized (1) Fair Value Holding Gains Holding Losses Adjusted Cost Cash and Cash Equivalents Cash $ 26,782 $ — $ — $ 26,782 Money Market Funds 1 5,767,490 — — 5,767,490 Subtotal 5,794,272 — — 5,794,272 Short-Term Investment Securities (2) Corporate Bonds (3) 2 6,800,062 — (47,208 ) 6,847,270 Total $ 12,594,334 $ — $ (47,208 ) $ 12,641,542 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 2023 2022 U.S. operations $ (6,766,409 ) $ (9,828,427 ) Foreign operations (29,052 ) 93,169 Total loss before provision for income taxes $ (6,795,461 ) $ (9,735,258 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2023 2022 Tax at U.S. statutory rate (21.00 )% (21.00 )% State taxes, net of federal benefit (4.19 ) (4.35 ) Non-deductible items 0.76 — Change in valuation allowance 14.54 24.77 True-up adjustment 10.00 0.34 Foreign operations (0.11 ) 0.24 Change in tax rate — — Other — — Effective income tax rate — % — % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 Section 174 - R&D expenses $ 1,769,000 $ 1,046,400 Stock option expense 1,419,300 1,341,900 NOL carryforward 11,620,700 11,524,900 Research and development credits 1,503,600 1,623,100 Operating lease liability 34,700 — Right-of-use asset (35,800 ) — Other 134,800 (78,200 ) Deferred tax asset, net of deferred tax liabilities 16,446,300 15,458,100 Valuation allowance (16,446,300 ) (15,458,100 ) Net deferred tax asset $ — $ — |
Note 5 - Commitments and Cont_2
Note 5 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 $ 53,361 2025 59,901 2026 35,638 Total $ 148,900 |
Note 6 - Share-based Compensa_2
Note 6 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2023 2022 Risk-free interest rate 3.90% -5.12% 1.40% - 3.24% Expected dividend yield —% —% Expected stock price volatility 62.22% - 64.27% 61.30% - 61.58% Expected life of options (in years) 1.13 -6.25 5.5 - 6.25 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Shares Exercise Price Term (Years) Value Outstanding at December 31, 2021 4,774,215 $ 3.04 6.14 $ 8,413,444 Granted 865,825 4.43 Exercised (333,943 ) 1.63 Expired (200,000 ) 5.47 Canceled (75,000 ) 4.81 Outstanding at December 31, 2022 5,031,097 $ 3.25 5.75 $ 13,000 Granted (1) 805,350 1.45 Exercised — — Expired (2) (351,520 ) 1.71 Canceled (3) (15,680 ) 3.50 Outstanding at December 31, 2023 5,469,247 $ 3.08 5.66 $ 322,738 Exercisable at December 31, 2023 4,160,298 $ 3.15 4.81 $ 161,427 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted-Average Grant Date Shares Fair Value Outstanding at December 31, 2022 — $ — Granted (1) 461,005 1.38 Vested (1) (247,961 ) 1.38 Outstanding at December 31, 2023 213,044 $ 1.38 |
Share-Based Payment Arrangement, Activity [Table Text Block] | Years Ended December 31, 2023 2022 General and administrative $ 1,201,027 $ 1,661,025 Research and development 43,094 227,919 Total $ 1,244,121 $ 1,888,944 Years Ended December 31, 2023 2022 Share based compensation expense- stock options $ 1,004,054 $ 1,888,944 Share based compensation expense- restricted stock units 240,067 — Total $ 1,244,121 $ 1,888,944 |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | 36 Months Ended | ||||
Mar. 08, 2024 USD ($) $ / shares | Dec. 31, 2023 USD ($) ft² shares | Dec. 31, 2022 USD ($) shares | Aug. 31, 2026 | Oct. 05, 2023 USD ($) | Sep. 01, 2023 | |
Number of Operating Segments | 1 | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,898,806 | $ 2,930,303 | ||||
Accounts Receivable, Allowance for Credit Loss | 0 | 0 | ||||
Operating Lease, Expense | 72,000 | 58,000 | ||||
Operating Lease, Liability | 136,929 | 0 | ||||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 16,770 | |||||
Operating Lease, Right-of-Use Asset | $ 141,439 | 0 | ||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 8 months 12 days | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 8.80% | |||||
Other Income | $ 1,018,000 | $ 250,000 | ||||
Share-Based Payment Arrangement [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 5,469,247 | 5,031,097 | ||||
The 1044 N Lease [Member] | ||||||
Area of Real Estate Property (Square Foot) | ft² | 1,719 | |||||
Lessee Operating Lease Yearly Percentage Increase | 3% | |||||
Lessee, Operating Lease, Term of Contract (Year) | 3 years | |||||
Lessee Operating Lease Additional Number of Renewal Terms | 2 | |||||
Lessee, Operating Lease, Renewal Term (Year) | 1 year | |||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||||
Concentration Risk, Number of Customers | 16 | 14 | ||||
Concentration Risk, Significant Customers | 2 | 3 | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Non-US [Member] | ||||||
Concentration Risk, Number of Customers | 6 | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 537,000 | $ 586,000 | ||||
Concentration Risk, Percentage | 21.10% | 21.80% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Significant Customers [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,150,000 | |||||
Concentration Risk, Percentage | 45.20% | |||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Three Significant Customers [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,811,000 | |||||
Concentration Risk, Percentage | 67.50% | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||
Concentration Risk, Number of Customers | 13 | 6 | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Non-US [Member] | ||||||
Concentration Risk, Number of Customers | 6 | 4 | ||||
Concentration Risk, Percentage | 45.60% | 27.40% | ||||
Accounts Receivable, after Allowance for Credit Loss | $ 213,000 | $ 91,000 | ||||
Supplier Concentration Risk [Member] | Contract Research Organizations [Member] | ||||||
Concentration Risk, Number of Suppliers | 3 | 3 | ||||
Supplier Concentration Risk [Member] | Contract Research Organizations [Member] | Three CROs [Member] | ||||||
Concentration Risk, Percentage | 96% | 97.90% | ||||
Research Services Purchased | $ 4,644,000 | $ 5,575,000 | ||||
Supplier Concentration Risk [Member] | Accounts Payable [Member] | ||||||
Concentration Risk, Number of Suppliers | 3 | 3 | ||||
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Three CROs [Member] | ||||||
Concentration Risk, Percentage | 94.40% | 79.70% | ||||
Accounts Payable | $ 620,000 | $ 1,018,000 | ||||
Subsequent Event [Member] | Senior Secured 2024 Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 6,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | |||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 1.79 | |||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 125% | |||||
Inzymes Agreement APS [Member] | ||||||
Non-refundable Upfront Payment, Received | 600,000 | $ 600,000 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 110,000 | |||||
Alphazyme [Member] | ||||||
Proceeds from Sale, Maturity and Collection of Investments | $ 1,300,000 |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivable | $ 466,159 | $ 330,001 |
Billed Revenues [Member] | ||
Accounts receivable | 410,617 | 115,469 |
Unbilled Revenues [Member] | ||
Accounts receivable | $ 55,542 | $ 214,532 |
Note 1 - Organization and Sum_5
Note 1 - Organization and Summary of Significant Accounting Policies - Prepaid Expenses and Other Current Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid insurance | $ 209,888 | $ 265,429 |
Prepaid expenses - various | 117,887 | 124,273 |
Prepaid taxes | 0 | 2,534 |
Prepaid Expense and Other Assets, Current | $ 327,775 | $ 392,236 |
Note 1 - Organization and Sum_6
Note 1 - Organization and Summary of Significant Accounting Policies - Accounts Payable (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Research and development expenses | $ 575,436 | $ 1,067,958 |
Legal expenses | 1,957 | 56,514 |
Other | 79,052 | 151,841 |
Accounts Payable, Current | $ 656,445 | $ 1,276,313 |
Note 1 - Organization and Sum_7
Note 1 - Organization and Summary of Significant Accounting Policies - Accrued Expenses (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Employee wages and benefits | $ 561,720 | $ 580,264 |
Research and development expenses | 274,080 | 343,457 |
Legal expenses | 210,004 | 0 |
Other | 11,360 | 31,360 |
Accrued Liabilities, Current | $ 1,057,164 | $ 955,081 |
Note 1 - Organization and Sum_8
Note 1 - Organization and Summary of Significant Accounting Policies - Research and Development Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Outside contracted services | $ 2,677,941 | $ 3,707,269 |
Personnel related costs | 553,741 | 743,051 |
Facilities, overhead and other | 65,584 | 51,045 |
Research And Development Expense, Including Related Party | $ 3,297,266 | $ 4,501,365 |
Note 2 - Cash, Cash Equivalen_3
Note 2 - Cash, Cash Equivalents, and Investments (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Corporate Debt Securities [Member] | ||
Debt Securities, Held-to-maturity, Securities Purchased, Discount | $ 39,012 | $ 6,280 |
Note 2 - Cash, Cash Equivalen_4
Note 2 - Cash, Cash Equivalents, and Investments - Major Security Type (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash and cash equivalent, fair value | $ 6,515,028 | $ 5,794,272 | |
Cash, adjusted cost | 25,775 | 26,782 | |
Money Market Funds, adjusted cost | 6,489,253 | 5,767,490 | |
Cash and cash equivalents | 6,515,028 | 5,794,272 | |
Corporate Bonds, gross unrealized holding gains | 0 | 0 | |
Corporate Bonds, gross unrealized holding losses | (185) | (47,208) | |
Short-term investment securities | 748,290 | 6,847,270 | |
Total, fair value | 7,263,133 | 12,594,334 | |
Total, adjusted cost | 7,263,318 | 12,641,542 | |
Cash [Member] | |||
Cash and cash equivalent, fair value | 25,775 | 26,782 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalent, fair value | 6,489,253 | 5,767,490 | |
Short-term Corporate Bonds [Member] | |||
Short-term investment securities | [1],[2] | 748,290 | 6,847,270 |
Short-term Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Corporate Bonds, fair value | [1],[2] | 748,105 | 6,800,062 |
Corporate Bonds, gross unrealized holding gains | [1],[2] | 0 | 0 |
Corporate Bonds, gross unrealized holding losses | [1],[2] | $ (185) | $ (47,208) |
[1]For the years ended December 31, 2023 and 2022, the Company received discounts of $39,012 and $6,280 to purchase held-to-maturity investment securities, respectively.[2]Short-term investment securities will mature within 12 months or less, from the applicable reporting date. |
Note 3 - Research and Collabo_2
Note 3 - Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Oct. 05, 2023 | Dec. 01, 2020 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,898,806 | $ 2,930,303 | ||
Alphazyme [Member] | ||||
Proceeds from Sale, Maturity and Collection of Investments | 1,300,000 | |||
Alphazyme [Member] | ||||
Ownership Percentage | 1.99% | |||
Research and Development [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,545,865 | 2,683,244 | ||
Inzymes Agreement APS [Member] | ||||
Non-refundable Upfront Payment, Received | 600,000 | $ 600,000 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 110,000 | |||
A Global Food Ingredient Company [Member] | Research and Development [Member] | Purchase Provision Terms [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 631,000 | 790,000 | ||
Janssen Pharmaceutical Companies [Member] | ||||
Deferred License Revenue | 353,000 | 176,000 | ||
Accounts Receivable, after Allowance for Credit Loss | 145,000 | 121,000 | ||
Janssen Pharmaceutical Companies [Member] | Research and Development [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 520,000 | $ 539,000 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current Income Tax Expense (Benefit) | $ 0 | $ 0 |
Operating Loss Carryforwards | 45,900,000 | 44,000,000 |
Operating Loss Carryforwards, Will Be Carried Forward Indefinitely | $ 42.9 | |
Operating Loss Carryforwards, Will Be Carried Forward Indefinitely, Available to Offset Taxable Income, Percentage | 80% | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards | $ 1,400,000 | $ 1,400,000 |
Note 4 - Income Taxes - Compone
Note 4 - Income Taxes - Components of Loss Before Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
U.S. operations | $ (6,766,409) | $ (9,828,427) |
Foreign operations | (29,052) | 93,169 |
Total loss before provision for income taxes | $ (6,795,461) | $ (9,735,258) |
Note 4 - Income Taxes - Reconci
Note 4 - Income Taxes - Reconciliation Between Statutory Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Tax at U.S. statutory rate | (21.00%) | (21.00%) |
State taxes, net of federal benefit | (4.19%) | (4.35%) |
Non-deductible items | 0.76% | 0% |
Change in valuation allowance | 14.54% | 24.77% |
True-up adjustment | 10% | 0.34% |
Foreign operations | (0.11%) | 0.24% |
Change in tax rate | 0% | 0% |
Other | 0% | 0% |
Effective income tax rate | 0% | 0% |
Note 4 - Income Taxes - Compo_2
Note 4 - Income Taxes - Component of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Section 174 - R&D expenses | $ 1,769,000 | $ 1,046,400 |
Stock option expense | 1,419,300 | 1,341,900 |
NOL carryforward | 11,620,700 | 11,524,900 |
Research and development credits | 1,503,600 | 1,623,100 |
Operating lease liability | 34,700 | 0 |
Right-of-use asset | (35,800) | 0 |
Other | 134,800 | (78,200) |
Deferred tax asset, net of deferred tax liabilities | 16,446,300 | 15,458,100 |
Valuation allowance | (16,446,300) | (15,458,100) |
Net deferred tax asset | $ 0 | $ 0 |
Note 5 - Commitments and Cont_3
Note 5 - Commitments and Contingencies (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) a | Jan. 31, 2024 EUR (€) | |
Purchase Obligation | $ 932,000 | |
VTT Technical Research Centre of Finland Ltd [Member] | Subsequent Event [Member] | ||
Collaborative Arrangement, Payment for Additional Development and Commercialization | € | € 186,000 | |
Jupiter Florida Headqauarters Lease [Member] | ||
Area of Real Estate Property (Square Foot) | a | 1,719 | |
Operating Leases, Monthly Rental Rate | $ 59,000 | |
Netherlands Office Lease [Member] | ||
Operating Leases, Annual Rental Rate | $ 4,800 |
Note 5 - Commitments and Cont_4
Note 5 - Commitments and Contingencies - Future Minimum Lease Payments (Details) | Dec. 31, 2023 USD ($) |
2024 | $ 53,361 |
2025 | 59,901 |
2026 | 35,638 |
Total | $ 148,900 |
Note 6 - Share-based Compensa_3
Note 6 - Share-based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||||||||||
Dec. 06, 2023 | Oct. 23, 2023 | Sep. 15, 2023 | May 30, 2023 | Jan. 03, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 16, 2021 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 5,469,247 | 5,031,097 | 4,774,215 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 805,350 | [1] | 865,825 | ||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.45 | [1] | $ 4.43 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 351,520 | [2] | 200,000 | ||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.71 | [2] | $ 5.47 | ||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share) | 3.5 | [3] | 4.81 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0.81 | $ 2.49 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 365,000 | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 559,121 | $ 919,000 | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 8 months 4 days | 2 years 9 months 3 days | |||||||||
Share-Based Payment Arrangement, Expense | $ 1,244,121 | $ 1,888,944 | |||||||||
Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years 6 months | ||||||||||
Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 3 months | ||||||||||
Executives and Key Personnel [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 406,250 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.38 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 1 year | ||||||||||
Director [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 262,500 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.38 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 25,000 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.75 | ||||||||||
Employees [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 24,100 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.38 | ||||||||||
Consultant [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 15,000 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.38 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 25,000 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ 3.99 | ||||||||||
Consultant Two [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 37,500 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.23 | ||||||||||
Consultant Three [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 55,000 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.75 | ||||||||||
Executive Officer [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 270,000 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.39 | ||||||||||
Former Employee [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 31,520 | ||||||||||
Former Employee [Member] | Minimum [Member] | |||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.39 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share) | 1.39 | ||||||||||
Former Employee [Member] | Maximum [Member] | |||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in dollars per share) | 5.27 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share) | $ 5.27 | ||||||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||||
Share-Based Payment Arrangement, Expense | $ 1,004,054 | $ 1,888,944 | |||||||||
Share-Based Payment Arrangement, Option [Member] | Director [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||
Share-Based Payment Arrangement, Option [Member] | Employees [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||
Share-Based Payment Arrangement, Option [Member] | Consultant [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||
Share-Based Payment Arrangement, Option [Member] | Consultant Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 months | ||||||||||
Share-Based Payment Arrangement, Option [Member] | Consultant Three [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year 6 months | ||||||||||
Share-Based Payment Arrangement, Option [Member] | Employee [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 5,000 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.66 | ||||||||||
Share-Based Payment Arrangement, Option [Member] | Employee [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||
Share-Based Payment Arrangement, Option [Member] | Share-based Compensation Award Tranche Two through Five [Member] | Executives and Key Personnel [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | [4] | 461,005 | |||||||||
Share-Based Payment Arrangement, Expense | $ 240,067 | 0 | |||||||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 50,000 | 163,044 | |||||||||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 247,961 | ||||||||||
Performance Award [Member] | |||||||||||
Share-Based Payment Arrangement, Expense | $ 0 | $ 0 | |||||||||
The 2011 Plan [Member] | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 3,000,000 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 5,469,247 | 5,031,097 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 2,773,406 | 3,672,561 | |||||||||
The 2011 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||||
The 2011 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 1 year | ||||||||||
The 2011 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Contractor [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 1 year | ||||||||||
The 2011 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years | ||||||||||
The 2011 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 3 years | ||||||||||
The 2011 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | Contractor [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | ||||||||||
The 2011 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 10 years | ||||||||||
[1]Represents the following stock options granted: • Annual share-based compensation awards on January 3, 2023, including: (a) 406,250 stock options with an exercise price of $1.38 per share granted to executives and key personnel, upon one year anniversary, or vesting annually in equal installments over four years, (b) 262,500 stock options with an exercise price of $1.38 per share granted to members of the Board of Directors, vesting upon one year anniversary, (c) 24,100 stock options with an exercise price of $1.38 per share granted to employees, vesting annually in equal installments over four years, and (d) 15,000 stock options with an exercise price of $1.38 per share granted to a consultant, vesting upon one year anniversary. • Throughout the year the following stock options were granted: (a) on May 30, 2023, 37,500 stock options with an exercise price of $2.23 per share granted to a consultant, vesting over two months from the grant date, (b) on September 15, 2023, 55,000 stock options with an exercise price of $1.75 per share granted to a consultant, vesting over a year and half from the grant date, and (c) on October 23, 2023, 5,000 stock options with an exercise price of $1.66 per share granted to an employee vesting annually in equal installments over four years.[2]Represents the following stock options expired: • 270,000 stock options with an exercise price of $1.39 per share granted to executive, (b) 25,000 stock options with an exercise price of $3.99 per share granted to a consultant, (c) 25,000 stock options with an exercise price of $1.75 per share granted to a member of the Board of Directors, (d) 31,520 stock options with an exercise price ranging between $1.39 and $5.27 per share granted to a former employee.[3]Represents the cancellation of unvested portion of the stock options granted previously to a former employee with exercise price ranging between $1.39 to $5.27.[4]On January 3, 2023, the Company granted 247,961 RSUs with immediate vesting, to executives and key personnel in lieu of cash bonuses earned for the year ended 2022. The Company also granted 163,044 RSUs, vesting upon one year anniversary of the grant, to the Board of Directors as a result of the Board agreeing to a reduction in director cash compensation for 2023. On December 6, 2023, the Company granted 50,000 RSUs to a consultant, vesting at the end of the service period. |
Note 6 - Share-based Compensa_4
Note 6 - Share-based Compensation - Black-Scholes Options Pricing Model (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Minimum [Member] | ||
Risk-Free interest rate, minimum | 1.40% | |
Expected stock price volatility, minimum | 62.22% | 61.30% |
Expected life of options (Year) | 5 years 6 months | |
Maximum [Member] | ||
Risk-Free interest rate, maximum | 3.24% | |
Expected stock price volatility, maximum | 64.27% | 61.58% |
Expected life of options (Year) | 6 years 3 months |
Note 6 - Share-based Compensa_5
Note 6 - Share-based Compensation - Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2022 | ||
Outstanding, shares (in shares) | 5,031,097 | 4,774,215 | |||
Outstanding, weighted average exercise price (in dollars per share) | $ 3.25 | $ 3.04 | |||
Weighted-average remaining contractual term, outstanding (Year) | 5 years 7 months 28 days | 5 years 9 months | 6 years 1 month 20 days | ||
Aggregate intrinsic value, outstanding | $ 322,738 | $ 13,000 | $ 8,413,444 | ||
Granted. shares (in shares) | 805,350 | [1] | 865,825 | ||
Granted, weighted average exercise price (in dollars per share) | $ 1.45 | [1] | $ 4.43 | ||
Exercised, shares (in shares) | 0 | (333,943) | |||
Exercised, weighted average exercise price (in dollars per share) | $ 0 | $ 1.63 | |||
Expired, shares (in shares) | (351,520) | [2] | (200,000) | ||
Expired, weighted average exercise price (in dollars per share) | $ 1.71 | [2] | $ 5.47 | ||
Canceled, shares (in shares) | (15,680) | [3] | (75,000) | ||
Canceled, weighted average exercise price (in dollars per share) | $ 3.5 | [3] | $ 4.81 | ||
Outstanding, shares (in shares) | 5,469,247 | 5,031,097 | 4,774,215 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 3.08 | $ 3.25 | $ 3.04 | ||
Exercisable, shares (in shares) | 4,160,298 | ||||
Exercisable, weighted average exercise price (in dollars per share) | $ 3.15 | ||||
Weighted-average remaining contractual term, exercisable (Year) | 4 years 9 months 21 days | ||||
Aggregate intrinsic value, exercisable | $ 161,427 | ||||
[1]Represents the following stock options granted: • Annual share-based compensation awards on January 3, 2023, including: (a) 406,250 stock options with an exercise price of $1.38 per share granted to executives and key personnel, upon one year anniversary, or vesting annually in equal installments over four years, (b) 262,500 stock options with an exercise price of $1.38 per share granted to members of the Board of Directors, vesting upon one year anniversary, (c) 24,100 stock options with an exercise price of $1.38 per share granted to employees, vesting annually in equal installments over four years, and (d) 15,000 stock options with an exercise price of $1.38 per share granted to a consultant, vesting upon one year anniversary. • Throughout the year the following stock options were granted: (a) on May 30, 2023, 37,500 stock options with an exercise price of $2.23 per share granted to a consultant, vesting over two months from the grant date, (b) on September 15, 2023, 55,000 stock options with an exercise price of $1.75 per share granted to a consultant, vesting over a year and half from the grant date, and (c) on October 23, 2023, 5,000 stock options with an exercise price of $1.66 per share granted to an employee vesting annually in equal installments over four years.[2]Represents the following stock options expired: • 270,000 stock options with an exercise price of $1.39 per share granted to executive, (b) 25,000 stock options with an exercise price of $3.99 per share granted to a consultant, (c) 25,000 stock options with an exercise price of $1.75 per share granted to a member of the Board of Directors, (d) 31,520 stock options with an exercise price ranging between $1.39 and $5.27 per share granted to a former employee.[3]Represents the cancellation of unvested portion of the stock options granted previously to a former employee with exercise price ranging between $1.39 to $5.27. |
Note 6 - Share-based Compensa_6
Note 6 - Share-based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended | |
Dec. 31, 2023 $ / shares shares | ||
Outstanding, Balance, RSU (in shares) | shares | 0 | |
Outstanding, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0 | |
Granted, RSU (in shares) | shares | 461,005 | [1] |
Granted, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 1.38 | [1] |
Vested, RSU (in shares) | shares | (247,961) | [1] |
Vested, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 1.38 | [1] |
Outstanding, Balance, RSU (in shares) | shares | 213,044 | |
Outstanding, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 1.38 | |
[1]On January 3, 2023, the Company granted 247,961 RSUs with immediate vesting, to executives and key personnel in lieu of cash bonuses earned for the year ended 2022. The Company also granted 163,044 RSUs, vesting upon one year anniversary of the grant, to the Board of Directors as a result of the Board agreeing to a reduction in director cash compensation for 2023. On December 6, 2023, the Company granted 50,000 RSUs to a consultant, vesting at the end of the service period. |
Note 6 - Share-based Compensa_7
Note 6 - Share-based Compensation - Noncash Stock Option Compensation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock-based compensation | $ 1,244,121 | $ 1,888,944 |
General and Administrative Expense [Member] | ||
Stock-based compensation | 1,201,027 | 1,661,025 |
Research and Development Expense [Member] | ||
Stock-based compensation | 43,094 | 227,919 |
Share-Based Payment Arrangement, Option [Member] | ||
Stock-based compensation | 1,004,054 | 1,888,944 |
Restricted Stock Units (RSUs) [Member] | ||
Stock-based compensation | $ 240,067 | $ 0 |
Note 7 - Shareholders' Equity (
Note 7 - Shareholders' Equity (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Treasury Stock, Common, Shares (in shares) | 12,253,502 | 12,253,502 |
Treasury Stock, Value | $ 18,929,915 | $ 18,929,915 |
Common Stock [Member] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares) | 247,961 | 333,943 |
Share-based Compensation Arrangements by Share-based Payment Award, Other than Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.38 | $ 1.63 |
Note 8 - Subsequent Events (Det
Note 8 - Subsequent Events (Details Textual) - USD ($) | 12 Months Ended | ||||||
Mar. 11, 2024 | Mar. 08, 2024 | Jan. 02, 2024 | Jan. 03, 2023 | Dec. 31, 2023 | [1] | Dec. 31, 2022 | |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.45 | $ 4.43 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 805,350 | 865,825 | |||||
Executives and Key Personnel [Member] | |||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.38 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 406,250 | ||||||
Director [Member] | |||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.38 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 262,500 | ||||||
Director [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||
Consultant [Member] | |||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.38 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 15,000 | ||||||
Consultant [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||
Subsequent Event [Member] | |||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.59 | ||||||
Subsequent Event [Member] | Senior Secured 2024 Notes [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||
Debt Instrument, Face Amount | $ 6,000,000 | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1.79 | ||||||
Debt Instrument, Interest Rate, Stated Percentage, Default | 18% | ||||||
Debt Instrument, Maturity Date | Mar. 08, 2027 | ||||||
Subsequent Event [Member] | Senior Secured 2024 Notes [Member] | Forecast [Member] | |||||||
Proceeds from Issuance of Senior Long-Term Debt | $ 5,850,000 | ||||||
Subsequent Event [Member] | Executives and Key Personnel [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 387,500 | ||||||
Subsequent Event [Member] | Executives and Key Personnel [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||
Subsequent Event [Member] | Director [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 352,500 | ||||||
Subsequent Event [Member] | Director [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||
Subsequent Event [Member] | Director [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 212,709 | 141,510 | |||||
Subsequent Event [Member] | Nonexecutive Employees [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 17,600 | ||||||
Subsequent Event [Member] | Nonexecutive Employees [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||
Subsequent Event [Member] | Consultant [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 15,000 | ||||||
Subsequent Event [Member] | Consultant [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||
[1]Represents the following stock options granted: • Annual share-based compensation awards on January 3, 2023, including: (a) 406,250 stock options with an exercise price of $1.38 per share granted to executives and key personnel, upon one year anniversary, or vesting annually in equal installments over four years, (b) 262,500 stock options with an exercise price of $1.38 per share granted to members of the Board of Directors, vesting upon one year anniversary, (c) 24,100 stock options with an exercise price of $1.38 per share granted to employees, vesting annually in equal installments over four years, and (d) 15,000 stock options with an exercise price of $1.38 per share granted to a consultant, vesting upon one year anniversary. • Throughout the year the following stock options were granted: (a) on May 30, 2023, 37,500 stock options with an exercise price of $2.23 per share granted to a consultant, vesting over two months from the grant date, (b) on September 15, 2023, 55,000 stock options with an exercise price of $1.75 per share granted to a consultant, vesting over a year and half from the grant date, and (c) on October 23, 2023, 5,000 stock options with an exercise price of $1.66 per share granted to an employee vesting annually in equal installments over four years. |