Liquidia 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Document Information [Line Items]
Entity Registrant Name	Liquidia Technologies Inc
Entity Central Index Key	0001330436
Trading Symbol	lqda
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		28,371,746
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common stock, par value $0.001 per share

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash	$ 40,127,919	$ 55,796,378
Prepaid expenses and other current assets	884,923	590,251
Total current assets	41,012,842	56,386,629
Property, plant and equipment, net	8,599,985	9,253,965
Operating lease right-of-use assets, net	2,785,238	2,823,430
Prepaid expenses and other assets	381,043	378,043
Total assets	52,779,108	68,842,067
Current liabilities:
Accounts payable	5,530,526	3,498,043
Accrued compensation	1,428,270	3,164,687
Accrued stock offering expenses		1,289,413
Other accrued expenses	1,463,772	1,525,919
Current portion of operating lease liabilities	589,931	566,390
Current portion of finance lease liabilities	1,484,882	1,244,229
Current portion of long-term debt	5,585,636	5,585,637
Total current liabilities	16,083,017	16,874,318
Long-term operating lease liabilities	5,512,485	5,670,971
Long-term finance lease liabilities	511,809	1,056,747
Long-term debt	8,899,877	10,292,484
Total liabilities	31,007,188	33,894,520
Commitments and contingencies
Stockholders’ equity:
Preferred stock — 10,000,000 shares authorized as of March 31, 2020 and December 31, 2019, 0 shares issued and outstanding as of March 31, 2020 and December 31, 2019
Common stock — $0.001 par value, 40,000,000 shares authorized as of March 31, 2020 and December 31, 2019, 28,368,698 and 28,231,267 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	28,368	28,231
Additional paid-in capital	251,774,481	250,158,766
Accumulated deficit	(230,030,929)	(215,239,450)
Total stockholders’ equity	21,771,920	34,947,547
Total liabilities and stockholders’ equity	$ 52,779,108	$ 68,842,067

Balance Sheets (Current Perio_2

Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
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, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	28,368,698	28,231,267
Common stock, shares outstanding (in shares)	28,368,698	28,231,267

Statements of Operations and Co

Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Costs and expenses:
Research and development	10,822,924	10,664,302
General and administrative	3,823,197	3,021,581
Total costs and expenses	14,646,121	13,685,883
Loss from operations	(14,646,121)	(13,685,883)
Other income (expense):
Interest income	109,590	137,785
Interest expense	(254,948)	(218,691)
Total other expense, net	(145,358)	(80,906)
Net loss	(14,791,479)	(13,766,789)
Other comprehensive loss
Comprehensive loss	$ (14,791,479)	$ (13,766,789)
Net loss per common share:
Basic (in dollars per share)	$ (0.52)	$ (0.86)
Diluted (in dollars per share)	$ (0.52)	$ (0.87)
Weighted average common shares outstanding:
Basic (in shares)	28,428,616	16,037,767
Diluted (in shares)	28,322,342	15,892,619

Statement of Stockholders' Equi

Statement of Stockholders' Equity (Unaudited) - USD ($)	Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2018					15,519,469
Balance at Dec. 31, 2018			$ (602,098)	$ (602,098)	$ 15,520	$ 185,726,048	$ (167,053,897)	$ 18,687,671
Exercise of common stock options (in shares)					52,914			15,695
Exercise of common stock options					$ 53	63,099		$ 63,152
Stock-based compensation						887,022		887,022
Sale of common stock, net (in shares)					3,000,000
Sale of common stock, net					$ 3,000	32,427,000		32,430,000
Net loss							(13,766,789)	(13,766,789)
Exercise of common stock warrants (in shares)					64,629
Exercise of common stock warrants					$ 64	649		713
Public offering financing costs						(382,424)		(382,424)
Balance (in shares) at Mar. 31, 2019					18,637,012
Balance at Mar. 31, 2019					$ 18,637	218,721,394	(181,422,784)	37,317,247
Balance (in shares) at Dec. 31, 2019					28,231,267
Balance at Dec. 31, 2019					$ 28,231	250,158,766	(215,239,450)	$ 34,947,547
Exercise of common stock options (in shares)					2,035			10,079
Exercise of common stock options					$ 2	(2)
Stock-based compensation						878,963		878,963
Issuance of common stock under employee stock purchase plan (in shares)					3,269
Issuance of common stock under employee stock purchase plan					$ 3	11,488		11,491
Issuance of common stock under stock incentive plan (in shares)					702
Issuance of common stock under stock incentive plan					$ 1	(1)
Sale of common stock, net (in shares)					131,425
Sale of common stock, net					$ 131	725,267		725,398
Net loss							(14,791,479)	(14,791,479)
Balance (in shares) at Mar. 31, 2020					28,368,698
Balance at Mar. 31, 2020					$ 28,368	$ 251,774,481	$ (230,030,929)	$ 21,771,920

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net loss	$ (14,791,479)	$ (13,766,789)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	878,963	886,985
Depreciation and amortization	732,029	609,034
Non-cash lease expense	38,192
Amortization of discount and debt issuance costs on long-term debt	19,158
Non-cash interest expense		16,559
Changes in operating assets and liabilities:
Accounts receivable, net		262,071
Prepaid expenses and other current assets	(294,672)	(83,888)
Other non-current assets	(3,000)	481,177
Accounts payable	2,205,615	2,867,151
Accrued expenses	(1,351,560)	190,672
Accrued compensation	(1,736,417)	(1,571,327)
Operating lease liabilities	(134,945)
Net cash used in operating activities	(14,438,116)	(10,108,355)
Investing activities
Purchases of property, plant and equipment	(182,216)	(245,319)
Net cash used in investing activities	(182,216)	(245,319)
Financing activities
Principal payments on finance leases	(304,285)	(220,933)
Principal payments on long-term debt	(1,411,766)
Proceeds from sale of common stock, net of underwriting fees and commissions	725,398	32,047,576
Payments for offering costs	(68,965)	(262,077)
Proceeds from employee stock purchase plan	11,491
Proceeds from exercise of stock options and warrants		63,902
Net cash (used in) provided by financing activities	(1,048,127)	31,628,468
Net (decrease) increase in cash	(15,668,459)	21,274,794
Cash, beginning of period	55,796,378	39,534,985
Cash, end of period	40,127,919	60,809,779
Supplemental disclosure of cash flow information
Cash paid for interest	241,804	202,132
Cash paid for operating lease liabilities	291,743
Changes in purchases of property and equipment in accounts payable and accrued expenses	104,167	130,336
Deferred offering costs and commissions incurred but not paid		$ 120,347

Note 1 - Business

Note 1 - Business	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Nature of Operations [Text Block]	1. Liquidia Technologies, Inc. (“Liquidia” or the “Company”) is a late-stage clinical biopharmaceutical company focused on the development and commercialization of novel products utilizing the Company’s proprietary PRINT technology to transform the lives of patients. PRINT is a particle engineering platform that enables precise production of uniform drug particles designed to improve the safety, efficacy and performance of a wide range of therapies. The Company is currently focused on the development of two LIQ861 LIQ865 The development and commercialization activities are conducted at the Company’s headquarters located in Morrisville, North Carolina. The Company was incorporated under the laws of the state of Delaware in 2004.

Note 2 - Basis of Presentation,

Note 2 - Basis of Presentation, Significant Accounting Policies and Going Concern	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	2. , Significant Accounting Policies and Going Concern Basis of Presentation and Significant Accounting Policies The unaudited interim financial statements as of March 31, 2020 three March 31, 2020 2019 three March 31, 2020 not may December 31, 2020. The accompanying unaudited financial statements and related notes should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2019, 10 There have been no three March 31, 2020 2 December 31, 2019 2018. Going Concern The Company’s financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company's operations have consisted primarily of developing its technology, developing products, prosecuting its intellectual property and securing financing. The Company has incurred recurring losses and cash outflows from operations, has an accumulated deficit, and has debt principal payments that commenced in the first 2020. The Company believes that its existing cash will enable it to fund its operating expenses and capital expenditure requirements, make payments of interest and principal on its term loan facility with Pacific Western Bank, and remain in compliance with its minimum cash covenant of $8.5 October 2020. may $8.5 fourth 2020, LIQ861, may not no not The pandemic caused by the outbreak of the novel coronavirus, or COVID- 19, third may LIQ861 three March 31, 2020 may not 2020 Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. Summary of Significant Accounting Policies Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash. The Company is exposed to credit risk, subject to federal deposit insurance, in the event of default by the financial institutions holding its cash to the extent of amounts recorded on the balance sheet. With regard to cash, 100% Revenue Recognition The Company may no three March 31, 2020 2019. The Company’s research, development and licensing agreements provide for multiple promised goods and services to be satisfied by the Company and include a license to the Company’s technology in a particular field of study, participation in collaboration committees, performance of certain research and development services and obligations for certain manufacturing services. The transaction price for these contracts includes non-refundable fees and fees for research and development services. Non-refundable up-front fees which may may may not March 31, 2020 December 31, 2019. not The estimate of the research services to be provided through the Technology Transfer requires significant judgment to evaluate assumptions regarding the level of effort required for the Company to have performed sufficient obligations for the customer to be able to utilize the licensed technology without requiring further services from the Company. If the estimated level of effort changes, the remaining deferred revenue is recognized over the revised period in which the expected research services and Technology Transfer are required. Changes in estimates occur for a variety of reasons, including but not Royalties related to product sales will be recognized as revenue when the sale occurs since payments relate directly to products that will have been fully developed and for which the Company will have satisfied all of its performance obligations. Stock-Based Compensation The Company estimates the grant date fair value of its share-based awards and amortizes this fair value to compensation expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award (see Note 4 Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculation, preferred stock, stock options and warrants are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Due to their anti-dilutive effect, the calculation of diluted net loss per share for the three March 31, 2020 2019 not Three Months Ended March 31, 20 20 201 9 Stock Options 2,119,523 1,904,599 Restricted Stock Units 48,759 — Warrants 106,274 106,274 Total 2,274,556 2,010,873 For the three March 31, 2020 2019, Fair Value of Financial Instruments The carrying values of cash and accounts payable at March 31, 2020 December 31, 2019 The Company’s valuation of financial instruments is based on a three one three three Level 1 Level 2 1 Level 3 not The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables present the placement in the fair value hierarchy of financial liabilities measured at fair value as of March 31, 2020 December 31, 2019: March 31, 2020 Quoted Prices i n Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value Pacific Western Bank note - A&R LSA $ — $ 11,865,446 $ — $ 14,485,513 December 31, 2019 Quoted Prices i n Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value Pacific Western Bank note - A&R LSA $ — $ 14,094,792 $ — $ 15,878,121 The fair value of debt is measured in accordance with ASU 2016 01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities Recent Accounting Pronouncements In October 2018, 2018 18, Collaborative Arrangements 808 808 606 2018 18" 2018 18 606 606 December 15, 2019, 2018 18 January 1, 2020 not three March 31, 2020.

Note 3 - Stockholders' Equity

Note 3 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	3. Authorized Capital As of March 31, 2020, 50,000,000 $0.001 40,000,000 10,000,000 Common Stock Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the holders of the common stock shall be entitled to receive that portion of the remaining funds to be distributed to the stockholders, subject to the liquidation preferences of any outstanding preferred stock, if any. Such funds shall be paid to the holders of common stock on the basis of the number of shares so held by each of them. In March 2019, 3,000,000 $11.50 $34.5 $31.8 In August 2019, $40.0 3.0% three March 31, 2020, 131,425 $0.7 On December 23, 2019, 7,164,534 $3.13 December 27, 2019. $22.4 $21.0 Warrants During the three March 31, 2020 2019, 0 64,629 March 31, 2020 December 31, 2019, 106,274 $0.0168 December 31, 2026.

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	4. The Company’s 2018 “2018 July 2018. 2018 1,600,000 2018 January 1 2028, 4% December 31, On January 1, 2019, 2018 620,778 1,600,000 2,220,778 January 1, 2020, 2018 1,129,250 1,287,561 2,416,811 2018 March 31, 2020, 1,723,469 2018 The 2018 2016 2004 2016 2004 2018 2016 2004 2016 2004 2016 2004 not 2018 March 31, 2020, 700,553 2016 386,981 2004 2016 2004 Stock-Based Compensation Valuation and Expense The Company accounts for its employee stock-based compensation plans using the fair value method. The fair value method requires the Company to estimate the grant-date fair value of its stock-based awards and amortize this fair value to compensation expense over the requisite service period or vesting term. The fair value of each option grant is estimated using a Black-Scholes option-pricing model. For restricted stock units (“RSUs”), the grant-date fair value is based upon the market price of the Company’s common stock on the date of the grant. This fair value is then amortized to compensation expense over the requisite service period or vesting term. The Company recorded the following stock-based compensation expense: Three Months Ended March 31, By Expense Category: 20 20 201 9 Research and development $ 275,141 $ 271,921 General and administrative 603,822 615,064 Total $ 878,963 $ 886,985 Three Months Ended March 31, By Type of Award: 20 20 201 9 Stock Options $ 854,770 $ 786,241 Restricted Stock Units 24,193 100,744 Total $ 878,963 $ 886,985 The following table summarizes the unamortized compensation expense and the remaining years over which such expense would be expected to be recognized, on a weighted-average basis, by type of award: As of March 31, 20 20 Unamortized Expense Weighted Average Remaining Recognition Period (Years) Stock Options $ 8,419,952 2.82 Restricted Stock Units $ 654,641 3.89 Stock Options The following table summarizes the assumptions used for estimating the fair value of stock options granted under the Black-Scholes option-pricing model during: Three Months Ended March 31, 20 20 201 9 Expected dividend yield — % — % Risk-free interest rate 0.90 % - 1.60 % 2.54 % Expected Volatility 87 % - 90 % 84 % Expected life (years) 6.08 6.08 As a result of using these assumptions in the Black-Scholes option-pricing model, the weighted average fair value per share for options granted during the three March 31, 2020 2019 $2.38 $10.02, The following describes each of these assumptions and the Company’s methodology for determining each assumption: Expected Dividend Yield The dividend yield percentage is zero Risk-Free Interest Rate The risk-free interest rate is based on the U.S. Treasury yield curve approximating the term of the expected life of the award in effect on the date of grant. Expected Volatility Expected stock price volatility is based on a weighted average of several peer public companies and the historical volatility of the Company’s common stock during the period for which it has traded since the initial public offering. For purposes of identifying peer companies, the Company considered characteristics such as industry, length of trading history and similar vesting terms. Expected Life The expected life represents the period the awards are expected to be outstanding. The Company’s historical share option exercise experience does not The following table summarizes the Company’s stock option activity during the three March 31, 2020: Number of Weighted Weighted Aggregate Outstanding as of December 31, 2019 2,052,976 $ 9.33 Granted 557,961 $ 3.33 Exercised (10,079 ) $ 4.61 Cancelled (36,467 ) $ 9.70 Outstanding as of March 31, 20 20 2,564,391 $ 8.04 8.11 $ 1,090,114 Exercisable as of March 31, 2020 987,724 $ 8.09 6.54 $ 294,677 Vested and expected to vest as of March 31, 2020 2,410,706 $ 7.85 8.07 $ 1,088,356 The aggregate intrinsic value of stock options in the table above represents the difference between the $4.71 March 31, 2020 During the three March 31, 2020 2019, 10,079 15,695 Restricted Stock Unit Awards During the three March 31, 2020, 138,464 four A summary of nonvested RSU awards outstanding as of March 31, 2020 three Number of RSUs Weighted Average Grant-Date Fair Value (per RSU) Nonvested as of December 31, 2019 7,493 $ 28.87 Granted 138,464 3.31 Vested (702 ) 28.87 Forfeited (0 ) 0.00 Nonvested as of March 31, 2020 145,255 $ 4.50 Employee Stock Purchase Plan On May 8, 2019, 2019 March 31, 2020, 446,731 $25,000 six March September September 3, 2019. 85% During the Company’s first September 1, 2019 February 28, 2019, 85% $4.13 February 28, 2020, 3,269

Note 5 - License Agreements

Note 5 - License Agreements	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
License Agreements [Text Block]	5. The Company performs research under a license agreement with The University of North Carolina at Chapel Hill (“UNC”) as amended to date (the “UNC Letter Agreement”). As part of the UNC Letter Agreement, the Company holds an exclusive license to certain research and development technologies and processes in various stages of patent pursuit, for use in its research and development and commercial activities, with a term until the expiration date of the last to expire patent subject to the UNC Letter Agreement, subject to industry standard contractual compliance. Under the UNC Letter Agreement, the Company is obligated to pay UNC royalties equal to a low single digit percentage of all net sales of drug products whose manufacture, use or sale includes any use of the technology or patent rights covered by the UNC Letter Agreement. The Company may

Note 6 - Property, Plant and Eq

Note 6 - Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	6 . Property, Plant and Equipment Property, plant and equipment consisted of the following: March 31, December 31, 20 20 201 9 Lab and build-to-suit equipment $ 7,562,263 $ 7,562,263 Office equipment 128,669 128,669 Furniture and fixtures 237,951 237,951 Computer equipment 804,046 804,046 Leasehold improvements 11,856,511 11,762,351 Construction-in-progress 91,797 91,797 Total property, plant and equipment 20,681,237 20,587,077 Accumulated depreciation and amortization (12,081,252 ) (11,333,112 ) Property, plant and equipment, net $ 8,599,985 $ 9,253,965 The Company recorded depreciation and amortization expense of $732,029 $609,034 three March 31, 2020 2019, As of March 31, 2020 December 31, 2019, $91,797 not

Note 7 - Income Taxes

Note 7 - Income Taxes	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7 . Income Taxes The Company did not three March 31, 2020 2019,

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Commitments Contingencies and Guarantees [Text Block]	8 . Commitments and Contingencies Commitments In March 2012, no $1,500,000, none March 31, 2020. Contingencies The Company from time-to-time is subject to claims and litigation in the normal course of business, none

Note 9 - Long-term Debt

Note 9 - Long-term Debt	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Long-term Debt [Text Block]	9 . Long-Term Debt Long-term debt consisted of the following as of March 31, 2020 December 31, 2019: March 31, December 31, Maturity Date 20 20 201 9 Pacific Western Bank term loan outstanding October 25, 2022 $ 14,485,513 $ 15,878,121 Less current portion (5,585,636 ) (5,585,637 ) Long-term debt, less current portion $ 8,899,877 $ 10,292,484 Pacific Western Bank In January 2016 October 2016, may $10.0 three not July 6, 2017, 30 August 6, 2017 3.75% 18 5.00%, In March 2018, 1 $8.0 $5.5 2 not LIQ861 3 December 31, 2018. January 7, 2018 July 6, 2018, January 13, 2018 July 12, 2018. $0.6 In October 2018, $11.0 $8.0 $1.8 5% four October 2022. second $5.0 June 30, 2019. second LIQ861 two second $5.0 May 2019 $16.0 December 31, 2019. $0.1 470 50, Debt – Modifications and Extinguishments The A&R LSA carries a one $375,000 1% October 27, 2020. December 2019 $375,000 December 2019. December 31, 2019. $8.5 ten one 15 In May 2019, $2.5 December 31, 2019. March 31, 2020, January February 2020 Scheduled annual maturities of long-term debt as of March 31, 2020 Year ending December 31: 2020 – nine months remaining $ 4,235,294 2021 5,647,059 2022 4,705,881 Thereafter — Total 14,588,234 Less: Unamortized discount (75,008 ) Less: Unamortized debt issuance costs (27,713 ) Less: Current portion of long-term debt (5,585,636 ) Long-term debt, noncurrent $ 8,899,877

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Significant Accounting Policies The unaudited interim financial statements as of March 31, 2020 three March 31, 2020 2019 three March 31, 2020 not may December 31, 2020. The accompanying unaudited financial statements and related notes should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2019, 10 There have been no three March 31, 2020 2 December 31, 2019 2018.
Substantial Doubt About Going Concern, Policy [Policy Text Block]	Going Concern The Company’s financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company's operations have consisted primarily of developing its technology, developing products, prosecuting its intellectual property and securing financing. The Company has incurred recurring losses and cash outflows from operations, has an accumulated deficit, and has debt principal payments that commenced in the first 2020. The Company believes that its existing cash will enable it to fund its operating expenses and capital expenditure requirements, make payments of interest and principal on its term loan facility with Pacific Western Bank, and remain in compliance with its minimum cash covenant of $8.5 October 2020. may $8.5 fourth 2020, LIQ861, may not no not The pandemic caused by the outbreak of the novel coronavirus, or COVID- 19, third may LIQ861 three March 31, 2020 may not 2020
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash. The Company is exposed to credit risk, subject to federal deposit insurance, in the event of default by the financial institutions holding its cash to the extent of amounts recorded on the balance sheet. With regard to cash, 100%
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition The Company may no three March 31, 2020 2019. The Company’s research, development and licensing agreements provide for multiple promised goods and services to be satisfied by the Company and include a license to the Company’s technology in a particular field of study, participation in collaboration committees, performance of certain research and development services and obligations for certain manufacturing services. The transaction price for these contracts includes non-refundable fees and fees for research and development services. Non-refundable up-front fees which may may may not March 31, 2020 December 31, 2019. not The estimate of the research services to be provided through the Technology Transfer requires significant judgment to evaluate assumptions regarding the level of effort required for the Company to have performed sufficient obligations for the customer to be able to utilize the licensed technology without requiring further services from the Company. If the estimated level of effort changes, the remaining deferred revenue is recognized over the revised period in which the expected research services and Technology Transfer are required. Changes in estimates occur for a variety of reasons, including but not Royalties related to product sales will be recognized as revenue when the sale occurs since payments relate directly to products that will have been fully developed and for which the Company will have satisfied all of its performance obligations.
Share-based Payment Arrangement [Policy Text Block]	Stock-Based Compensation The Company estimates the grant date fair value of its share-based awards and amortizes this fair value to compensation expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award (see Note 4
Earnings Per Share, Policy [Policy Text Block]	Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculation, preferred stock, stock options and warrants are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Due to their anti-dilutive effect, the calculation of diluted net loss per share for the three March 31, 2020 2019 not Three Months Ended March 31, 20 20 201 9 Stock Options 2,119,523 1,904,599 Restricted Stock Units 48,759 — Warrants 106,274 106,274 Total 2,274,556 2,010,873 For the three March 31, 2020 2019,
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments The carrying values of cash and accounts payable at March 31, 2020 December 31, 2019 The Company’s valuation of financial instruments is based on a three one three three Level 1 Level 2 1 Level 3 not The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables present the placement in the fair value hierarchy of financial liabilities measured at fair value as of March 31, 2020 December 31, 2019: March 31, 2020 Quoted Prices i n Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value Pacific Western Bank note - A&R LSA $ — $ 11,865,446 $ — $ 14,485,513 December 31, 2019 Quoted Prices i n Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value Pacific Western Bank note - A&R LSA $ — $ 14,094,792 $ — $ 15,878,121 The fair value of debt is measured in accordance with ASU 2016 01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In October 2018, 2018 18, Collaborative Arrangements 808 808 606 2018 18" 2018 18 606 606 December 15, 2019, 2018 18 January 1, 2020 not three March 31, 2020.

Note 2 - Basis of Presentatio_2

Note 2 - Basis of Presentation, Significant Accounting Policies and Going Concern (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended March 31, 20 20 201 9 Stock Options 2,119,523 1,904,599 Restricted Stock Units 48,759 — Warrants 106,274 106,274 Total 2,274,556 2,010,873
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]	March 31, 2020 Quoted Prices i n Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value Pacific Western Bank note - A&R LSA $ — $ 11,865,446 $ — $ 14,485,513 December 31, 2019 Quoted Prices i n Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value Pacific Western Bank note - A&R LSA $ — $ 14,094,792 $ — $ 15,878,121

Note 4 - Stock-based Compensa_2

Note 4 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, By Expense Category: 20 20 201 9 Research and development $ 275,141 $ 271,921 General and administrative 603,822 615,064 Total $ 878,963 $ 886,985 Three Months Ended March 31, By Type of Award: 20 20 201 9 Stock Options $ 854,770 $ 786,241 Restricted Stock Units 24,193 100,744 Total $ 878,963 $ 886,985
Share-based Payment Arrangement, Nonvested Award, Cost [Table Text Block]	As of March 31, 20 20 Unamortized Expense Weighted Average Remaining Recognition Period (Years) Stock Options $ 8,419,952 2.82 Restricted Stock Units $ 654,641 3.89
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Months Ended March 31, 20 20 201 9 Expected dividend yield — % — % Risk-free interest rate 0.90 % - 1.60 % 2.54 % Expected Volatility 87 % - 90 % 84 % Expected life (years) 6.08 6.08
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of Weighted Weighted Aggregate Outstanding as of December 31, 2019 2,052,976 $ 9.33 Granted 557,961 $ 3.33 Exercised (10,079 ) $ 4.61 Cancelled (36,467 ) $ 9.70 Outstanding as of March 31, 20 20 2,564,391 $ 8.04 8.11 $ 1,090,114 Exercisable as of March 31, 2020 987,724 $ 8.09 6.54 $ 294,677 Vested and expected to vest as of March 31, 2020 2,410,706 $ 7.85 8.07 $ 1,088,356
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Number of RSUs Weighted Average Grant-Date Fair Value (per RSU) Nonvested as of December 31, 2019 7,493 $ 28.87 Granted 138,464 3.31 Vested (702 ) 28.87 Forfeited (0 ) 0.00 Nonvested as of March 31, 2020 145,255 $ 4.50

Note 6 - Property, Plant and _2

Note 6 - Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, December 31, 20 20 201 9 Lab and build-to-suit equipment $ 7,562,263 $ 7,562,263 Office equipment 128,669 128,669 Furniture and fixtures 237,951 237,951 Computer equipment 804,046 804,046 Leasehold improvements 11,856,511 11,762,351 Construction-in-progress 91,797 91,797 Total property, plant and equipment 20,681,237 20,587,077 Accumulated depreciation and amortization (12,081,252 ) (11,333,112 ) Property, plant and equipment, net $ 8,599,985 $ 9,253,965

Note 9 - Long-term Debt (Tables

Note 9 - Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	March 31, December 31, Maturity Date 20 20 201 9 Pacific Western Bank term loan outstanding October 25, 2022 $ 14,485,513 $ 15,878,121 Less current portion (5,585,636 ) (5,585,637 ) Long-term debt, less current portion $ 8,899,877 $ 10,292,484
Schedule of Maturities of Long-term Debt [Table Text Block]	Year ending December 31: 2020 – nine months remaining $ 4,235,294 2021 5,647,059 2022 4,705,881 Thereafter — Total 14,588,234 Less: Unamortized discount (75,008 ) Less: Unamortized debt issuance costs (27,713 ) Less: Current portion of long-term debt (5,585,636 ) Long-term debt, noncurrent $ 8,899,877

Note 1 - Business (Details Text

Note 1 - Business (Details Textual)	Mar. 31, 2020
Number of Products Under Development	2

Note 2 - Basis of Presentatio_3

Note 2 - Basis of Presentation, Significant Accounting Policies and Going Concern (Details Textual) - USD ($)	Oct. 26, 2018	Mar. 31, 2018	Mar. 31, 2020
Credit Concentration Risk [Member] | Cash Held on Deposit [Member] | Pacific Western Bank [Member]
Concentration Risk, Percentage			100.00%
Pacific Western Bank Note, A&R LSA [Member]
Debt Instrument Agreement, Minimum Cash Balance To Be Maintained	$ 8,500,000	$ 8,000,000	$ 8,500,000

Note 2 - Basis of Presentatio_4

Note 2 - Basis of Presentation, Significant Accounting Policies and Going Concern - Common Stock Equivalent Shares Excluded From Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (in shares)	2,274,556	2,010,873
Share-based Payment Arrangement, Option [Member]
Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (in shares)	2,119,523	1,904,599
Restricted Stock Units (RSUs) [Member]
Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (in shares)	48,759
Warrant [Member]
Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (in shares)	106,274	106,274

Note 2 - Basis of Presentatio_5

Note 2 - Basis of Presentation, Significant Accounting Policies and Going Concern - Fair Value of Financial Liabilities (Details) - Pacific Western Bank Note, A&R LSA [Member] - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Reported Value Measurement [Member]
Total financial instruments	$ 14,485,513	$ 15,878,121
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member]
Total financial instruments
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]
Total financial instruments	11,865,446	14,094,792
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Total financial instruments

Note 3 - Stockholders' Equity (

Note 3 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Dec. 23, 2019	Aug. 31, 2019	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Common Stock and Preferred Stock, Shares Authorized (in shares)				50,000,000
Common Stock and Preferred Stock, Par or Stated Value Per Share (in dollars per share)				$ 0.001
Common Stock, Shares Authorized (in shares)				40,000,000		40,000,000
Preferred Stock, Shares Authorized (in shares)				10,000,000		10,000,000
Stock Issued During Period, Shares, New Issues (in shares)			3,000,000
Share Price (in dollars per share)			$ 11.50		$ 11.50
Proceeds from Issuance of Common Stock			$ 34.5
Proceeds from Issuance of Common Stock, Net of Offering Costs			$ 31.8
Warrants to Purchase Common Stock [Member]
Class of Warrant or Right, Exercised During Period (in shares)				0	64,629
Class of Warrant or Right, Outstanding (in shares)				106,274		106,274
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)				$ 0.0168		$ 0.0168
ATM Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)				131,425
Proceeds from Issuance of Common Stock, Net of Offering Costs				$ 0.7
Private Placement [Member]
Stock Issued During Period, Shares, New Issues (in shares)	7,164,534
Shares Issued, Price Per Share (in dollars per share)	$ 3.13
Proceeds from Issuance of Private Placement	$ 22.4
Proceeds from Issuance of Private Placement, Net of Offering Costs	$ 21
Jefferies, LLC [Member] | ATM Agreement [Member]
Sale of Stock, Maximum Aggregate Offering Price		$ 40
Sale of Stock, Commission Percentage		3.00%

Note 4 - Stock-based Compensa_3

Note 4 - Stock-based Compensation (Details Textual) - USD ($)	Feb. 28, 2020	Jan. 01, 2020	May 08, 2019	Jan. 01, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)					$ 2.38	$ 10.02
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate					0.00%
Share Price (in dollars per share)						$ 11.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)					10,079	15,695
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					138,464
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					4 years
Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					138,464
Common Stock [Member]
Share Price (in dollars per share)	$ 4.13				$ 4.71
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)					2,035	52,914
The 2018 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		2,416,811		2,220,778	1,723,469		1,600,000	1,287,561
Increase in Reserve, Percentage of Shares Issued and Outstanding							4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)		1,129,250		620,778
The 2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)					700,553
The 2004 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)					386,981
The ESPP [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)					446,731
Employee Stock Purchase Plan, Maximum Contribution Per Eligible Employee			$ 25,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent			85.00%
Employee Stock Purchase Plan, Stock Issued During Period, Shares (in shares)	3,269

Note 4 - Stock-based Compensa_4

Note 4 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock-based compensation expense	$ 878,963	$ 886,985
Share-based Payment Arrangement, Option [Member]
Stock-based compensation expense	854,770	786,241
Restricted Stock Units (RSUs) [Member]
Stock-based compensation expense	24,193	100,744
Research and Development Expense [Member]
Stock-based compensation expense	275,141	271,921
General and Administrative Expense [Member]
Stock-based compensation expense	$ 603,822	$ 615,064

Note 4 - Stock-based Compensa_5

Note 4 - Stock-based Compensation - Unamortized Compensation Expense (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Share-based Payment Arrangement, Option [Member]
Stock Options, unamortized expense	$ 8,419,952
Stock Options, weighted average remaining recognition period (Year)	2 years 299 days
Restricted Stock Units (RSUs) [Member]
Stock Options, unamortized expense	$ 654,641
Stock Options, weighted average remaining recognition period (Year)	3 years 324 days

Note 4 - Stock-based Compensa_6

Note 4 - Stock-based Compensation - Fair Value Assumptions (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Expected dividend yield	0.00%
Risk-free interest rate, minimum	0.90%
Risk-free interest rate, maximum	1.60%
Risk-free interest rate		2.54%
Expected Volatility, minimum	87.00%
Expected Volatility, maximum	90.00%
Expected Volatility		84.00%
Expected life (Year)	6 years 29 days	6 years 29 days

Note 4 - Stock-based Compensa_7

Note 4 - Stock-based Compensation - Stock Option Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Outstanding, number of shares (in shares)	2,052,976
Outstanding, weighted average exercise price (in dollars per share)	$ 9.33
Granted, number of shares (in shares)	557,961
Granted, weighted average exercise price (in dollars per share)	$ 3.33
Exercised, number of shares (in shares)	(10,079)	(15,695)
Exercised, weighted average exercise price (in dollars per share)	$ 4.61
Cancelled, number of shares (in shares)	(36,467)
Cancelled, weighted average exercise price (in dollars per share)	$ 9.70
Outstanding, number of shares (in shares)	2,564,391
Outstanding, weighted average exercise price (in dollars per share)	$ 8.04
Outstanding, weighted average contractual term (Year)	8 years 40 days
Outstanding, aggregate intrinsic value	$ 1,090,114
Exercisable, number of shares (in shares)	987,724
Exercisable, weighted average exercise price (in dollars per share)	$ 8.09
Exercisable, weighted average contractual term (Year)	6 years 197 days
Exercisable, aggregate intrinsic value	$ 294,677
Vested and expected to vest, number of shares (in shares)	2,410,706
Vested and expected to vest, weighted average exercise price (in dollars per share)	$ 7.85
Vested and expected to vest, weighted average contractual term (Year)	8 years 25 days
Vested and expected to vest, aggregate intrinsic value	$ 1,088,356

Note 4 - Stock-based Compensa_8

Note 4 - Stock-based Compensation - Nonvested RSU Awards Outstanding (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Nonvested, number (in shares) | shares	7,493
Nonvested , weighted average grant date fair value (in dollars per share) | $ / shares	$ 28.87
Granted, number (in shares) | shares	138,464
Granted , weighted average grant date fair value (in dollars per share) | $ / shares	$ 3.31
Vested , number (in shares) | shares	(702)
Vested , weighted average grant date fair value (in dollars per share) | $ / shares	$ 28.87
Forfeited, number (in shares) | shares	0
Forfeited , weighted average grant date fair value (in dollars per share) | $ / shares	$ 0
Nonvested , number (in shares) | shares	145,255
Nonvested , weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.50

Note 6 - Property, Plant and _3

Note 6 - Property, Plant and Equipment (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Depreciation, Depletion and Amortization, Nonproduction, Total	$ 732,029	$ 609,034
Construction in Progress [Member]
Computer Software Program Developed Internally Completed, Not Tested and Validated	$ 91,797		$ 91,797

Note 6 - Property, Plant and _4

Note 6 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Total property, plant and equipment	$ 20,681,237	$ 20,587,077
Accumulated depreciation and amortization	(12,081,252)	(11,333,112)
Property, plant and equipment, net	8,599,985	9,253,965
Lab and Build-to-Suit Equipment [Member]
Total property, plant and equipment	7,562,263	7,562,263
Office Equipment [Member]
Total property, plant and equipment	128,669	128,669
Furniture and Fixtures [Member]
Total property, plant and equipment	237,951	237,951
Computer Equipment [Member]
Total property, plant and equipment	804,046	804,046
Leasehold Improvements [Member]
Total property, plant and equipment	11,856,511	11,762,351
Construction in Progress [Member]
Total property, plant and equipment	$ 91,797	$ 91,797

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Expense (Benefit), Total	$ 0	$ 0

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingencies (Details Textual)	3 Months Ended
	Mar. 31, 2020USD ($)
Maximum Net Sales Threshold As Basis For Payment Of Future Contingent Royalties	$ 1,500,000

Note 9 - Long-term Debt (Detail

Note 9 - Long-term Debt (Details Textual) - USD ($)	Oct. 26, 2018	Aug. 06, 2017	May 31, 2019	Oct. 31, 2018	Mar. 31, 2018	Mar. 31, 2020	Jun. 30, 2019	Dec. 31, 2019	Oct. 31, 2016
Long-term Debt, Gross						$ 14,588,234
UNC Promissory Note [Member]
Repayments of Unsecured Debt				$ 1,800,000
Pacific Western Bank Note, A&R LSA [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 11,000,000					$ 10,000,000
Debt Instrument, Term (Month)		2 years 180 days		4 years
Debt Instrument, Interest Rate During Period		3.75%
Debt Instrument, Interest Only Period (Month)		1 year 180 days
Debt Instrument, Interest Rate, Stated Percentage		5.00%		5.00%
Debt Instrument Agreement, Minimum Cash Balance To Be Maintained	$ 8,500,000				$ 8,000,000	$ 8,500,000
Debt Instrument Agreement Increase In Cash Balance Maintained					5,500,000
Debt Instrument, Periodic Payment, Principal					$ 600,000
Extinguishment of Debt, Amount				$ 8,000,000
Proceeds from Issuance of Long-term Debt, Total							$ 5,000,000
Long-term Debt, Gross			$ 16,000,000
Gain (Loss) on Extinguishment of Debt, Total								$ 100,000
Debt Instrument, Prepayment Penalty Fee Percentage	1.00%
Interest Expense, Debt, Total								$ 375,000
Debt Instrument Agreement, Maximum Capital Expenditures			$ 2,500,000
Pacific Western Bank Note, A&R LSA [Member] | Maximum [Member]
Debt Instrument, Success Fee	$ 375,000

Note 9 - Long-term Debt - Long-

Note 9 - Long-term Debt - Long-term Debt (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Less: Current portion of long-term debt	$ (5,585,636)	$ (5,585,637)
Long-term debt, noncurrent	8,899,877	10,292,484
Pacific Western Bank Note, A&R LSA [Member]
Long-term debt, total	$ 14,485,513	$ 15,878,121

Note 9 - Long-term Debt - Matur

Note 9 - Long-term Debt - Maturities of Long-term Debt (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
2020 – nine months remaining	$ 4,235,294
2021	5,647,059
2022	4,705,881
Thereafter
Total	14,588,234
Less: Unamortized discount	(75,008)
Less: Unamortized debt issuance costs	(27,713)
Less: Current portion of long-term debt	(5,585,636)	$ (5,585,637)
Long-term debt, noncurrent	$ 8,899,877	$ 10,292,484