Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 03, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001446159 | |
Entity Registrant Name | Predictive Oncology Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36790 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 33-1007393 | |
Entity Address, Address Line One | 2915 Commers Drive, Suite 900 | |
Entity Address, City or Town | Eagan | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55121 | |
City Area Code | 651 | |
Local Phone Number | 389-4800 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | POAI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 66,152,747 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and Cash Equivalents | $ 25,115,561 | $ 28,202,615 |
Accounts Receivable | 264,966 | 354,196 |
Inventories | 455,680 | 387,684 |
Prepaid Expense and Other Assets | 408,102 | 513,778 |
Total Current Assets | 26,244,309 | 29,458,273 |
Fixed Assets, net | 2,335,692 | 2,511,571 |
Intangibles, net | 3,893,438 | 3,962,118 |
Lease Right-of-Use Assets | 651,921 | 814,454 |
Other Long-Term Assets | 75,618 | 167,065 |
Goodwill | 6,857,790 | 6,857,790 |
Total Assets | 40,058,768 | 43,771,271 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts Payable | 1,106,811 | 1,021,774 |
Accrued Expenses and other liabilities | 695,416 | 1,262,641 |
Derivative Liability | 127,572 | 129,480 |
Deferred Revenue | 182,626 | 186,951 |
Lease Liability | 568,825 | 639,662 |
Total Current Liabilities | 2,681,250 | 3,240,508 |
Lease Liability – Net of current portion | 133,926 | 239,664 |
Other long-term liabilities | 63,098 | 25,415 |
Total Liabilities | 2,878,274 | 3,505,587 |
Stockholders’ Equity: | ||
Common Stock, $.01 par value, 200,000,000 shares authorized, 65,906,465 and 65,614,597 outstanding | 659,065 | 656,146 |
Additional paid-in capital | 167,931,634 | 167,649,028 |
Accumulated Deficit | (131,410,997) | (128,040,282) |
Total Stockholders’ Equity | 37,180,494 | 40,265,684 |
Total Liabilities and Stockholders’ Equity | 40,058,768 | 43,771,271 |
Series B Convertible Preferred Stock [Member] | ||
Stockholders’ Equity: | ||
Series B Convertible Preferred Stock, $.01 par value, 2,300,000 shares authorized, 79,246 shares outstanding | $ 792 | $ 792 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares outstanding (in shares) | 65,906,465 | 65,614,597 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 2,300,000 | 2,300,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares outstanding (in shares) | 79,246 | 79,246 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net Loss (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenue | $ 314,568 | $ 280,317 | |
Cost of goods sold | 109,443 | 97,758 | |
Gross margin | 205,125 | 182,559 | |
General and administrative expense | 2,423,651 | 3,270,777 | |
Operations expense | 891,071 | 574,812 | |
Sales and marketing expense | 304,467 | 114,641 | |
Total operating loss | (3,414,064) | (3,777,671) | |
Other income | 42,430 | 28,259 | |
Other expense | (989) | (234,972) | |
Gain on derivative instruments | 1,908 | 95,671 | |
Net loss | $ (3,370,715) | $ (3,888,713) | |
Loss per common share - basic and diluted (in dollars per share) | $ (0.05) | $ (0.11) | |
Weighted average shares used in computation - basic and diluted (in shares) | [1] | 65,835,080 | 36,513,300 |
[1] | The following is a summary of the number of underlying shares outstanding at the end of the respective periods that have been excluded from the diluted calculations because the effect on loss per common share would have been anti-dilutive: |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member]Series B Convertible Preferred Stock [Member]Registered Direct Offerings [Member] | Preferred Stock [Member]Series B Convertible Preferred Stock [Member]Private Placement [Member] | Preferred Stock [Member]Series B Convertible Preferred Stock [Member] | Common Stock [Member]Registered Direct Offerings [Member] | Common Stock [Member]Private Placement [Member] | Common Stock [Member] | Additional Paid-in Capital [Member]Registered Direct Offerings [Member] | Additional Paid-in Capital [Member]Private Placement [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member]Registered Direct Offerings [Member] | Retained Earnings [Member]Private Placement [Member] | Retained Earnings [Member] | Registered Direct Offerings [Member] | Private Placement [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 79,246 | 19,804,787 | |||||||||||||
Balance at Dec. 31, 2020 | $ 792 | $ 198,048 | $ 110,826,949 | $ (108,383,108) | $ 2,642,681 | ||||||||||
Shares issued to consultant & other (in shares) | 2,665 | ||||||||||||||
Shares issued to consultant & other | $ 27 | (4,075) | (4,048) | ||||||||||||
Vesting expense | 565,082 | 565,082 | |||||||||||||
Net loss | (3,888,713) | (3,888,713) | |||||||||||||
Shares issued pursuant to agreement with former CEO related to accrued interest (in shares) | 100,401 | ||||||||||||||
Shares issued pursuant to agreement with former CEO related to accrued interest | $ 1,004 | 142,569 | 143,573 | ||||||||||||
Issuance of shares and warrants pursuant to Shelf offerings, net (in shares) | 13,488,098 | 9,043,766 | |||||||||||||
Issuance of shares and warrants pursuant to Shelf offerings, net | $ 134,881 | $ 90,438 | $ 14,877,611 | $ 15,974,301 | $ 15,012,492 | $ 16,064,739 | |||||||||
Exercise of warrants (in shares) | 5,247,059 | ||||||||||||||
Exercise of warrants | $ 52,471 | 4,442,799 | 4,495,270 | ||||||||||||
Shares issued pursuant to convertible debt (in shares) | 1,107,544 | ||||||||||||||
Shares issued pursuant to convertible debt | $ 11,075 | 502,936 | 514,011 | ||||||||||||
Balance (in shares) at Mar. 31, 2021 | 79,246 | 48,794,320 | |||||||||||||
Balance at Mar. 31, 2021 | $ 792 | $ 487,944 | 147,328,172 | (112,271,821) | 35,545,087 | ||||||||||
Balance (in shares) at Dec. 31, 2021 | 79,246 | 65,614,597 | |||||||||||||
Balance at Dec. 31, 2021 | $ 792 | $ 656,146 | 167,649,028 | (128,040,282) | 40,265,684 | ||||||||||
Shares issued pursuant to equity line (in shares) | 120,000 | ||||||||||||||
Shares issued pursuant to equity line | $ 1,200 | 85,685 | 86,885 | ||||||||||||
Shares issued to consultant & other (in shares) | 171,868 | ||||||||||||||
Shares issued to consultant & other | $ 1,719 | 160,403 | 162,122 | ||||||||||||
Vesting expense | 36,518 | 36,518 | |||||||||||||
Net loss | (3,370,715) | (3,370,715) | |||||||||||||
Balance (in shares) at Mar. 31, 2022 | 79,246 | 65,906,465 | |||||||||||||
Balance at Mar. 31, 2022 | $ 792 | $ 659,065 | $ 167,931,634 | $ (131,410,997) | $ 37,180,494 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flow from operating activities: | ||
Net loss | $ (3,370,715) | $ (3,888,713) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 323,602 | 321,980 |
Vesting expense | 36,518 | 565,082 |
Common stock issued for consulting and other | 162,122 | (4,048) |
Amortization of debt discount | 0 | 244,830 |
Gain on valuation of equity-linked instruments and derivative liability | (1,908) | (95,671) |
Loss on fixed asset disposal | 1,200 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | 89,230 | (8,050) |
Inventories | (67,996) | (3,289) |
Prepaid expense and other assets | 197,123 | (55,431) |
Accounts payable | 85,037 | (345,070) |
Accrued expenses and other liabilities | (581,267) | (82,271) |
Deferred revenue | (4,325) | 101,167 |
Other long-term liabilities | 37,683 | (72,607) |
Net cash used in operating activities: | (3,093,696) | (3,322,091) |
Cash flow from investing activities: | ||
Purchase of fixed assets | (45,399) | (391,685) |
Acquisition of intangibles | (34,844) | (1,436) |
Net cash used in investing activities | (80,243) | (393,121) |
Cash flow from financing activities: | ||
Proceeds from issuance of common stock and warrants, net | 0 | 31,077,231 |
Proceeds from exercise of warrants into common stock | 0 | 4,495,270 |
Repayment of debt | 0 | (4,162,744) |
Payment premium | 0 | (1,073,470) |
Proceeds from issuance of common stock pursuant to equity line | 86,885 | 0 |
Net cash provided by financing activities | 86,885 | 30,336,287 |
Net increase (decrease) in cash and cash equivalents | (3,087,054) | 26,621,075 |
Cash and cash equivalents at beginning of period | 28,202,615 | 678,332 |
Cash and cash equivalents at end of period | 25,115,561 | 27,299,407 |
Non-cash transactions: | ||
Shares issued to CEO per agreement related to accrued interest | 0 | 143,573 |
Shares issued pursuant to convertible debt | $ 0 | $ 514,011 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Continuance of Operations Predictive Oncology Inc.®, (the “Company” or “Predictive” or “we”) filed with the Secretary of State of Delaware a Certificate of Amendment to its Certificate of Incorporation to change the corporate name to Predictive Oncology Inc. on June 10, 2019, June 13, 2019. The Company operates in four The Company had cash and cash equivalents of $25,115,561 as of March 31, 2022. March 31, 2022, twelve may Coronavirus Outbreak The current COVID- 19 19 19 may 19 may 19 10 March 31, 2022. Interim Financial Statements The Company has prepared the condensed consolidated financial statements and related unaudited financial information in the footnotes in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim condensed consolidated financial statements. These interim condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals, which in the opinion of management, are necessary to present fairly the Company’s position, the results of its operations, and its cash flows for the interim periods. These interim condensed consolidated financial statements reflect all intercompany eliminations. These interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and the notes thereto contained in the Annual Report on Form 10 March 31, 2022. may not Accounting Policies and Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and during the reporting period. Actual results could materially differ from those estimates. Cash and cash equivalents The Company considers all highly liquid instruments with maturities when purchased of three Receivables Receivables are reported at the amount the Company expects to collect on balances outstanding. The Company provides for probable uncollectible amounts through charges to earnings and credits to the valuation allowance based on management’s assessment of the status of individual accounts. Amounts recorded in accounts receivable on the condensed consolidated balance sheet include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. An allowance for doubtful accounts is maintained to provide for the estimated amount of receivables that will not 30 30 not March 31, 2022 December 31, 2021. Fair Value Measurements As outlined in Accounting Standards Codification (“ASC”) 820, Fair Value Measurement 820 three Level 1 Level 2 Level 3 no The Company uses observable market data, when available, in making fair value measurements. Fair value measurements are classified according to the lowest level input that is significant to the valuation. The fair value of the Company’s investment securities, which consist of cash and cash equivalents, was determined based on Level 1 3 Note 7 Derivatives Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on a first first Fixed Assets Fixed assets are stated at cost less accumulated depreciation and amortization. Depreciation of fixed assets is computed using the straight-line method over the estimated useful lives of the respective assets. Estimated useful asset life by classification is as follows: Years Computers, software, and office equipment 3 - 10 Leasehold improvements (1) 2 - 5 Manufacturing tooling 3 - 7 Laboratory equipment 4 - 10 Demo equipment 3 ( 1 Leasehold improvements are amortized over the shorter of the useful life or the remaining lease term. Upon retirement or sale of fixed assets, the cost and related accumulated depreciation or amortization are removed from the condensed consolidated balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repairs are charged to operations expense as incurred. Long-lived Assets Finite-lived intangible assets consist of patents and trademarks, licensing fees, developed technology, and customer relationships, and are amortized over their estimated useful life. Accumulated amortization is included in intangibles, net in the accompanying condensed consolidated balance sheets. The Company reviews finite-lived identifiable intangible assets for impairment in accordance with ASC 360, Property, Plant and Equipment may not may not not Goodwill In accordance with ASC 350, Intangibles Goodwill and Other not December 31, may not To determine whether goodwill is impaired, annually or more frequently if needed, the Company performs a multi-step impairment test. The Company first not may first 2017 04, Simplifying the Test for Goodwill Impairment 3 1 Note 4 Intangible Assets and Goodwill Leases ROU assets represent our right to use an underlying asset for the duration of the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Recognition on the commencement date is based on the present value of lease payments over the lease term using an incremental borrowing rate. Leases with a term of 12 not The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. Leases are accounted for at a portfolio level when similar in nature with identical or nearly identical provisions and similar effective dates and lease terms. Revenue Recognition The Company recognizes revenue when it satisfies a performance obligation by transferring control of the promised goods or services to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales taxes are imposed on the Company’s sales to nonexempt customers. The Company collects the taxes from the customers and remits the entire amounts to the governmental authorities. Sales taxes are excluded from revenue and expenses. Revenue from Product Sales The Company has medical device revenue consisting primarily of sales of the STREAMWAY System, as well as sales of the proprietary cleaning fluid and filters for use with the STREAMWAY System. This revenue stream is reported within the Skyline segment. The Company sells its medical device products directly to hospitals and other medical facilities using employed sales representatives and independent contractors. Purchase orders, which are governed by sales agreements in all cases, state the final terms for unit price, quantity, shipping, and payment terms. The unit price is considered the observable stand-alone selling price for the arrangements. The Company sales agreement, and Terms and Conditions, is a dually executed contract providing explicit criteria supporting the sale of the STREAMWAY System. The Company considers the combination of a purchase order and acceptance of its Terms and Conditions to be a customer’s contract in all cases. Product sales for medical devices consist of a single performance obligation that the Company satisfies at a point in time. The Company recognizes product revenue when the following events have occurred: ( 1 2 3 4 may, may 30 60 Customers may one one one All amounts billed to a customer in a sales transaction for medical devices related to shipping and handling, if any, represent revenues earned for the goods provided, and these amounts have been included in revenue. Costs related to such shipping and handling billing are classified as cost of goods sold. This revenue stream is reported under the Skyline reportable segment. Revenue from Clinical Testing The Precision Oncology Insights are clinical diagnostic testing comprised of the Company’s Tumor Drug Response Testing (formerly ChemoFx) and Genomic Profiling (formerly BioSpeciFx) tests. The Tumor Drug Response test determines how a patient’s tumor specimen reacts to a panel of various chemotherapy drugs, while the Genomic Profiling test evaluates the expression of a particular gene related to a patient’s tumor specimen. Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The estimated uncollectible amounts are generally considered implicit price concessions that are a reduction in revenue. Helomics’ payment terms vary by the agreements reached with insurance carriers and Medicare. The Company’s performance obligations are satisfied at one For service revenues, the Company estimates the transaction price which is the amount of consideration it expects to be entitled to receive in exchange for providing services based on its historical collection experience. The Company uses a portfolio approach as a practical expedient to account for patient contracts as collective groups rather than individually. The Company monitors its estimates of transaction price to depict conditions that exist at each reporting date. If the Company subsequently determines that it will collect less consideration than it originally estimated for a contract with a patient, it will account for the change as a decrease to the estimate of the transaction price, provided that such downward adjustment does not The Company recognizes revenue from these patients when contracts as defined in ASC 606, Revenue from Contracts with Customers 30 CRO Revenue Contract revenues are generally derived from studies conducted with biopharmaceutical and pharmaceutical companies. The specific methodology for revenue recognition is determined on a case-by-case basis according to the facts and circumstances applicable to a given contract. The Company typically uses an input method that recognizes revenue based on the Company’s efforts to satisfy the performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation on the basis of the standalone-selling price of each distinct good or service in the contract. Advance payments received in excess of revenues recognized are classified as deferred revenue until such time as the revenue recognition criteria have been met. Payment terms are net 30 Variable Consideration The Company records revenue from distributors and direct end customers in an amount that reflects the transaction price it expects to be entitled to after transferring control of those goods or services. The Company’s current contracts do not Warranty The Company generally provides one no not Contract Balances The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. Accounts receivable totaled $264,966 and $354,196 as of March 31, 2022 December 31, 2021, The Company’s deferred revenues related primarily to maintenance plans of $182,626 and $186,951 as of March 31, 2022 December 31, 2021, Practical Expedients The Company has elected the practical expedient not Valuation and accounting for stock options and warrants The Company determines the grant date fair value of options and warrants using a Black-Scholes option valuation model based upon assumptions regarding risk-free interest rate, expected dividend rate, volatility, and estimated term. The fair value of each option and warrant grant is estimated on the grant date using the Black-Scholes option valuation model with the following assumptions: For the three months ended March 31, 2022 2021 Stock Options Expected dividend yield 0.0% 0.0% Expected stock price volatility 86.5% 84.8% Risk-free interest rate 1.83% - 1.92% 0.93% - 1.45% Expected life (years) 10 10 Warrants Expected dividend yield n/a 0.0% Expected stock price volatility n/a 84.8% Risk-free interest rate n/a 0.42% - 0.69% Expected life (years) n/a 5 - 5.5 Research and Development Research and development costs are charged to operations as incurred. Research and development costs were $68,219 and $93,629 for the three March 31, 2022 2021, Other Expense Other expense consisted primarily of interest expense, payment premium, amortization of original issue discounts, and loss on debt extinguishment associated with the Company’s notes payable. Offering Costs Costs incurred which are direct and incremental to an offering of the Company’s securities are deferred and charged against the proceeds of the offering unless such costs are deemed to be insignificant in which case they are expensed as incurred. Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes 740” 740, There is no income tax provision in the accompanying condensed consolidated statements of net loss due to the cumulative operating losses that indicate a 100% The Company reviews income tax positions expected to be taken in income tax returns to determine if there are any income tax uncertainties. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not no Under Internal Revenue Code Section 382, may not not 382 may Tax years subsequent to 2018 Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions and, by policy, generally limits the amount of credit exposure to any one zero Risks and Uncertainties The Company is subject to risks common to companies in the medical device and biopharmaceutical industries, including, but not Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (the “FASB”). Recently issued ASUs not not no In June 2016, 2016 13, not 12b 2 1934, January 1, 2023. |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 2 INVENTORIES Inventory balances are as follows: As of March 31, 2022 As of December 31, 2021 Finished goods $ 187,922 $ 193,287 Raw materials 242,067 183,410 Work-In-Process 25,691 10,987 Total $ 455,680 $ 387,684 |
Note 3 - Fixed Assets
Note 3 - Fixed Assets | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3 FIXED ASSETS The Company’s fixed assets consist of the following: As of March 31, 2022 As of December 31, 2021 Computers, software, and office equipment $ 537,487 $ 517,488 Leasehold improvements 439,001 428,596 Laboratory equipment 3,469,786 3,456,091 Manufacturing tooling 121,120 121,120 Demo equipment 31,555 56,614 Total 4,598,949 4,579,909 Less: Accumulated depreciation and amortization (2,263,257 ) (2,068,338 ) Total Fixed Assets, Net $ 2,335,692 $ 2,511,571 Depreciation expense was $220,078 and $ 238,932 during the three March 31, 2022 2021, |
Note 4 - Intangible Assets and
Note 4 - Intangible Assets and Goodwill | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 4 INTANGIBLE ASSETS AND GOODWILL The components of intangible assets were as follows: As of March 31, 2022 As of December 31, 2021 Gross Carrying Costs Accumulated Amortization Net Carrying Amount Gross Carrying Costs Accumulated Amortization Impairment Net Carrying Amount Patents & Trademarks $ 488,158 $ (236,595 ) $ 251,563 $ 453,314 $ (230,572 ) $ - $ 222,742 Developed Technology 3,500,000 (123,959 ) 3,376,041 6,382,000 (432,733 ) (2,485,725 ) 3,463,542 Customer Relationships 200,000 (7,083 ) 192,917 645,000 (410,000 ) (37,083 ) 197,917 Tradename 80,000 (7,083 ) 72,917 478,000 (29,343 ) (370,740 ) 77,917 Total $ 4,268,158 $ (374,720 ) $ 3,893,438 $ 7,958,314 $ (1,102,648 ) $ (2,893,548 ) $ 3,962,118 The impairment loss recognized during the year ended December 31, 2021 March 31, 2022 360 10 35 20. three March 31, 2022 2021, Goodwill The goodwill, for our Helomics operating segment, was $0 at March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021 |
Note 5 - Stockholders' Equity,
Note 5 - Stockholders' Equity, Stock Options and Warrants | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 5 STOCKHOLDERS EQUITY, STOCK OPTIONS AND WARRANTS Equity Line On October 24, 2019, three three may March 31, 2022, three March, 31, 2022, Equity Incentive Plan The Company has an equity incentive plan, which allows the Company to issue incentive and non-qualified stock options to employees, directors, and consultants of the Company, where permitted under the plan. The exercise price for each stock option is determined by the Board of Directors. Vesting requirements are determined by the Board of Directors when granted and currently range from immediate to three three ten The following summarizes transactions for stock options and warrants for the periods indicated: Stock Options Warrants Number of Shares Average Exercise Price Number of Shares Average Exercise Price Outstanding at December 31, 2020 1,013,547 $ 5.41 7,353,376 $ 1.99 Issued 147,230 1.06 29,640,801 1.44 Forfeited (92,593 ) 8.64 - - Expired - - (25,233 ) 10.00 Exercised (5,313 ) 0.74 (5,269,059 ) 0.86 Outstanding at December 31, 2021 1,062,871 $ 4.83 31,699,885 $ 1.66 Issued 4,175 1.08 - 1.44 Forfeited - 9.27 - - Expired (36,467 ) 15.18 (38,640 ) 26.91 Outstanding at March 31, 2022 1,030,579 $ 4.51 31,661,245 $ 1.63 Stock-based compensation expense recognized for three March 31, 2022 March 31, 2021 March 31, 2022, |
Note 7 - Derivatives
Note 7 - Derivatives | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 7 DERIVATIVES Certain warrants issued to placement agents were determined to be a derivative liability due to certain features of the warrants which could, in certain circumstances, result in the holder receiving the Black Scholes value of the outstanding warrants in the same type of consideration as the common stockholders. As a result, in those circumstances, the amount of consideration would differ from that provided to holders of common stock, therefore, the warrants were classified as a liability. The fair value of the agent warrants issued in connection with a March 2020 December 31, 2021. three March 31, 2022 three March 31, 2021. March 31, 2022, The fair value of the agent warrants issued in connection with the May 2020 March 31, 2022 December 31, 2021, three March 31, 2022 three March 31, 2021. The placement agent warrants issued in connection with the June 2020 March 31, 2022 December 31, 2021, three March 31, 2022 three March 31, 2021. The table below discloses changes in value of the Company’s embedded derivative liabilities discussed above. Derivative liability balance at December 31, 2020 $ 294,382 Gain recognized to revalue derivative instrument at fair value (95,671 ) Derivative liability balance at March 31, 2021 $ 198,711 Derivative liability balance at December 31, 2021 $ 129,480 Gain recognized to revalue derivative instrument at fair value (1,908 ) Derivative liability balance at March 31, 2022 $ 127,572 |
Note 8 - Loss Per Share
Note 8 - Loss Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 8 The following table presents the shares used in the basic and diluted loss per common share computations: Three Months Ended March 31, 2022 2021 Numerator: Net loss attributable to common shareholders per common share: basic and diluted calculation $ (3,370,715 ) $ (3,888,713 ) Denominator: Weighted average common shares outstanding-basic 65,835,080 36,513,300 Effect of diluted stock options, warrants, and preferred stock (1) - - Weighted average common shares outstanding - diluted 65,835,080 36,513,300 Loss per common share-basic and diluted $ (0.05 ) $ (0.11 ) ( 1 The following is a summary of the number of underlying shares outstanding at the end of the respective periods that have been excluded from the diluted calculations because the effect on loss per common share would have been anti-dilutive: Three Months ended March 31, 2022 2021 Options 1,030,579 1,006,419 Warrants 31,661,245 15,062,139 Preferred stock: series B 7,925 7,925 |
Note 9 - Segments
Note 9 - Segments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9 SEGMENTS The Company has determined its operating segments in accordance with ASC 280 Segment Reporting The Company has four reportable segments: Helomics, zPREDICTA, Soluble and Skyline. See discussion of revenue recognition in Note 1 three March 31, 2022 2021 Revenue Three Months Ended March 31, 2022 2021 Helomics $ 3,638 $ 1,989 zPREDICTA 18,342 - Soluble 12,916 14,075 Skyline 279,270 264,253 Corporate 402 - Total $ 314,568 $ 280,317 Segment Gain (Loss) Three Months Ended March 31, 2022 2021 Helomics $ (1,039,727 ) $ (1,227,676 ) zPREDICTA (274,786 ) - Soluble (402,828 ) (249,529 ) Skyline (48,602 ) (142,558 ) Corporate (1,604,772 ) (2,268,950 ) Total $ (3,370,715 ) $ (3,888,713 ) Assets As of March 31, As of December 31, 2022 2021 Helomics $ 1,382,242 $ 1,802,792 zPREDICTA 10,691,386 10,782,568 Soluble 1,584,402 1,742,445 Skyline 1,080,534 906,977 Corporate 25,320,204 (28,536,489 ) Total $ 40,058,768 $ 43,771,271 |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 10 RELATED PARTY TRANSACTIONS The Audit Committee has the responsibility to review and approve all transactions to which a related party and the Company may no three March 31, 2022. |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11 SUBSEQUENT EVENTS Equity Line Agreement: second 2022 May 3, 2022 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Nature of Operations and Continuance of Operations Predictive Oncology Inc.®, (the “Company” or “Predictive” or “we”) filed with the Secretary of State of Delaware a Certificate of Amendment to its Certificate of Incorporation to change the corporate name to Predictive Oncology Inc. on June 10, 2019, June 13, 2019. The Company operates in four The Company had cash and cash equivalents of $25,115,561 as of March 31, 2022. March 31, 2022, twelve may |
Effect of Covid-19 Pandemic [Policy Text Block] | Coronavirus Outbreak The current COVID- 19 19 19 may 19 may 19 10 March 31, 2022. |
Use of Estimates, Policy [Policy Text Block] | Accounting Policies and Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and during the reporting period. Actual results could materially differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents The Company considers all highly liquid instruments with maturities when purchased of three |
Receivable [Policy Text Block] | Receivables Receivables are reported at the amount the Company expects to collect on balances outstanding. The Company provides for probable uncollectible amounts through charges to earnings and credits to the valuation allowance based on management’s assessment of the status of individual accounts. Amounts recorded in accounts receivable on the condensed consolidated balance sheet include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. An allowance for doubtful accounts is maintained to provide for the estimated amount of receivables that will not 30 30 not March 31, 2022 December 31, 2021. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements As outlined in Accounting Standards Codification (“ASC”) 820, Fair Value Measurement 820 three Level 1 Level 2 Level 3 no The Company uses observable market data, when available, in making fair value measurements. Fair value measurements are classified according to the lowest level input that is significant to the valuation. The fair value of the Company’s investment securities, which consist of cash and cash equivalents, was determined based on Level 1 3 Note 7 Derivatives |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on a first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets Fixed assets are stated at cost less accumulated depreciation and amortization. Depreciation of fixed assets is computed using the straight-line method over the estimated useful lives of the respective assets. Estimated useful asset life by classification is as follows: Years Computers, software, and office equipment 3 - 10 Leasehold improvements (1) 2 - 5 Manufacturing tooling 3 - 7 Laboratory equipment 4 - 10 Demo equipment 3 ( 1 Leasehold improvements are amortized over the shorter of the useful life or the remaining lease term. Upon retirement or sale of fixed assets, the cost and related accumulated depreciation or amortization are removed from the condensed consolidated balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repairs are charged to operations expense as incurred. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Long-lived Assets Finite-lived intangible assets consist of patents and trademarks, licensing fees, developed technology, and customer relationships, and are amortized over their estimated useful life. Accumulated amortization is included in intangibles, net in the accompanying condensed consolidated balance sheets. The Company reviews finite-lived identifiable intangible assets for impairment in accordance with ASC 360, Property, Plant and Equipment may not may not not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill In accordance with ASC 350, Intangibles Goodwill and Other not December 31, may not To determine whether goodwill is impaired, annually or more frequently if needed, the Company performs a multi-step impairment test. The Company first not may first 2017 04, Simplifying the Test for Goodwill Impairment 3 1 Note 4 Intangible Assets and Goodwill |
Lessee, Leases [Policy Text Block] | Leases ROU assets represent our right to use an underlying asset for the duration of the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Recognition on the commencement date is based on the present value of lease payments over the lease term using an incremental borrowing rate. Leases with a term of 12 not The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. Leases are accounted for at a portfolio level when similar in nature with identical or nearly identical provisions and similar effective dates and lease terms. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company recognizes revenue when it satisfies a performance obligation by transferring control of the promised goods or services to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales taxes are imposed on the Company’s sales to nonexempt customers. The Company collects the taxes from the customers and remits the entire amounts to the governmental authorities. Sales taxes are excluded from revenue and expenses. Revenue from Product Sales The Company has medical device revenue consisting primarily of sales of the STREAMWAY System, as well as sales of the proprietary cleaning fluid and filters for use with the STREAMWAY System. This revenue stream is reported within the Skyline segment. The Company sells its medical device products directly to hospitals and other medical facilities using employed sales representatives and independent contractors. Purchase orders, which are governed by sales agreements in all cases, state the final terms for unit price, quantity, shipping, and payment terms. The unit price is considered the observable stand-alone selling price for the arrangements. The Company sales agreement, and Terms and Conditions, is a dually executed contract providing explicit criteria supporting the sale of the STREAMWAY System. The Company considers the combination of a purchase order and acceptance of its Terms and Conditions to be a customer’s contract in all cases. Product sales for medical devices consist of a single performance obligation that the Company satisfies at a point in time. The Company recognizes product revenue when the following events have occurred: ( 1 2 3 4 may, may 30 60 Customers may one one one All amounts billed to a customer in a sales transaction for medical devices related to shipping and handling, if any, represent revenues earned for the goods provided, and these amounts have been included in revenue. Costs related to such shipping and handling billing are classified as cost of goods sold. This revenue stream is reported under the Skyline reportable segment. Revenue from Clinical Testing The Precision Oncology Insights are clinical diagnostic testing comprised of the Company’s Tumor Drug Response Testing (formerly ChemoFx) and Genomic Profiling (formerly BioSpeciFx) tests. The Tumor Drug Response test determines how a patient’s tumor specimen reacts to a panel of various chemotherapy drugs, while the Genomic Profiling test evaluates the expression of a particular gene related to a patient’s tumor specimen. Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The estimated uncollectible amounts are generally considered implicit price concessions that are a reduction in revenue. Helomics’ payment terms vary by the agreements reached with insurance carriers and Medicare. The Company’s performance obligations are satisfied at one For service revenues, the Company estimates the transaction price which is the amount of consideration it expects to be entitled to receive in exchange for providing services based on its historical collection experience. The Company uses a portfolio approach as a practical expedient to account for patient contracts as collective groups rather than individually. The Company monitors its estimates of transaction price to depict conditions that exist at each reporting date. If the Company subsequently determines that it will collect less consideration than it originally estimated for a contract with a patient, it will account for the change as a decrease to the estimate of the transaction price, provided that such downward adjustment does not The Company recognizes revenue from these patients when contracts as defined in ASC 606, Revenue from Contracts with Customers 30 CRO Revenue Contract revenues are generally derived from studies conducted with biopharmaceutical and pharmaceutical companies. The specific methodology for revenue recognition is determined on a case-by-case basis according to the facts and circumstances applicable to a given contract. The Company typically uses an input method that recognizes revenue based on the Company’s efforts to satisfy the performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation on the basis of the standalone-selling price of each distinct good or service in the contract. Advance payments received in excess of revenues recognized are classified as deferred revenue until such time as the revenue recognition criteria have been met. Payment terms are net 30 Variable Consideration The Company records revenue from distributors and direct end customers in an amount that reflects the transaction price it expects to be entitled to after transferring control of those goods or services. The Company’s current contracts do not Warranty The Company generally provides one no not Contract Balances The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. Accounts receivable totaled $264,966 and $354,196 as of March 31, 2022 December 31, 2021, The Company’s deferred revenues related primarily to maintenance plans of $182,626 and $186,951 as of March 31, 2022 December 31, 2021, Practical Expedients The Company has elected the practical expedient not |
Valuation and Accounting for Stock Options and Warrants, Policy [Policy Text Block] | Valuation and accounting for stock options and warrants The Company determines the grant date fair value of options and warrants using a Black-Scholes option valuation model based upon assumptions regarding risk-free interest rate, expected dividend rate, volatility, and estimated term. The fair value of each option and warrant grant is estimated on the grant date using the Black-Scholes option valuation model with the following assumptions: For the three months ended March 31, 2022 2021 Stock Options Expected dividend yield 0.0% 0.0% Expected stock price volatility 86.5% 84.8% Risk-free interest rate 1.83% - 1.92% 0.93% - 1.45% Expected life (years) 10 10 Warrants Expected dividend yield n/a 0.0% Expected stock price volatility n/a 84.8% Risk-free interest rate n/a 0.42% - 0.69% Expected life (years) n/a 5 - 5.5 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are charged to operations as incurred. Research and development costs were $68,219 and $93,629 for the three March 31, 2022 2021, |
Other Expense Policy [Policy Text Block] | Other Expense Other expense consisted primarily of interest expense, payment premium, amortization of original issue discounts, and loss on debt extinguishment associated with the Company’s notes payable. |
Offering Costs [Policy Text Block] | Offering Costs Costs incurred which are direct and incremental to an offering of the Company’s securities are deferred and charged against the proceeds of the offering unless such costs are deemed to be insignificant in which case they are expensed as incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes 740” 740, There is no income tax provision in the accompanying condensed consolidated statements of net loss due to the cumulative operating losses that indicate a 100% The Company reviews income tax positions expected to be taken in income tax returns to determine if there are any income tax uncertainties. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not no Under Internal Revenue Code Section 382, may not not 382 may Tax years subsequent to 2018 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions and, by policy, generally limits the amount of credit exposure to any one zero |
Risks and Uncertainties Policy [Policy Text Block] | Risks and Uncertainties The Company is subject to risks common to companies in the medical device and biopharmaceutical industries, including, but not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (the “FASB”). Recently issued ASUs not not no In June 2016, 2016 13, not 12b 2 1934, January 1, 2023. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property Plant and Equipment Useful Life [Table Text Block] | Years Computers, software, and office equipment 3 - 10 Leasehold improvements (1) 2 - 5 Manufacturing tooling 3 - 7 Laboratory equipment 4 - 10 Demo equipment 3 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | For the three months ended March 31, 2022 2021 Stock Options Expected dividend yield 0.0% 0.0% Expected stock price volatility 86.5% 84.8% Risk-free interest rate 1.83% - 1.92% 0.93% - 1.45% Expected life (years) 10 10 Warrants Expected dividend yield n/a 0.0% Expected stock price volatility n/a 84.8% Risk-free interest rate n/a 0.42% - 0.69% Expected life (years) n/a 5 - 5.5 |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of March 31, 2022 As of December 31, 2021 Finished goods $ 187,922 $ 193,287 Raw materials 242,067 183,410 Work-In-Process 25,691 10,987 Total $ 455,680 $ 387,684 |
Note 3 - Fixed Assets (Tables)
Note 3 - Fixed Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of March 31, 2022 As of December 31, 2021 Computers, software, and office equipment $ 537,487 $ 517,488 Leasehold improvements 439,001 428,596 Laboratory equipment 3,469,786 3,456,091 Manufacturing tooling 121,120 121,120 Demo equipment 31,555 56,614 Total 4,598,949 4,579,909 Less: Accumulated depreciation and amortization (2,263,257 ) (2,068,338 ) Total Fixed Assets, Net $ 2,335,692 $ 2,511,571 |
Note 4 - Intangible Assets an_2
Note 4 - Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of March 31, 2022 As of December 31, 2021 Gross Carrying Costs Accumulated Amortization Net Carrying Amount Gross Carrying Costs Accumulated Amortization Impairment Net Carrying Amount Patents & Trademarks $ 488,158 $ (236,595 ) $ 251,563 $ 453,314 $ (230,572 ) $ - $ 222,742 Developed Technology 3,500,000 (123,959 ) 3,376,041 6,382,000 (432,733 ) (2,485,725 ) 3,463,542 Customer Relationships 200,000 (7,083 ) 192,917 645,000 (410,000 ) (37,083 ) 197,917 Tradename 80,000 (7,083 ) 72,917 478,000 (29,343 ) (370,740 ) 77,917 Total $ 4,268,158 $ (374,720 ) $ 3,893,438 $ 7,958,314 $ (1,102,648 ) $ (2,893,548 ) $ 3,962,118 |
Note 5 - Stockholders' Equity_2
Note 5 - Stockholders' Equity, Stock Options and Warrants (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | Stock Options Warrants Number of Shares Average Exercise Price Number of Shares Average Exercise Price Outstanding at December 31, 2020 1,013,547 $ 5.41 7,353,376 $ 1.99 Issued 147,230 1.06 29,640,801 1.44 Forfeited (92,593 ) 8.64 - - Expired - - (25,233 ) 10.00 Exercised (5,313 ) 0.74 (5,269,059 ) 0.86 Outstanding at December 31, 2021 1,062,871 $ 4.83 31,699,885 $ 1.66 Issued 4,175 1.08 - 1.44 Forfeited - 9.27 - - Expired (36,467 ) 15.18 (38,640 ) 26.91 Outstanding at March 31, 2022 1,030,579 $ 4.51 31,661,245 $ 1.63 |
Note 7 - Derivatives (Tables)
Note 7 - Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Derivative liability balance at December 31, 2020 $ 294,382 Gain recognized to revalue derivative instrument at fair value (95,671 ) Derivative liability balance at March 31, 2021 $ 198,711 Derivative liability balance at December 31, 2021 $ 129,480 Gain recognized to revalue derivative instrument at fair value (1,908 ) Derivative liability balance at March 31, 2022 $ 127,572 |
Note 8 - Loss Per Share (Tables
Note 8 - Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 2021 Numerator: Net loss attributable to common shareholders per common share: basic and diluted calculation $ (3,370,715 ) $ (3,888,713 ) Denominator: Weighted average common shares outstanding-basic 65,835,080 36,513,300 Effect of diluted stock options, warrants, and preferred stock (1) - - Weighted average common shares outstanding - diluted 65,835,080 36,513,300 Loss per common share-basic and diluted $ (0.05 ) $ (0.11 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months ended March 31, 2022 2021 Options 1,030,579 1,006,419 Warrants 31,661,245 15,062,139 Preferred stock: series B 7,925 7,925 |
Note 9 - Segments (Tables)
Note 9 - Segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2022 2021 Helomics $ 3,638 $ 1,989 zPREDICTA 18,342 - Soluble 12,916 14,075 Skyline 279,270 264,253 Corporate 402 - Total $ 314,568 $ 280,317 Three Months Ended March 31, 2022 2021 Helomics $ (1,039,727 ) $ (1,227,676 ) zPREDICTA (274,786 ) - Soluble (402,828 ) (249,529 ) Skyline (48,602 ) (142,558 ) Corporate (1,604,772 ) (2,268,950 ) Total $ (3,370,715 ) $ (3,888,713 ) As of March 31, As of December 31, 2022 2021 Helomics $ 1,382,242 $ 1,802,792 zPREDICTA 10,691,386 10,782,568 Soluble 1,584,402 1,742,445 Skyline 1,080,534 906,977 Corporate 25,320,204 (28,536,489 ) Total $ 40,058,768 $ 43,771,271 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Cash and Cash Equivalents, at Carrying Value, Total | $ 25,115,561 | $ 28,202,615 | |
Long-term Debt, Total | 0 | ||
Accounts Receivable, Allowance for Credit Loss, Current | 0 | 0 | |
Accounts Receivable, after Allowance for Credit Loss, Total | 264,966 | 354,196 | |
Contract with Customer, Liability, Total | 182,626 | $ 186,951 | |
Research and Development Expense, Total | 68,219 | $ 93,629 | |
Income Tax Expense (Benefit), Total | 0 | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment, Useful Life (Details) | 3 Months Ended | |
Mar. 31, 2022 | ||
Demo Equipment [Member] | ||
Computers, software, and office equipment (Year) | 3 years | |
Minimum [Member] | Office Equipment [Member] | ||
Computers, software, and office equipment (Year) | 3 years | |
Minimum [Member] | Leasehold Improvements [Member] | ||
Computers, software, and office equipment (Year) | 2 years | [1] |
Minimum [Member] | Manufacturing Tooling [Member] | ||
Computers, software, and office equipment (Year) | 3 years | |
Minimum [Member] | Laboratory Equipment [Member] | ||
Computers, software, and office equipment (Year) | 4 years | |
Maximum [Member] | Office Equipment [Member] | ||
Computers, software, and office equipment (Year) | 10 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Computers, software, and office equipment (Year) | 5 years | [1] |
Maximum [Member] | Manufacturing Tooling [Member] | ||
Computers, software, and office equipment (Year) | 7 years | |
Maximum [Member] | Laboratory Equipment [Member] | ||
Computers, software, and office equipment (Year) | 10 years | |
[1] | Leasehold improvements are amortized over the shorter of the useful life or the remaining lease term. |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Valuation Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Expected dividend yield | 0.00% | 0.00% |
Expected stock price volatility | 86.50% | 84.80% |
Expected life (years) (Year) | 10 years | 10 years |
Measurement Input, Expected Dividend Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0 | |
Measurement Input, Price Volatility [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.848 | |
Minimum [Member] | ||
Risk-free interest rate | 1.83% | 0.93% |
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.0042 | |
Minimum [Member] | Measurement Input, Expected Term [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 5 | |
Maximum [Member] | ||
Risk-free interest rate | 1.92% | 1.45% |
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.0069 |
Note 2 - Inventories - Schedule
Note 2 - Inventories - Schedule of Inventory (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Finished goods | $ 187,922 | $ 193,287 |
Raw materials | 242,067 | 183,410 |
Work-In-Process | 25,691 | 10,987 |
Total | $ 455,680 | $ 387,684 |
Note 3 - Fixed Assets (Details
Note 3 - Fixed Assets (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation, Total | $ 220,078 | $ 238,932 |
Note 3 - Fixed Assets - Schedul
Note 3 - Fixed Assets - Schedule of Property, Plant and Equipment (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant, and Equipment Gross | $ 4,598,949 | $ 4,579,909 |
Less: Accumulated depreciation and amortization | (2,263,257) | (2,068,338) |
Total Fixed Assets, Net | 2,335,692 | 2,511,571 |
Office Equipment [Member] | ||
Property, Plant, and Equipment Gross | 537,487 | 517,488 |
Leasehold Improvements [Member] | ||
Property, Plant, and Equipment Gross | 439,001 | 428,596 |
Laboratory Equipment [Member] | ||
Property, Plant, and Equipment Gross | 3,469,786 | 3,456,091 |
Manufacturing Tooling [Member] | ||
Property, Plant, and Equipment Gross | 121,120 | 121,120 |
Demo Equipment [Member] | ||
Property, Plant, and Equipment Gross | $ 31,555 | $ 56,614 |
Note 4 - Intangible Assets an_3
Note 4 - Intangible Assets and Goodwill (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Amortization of Intangible Assets | $ 103,524 | $ 83,048 | |
Goodwill, Ending Balance | 6,857,790 | $ 6,857,790 | |
Helomics Holding Corp. [Member] | |||
Goodwill, Ending Balance | 0 | 0 | |
Goodwill, Impaired, Accumulated Impairment Loss | 23,790,290 | 23,790,290 | |
zPREDICTA [Member] | |||
Goodwill, Ending Balance | 6,857,790 | 6,857,790 | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 | $ 0 |
Note 4 - Intangible Assets an_4
Note 4 - Intangible Assets and Goodwill - Components of Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2022 | |
Accumulated Amortization | $ (1,102,648) | $ (374,720) |
Total, Gross Carrying Costs | 7,958,314 | 4,268,158 |
Total, Net Carrying Amount | 3,962,118 | 3,893,438 |
Impairment | (2,893,548) | |
Trade Names 1 [Member] | ||
Tradename | 478,000 | 80,000 |
Tradename | (29,343) | (7,083) |
Tradename | 77,917 | 72,917 |
Impairment, indefinite | 370,740 | |
Patents and Trademarks [Member] | ||
Gross Carrying Costs | 453,314 | 488,158 |
Accumulated Amortization | (230,572) | (236,595) |
Net Carrying Amount | 222,742 | 251,563 |
Impairment, finite | 0 | |
Developed Technology Rights [Member] | ||
Gross Carrying Costs | 6,382,000 | 3,500,000 |
Accumulated Amortization | (432,733) | (123,959) |
Net Carrying Amount | 3,463,542 | 3,376,041 |
Impairment, finite | (2,485,725) | |
Customer Relationships [Member] | ||
Gross Carrying Costs | 645,000 | 200,000 |
Accumulated Amortization | (410,000) | (7,083) |
Net Carrying Amount | 197,917 | $ 192,917 |
Impairment, finite | $ (37,083) |
Note 5 - Stockholders' Equity_3
Note 5 - Stockholders' Equity, Stock Options and Warrants (Details Textual) - USD ($) | Oct. 24, 2019 | Mar. 31, 2022 | Mar. 31, 2021 |
Share-Based Payment Arrangement, Expense | $ 36,518 | $ 565,082 | |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 45,964 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 23 months | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 27 months | ||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 93,182 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 441,666 | ||
Maximum [Member] | Share-Based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||
Minimum [Member] | Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 3 years | ||
Equity Incentive Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Equity Line Purchase Agreement [Member] | |||
Issuance or Sale of Equity, Can Be Raised | $ 15,000,000 | ||
Stock Issued During Period, Shares, New Issues (in shares) | 104,651 | 120,000 | |
Stock Issued During Period, Value, New Issues | $ 450,000 | $ 86,885 | |
Sale of Stock, Remaining Available Balance | $ 9,026,944 |
Note 5 - Stockholders' Equity_4
Note 5 - Stockholders' Equity, Stock Options and Warrants - Summary of Transactions for Stock Options and Warrants (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Warrant [Member] | ||
Number of Shares Outstanding (in shares) | 31,699,885 | 7,353,376 |
Average Exercise Price Outstanding (in dollars per share) | $ 1.66 | $ 1.99 |
Number of Shares Issued (in shares) | 0 | 29,640,801 |
Average Exercise Price Issued (in dollars per share) | $ 1.44 | $ 1.44 |
Number of Shares Forfeited (in shares) | 0 | 0 |
Average Exercise Price Forfeited (in dollars per share) | $ 0 | $ 0 |
Expired (in shares) | (38,640) | (25,233) |
Average Exercise Price Expired (in dollars per share) | $ 26.91 | $ 10 |
Number of Shares Exercised (in shares) | (5,269,059) | |
Average Exercise Price Exercised (in dollars per share) | $ 0.86 | |
Number of Shares Outstanding (in shares) | 31,661,245 | 31,699,885 |
Average Exercise Price Outstanding (in dollars per share) | $ 1.63 | $ 1.66 |
Share-Based Payment Arrangement, Option [Member] | ||
Number of Shares Outstanding (in shares) | 1,062,871 | 1,013,547 |
Average Exercise Price Outstanding (in dollars per share) | $ 4.83 | $ 5.41 |
Number of Shares Issued (in shares) | 4,175 | 147,230 |
Average Exercise Price Issued (in dollars per share) | $ 1.08 | $ 1.06 |
Number of Shares Forfeited (in shares) | 0 | (92,593) |
Average Exercise Price Forfeited (in dollars per share) | $ 9.27 | $ 8.64 |
Expired (in shares) | (36,467) | 0 |
Expired (in dollars per share) | $ 15.18 | $ 0 |
Number of Shares Exercised (in shares) | (5,313) | |
Average Exercise Price Exercised (in dollars per share) | $ 0.74 | |
Number of Shares Outstanding (in shares) | 1,030,579 | 1,062,871 |
Average Exercise Price Outstanding (in dollars per share) | $ 4.51 | $ 4.83 |
Note 7 - Derivatives (Details T
Note 7 - Derivatives (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Agent Warrants In Connection With March 2020 Private Placement [Member] | |||
Derivative Liability, Total | $ 40,157 | $ 41,336 | |
Derivative, Gain (Loss) on Derivative, Net, Total | 1,190 | $ (32,507) | |
Agent Warrants Issued In connection With May 2020 Offering [Member] | |||
Derivative Liability, Total | 42,139 | 42,645 | |
Derivative, Gain (Loss) on Derivative, Net, Total | 505 | (31,320) | |
Agent Warrants In Connection With June 2020 Warrant [Member] | |||
Derivative Liability, Total | 45,285 | $ 45,498 | |
Derivative, Gain (Loss) on Derivative, Net, Total | $ 213 | $ (34,710) |
Note 7 - Derivatives - Change i
Note 7 - Derivatives - Change in Fair Value of Derivative Liabilities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative liability balance | $ 129,480 | $ 294,382 |
Gain recognized to revalue derivative instrument at fair value | (1,908) | (95,671) |
Derivative liability balance | $ 127,572 | $ 198,711 |
Note 8 - Loss Per Share - Share
Note 8 - Loss Per Share - Shares Used in Basic and Diluted Loss Per Common Share Computations (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Net loss attributable to common shareholders per common share: basic and diluted calculation | $ (3,370,715) | $ (3,888,713) | |
Weighted average shares used in computation - basic and diluted (in shares) | [1] | 65,835,080 | 36,513,300 |
Effect of diluted stock options, warrants, and preferred stock (1) (in shares) | 0 | 0 | |
Weighted average common shares outstanding - diluted (in shares) | 65,835,080 | 36,513,300 | |
Loss per common share-basic and diluted (in dollars per share) | $ (0.05) | $ (0.11) | |
[1] | The following is a summary of the number of underlying shares outstanding at the end of the respective periods that have been excluded from the diluted calculations because the effect on loss per common share would have been anti-dilutive: |
Note 8 - Loss Per Share - Antid
Note 8 - Loss Per Share - Antidilutive Securities Excluded from the Diluted Calculations (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities (in shares) | 1,030,579 | 1,006,419 |
Warrant [Member] | ||
Antidilutive Securities (in shares) | 31,661,245 | 15,062,139 |
Series B Convertible Preferred Stock [Member] | ||
Antidilutive Securities (in shares) | 7,925 | 7,925 |
Note 9 - Segments (Details Text
Note 9 - Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Number of Operating Segments | 4 |
Note 9 - Segments - Segments (D
Note 9 - Segments - Segments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue | $ 314,568 | $ 280,317 | |
Net loss | (3,370,715) | (3,888,713) | |
Assets | 40,058,768 | $ 43,771,271 | |
Corporate, Non-Segment [Member] | |||
Revenue | 402 | 0 | |
Net loss | (1,604,772) | (2,268,950) | |
Assets | 25,320,204 | (28,536,489) | |
Helomics Segment [Member] | Operating Segments [Member] | |||
Revenue | 3,638 | 1,989 | |
Net loss | (1,039,727) | (1,227,676) | |
Assets | 1,382,242 | 1,802,792 | |
zPREDICTA [Member] | Operating Segments [Member] | |||
Revenue | 18,342 | 0 | |
Net loss | (274,786) | 0 | |
Assets | 10,691,386 | 10,782,568 | |
Soluble [Member] | Operating Segments [Member] | |||
Revenue | 12,916 | 14,075 | |
Net loss | (402,828) | (249,529) | |
Assets | 1,584,402 | 1,742,445 | |
Skyline [Member] | Operating Segments [Member] | |||
Revenue | 279,270 | 264,253 | |
Net loss | (48,602) | $ (142,558) | |
Assets | $ 1,080,534 | $ 906,977 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - Equity Line Purchase Agreement [Member] - USD ($) | Oct. 24, 2019 | May 03, 2022 | Mar. 31, 2022 |
Stock Issued During Period, Shares, New Issues (in shares) | 104,651 | 120,000 | |
Stock Issued During Period, Value, New Issues | $ 450,000 | $ 86,885 | |
Subsequent Event [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 195,000 | ||
Stock Issued During Period, Value, New Issues | $ 149,125 |