Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 18, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-36790 | ||
Entity Registrant Name | Predictive Oncology Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 33-1007393 | ||
Entity Address, Address Line One | 91 43rd Street, Suite 110 | ||
Entity Address, City or Town | Pittsburgh | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 15201 | ||
City Area Code | 412 | ||
Local Phone Number | 432-1500 | ||
Title of 12(b) Security | Common stock, $0.01 par value | ||
Trading Symbol | POAI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 18,983,374 | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,062,853 | ||
Auditor Name | BDO USA, P.C. | ||
Auditor Location | Minneapolis, Minnesota | ||
Auditor Firm ID | 243 | ||
Entity Central Index Key | 0001446159 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash | $ 8,728,660 | $ 22,071,523 |
Accounts receivable | 333,697 | 331,196 |
Inventories | 494,374 | 430,493 |
Prepaid expense and other assets | 521,700 | 526,801 |
Total current assets | 10,078,431 | 23,360,013 |
Property and equipment, net | 1,233,910 | 1,833,255 |
Intangibles, net | 252,457 | 253,865 |
Lease right-of-use assets | 2,728,355 | 211,893 |
Other long-term assets | 124,096 | 75,618 |
Total assets | 14,417,249 | 25,734,644 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 1,342,027 | 943,452 |
Note payable | 150,408 | 0 |
Accrued expenses and other liabilities | 1,631,702 | 2,229,075 |
Derivative liability | 1,376 | 13,833 |
Contract liabilities | 308,091 | 602,073 |
Lease liability | 517,427 | 94,237 |
Total current liabilities | 3,951,031 | 3,882,670 |
Other long-term liabilities | 5,459 | 0 |
Lease liability – net of current portion | 2,188,979 | 86,082 |
Total liabilities | 6,145,469 | 3,968,752 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Common stock, $.01 par value, 200,000,000 shares authorized, 4,062,853 and 3,938,160 shares outstanding as of December 31, 2023, and December 31, 2022, respectively | 40,629 | 39,382 |
Additional paid-in capital | 175,992,242 | 175,503,634 |
Accumulated deficit | (167,761,883) | (153,777,916) |
Total stockholders’ equity | 8,271,780 | 21,765,892 |
Total liabilities and stockholders’ equity | 14,417,249 | 25,734,644 |
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 as of December 31, 2023, and December 31, 2022 | $ 792 | $ 792 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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) | 4,062,853 | 3,938,160 |
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 |
Consolidated Statements of Net
Consolidated Statements of Net Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 1,780,093 | $ 1,505,459 |
Cost of sales | 634,796 | 505,107 |
Gross profit | 1,145,297 | 1,000,352 |
Operating expenses: | ||
General and administrative expense | 9,428,496 | 11,110,735 |
Operations expense | 4,127,268 | 3,798,425 |
Sales and marketing expense | 1,510,861 | 1,358,907 |
Loss on impairment of goodwill | 0 | 7,231,093 |
Loss on impairment of finite-lived intangible assets | 0 | 3,349,375 |
Loss on impairment of property and equipment | 162,905 | 185,469 |
Total operating expenses | 15,229,530 | 27,034,004 |
Total operating loss | (14,084,233) | (26,033,652) |
Other income | 152,776 | 185,646 |
Other expense | (64,967) | (5,275) |
Gain on derivative instruments | 12,457 | 115,647 |
Net loss | $ (13,983,967) | $ (25,737,634) |
Net loss per common share – basic and diluted (in dollars per share) | $ (3.48) | $ (6.98) |
Weighted average shares used in computation – basic and diluted (in shares) | 4,014,848 | 3,685,954 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Series B Preferred Stock [Member] Preferred Stock [Member] | Series F Preferred Stock [Member] Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 79,246 | 3,280,750 | ||||
Balance at Dec. 31, 2021 | $ 792 | $ 32,808 | $ 168,272,366 | $ (128,040,282) | $ 40,265,684 | |
Net loss | $ 0 | $ 0 | 0 | $ (25,737,634) | $ (25,737,634) | |
Balance (in shares) at Dec. 31, 2022 | 79,246 | 0 | 3,938,160 | (153,777,916) | 21,765,892 | |
Balance at Dec. 31, 2022 | $ 792 | $ 0 | $ 39,382 | 175,503,634 | $ (153,777,916) | $ 21,765,892 |
Issuance of shares and warrants (in shares) | 0 | 600,000 | ||||
Issuance of shares and warrants | $ 0 | $ 6,000 | $ 6,501,050 | $ 0 | $ 6,507,050 | |
Shares issued pursuant to Equity Line (in shares) | 0 | 15,750 | 235,851 | 0 | 236,009 | |
Shares issued pursuant to Equity Line | $ 0 | $ 158 | ||||
Share issuance to consultant and other (in shares) | 0 | 29,838 | 355,827 | 0 | 356,124 | |
Share issuance to consultant and other | $ 0 | $ 297 | ||||
Vesting expense and option repricing (in shares) | 0 | 11,822 | 0 | 138,659 | ||
Vesting expense and option repricing | $ 0 | $ 119 | $ 138,540 | |||
Shares issued to non-employees (in shares) | 0 | 0 | 98,193 | |||
Shares issued to non-employees | $ 0 | $ 0 | $ 982 | 488,344 | $ 0 | $ 489,326 |
Vesting expense, net of forfeitures | $ 0 | $ 0 | $ 0 | 2,038 | 0 | 2,038 |
Series F Preferred Stock dividend (in shares) | 0 | 79,404 | 0 | |||
Series F Preferred Stock dividend | $ 0 | $ 794 | $ 0 | 0 | 0 | |
Series F Preferred Stock dividend | (794) | |||||
Reverse stock split round up to whole shares (in shares) | 0 | 0 | 25,343 | |||
Reverse stock split round up to whole shares | $ 0 | $ 253 | (253) | 0 | 0 | |
Series F Preferred redemption (in shares) | 0 | (79,404) | 0 | |||
Series F Preferred redemption | $ 0 | $ (794) | $ 0 | 794 | 0 | 0 |
Share issuance to CFO for vesting of RSUs, net of repurchase to cover withholding tax (in shares) | 0 | 0 | 1,157 | |||
Share issuance to CFO for vesting of RSUs, net of repurchase to cover withholding tax | $ 0 | $ 0 | $ 12 | (1,521) | 0 | (1,509) |
Net loss | $ 0 | $ 0 | $ 0 | 0 | (13,983,967) | (13,983,967) |
Balance (in shares) at Dec. 31, 2023 | 79,246 | 0 | 4,062,853 | |||
Balance at Dec. 31, 2023 | $ 792 | $ 0 | $ 40,629 | $ 175,992,242 | $ (167,761,883) | $ 8,271,780 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Cash flow from operating activities: | ||
Net loss | $ (13,983,967) | $ (25,737,634) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 739,316 | 1,313,075 |
Vesting expense | 2,038 | 166,312 |
Common stock issued to non-employees | 299,430 | 356,125 |
Gain on valuation of equity-linked instruments and derivative liability | (12,457) | (115,647) |
Loss on impairment of goodwill | 0 | 7,231,093 |
Loss on impairment of finite-lived intangible assets | 0 | 3,349,375 |
Loss on impairment of property and equipment | 162,905 | 185,469 |
Loss on property and equipment disposal | 903 | 14,346 |
us-gaap_IncreaseDecreaseInAccountsReceivable | 2,501 | (23,000) |
Inventories | (63,881) | (42,808) |
Prepaid expense and other assets | (43,377) | 78,425 |
Accounts payable | 398,575 | (78,322) |
Accrued expenses and other liabilities | (397,851) | 869,987 |
Contract liabilities | (293,982) | 41,819 |
Other long-term liabilities | 5,459 | (25,415) |
Net cash used in operating activities: | (13,189,390) | (12,370,800) |
Cash flow from investing activities: | ||
Purchase of property and equipment | (276,352) | (419,869) |
Acquisition of intangibles | (26,019) | (55,828) |
Net cash used in investing activities | (302,371) | (475,697) |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract | ||
Proceeds from issuance of common stock and warrants, net | 0 | 6,507,050 |
Proceeds from issuance of common stock pursuant to equity line | 0 | 236,009 |
Repurchase of common stock upon vesting of restricted stock units | (1,510) | (27,654) |
Proceeds from note payable | 364,721 | 0 |
Repayment of note payable | (214,313) | 0 |
Net cash provided by financing activities | 148,898 | 6,715,405 |
Net decrease in cash | (13,342,863) | (6,131,092) |
Cash at beginning of period | 22,071,523 | 28,202,615 |
Cash at end of period | 8,728,660 | 22,071,523 |
us-gaap_SupplementalCashFlowInformationAbstract | ||
Cash payments for interest | 13,904 | 3,821 |
Adjustment to goodwill for acquisition of zPREDICTA contract liabilities | 0 | 373,303 |
Right-of-use assets obtained in exchange for lease liabilities | 2,997,181 | 0 |
Series F Preferred Stock dividend | 794 | 0 |
Common stock issued to settle accrued board of directors’ and advisory board compensation | 189,896 | 0 |
Redemption of Series F Preferred Stock | (794) | 0 |
Restricted Stock Units (RSUs) [Member] | ||
us-gaap_SupplementalCashFlowInformationAbstract | ||
Common stock issued to settle accrued board of directors’ and advisory board compensation | 4,934 | 0 |
Reverse Stock Split [Member] | ||
us-gaap_SupplementalCashFlowInformationAbstract | ||
Common stock issued to settle accrued board of directors’ and advisory board compensation | $ 253 | $ 0 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Predictive Oncology Inc. (“Predictive Oncology”) is a knowledge and science-driven company that applies artificial intelligence (“AI”) to support the discovery and development of optimal cancer therapies, which can ultimately lead to more effective treatments and improved patient outcomes. The Company uses AI and a proprietary biobank of 150,000+ tumor samples, categorized by patient type, to provide actionable insights about drug compounds to improve the drug discovery process and increase the probability of drug compound success. The Company offers a suite of solutions for oncology drug development from early discovery to clinical trials. Predictive Oncology’s mission is to change the landscape of oncology drug discovery and enable the development of more effective therapies for the treatment of cancer. By harnessing the power of machine learning and scientific rigor, the Company believes that it can improve the probability of success of advancing pharmaceutical and biological drug candidates with a higher degree of confidence. The Company operates in three The Company has three reportable segments, which have been delineated by location and business area, as further described in Note 14 Segments ● Pittsburgh segment: ● Birmingham segment ● Eagan segment Going Concern The Company has incurred significant and recurring losses from operations for the past several years and, as of December 31, 2023, had an accumulated deficit of $167,761,883. The Company had cash and cash equivalents of $8,728,660 as of December 31, 2023 and needs to raise significant additional capital to meet its operating needs. The Company’s short-term obligations as of December 31, 2023 were $3,951,031, consisting primarily of aggregate accounts payable and accrued expenses of $2,973,729 and operating lease obligations of $517,427. As of December 31, 2023, the Company also had a short-term note payable of $150,408 that bears interest at an annual percentage rate of 9.25% and long-term operating lease obligations of $2,188,979 with a weighted average remaining lease term of 3.99 years. The Company does not expect to generate sufficient operating revenue to sustain its operations in the near term. During the year ended December 31, 2023, the Company incurred negative cash flows from operations of $13,189,390. Although the Company has attempted to improve its operating margin by bolstering revenues and curtailing expenses and continues to seek ways to generate revenue through business development activities, there is no guarantee that the Company will be able to improve its operating margin sufficiently or achieve profitability in the near term. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. The Company is evaluating alternatives to obtain the required additional funding to maintain future operations. These alternatives may include, but are not limited to, equity financing, issuing debt, entering into other financing arrangements, or monetizing operating businesses or assets. These possibilities, to the extent available, may be on terms that result in significant dilution to the Company’s existing stockholders or that result in the Company’s existing stockholders losing part or all of their investment. Despite these potential sources of funding, the Company may be unable to access financing or obtain additional liquidity when needed or under acceptable terms, if at all. If such financing or adequate funds from operations are not available, the Company would be forced to limit our business activities and the Company could default on existing payment obligations, which would have a material adverse effect on its financial condition and results of operations, and may ultimately be required to cease its operations and liquidate its business. The Company’s consolidated financial statements have been prepared assuming the Company will continue as a going concern and do not include any adjustment relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. Reverse Stock Split On April 19, 2023, the Company completed a one-for- twenty Accounting Policies and Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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 financial statements and during the reporting period. Actual results could materially differ from those estimates. Principles of Consolidation The Company has two wholly owned subsidiaries, Helomics Corporation and Skyline Medical, Inc., as of and for the year ended December 31, 2023. The Company had multiple wholly owned subsidiaries for the year ended December 31, 2022. The consolidated financial statements include the accounts of the Company and these wholly owned subsidiaries after elimination of intercompany transactions and balances as of and for the years ended December 31, 2023, and 2022. Reclassifications Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current year presentation. The reclassifications had no effect on previously reported results of operations, cash flows or stockholders’ equity. 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 listed below either were assessed and determined to be not applicable or are currently expected to have no impact on the consolidated financial statements of the Company. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU updates reportable segment disclosures by expanding the frequency and extent of segment disclosures. This ASU will become effective for the Company’s fiscal year beginning January 1, 2024, and for the Company’s interim periods beginning in the Company’s fiscal year 2025. Early adoption is permitted and requires the retrospective adoption method. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses.” This ASU added a new impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The CECL model applies to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit losses on assets that have a low risk of loss. The Company adopted the provisions of ASU 2016-13 on January 1, 2023, using the modified-retrospective approach, and its adoption did not have a material impact on the Company’s consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options and Derivatives and Hedging – Contracts in Entity’s Own Equity” (“ASU 2020-06”). ASU 2020-06 eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. The new guidance also modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. As a smaller reporting company pursuant to Rule 12b 2 1934, In September 2022, the FASB issued ASU 2022-04, “Liabilities – Supplier Finance Programs” (“ASU 2022-04”). ASU 2022-04 was issued to enhance the transparency of supplier finance programs used by an entity in connection with the purchase of goods and services. The standard requires entities that use supplier finance programs to disclose the key terms, including a description of payment terms, the confirmed amount outstanding under the program at the end of each reporting period, a description of where those obligations are presented on the balance sheet, and an annual rollforward, including the amount of obligations confirmed and the amount paid during the period. The guidance does not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the required rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company adopted ASU 2022-04 on January 1, 2023, using the retrospective approach, and its adoption did not have a material impact on the Company’s financial statements. Cash The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company places its cash with high quality financial institutions and believes its risk of loss is limited to amounts in excess of that which is insured by the Federal Deposit Insurance Corporation. 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 consolidated balance sheets include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. An allowance is maintained to provide for the estimated amount of receivables that will not be collected. The Company determines the allowance based on historical experience as well as external business factors expected to impact collectability such as economic factors. The Company reviews customers’ credit history before extending unsecured credit and establishes an allowance based upon factors surrounding the credit risk of specific customers, historical trends, and other information. Invoices are generally due 30 days after presentation. Accounts receivable over 30 days is generally considered past due. The Company does not accrue interest on past due accounts receivables. Receivables are written off once all collection attempts have failed and are based on individual credit evaluation and specific circumstances of the customer. The allowance for accounts receivable balance was $0 as of both December 31, 2023, and 2022. Fair Value Measurements As outlined in ASC 820, Fair Value Measurement Level 1 – Observable inputs such as quoted prices in active markets; Level 2 – Inputs other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3 – Unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions. The Company uses observable market data in making fair value measurements, when available. Fair value measurements are classified according to the lowest level input that is significant to the valuation. The fair values of the Company’s derivative liabilities were determined based on Level 3 inputs. The Company generally uses the Black Scholes method for determining the fair value of warrants classified as liabilities on a recurring basis. In addition, the Company uses the Monte Carlo method and other acceptable valuation methodologies when valuing the conversion feature and other embedded features classified as derivatives on a recurring basis. See Note 2 Fair Value Measurements Note 8 Derivatives When comparing the carrying amount of an asset group to its fair value as part of a long-lived asset impairment analysis, the Company estimates the fair value of the asset group by making assumptions about the long-lived assets comprising the asset group. The majority of the inputs used by the Company to estimate the fair value of the long-lived assets are unobservable and thus are considered to be Level 3 inputs. See Note 4 Property and Equipment Note 5 Intangible Assets When performing quantitative testing related to goodwill impairment analysis, the Company estimates the fair values of its reporting units using discounted cash flows. To determine fair values, the Company is required to make assumptions about a wide variety of internal and external factors. Significant assumptions used in the impairment analysis include financial projections of free cash flow (including significant assumptions about operations including the rate of future revenue growth, capital requirements, and income taxes), long-term growth rates for determining terminal value and discount rates. The majority of the inputs used in the discounted cash flow model are unobservable and thus are considered to be Level 3 inputs. See Note 5 Intangible Assets Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation of property and equipment 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) 1 - 2 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 property and equipment, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repairs are charged to operations expense as incurred. Finite-lived Intangible Assets Finite-lived intangible assets consist of patents and trademarks, licensing fees, developed technology, acquired software, customer relationships, and tradenames, and are amortized over their estimated useful life. Accumulated amortization is included in Intangibles, net in the accompanying consolidated balance sheets. Long-lived Assets The Company reviews long-lived assets for impairment in accordance with ASC 360, Property, Plant and Equipment The recoverability of an asset to be held and used is determined by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, the Company records an impairment charge in the amount by which the carrying amount of the asset exceeds its fair value, which is determined by either a quoted market price, if any, or a value determined utilizing discounted cash flow techniques. Goodwill In accordance with ASC 350, Intangibles Goodwill and Other To determine whether goodwill is impaired, the Company performs a multi-step impairment test, either on an annual basis, or more frequently if needed. The Company first has the option to assess qualitative factors to determine if it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value. The Company may also elect to skip the qualitative testing and proceed directly to the quantitative testing. When performing quantitative testing, the Company first estimates the fair values of its reporting units using discounted cash flows. To determine fair values, the Company is required to make assumptions about a wide variety of internal and external factors. Significant assumptions used in the impairment analysis include financial projections of free cash flow (including significant assumptions about operations including the rate of future revenue growth, capital requirements, and income taxes), long-term growth rates for determining terminal value and discount rates. Comparative market multiples are used to corroborate the results of the discounted cash flow test. These assumptions require significant judgement. Pursuant to ASC 350, the single step is to determine the estimated fair value of the reporting unit and compare it to the carrying value of the reporting unit, including goodwill. To the extent the carrying amount of goodwill exceeds the fair value, the difference is the amount of the goodwill impairment. The Company also completes a reconciliation between the implied equity valuation prepared and the Company’s market capitalization. The majority of the inputs used in the discounted cash flow model are unobservable and thus are considered to be Level 3 inputs. The inputs for the market capitalization calculation are considered Level 1 inputs. See Note 5 Intangible Assets Leases At inception of a contract a determination is made whether an arrangement meets the definition of a lease. A contract contains a lease if there is an identified asset and the Company has the right to control the asset. Operating leases are recorded as right-of-use (“ROU”) assets with corresponding current and noncurrent operating lease liabilities on our consolidated balance sheets. 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 months or less at the commencement date are not recognized on the consolidated balance sheet and are expensed as incurred. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. Variable lease payments generally represent the Company’s share of the landlord’s expenses and are recorded when incurred. 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. Collaboration Arrangements The Company enters into collaboration arrangements with oncology drug development partners, under which the Company utilizes its active learning technology, proprietary biobank, and know-how to provide predictive models of tumor responses to various drug compounds and treatments of partners. Consideration under these contracts may include an upfront payment, development and regulatory milestones and other contingent payments, expense reimbursements, royalties based on net sales of approved drugs, and commercial sales milestone payments. The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements Revenue from Contracts with Customers 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. The Company recognizes revenue in accordance with the five-step process outlined in ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Sales taxes are imposed on the Company’s sales to nonexempt customers. The Company collects the taxes from the customers and remits the entire amount to the governmental authorities. Sales taxes are excluded from revenue and expenses. Advertising costs incurred in the Company’s efforts to obtain new customers are expensed as incurred. Revenues from Services The Company generates revenues from Contract Research Organization (“CRO”) services related to the development of 3D tumor-specific in vitro models for oncology drug discovery and research. The organ-specific disease models provide 3D reconstruction of human tissues accurately representing each disease state and mimicking drug response. Revenue from development of 3D models is reported under the Pittsburgh reportable segment. The Company also generates revenues from CRO services related to development of protein formulations and performance of protein stability analyses. Using the Company’s proprietary High Throughput Self-Interaction Chromatography (“HSC”) platform, the Company conducts screens on excipients previously approved by the FDA to develop protein formulations with increased solubility and physical stability. The Company also provides comprehensive protein stability analyses via time-dependent shelf-life studies and forced degradation studies designed to quickly determine which of the additives previously approved by the FDA will improve the solubility and stability of proteins in solutions. Revenues from development of protein formulations and performance of protein stability analyses are reported under the Birmingham reportable segment. The specific pattern of revenue recognition for CRO services is determined on a case-by-case basis according to the facts and circumstances applicable to a given contract. The Company may execute a master service agreement with a customer that provides terms and conditions for the relationship between the Company and the customer. Detailed Statements of Work (SOWs) are then prepared to outline the specific services to be provided. The SOW and master service agreement, if applicable, form the contract with the customer under ASC 606. The Company evaluates each product or service promised in a contract to determine whether it represents a distinct performance obligation. Determining whether services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Contracts for CRO services generally contain one performance obligation to perform research and deliver appropriate data or reporting. The Company typically requires partial payment for CRO services prior to performance of the research service with the remainder of the transaction price due 30 days after delivery of data or reporting. Revenues from CRO services are generally recognized at the point in time when data and reports are provided to customers. The Company also generates revenues from services provided under maintenance plans related to the Company’s STREAMWAY System. Customers may purchase maintenance plans, which require the Company to service the customer’s STREAMWAY System for a period of one year. Payment due under the maintenance plan is typically due at the start of the service period. The maintenance plan is considered a separate performance obligation from the sale of the STREAMWAY System, is charged separately from the product sale, and is recognized over time (ratably over the one-year period) as maintenance services are provided. A time-elapsed output method is used to measure progress toward complete satisfaction of the performance obligation because the Company transfers control evenly by providing a stand-ready service. The Company has determined that this method provides a faithful depiction of the transfer of services to its customers. Revenues from maintenance plans related to the Company’s STREAMWAY System are reported under the Eagan reportable segment. Revenues from Product Sales The Company generates revenues from the sale of medical device products consisting primarily of sales of the STREAMWAY System (i.e., hardware), as well as sales of the proprietary cleaning fluid and filters for use with the STREAMWAY System (i.e., disposables). Currently, the Company sells its medical device products directly to hospitals and other medical facilities using employed sales representatives. 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 sales agreement is a dually executed agreement providing explicit terms and conditions supporting the sale of the STREAMWAY System and related products and services. The Company considers the combination of a purchase order and sales agreement providing its terms and conditions to form the contract with the customer in all cases. Product sales for medical devices consist of a single performance obligation that the Company satisfies at a point in time following the transfer of control of such products to the customer. Transfer of control may occur when products are shipped from the Company’s facilities (“FOB origin”, which is the Company’s standard shipping terms) or upon delivery at the customer’s facilities (“FOB Destination”), dependent on the shipping terms specified in the contract with the customer. Transfer of control may also occur prior to shipment under bill and hold arrangements. In such arrangements, the Company recognizes revenue when the bill-and-hold arrangement has a substantive reason, the product is identified separately as belonging to the customer, the product is ready for physical transfer to the customer, and the Company does not have the ability to use the product or direct it to another customer. The Company’s standard payment terms for its customers purchasing medical devices are generally 30 to 60 days after the Company transfers control of the product to its customer. The Company allows returns of defective disposable merchandise if the customer requests a return merchandise authorization from the Company. 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. Revenues from the sale of medical device products are reported under the Eagan reportable segment. Royalty Revenue and Variable Consideration The Company has a collaboration arrangement that includes sales-based royalties, under which our collaboration partner is obligated to pay revenue sharing fees that are based on the net sales of the collaboration partner’s commercialized drugs. The Company would recognize royalty revenue when the underlying sales occur based on its best estimate of sales of the drugs. To date, the Company has not recognized revenues related to revenue sharing fees pursuant to its collaboration arrangement. See Note 11 Collaboration Agreement Warranty The Company generally provides one-year warranties against defects in materials and workmanship on product sales and will either repair the products or provide replacements at no charge to customers. As they are considered assurance-type warranties, the Company does not account for them as separate performance obligations. Warranty reserve requirements are based on a specific assessment of the products sold with warranties where a customer asserts a claim for warranty or a product defect. Contract Balances The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. As of December 31, 2023, and 2022, accounts receivable totaled $333,697 and $331,196, respectively. As of December 31, 2021, accounts receivable totaled $354,196. Advance payments received in excess of revenues recognized are classified as contract liabilities until such time as the revenue recognition criteria have been met. The Company’s contract liabilities related primarily to 3D services and maintenance plans were $313,550 and $602,073 as of December 31, 2023, and 2022, respectively. The Company’s long-term contract liabilities are reported in Other long-term liabilities in the consolidated balance sheets. The Company's contract liabilities as of December 31, 2023 primarily represent its remaining performance obligations. The Company recognized revenue of $277,767 primarily related to 3D services earned during the year ended December 31, 2023, that was included in contract liabilities as of December 31, 2022. As of December 31, 2021, contract liabilities totaled $186,951. Practical Expedients The Company has elected not to determine whether contracts with customers contain significant financing components as contracts are generally for less than one year. The Company immediately expenses contract costs that would otherwise be capitalized and amortized over a period of less than one year. The Company recognizes shipping and handling costs at point of sale. Stock-Based Compensation The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation Stock Compensation ASC 718 requires companies to estimate the fair value of stock-based payment awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model which requires the input of significant assumptions including an estimate of the average period of time employees and directors will retain vested stock options before exercising them, the estimated volatility of the Company’s common stock price over the expected term, and the risk-free interest rate. When an option or warrant is granted in place of cash compensation for services, the Company deems the value of the service rendered to be the value of the option or warrant. In most cases, however, an option or warrant is granted in addition to other forms of compensation and its separate value is difficult to determine without utilizing an option pricing model. For that reason the Company also uses the Black-Scholes option-pricing model to value options and warrants granted to non-employees, which requires the input of significant assumptions including an estimate of the average period that investors or consultants will retain vested stock options and warrants before exercising them, the estimated volatility of the Company’s common stock price over the expected term, and the risk-free interest rate. In the case of options granted to employees, the Company estimates the life to be the legal term. The Company also has certain awards which vest upon a combination of the satisfaction of service-based and performance-based conditions. The performance-based conditions generally are satisfied upon achieving specified performance targets, such as financial or operating metrics, and/or market performance of the Company’s common stock. For performance-based awards, the Company generally recognizes expense over the requisite service period unless there is a compelling reason to make it shorter and when performance-based conditions are considered probable to be satisfied. For market-based awards, the Company determines the grant-date fair value utilizing a Monte Carlo valuation model, which incorporates various assumptions including stock price volatility, expected term and risk-free interest rates. Changes in the assumptions can materially affect the estimate of fair value of stock-based compensation and, consequently, the related expense recognizes that. The Company’s common stock has been traded on the NASDAQ Capital Market exchange since 2015 |
Note 2 - Fair Value Measurement
Note 2 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 2 FAIR VALUE MEASUREMENTS The following table summarizes the Company’s fair value hierarchy for its liabilities measured at fair value on a recurring basis: December 31, 2023 Fair Value Level 1 Level 2 Level 3 Liabilities: Derivatives $ 1,376 $ - $ - $ 1,376 December 31, 2022 Fair Value Level 1 Level 2 Level 3 Liabilities: Derivatives $ 13,833 $ - $ - $ 13,833 |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORIES Inventory balances consist of the following: As of 2023 As of 2022 Raw materials $ 239,998 $ 133,183 Work-in-process - 6,694 Finished goods 254,376 290,616 Total $ 494,374 $ 430,493 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 PROPERTY AND EQUIPMENT The Company’s property and equipment consist of the following: As of 2023 As of December 31, 2022 Computers, software, and office equipment $ 480,882 $ 463,292 Leasehold improvements 506,162 535,527 Laboratory equipment 3,670,097 3,559,362 Manufacturing tooling 133,285 121,120 Demo equipment 31,554 31,554 Total 4,821,980 4,710,855 Less: Accumulated depreciation (3,588,070 ) (2,877,600 ) Total Property and Equipment, Net $ 1,233,910 $ 1,833,255 In the second quarter of 2023, the Company identified a change in future projected cash flows related to its Birmingham asset group. The Company prepared an undiscounted cash flow for its Birmingham asset group as of June 30, 2023, as required under ASC 360 and determined the carrying amount of the asset group exceeded its estimated undiscounted future cash flows. The Company determined the fair value of the Birmingham asset group using replacement cost and market approaches based on the in-exchange value. The Company recognized an impairment loss of $162,905 of its property and equipment in the Birmingham operating segment during the second quarter of 2023. In the fourth quarter of 2022, the Company identified a change in its future projected cash flows related to certain of its asset groups. The Company prepared an undiscounted cash flow for the asset groups as of December 31, 2022, as required under ASC 360 and determined the carrying amounts exceeded the estimated undiscounted future cash flows for those asset groups. The Company determined the fair value of the asset groups and recognized an impairment loss of $185,469 of its property and equipment in the Birmingham and Corporate asset groups during the fourth quarter of 2022. The Company also concluded that the finite-lived intangible assets of its former zPREDICTA asset group, which is now reported within the Pittsburgh operating segment, were fully impaired as of December 31, 2022, and recognized an impairment loss on those finite-lived intangible assets during the fourth quarter of 2022. See Note 5 Intangible Assets. Depreciation expense was $711,890 and $898,369 in 2023 and 2022, respectively. |
Note 5 - Intangible Assets
Note 5 - Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 5 INTANGIBLE ASSETS Finite-lived Intangible Assets Finite-lived intangible assets consist of patents and trademarks, developed technology, customer relationships, and tradenames, and are amortized over their estimated useful life. Amortization expense was $27,426 and $414,706 in 2023 and 2022, respectively. Accumulated amortization is included in intangibles, net in the accompanying consolidated balance sheets. The Company reviews finite-lived intangible assets for impairment in accordance with ASC 360, whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Events or changes in circumstances that indicate the carrying amount may not be recoverable include, but are not limited to, a significant change in the medical device marketplace and a significant adverse change in the business climate in which the Company operates. As of December 31, 2023, there were $252,457 in net intangibles as compared to $253,865 in net intangibles as of December 31, 2022. The components of intangible assets were as follows: As of December 31, 2023 As of December 31, 2022 Gross Carrying Costs Accumulated Amortization Net Carrying Amount Gross Carrying Costs Accumulated Amortization Impairment Net Carrying Amount Patents & Trademarks $ 535,096 $ (286,639 ) $ 252,457 $ 509,141 $ (255,276 ) $ - $ 253,865 Developed Technology - - - 3,500,000 (386,459 ) (3,113,541 ) - Customer Relationships - - - 200,000 (22,083 ) (177,917 ) - Tradename - - - 80,000 (22,083 ) (57,917 ) - Total $ 535,096 $ (286,639 ) $ 252,457 $ 4,289,141 $ (685,901 ) $ (3,349,375 ) $ 253,865 The following table outlines the estimated future amortization expense related to intangible assets held as of December 31, 2023: Year ending December 31, Expense 2024 $ 27,451 2025 27,451 2026 27,451 2027 27,451 2028 27,451 Thereafter 115,202 Total $ 252,457 No In the fourth quarter of 2022, the Company identified a change in its future projected cash flows related to certain of its asset groups. The Company prepared an undiscounted cash flow for these asset groups as of December 31, 2022 as required under ASC 360 and determined the carrying amounts exceeded the estimated undiscounted future cash flows for those asset groups. The Company determined the fair value of the asset groups and concluded that the finite-lived intangible assets of its former zPREDICTA asset group, which is now reported within the Pittsburgh operating segment, were fully impaired as of December 31, 2022, and recognized an impairment loss of $3,349,375 on those finite-lived intangible assets during the fourth quarter of 2022. The Company also recognized an impairment loss on its property and equipment in the Soluble and Corporate asset groups during the fourth quarter of 2022. See Note 4 Property and Equipment Goodwill Goodwill of $7,231,093 was recognized in the zPREDICTA acquisition in 2021 and represented the excess of the consideration transferred over the fair values of assets acquired and liabilities assumed. During the second quarter of 2022, the Company concluded that potential impairment indicators were present and that an impairment assessment was warranted for goodwill. In testing goodwill for impairment as of June 30, 2022, the Company performed a quantitative impairment test, including computing the fair value of the former zPREDICTA reporting unit and comparing that value to its carrying value. Based upon the Company’s quantitative goodwill impairment test, the Company concluded that goodwill was fully impaired as of June 30, 2022. When evaluating the fair value of the former zPREDICTA reporting unit, the Company used a discounted cash flow model and market comparisons. Key assumptions used to determine the estimated fair value included: (a) expected cash flow for the 10-year period following the testing date (including net revenues, costs of revenues, and operating expenses as well as estimated working capital needs and capital expenditures) and (b) an estimated terminal value using a terminal year growth rate of 4.0% determined based on the growth prospects of the reporting unit. The Company further used a probability weighting of various forecasts to address forecast risk. The Company used an estimated discount rate of 65% based on management’s best estimate and considering the Company’s current market capitalization. The majority of the inputs used in the discounted cash flow model were unobservable and thus are considered to be Level 3 inputs. The inputs for the market capitalization calculation were considered Level 1 inputs. zPREDICTA Inc. was merged with Predictive Oncology Inc. at the end of 2022 and is now reported as part of the Pittsburgh operating segment. The following tables present changes in the carrying value of goodwill on our consolidated balance sheet: Goodwill balance at December 31, 2021 $ 6,857,790 Adjustment to fair value 373,303 Impairment (7,231,093 ) Goodwill balance at December 31, 2022 $ - |
Note 6 - Leases
Note 6 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 6 LEASES The Company’s corporate offices and other offices are in Pittsburgh, Pennsylvania. Upon expiration of previous leases for office space and laboratory operations, the Company entered two new leases for office space and laboratory operations on January 4, 2023. The leases each have an approximate five The Company has an additional office in Birmingham, Alabama, which is used for office space and laboratory operations. The lease is effective through August 31, 2025. The Company has an office in Eagan, Minnesota, which is used for office space and manufacturing. Since July 31, 2022, the lease was month-to-month tenancy. On June 1, 2023, the lease was amended for two Lease expense under operating lease arrangements was $892,993 and $746,590 for 2023 and 2022, respectively. The following table summarizes other information related to the Company’s operating leases: December 31, 2023 December 31, 2022 Weighted average remaining lease term – operating leases in years 3.99 1.72 Weighted average discount rate – operating leases 12 % 8 % The Company’s operating lease obligation as of December 31, 2023, which includes expected lease extensions that are reasonably certain of renewal, are as follows: 2024 $ 818,463 2025 857,622 2026 803,724 2027 827,909 2028 139,022 Total lease payments 3,446,740 Less interest (740,334 ) Present value of lease liabilities $ 2,706,406 |
Note 7 - Notes Payable
Note 7 - Notes Payable | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 NOTE PAYABLE In June 2023, the Company purchased Directors and Officers insurance policies with a policy period ending June 2024. In July 2023, the Company financed $364,721 of its total premium by entering into a note payable with a finance provider that requires ten monthly installment payments through April 2024. The note is secured by a first priority lien on the financed policies. The short-term note bears interest at an annual percentage rate of 9.25% over the life of the note. As of December 31, 2023, the outstanding balance of the note was $150,408 including interest. |
Note 8 - Derivatives
Note 8 - Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 8 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 placement agent warrants issued in connection with the March 2020 private placement was determined to be $135 and $3,355 as of December 31, 2023, and December 31, 2022, respectively. The Company recorded gains on the change in fair value of the placement agent warrants of $3,220 and $37,981 during the year ended December 31, 2023, and December 31, 2022, respectively. The placement agent warrants expire in March 2025. The fair value of the placement agent warrants issued in connection with the May 2020 offering of securities was determined to be $333 and $4,479 as of December 31, 2023, and December 31, 2022, respectively. The Company recorded gains on the change in fair value of the placement agent warrants of $4,146 and $38,167 during the year ended December 31, 2023, and December 31, 2022, respectively. The placement agent warrants expire in May 2025. The placement agent warrants issued in connection with the June 2020 warrant exercise and issuance had a fair value of $908 and $5,999 as of December 31, 2023, and December 31, 2022, respectively. The Company recorded gains on the change in fair value of the placement agent warrants of $5,091 and $39,499 during the year ended December 31, 2023, and December 31, 2022, respectively. The placement agent warrants expire in June 2025. The table below discloses changes in value of the Company’s embedded derivative liabilities discussed above. Derivative liability balance at December 31, 2021 $ 129,480 Gain recognized to revalue derivative instrument at fair value (115,647 ) Derivative liability balance at December 31, 2022 $ 13,833 Gain recognized to revalue derivative instrument at fair value (12,457 ) Derivative liability balance at December 31, 2023 $ 1,376 |
Note 9 - Stockholders' Equity,
Note 9 - Stockholders' Equity, Stock Options and Warrants | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 9 STOCKHOLDERS EQUITY, STOCK OPTIONS AND WARRANTS Series F Preferred Stock Dividend and Reverse Stock Split On March 16, 2023, the Board of Directors of the Company authorized the issuance of 80,000 shares of Series F Preferred Stock, par value $0.01 per share. On March 16, 2023, the Board of Directors of the Company declared a dividend of one On April 19, 2023, the Company completed a one-for- twenty Redemption of Series F Preferred Stock On April 17, 2023, the Company convened a special meeting of stockholders, which was adjourned due to the lack of a quorum and reconvened on April 19, 2023 (the “Special Meeting”), at which the Company’s stockholders approved a proposal to amend the Company’s certificate of incorporation to effect a reverse stock split of the Company’s common stock at a ratio in the range of 1-for-2 to 1-for-25, with such ratio to be determined by the Company’s Board of Directors (the “Reverse Split Proposal”). All shares of Series F Preferred Stock that were not present in person or by proxy at the Special Meeting as of immediately prior to the opening of the polls (the “Initial Redemption Time”) were automatically redeemed (the “Initial Redemption”). All outstanding shares of Series F Preferred Stock that were not redeemed pursuant to the Initial Redemption were redeemed automatically upon the approval by the Company’s stockholders of the Reverse Split Proposal (the “Subsequent Redemption” and, together with the Initial Redemption, the “Redemption”). Both the Initial Redemption and the Subsequent Redemption occurred on April 19, 2023. As a result, no shares of Series F Preferred Stock remain outstanding. May 2022 Offerings On May 16, 2022, the Company issued and sold an aggregate of 191,864 shares of its common stock, at a purchase price of $12.00 per share to several institutional and accredited investors in a registered direct offering (the “First Offering”). Pursuant to the securities purchase agreement, the Company also agreed to issue to these purchasers unregistered warrants to purchase up to an aggregate of 191,864 shares of common stock (the “Warrants”) in a concurrent private placement. The Warrants have an exercise price equal to $14.00 per share, will become exercisable six months from the date of issuance, and will expire five In addition, in a concurrent registered direct offering (the “Second Offering”), on May 16, 2022, the Company issued and sold to several institutional and accredited investors an aggregate of 408,136 shares of its common stock, at a purchase price of $12.00 per share. The Company also entered into a warrant amendment agreement (the “Warrant Amendment”) with each of the purchasers in the Second Offering. Under the Warrant Amendment, the Company agreed to amend certain existing warrants to purchase up to 816,272 shares of common stock that were previously issued in 2020 and 2021 to those purchasers, with exercise prices ranging from $20.00 to $40.00 per share (the “Existing Warrants”), were amended to: (i) lower the exercise price of the Existing Warrants to $14.00 per share, (ii) provide that the Existing Warrants, as amended, will not be exercisable until six months following the closing date of the Second Offering, and (iii) extend the original expiration date of the Existing Warrants by five In each case, the Company paid to the placement agent an aggregate fee equal to 7.5% of the aggregate gross proceeds received by the Company in the offering and a management fee equal to 1% of the aggregate gross proceeds received by the Company in the offering and provided the placement agent expense allowance of $65,000 for non-accountable and other out-of-pocket expenses. In addition, the Company granted to the placement agent or its assigns warrants to purchase 7.5% of the shares sold to investors in the offering at an exercise price equal to 125% of the price of the shares in the transaction, or $15.00 per share, with a term of five years (the “Agent Warrants”). The Agent Warrants become exercisable six months after issuance. Equity Line On October 24, 2019, the Company entered into an equity purchase agreement with an investor, providing for an equity financing facility. According to the terms and subject to the conditions in the purchase agreement, the investor was committed to purchase shares having an aggregate value of up to $15,000,000 of the Company’s common stock for a period of up to three years. The Company issued to the investor 5,233 commitment shares at a fair market value of $450,000 for entering into the agreement. From time to time during the three Series B Convertible Preferred Stock As of December 31, 2023, and December 31, 2022, there were 79,246 shares of Series B Convertible Preferred Stock outstanding. The conversion rate of Series B Convertible Preferred Stock to Common Stock is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations, or similar events. The 79,246 shares of Series B Convertible Preferred Stock outstanding at December 31, 2023 were convertible to 16 shares of common stock. In addition, the Series B Convertible Preferred Stock will automatically convert into shares of common stock upon the occurrence of a fundamental transaction, as described in the certificate of designations for the Series B Convertible Preferred Stock including mergers, sales of the company’s assets, changes in control and similar transactions. The Series B Convertible Preferred Stock is not convertible by the holder of such preferred stock to the extent (and only to the extent) that the holder or any of its affiliates would beneficially own in excess of 4.99% of the common stock of the Company. The Series B Convertible Preferred Stock has no voting rights, except for the right to approve certain amendments to the certificate of designations or similar actions. With respect to payment of dividends and distribution of assets upon liquidation or dissolution or winding up of the Company, the Series B Convertible Preferred Stock shall rank equal to the common stock of the Company. No sinking fund has been established for the retirement or redemption of the Series B Convertible Preferred Stock. Equity Incentive Plan The Company’s Amended and Restated 2012 Stock Incentive Plan (the “2012 Plan”) allows for the issuance of incentive and non-qualified stock options, stock appreciation rights, stock awards, restricted stock, restricted stock units (“RSUs”) and performance awards to employees, directors, and consultants of the Company, where permitted under the plan. The exercise price for each stock option is determined by the market price on the date of issuance. Vesting requirements are determined by the Board of Directors when granted and currently range from immediate to three ten On December 1, 2022, during the 2022 annual meeting of stockholders (the “Annual Meeting”), the stockholders approved a proposal to increase the reserve shares of common stock authorized for issuance under the Amended and Restated 2012 Stock Incentive Plan by 162,500 to 287,500 reserve shares. ASC 718, Compensation Stock Compensation During the year ended December 31, 2021, the Company issued 22,500 RSUs under the plan which had market, performance, and service vesting conditions through January 1, 2024. 16,667 RSUs became vested during the year ended December 31, 2022. At December 31, 2022, there were 4,167 RSUs outstanding under the plan. At December 31, 2023, there were no 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. See Note 1 Summary of Significant Accounting Policies 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: Year Ended December 31, 2023 2022 Stock Options Expected dividend yield 0.0% 0.0% Expected stock price volatility 90.8% –98.2% 86.5% –92.2% Risk-free interest rate 3.38% –3.95% 1.83% –4.26% Expected life (years) 10 10 Warrants Expected dividend yield 0.0% 0.0% Expected stock price volatility 0% 92.2% Risk-free interest rate 0% 2.96% –2.97% Expected life (years) 0 5 – 5.5 Stock Options and Warrants Granted by the Company The following summarizes transactions for stock options and warrants for the periods indicated: Stock Options Warrants Number of Average Number of Average Outstanding at December 31, 2021 53,144 $ 96.60 1,584,995 $ 33.20 Issued 1,599 8.40 1,053,136 14.00 Forfeited (2,013 ) 17.60 - - Expired (3,677 ) 208.40 (5,422 ) 329.60 Cancelled - - (816,272 ) 30.20 Outstanding at December 31, 2022 49,053 $ 91.60 1,816,437 $ 22.60 Issued 1,075 5.45 - - Forfeited (49 ) 6.18 - - Expired (2,415 ) 139.30 (9,848 ) 219.60 Outstanding at December 31, 2023 47,664 $ 82.23 1,806,589 $ 21.52 At December 31, 2023, 46,814 stock options were fully vested and currently exercisable with a weighted average exercise price of $83.61 and a weighted average remaining term of 5.56 years. At December 31, 2023, there were 1,806,589 warrants that were fully vested and currently exercisable. At December 31, 2022, 47,682 stock options were fully vested and exercisable with a weighted average exercise price of $93.80 and a weighted average remaining term of 6.54 years. At December 31, 2022, there were 1,816,437 warrants that were fully vested and currently exercisable. Stock-based compensation recognized in 2023 and 2022 was $2,038 and $108,596, respectively. The Company has $1,644 of unrecognized compensation expense related to non-vested stock options that are expected to be recognized over the next 16 months. The following summarizes the status of options and warrants outstanding at December 31, 2023: Range of Exercise Prices Shares Weighted Average Remaining Life Options $ 3.44 –14.65 12,029 6.67 $ 16.28 –29.40 4,935 7.57 $ 30.80 –52.20 16,049 4.13 $ 101.00 –69,375.00 14,651 3.52 Total 47,664 Warrants: $ 14.00 –20.00 1,168,465 3.62 $ 21.05 –30.00 368,246 2.06 $ 34.38 –40.00 180,314 5.87 $ 43.75 –200.00 89,564 1.83 Total 1,806,589 Stock options and warrants expire on various dates from February 2024 to July 2033. The following table is the listing of outstanding stock options and warrants as of December 31, 2023 by year of grant: Stock Options: Year Shares Range of Exercise Prices 2014 3 $ 32,500.00 – 69,375.00 2015 12 30.80 – 17,250.00 2016 296 30.80 – 850.00 2017 10,478 30.80 – 420.00 2018 2,893 30.80 – 226.00 2019 14,970 30.80 – 158.00 2020 14,883 14.65 – 32.80 2021 2,248 14.40 – 29.40 2022 846 7.70 – 14.65 2023 1,035 3.44 – 7.68 Total 47,664 $ 3.44 – $ 69,375.00 Warrants: Year Shares Range of Exercise Prices 2019 84,514 $ 16.90 – 200.00 2020 65,586 36.00 – 59.84 2021 603,353 16.00 – 48.75 2022 1,053,136 14.00 – 15.00 Total 1,806,589 $ 14.00 – $ 200.00 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 INCOME TAXES The provision for income taxes consists of an amount for taxes currently payable and a provision for tax consequences deferred to future periods. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company incurred zero Actual income tax benefit differs from statutory federal income tax benefit as follows: Year Ended December 31, 2023 2022 Statutory federal income tax benefit $ 2,936,633 $ 5,404,903 State tax benefit, net of federal taxes 599,958 856,735 Foreign tax benefit - - Foreign operations tax rate differential - - State rate adjustment (125,150 ) (7,795,184 Nondeductible/nontaxable items 121,708 (7,709 ) Goodwill impairment - (1,654,212 ) NOL and deferred only adjustments (59,913,532 ) (1,149,895 ) Other (5,182 ) 89,162 Valuation allowance decrease 56,385,565 4,256,200 Total income tax benefit $ - $ - Deferred taxes consist of the following: December 31, 2023 December 31, 2022 Deferred tax assets: Noncurrent: Inventory $ - $ - Compensation accruals 87,131 150,168 Accruals and reserves 204,083 254,213 Deferred revenue 36,169 51,198 Charitable contribution carryover 1,724 1,766 Derivatives 349 3,192 Intangibles 852,414 1,191,874 Capitalized R&D 919,789 635,862 Depreciation 59,511 - Lease liabilities 703,026 6,925 NQSO compensation 627,997 1,625,108 NOL and credits 21,737,285 77,042,831 Total deferred tax assets 25,229,478 80,963,137 Deferred tax liabilities: Noncurrent: Depreciation - (39,213 ) Lease right-of-use assets (691,119 ) - Total deferred tax liabilities (691,119 ) (39,213 ) Net deferred tax assets 24,538,359 80,923,924 Less: valuation allowance (24,538,359 ) (80,923,924 ) Total $ - $ - The Company has determined, based upon its history, that it is probable that future taxable income may be insufficient to fully realize the benefits of the NOL carryforwards and other deferred tax assets. As such, the Company has determined that it is more likely than not that it will not realize its deferred tax assets. Pursuant to the Internal Revenue Code of 1986, as amended (the “Code”) Sections 382 and 383, annual use of a company’s NOL and research and development credit carryforwards may be limited if there is a cumulative change in ownership of greater than 50% within a three-year period. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. During the year-ended December 31, 2023, the Company completed an assessment of the available NOL and tax credit carryforwards under Section 382 and 383 and determined that the Company underwent several ownership changes during the period from 2008 to 2022. The Company has adjusted its NOL and tax credit carryforwards to reflect the limitations resulting from the identified ownership changes. The Company reduced its available gross federal and state NOL carryforwards by $237,816,096 and $178,311,455, respectively, and recorded a reduction of $49,941,380 and $7,344,800, respectively, to the federal and state deferred tax asset, each of which related to losses generated for the years ended December 31, 2022, and prior. Accordingly, the NOL and tax credit carryforwards presented above for the year ended December 31, 2023, were reduced by $57,446,259, with a corresponding reduction to the valuation allowance. The Company has recorded the adjustments noted above in 2023 as an out-of-period adjustment and concluded that the adjustments were not material to the 2022 consolidated financial statements and evaluated the recording of this prior year item in the current period and concluded that the net accounting impact is not material to the 2023 consolidated financial statements. As of December 31, 2023, the Company had $86,840,808 of NOLs to reduce future federal taxable income, the majority of which are expected to be available for use in 2024, subject to the Section 382 limitation described above. The federal NOLs of $43,354,286 begin to expire in 2024 if unused and $43,486,522 will carry forward indefinitely. The Company also had $59,425,348 of NOLs to reduce future state taxable income as of December 31, 2023. The state NOLs will begin to expire in 2024 if unused. The Company's net deferred tax assets, which include the NOLs, are subject to a full valuation allowance. As of December 31, 2023, the federal and state valuation allowances were $20,558,729 and $3,979,630, respectively. As of December 31, 2022, prior to the Section 382 analysis, the Company had $316,548,085 of NOLs to reduce future federal taxable income, the majority of which were expected to be available for use in 2023. The federal NOLs of $254,897,407 were to begin to expire in 2023 if unused and $60,829,929 were to carry forward indefinitely. Prior to the Section 382 state analysis, the Company also had $232,097,127 of NOLs to reduce future state taxable income at December 31, 2022. As of December 31, 2022, the federal and state valuation allowances were $66,733,005 and $14,190,055, respectively. Tax years after 2003 remain open to examination by federal and state tax authorities due to unexpired NOL carryforwards. 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 that the tax positions will be sustained on examination by taxing authorities, based on technical merits of the positions. The Company has identified no The Company recognizes interest and penalties on unrecognized tax benefits as well as interest received from favorable tax settlements within income tax expense. As of December 31, 2023, and 2022, the Company recorded no accrued interest or penalties related to uncertain tax positions. |
Note 11 - Collaborative Agreeme
Note 11 - Collaborative Agreement | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | NOTE 11 COLLABORATIVE AGREEMENT Collaborative Agreement with Cancer Research Horizons On March 16, 2023, the Company entered into a Collaboration Agreement (the “CRH Agreement”) with Cancer Research Horizons (“CRH”), pursuant to which the Company will use its PEDAL technology to evaluate CRH pre-clinical drug inhibitors of Glutaminase to determine which cancer types and patient populations are most likely to respond to treatment with these compounds (the “Project”). Under the CRH Agreement, both parties will retain rights to their respective background intellectual property. Rights to reports, findings, supporting data, and materials (“Project Intellectual Property”) that are generated by the Company pursuant to its performance under the CRH Agreement vest exclusively in CRH. Each party funds its own participation in the Project. Costs incurred to participate in the CRH Agreement are recorded in Cost of Sales in the Company’s consolidated Statements of Net Loss. Pursuant to the CRH Agreement, the Company shall receive a percentage of net revenue, as defined in the agreement, received by CRH for the commercialization of the CRH Candidates and any CRH Derivatives. The percentage of net revenue varies depending on the stage of development. The revenue sharing fees represent variable consideration, which is measured using the expected value method under ASC 606 based on the actual net revenues earned by CRH under Relevant Transfer Agreements relating to the CRH Candidates and CRH Derivatives. Due to the uncertainty associated with the timing and amount of revenue sharing fees, the Company concluded that the revenue sharing fees should be fully constrained until such time that Relevant Transfer Agreements have been entered and net revenues have been earned. These estimates will be reassessed at each reporting period. During the year ended December 31, 2023, the Company recognized no revenue under the CRH Agreement. |
Note 12 - Retirement Savings Pl
Note 12 - Retirement Savings Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 12 RETIREMENT SAVINGS PLANS The Company has a pre-tax salary reduction/profit-sharing plan under the provisions of Section 401(k) of the Internal Revenue Code, which covers employees meeting certain eligibility requirements. During 2023 and 2022, the Company matched 100% of the employee’s contribution up to 4.0% of their earnings. Employer contributions were $192,499 and $99,924 in 2023 and 2022, respectively. There were no |
Note 13 - Loss Per Share
Note 13 - Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 13 LOSS PER SHARE The following table presents the shares used in the basic and diluted loss per common share computations: Year Ended December 31, 2023 2022 Numerator: Net loss attributable to common stockholders per common share: basic and diluted calculation $ (13,983,967 ) $ (25,737,634 ) Denominator: Weighted average common shares outstanding-basic 4,014,848 3,685,954 Effect of diluted stock options, warrants and preferred stock (1) - - Weighted average common shares outstanding-diluted 4,014,848 3,685,954 Loss per common share-basic and diluted $ (3.48 ) $ (6.98 ) (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: Year Ended December 31, 2023 2022 Options 47,664 49,053 RSUs - 4,167 Warrants 1,806,589 1,816,437 Preferred stock: Series B 16 16 |
Note 14 - Segments
Note 14 - Segments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 14 SEGMENTS The Company has determined its operating segments in accordance with ASC 280 – Segment Reporting. Factors used to determine the Company’s reportable segments include the availability of separate financial statements, the existence of locally based leadership across geographic regions, the economic factors affecting each segment, and the evaluation of operating results at the segment level. The Chief Operating Decision Maker (“CODM”) allocates the Company’s resources for each of the operating segments and evaluates their relative performance. Each operating segment listed below has separate financial statements and locally based leadership that are evaluated based on the results of their respective segments. It should be noted that the operating segments below have different products and services. The financial information is consolidated and evaluated regularly by the CODM in assessing performance and allocating resources. As of January 1, 2023, the Company changed its reportable segments to align with its business areas. The Company has retrospectively revised the reported segment information for all periods presented for consistency. The Company has three ● Pittsburgh segment: ● Birmingham segment ● Eagan segment See discussion of revenue recognition in Note 1 Summary of Significant Accounting Policies The tables below summarize the Company’s segment reporting as of and for years ended December 31, 2023, and 2022. Year Ended December 31, 2023 Pittsburgh Birmingham Eagan Corporate Total Revenue $ 492,596 $ 152,396 $ 1,135,101 $ - $ 1,780,093 Depreciation and amortization (207,658 ) (494,527 ) (29,750 ) (7,381 ) (739,316 ) Impairment expense – long-lived tangible assets - (162,905 ) - - (162,905 ) Net loss $ (4,503,906 ) $ (1,966,406 ) $ (969,281 ) $ (6,544,374 ) $ (13,983,967 ) December 31, 2023 Pittsburgh Birmingham Eagan Corporate Total Assets $ 3,263,270 $ 981,914 $ 1,390,031 $ 8,782,034 $ 14,417,249 Expenditures for additions to long-lived assets 7,424 254,819 24,691 15,437 302,371 Year Ended December 31, 2022 Pittsburgh Birmingham Eagan Corporate Total Revenue $ 358,776 $ 82,301 $ 1,063,493 $ 889 $ 1,505,459 Depreciation and amortization (836,671 ) (378,708 ) (28,481 ) (69,215 ) (1,313,075 ) Impairment expense – goodwill (7,231,093 ) - - - (7,231,093 ) Impairment expense – intangibles (3,349,375 ) - - - (3,349,375 ) Impairment expense – long-lived tangible assets - (115,775 ) - (69,694 ) (185,469 ) Net loss $ (15,741,206 ) $ (1,817,283 ) $ (417,774 ) $ (7,761,371 ) $ (25,737,634 ) December 31, 2022 Pittsburgh Birmingham Eagan Corporate Total Assets $ 1,055,228 $ 1,353,434 $ 946,394 $ 22,379,588 $ 25,734,644 Expenditures for additions to long-lived assets 76,636 157,334 29,362 212,365 475,697 In each of the years ended December 31, 2023, and 2022, substantially all the Company revenues were located or derived from operations in the United States. As of December 31, 2023, all the Company’s long-lived assets were located within the United States. During the year ended December 31, 2023, revenues of $489,921 reported in the Company’s Pittsburgh segment were attributable to a single customer. As of December 31, 2023, accounts receivable due from this customer was $52,072. |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 15 SUBSEQUENT EVENTS Departure of Chief Business Officer On February 2, 2024, the Company and Pamela Bush, Ph.D., MBA, the Company’s Chief Business Officer, agreed that Dr. Bush would leave the Company effective February 15, 2024. In accordance with her Employment Agreement, the Company and Ms. Bush entered into a Separation Agreement and Mutual Release whereby the Company agreed to pay a separation benefit of $410,000 over the subsequent twelve months. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature Of Operations and Going Concern Policy [Policy Text Block] | Nature of Operations Predictive Oncology Inc. (“Predictive Oncology”) is a knowledge and science-driven company that applies artificial intelligence (“AI”) to support the discovery and development of optimal cancer therapies, which can ultimately lead to more effective treatments and improved patient outcomes. The Company uses AI and a proprietary biobank of 150,000+ tumor samples, categorized by patient type, to provide actionable insights about drug compounds to improve the drug discovery process and increase the probability of drug compound success. The Company offers a suite of solutions for oncology drug development from early discovery to clinical trials. Predictive Oncology’s mission is to change the landscape of oncology drug discovery and enable the development of more effective therapies for the treatment of cancer. By harnessing the power of machine learning and scientific rigor, the Company believes that it can improve the probability of success of advancing pharmaceutical and biological drug candidates with a higher degree of confidence. The Company operates in three The Company has three reportable segments, which have been delineated by location and business area, as further described in Note 14 Segments ● Pittsburgh segment: ● Birmingham segment ● Eagan segment Going Concern The Company has incurred significant and recurring losses from operations for the past several years and, as of December 31, 2023, had an accumulated deficit of $167,761,883. The Company had cash and cash equivalents of $8,728,660 as of December 31, 2023 and needs to raise significant additional capital to meet its operating needs. The Company’s short-term obligations as of December 31, 2023 were $3,951,031, consisting primarily of aggregate accounts payable and accrued expenses of $2,973,729 and operating lease obligations of $517,427. As of December 31, 2023, the Company also had a short-term note payable of $150,408 that bears interest at an annual percentage rate of 9.25% and long-term operating lease obligations of $2,188,979 with a weighted average remaining lease term of 3.99 years. The Company does not expect to generate sufficient operating revenue to sustain its operations in the near term. During the year ended December 31, 2023, the Company incurred negative cash flows from operations of $13,189,390. Although the Company has attempted to improve its operating margin by bolstering revenues and curtailing expenses and continues to seek ways to generate revenue through business development activities, there is no guarantee that the Company will be able to improve its operating margin sufficiently or achieve profitability in the near term. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. The Company is evaluating alternatives to obtain the required additional funding to maintain future operations. These alternatives may include, but are not limited to, equity financing, issuing debt, entering into other financing arrangements, or monetizing operating businesses or assets. These possibilities, to the extent available, may be on terms that result in significant dilution to the Company’s existing stockholders or that result in the Company’s existing stockholders losing part or all of their investment. Despite these potential sources of funding, the Company may be unable to access financing or obtain additional liquidity when needed or under acceptable terms, if at all. If such financing or adequate funds from operations are not available, the Company would be forced to limit our business activities and the Company could default on existing payment obligations, which would have a material adverse effect on its financial condition and results of operations, and may ultimately be required to cease its operations and liquidate its business. The Company’s consolidated financial statements have been prepared assuming the Company will continue as a going concern and do not include any adjustment relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. |
Stockholders' Equity, Policy [Policy Text Block] | Reverse Stock Split On April 19, 2023, the Company completed a one-for- twenty |
Use of Estimates, Policy [Policy Text Block] | Accounting Policies and Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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 financial statements and during the reporting period. Actual results could materially differ from those estimates. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company has two wholly owned subsidiaries, Helomics Corporation and Skyline Medical, Inc., as of and for the year ended December 31, 2023. The Company had multiple wholly owned subsidiaries for the year ended December 31, 2022. The consolidated financial statements include the accounts of the Company and these wholly owned subsidiaries after elimination of intercompany transactions and balances as of and for the years ended December 31, 2023, and 2022. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current year presentation. The reclassifications had no effect on previously reported results of operations, cash flows or stockholders’ equity. |
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 listed below either were assessed and determined to be not applicable or are currently expected to have no impact on the consolidated financial statements of the Company. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU updates reportable segment disclosures by expanding the frequency and extent of segment disclosures. This ASU will become effective for the Company’s fiscal year beginning January 1, 2024, and for the Company’s interim periods beginning in the Company’s fiscal year 2025. Early adoption is permitted and requires the retrospective adoption method. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses.” This ASU added a new impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The CECL model applies to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit losses on assets that have a low risk of loss. The Company adopted the provisions of ASU 2016-13 on January 1, 2023, using the modified-retrospective approach, and its adoption did not have a material impact on the Company’s consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options and Derivatives and Hedging – Contracts in Entity’s Own Equity” (“ASU 2020-06”). ASU 2020-06 eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. The new guidance also modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. As a smaller reporting company pursuant to Rule 12b 2 1934, In September 2022, the FASB issued ASU 2022-04, “Liabilities – Supplier Finance Programs” (“ASU 2022-04”). ASU 2022-04 was issued to enhance the transparency of supplier finance programs used by an entity in connection with the purchase of goods and services. The standard requires entities that use supplier finance programs to disclose the key terms, including a description of payment terms, the confirmed amount outstanding under the program at the end of each reporting period, a description of where those obligations are presented on the balance sheet, and an annual rollforward, including the amount of obligations confirmed and the amount paid during the period. The guidance does not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the required rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company adopted ASU 2022-04 on January 1, 2023, using the retrospective approach, and its adoption did not have a material impact on the Company’s financial statements. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company places its cash with high quality financial institutions and believes its risk of loss is limited to amounts in excess of that which is insured by the Federal Deposit Insurance Corporation. |
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 consolidated balance sheets include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. An allowance is maintained to provide for the estimated amount of receivables that will not be collected. The Company determines the allowance based on historical experience as well as external business factors expected to impact collectability such as economic factors. The Company reviews customers’ credit history before extending unsecured credit and establishes an allowance based upon factors surrounding the credit risk of specific customers, historical trends, and other information. Invoices are generally due 30 days after presentation. Accounts receivable over 30 days is generally considered past due. The Company does not accrue interest on past due accounts receivables. Receivables are written off once all collection attempts have failed and are based on individual credit evaluation and specific circumstances of the customer. The allowance for accounts receivable balance was $0 as of both December 31, 2023, and 2022. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements As outlined in ASC 820, Fair Value Measurement Level 1 – Observable inputs such as quoted prices in active markets; Level 2 – Inputs other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3 – Unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions. The Company uses observable market data in making fair value measurements, when available. Fair value measurements are classified according to the lowest level input that is significant to the valuation. The fair values of the Company’s derivative liabilities were determined based on Level 3 inputs. The Company generally uses the Black Scholes method for determining the fair value of warrants classified as liabilities on a recurring basis. In addition, the Company uses the Monte Carlo method and other acceptable valuation methodologies when valuing the conversion feature and other embedded features classified as derivatives on a recurring basis. See Note 2 Fair Value Measurements Note 8 Derivatives When comparing the carrying amount of an asset group to its fair value as part of a long-lived asset impairment analysis, the Company estimates the fair value of the asset group by making assumptions about the long-lived assets comprising the asset group. The majority of the inputs used by the Company to estimate the fair value of the long-lived assets are unobservable and thus are considered to be Level 3 inputs. See Note 4 Property and Equipment Note 5 Intangible Assets When performing quantitative testing related to goodwill impairment analysis, the Company estimates the fair values of its reporting units using discounted cash flows. To determine fair values, the Company is required to make assumptions about a wide variety of internal and external factors. Significant assumptions used in the impairment analysis include financial projections of free cash flow (including significant assumptions about operations including the rate of future revenue growth, capital requirements, and income taxes), long-term growth rates for determining terminal value and discount rates. The majority of the inputs used in the discounted cash flow model are unobservable and thus are considered to be Level 3 inputs. See Note 5 Intangible Assets |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation of property and equipment 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) 1 - 2 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 property and equipment, the cost and related accumulated depreciation are removed from the 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] | Finite-lived Intangible Assets Finite-lived intangible assets consist of patents and trademarks, licensing fees, developed technology, acquired software, customer relationships, and tradenames, and are amortized over their estimated useful life. Accumulated amortization is included in Intangibles, net in the accompanying consolidated balance sheets. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived Assets The Company reviews long-lived assets for impairment in accordance with ASC 360, Property, Plant and Equipment The recoverability of an asset to be held and used is determined by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, the Company records an impairment charge in the amount by which the carrying amount of the asset exceeds its fair value, which is determined by either a quoted market price, if any, or a value determined utilizing discounted cash flow techniques. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill In accordance with ASC 350, Intangibles Goodwill and Other To determine whether goodwill is impaired, the Company performs a multi-step impairment test, either on an annual basis, or more frequently if needed. The Company first has the option to assess qualitative factors to determine if it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value. The Company may also elect to skip the qualitative testing and proceed directly to the quantitative testing. When performing quantitative testing, the Company first estimates the fair values of its reporting units using discounted cash flows. To determine fair values, the Company is required to make assumptions about a wide variety of internal and external factors. Significant assumptions used in the impairment analysis include financial projections of free cash flow (including significant assumptions about operations including the rate of future revenue growth, capital requirements, and income taxes), long-term growth rates for determining terminal value and discount rates. Comparative market multiples are used to corroborate the results of the discounted cash flow test. These assumptions require significant judgement. Pursuant to ASC 350, the single step is to determine the estimated fair value of the reporting unit and compare it to the carrying value of the reporting unit, including goodwill. To the extent the carrying amount of goodwill exceeds the fair value, the difference is the amount of the goodwill impairment. The Company also completes a reconciliation between the implied equity valuation prepared and the Company’s market capitalization. The majority of the inputs used in the discounted cash flow model are unobservable and thus are considered to be Level 3 inputs. The inputs for the market capitalization calculation are considered Level 1 inputs. See Note 5 Intangible Assets |
Lessee, Leases [Policy Text Block] | Leases At inception of a contract a determination is made whether an arrangement meets the definition of a lease. A contract contains a lease if there is an identified asset and the Company has the right to control the asset. Operating leases are recorded as right-of-use (“ROU”) assets with corresponding current and noncurrent operating lease liabilities on our consolidated balance sheets. 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 months or less at the commencement date are not recognized on the consolidated balance sheet and are expensed as incurred. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. Variable lease payments generally represent the Company’s share of the landlord’s expenses and are recorded when incurred. 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. |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | Collaboration Arrangements The Company enters into collaboration arrangements with oncology drug development partners, under which the Company utilizes its active learning technology, proprietary biobank, and know-how to provide predictive models of tumor responses to various drug compounds and treatments of partners. Consideration under these contracts may include an upfront payment, development and regulatory milestones and other contingent payments, expense reimbursements, royalties based on net sales of approved drugs, and commercial sales milestone payments. The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements Revenue from Contracts with Customers |
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. The Company recognizes revenue in accordance with the five-step process outlined in ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Sales taxes are imposed on the Company’s sales to nonexempt customers. The Company collects the taxes from the customers and remits the entire amount to the governmental authorities. Sales taxes are excluded from revenue and expenses. Advertising costs incurred in the Company’s efforts to obtain new customers are expensed as incurred. Revenues from Services The Company generates revenues from Contract Research Organization (“CRO”) services related to the development of 3D tumor-specific in vitro models for oncology drug discovery and research. The organ-specific disease models provide 3D reconstruction of human tissues accurately representing each disease state and mimicking drug response. Revenue from development of 3D models is reported under the Pittsburgh reportable segment. The Company also generates revenues from CRO services related to development of protein formulations and performance of protein stability analyses. Using the Company’s proprietary High Throughput Self-Interaction Chromatography (“HSC”) platform, the Company conducts screens on excipients previously approved by the FDA to develop protein formulations with increased solubility and physical stability. The Company also provides comprehensive protein stability analyses via time-dependent shelf-life studies and forced degradation studies designed to quickly determine which of the additives previously approved by the FDA will improve the solubility and stability of proteins in solutions. Revenues from development of protein formulations and performance of protein stability analyses are reported under the Birmingham reportable segment. The specific pattern of revenue recognition for CRO services is determined on a case-by-case basis according to the facts and circumstances applicable to a given contract. The Company may execute a master service agreement with a customer that provides terms and conditions for the relationship between the Company and the customer. Detailed Statements of Work (SOWs) are then prepared to outline the specific services to be provided. The SOW and master service agreement, if applicable, form the contract with the customer under ASC 606. The Company evaluates each product or service promised in a contract to determine whether it represents a distinct performance obligation. Determining whether services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Contracts for CRO services generally contain one performance obligation to perform research and deliver appropriate data or reporting. The Company typically requires partial payment for CRO services prior to performance of the research service with the remainder of the transaction price due 30 days after delivery of data or reporting. Revenues from CRO services are generally recognized at the point in time when data and reports are provided to customers. The Company also generates revenues from services provided under maintenance plans related to the Company’s STREAMWAY System. Customers may purchase maintenance plans, which require the Company to service the customer’s STREAMWAY System for a period of one year. Payment due under the maintenance plan is typically due at the start of the service period. The maintenance plan is considered a separate performance obligation from the sale of the STREAMWAY System, is charged separately from the product sale, and is recognized over time (ratably over the one-year period) as maintenance services are provided. A time-elapsed output method is used to measure progress toward complete satisfaction of the performance obligation because the Company transfers control evenly by providing a stand-ready service. The Company has determined that this method provides a faithful depiction of the transfer of services to its customers. Revenues from maintenance plans related to the Company’s STREAMWAY System are reported under the Eagan reportable segment. Revenues from Product Sales The Company generates revenues from the sale of medical device products consisting primarily of sales of the STREAMWAY System (i.e., hardware), as well as sales of the proprietary cleaning fluid and filters for use with the STREAMWAY System (i.e., disposables). Currently, the Company sells its medical device products directly to hospitals and other medical facilities using employed sales representatives. 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 sales agreement is a dually executed agreement providing explicit terms and conditions supporting the sale of the STREAMWAY System and related products and services. The Company considers the combination of a purchase order and sales agreement providing its terms and conditions to form the contract with the customer in all cases. Product sales for medical devices consist of a single performance obligation that the Company satisfies at a point in time following the transfer of control of such products to the customer. Transfer of control may occur when products are shipped from the Company’s facilities (“FOB origin”, which is the Company’s standard shipping terms) or upon delivery at the customer’s facilities (“FOB Destination”), dependent on the shipping terms specified in the contract with the customer. Transfer of control may also occur prior to shipment under bill and hold arrangements. In such arrangements, the Company recognizes revenue when the bill-and-hold arrangement has a substantive reason, the product is identified separately as belonging to the customer, the product is ready for physical transfer to the customer, and the Company does not have the ability to use the product or direct it to another customer. The Company’s standard payment terms for its customers purchasing medical devices are generally 30 to 60 days after the Company transfers control of the product to its customer. The Company allows returns of defective disposable merchandise if the customer requests a return merchandise authorization from the Company. 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. Revenues from the sale of medical device products are reported under the Eagan reportable segment. Royalty Revenue and Variable Consideration The Company has a collaboration arrangement that includes sales-based royalties, under which our collaboration partner is obligated to pay revenue sharing fees that are based on the net sales of the collaboration partner’s commercialized drugs. The Company would recognize royalty revenue when the underlying sales occur based on its best estimate of sales of the drugs. To date, the Company has not recognized revenues related to revenue sharing fees pursuant to its collaboration arrangement. See Note 11 Collaboration Agreement Warranty The Company generally provides one-year warranties against defects in materials and workmanship on product sales and will either repair the products or provide replacements at no charge to customers. As they are considered assurance-type warranties, the Company does not account for them as separate performance obligations. Warranty reserve requirements are based on a specific assessment of the products sold with warranties where a customer asserts a claim for warranty or a product defect. Contract Balances The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. As of December 31, 2023, and 2022, accounts receivable totaled $333,697 and $331,196, respectively. As of December 31, 2021, accounts receivable totaled $354,196. Advance payments received in excess of revenues recognized are classified as contract liabilities until such time as the revenue recognition criteria have been met. The Company’s contract liabilities related primarily to 3D services and maintenance plans were $313,550 and $602,073 as of December 31, 2023, and 2022, respectively. The Company’s long-term contract liabilities are reported in Other long-term liabilities in the consolidated balance sheets. The Company's contract liabilities as of December 31, 2023 primarily represent its remaining performance obligations. The Company recognized revenue of $277,767 primarily related to 3D services earned during the year ended December 31, 2023, that was included in contract liabilities as of December 31, 2022. As of December 31, 2021, contract liabilities totaled $186,951. Practical Expedients The Company has elected not to determine whether contracts with customers contain significant financing components as contracts are generally for less than one year. The Company immediately expenses contract costs that would otherwise be capitalized and amortized over a period of less than one year. The Company recognizes shipping and handling costs at point of sale. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation Stock Compensation ASC 718 requires companies to estimate the fair value of stock-based payment awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model which requires the input of significant assumptions including an estimate of the average period of time employees and directors will retain vested stock options before exercising them, the estimated volatility of the Company’s common stock price over the expected term, and the risk-free interest rate. When an option or warrant is granted in place of cash compensation for services, the Company deems the value of the service rendered to be the value of the option or warrant. In most cases, however, an option or warrant is granted in addition to other forms of compensation and its separate value is difficult to determine without utilizing an option pricing model. For that reason the Company also uses the Black-Scholes option-pricing model to value options and warrants granted to non-employees, which requires the input of significant assumptions including an estimate of the average period that investors or consultants will retain vested stock options and warrants before exercising them, the estimated volatility of the Company’s common stock price over the expected term, and the risk-free interest rate. In the case of options granted to employees, the Company estimates the life to be the legal term. The Company also has certain awards which vest upon a combination of the satisfaction of service-based and performance-based conditions. The performance-based conditions generally are satisfied upon achieving specified performance targets, such as financial or operating metrics, and/or market performance of the Company’s common stock. For performance-based awards, the Company generally recognizes expense over the requisite service period unless there is a compelling reason to make it shorter and when performance-based conditions are considered probable to be satisfied. For market-based awards, the Company determines the grant-date fair value utilizing a Monte Carlo valuation model, which incorporates various assumptions including stock price volatility, expected term and risk-free interest rates. Changes in the assumptions can materially affect the estimate of fair value of stock-based compensation and, consequently, the related expense recognizes that. The Company’s common stock has been traded on the NASDAQ Capital Market exchange since 2015 and the Company has experienced significant volatility in its stock price. The assumptions used in calculating the fair value of stock-based payment awards represent the Company’s best estimates, which involve inherent uncertainties and the application of management's judgment. As a result, if factors change and the Company uses different assumptions, its stock-based compensation expense could be materially different in the future. On January 1, 2023, the Company adopted a sequencing policy under ASC 815-40-35 (“ASC 815”) that will apply if reclassification of contracts from equity to liabilities is necessary. If the Company is unable to demonstrate it has sufficient authorized shares, shares will be allocated based on the earliest issuance date of potentially dilutive financial instruments, with the earliest financial instruments receiving the first allocation of shares. Pursuant to ASC 815, stock-based awards issued to the Company’s employees are not subject to the sequencing policy. |
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, included within operations expense in the accompanying consolidated statements of net loss were $188,305 and $320,320 for the years ended December 31, 2023, and 2022, respectively. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes 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 that the tax positions will be sustained on examination by taxing authorities, based on technical merits of the positions. The Company has identified no Under Internal Revenue Code Section 382, certain stock transactions that significantly change ownership could limit the amount of net operating carryforwards that may be utilized on an annual basis to offset taxable income in future periods. Consequently, the Company performed a Section 382 analysis at December 31, 2023, which resulted in the limitation and expiration of a substantial portion of the Company’s loss carryforwards. In addition, the current net operating loss (“NOL”) carryforwards might be further limited by future issuances of our common stock. See Note 10 Income Taxes Tax years after 2003 remain open to examination by federal and state tax authorities due to unexpired net operating loss carryforwards. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with financial institutions and, by policy, generally limits the amount of credit exposure to any one financial institution. As of December 31, 2023, the Company had $142,118 of credit risk for cash amounts held in a single institution that are in excess of amounts insured by the Federal Deposit Insurance Corporation. Risks and Uncertainties The Company is subject to risks common to companies in the medical device and biopharmaceutical industries, including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with regulations of the Food and Drug Administration, Clinical Laboratory Improvement Amendments, and other governmental agencies. The Company is also subject to general economic and geopolitical uncertainties caused by inflation, rising interest rates, supply chain disruptions, tight labor markets, wage inflation, pricing volatility for certain goods and services, banking and financial sector disruptions, instability and volatility in the global markets, disruptions from a global pandemic, and geopolitical conflict. The impacts of economic and other global events could have a material adverse effect on our business, results of operations, liquidity or financial condition and heighten or exacerbate risks related to the Company. The Company has evaluated all its activities and concluded that no other subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements, except as described above and in Note 15 Subsequent Events |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property Plant and Equipment Useful Life [Table Text Block] | Years Computers, software, and office equipment 3 - 10 Leasehold improvements (1) 1 - 2 Manufacturing tooling 3 - 7 Laboratory equipment 4 - 10 Demo equipment 3 |
Note 2 - Fair Value Measureme_2
Note 2 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | December 31, 2023 Fair Value Level 1 Level 2 Level 3 Liabilities: Derivatives $ 1,376 $ - $ - $ 1,376 December 31, 2022 Fair Value Level 1 Level 2 Level 3 Liabilities: Derivatives $ 13,833 $ - $ - $ 13,833 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of 2023 As of 2022 Raw materials $ 239,998 $ 133,183 Work-in-process - 6,694 Finished goods 254,376 290,616 Total $ 494,374 $ 430,493 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of 2023 As of December 31, 2022 Computers, software, and office equipment $ 480,882 $ 463,292 Leasehold improvements 506,162 535,527 Laboratory equipment 3,670,097 3,559,362 Manufacturing tooling 133,285 121,120 Demo equipment 31,554 31,554 Total 4,821,980 4,710,855 Less: Accumulated depreciation (3,588,070 ) (2,877,600 ) Total Property and Equipment, Net $ 1,233,910 $ 1,833,255 |
Note 5 - Intangible Assets (Tab
Note 5 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of December 31, 2023 As of December 31, 2022 Gross Carrying Costs Accumulated Amortization Net Carrying Amount Gross Carrying Costs Accumulated Amortization Impairment Net Carrying Amount Patents & Trademarks $ 535,096 $ (286,639 ) $ 252,457 $ 509,141 $ (255,276 ) $ - $ 253,865 Developed Technology - - - 3,500,000 (386,459 ) (3,113,541 ) - Customer Relationships - - - 200,000 (22,083 ) (177,917 ) - Tradename - - - 80,000 (22,083 ) (57,917 ) - Total $ 535,096 $ (286,639 ) $ 252,457 $ 4,289,141 $ (685,901 ) $ (3,349,375 ) $ 253,865 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending December 31, Expense 2024 $ 27,451 2025 27,451 2026 27,451 2027 27,451 2028 27,451 Thereafter 115,202 Total $ 252,457 |
Schedule of Goodwill [Table Text Block] | Goodwill balance at December 31, 2021 $ 6,857,790 Adjustment to fair value 373,303 Impairment (7,231,093 ) Goodwill balance at December 31, 2022 $ - |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, 2023 December 31, 2022 Weighted average remaining lease term – operating leases in years 3.99 1.72 Weighted average discount rate – operating leases 12 % 8 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 $ 818,463 2025 857,622 2026 803,724 2027 827,909 2028 139,022 Total lease payments 3,446,740 Less interest (740,334 ) Present value of lease liabilities $ 2,706,406 |
Note 8 - Derivatives (Tables)
Note 8 - Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Derivative liability balance at December 31, 2021 $ 129,480 Gain recognized to revalue derivative instrument at fair value (115,647 ) Derivative liability balance at December 31, 2022 $ 13,833 Gain recognized to revalue derivative instrument at fair value (12,457 ) Derivative liability balance at December 31, 2023 $ 1,376 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity, Stock Options and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2023 2022 Stock Options Expected dividend yield 0.0% 0.0% Expected stock price volatility 90.8% –98.2% 86.5% –92.2% Risk-free interest rate 3.38% –3.95% 1.83% –4.26% Expected life (years) 10 10 Warrants Expected dividend yield 0.0% 0.0% Expected stock price volatility 0% 92.2% Risk-free interest rate 0% 2.96% –2.97% Expected life (years) 0 5 – 5.5 |
Share-Based Payment Arrangement, Activity [Table Text Block] | Stock Options Warrants Number of Average Number of Average Outstanding at December 31, 2021 53,144 $ 96.60 1,584,995 $ 33.20 Issued 1,599 8.40 1,053,136 14.00 Forfeited (2,013 ) 17.60 - - Expired (3,677 ) 208.40 (5,422 ) 329.60 Cancelled - - (816,272 ) 30.20 Outstanding at December 31, 2022 49,053 $ 91.60 1,816,437 $ 22.60 Issued 1,075 5.45 - - Forfeited (49 ) 6.18 - - Expired (2,415 ) 139.30 (9,848 ) 219.60 Outstanding at December 31, 2023 47,664 $ 82.23 1,806,589 $ 21.52 |
Schedule of Share-based Compensation Shares Authorized Under Stock Option and Warrant Plans by Exercise Price Range [Table Text Block] | Range of Exercise Prices Shares Weighted Average Remaining Life Options $ 3.44 –14.65 12,029 6.67 $ 16.28 –29.40 4,935 7.57 $ 30.80 –52.20 16,049 4.13 $ 101.00 –69,375.00 14,651 3.52 Total 47,664 Warrants: $ 14.00 –20.00 1,168,465 3.62 $ 21.05 –30.00 368,246 2.06 $ 34.38 –40.00 180,314 5.87 $ 43.75 –200.00 89,564 1.83 Total 1,806,589 |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Year Shares Range of Exercise Prices 2014 3 $ 32,500.00 – 69,375.00 2015 12 30.80 – 17,250.00 2016 296 30.80 – 850.00 2017 10,478 30.80 – 420.00 2018 2,893 30.80 – 226.00 2019 14,970 30.80 – 158.00 2020 14,883 14.65 – 32.80 2021 2,248 14.40 – 29.40 2022 846 7.70 – 14.65 2023 1,035 3.44 – 7.68 Total 47,664 $ 3.44 – $ 69,375.00 Year Shares Range of Exercise Prices 2019 84,514 $ 16.90 – 200.00 2020 65,586 36.00 – 59.84 2021 603,353 16.00 – 48.75 2022 1,053,136 14.00 – 15.00 Total 1,806,589 $ 14.00 – $ 200.00 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 Statutory federal income tax benefit $ 2,936,633 $ 5,404,903 State tax benefit, net of federal taxes 599,958 856,735 Foreign tax benefit - - Foreign operations tax rate differential - - State rate adjustment (125,150 ) (7,795,184 Nondeductible/nontaxable items 121,708 (7,709 ) Goodwill impairment - (1,654,212 ) NOL and deferred only adjustments (59,913,532 ) (1,149,895 ) Other (5,182 ) 89,162 Valuation allowance decrease 56,385,565 4,256,200 Total income tax benefit $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 December 31, 2022 Deferred tax assets: Noncurrent: Inventory $ - $ - Compensation accruals 87,131 150,168 Accruals and reserves 204,083 254,213 Deferred revenue 36,169 51,198 Charitable contribution carryover 1,724 1,766 Derivatives 349 3,192 Intangibles 852,414 1,191,874 Capitalized R&D 919,789 635,862 Depreciation 59,511 - Lease liabilities 703,026 6,925 NQSO compensation 627,997 1,625,108 NOL and credits 21,737,285 77,042,831 Total deferred tax assets 25,229,478 80,963,137 Deferred tax liabilities: Noncurrent: Depreciation - (39,213 ) Lease right-of-use assets (691,119 ) - Total deferred tax liabilities (691,119 ) (39,213 ) Net deferred tax assets 24,538,359 80,923,924 Less: valuation allowance (24,538,359 ) (80,923,924 ) Total $ - $ - |
Note 13 - Loss Per Share (Table
Note 13 - Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2023 2022 Numerator: Net loss attributable to common stockholders per common share: basic and diluted calculation $ (13,983,967 ) $ (25,737,634 ) Denominator: Weighted average common shares outstanding-basic 4,014,848 3,685,954 Effect of diluted stock options, warrants and preferred stock (1) - - Weighted average common shares outstanding-diluted 4,014,848 3,685,954 Loss per common share-basic and diluted $ (3.48 ) $ (6.98 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2023 2022 Options 47,664 49,053 RSUs - 4,167 Warrants 1,806,589 1,816,437 Preferred stock: Series B 16 16 |
Note 14 - Segments (Tables)
Note 14 - Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2023 Pittsburgh Birmingham Eagan Corporate Total Revenue $ 492,596 $ 152,396 $ 1,135,101 $ - $ 1,780,093 Depreciation and amortization (207,658 ) (494,527 ) (29,750 ) (7,381 ) (739,316 ) Impairment expense – long-lived tangible assets - (162,905 ) - - (162,905 ) Net loss $ (4,503,906 ) $ (1,966,406 ) $ (969,281 ) $ (6,544,374 ) $ (13,983,967 ) December 31, 2023 Pittsburgh Birmingham Eagan Corporate Total Assets $ 3,263,270 $ 981,914 $ 1,390,031 $ 8,782,034 $ 14,417,249 Expenditures for additions to long-lived assets 7,424 254,819 24,691 15,437 302,371 Year Ended December 31, 2022 Pittsburgh Birmingham Eagan Corporate Total Revenue $ 358,776 $ 82,301 $ 1,063,493 $ 889 $ 1,505,459 Depreciation and amortization (836,671 ) (378,708 ) (28,481 ) (69,215 ) (1,313,075 ) Impairment expense – goodwill (7,231,093 ) - - - (7,231,093 ) Impairment expense – intangibles (3,349,375 ) - - - (3,349,375 ) Impairment expense – long-lived tangible assets - (115,775 ) - (69,694 ) (185,469 ) Net loss $ (15,741,206 ) $ (1,817,283 ) $ (417,774 ) $ (7,761,371 ) $ (25,737,634 ) December 31, 2022 Pittsburgh Birmingham Eagan Corporate Total Assets $ 1,055,228 $ 1,353,434 $ 946,394 $ 22,379,588 $ 25,734,644 Expenditures for additions to long-lived assets 76,636 157,334 29,362 212,365 475,697 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||||
Apr. 19, 2023 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jul. 31, 2023 | Dec. 31, 2021 USD ($) | |
Number of Tumor Samples | 150,000 | ||||
Number of Reportable Segments | 3 | ||||
Retained Earnings (Accumulated Deficit) | $ (167,761,883) | $ (153,777,916) | |||
Cash and Cash Equivalents, at Carrying Value | 8,728,660 | 22,071,523 | |||
Liabilities, Current | 3,951,031 | 3,882,670 | |||
Accounts Payable and Accrued Liabilities, Current | 2,973,729 | ||||
Operating Lease, Liability, Current | 517,427 | 94,237 | |||
Notes Payable, Current | $ 150,408 | 0 | |||
Short-Term Debt, Percentage Bearing Fixed Interest Rate | 9.25% | 9.25% | |||
Operating Lease, Liability, Noncurrent | $ 2,188,979 | $ 86,082 | |||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 11 months 26 days | 1 year 8 months 19 days | |||
Net Cash Provided by (Used in) Operating Activities | $ (13,189,390) | $ (12,370,800) | |||
Accounts Receivable, Allowance for Credit Loss, Current | 0 | 0 | |||
Accounts Receivable, after Allowance for Credit Loss, Total | 333,697 | 331,196 | $ 354,196 | ||
Contract with Customer, Liability | 313,550 | 602,073 | $ 186,951 | ||
Contract with Customer, Liability, Revenue Recognized | 277,767 | ||||
Research and Development Expense, Total | 188,305 | $ 320,320 | |||
Unrecognized Tax Benefits | 0 | ||||
Cash, Uninsured Amount | $ 142,118 | ||||
Reverse Stock Split [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Life (Details) | Dec. 31, 2023 | |
Office Equipment [Member] | Minimum [Member] | ||
Property and Equipment (Year) | 3 years | |
Office Equipment [Member] | Maximum [Member] | ||
Property and Equipment (Year) | 10 years | |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property and Equipment (Year) | 1 year | [1] |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property and Equipment (Year) | 2 years | [1] |
Manufacturing Tooling [Member] | Minimum [Member] | ||
Property and Equipment (Year) | 3 years | |
Manufacturing Tooling [Member] | Maximum [Member] | ||
Property and Equipment (Year) | 7 years | |
Laboratory Equipment [Member] | Minimum [Member] | ||
Property and Equipment (Year) | 4 years | |
Laboratory Equipment [Member] | Maximum [Member] | ||
Property and Equipment (Year) | 10 years | |
Demo Equipment [Member] | ||
Property and Equipment (Year) | 3 years | |
[1]Leasehold improvements are amortized over the shorter of the useful life or the remaining lease term. |
Note 2 - Fair Value Measureme_3
Note 2 - Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives | $ 1,376 | $ 13,833 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivatives | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivatives | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivatives | $ 1,376 | $ 13,833 |
Note 3 - Inventories - Schedule
Note 3 - Inventories - Schedule of Inventory (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Raw materials | $ 239,998 | $ 133,183 |
Work-in-process | 0 | 6,694 |
Finished goods | 254,376 | 290,616 |
Total | $ 494,374 | $ 430,493 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Tangible Asset Impairment Charges | $ 185,469 | $ 162,905 | $ 185,469 | |
Depreciation | $ 711,890 | $ 898,369 | ||
Property, Plant and Equipment [Member] | Birmingham Operating Segment [Member] | ||||
Asset Impairment Charges | $ 162,905 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant, and Equipment Gross | $ 4,821,980 | $ 4,710,855 |
Less: Accumulated depreciation | (3,588,070) | (2,877,600) |
Total Property and Equipment, Net | 1,233,910 | 1,833,255 |
Office Equipment [Member] | ||
Property, Plant, and Equipment Gross | 480,882 | 463,292 |
Leasehold Improvements [Member] | ||
Property, Plant, and Equipment Gross | 506,162 | 535,527 |
Laboratory Equipment [Member] | ||
Property, Plant, and Equipment Gross | 3,670,097 | 3,559,362 |
Manufacturing Tooling [Member] | ||
Property, Plant, and Equipment Gross | 133,285 | 121,120 |
Demo Equipment [Member] | ||
Property, Plant, and Equipment Gross | $ 31,554 | $ 31,554 |
Note 5 - Intangible Assets (Det
Note 5 - Intangible Assets (Details Textual) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Amortization of Intangible Assets | $ 27,426 | $ 414,706 | |
Intangibles, net | $ 253,865 | 252,457 | 253,865 |
Impairment of Intangible Assets (Excluding Goodwill) | $ 3,349,375 | 0 | 3,349,375 |
Goodwill, Impairment Loss | $ 0 | 7,231,093 | |
Measurement Input, Expected Cash Flow Term [Member] | |||
Reporting Unit Measurement Input | 10 | ||
Measurement Input, Long-Term Revenue Growth Rate [Member] | |||
Reporting Unit Measurement Input | 4 | ||
Measurement Input, Discount Rate [Member] | |||
Reporting Unit Measurement Input | 65 | ||
zPREDICTA [Member] | |||
Goodwill, Impairment Loss | $ 7,231,093 |
Note 5 - Intangible Assets - Co
Note 5 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Gross Carrying Costs | $ 535,096 | $ 4,289,141 |
Accumulated Amortization | (286,639) | (685,901) |
Net Carrying Amount | 252,457 | 253,865 |
Impairment | (3,349,375) | |
Trade Names 1 [Member] | ||
Gross Carrying Costs | 0 | 80,000 |
Accumulated Amortization | 0 | (22,083) |
Net Carrying Amount | 0 | 0 |
Impairment | (57,917) | |
Patents and Trademarks [Member] | ||
Gross Carrying Costs | 535,096 | 509,141 |
Accumulated Amortization | (286,639) | (255,276) |
Net Carrying Amount | 252,457 | 253,865 |
Impairment | 0 | |
Developed Technology Rights [Member] | ||
Gross Carrying Costs | 0 | 3,500,000 |
Accumulated Amortization | 0 | (386,459) |
Net Carrying Amount | 0 | 0 |
Impairment | (3,113,541) | |
Customer Relationships [Member] | ||
Gross Carrying Costs | 0 | 200,000 |
Accumulated Amortization | 0 | (22,083) |
Net Carrying Amount | $ 0 | 0 |
Impairment | $ (177,917) |
Note 5 - Intangible Assets - Es
Note 5 - Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 27,451 | |
2025 | 27,451 | |
2026 | 27,451 | |
2027 | 27,451 | |
2028 | 27,451 | |
Thereafter | 115,202 | |
Total | $ 252,457 | $ 253,865 |
Note 5 - Intangible Assets - Go
Note 5 - Intangible Assets - Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Impairment | $ 0 | $ (7,231,093) |
zPREDICTA [Member] | ||
Goodwill | $ 0 | 6,857,790 |
Adjustment to fair value | 373,303 | |
Impairment | (7,231,093) | |
Goodwill | $ 0 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 01, 2023 | Jan. 04, 2023 | |
Operating Lease, Right-of-Use Asset | $ 2,728,355 | $ 211,893 | ||
Operating Lease, Liability | 2,706,406 | |||
Operating Lease, Expense | $ 892,993 | $ 746,590 | ||
Corporate Office in Pittsburgh [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | |||
Operating Lease, Right-of-Use Asset | $ 2,922,365 | |||
Operating Lease, Liability | $ 2,922,365 | |||
Eagan, Minnesota Office [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 74,816 | |||
Operating Lease, Liability | $ 74,816 | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years |
Note 6 - Leases - Lease Informa
Note 6 - Leases - Lease Information (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Weighted average remaining lease term – operating leases in years (Year) | 3 years 11 months 26 days | 1 year 8 months 19 days |
Weighted average discount rate – operating leases | 12% | 8% |
Note 6 - Leases - Rent Obligati
Note 6 - Leases - Rent Obligation (Details) | Dec. 31, 2023 USD ($) |
2024 | $ 818,463 |
2025 | 857,622 |
2026 | 803,724 |
2027 | 827,909 |
2028 | 139,022 |
Total lease payments | 3,446,740 |
Less interest | (740,334) |
Present value of lease liabilities | $ 2,706,406 |
Note 7 - Notes Payable (Details
Note 7 - Notes Payable (Details Textual) - USD ($) | Dec. 31, 2023 | Jul. 31, 2023 |
Debt Instrument, Face Amount | $ 364,721 | |
Short-Term Debt, Percentage Bearing Fixed Interest Rate | 9.25% | 9.25% |
Notes Payable | $ 150,408 |
Note 8 - Derivatives (Details T
Note 8 - Derivatives (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Agent Warrants In Connection With March 2020 Private Placement [Member] | ||
Derivative Liability | $ 135 | $ 3,355 |
Derivative, Gain (Loss) on Derivative, Net | 3,220 | 37,981 |
Agent Warrants Issued in Connection with May 2020 Offering [Member] | ||
Derivative Liability | 333 | 4,479 |
Derivative, Gain (Loss) on Derivative, Net | 4,146 | 38,167 |
Agent Warrants In Connection With June 2020 Warrant [Member] | ||
Derivative Liability | 908 | 5,999 |
Derivative, Gain (Loss) on Derivative, Net | $ 5,091 | $ 39,499 |
Note 8 - Derivatives - Change i
Note 8 - Derivatives - Change in Fair Value of Derivative Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative liability balance | $ 13,833 | $ 129,480 |
Gain recognized to revalue derivative instrument at fair value | (12,457) | (115,647) |
Derivative liability balance | $ 1,376 | $ 13,833 |
Note 9 - Stockholders' Equity_3
Note 9 - Stockholders' Equity, Stock Options and Warrants (Details Textual) | 9 Months Ended | 12 Months Ended | ||||||||
Apr. 19, 2023 shares | Mar. 16, 2023 $ / shares shares | Dec. 01, 2022 shares | May 16, 2022 USD ($) $ / shares shares | Oct. 24, 2019 USD ($) shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Preferred Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 | ||||||||
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 21.52 | $ 22.6 | $ 33.2 | |||||||
Stock Issued During Period, Value, New Issues | $ | $ 6,507,050 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 47,664 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 46,814 | 47,682 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares | $ 83.61 | $ 93.8 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 6 months 21 days | 6 years 6 months 14 days | ||||||||
Class of Warrant or Right Number of Warrants Vested and Exercisable | 1,806,589 | 1,816,437 | ||||||||
Share-Based Payment Arrangement, Expense | $ | $ 2,038 | $ 108,596 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 1,644 | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 16 months | |||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 49,053 | 53,144 | ||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 22,500 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 16,667 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 4,167 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 0 | |||||||||
Stock Incentive Plan 2012 [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | 162,500 | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 287,500 | |||||||||
Warrants Issued with First May 2022 Offering [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 191,864 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 14 | |||||||||
Warrants and Rights Outstanding, Term | 5 years 6 months | |||||||||
Existing Warrants [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 816,272 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 14 | |||||||||
Warrants and Rights Outstanding, Term | 5 years 6 months | |||||||||
Placement Agent Warrants [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 15 | |||||||||
Sale of Stock, Placement Agent, Warrants Assigned, Number of Securities Called by Warrants, Percent of Shares Sold | 7.50% | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights, Percent of Stock Price | 125% | |||||||||
May 2022 First Offering [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 191,864 | |||||||||
Shares Issued, Price Per Share | $ / shares | $ 12 | |||||||||
May 2022 Second Offering [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 408,136 | |||||||||
Shares Issued, Price Per Share | $ / shares | $ 12 | |||||||||
May 2022 Offerings [Member] | ||||||||||
Sale of Stock, Agent Placement Fee, Percent of Gross Proceeds | 7.50% | |||||||||
Sale of Stock, Management Fee, Percent of Gross Proceeds | 1% | |||||||||
Maximum Expenses Reimbursable to Placement Agent | $ | $ 65,000 | |||||||||
Equity Line Purchase Agreement [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,233 | 15,750 | ||||||||
Issuance or Sale of Equity, Can Be Raised | $ | $ 15,000,000 | |||||||||
Stock Issued During Period, Value, New Issues | $ | $ 450,000 | $ 236,009 | ||||||||
Minimum [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 14 | |||||||||
Minimum [Member] | Existing Warrants [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 20 | |||||||||
Maximum [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | 200 | |||||||||
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 | |||||||||
Maximum [Member] | Equity Incentive Plan [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||
Maximum [Member] | Existing Warrants [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 40 | |||||||||
Reverse Stock Split [Member] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | |||||||||
Reverse Stock Split [Member] | Minimum [Member] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | |||||||||
Reverse Stock Split [Member] | Maximum [Member] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 25 | |||||||||
Series F Preferred Stock [Member] | ||||||||||
Preferred Stock, Shares Authorized (in shares) | 80,000 | |||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Preferred Stock Dividends, Shares Per Share (in shares) | 1 | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 79,404 | |||||||||
Preferred Stock, Voting Rights Per Share (in shares) | 1,000,000 | |||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||
Preferred Stock, Shares Authorized (in shares) | 2,300,000 | 2,300,000 | ||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Preferred Stock, Shares Outstanding (in shares) | 79,246 | 79,246 | ||||||||
Preferred Stock, Conversion Rate | 16 |
Note 9 - Stockholders' Equity_4
Note 9 - Stockholders' Equity, Stock Options and Warrants - Stock Offerings (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Expected dividend yield | 0% | 0% |
Expected life (years) (Year) | 10 years | 10 years |
Measurement Input, Expected Dividend Rate [Member] | ||
Warrants measurement input | 0 | 0 |
Warrants and Rights Outstanding, Measurement Input | 0 | 0 |
Measurement Input, Price Volatility [Member] | ||
Warrants measurement input | 0 | 0.922 |
Warrants and Rights Outstanding, Measurement Input | 0 | 0.922 |
Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants measurement input | 0 | |
Warrants and Rights Outstanding, Measurement Input | 0 | |
Measurement Input, Expected Term [Member] | ||
Warrants measurement input | 0 | |
Warrants and Rights Outstanding, Measurement Input | 0 | |
Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 90.80% | 86.50% |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.38% | 1.83% |
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants measurement input | 0.0296 | |
Warrants and Rights Outstanding, Measurement Input | 0.0296 | |
Minimum [Member] | Measurement Input, Expected Term [Member] | ||
Warrants measurement input | 5 | |
Warrants and Rights Outstanding, Measurement Input | 5 | |
Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 98.20% | 92.20% |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.95% | 4.26% |
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants measurement input | 0.0297 | |
Warrants and Rights Outstanding, Measurement Input | 0.0297 | |
Maximum [Member] | Measurement Input, Expected Term [Member] | ||
Warrants measurement input | 5.5 | |
Warrants and Rights Outstanding, Measurement Input | 5.5 |
Note 9 - Stockholders' Equity_5
Note 9 - Stockholders' Equity, Stock Options and Warrants - Summary of Transactions for Stock Options and Warrants (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Warrants, outstanding (in shares) | 1,816,437 | 1,584,995 |
Warrants, average exercise price (in dollars per share) | $ 22.6 | $ 33.2 |
Warrants, issued (in shares) | 0 | 1,053,136 |
Issued, average exercise price, warrants (in dollars per share) | $ 0 | $ 14 |
Warrants, forfeited (in shares) | 0 | 0 |
Warrants, expired (in shares) | (9,848) | (5,422) |
Expired, average exercise price, warrants (in dollars per share) | $ 219.6 | $ 329.6 |
Cancelled (in dollars per share) | $ 0 | |
Warrants, cancelled (in shares) | (816,272) | |
Cancelled, average exercise price, warrants (in dollars per share) | $ 30.2 | |
Number of Shares Outstanding (in shares) | 47,664 | |
Average Exercise Price Outstanding (in dollars per share) | $ 82.23 | |
Warrants, outstanding (in shares) | 1,806,589 | 1,816,437 |
Warrants, average exercise price, warrants (in dollars per share) | $ 21.52 | $ 22.6 |
Share-Based Payment Arrangement, Option [Member] | ||
Number of Shares Outstanding (in shares) | 49,053 | 53,144 |
Average Exercise Price Outstanding (in dollars per share) | $ 91.6 | $ 96.6 |
Number of Shares Issued (in shares) | 1,075 | 1,599 |
Average Exercise Price Issued (in dollars per share) | $ 5.45 | $ 8.4 |
Number of Shares Forfeited (in shares) | (49) | (2,013) |
Average Exercise Price Forfeited (in dollars per share) | $ 6.18 | $ 17.6 |
Number of Shares Expired (in shares) | (2,415) | (3,677) |
Average Exercise Price Expired (in dollars per share) | $ 139.3 | $ 208.4 |
Number of Shares Outstanding (in shares) | 49,053 | |
Average Exercise Price Outstanding (in dollars per share) | $ 91.6 |
Note 9 - Stockholders' Equity_6
Note 9 - Stockholders' Equity, Stock Options and Warrants - Summary of Status of Options and Warrants Outstanding (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares, options (in shares) | 47,664 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 21.52 | $ 22.6 | $ 33.2 |
Shares, warrants (in shares) | 1,806,589 | 1,816,437 | 1,584,995 |
Shares, warrants (in shares) | 1,806,589 | 1,816,437 | 1,584,995 |
Minimum [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 14 | ||
Maximum [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 200 | ||
Stock Options One [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | 3.44 | ||
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ 14.65 | ||
Shares, options (in shares) | 12,029 | ||
Weighted average remaining life, options (Year) | 6 years 8 months 1 day | ||
Stock Options Two [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ 16.28 | ||
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ 29.4 | ||
Shares, options (in shares) | 4,935 | ||
Weighted average remaining life, options (Year) | 7 years 6 months 25 days | ||
Stock Options Three [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ 30.8 | ||
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ 52.2 | ||
Shares, options (in shares) | 16,049 | ||
Weighted average remaining life, options (Year) | 4 years 1 month 17 days | ||
Stock Options Four [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ 101 | ||
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ 69,375 | ||
Shares, options (in shares) | 14,651 | ||
Weighted average remaining life, options (Year) | 3 years 6 months 7 days | ||
Warrant One [Member] | |||
Shares, warrants (in shares) | 1,168,465 | ||
Weighted average remaining life, warrants (Year) | 3 years 7 months 13 days | ||
Shares, warrants (in shares) | 1,168,465 | ||
Warrant One [Member] | Minimum [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 14 | ||
Warrant One [Member] | Maximum [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 20 | ||
Warrant Two [Member] | |||
Shares, warrants (in shares) | 368,246 | ||
Weighted average remaining life, warrants (Year) | 2 years 21 days | ||
Shares, warrants (in shares) | 368,246 | ||
Warrant Two [Member] | Minimum [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 21.05 | ||
Warrant Two [Member] | Maximum [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 30 | ||
Warrant Three [Member] | |||
Shares, warrants (in shares) | 180,314 | ||
Weighted average remaining life, warrants (Year) | 5 years 10 months 13 days | ||
Shares, warrants (in shares) | 180,314 | ||
Warrant Three [Member] | Minimum [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 34.38 | ||
Warrant Three [Member] | Maximum [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 40 | ||
Warrant Four [Member] | |||
Shares, warrants (in shares) | 89,564 | ||
Weighted average remaining life, warrants (Year) | 1 year 9 months 29 days | ||
Shares, warrants (in shares) | 89,564 | ||
Warrant Four [Member] | Minimum [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 43.75 | ||
Warrant Four [Member] | Maximum [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 200 |
Note 9 - Stockholders' Equity_7
Note 9 - Stockholders' Equity, Stock Options and Warrants - Schedule of Listing of Stock Options and Warrants (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Shares, options (in shares) | 47,664 | ||
Shares, warrants (in shares) | 1,806,589 | 1,816,437 | 1,584,995 |
Price, options (in dollars per share) | $ 82.23 | ||
Price, warrants (in dollars per share) | 21.52 | $ 22.6 | $ 33.2 |
Minimum [Member] | |||
Price, options (in dollars per share) | 3.44 | ||
Price, warrants (in dollars per share) | 14 | ||
Maximum [Member] | |||
Price, options (in dollars per share) | 69,375 | ||
Price, warrants (in dollars per share) | $ 200 | ||
Warrants 2019 [Member] | |||
Shares, warrants (in shares) | 84,514 | ||
Warrants 2019 [Member] | Minimum [Member] | |||
Price, warrants (in dollars per share) | $ 16.9 | ||
Warrants 2019 [Member] | Maximum [Member] | |||
Price, warrants (in dollars per share) | $ 200 | ||
Warrants 2020 [Member] | |||
Shares, warrants (in shares) | 65,586 | ||
Warrants 2020 [Member] | Minimum [Member] | |||
Price, warrants (in dollars per share) | $ 36 | ||
Warrants 2020 [Member] | Maximum [Member] | |||
Price, warrants (in dollars per share) | $ 59.84 | ||
Warrants 2021 [Member] | |||
Shares, warrants (in shares) | 603,353 | ||
Warrants 2021 [Member] | Minimum [Member] | |||
Price, warrants (in dollars per share) | $ 16 | ||
Warrants 2021 [Member] | Maximum [Member] | |||
Price, warrants (in dollars per share) | $ 48.75 | ||
Warrants 2022 [Member] | |||
Shares, warrants (in shares) | 1,053,136 | ||
Warrants 2022 [Member] | Minimum [Member] | |||
Price, warrants (in dollars per share) | $ 14 | ||
Warrants 2022 [Member] | Maximum [Member] | |||
Price, warrants (in dollars per share) | $ 15 | ||
Stock Options 2014 [Member] | |||
Shares, options (in shares) | 3 | ||
Stock Options 2014 [Member] | Minimum [Member] | |||
Price, options (in dollars per share) | $ 32,500 | ||
Stock Options 2014 [Member] | Maximum [Member] | |||
Price, options (in dollars per share) | $ 69,375 | ||
Stock Options 2015 [Member] | |||
Shares, options (in shares) | 12 | ||
Stock Options 2015 [Member] | Minimum [Member] | |||
Price, options (in dollars per share) | $ 30.8 | ||
Stock Options 2015 [Member] | Maximum [Member] | |||
Price, options (in dollars per share) | $ 17,250 | ||
Stock Options 2016 [Member] | |||
Shares, options (in shares) | 296 | ||
Stock Options 2016 [Member] | Minimum [Member] | |||
Price, options (in dollars per share) | $ 30.8 | ||
Stock Options 2016 [Member] | Maximum [Member] | |||
Price, options (in dollars per share) | $ 850 | ||
Stock Options 2017 [Member] | |||
Shares, options (in shares) | 10,478 | ||
Stock Options 2017 [Member] | Minimum [Member] | |||
Price, options (in dollars per share) | $ 30.8 | ||
Stock Options 2017 [Member] | Maximum [Member] | |||
Price, options (in dollars per share) | $ 420 | ||
Stock Options 2018 [Member] | |||
Shares, options (in shares) | 2,893 | ||
Stock Options 2018 [Member] | Minimum [Member] | |||
Price, options (in dollars per share) | $ 30.8 | ||
Stock Options 2018 [Member] | Maximum [Member] | |||
Price, options (in dollars per share) | $ 226 | ||
Stock Options 2019 [Member] | |||
Shares, options (in shares) | 14,970 | ||
Stock Options 2019 [Member] | Minimum [Member] | |||
Price, options (in dollars per share) | $ 30.8 | ||
Stock Options 2019 [Member] | Maximum [Member] | |||
Price, options (in dollars per share) | $ 158 | ||
Stock Options 2020 [Member] | |||
Shares, options (in shares) | 14,883 | ||
Stock Options 2020 [Member] | Minimum [Member] | |||
Price, options (in dollars per share) | $ 14.65 | ||
Stock Options 2020 [Member] | Maximum [Member] | |||
Price, options (in dollars per share) | $ 32.8 | ||
Stock Options 2021 [Member] | |||
Shares, options (in shares) | 2,248 | ||
Stock Options 2021 [Member] | Minimum [Member] | |||
Price, options (in dollars per share) | $ 14.4 | ||
Stock Options 2021 [Member] | Maximum [Member] | |||
Price, options (in dollars per share) | $ 29.4 | ||
Stock Options 2022 [Member] | |||
Shares, options (in shares) | 846 | ||
Stock Options 2022 [Member] | Minimum [Member] | |||
Price, options (in dollars per share) | $ 7.7 | ||
Stock Options 2022 [Member] | Maximum [Member] | |||
Price, options (in dollars per share) | $ 14.65 | ||
Stock Options 2023 [Member] | |||
Shares, options (in shares) | 1,035 | ||
Stock Options 2023 [Member] | Minimum [Member] | |||
Price, options (in dollars per share) | $ 3.44 | ||
Stock Options 2023 [Member] | Maximum [Member] | |||
Price, options (in dollars per share) | $ 7.68 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Tax Credit Carryforward, Valuation Allowance | 57,446,259 | |
Unrecognized Tax Benefits | 0 | |
Domestic Tax Authority [Member] | ||
Change in Operating Loss Carryforwards | 237,816,096 | |
Change in Deferred Tax Assets Attributable to Operating Losses | 49,941,380 | |
Operating Loss Carryforwards | 86,840,808 | 316,548,085 |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 43,354,286 | 254,897,407 |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 43,486,522 | 60,829,929 |
Operating Loss Carryforwards, Valuation Allowance | 20,558,729 | 66,733,005 |
State and Local Jurisdiction [Member] | ||
Change in Operating Loss Carryforwards | 178,311,455 | |
Change in Deferred Tax Assets Attributable to Operating Losses | 7,344,800 | |
Operating Loss Carryforwards | 59,425,348 | 232,097,127 |
Operating Loss Carryforwards, Valuation Allowance | $ 3,979,630 | $ 14,190,055 |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Income Tax Benefit (Expense) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statutory federal income tax benefit | $ 2,936,633 | $ 5,404,903 |
State tax benefit, net of federal taxes | 599,958 | 856,735 |
Foreign tax benefit | 0 | 0 |
Foreign operations tax rate differential | 0 | 0 |
State rate adjustment | (125,150) | (7,795,184) |
Nondeductible/nontaxable items | 121,708 | (7,709) |
Goodwill impairment | 0 | 1,654,212 |
NOL and deferred only adjustments | (59,913,532) | (1,149,895) |
Other | (5,182) | 89,162 |
Valuation allowance decrease | 56,385,565 | 4,256,200 |
Total income tax benefit | $ 0 | $ 0 |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Deferred Income Taxes (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory | $ 0 | $ 0 |
Compensation accruals | 87,131 | 150,168 |
Accruals and reserves | 204,083 | 254,213 |
Deferred revenue | 36,169 | 51,198 |
Charitable contribution carryover | 1,724 | 1,766 |
Derivatives | 349 | 3,192 |
Intangibles | 852,414 | 1,191,874 |
Capitalized R&D | 919,789 | 635,862 |
Depreciation | 59,511 | 0 |
Lease liabilities | 703,026 | 6,925 |
NQSO compensation | 627,997 | 1,625,108 |
NOL and credits | 21,737,285 | 77,042,831 |
Total deferred tax assets | 25,229,478 | 80,963,137 |
Depreciation | 0 | (39,213) |
Lease right-of-use assets | (691,119) | 0 |
Total deferred tax liabilities | (691,119) | (39,213) |
Net deferred tax assets | 24,538,359 | 80,923,924 |
Less: valuation allowance | (24,538,359) | (80,923,924) |
Total | $ 0 | $ 0 |
Note 12 - Retirement Savings _2
Note 12 - Retirement Savings Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2019 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100% | 100% | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4% | ||
Defined Contribution Plan, Employer Contribution Amount | $ 192,499 | $ 99,924 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 |
Note 13 - Loss Per Share - Shar
Note 13 - Loss Per Share - Shares Used in Basic and Diluted Loss Per Common Share Computations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net loss attributable to common stockholders per common share: basic and diluted calculation | $ (13,983,967) | $ (25,737,634) |
Weighted average shares used in computation – basic and diluted (in shares) | 4,014,848 | 3,685,954 |
Effect of diluted stock options, warrants and preferred stock (1) (in shares) | 0 | 0 |
Weighted average common shares outstanding-diluted (in shares) | 4,014,848 | 3,685,954 |
Net loss per common share – basic and diluted (in dollars per share) | $ (3.48) | $ (6.98) |
Note 13 - Loss Per Share - Anti
Note 13 - Loss Per Share - Antidilutive Securities Excluded from the Diluted Calculations (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities (in shares) | 47,664 | 49,053 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities (in shares) | 0 | 4,167 |
Warrant [Member] | ||
Antidilutive Securities (in shares) | 1,806,589 | 1,816,437 |
Series B Convertible Preferred Stock [Member] | ||
Antidilutive Securities (in shares) | 16 | 16 |
Note 14 - Segments (Details Tex
Note 14 - Segments (Details Textual) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Operating Segments | 3 | ||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 333,697 | $ 331,196 | $ 354,196 |
One Individual [Member] | Pittsburgh [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 489,921 | ||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 52,072 |
Note 14 - Segments - Segments (
Note 14 - Segments - Segments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 1,780,093 | $ 1,505,459 | |
Assets | $ 25,734,644 | 14,417,249 | 25,734,644 |
Depreciation and Amortization | (739,316) | (1,313,075) | |
Expenditures for additions to long-lived assets | 302,371 | 475,697 | |
Impairment expense – long-lived tangible assets | (185,469) | (162,905) | (185,469) |
Impairment | 0 | (7,231,093) | |
Net loss | (13,983,967) | (25,737,634) | |
Impairment expense – intangibles | (3,349,375) | 0 | (3,349,375) |
Corporate, Non-Segment [Member] | |||
Revenue | 0 | 889 | |
Assets | 22,379,588 | 8,782,034 | 22,379,588 |
Depreciation and Amortization | (7,381) | (69,215) | |
Expenditures for additions to long-lived assets | 15,437 | 212,365 | |
Impairment expense – long-lived tangible assets | 0 | (69,694) | |
Impairment | 0 | ||
Net loss | (6,544,374) | (7,761,371) | |
Impairment expense – intangibles | 0 | ||
Pittsburgh [Member] | Operating Segments [Member] | |||
Revenue | 492,596 | 358,776 | |
Assets | 1,055,228 | 3,263,270 | 1,055,228 |
Depreciation and Amortization | (207,658) | (836,671) | |
Expenditures for additions to long-lived assets | 7,424 | 76,636 | |
Impairment expense – long-lived tangible assets | 0 | 0 | |
Impairment | (7,231,093) | ||
Net loss | (4,503,906) | (15,741,206) | |
Impairment expense – intangibles | (3,349,375) | ||
Birmingham [Member] | Operating Segments [Member] | |||
Revenue | 152,396 | 82,301 | |
Assets | 1,353,434 | 981,914 | 1,353,434 |
Depreciation and Amortization | (494,527) | (378,708) | |
Expenditures for additions to long-lived assets | 254,819 | 157,334 | |
Impairment expense – long-lived tangible assets | (162,905) | (115,775) | |
Impairment | 0 | ||
Net loss | (1,966,406) | (1,817,283) | |
Impairment expense – intangibles | 0 | ||
Eagan [Member] | Operating Segments [Member] | |||
Revenue | 1,135,101 | 1,063,493 | |
Assets | $ 946,394 | 1,390,031 | 946,394 |
Depreciation and Amortization | (29,750) | (28,481) | |
Expenditures for additions to long-lived assets | 24,691 | 29,362 | |
Impairment expense – long-lived tangible assets | 0 | 0 | |
Impairment | 0 | ||
Net loss | $ (969,281) | (417,774) | |
Impairment expense – intangibles | $ 0 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) | Feb. 02, 2024 USD ($) |
Subsequent Event [Member] | Special Termination Benefits [Member] | |
Separation Benefits | $ 410,000 |