Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 10, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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, $0.01 par value | |
Trading Symbol | POAI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 4,101,776 | |
Entity Central Index Key | 0001446159 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Assets, Current [Abstract] | ||
Cash | $ 5,197,235 | $ 8,728,660 |
Accounts receivable | 509,445 | 333,697 |
Inventories | 441,718 | 494,374 |
Prepaid expense and other assets | 412,925 | 521,700 |
Total current assets | 6,561,323 | 10,078,431 |
Property and equipment, net | 1,087,718 | 1,233,910 |
Intangibles, net | 245,594 | 252,457 |
Lease right-of-use assets | 2,582,456 | 2,728,355 |
Other long-term assets | 124,096 | 124,096 |
Total assets | 10,601,187 | 14,417,249 |
Current liabilities: | ||
Accounts payable | 1,729,126 | 1,342,027 |
Note payable | 38,036 | 150,408 |
Accrued expenses and other liabilities | 1,904,612 | 1,631,702 |
Derivative liability | 367 | 1,376 |
Contract liabilities | 304,320 | 308,091 |
Lease liability | 540,200 | 517,427 |
Total current liabilities | 4,516,661 | 3,951,031 |
Other long-term liabilities | 3,507 | 5,459 |
Lease liability – net of current portion | 2,027,348 | 2,188,979 |
Total liabilities | 6,547,516 | 6,145,469 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Common stock, $.01 par value, 200,000,000 shares authorized, 4,062,853 shares outstanding as of March 31, 2024, and December 31, 2023 | 40,629 | 40,629 |
Additional paid-in capital | 175,992,976 | 175,992,242 |
Accumulated deficit | (171,980,726) | (167,761,883) |
Total stockholders’ equity | 4,053,671 | 8,271,780 |
Total liabilities and stockholders’ equity | 10,601,187 | 14,417,249 |
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 March 31, 2024, and December 31, 2023 | $ 792 | $ 792 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Common Stock, Par or Stated Value Per Share (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 | 4,062,853 |
Series B Convertible Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized (in shares) | 2,300,000 | 2,300,000 |
Preferred Stock, Shares Outstanding (in shares) | 79,246 | 79,246 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 419,646 | $ 239,895 |
Cost of sales | 187,415 | 120,139 |
Gross profit | 232,231 | 119,756 |
Operating expenses: | ||
General and administrative expense | 2,627,076 | 2,335,984 |
Operations expense | 1,102,193 | 878,518 |
Sales and marketing expense | 739,734 | 370,237 |
Total operating expenses | 4,469,003 | 3,584,739 |
Total operating (loss) | (4,236,772) | (3,464,983) |
Other income | 18,657 | 42,228 |
Other expense | (1,737) | 0 |
Gain on derivative instruments | 1,009 | 953 |
Net (loss) | $ (4,218,843) | $ (3,421,802) |
Net (loss) per common share – basic and diluted (in dollars per share) | $ (1.04) | $ (0.86) |
Weighted average shares used in computation – basic and diluted (in shares) | 4,062,853 | 3,968,099 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Series B Convertible Preferred Stock [Member] Preferred Stock [Member] | 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, 2022 | 79,246 | 0 | 3,938,160 | ||||
Balance at Dec. 31, 2022 | $ 792 | $ 0 | $ 39,382 | $ 175,503,634 | $ (153,777,916) | $ 21,765,892 | |
Vesting expense | 0 | 0 | 0 | 9,287 | |||
Net loss | $ 0 | $ 0 | $ 0 | 0 | (3,421,802) | ||
Shares issued to consultants and others (in shares) | 0 | 0 | 31,833 | ||||
Shares issued to consultants and others | $ 0 | $ 0 | $ 318 | 200,690 | 0 | 201,008 | |
Series F preferred stock dividend | $ 0 | $ 794 | $ 0 | 0 | 0 | ||
Preferred Stock Dividends, Shares (in shares) | 79,404 | ||||||
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | (794) | ||||||
Balance (in shares) at Mar. 31, 2023 | 79,246 | 79,404 | 3,969,993 | ||||
Balance at Mar. 31, 2023 | $ 792 | $ 794 | $ 39,700 | $ 175,712,817 | (157,199,718) | 18,554,385 | |
Balance (in shares) at Dec. 31, 2023 | 79,246 | 4,062,853 | 175,992,242 | ||||
Balance at Dec. 31, 2023 | $ 792 | $ 40,629 | (167,761,883) | 8,271,780 | |||
Vesting expense | 0 | 0 | 734 | ||||
Net loss | $ 0 | $ 0 | (4,218,843) | (4,218,843) | |||
Balance (in shares) at Mar. 31, 2024 | 79,246 | 4,062,853 | 175,992,976 | ||||
Balance at Mar. 31, 2024 | $ 792 | $ 40,629 | $ (171,980,726) | $ 4,053,671 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flow from operating activities: | ||
Net loss | $ (4,218,843) | $ (3,421,802) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 162,565 | 237,854 |
Vesting expense | 734 | 9,287 |
Common stock issued for consulting and other | 0 | 11,112 |
(Gain) on derivative instruments | (1,009) | (953) |
Loss on property and equipment disposal | 0 | 903 |
Changes in assets and liabilities: | ||
Accounts receivable | (175,748) | 48,433 |
Inventories | 52,656 | 50,201 |
Prepaid expense and other assets | 108,775 | (91,682) |
Accounts payable | 380,621 | 331,332 |
Accrued expenses and other | 279,951 | (639,611) |
Contract liabilities | (3,771) | 37,165 |
Other long-term liabilities | (1,952) | 0 |
Net cash (used in) operating activities: | (3,416,021) | (3,427,761) |
Cash flow from investing activities: | ||
Purchase of property and equipment | (3,032) | (24,369) |
Acquisition of intangibles | 0 | (22,274) |
Net cash (used in) investing activities: | (3,032) | (46,643) |
Cash flow from financing activities: | ||
Repayment of note payable | (112,372) | 0 |
Net cash (used in) financing activities | (112,372) | 0 |
Net (decrease) in cash | (3,531,425) | (3,474,404) |
Cash at beginning of period | 8,728,660 | 22,071,523 |
Cash at end of period | 5,197,235 | 18,597,119 |
Supplemental disclosure for cash flow information: | ||
Cash payments for interest | 1,737 | 0 |
Non-cash transactions: | ||
Right-of-use assets obtained in exchange for lease liabilities | 0 | 2,922,365 |
Series F Preferred Stock dividend | 0 | 794 |
Common stock issued to settle accrued board of directors’ and advisory boards’ compensation | 0 | 189,896 |
Purchase of property & equipment accrued in accounts payable | 6,478 | 146,205 |
Acquisition of intangible assets accrued in accounts payable | $ 0 | $ 3,495 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Predictive Oncology Inc. (“Predictive Oncology” or the “Company”) is a knowledge-driven company focused on applying artificial intelligence (“AI”) to support the development of optimal cancer therapies, which can ultimately lead to more effective treatments and improved patient outcomes. Through AI, Predictive Oncology uses its proprietary biobank of 150,000+ cancer tumor samples, categorized by patient type, against drug compounds to help the drug discovery process and increase the probability of successful drug development. 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 business areas. In its first area, the Company provides optimized, high-confidence drug-response predictions through the application of AI using its proprietary biobank of tumor samples to enable a more informed selection of drug/tumor combinations and increase the probability of success during drug development. The Company also creates and develops tumor-specific 3D cell culture models mimicking the physiological environment of human tissue enabling better-informed decision-making during development. In its second business area, the Company provides services and research using a proprietary self-contained and automated system that conducts high-throughput, self-interaction chromatography screens using additives and excipients commonly included in protein formulations resulting in soluble and physically stable formulations of biologics. The Company’s third business area produces the United States Food and Drug Administration (“FDA”)-cleared STREAMWAY® System and associated products for automated medical fluid waste management and patient-to-drain medical fluid disposal. The Company has three Note 12 Segments ● Pittsburgh segment: ● Birmingham segment ● Eagan segment Going Concern These condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. The Company has incurred significant and recurring losses from operations for the past several years and, as of March 31, 2024, had an accumulated deficit of $171,980,726. The Company had cash of $5,197,235 as of March 31, 2024, and needs to raise significant additional capital to meet its operating needs. The Company had short-term obligations of $4,516,661 and long-term operating lease obligations of $2,027,348 as of March 31, 2024. The Company does not expect to generate sufficient operating revenue to sustain its operations in the near term. During the three months ended March 31, 2024, the Company incurred negative cash flows from operations of $3,416,021. Although the Company has attempted to improve its cash flows from operations by bolstering revenues 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 cash flows from operations sufficiently or achieve profitability in the near term. As a result of these conditions, substantial doubt exists about the Company’s ability to continue as a going concern within one year after the date these condensed consolidated 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 its 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 the Company may ultimately be required to cease its operations and liquidate its business. The Company’s condensed 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. Basis of Presentation The Company has prepared the condensed consolidated financial statements and related unaudited financial information in the notes in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim condensed consolidated financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments, which in the opinion of management, are necessary to present fairly the Company’s position, the results of its operations, and its cash flows for the interim periods. These interim condensed consolidated financial statements reflect all intercompany eliminations. These interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and the notes thereto contained in the Annual Report on Form 10-K filed with the SEC on March 28, 2024. The nature of the Company’s business is such that the results of any interim period may not be indicative of the results to be expected for the entire year. Accounting Policies and Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and during the reporting period. Actual results could materially differ from those estimates. Estimates are used in the following areas, among others: variable consideration associated with revenue recognition, stock-based compensation expense, fair value of long-lived assets for impairment analyses, the valuation allowance included in the deferred income tax calculation, accrued expenses, and fair value of derivative liabilities. Note 1 to the annual consolidated financial statements contained in the Annual Report on Form 10-K filed with the SEC on March 28, 2024, describes the significant accounting policies and estimates used in preparation of the consolidated financial statements. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2024. Principles of Consolidation The Company had two wholly owned subsidiaries, Helomics Corporation and Skyline Medical, Inc. ("Skyline Medical"), as of March 31, 2024, and December 31, 2023, and for the three months ended March 31, 2024, and 2023. The condensed consolidated financial statements include the accounts of the Company and these wholly owned subsidiaries after elimination of intercompany transactions and balances as of March 31, 2024, and December 31, 2023, and for the three months ended March 31, 2024, and 2023. 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 condensed consolidated financial statements of the Company. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Note 2 - Collaborative Agreemen
Note 2 - Collaborative Agreements and Contracts With Customers | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | NOTE 2 COLLABORATIVE ARRANGEMENTS AND CONTRACTS WITH CUSTOMERS Collaboration 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 used its PEDAL technology to evaluate CRH pre-clinical drug inhibitors of Glutaminase to determine which cancer types and patient populations were most likely to respond to treatment with those compounds (the “Project”). Under the CRH Agreement, both parties retained rights to their respective background intellectual property. Rights to reports, findings, supporting data, and materials (“Project Intellectual Property”) that were generated by the Company pursuant to its performance under the CRH Agreement vested exclusively in CRH. Each party funded its own participation in the Project. Costs incurred to participate in the CRH Agreement were recorded in Cost of sales in the Company’s Consolidated Statement of Net Loss for the year ended December 31, 2023. 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 (each as defined in the CRH Agreement). 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 (as defined in the CRH Agreement) 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 three months ended March 31, 2024, and 2023, the Company recognized no Contract Balances The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. As of March 31, 2024, and December 31, 2023, accounts receivable totaled $509,445 and $333,697, respectively. The allowance for accounts receivable balance was $0 as of both March 31, 2024, and December 31, 2023. During the three months ended March 31, 2024, and 2023, revenues from a single customer were 50% and 14% of the Company’s total revenue, respectively. As of March 31, 2024, accounts receivable from a single customer represented 43% of the Company’s total accounts receivable. As of December 31, 2023, accounts receivable from a single customer represented 16% of the Company’s total accounts receivable. 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 development of 3D models and STREAMWAY maintenance plans, were $307,827 and $313,550 as of March 31, 2024, and December 31, 2023, respectively. The Company recognized revenue of $16,974 primarily related to maintenance plans during the three months ended March 31, 2024, that was included in contract liabilities as of December 31, 2023. The Company’s contract liabilities as of March 31, 2024, primarily represent its remaining performance obligations. The Company’s long-term contract liabilities are reported in Other long-term liabilities in the condensed consolidated balance sheets. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 3 FAIR VALUE MEASUREMENTS The following table summarizes the Company’s fair value hierarchy for its liabilities measured at fair value on a recurring basis: March 31, 2024 Fair Value Level 1 Level 2 Level 3 Liabilities: Derivatives $ 367 $ - $ - $ 367 December 31, 2023 Fair Value Level 1 Level 2 Level 3 Liabilities: Derivatives $ 1,376 $ - $ - $ 1,376 |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 INVENTORIES Inventory balances were as follows: As of March 31, 2024 As of December 31, 2023 Raw materials $ 278,755 $ 239,998 Work-in-process - - Finished goods 162,963 254,376 Total $ 441,718 $ 494,374 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 PROPERTY AND EQUIPMENT The Company’s property and equipment, net consisted of the following: As of March 31, 2024 As of December 31, 2023 Computers, software, and office equipment $ 481,314 $ 480,882 Leasehold improvements 506,162 506,162 Laboratory equipment 3,670,097 3,670,097 Warehouse and manufacturing equipment 139,763 133,285 Demo equipment 31,554 31,554 Total 4,828,890 4,821,980 Less: Accumulated depreciation (3,741,172 ) (3,588,070 ) Total Property and equipment, net $ 1,087,718 $ 1,233,910 Depreciation expense, recorded within general and administrative expenses, was $155,702 and $231,189 for the three months ended March 31, 2024, and 2023, respectively. No |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 6 INTANGIBLE ASSETS Finite-lived intangible assets consist of patents and trademarks and are amortized over their estimated useful life. Amortization expense was $6,863 and $6,665 during the three months ended March 31, 2024, and 2023, respectively. Accumulated amortization is included in Intangibles, net in the condensed 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. No The Company’s intangibles, net consisted of the following: As of March 31, 2024 As of December 31, 2023 Gross Carrying Costs Accumulated Amortization Net Carrying Amount Gross Carrying Costs Accumulated Amortization Net Carrying Amount Patents & Trademarks $ 535,096 $ (289,502 ) $ 245,594 $ 535,096 $ (282,639 ) $ 252,457 The following table outlines the estimated future amortization expense related to intangible assets held as of March 31, 2024: Year Ending December 31, Expense Remainder of 2024 $ 20,588 2025 27,451 2026 27,451 2027 27,451 2028 27,451 Thereafter 115,202 Total $ 245,594 |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 7 LEASES The Company’s corporate offices and other offices are located in Pittsburgh, Pennsylvania. The leases are effective through February 29, 2028. The Company has an office in Birmingham, Alabama, which is used for office space, warehousing, 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. This lease is effective through May 31, 2025. Lease expense under operating lease arrangements, recorded within general and administrative expenses, was $227,641 and $214,015 for the three months ended March 31, 2024, and 2023, respectively. The following table summarizes other information related to the Company’s operating leases: March 31, 2024 March 31, 2023 Weighted average remaining lease term – operating leases in years 3.76 4.76 Weighted average discount rate – operating leases 12 % 12 % The Company’s operating lease obligations as of March 31, 2024, which include expected lease extensions that are reasonably certain of renewal, were as follows: Remainder of 2024 $ 597,863 2025 857,622 2026 803,724 2027 827,909 2028 139,022 Total lease payments 3,226,140 Less: interest (658,592 ) Present value of lease liabilities $ 2,567,548 |
Note 8 - Note Payable
Note 8 - Note Payable | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 NOTE PAYABLE In June 2023, the Company purchased director and officer 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 required ten |
Note 9 - Derivatives
Note 9 - Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 9 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 fair 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 $13 and $135 as of March 31, 2024, and December 31, 2023, respectively. The Company recorded gains on the change in fair value of the placement agent warrants of $122 and $419 during the three months ended March 31, 2024, and 2023, 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 $58 and $333 as of March 31, 2024, and December 31, 2023, respectively. The Company recorded gains on the change in fair value of the placement agent warrants of $275 and $335 during the three months ended March 31, 2024, and 2023, 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 $296 and $908 as of March 31, 2024, and December 31, 2023, respectively. The Company recorded gains on the change in fair value of the placement agent warrants of $612 and $199 during the three months ended March 31, 2024, and 2023, 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 as of December 31, 2022 $ 13,833 (Gain) recognized to revalue derivative instrument at fair value (953 ) Derivative liability balance as of March 31, 2023 $ 12,880 Derivative liability balance as of December 31, 2023 $ 1,376 (Gain) recognized to revalue derivative instrument at fair value (1,009 ) Derivative liability balance as of March 31, 2024 $ 367 |
Note 10 - Stockholders' Equity,
Note 10 - Stockholders' Equity, Stock Options and Warrants | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 10 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 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 ASC 718, Compensation Stock Compensation 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. During the three months ended March 31, 2024, there were no options or warrants granted. The fair value of each stock option grant was estimated on the grant date using the Black-Scholes option valuation model with the following assumptions: Three Months Ended March 31, 2024 2023 Stock Options Expected dividend yield - 0.0% Expected stock price volatility - 90.8% Risk-free interest rate - 3.38% – 3.55% Expected life (years) - 10 Stock Options and Warrants Granted by the Company The following summarizes transactions for stock options and warrants for the period indicated: Stock Options Warrants Number of Average Number of Average Outstanding as of December 31, 2023 47,664 $ 82.23 1,806,589 $ 21.52 Issued - - - - Forfeited (74 ) 3.44 - - Expired (89 ) 302.80 (7,159 ) 200.00 Outstanding as of March 31, 2024 47,501 $ 81.94 1,799,430 $ 20.81 Stock-based compensation expense, net of forfeitures, recognized for the three months ended March 31, 2024, and 2023, was $734 and $9,287, respectively. Stock-based compensation expense is recorded within each of the captions comprising Operating expenses. The Company has $779 of unrecognized compensation expense related to unvested stock options that is expected to be recognized over the next 13 months. |
Note 11 - Loss Per Share
Note 11 - Loss Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 11 LOSS PER SHARE The following table presents the shares used in the basic and diluted loss per common share computations: Three Months Ended March 31, 2024 2023 Numerator: Net (loss) attributable to common stockholders per common share: basic and diluted calculation $ (4,218,843 ) $ (3,421,802 ) Denominator: Weighted average common shares outstanding-basic 4,062,853 3,968,099 Effect of diluted stock options, warrants and preferred stock (1) - - Weighted average common shares outstanding-diluted 4,062,853 3,968,099 (Loss) per common share-basic and diluted $ (1.04 ) $ (0.86 ) (1) The following is a summary of the number of underlying shares outstanding at the end of the respective periods that have been excluded from the diluted calculations because the effect on loss per common share would have been anti-dilutive: Three Months Ended March 31, 2024 2023 Options 47,501 47,805 RSUs - 2,500 Warrants 1,799,430 1,812,379 Preferred stock: Series B 16 16 |
Note 12 - Segments
Note 12 - Segments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 12 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. The Company has three ● Pittsburgh segment: ● Birmingham segment ● Eagan segment All revenues are earned from external customers. The tables below summarize the Company’s segment reporting as of March 31, 2024, and December 31, 2023, and for the three months ended March 31, 2024, and 2023. Three Months Ended March 31, 2024 Pittsburgh Birmingham Eagan Corporate Total Revenue $ 4,858 $ 11,009 $ 403,779 $ - $ 419,646 Depreciation and amortization (32,097 ) (120,794 ) (7,823 ) (1,851 ) (162,565 ) Segment loss $ (1,196,065 ) $ (465,162 ) $ (189,576 ) $ (2,368,040 ) $ (4,218,843 ) March 31, 2024 Pittsburgh Birmingham Eagan Corporate Total Assets $ 3,135,259 $ 840,518 $ 1,612,484 $ 5,012,926 $ 10,601,187 Three Months Ended March 31, 2023 Pittsburgh Birmingham Eagan Corporate Total Revenue $ 10,627 $ 13,649 $ 215,619 $ - $ 239,895 Depreciation and amortization (111,822 ) (117,600 ) (6,778 ) (1,654 ) (237,854 ) Segment loss $ (1,159,105 ) $ (482,696 ) $ (285,397 ) $ (1,494,604 ) $ (3,421,802 ) December 31, 2023 Pittsburgh Birmingham Eagan Corporate Total Assets $ 3,263,270 $ 981,914 $ 1,390,031 $ 8,782,034 $ 14,417,249 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | ITEM 5. OTHER INFORMATION Not |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Nature Of Operations and Going Concern Policy [Policy Text Block] | Going Concern These condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. The Company has incurred significant and recurring losses from operations for the past several years and, as of March 31, 2024, had an accumulated deficit of $171,980,726. The Company had cash of $5,197,235 as of March 31, 2024, and needs to raise significant additional capital to meet its operating needs. The Company had short-term obligations of $4,516,661 and long-term operating lease obligations of $2,027,348 as of March 31, 2024. The Company does not expect to generate sufficient operating revenue to sustain its operations in the near term. During the three months ended March 31, 2024, the Company incurred negative cash flows from operations of $3,416,021. Although the Company has attempted to improve its cash flows from operations by bolstering revenues 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 cash flows from operations sufficiently or achieve profitability in the near term. As a result of these conditions, substantial doubt exists about the Company’s ability to continue as a going concern within one year after the date these condensed consolidated 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 its 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 the Company may ultimately be required to cease its operations and liquidate its business. The Company’s condensed 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. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The Company has prepared the condensed consolidated financial statements and related unaudited financial information in the notes in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim condensed consolidated financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments, which in the opinion of management, are necessary to present fairly the Company’s position, the results of its operations, and its cash flows for the interim periods. These interim condensed consolidated financial statements reflect all intercompany eliminations. These interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and the notes thereto contained in the Annual Report on Form 10-K filed with the SEC on March 28, 2024. The nature of the Company’s business is such that the results of any interim period may not be indicative of the results to be expected for the entire year. |
Use of Estimates, Policy [Policy Text Block] | Accounting Policies and Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and during the reporting period. Actual results could materially differ from those estimates. Estimates are used in the following areas, among others: variable consideration associated with revenue recognition, stock-based compensation expense, fair value of long-lived assets for impairment analyses, the valuation allowance included in the deferred income tax calculation, accrued expenses, and fair value of derivative liabilities. Note 1 to the annual consolidated financial statements contained in the Annual Report on Form 10-K filed with the SEC on March 28, 2024, describes the significant accounting policies and estimates used in preparation of the consolidated financial statements. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2024. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company had two wholly owned subsidiaries, Helomics Corporation and Skyline Medical, Inc. ("Skyline Medical"), as of March 31, 2024, and December 31, 2023, and for the three months ended March 31, 2024, and 2023. The condensed consolidated financial statements include the accounts of the Company and these wholly owned subsidiaries after elimination of intercompany transactions and balances as of March 31, 2024, and December 31, 2023, and for the three months ended March 31, 2024, and 2023. |
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 condensed consolidated financial statements of the Company. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | March 31, 2024 Fair Value Level 1 Level 2 Level 3 Liabilities: Derivatives $ 367 $ - $ - $ 367 December 31, 2023 Fair Value Level 1 Level 2 Level 3 Liabilities: Derivatives $ 1,376 $ - $ - $ 1,376 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of March 31, 2024 As of December 31, 2023 Raw materials $ 278,755 $ 239,998 Work-in-process - - Finished goods 162,963 254,376 Total $ 441,718 $ 494,374 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of March 31, 2024 As of December 31, 2023 Computers, software, and office equipment $ 481,314 $ 480,882 Leasehold improvements 506,162 506,162 Laboratory equipment 3,670,097 3,670,097 Warehouse and manufacturing equipment 139,763 133,285 Demo equipment 31,554 31,554 Total 4,828,890 4,821,980 Less: Accumulated depreciation (3,741,172 ) (3,588,070 ) Total Property and equipment, net $ 1,087,718 $ 1,233,910 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of March 31, 2024 As of December 31, 2023 Gross Carrying Costs Accumulated Amortization Net Carrying Amount Gross Carrying Costs Accumulated Amortization Net Carrying Amount Patents & Trademarks $ 535,096 $ (289,502 ) $ 245,594 $ 535,096 $ (282,639 ) $ 252,457 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Expense Remainder of 2024 $ 20,588 2025 27,451 2026 27,451 2027 27,451 2028 27,451 Thereafter 115,202 Total $ 245,594 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | March 31, 2024 March 31, 2023 Weighted average remaining lease term – operating leases in years 3.76 4.76 Weighted average discount rate – operating leases 12 % 12 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Remainder of 2024 $ 597,863 2025 857,622 2026 803,724 2027 827,909 2028 139,022 Total lease payments 3,226,140 Less: interest (658,592 ) Present value of lease liabilities $ 2,567,548 |
Note 9 - Derivatives (Tables)
Note 9 - Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Derivative liability balance as of December 31, 2022 $ 13,833 (Gain) recognized to revalue derivative instrument at fair value (953 ) Derivative liability balance as of March 31, 2023 $ 12,880 Derivative liability balance as of December 31, 2023 $ 1,376 (Gain) recognized to revalue derivative instrument at fair value (1,009 ) Derivative liability balance as of March 31, 2024 $ 367 |
Note 10 - Stockholders' Equit_2
Note 10 - Stockholders' Equity, Stock Options and Warrants (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2024 2023 Stock Options Expected dividend yield - 0.0% Expected stock price volatility - 90.8% Risk-free interest rate - 3.38% – 3.55% Expected life (years) - 10 |
Share-Based Payment Arrangement, Activity [Table Text Block] | Stock Options Warrants Number of Average Number of Average Outstanding as of December 31, 2023 47,664 $ 82.23 1,806,589 $ 21.52 Issued - - - - Forfeited (74 ) 3.44 - - Expired (89 ) 302.80 (7,159 ) 200.00 Outstanding as of March 31, 2024 47,501 $ 81.94 1,799,430 $ 20.81 |
Note 11 - Loss Per Share (Table
Note 11 - Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 Numerator: Net (loss) attributable to common stockholders per common share: basic and diluted calculation $ (4,218,843 ) $ (3,421,802 ) Denominator: Weighted average common shares outstanding-basic 4,062,853 3,968,099 Effect of diluted stock options, warrants and preferred stock (1) - - Weighted average common shares outstanding-diluted 4,062,853 3,968,099 (Loss) per common share-basic and diluted $ (1.04 ) $ (0.86 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2024 2023 Options 47,501 47,805 RSUs - 2,500 Warrants 1,799,430 1,812,379 Preferred stock: Series B 16 16 |
Note 12 - Segments (Tables)
Note 12 - Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2024 Pittsburgh Birmingham Eagan Corporate Total Revenue $ 4,858 $ 11,009 $ 403,779 $ - $ 419,646 Depreciation and amortization (32,097 ) (120,794 ) (7,823 ) (1,851 ) (162,565 ) Segment loss $ (1,196,065 ) $ (465,162 ) $ (189,576 ) $ (2,368,040 ) $ (4,218,843 ) March 31, 2024 Pittsburgh Birmingham Eagan Corporate Total Assets $ 3,135,259 $ 840,518 $ 1,612,484 $ 5,012,926 $ 10,601,187 Three Months Ended March 31, 2023 Pittsburgh Birmingham Eagan Corporate Total Revenue $ 10,627 $ 13,649 $ 215,619 $ - $ 239,895 Depreciation and amortization (111,822 ) (117,600 ) (6,778 ) (1,654 ) (237,854 ) Segment loss $ (1,159,105 ) $ (482,696 ) $ (285,397 ) $ (1,494,604 ) $ (3,421,802 ) December 31, 2023 Pittsburgh Birmingham Eagan Corporate Total Assets $ 3,263,270 $ 981,914 $ 1,390,031 $ 8,782,034 $ 14,417,249 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Number of Tumor Samples | 150,000 | ||
Number of Operating Segments | 3 | ||
Retained Earnings (Accumulated Deficit) | $ 171,980,726 | $ 167,761,883 | |
Cash and Cash Equivalents, at Carrying Value | 5,197,235 | 8,728,660 | |
Liabilities, Current | 4,516,661 | 3,951,031 | |
Operating Lease, Liability, Noncurrent | 2,027,348 | $ 2,188,979 | |
Net Cash Provided by (Used in) Operating Activities | $ 3,416,021 | $ 3,427,761 |
Note 2 - Collaborative Agreem_2
Note 2 - Collaborative Agreements and Contracts With Customers (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounts Receivable, after Allowance for Credit Loss, Current | $ 509,445 | $ 333,697 | |
Accounts Receivable, Allowance for Credit Loss, Current | 0 | 0 | |
Contract with Customer, Liability | 307,827 | $ 313,550 | |
Contract with Customer, Liability, Revenue Recognized | $ 16,974 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Single Customer [Member] | |||
Concentration Risk, Percentage | 50% | 14% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Single Customer [Member] | |||
Concentration Risk, Percentage | 43% | 16% | |
Cancer Research Horizons [Member] | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement [Member] | |||
Revenue from Collaborative Arrangement, Excluding Revenue from Contract with Customer | $ 0 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements - Fair Value of Assets and Liabilities on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives | $ 367 | $ 1,376 |
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 | $ 367 | $ 1,376 |
Note 4 - Inventories - Schedule
Note 4 - Inventories - Schedule of Inventory (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Raw materials | $ 278,755 | $ 239,998 |
Work-In-Process | 0 | 0 |
Finished goods | 162,963 | 254,376 |
Total | $ 441,718 | $ 494,374 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Depreciation, Total | $ 155,702 | $ 231,189 |
Property, Plant and Equipment [Member] | ||
Asset Impairment Charges | $ 0 | $ 0 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant, and Equipment Gross | $ 4,828,890 | $ 4,821,980 |
Less: Accumulated depreciation | (3,741,172) | (3,588,070) |
Total Property and Equipment, Net | 1,087,718 | 1,233,910 |
Office Equipment [Member] | ||
Property, Plant, and Equipment Gross | 481,314 | 480,882 |
Leasehold Improvements [Member] | ||
Property, Plant, and Equipment Gross | 506,162 | 506,162 |
Laboratory Equipment [Member] | ||
Property, Plant, and Equipment Gross | 3,670,097 | 3,670,097 |
Manufacturing Tooling [Member] | ||
Property, Plant, and Equipment Gross | 139,763 | 133,285 |
Demo Equipment [Member] | ||
Property, Plant, and Equipment Gross | $ 31,554 | $ 31,554 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Amortization of Intangible Assets | $ 6,863 | $ 6,665 |
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 |
Note 6 - Intangible Assets - Co
Note 6 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Net Carrying Amount | $ 245,594 | ||
Patents and Trademarks [Member] | |||
Gross Carrying Costs | 535,096 | $ 535,096 | |
Accumulated Amortization | (289,502) | $ (282,639) | |
Net Carrying Amount | $ 245,594 | ||
Impairment, finite | $ 252,457 |
Note 6 - Intangible Assets - Es
Note 6 - Intangible Assets - Estimated Future Amortization Expense (Details) | Mar. 31, 2024 USD ($) |
Remainder of 2024 | $ 20,588 |
2025 | 27,451 |
2026 | 27,451 |
2027 | 27,451 |
2028 | 27,451 |
Thereafter | 115,202 |
Total | $ 245,594 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Lease, Expense | $ 227,641 | $ 214,015 |
Note 7 - Leases - Lease Informa
Note 7 - Leases - Lease Information (Details) | Mar. 31, 2024 | Mar. 31, 2023 |
Weighted average remaining lease term – operating leases in years (Year) | 3 years 9 months 3 days | 4 years 9 months 3 days |
Weighted average discount rate – operating leases | 12% | 12% |
Note 7 - Leases - Rent Obligati
Note 7 - Leases - Rent Obligation (Details) | Mar. 31, 2024 USD ($) |
Remainder of 2024 | $ 597,863 |
2025 | 857,622 |
2026 | 803,724 |
2027 | 827,909 |
2028 | 139,022 |
Total lease payments | 3,226,140 |
Less: interest | (658,592) |
Present value of lease liabilities | $ 2,567,548 |
Note 8 - Note Payable (Details
Note 8 - Note Payable (Details Textual) - Insurance Policy Financing [Member] | 1 Months Ended |
Jul. 31, 2023 USD ($) | |
Debt Instrument, Face Amount | $ 364,721 |
Debt Instrument, Number of Monthly Installment | 10 |
Debt Instrument, Interest Rate, Stated Percentage | 9.25% |
Notes Payable | $ 38,036 |
Note 9 - Derivatives (Details T
Note 9 - Derivatives (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Agent Warrants In Connection With March 2020 Private Placement [Member] | |||
Derivative Liability, Total | $ 13 | $ 135 | |
Derivative, Gain (Loss) on Derivative, Net, Total | 122 | $ 419 | |
Agent Warrants Issued in Connection with May 2020 Offering [Member] | |||
Derivative Liability, Total | 58 | 333 | |
Derivative, Gain (Loss) on Derivative, Net, Total | 275 | 335 | |
Agent Warrants In Connection With June 2020 Warrant [Member] | |||
Derivative Liability, Total | 296 | $ 908 | |
Derivative, Gain (Loss) on Derivative, Net, Total | $ 612 | $ 199 |
Note 9 - Derivatives - Change i
Note 9 - Derivatives - Change in Fair Value of Derivative Liabilities 2 (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative liability balance | $ 1,376 | $ 13,833 |
Gain recognized to revalue derivative instrument at fair value | (1,009) | (953) |
Derivative liability balance | $ 367 | $ 12,880 |
Note 10 - Stockholders' Equit_3
Note 10 - Stockholders' Equity, Stock Options and Warrants (Details Textual) | 3 Months Ended | ||||
Apr. 19, 2023 shares | Mar. 16, 2023 $ / shares shares | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) | Dec. 31, 2023 shares | |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | 200,000,000 | ||
Share-Based Payment Arrangement, Expense | $ | $ 734 | $ 9,287 | |||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 779 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 3 years | ||||
Maximum [Member] | Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 10 years | ||||
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 | 80,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | ||||
Preferred Stock Dividends, Shares Per Share | 0.001 | ||||
Dividends Payable, Date of Record | Mar. 27, 2023 | ||||
Preferred Stock, Shares Issued | 79,404 | ||||
Preferred Stock, Voting Rights Per Share | 1,000,000 | ||||
Preferred Stock, Shares Outstanding (in shares) | 0 |
Note 9 - Stockholders' Equity,
Note 9 - Stockholders' Equity, Stock Options and Warrants - Stock Offerings (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Expected dividend yield | 0% | 0% |
Expected stock price volatility | 0% | 90.80% |
Risk-free interest rate | 0% | |
Expected life (years) (Year) | 10 years | |
Minimum [Member] | ||
Risk-free interest rate | 3.38% | |
Maximum [Member] | ||
Risk-free interest rate | 3.55% |
Note 10 - Stockholders' Equit_4
Note 10 - Stockholders' Equity, Stock Options and Warrants - Summary of Transactions for Stock Options and Warrants (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Number of Shares Outstanding (in shares) | 1,806,589 |
Average Exercise Price Outstanding (in dollars per share) | $ / shares | $ 21.52 |
Number of Shares Issued (in shares) | 0 |
Average Exercise Price Issued (in dollars per share) | $ / shares | $ 0 |
Number of Shares Forfeited (in shares) | 0 |
Expired, warrants (in shares) | (7,159) |
Average Exercise Price Expired (in dollars per share) | $ / shares | $ 200 |
Number of Shares Outstanding (in shares) | 1,799,430 |
Average Exercise Price Outstanding (in dollars per share) | $ / shares | $ 20.81 |
Share-Based Payment Arrangement, Option [Member] | |
Number of Shares Outstanding (in shares) | 47,664 |
Average Exercise Price Outstanding (in dollars per share) | $ / shares | $ 82.23 |
Number of Shares Issued (in shares) | 0 |
Average Exercise Price Issued (in dollars per share) | $ / shares | $ 0 |
Number of Shares Forfeited (in shares) | (74) |
Average Exercise Price Forfeited (in dollars per share) | $ / shares | $ 3.44 |
Expired, options (in shares) | (89) |
Expired, options, average exercise price (in dollars per share) | $ / shares | $ 302.8 |
Number of Shares Outstanding (in shares) | 47,501 |
Average Exercise Price Outstanding (in dollars per share) | $ / shares | $ 81.94 |
Note 11 - Loss Per Share - Shar
Note 11 - Loss Per Share - Shares Used in Basic and Diluted Loss Per Common Share Computations (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Net loss attributable to common stockholders: basic and diluted calculation | $ (4,218,843) | $ (3,421,802) | |
Weighted average shares used in computation – basic and diluted (in shares) | 4,062,853 | 3,968,099 | |
Effect of diluted stock options, warrants, and preferred stock (1) (in shares) | [1] | 0 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 4,062,853 | 3,968,099 | |
Net (loss) per common share – basic and diluted (in dollars per share) | $ (1.04) | $ (0.86) | |
[1]The following is a summary of the number of underlying shares outstanding at the end of the respective periods that have been excluded from the diluted calculations because the effect on loss per common share would have been anti-dilutive: |
Note 11 - Loss Per Share - Anti
Note 11 - Loss Per Share - Antidilutive Securities Excluded from the Diluted Calculations (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities (in shares) (in shares) | 47,501 | 47,805 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities (in shares) (in shares) | 0 | 2,500 |
Warrant [Member] | ||
Antidilutive Securities (in shares) (in shares) | 1,799,430 | 1,812,379 |
Series B Convertible Preferred Stock [Member] | ||
Antidilutive Securities (in shares) (in shares) | 16 | 16 |
Note 12 - Segments (Details Tex
Note 12 - Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Number of Operating Segments | 3 |
Number of Tumor Samples | 150,000 |
Note 12 - Segments - Segments (
Note 12 - Segments - Segments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenue | $ 419,646 | $ 239,895 | |
Assets | 10,601,187 | $ 14,417,249 | |
Depreciation and Amortization | (162,565) | (237,854) | |
Net loss | (4,218,843) | (3,421,802) | |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | |||
Revenue | 0 | 0 | |
Assets | 5,012,926 | 8,782,034 | |
Depreciation and Amortization | (1,851) | (1,654) | |
Net loss | (2,368,040) | (1,494,604) | |
Pittsburgh [Member] | Operating Segments [Member] | |||
Revenue | 4,858 | 10,627 | |
Assets | 3,135,259 | 3,263,270 | |
Depreciation and Amortization | (32,097) | (111,822) | |
Net loss | (1,196,065) | (1,159,105) | |
Birmingham [Member] | Operating Segments [Member] | |||
Revenue | 11,009 | 13,649 | |
Assets | 840,518 | 981,914 | |
Depreciation and Amortization | (120,794) | (117,600) | |
Net loss | (465,162) | (482,696) | |
Eagan [Member] | Operating Segments [Member] | |||
Revenue | 403,779 | 215,619 | |
Assets | 1,612,484 | $ 1,390,031 | |
Depreciation and Amortization | (7,823) | (6,778) | |
Net loss | $ (189,576) | $ (285,397) |