Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 01, 2019 | Jun. 29, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | PLx Pharma Inc. | ||
Entity Central Index Key | 1,497,504 | ||
Trading Symbol | plxp | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | true | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,750,606 | ||
Entity Public Float | $ 34,053,848 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 14,250,267 | $ 24,404,368 |
Accounts receivable | 18,234 | 19,384 |
Inventory, net | 246,374 | |
Vendor and security deposits | 12,564 | 719,667 |
Prepaid expenses | 409,369 | 300,169 |
Deferred financing costs | 174,976 | |
TOTAL CURRENT ASSETS | 14,865,410 | 25,689,962 |
NON-CURRENT ASSETS | ||
Property and equipment, net | 1,394,230 | 1,029,875 |
Goodwill | 2,061,022 | 2,061,022 |
Security deposit | 67,714 | 67,714 |
TOTAL ASSETS | 18,388,376 | 28,848,573 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable and accrued liabilities | 653,049 | 852,155 |
Accrued bonus and severance | 1,048,393 | 849,703 |
Accrued interest | 60,366 | 54,219 |
Current portion of term loan, net of discount and fees | 2,909,709 | |
Other current liabilities | 61,143 | 59,614 |
TOTAL CURRENT LIABILITIES | 4,732,660 | 1,815,691 |
NON-CURRENT LIABILITIES | ||
Accrued interest, net of current portion | 309,440 | 89,717 |
Term loan, net of discount and fees | 4,280,385 | 6,942,151 |
Warrant liability | 2,537,317 | 15,242,915 |
Other liabilities | 84,281 | 141,707 |
TOTAL LIABILITIES | 11,944,083 | 24,232,181 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Common stock; $0.001 par value; 100,000,000 shares authorized; 8,743,950 and 8,722,823 shares issued and outstanding | 8,744 | 8,723 |
Additional paid-in capital | 72,871,317 | 71,939,917 |
Accumulated deficit | (66,435,768) | (67,332,248) |
TOTAL STOCKHOLDERS' EQUITY | 6,444,293 | 4,616,392 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 18,388,376 | $ 28,848,573 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 8,738,163 | 8,722,823 |
Common stock, shares outstanding (in shares) | 8,738,163 | 8,722,823 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES: | ||
Total revenues | $ 753,108 | $ 778,657 |
OPERATING EXPENSES: | ||
Research and development | 3,922,665 | 4,157,454 |
General and administrative | 7,791,600 | 10,174,997 |
Impairment of intangible assets | 2,294,048 | |
TOTAL OPERATING EXPENSES | 11,714,265 | 16,626,499 |
OPERATING LOSS | (10,961,157) | (15,847,842) |
OTHER INCOME (EXPENSE) | ||
Interest income | 297,800 | 112,377 |
Interest expense | (1,145,761) | (1,164,897) |
Change in fair value of warrant liability | 12,705,598 | 633,631 |
TOTAL OTHER INCOME (EXPENSE) | 11,857,637 | (418,889) |
INCOME (LOSS) BEFORE INCOME TAX BENEFIT | 896,480 | (16,266,731) |
Income tax benefit | 920,000 | |
NET INCOME (LOSS) | $ 896,480 | $ (15,346,731) |
Net income (loss) per common share - basic (in dollars per share) | $ 0.10 | $ (2.19) |
Net income (loss) per common share - diluted (in dollars per share) | $ 0.10 | $ (2.19) |
Weighted average shares of common shares - basic (in shares) | 8,733,220 | 7,020,479 |
Weighted average shares of common shares - diluted (in shares) | 8,733,220 | 7,020,479 |
Grant [Member] | ||
REVENUES: | ||
Total revenues | $ 753,108 | $ 578,657 |
License [Member] | ||
REVENUES: | ||
Total revenues | $ 200,000 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 4,383,433 | |||
Balance at Dec. 31, 2016 | $ 4,383 | $ 49,661,802 | $ (51,985,517) | $ (2,319,332) |
Stock-based compensation expense (in shares) | 30,000 | |||
Stock-based compensation expense | $ 30 | 1,624,381 | 1,624,411 | |
Conversion of convertible debt (in shares) | 250,681 | |||
Conversion of convertible debt | $ 251 | 3,119,287 | 3,119,538 | |
Effect of reverse merger (in shares) | 1,403,271 | |||
Effect of reverse merger | $ 1,403 | 15,047,480 | 15,048,883 | |
Offering of common stock and warrants (in shares) | 2,646,091 | |||
Offering of common stock and warrants | $ 2,646 | 2,122,657 | 2,125,303 | |
Common shares issued to vendor (in shares) | 9,347 | |||
Common shares issued to vendor | $ 10 | 60,109 | 60,119 | |
Term loan proceeds allocated to warrants | 304,201 | 304,201 | ||
Net income (loss) | (15,346,731) | $ (15,346,731) | ||
Balance (in shares) at Dec. 31, 2017 | 8,722,823 | 8,722,823 | ||
Balance at Dec. 31, 2017 | $ 8,723 | 71,939,917 | (67,332,248) | $ 4,616,392 |
Stock-based compensation expense (in shares) | ||||
Stock-based compensation expense | 841,421 | 841,421 | ||
Common shares issued to vendor (in shares) | 21,127 | |||
Common shares issued to vendor | $ 21 | 89,979 | 90,000 | |
Net income (loss) | 896,480 | $ 896,480 | ||
Balance (in shares) at Dec. 31, 2018 | 8,743,950 | 8,738,163 | ||
Balance at Dec. 31, 2018 | $ 8,744 | $ 72,871,317 | $ (66,435,768) | $ 6,444,293 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 896,480 | $ (15,346,731) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 200,957 | 29,838 |
Stock-based compensation | 841,421 | 1,624,411 |
Impairment of intangible assets | 2,294,048 | |
Non-cash interest expense | 247,943 | 724,676 |
Change in fair value of warrant liability | (12,705,598) | (633,631) |
Provision for obsolete inventory | 770,619 | 319,736 |
Expenses allocated to warrant liability | 1,302,995 | |
Deferred tax benefit | (920,000) | |
Changes in operating assets and liabilities | ||
Accounts receivable | 1,150 | (14,307) |
Inventory | (524,245) | (449,384) |
Vendor deposit | 707,103 | (715,603) |
Prepaid expenses and other assets | (109,200) | (223,583) |
Accounts payable and accrued liabilities | (194,524) | (109,644) |
Accrued bonus and severance | 198,690 | (1,434,297) |
Accrued interest | 225,870 | 229,845 |
Accrued interest - related parties | 13,747 | |
Deferred revenue | (200,000) | |
Other long-term liabilities | (55,897) | 201,321 |
Net cash used in operating activities | (9,499,231) | (13,306,563) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (654,870) | (537,569) |
Cash received in business combination | 11,776,427 | |
Net cash provided by (used in) in investing activities | (654,870) | 11,238,858 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of convertible notes payable | 460,000 | |
Proceeds from issuance of convertible notes payable - related parties | 108,300 | |
Proceeds from Dipexium note | 2,000,000 | |
Proceeds from equity offering, net of allocated issuance costs | 16,698,854 | |
Proceeds from issuance of term loan, net of fees | 7,145,584 | |
Net cash provided by financing activities | 26,412,738 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (10,154,101) | 24,345,033 |
Cash and cash equivalents, beginning of year | 24,404,368 | 59,335 |
Cash and cash equivalents, end of year | 14,250,267 | 24,404,368 |
SUPPLEMENTAL INFORMATION | ||
Income taxes | ||
Interest | 671,146 | 195,938 |
NON-CASH INVESTING AND FINANCING TRANSACTIONS | ||
Property and equipment included in accounts payable | 89,558 | |
Deferred financing costs | 174,976 | |
Value of common shares issued to vendor for services | 90,000 | 60,119 |
Value of common shares issued in business combination | 15,048,883 | |
Value of common shares issued upon conversion of debt and accrued interest | (2,495,630) | |
Equity offering proceeds allocated to warrant liability | 15,876,546 | |
Term loan proceeds allocated to warrant | $ 304,201 |
Note 1 - Background and Organiz
Note 1 - Background and Organization | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. Business Operations PLx Pharma Inc., together with its subsidiaries PLx Opco Inc. and PLx Chile SpA, is a late stage startup specialty pharmaceutical company focusing initially on commercializing two TM 325 TM 81 325 first PLx Chile SpA was formed on September 12, 2011 December 2018. Organization, Reincorporation, and Merger with Dipexium Pharmaceuticals, Inc. PLx Opco Inc., which was known as PLx Pharma Inc. immediately prior to the Merger described below, was originally incorporated in the State of Texas on November 12, 2002 December 2002, December 4, 2002. March 2003, On December 31, 2013, On July 21, 2015, July 27, 2015. one two 5,013,690 one one fourteenth 302,937 $800,000 2015 $53,187 1,313,840 249,196 $1,588,937 July 2015. On December 22, 2016, April 19, 2017. 4. not |
Note 2 - Liquidity and Going Co
Note 2 - Liquidity and Going Concern | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2. The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities in the ordinary course of business. The propriety of using the going-concern basis is dependent upon, among other things, the achievement of future profitable operations, the ability to generate sufficient cash from operations and potential other funding sources. The Company has not December 31, 2018, February 20, 2019, twelve |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3. Significant Accounting Policies Basis and Accounting and Principles of Consolidation The Company prepares its consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company operates in one The accompanying consolidated financial statements include the accounts of the Company and its direct and indirect wholly-owned subsidiaries, PLx Opco Inc. and PLx Chile SpA. All significant intercompany balances and transactions have been eliminated within the consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not Foreign Currency The functional currency of our international subsidiaries has been designated as the U.S. dollar. Foreign currency transaction gains and losses, excluding gains and losses on intercompany balances where there is no Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three December 31, 2018, $14.3 not Allowance for Uncollectible Accounts Receivable An allowance for uncollectible accounts receivable is estimated based on historical experience, credit quality, age of the accounts receivable balances, and economic conditions that may zero December 31, 2018 2017, Inventory Inventory is stated at the lower of cost or net realizable value, using the average cost method. Inventory as of December 31, 2018 2017 $1,003,000 $320,000 December 30, 2018 2017, Vendor Deposits Periodically the Company makes deposits to vendors to secure a place in the vendor’s schedule for operational requirements. The vendor deposit balance was $8,500 $715,603 December 31, 2018 2017, Fair Value of Financial Instruments All financial instruments classified as current assets and liabilities are carried at cost, which approximates fair value, because of the short-term maturities of those instruments. The fair value of the term loan approximates its face value of $7,500,000 9. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. The Company capitalizes additions that have a tangible future economic life. Maintenance and repairs that do not may not Intangible Assets and Goodwill Intangible assets were acquired as part of the Merger and consist of definite-lived trademarks with an estimated useful life of seven 4 Management evaluates indefinite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not October 31 fourth 2017 $2.3 5 Goodwill is not October 31, not one As described further below in this Note 3, 2017 04, January 1, 2017. one no 5 Revenue Recognition Policy prior to the adoption of new revenue recognition guidelines on January 1, 2018 The Company recognized revenues when persuasive evidence of an arrangement existed, delivery had occurred or services had been provided, the purchase price was fixed or determinable and collectability reasonably assured. The Company’s historical revenue was generated pursuant to cost reimbursable federal grants and pursuant to joint development arrangements. For cost reimbursable grants, revenues were based on internal and subcontractor costs incurred that are specifically covered under reimbursement arrangements, and where applicable, an additional facilities and administrative rate that provides funding for overhead expenses. Grant revenue was recognized as grant-related expenses were incurred by the Company or its subcontractors. The grant agreements with federal government agencies generally provide that, upon completion of a technology development program, the funding agency is granted a royalty-free license to use any technology developed during the course of the program for its own purposes, but not Policy after the adoption of new revenue recognition guidelines on January 1, 2018 As described further below in this Note 3, January 1, 2018, 606, not January 1, 2018. The Company determined that its sole revenue arrangement as of the date of adoption, a cost-reimbursable federal grant with the National Institutes of Health, is not not Research and Development Expenses Costs incurred in connection with research and development activities are expensed as incurred. Research and development expenses consist of direct and indirect costs associated with specific projects, manufacturing activities, and include fees paid to various entities that perform research related services for the Company. Stock -Based Compensation The Company recognizes expense in the consolidated statements of operations for the fair value of all stock-based compensation to key employees, nonemployee directors and advisors, generally in the form of stock options and stock awards. The Company uses the Black-Scholes option valuation model to estimate the fair value of stock options on the grant date. Compensation cost is amortized on a straight-line basis over the vesting period for each respective award. As described further below in this Note 3, January 1, 2017, not Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred 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 effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Corporate tax rate changes resulting from the impacts of the Tax Cuts and Jobs Act of 2017 December 31, 2017 December 2017. Tax benefits are initially recognized in the financial statements when it is more likely than not 50% The Company currently has tax returns open for examination by the applicable taxing authority for all years since 201 2 Reverse Stock Split The Company’s Board of Directors approved a 1 8 April 19, 2017. Income ( Loss ) P er S hare Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. For periods of net income, and when the effects are not None December 31, 2018 2017. The number of anti-dilutive shares, consisting of common shares underlying (i) common stock options, (ii) stock purchase warrants, and (iii) prior to the Merger closing in April 2017, 3,911,302 3,871,302 December 31, 2018 2017, Recent Accounting Developments Recently Adopted Guidance In May 2014, five 1 2 3 4 5 August 2015, one December 15, 2017, December 15, 2016. March 2016, April 2016, May 2016, two March 3, 2016 May 2016, January 1, 2018 not In August 2016, December 15, 2017. January 1, 2018 not In March 2016, December 15, 2016, January 1, 2017 not In July 2015, 330 December 15, 2016, January 1, 2017 not In November 2015, December 15, 2016. January 1, 2017 not In January 2017, 2 no December 15, 2019. January 1, 2017. April 1, 2017, 3. may no December 31, 2017. Unadopted Guidance In February 2016, July 2018, December 15, 2018 January 1, 2019. In June 2018, December 15, 2018. In August 2018, December 15, 2019. The Company does not not Subsequent Events The Company’s management reviewed all material events through the date the consolidated financial statements were issued for subsequent event disclosure consideration. |
Note 4 - Reverse Merger Busines
Note 4 - Reverse Merger Business Combination | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 4. On December 22, 2016, April 19, 2017. The Company accounted for the Merger as a reverse merger business combination using the purchase method of accounting. Because the Merger qualifies as a reverse acquisition and given that Old PLx was a private company at the time of the Merger and therefore its value was not Dipexium market capitalization at closing $ 15,048,883 Effective settlement of pre-existing debt (2,045,151 ) Total purchase consideration $ 13,003,732 The Company recorded all tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the Merger date. The following represents the allocation of the purchase consideration: Fair value of purchase consideration $ 13,003,732 Fair value of tangible assets acquired: Cash $ 11,776,427 Prepaid expenses 139,648 Fair value of identifiable intangible assets acquired: Trademarks 100,000 In-process research and development 2,200,000 Goodwill 2,061,022 Deferred tax liabilities, net (920,000 ) Fair value of liabilities assumed (2,353,365 ) $ 13,003,732 The estimated fair value of the acquired trademarks was determined using a cost approach. The estimated fair value of the acquired in-process research and development was determined using an income approach. See Note 5 The Company received carryover tax basis in the acquired assets and liabilities and no not not $920,000 Unaudited Pro forma disclosures The following unaudited pro forma financial information summarizes the results of operations for the year ended December 31, 2017 January 1, 2017. not January 1, 2017 may Year Ended Dec ember 31 , 2017 Revenues $ 778,657 Net loss $ (16,776,931 ) Net loss per share $ (2.23 ) |
Note 5 - Long-lived Assets
Note 5 - Long-lived Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant, and Equipment and Intangible Assets [Text Block] | NOTE 5. Property and Equipment Property and equipment at December 31, 2018 2017 Asset Descriptions Useful Lives (years) December 31, 201 8 December 31, 201 7 Computer equipment 4 $ 41,839 $ 41,839 Lab equipment 5 17,019 8,655 Office equipment, furniture and fixtures 5 106,486 18,302 Leasehold improvements lease term 175,736 10,088 Manufacturing equipment 7 1,345,230 1,042,114 Subtotal 1,686,310 1,120,998 Less: Accumulated depreciation (292,080 ) (91,123 ) Total property and equipment, net $ 1,394,230 $ 1,029,875 Depreciation and amortization expense for the years ended December 31, 2018 2017 $200,957 $29,838, Goodwill and Intangible Assets We established goodwill and other intangible assets in 2017 December 31, 2018 2017 December 31, 201 8 December 31, 201 7 Trademarks (definite-lived) $ - $ 100,000 IPR&D (indefinite-lived) - 2,200,000 Goodwill (indefinite-lived) 2,061,022 2,061,022 2,061,022 4,361,022 Less: Accumulated amortization trademarks - (5,952 ) Less: Impairment – trademarks and IPR&D - (2,294,048 ) Total goodwill and intangible assets, net $ 2,061,022 $ 2,061,022 The Company’s intangible asset for trademarks was related to the Locilex brand acquired from Dipexium. After assessing its resources and corporate strategy in November 2017, no ● submit paperwork to the FDA to put the Pexiganan IND in an inactive status; ● abandon the DPRX domain; ● terminate the facility storage contract with a third ● cease paying patent renewal fees, allowing patents to expire. As a result of the strategic change not October 31, 2017 zero fourth 2017 $2.2 October 31, 2017 zero fourth 2017 $0.1 The Company has not October 31, 2018 2017. not |
Note 6 - Debt
Note 6 - Debt | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 . DEBT Term Loan Facility On August 9, 2017, $7.5 $7.5 December 31, 2018, first not $20,000,000 81 $7.5 not December 31, 2018. The Term Loan Facility carries interest at a floating rate of 4.0% 9.5% December 31, 2018), first 18 24 February 9, 2021. may not The Company may 3.0% one 2.0% second 1.0% second 8.0% The Term Loan Facility is collateralized by substantially all of the Company’s assets, including the Company’s intellectual property. The Term Loan Facility also contains certain restrictive covenants that limit the Company’s ability to incur additional indebtedness and liens, merge with other companies or consummate certain changes of control, acquire other companies, engage in new lines of business, make certain investments, pay dividends, transfer or dispose of assets, amend certain material agreements or enter into various specified transactions, as well as financial reporting requirements. The Term Loan Facility contains customary events of default, including bankruptcy, the failure to make payments when due, the occurrence of a material impairment on the lenders’ security interest over the collateral, and a material adverse change. Upon the occurrence of an event of default, subject to any specified cure periods, all amounts owed by the Company would begin to bear interest at a rate that is 5.00% may In connection with entry into the Term Loan Facility, the Company issued to SVB and one 58,502 $6.41 10 $304,201. As of December 31, 2018 2017, $7.5 $215,291 $0, $94,615 $557,849, Convertible Notes Payable and Convertible Notes Payable – Related Parties During 2016 2017 $2,346,000 $5,000 $250,000, $588,300 8% May 31, 2017. $7.84 250,681 $623,908 Note Payable On January 6, 2017, $2 8% October 15, 2017, 270 first April 19, 2017, no 4 Total interest expense recognized on the various debt arrangements for the years ended December 31, 2018 2017 $1,145,761 $1,164,897 |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7 . STOCKHOLDERS’ EQUITY Preferred Stock On February 19, 2019, 1,000,000 Upon this stockholder approval, the Company filed a Certificate of Designation for its Series A Preferred Stock with the State of Delaware designating 45,000 $0.001 $2.60 8.0% 325 81mg. $1,000 Equity Financing On June 14, 2017, 2,646,091 $6.875 2,646,091 $7.50 $18.2 six one 10 In December 2018, $15.0 February 20, 2019 ( 11 500,000 $3.50 not April 15, 2019; Warrants In connection with the June 2017 2,646,091 $7.50 six one 10 In connection with entry into the Term Loan Facility, the Company issued to SVB and one 58,502 $6.41 6 10 S tock Options Following is a summary of option activities for the years ended December 31, 2018 2017: Number of Options Weighted Weighted Aggregate Outstanding, December 31, 2016 691,374 $ 12.44 8.62 $ - Granted 283,372 $ 6.75 Options from Dipexium 191,963 $ 57.94 Cancelled - $ - Outstanding, December 31, 2017 1,166,709 $ 18.54 7.84 $ 90,097 Granted 85,000 $ 3.46 Cancelled (45,000 ) $ 6.55 Outstanding, December 31, 2018 1,206,709 $ 17.93 6.97 $ - Exercisable, December 31, 2018 1,028,209 $ 20.14 6.61 $ - On September 13, 2018, 2018 “2018 2018 may 1,250,000 2018 December 31, 2018, no 2018 Prior to the approval of the 2018 two 2013 2018 no no two April 19, 2017, 191,963 The Company granted 85,000 December 31, 2018 $207,537 1 2.6% 2.8%, 2 6.0 3 76% 82%, 4 zero During the year ended December 31, 2017, 283,372 $6.75 $1.3 1 1.2% 2.1%, 2 4.7 8.0 3 75% 86%, 4 zero As of December 31, 2018, $553,416 1.9 The Company modified certain outstanding awards to a former officer upon his termination of employment, and recognized approximately $150,000 third 2017 $200,000 third 2017 30,000 During the years ended December 31, 2018 2017, $841,421 $1,624,411, December 31, 2018, $827,466 $13,955 December 31, 2017, $1,623,056 $1,355 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 8 . COMMITMENTS AND CONTINGENCIES Lease Agreement The Company presently leases office space under operating lease agreements, expiring on December 31, 2019, July 31, 2021 October 3, 2021, $114,460 $175,552 December 31, 2018 2017, Future minimum obligations and sublease income under non-cancelable operating leases are: Lease Obligation Sublease Income Net 2019 $ 349,804 $ 210,377 $ 139,427 2020 301,993 215,637 86,356 2021 190,874 128,933 61,941 Total $ 842,671 $ 554,947 $ 287,724 The Company ceased using the office space under one fourth 2017 $200,000 fourth 2017 July 31, 2021. Patent License Agreement with the Board of Regents of the University of Texas (NSAIDs) On January 8, 2003, Under terms of the agreement, the Company is responsible for conducting clinical trials involving investigational use of a licensed product for the determination of metabolic and pharmacologic actions in humans, the side effects associated with increasing doses, examination of suspected indications, determination of the potential short-term side effects in humans and for establishing the safety, efficacy, labeled indications and risk-benefit profile in humans. The patent license agreement also requires the Company to provide reimbursement for all expenses incurred by The University of Texas Health Science Center at Houston for filing, prosecuting, enforcing and maintaining patent rights and requires an annual nonrefundable license management fee. In addition, the Company is obligated to pay certain milestone payments in future years relating to royalties resulting from the approval to sell licensed products and the resulting sales of such licensed products. The Company recognized total expenses of $85,330 $60,683 December 31, 2018 2017, Development and Commercialization Agreement with Lee’s Pharmaceutical Holdings Limited In March 2012, On June 19, 2015, $200,000 July 2015, fourth 2017 $200,000 fourth 2017. Investor Relations Agreement On March 21, 2017, 15 45 $11,250 March 15, 2017 April 30, 2017 $15,000 May 1, 2017. $15,000 $7,500 $7,500 21,127 9,347 2018 2017, |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9 . FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received in the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has categorized all investments recorded at fair value based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: ● Level 1: ● Level 2: 1, ● Level 3: Financial assets and liabilities measured at fair value on a recurring basis The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the hierarchy. The stock purchase warrants issued in June 2017 3 one The following table sets forth a summary of changes in the fair value of Level 3 December 31, 2018 2017: Description Balance at December 31, 201 7 Established in 2017 Change in Fair Value Balance at Dec ember 31 , 2017 Warrant liability $ - $ 15,876,546 $ (633,631 ) $ 15,242,915 Description Balance at December 31, 201 7 Established in 201 8 Change in Fair Value Balance at Dec ember 31 , 201 8 Warrant liability $ 15,242,915 $ - $ (12,705,598 ) $ 2,537,317 The following table identifies the carrying amounts of such liabilities at December 31, 2018 2017: Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 15,242,915 $ 15,242,915 Balance at December 31, 2017 $ - $ - $ 15,242,915 $ 15,242,915 Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 2,537,317 $ 2,537,317 Balance at December 31, 2018 $ - $ - $ 2,537,317 $ 2,537,317 Financial assets and liabilities carried at fair value on a non-recurring basis The Company does not Non-financial assets and liabilities carried at fair value on a recurring basis The Company does not Non-financial assets and liabilities carried at fair value on a non-recurring basis The Company measures its long-lived assets, including property and equipment and intangible assets (including goodwill), at fair value on a non-recurring basis when they are deemed to be impaired. The Company recognized total impairment expenses related to its trademarks and IPR&D of $2,294,048 fourth 2017. No 2018. See Note 4 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10. Income tax (expense) benefit for the years ended December 31, 2018 2017 Year Ended December 31, 2018 Year Ended December 31, 2017 Current: Federal $ - $ - State - - Foreign - - Deferred: Federal 1,446,640 12,770,584 State 244,896 - Foreign - - Change in valuation allowance (1,691,536 ) (13,690,584 ) Total Benefit for Income Taxes $ - $ (920,000 ) The income tax benefit of $920,000 December 31, 2017 Significant components of the Company's deferred tax assets and liabilities consisted of the following at December 31, 2018 2017: December 31, 2018 December 31, 2017 Deferred tax assets: Stock-based compensation $ 3,768,282 $ 3,085,484 Tax credit carryforwards 1,790,387 3,616,246 Net operating loss carryforwards 11,745,648 8,715,591 Intangible assets 451,556 372,944 Other 373,314 350,690 Total deferred tax assets 18,129,187 16,140,955 Deferred tax liabilities: Property and equipment 305,619 8,922 Total deferred tax liabilities 305,619 8,922 Net deferred tax assets 17,823,568 16,132,033 Less valuation allowance (17,823,568 ) (16,132,033 ) Total deferred tax assets (liabilities) $ - $ - The following table reconciles the U.S. federal statutory income tax rate in effect for 2018 2017 Year Ended December 31, 2018 Year Ended December 31, 2017 U.S. federal statutory income tax expense (benefit) 21.0 % (34.0 %) State and local income tax, net of benefits 3.6 % - Change in fair value of derivatives (348.0 %) (1.40 %) Release of valuation allowance in connection with merger - 5.99 % Change in tax rates - 37.80 % True-up and other 1 % 0.05 % Change in valuation allowance for deferred income tax assets 188.7 % (2.44 %) Effective income tax rate 0.0 % (6.00 %) The reduction in the federal tax rate to 21% January 1, 2018, $5.9 $54.1 December 31, 2018, may 2035. may not |
Note 11 - Subsequent Event
Note 11 - Subsequent Event | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11. In December 2018, $15.0 February 19, 2019, 1,000,000 20% Upon this stockholder approval, the Company completed the Private Placement on February 20, 2019, $15.0 15,000 $0.001 $1,000 $2.60 8.0% 325 81mg. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis and Accounting and Principles of Consolidation The Company prepares its consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company operates in one The accompanying consolidated financial statements include the accounts of the Company and its direct and indirect wholly-owned subsidiaries, PLx Opco Inc. and PLx Chile SpA. All significant intercompany balances and transactions have been eliminated within the consolidated financial statements. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The functional currency of our international subsidiaries has been designated as the U.S. dollar. Foreign currency transaction gains and losses, excluding gains and losses on intercompany balances where there is no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three December 31, 2018, $14.3 not |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Uncollectible Accounts Receivable An allowance for uncollectible accounts receivable is estimated based on historical experience, credit quality, age of the accounts receivable balances, and economic conditions that may zero December 31, 2018 2017, |
Inventory, Policy [Policy Text Block] | Inventory Inventory is stated at the lower of cost or net realizable value, using the average cost method. Inventory as of December 31, 2018 2017 $1,003,000 $320,000 December 30, 2018 2017, |
Vendor Deposits, Policy [Policy Text Block] | Vendor Deposits Periodically the Company makes deposits to vendors to secure a place in the vendor’s schedule for operational requirements. The vendor deposit balance was $8,500 $715,603 December 31, 2018 2017, |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments All financial instruments classified as current assets and liabilities are carried at cost, which approximates fair value, because of the short-term maturities of those instruments. The fair value of the term loan approximates its face value of $7,500,000 9. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. The Company capitalizes additions that have a tangible future economic life. Maintenance and repairs that do not may not |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets and Goodwill Intangible assets were acquired as part of the Merger and consist of definite-lived trademarks with an estimated useful life of seven 4 Management evaluates indefinite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not October 31 fourth 2017 $2.3 5 Goodwill is not October 31, not one As described further below in this Note 3, 2017 04, January 1, 2017. one no 5 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Policy prior to the adoption of new revenue recognition guidelines on January 1, 2018 The Company recognized revenues when persuasive evidence of an arrangement existed, delivery had occurred or services had been provided, the purchase price was fixed or determinable and collectability reasonably assured. The Company’s historical revenue was generated pursuant to cost reimbursable federal grants and pursuant to joint development arrangements. For cost reimbursable grants, revenues were based on internal and subcontractor costs incurred that are specifically covered under reimbursement arrangements, and where applicable, an additional facilities and administrative rate that provides funding for overhead expenses. Grant revenue was recognized as grant-related expenses were incurred by the Company or its subcontractors. The grant agreements with federal government agencies generally provide that, upon completion of a technology development program, the funding agency is granted a royalty-free license to use any technology developed during the course of the program for its own purposes, but not Policy after the adoption of new revenue recognition guidelines on January 1, 2018 As described further below in this Note 3, January 1, 2018, 606, not January 1, 2018. The Company determined that its sole revenue arrangement as of the date of adoption, a cost-reimbursable federal grant with the National Institutes of Health, is not not |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses Costs incurred in connection with research and development activities are expensed as incurred. Research and development expenses consist of direct and indirect costs associated with specific projects, manufacturing activities, and include fees paid to various entities that perform research related services for the Company. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock -Based Compensation The Company recognizes expense in the consolidated statements of operations for the fair value of all stock-based compensation to key employees, nonemployee directors and advisors, generally in the form of stock options and stock awards. The Company uses the Black-Scholes option valuation model to estimate the fair value of stock options on the grant date. Compensation cost is amortized on a straight-line basis over the vesting period for each respective award. As described further below in this Note 3, January 1, 2017, not |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred 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 effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Corporate tax rate changes resulting from the impacts of the Tax Cuts and Jobs Act of 2017 December 31, 2017 December 2017. Tax benefits are initially recognized in the financial statements when it is more likely than not 50% The Company currently has tax returns open for examination by the applicable taxing authority for all years since 201 2 |
Reverse Stock Split, Policy [Policy Text Block] | Reverse Stock Split The Company’s Board of Directors approved a 1 8 April 19, 2017. |
Earnings Per Share, Policy [Policy Text Block] | Income ( Loss ) P er S hare Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. For periods of net income, and when the effects are not None December 31, 2018 2017. The number of anti-dilutive shares, consisting of common shares underlying (i) common stock options, (ii) stock purchase warrants, and (iii) prior to the Merger closing in April 2017, 3,911,302 3,871,302 December 31, 2018 2017, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Developments Recently Adopted Guidance In May 2014, five 1 2 3 4 5 August 2015, one December 15, 2017, December 15, 2016. March 2016, April 2016, May 2016, two March 3, 2016 May 2016, January 1, 2018 not In August 2016, December 15, 2017. January 1, 2018 not In March 2016, December 15, 2016, January 1, 2017 not In July 2015, 330 December 15, 2016, January 1, 2017 not In November 2015, December 15, 2016. January 1, 2017 not In January 2017, 2 no December 15, 2019. January 1, 2017. April 1, 2017, 3. may no December 31, 2017. Unadopted Guidance In February 2016, July 2018, December 15, 2018 January 1, 2019. In June 2018, December 15, 2018. In August 2018, December 15, 2019. The Company does not not |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company’s management reviewed all material events through the date the consolidated financial statements were issued for subsequent event disclosure consideration. |
Note 4 - Reverse Merger Busin_2
Note 4 - Reverse Merger Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Business Acquisition, Purchase Consideration [Table Text Block] | Dipexium market capitalization at closing $ 15,048,883 Effective settlement of pre-existing debt (2,045,151 ) Total purchase consideration $ 13,003,732 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Fair value of purchase consideration $ 13,003,732 Fair value of tangible assets acquired: Cash $ 11,776,427 Prepaid expenses 139,648 Fair value of identifiable intangible assets acquired: Trademarks 100,000 In-process research and development 2,200,000 Goodwill 2,061,022 Deferred tax liabilities, net (920,000 ) Fair value of liabilities assumed (2,353,365 ) $ 13,003,732 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended Dec ember 31 , 2017 Revenues $ 778,657 Net loss $ (16,776,931 ) Net loss per share $ (2.23 ) |
Note 5 - Long-lived Assets (Tab
Note 5 - Long-lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Asset Descriptions Useful Lives (years) December 31, 201 8 December 31, 201 7 Computer equipment 4 $ 41,839 $ 41,839 Lab equipment 5 17,019 8,655 Office equipment, furniture and fixtures 5 106,486 18,302 Leasehold improvements lease term 175,736 10,088 Manufacturing equipment 7 1,345,230 1,042,114 Subtotal 1,686,310 1,120,998 Less: Accumulated depreciation (292,080 ) (91,123 ) Total property and equipment, net $ 1,394,230 $ 1,029,875 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 201 8 December 31, 201 7 Trademarks (definite-lived) $ - $ 100,000 IPR&D (indefinite-lived) - 2,200,000 Goodwill (indefinite-lived) 2,061,022 2,061,022 2,061,022 4,361,022 Less: Accumulated amortization trademarks - (5,952 ) Less: Impairment – trademarks and IPR&D - (2,294,048 ) Total goodwill and intangible assets, net $ 2,061,022 $ 2,061,022 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Options Weighted Weighted Aggregate Outstanding, December 31, 2016 691,374 $ 12.44 8.62 $ - Granted 283,372 $ 6.75 Options from Dipexium 191,963 $ 57.94 Cancelled - $ - Outstanding, December 31, 2017 1,166,709 $ 18.54 7.84 $ 90,097 Granted 85,000 $ 3.46 Cancelled (45,000 ) $ 6.55 Outstanding, December 31, 2018 1,206,709 $ 17.93 6.97 $ - Exercisable, December 31, 2018 1,028,209 $ 20.14 6.61 $ - |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Lease Obligation Sublease Income Net 2019 $ 349,804 $ 210,377 $ 139,427 2020 301,993 215,637 86,356 2021 190,874 128,933 61,941 Total $ 842,671 $ 554,947 $ 287,724 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Description Balance at December 31, 201 7 Established in 2017 Change in Fair Value Balance at Dec ember 31 , 2017 Warrant liability $ - $ 15,876,546 $ (633,631 ) $ 15,242,915 Description Balance at December 31, 201 7 Established in 201 8 Change in Fair Value Balance at Dec ember 31 , 201 8 Warrant liability $ 15,242,915 $ - $ (12,705,598 ) $ 2,537,317 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 15,242,915 $ 15,242,915 Balance at December 31, 2017 $ - $ - $ 15,242,915 $ 15,242,915 Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 2,537,317 $ 2,537,317 Balance at December 31, 2018 $ - $ - $ 2,537,317 $ 2,537,317 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2018 Year Ended December 31, 2017 Current: Federal $ - $ - State - - Foreign - - Deferred: Federal 1,446,640 12,770,584 State 244,896 - Foreign - - Change in valuation allowance (1,691,536 ) (13,690,584 ) Total Benefit for Income Taxes $ - $ (920,000 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2018 December 31, 2017 Deferred tax assets: Stock-based compensation $ 3,768,282 $ 3,085,484 Tax credit carryforwards 1,790,387 3,616,246 Net operating loss carryforwards 11,745,648 8,715,591 Intangible assets 451,556 372,944 Other 373,314 350,690 Total deferred tax assets 18,129,187 16,140,955 Deferred tax liabilities: Property and equipment 305,619 8,922 Total deferred tax liabilities 305,619 8,922 Net deferred tax assets 17,823,568 16,132,033 Less valuation allowance (17,823,568 ) (16,132,033 ) Total deferred tax assets (liabilities) $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2018 Year Ended December 31, 2017 U.S. federal statutory income tax expense (benefit) 21.0 % (34.0 %) State and local income tax, net of benefits 3.6 % - Change in fair value of derivatives (348.0 %) (1.40 %) Release of valuation allowance in connection with merger - 5.99 % Change in tax rates - 37.80 % True-up and other 1 % 0.05 % Change in valuation allowance for deferred income tax assets 188.7 % (2.44 %) Effective income tax rate 0.0 % (6.00 %) |
Note 1 - Background and Organ_2
Note 1 - Background and Organization (Details Textual) - PLx Pharma LLC [Member] - USD ($) | Jul. 27, 2015 | Jul. 31, 2015 | Jul. 26, 2015 |
Notes Payable, Total | $ 800,000 | ||
Interest Payable | $ 53,187 | ||
Incentive Units, Outstanding | 1,313,840 | ||
Gain (Loss) on Extinguishment of Debt, Total | $ (1,588,937) | ||
Conversion of Notes Including Interest and Incentive Units for Common Stock [Member] | |||
Conversion of Stock, Shares Issued | 249,196 | ||
Common Stock [Member] | |||
Conversion of Stock, Shares Issued per Preferred Unit | 5,013,690 | ||
Conversion of Stock, Shares Issued per Common Unit | 302,937 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) | Apr. 19, 2017 | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Aug. 09, 2017USD ($) |
Number of Operating Segments | 1 | ||||
Cash, Uninsured Amount | $ 14,300,000 | ||||
Allowance for Doubtful Accounts Receivable, Ending Balance | $ 0 | 0 | $ 0 | ||
Inventory Valuation Reserves, Ending Balance | 320,000 | 1,003,000 | 320,000 | ||
Deposit Assets, Total | 715,603 | $ 8,500 | $ 715,603 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 2,300,000 | ||||
Number of Reporting Units | 1 | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | shares | 0 | 0 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 3,911,302 | 3,871,302 | |||
Reverse Stock Split [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 8 | ||||
Trademarks [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||||
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member] | |||||
Debt Instrument, Face Amount | $ 7,500,000 | $ 7,500,000 | $ 7,500,000 | $ 7,500,000 |
Note 4 - Reverse Merger Busin_3
Note 4 - Reverse Merger Business Combination (Details Textual) | Apr. 19, 2017USD ($) |
Deferred Tax Liabilities, Net, Total | $ 920,000 |
Note 4 - Reverse Merger Busin_4
Note 4 - Reverse Merger Business Combination - Purchase Consideration (Details) - Merger [Member] | Apr. 19, 2017USD ($) |
Dipexium market capitalization at closing | $ 15,048,883 |
Effective settlement of pre-existing debt | (2,045,151) |
Total purchase consideration | $ 13,003,732 |
Note 4 - Reverse Merger Busin_5
Note 4 - Reverse Merger Business Combination - Allocation of Estimated Purchase Consideration (Details) - USD ($) | Apr. 19, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill | $ 2,061,022 | $ 2,061,022 | |
Merger [Member] | |||
Fair value of purchase consideration | $ 13,003,732 | ||
Cash | 11,776,427 | ||
Prepaid expenses | 139,648 | ||
Trademarks | 100,000 | ||
In-process research and development | 2,200,000 | ||
Goodwill | 2,061,022 | ||
Deferred tax liabilities, net | (920,000) | ||
Fair value of liabilities assumed | (2,353,365) | ||
Total purchase consideration | $ 13,003,732 |
Note 4 - Reverse Merger Busin_6
Note 4 - Reverse Merger Business Combination - Unaudited Pro Forma Results (Details) - Merger [Member] | 12 Months Ended |
Dec. 31, 2017USD ($)$ / shares | |
Revenues | $ 778,657 |
Net loss | $ (16,776,931) |
Net loss per share (in dollars per share) | $ / shares | $ (2.23) |
Note 5 - Long-lived Assets (Det
Note 5 - Long-lived Assets (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2017 | |
Depreciation, Total | $ 200,957 | $ 29,838 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 2,300,000 | |||
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 | |||
Trademarks [Member] | ||||
Finite-lived Intangible Assets, Fair Value Disclosure | 0 | |||
Impairment of Intangible Assets, Finite-lived | 100,000 | |||
In Process Research and Development Related to Locilex [Member] | ||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 0 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 2,200,000 |
Note 5 - Long-lived Assets - Pr
Note 5 - Long-lived Assets - Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Total property and equipment, gross | $ 1,686,310 | $ 1,120,998 |
Less: Accumulated depreciation | (292,080) | (91,123) |
Total property and equipment, net | $ 1,394,230 | 1,029,875 |
Computer Equipment [Member] | ||
Total property and equipment, useful lives (Year) | 4 years | |
Total property and equipment, gross | $ 41,839 | 41,839 |
Lab Equipment [Member] | ||
Total property and equipment, useful lives (Year) | 5 years | |
Total property and equipment, gross | $ 17,019 | 8,655 |
Office Equipment, Furniture and Fixtures [Member] | ||
Total property and equipment, useful lives (Year) | 5 years | |
Total property and equipment, gross | $ 106,486 | 18,302 |
Leasehold Improvements [Member] | ||
Total property and equipment, gross | $ 175,736 | 10,088 |
Machinery and Equipment [Member] | ||
Total property and equipment, useful lives (Year) | 7 years | |
Total property and equipment, gross | $ 1,345,230 | $ 1,042,114 |
Note 5 - Long-lived Assets - Go
Note 5 - Long-lived Assets - Goodwill and Intangible Assets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Trademarks (definite-lived) | $ 100,000 | |
IPR&D (indefinite-lived) | 2,200,000 | |
Goodwill | 2,061,022 | 2,061,022 |
2,061,022 | 4,361,022 | |
Less: Accumulated amortization trademarks | (5,952) | |
Less: Impairment – trademarks and IPR&D | (2,294,048) | |
Total goodwill and intangible assets, net | $ 2,061,022 | $ 2,061,022 |
Note 6 - Debt (Details Textual)
Note 6 - Debt (Details Textual) - USD ($) | Aug. 09, 2017 | Jan. 06, 2017 | Apr. 18, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 18, 2017 |
Proceeds from Convertible Debt | $ 2,346,000 | |||||
Proceeds from Convertible Debt, Related Parties | $ 108,300 | $ 588,300 | ||||
Interest Expense, Debt, Total | 1,145,761 | 1,164,897 | ||||
Proceeds from Notes Payable, Total | 2,000,000 | |||||
Convertible Notes Payable [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | ||||
Debt Instrument, Convertible, Conversion Price | $ 7.84 | $ 7.84 | ||||
Debt Conversion, Converted Instrument, Shares Issued | 250,681 | |||||
Interest Expense, Debt, Total | $ 623,908 | |||||
Minimum [Member] | Convertible Notes Payable [Member] | ||||||
Debt Instrument, Face Amount | 5,000 | $ 5,000 | ||||
Maximum [Member] | Convertible Notes Payable [Member] | ||||||
Debt Instrument, Face Amount | $ 250,000 | $ 250,000 | ||||
Warrants Issued in Connection with Term Loan Facility [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 58,502 | 58,502 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.41 | $ 6.41 | ||||
Class of Warrant or Right, Term | 10 years | 10 years | ||||
Warrants and Rights Outstanding | $ 304,201 | |||||
Dipexium [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||
Proceeds from Notes Payable, Total | $ 2,000,000 | |||||
Debt Instrument, Period Following Termination of Merger Agreement in Determination of Maturity Date | 270 days | |||||
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member] | ||||||
Debt Instrument, Face Amount | 7,500,000 | $ 7,500,000 | 7,500,000 | |||
Debt Instrument, Unused Borrowing Capacity, Amount | 7,500,000 | |||||
Debt Instrument, Minimum Net New Capital Obtained | $ 20,000,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 9.50% | |||||
Number of Monthly Interest Only Payments Installments | 18 | |||||
Number of Monthly Installments | 24 | |||||
Debt Instrument, Prepayment Fee, Within One Year, Percentage | 3.00% | |||||
Debt Instrument, Prepayment Fee, During Year Two, Percentage | 2.00% | |||||
Debt Instrument, Prepayment Fee, After Year Two, Percentage | 1.00% | |||||
Debt Instrument, Final Payment Fee, Percentage | 8.00% | |||||
Debt Instrument, Default Interest Rate Percent Above Effective Percentage | 5.00% | |||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Current | $ 215,291 | 0 | ||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Noncurrent | $ 94,615 | $ 557,849 | ||||
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member] | Prime Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | Feb. 20, 2019 | Feb. 19, 2019 | Aug. 09, 2017 | Jun. 14, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 13, 2018 | Apr. 19, 2017 | Dec. 31, 2016 |
Proceeds from Issuance or Sale of Equity, Total | $ 18,200,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 85,000 | 283,372 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 1,206,709 | 1,166,709 | 691,374 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 3.46 | $ 6.75 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 553,416 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 328 days | |||||||||
Allocated Share-based Compensation Expense, Total | $ 841,421 | $ 1,624,411 | ||||||||
General and Administrative Expense [Member] | ||||||||||
Allocated Share-based Compensation Expense, Total | 827,466 | 1,623,056 | ||||||||
Research and Development Expense [Member] | ||||||||||
Allocated Share-based Compensation Expense, Total | $ 13,955 | $ 1,355 | ||||||||
The 2018 Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,250,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||||||||
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 85,000 | 283,372 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 191,963 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value | $ 207,537 | $ 1.30 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 6.75 | |||||||||
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member] | Employees [Member] | Employee Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | ||||||||
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member] | Employees [Member] | Employee Stock Option [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate | 2.60% | 1.20% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 255 days | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 76.00% | 75.00% | ||||||||
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member] | Employees [Member] | Employee Stock Option [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate | 2.80% | 2.10% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 8 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 82.00% | 86.00% | ||||||||
Old PLx Omnibus Stock Option Plan and Dipexium 2013 Equity Incentive Plan [Member] | Former Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ 150,000 | |||||||||
Allocated Share-based Compensation Expense, Total | $ 200,000 | |||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 30,000 | |||||||||
June 2017 Warrants [Member] | ||||||||||
Class of Warrant or Right, Term | 10 years | |||||||||
Warrants Issued in Connection with Term Loan Facility [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 58,502 | 58,502 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.41 | $ 6.41 | ||||||||
Class of Warrant or Right, Term | 10 years | 10 years | ||||||||
Common Stock [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues | 2,646,091 | |||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 30,000 | |||||||||
Public Offering [Member] | Common Stock [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues | 2,646,091 | |||||||||
Share Price | $ 6.875 | |||||||||
Private Placement [Member] | June 2017 Warrants [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,646,091 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 7.50 | |||||||||
Subsequent Event [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 500,000 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.50 | |||||||||
Proceeds from Issuance of Private Placement | $ 15,000,000 | |||||||||
Blank Check Stock [Member] | Subsequent Event [Member] | ||||||||||
Preferred Stock, Shares Authorized | 1,000,000 | |||||||||
Series A Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||
Preferred Stock, Shares Issued, Total | 45,000 | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||||
Preferred Stock, Convertible, Conversion Price | $ 2.60 | |||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | 8.00% | ||||||||
Preferred Stock, Liquidation Preference, Value | $ 1,000 | |||||||||
Stock Issued During Period, Shares, New Issues | 15,000 | |||||||||
Proceeds from Issuance of Private Placement | $ 15 |
Note 7 - Stockholders Equity -
Note 7 - Stockholders Equity - Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Outstanding, number of units, balance (in shares) | 1,166,709 | 691,374 | |
Outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ 18.54 | $ 12.44 | |
Outstanding, weighted average remaining contractual term (Year) | 6 years 354 days | 7 years 306 days | 8 years 226 days |
Outstanding, aggregate intrinsic value | $ 0 | $ 90,097 | $ 0 |
Granted, number of units (in shares) | 85,000 | 283,372 | |
Granted, weighted average exercise price (in dollars per share) | $ 3.46 | $ 6.75 | |
Options from Dipexium number of units (in shares) | 191,963 | ||
Options from Dipexium, weighted average exercise price (in dollars per share) | $ 57.94 | ||
Cancelled number of units (in shares) | (45,000) | ||
Cancelled, weighted average exercise price (in dollars per share) | $ 6.55 | ||
Outstanding, number of units, balance (in shares) | 1,206,709 | 1,166,709 | 691,374 |
Outstanding, weighted average exercise price, balance (in dollars per share) | $ 17.93 | $ 18.54 | $ 12.44 |
Exercisable, number of units (in shares) | 1,028,209 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 20.14 | ||
Exercisable, weighted average remaining contractual term (Year) | 6 years 222 days | ||
Exercisable, aggregate intrinsic value | $ 0 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) | May 01, 2017 | Mar. 21, 2017 | Jul. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Leases, Rent Expense, Net, Total | $ 114,460 | $ 175,552 | ||||
Research and Development Expense, Total | 3,922,665 | 4,157,454 | ||||
Revenues, Total | 753,108 | 778,657 | ||||
Lee's Pharmaceutical Holdings Limited [Member] | ||||||
Proceeds from Royalties Received | $ 200,000 | |||||
Lee's Pharmaceutical Holdings Limited [Member] | Royalty [Member] | ||||||
Revenues, Total | $ 200,000 | |||||
Patent License Agreement with the Board of Regents of the University of Texas (NSAIDs) [Member] | ||||||
Research and Development Expense, Total | $ 85,330 | $ 60,683 | ||||
Investor Relations Agreement [Member] | ||||||
Service Agreement, Term | 1 year 90 days | |||||
Payments to Service Providers | $ 11,250 | |||||
Service Agreement, Monthly Fee | $ 15,000 | |||||
Service Agreement, Monthly Fee Payable in Cash | 7,500 | |||||
Service Agreement, Monthly Fee Payable in Common Stock | $ 7,500 | |||||
Stock Issued During Period, Shares, Issued for Services | 21,127 | 9,347 | ||||
Assets Leased to Others [Member] | ||||||
Assets Disposed of by Method Other than Sale, in Period of Disposition, Gain (Loss) on Disposition | $ (200,000) |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Future Minimum Obligations and Sublease Income (Details) | Dec. 31, 2018USD ($) |
2019 Lease Obligation | $ 349,804 |
2019 Sublease Income | 210,377 |
2019 Net | 139,427 |
2020 Lease Obligation | 301,993 |
2020 Sublease Income | 215,637 |
2020 Net | 86,356 |
2021 Lease Obligation | 190,874 |
2021 Sublease Income | 128,933 |
2021 Net | 61,941 |
Lease Obligation | 842,671 |
Sublease Income | 554,947 |
Net | $ 287,724 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2018 | |
Asset Impairment Charges, Total | $ 2,294,048 | $ 0 |
Note 9 - Fair Value Measureme_4
Note 9 - Fair Value Measurements - Measured at Fair Value on a Recurring Basis (Details) - Derivative Warrant Liability [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Warrant liability, balance | $ 15,242,915 | |
Warrant liability, established during period | 15,876,546 | |
Warrant liability, change in fair value | (12,705,598) | (633,631) |
Warrant liability, balance | $ 2,537,317 | $ 15,242,915 |
Note 9 - Fair Value Measureme_5
Note 9 - Fair Value Measurements - Carrying Amount of Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Warrant liability | $ 2,537,317 | $ 15,242,915 |
Balance | 2,537,317 | 15,242,915 |
Fair Value, Inputs, Level 1 [Member] | ||
Warrant liability | ||
Balance | ||
Fair Value, Inputs, Level 2 [Member] | ||
Warrant liability | ||
Balance | ||
Fair Value, Inputs, Level 3 [Member] | ||
Warrant liability | 2,537,317 | 15,242,915 |
Balance | $ 2,537,317 | $ 15,242,915 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Expense (Benefit), Total | $ (920,000) | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 34.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (5,900,000) | ||
Operating Loss Carryforwards, Total | $ 54,100,000 | ||
Operating Loss Carryforwards, Beginning Expiration Year | 2,035 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax (Expense) Benefit (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | ||
Federal, current | ||
State, current | ||
Foreign, current | ||
Deferred: | ||
Federal, deferred | 1,446,640 | 12,770,584 |
State, deferred | 244,896 | |
Foreign, deferred | ||
Change in valuation allowance | (1,691,536) | (13,690,584) |
Total Benefit for Income Taxes | $ (920,000) |
Note 10 - Income Taxes - Signif
Note 10 - Income Taxes - Significant Components of the Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Stock-based compensation | $ 3,768,282 | $ 3,085,484 |
Tax credit carryforwards | 1,790,387 | 3,616,246 |
Net operating loss carryforwards | 11,745,648 | 8,715,591 |
Intangible assets | 451,556 | 372,944 |
Other | 373,314 | 350,690 |
Total deferred tax assets | 18,129,187 | 16,140,955 |
Deferred tax liabilities: | ||
Property and equipment | 305,619 | 8,922 |
Total deferred tax liabilities | 305,619 | 8,922 |
Net deferred tax assets | 17,823,568 | 16,132,033 |
Less valuation allowance | (17,823,568) | (16,132,033) |
Total deferred tax assets (liabilities) |
Note 10 - Income Taxes - Inco_2
Note 10 - Income Taxes - Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. federal statutory income tax expense (benefit) | (21.00%) | (34.00%) |
State and local income tax, net of benefits | 3.60% | |
Change in fair value of derivatives | (348.00%) | (1.40%) |
Release of valuation allowance in connection with merger | 5.99% | |
Change in tax rates | 37.80% | |
True-up and other | 134.70% | |
Change in valuation allowance for deferred income tax assets | 188.70% | (2.44%) |
Effective income tax rate | 0.00% | (6.00%) |
Note 11 - Subsequent Event (Det
Note 11 - Subsequent Event (Details Textual) - Subsequent Event [Member] - USD ($) | Feb. 20, 2019 | Feb. 19, 2019 |
Percentage of Common Stock Authorized to Be Issued in a Transaction | 20.00% | |
Proceeds from Issuance of Private Placement | $ 15,000,000 | |
Blank Check Stock [Member] | ||
Preferred Stock, Shares Authorized | 1,000,000 | |
Series A Preferred Stock [Member] | ||
Proceeds from Issuance of Private Placement | $ 15 | |
Stock Issued During Period, Shares, New Issues | 15,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Shares Issued, Price Per Share | 1,000 | |
Preferred Stock, Redemption Price Per Share | $ 2.60 | |
Preferred Stock, Dividend Rate, Percentage | 8.00% | 8.00% |