Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 10, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001497504 | |
Entity Registrant Name | PLx Pharma Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36351 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-4995704 | |
Entity Address, Address Line One | 9 Fishers Lane, Suite E | |
Entity Address, City or Town | Sparta | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07871 | |
City Area Code | 973 | |
Local Phone Number | 409-6541 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | PLXP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,539,229 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 52,499 | $ 69,392 |
Accounts receivable | 698 | 634 |
Inventory, net | 3,839 | 2,458 |
Prepaid expenses and other current assets | 712 | 992 |
TOTAL CURRENT ASSETS | 57,748 | 73,476 |
NON-CURRENT ASSETS | ||
Property and equipment, net | 828 | 858 |
Right of use assets | 204 | 230 |
Goodwill | 2,061 | 2,061 |
Security deposit | 17 | 17 |
TOTAL ASSETS | 60,858 | 76,642 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 12,716 | 10,600 |
Accrued bonuses | 394 | 1,163 |
Other current liabilities | 120 | 116 |
TOTAL CURRENT LIABILITIES | 13,230 | 11,879 |
NON-CURRENT LIABILITIES | ||
Warrant liability | 5,410 | 12,818 |
Accrued dividends | 129 | 129 |
Other liabilities | 106 | 136 |
TOTAL LIABILITIES | 18,875 | 24,962 |
STOCKHOLDERS' EQUITY | ||
Preferred stock; $0.001 par value; 930,000 shares authorized; none issued and outstanding at March 31, 2022 and December 2021 | 0 | 0 |
Common stock; $0.001 par value; 100,000,000 shares authorized; 27,539,229 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 28 | 28 |
Additional paid-in capital | 185,000 | 183,912 |
Accumulated deficit | (159,059) | (148,274) |
TOTAL STOCKHOLDERS' EQUITY | 25,969 | 35,666 |
TOTAL LIABILITIES, SERIES A AND SERIES B CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY | 60,858 | 76,642 |
Series A Convertible Preferred Stock [Member] | ||
NON-CURRENT LIABILITIES | ||
Preferred stock | 13,708 | 13,708 |
Series B Convertible Preferred Stock [Member] | ||
NON-CURRENT LIABILITIES | ||
Preferred stock | 2,306 | 2,306 |
Commitments and contingencies |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 930,000 | 930,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 27,539,229 | 27,539,229 |
Common stock, shares outstanding (in shares) | 27,539,229 | 27,539,229 |
Series A Convertible Preferred Stock [Member] | ||
Convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible preferred stock, shares authorized (in shares) | 45,000 | 45,000 |
Convertible preferred stock, shares issued (in shares) | 12,642 | 12,642 |
Convertible preferred stock, shares outstanding (in shares) | 12,642 | 12,642 |
Convertible preferred stock, liquidation value | $ 12,642,000 | $ 12,642,000 |
Series B Convertible Preferred Stock [Member] | ||
Convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible preferred stock, shares authorized (in shares) | 25,000 | 25,000 |
Convertible preferred stock, shares issued (in shares) | 2,364 | 2,364 |
Convertible preferred stock, shares outstanding (in shares) | 2,364 | 2,364 |
Convertible preferred stock, liquidation value | $ 2,492,722 | $ 2,492,722 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
REVENUES: | ||
TOTAL REVENUES | $ 2,083 | $ 0 |
Costs of sales | 1,169 | 0 |
GROSS PROFIT | 914 | 0 |
OPERATING EXPENSES: | ||
Research and development | 654 | 959 |
Selling, marketing and administrative | 18,456 | 2,636 |
TOTAL OPERATING EXPENSES | 19,110 | 3,595 |
OPERATING LOSS | (18,196) | (3,595) |
OTHER INCOME (EXPENSE): | ||
Interest income (expense), net | 3 | (10) |
Change in fair value of warrant liability | 7,408 | (7,935) |
TOTAL OTHER INCOME (EXPENSE) | 7,411 | (7,945) |
LOSS BEFORE INCOME TAXES | (10,785) | (11,540) |
Income taxes | 0 | 0 |
NET LOSS | (10,785) | (11,540) |
Preferred dividends | 0 | (322) |
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (10,785) | $ (11,862) |
Net loss per common share, basic and diluted (in dollars per share) | $ (0.39) | $ (0.73) |
Weighted average shares of common shares, basic and diluted (in shares) | 27,539,229 | 16,361,583 |
Product [Member] | ||
REVENUES: | ||
TOTAL REVENUES | $ 2,083 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Series A And Series B Convertible Preferred Stock and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Series A Preferred Stock [Member]Preferred Stock [Member] | Series A Preferred Stock [Member]Additional Paid-in Capital [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member]Preferred Stock [Member] | Series B Preferred Stock [Member]Additional Paid-in Capital [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 15,000 | 8,000 | 13,911,633 | |||||||
Balance at Dec. 31, 2020 | $ 13,662 | $ 7,723 | $ 14 | $ 91,203 | $ (102,149) | $ (10,932) | ||||
Stock-based compensation expense | 573 | 573 | ||||||||
Net income (loss) | (11,540) | (11,540) | ||||||||
Preferred stock - declared dividends | $ (217) | $ (217) | $ (105) | $ (105) | ||||||
Financing (in shares) | 8,924,700 | |||||||||
Financing | $ 9 | 66,873 | 66,882 | |||||||
Balance (in shares) at Mar. 31, 2021 | 15,000 | 8,000 | 22,836,333 | |||||||
Balance at Mar. 31, 2021 | $ 13,662 | $ 7,723 | $ 23 | 158,327 | (113,689) | 44,661 | ||||
Balance (in shares) at Dec. 31, 2021 | 12,642 | 27,539,229 | ||||||||
Balance at Dec. 31, 2021 | $ 13,708 | $ 28 | 183,912 | (148,274) | 35,666 | |||||
Stock-based compensation expense | 1,088 | 1,088 | ||||||||
Net income (loss) | (10,785) | (10,785) | ||||||||
Balance (in shares) at Mar. 31, 2022 | 12,642 | 2,364 | 27,539,229 | |||||||
Balance at Mar. 31, 2022 | $ 13,708 | $ 2,306 | $ 28 | $ 185,000 | $ (159,059) | $ 25,969 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (10,785) | $ (11,540) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 30 | 27 |
Stock-based compensation | 1,088 | 573 |
Amortization of right of use assets | 26 | 77 |
Amortization of debt discounts and issuance costs | 0 | 3 |
Change in fair value of warrant liability | (7,408) | 7,935 |
Loss on sale of property and equipment | 0 | 28 |
Changes in operating assets and liabilities | ||
Accounts receivable | (64) | 0 |
Inventory | (1,381) | 0 |
Prepaid expenses and other assets | 280 | 138 |
Accounts payable and accrued liabilities | 2,116 | 100 |
Accrued bonuses | (769) | (938) |
Accrued interest | 0 | (597) |
Other current and long-term liabilities | (26) | (88) |
Net cash used in operating activities | (16,893) | (4,282) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net proceeds from issuance of common stock | 0 | 66,882 |
Repayments of long-term debt | 0 | (625) |
Net cash provided by financing activities | 0 | 66,257 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (16,893) | 61,975 |
Cash and cash equivalents, beginning of period | 69,392 | 22,449 |
Cash and cash equivalents, end of period | 52,499 | 84,424 |
SUPPLEMENTAL INFORMATION | ||
Income taxes | 0 | 0 |
Interest | 0 | 602 |
NON-CASH INVESTING AND FINANCING TRANSACTIONS | ||
Preferred stock dividends | $ 0 | $ 322 |
Note 1 - Background and Organiz
Note 1 - Background and Organization | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. Business Operations PLx Pharma Inc. (the “Company”, “we”, “our” or “us”), together with its subsidiary PLx Opco Inc., is a commercial-stage drug delivery platform technology company focused on improving how and where active pharmaceutical ingredients (“APIs”) are absorbed in the gastrointestinal ("GI") tract via its clinically-validated and patent-protected PLxGuard™ technology. The Company has two 81 325 Impact of COVID- 19 On March 11, 2020, 19 In response to COVID- 19, not not 19 may not The Company has not March 31, 2022 19. |
Note 2 - Liquidity
Note 2 - Liquidity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2. The accompanying unaudited consolidated financial statements have been prepared assuming that the Company 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, in addition to cash on-hand, to meet its obligations as they become due. The Company had not September 30, 2021 third 2021. March 31, 2022, second 2022. 2021 2025; As of March 31, 2022, March 31, 2022 one |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3. Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not December 31, 2021 not 10 December 31, 2021. March 31, 2022 three March 31, 2022 2021. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, PLx Opco Inc. All significant intercompany balances and transactions have been eliminated within the unaudited consolidated financial statements. Use of Estimates The preparation of our unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying unaudited consolidated financial statements, estimates are used for, but not Inventory Inventory is stated at the lower of cost or net realizable value, using the first first March 31, 2022 December 31, 2021 Description March 31, 2022 December 31, 2021 (in thousands) Raw Materials $ 164 $ 132 Work-in-Progress 1 338 Finished Goods 3,674 1,988 Total Inventory $ 3,839 $ 2,458 The Company regularly reviews inventory quantities on hand and assesses the need for an allowance for obsolescence based on estimates of net realizable value. The allowance for obsolete inventory as of March 31, 2022 December 31, 2021 not Revenue Recognition The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligation. The Company recognizes revenue upon the satisfaction of its performance obligations (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. Deferred revenue results from cash receipts from or amounts billed to customers in advance of the transfer of control of the promised services to the customer and is recognized as performance obligations are satisfied. When sales commissions or other costs to obtain contracts with customers are considered incremental and recoverable, those costs are deferred and then amortized as selling and marketing expenses on a straight-line basis over an estimated period of benefit. The Company began generating revenue in the U.S. from its sales of VAZALORE in 81 325 third 2021 $1.7 81 325 three March 31, 2022. Nature of Goods and Services The Company generates revenue from the sale of its VAZALORE products through a broad distribution platform that includes drugstores, mass merchandisers, grocery stores, and e-commerce channels, all of which sell its products to consumers. Finished goods products are typically shipped FOB destination and accordingly, the Company recognizes revenue upon delivery to the customer or pick-up by the customer’s carrier. Satisfaction of Performance Obligations The Company recognizes revenue upon the satisfaction of its performance obligations (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. The Company had no March 31, 2022. Variable Consideration Provisions for certain customer promotional programs, product returns and discounts to customers are accounted for as variable consideration and recorded as a reduction in sales, based on an estimate of future returns, and customer prompt payment discounts, redemption of coupons by consumers and trade promotional allowances paid to customers. These allowances cover extensive promotional activities, primarily comprised of cooperative advertising, slotting, coupons, periodic price reduction arrangements, and other in-store displays. The reserves for sales returns and consumer and trade promotion obligations are established based on the Company’s best estimate of the amounts necessary to settle future and existing obligations for products sold as of the balance sheet date. The Company uses trend experience and coupon redemption inputs to determine coupon reserve requirements and uses forecasted customer and sales organization inputs, and historical trend analysis for consumer brands to determine the reserves for other promotional activities and sales returns. The balance of reserves for sales returns and consumer and trade promotion obligations, reflected in the accompanying unaudited consolidated balance sheets in accounts payable and accrued liabilities, was $1.0 million as of March 31, 2022 December 31, 2021. Advertising Advertising costs are expensed as they are incurred. The Company incurred advertising costs of $9.6 million during the three March 31, 2022, not three March 31, 2021. Income (Loss) Per Share In periods of net loss, 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. The Company’s Series A convertible preferred stock (the “Series A Preferred Stock”) and the Series B convertible preferred stock (the “Series B Preferred Stock” and, together with the Series A Preferred Stock, collectively the “Preferred Stock”) contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; in periods of net income, the calculation of basic earnings per share excludes from the numerator net income attributable to the Preferred Stock and excludes the impact of those shares from the denominator. In periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. For periods of net income, diluted earnings per share is computed using the more dilutive of the “two class method” or the “treasury method.” Dilutive earnings per share under the “two class method” is calculated by dividing net income available to common stockholders as adjusted for the participating impacts of the Preferred Stock, by the weighted-average number of shares outstanding plus the dilutive impact of all other potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method. Dilutive earnings per share under the “treasury method” is calculated by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method, and convertible preferred stock using the if-converted method. Due to net losses, none three March 31, 2022 2021. The following table sets forth the potential dilutive securities: March 31, 2022 March 31, 2021 Stock Options 4,189,006 3,033,047 Warrants 6,596,096 7,935,503 Convertible Preferred Stock 6,476,275 9,517,191 Total Potential Dilutive Shares 17,261,377 20,485,741 Recent Accounting Developments In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 December 15, 2022, In August 2020, 2020 06 Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (subtopic 815 40 December 15, 2023, The Company does not not Subsequent Events The Company’s management reviewed all material events through the date the unaudited consolidated financial statements were issued for subsequent event disclosure consideration. |
Note 4 - Stockholders' Equity
Note 4 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 4. EQUITY Common Stock On March 5, 2021, 30 March 16, 2021 Warrants In June 2017, six one “June 2017 7 In connection with the entry into the Term Loan Facility, the Company issued to SVB and one In November 2020, five “November 2020 The following is a summary of warrant activity for the three March 31, 2022: Description Outstanding 12/31/2021 Exercised Outstanding 3/31/22 Exercise Price Remaining Contractual Term Aggregate Intrinsic Value (in thousands) June 2017 Warrants 2,457,501 - 2,457,501 $ 7.50 5.2 $ - November 2020 Warrants 4,109,344 - 4,109,344 $ 4.31 3.6 $ - SVB Warrants 29,251 - 29,251 $ 6.41 5.4 $ - Total Warrants 6,596,096 - 6,596,096 $ 4.47 4.2 - Stock Options The following is a summary of stock option activity for the three March 31, 2022: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2021 3,498,297 $ 10.07 7.27 $ 7,456 Granted 760,000 5.07 Exercised, cancelled, or forfeited (69,291 ) 14.44 Outstanding, March 31, 2022 4,189,006 $ 9.08 7.64 $ 946 Exercisable, March 31, 2022 2,116,338 $ 10.75 6.1 $ 629 On September 13, 2018, 2018 “2018 2018 may November 10, 2020, 2020 2018 2018 November 9, 2021, 2021 2018 2018 August 3, 2021, 2018 2018 Prior to the approval of the 2018 two 2013 2018 no no two The Company granted 760,000 options during the three March 31, 2022 1 2 3 4 zero March 31, 2022, During the three March 31, 2022 2021, |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 5. Lease Agreements The Company presently leases office space under operating lease agreements, expiring in September 2023, June 2024. three March 31, 2022 2021, Operating lease ROU assets are included in right of use assets in the Company's unaudited consolidated balance sheets. Operating lease liabilities are included in other current and non-current liabilities in the Company’s unaudited consolidated balance sheets. All the Company’s existing leases as of March 31, 2022 none A maturity analysis of the Company’s operating leases follows: Future undiscounted cash flows: 2022 $ 98,756 2023 113,823 2024 30,132 Total 242,711 Discount factor (19,851 ) Lease liability 222,860 Current lease liability (117,131 ) Non-current lease liability $ 105,729 Purchase Commitments As of March 31, 2022, second 2022. The Company has supply agreements with its contract manufacturer and packager for VAZALORE which contain minimum annual purchase commitments that started in 2021 2025. |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 6. 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: The Company’s financial instruments (cash and cash equivalents, receivables, and accounts payable) are carried in the consolidated balance sheet at cost, which reasonably approximates fair value based on their short-term nature. The Company’s warrant liability is recorded at fair value, with changes in fair value being reflected in the statements of operations for the period of change. 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 June 2017 3 one March 31, 2022 1 2 3 4 The Series A Preferred Stock and the Series B Preferred Stock both contain a contingent put option and, accordingly, the Company considered the put options to be liabilities and accounted for them at fair value using Level 3 de minimis March 31, 2022, 3 The following table sets forth a summary of changes in the fair value of Level 3 three March 31, 2022: Description Balance at December 31, 2021 Established in 2022 Change in Fair Value Balance at March 31, 2022 Warrant liability $ 12,818 $ - $ (7,408 ) $ 5,410 The following table identifies the carrying amounts of such liabilities at March 31, 2022 December 31, 2021: Description Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 5,410 $ 5,410 Balance at March 31, 2022 $ - $ - $ 5,410 $ 5,410 Description Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 12,818 $ 12,818 Balance at December 31, 2021 $ - $ - $ 12,818 $ 12,818 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 goodwill, at fair value on a non-recurring basis when they are deemed to be impaired. No such impairment was recognized during the three March 31, 2022 2021. |
Note 7 - Subsequent Events
Note 7 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 7. The Company’s management reviewed all material events through the date the unaudited consolidated financial statements were issued for subsequent event disclosure consideration and none |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not December 31, 2021 not 10 December 31, 2021. March 31, 2022 three March 31, 2022 2021. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, PLx Opco Inc. All significant intercompany balances and transactions have been eliminated within the unaudited consolidated financial statements. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of our unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying unaudited consolidated financial statements, estimates are used for, but not |
Inventory, Policy [Policy Text Block] | Inventory Inventory is stated at the lower of cost or net realizable value, using the first first March 31, 2022 December 31, 2021 Description March 31, 2022 December 31, 2021 (in thousands) Raw Materials $ 164 $ 132 Work-in-Progress 1 338 Finished Goods 3,674 1,988 Total Inventory $ 3,839 $ 2,458 The Company regularly reviews inventory quantities on hand and assesses the need for an allowance for obsolescence based on estimates of net realizable value. The allowance for obsolete inventory as of March 31, 2022 December 31, 2021 not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligation. The Company recognizes revenue upon the satisfaction of its performance obligations (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. Deferred revenue results from cash receipts from or amounts billed to customers in advance of the transfer of control of the promised services to the customer and is recognized as performance obligations are satisfied. When sales commissions or other costs to obtain contracts with customers are considered incremental and recoverable, those costs are deferred and then amortized as selling and marketing expenses on a straight-line basis over an estimated period of benefit. The Company began generating revenue in the U.S. from its sales of VAZALORE in 81 325 third 2021 $1.7 81 325 three March 31, 2022. Nature of Goods and Services The Company generates revenue from the sale of its VAZALORE products through a broad distribution platform that includes drugstores, mass merchandisers, grocery stores, and e-commerce channels, all of which sell its products to consumers. Finished goods products are typically shipped FOB destination and accordingly, the Company recognizes revenue upon delivery to the customer or pick-up by the customer’s carrier. Satisfaction of Performance Obligations The Company recognizes revenue upon the satisfaction of its performance obligations (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. The Company had no March 31, 2022. Variable Consideration Provisions for certain customer promotional programs, product returns and discounts to customers are accounted for as variable consideration and recorded as a reduction in sales, based on an estimate of future returns, and customer prompt payment discounts, redemption of coupons by consumers and trade promotional allowances paid to customers. These allowances cover extensive promotional activities, primarily comprised of cooperative advertising, slotting, coupons, periodic price reduction arrangements, and other in-store displays. The reserves for sales returns and consumer and trade promotion obligations are established based on the Company’s best estimate of the amounts necessary to settle future and existing obligations for products sold as of the balance sheet date. The Company uses trend experience and coupon redemption inputs to determine coupon reserve requirements and uses forecasted customer and sales organization inputs, and historical trend analysis for consumer brands to determine the reserves for other promotional activities and sales returns. The balance of reserves for sales returns and consumer and trade promotion obligations, reflected in the accompanying unaudited consolidated balance sheets in accounts payable and accrued liabilities, was $1.0 million as of March 31, 2022 December 31, 2021. |
Advertising Cost [Policy Text Block] | Advertising Advertising costs are expensed as they are incurred. The Company incurred advertising costs of $9.6 million during the three March 31, 2022, not three March 31, 2021. |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Share In periods of net loss, 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. The Company’s Series A convertible preferred stock (the “Series A Preferred Stock”) and the Series B convertible preferred stock (the “Series B Preferred Stock” and, together with the Series A Preferred Stock, collectively the “Preferred Stock”) contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; in periods of net income, the calculation of basic earnings per share excludes from the numerator net income attributable to the Preferred Stock and excludes the impact of those shares from the denominator. In periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. For periods of net income, diluted earnings per share is computed using the more dilutive of the “two class method” or the “treasury method.” Dilutive earnings per share under the “two class method” is calculated by dividing net income available to common stockholders as adjusted for the participating impacts of the Preferred Stock, by the weighted-average number of shares outstanding plus the dilutive impact of all other potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method. Dilutive earnings per share under the “treasury method” is calculated by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method, and convertible preferred stock using the if-converted method. Due to net losses, none three March 31, 2022 2021. The following table sets forth the potential dilutive securities: March 31, 2022 March 31, 2021 Stock Options 4,189,006 3,033,047 Warrants 6,596,096 7,935,503 Convertible Preferred Stock 6,476,275 9,517,191 Total Potential Dilutive Shares 17,261,377 20,485,741 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Developments In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 December 15, 2022, In August 2020, 2020 06 Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (subtopic 815 40 December 15, 2023, 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 unaudited consolidated financial statements were issued for subsequent event disclosure consideration. |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Description March 31, 2022 December 31, 2021 (in thousands) Raw Materials $ 164 $ 132 Work-in-Progress 1 338 Finished Goods 3,674 1,988 Total Inventory $ 3,839 $ 2,458 |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Table Text Block] | March 31, 2022 March 31, 2021 Stock Options 4,189,006 3,033,047 Warrants 6,596,096 7,935,503 Convertible Preferred Stock 6,476,275 9,517,191 Total Potential Dilutive Shares 17,261,377 20,485,741 |
Note 4 - Stockholders' Equity (
Note 4 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Description Outstanding 12/31/2021 Exercised Outstanding 3/31/22 Exercise Price Remaining Contractual Term Aggregate Intrinsic Value (in thousands) June 2017 Warrants 2,457,501 - 2,457,501 $ 7.50 5.2 $ - November 2020 Warrants 4,109,344 - 4,109,344 $ 4.31 3.6 $ - SVB Warrants 29,251 - 29,251 $ 6.41 5.4 $ - Total Warrants 6,596,096 - 6,596,096 $ 4.47 4.2 - |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2021 3,498,297 $ 10.07 7.27 $ 7,456 Granted 760,000 5.07 Exercised, cancelled, or forfeited (69,291 ) 14.44 Outstanding, March 31, 2022 4,189,006 $ 9.08 7.64 $ 946 Exercisable, March 31, 2022 2,116,338 $ 10.75 6.1 $ 629 |
Note 5 - Commitments and Cont_2
Note 5 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future undiscounted cash flows: 2022 $ 98,756 2023 113,823 2024 30,132 Total 242,711 Discount factor (19,851 ) Lease liability 222,860 Current lease liability (117,131 ) Non-current lease liability $ 105,729 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Description Balance at December 31, 2021 Established in 2022 Change in Fair Value Balance at March 31, 2022 Warrant liability $ 12,818 $ - $ (7,408 ) $ 5,410 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Description Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 5,410 $ 5,410 Balance at March 31, 2022 $ - $ - $ 5,410 $ 5,410 Description Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 12,818 $ 12,818 Balance at December 31, 2021 $ - $ - $ 12,818 $ 12,818 |
Note 2 - Liquidity (Details Tex
Note 2 - Liquidity (Details Textual) $ in Millions | Mar. 31, 2022USD ($) |
Working Capital | $ 44.5 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance | 52.5 |
Media and Advertising Commitments [Member] | |
Other Commitment, Total | $ 2.9 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 2,083 | $ 0 | |
Reserves for Sales Returns and Consumer and Trade Promotion Obligations | 1,000 | $ 1,300 | |
Advertising Expense | 9,600 | ||
VAZALORE [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 2,100 | ||
VAZALORE 81 mg Dose [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,700 | ||
VAZALORE 81 mg Dose [Member] | Product Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | |||
Concentration Risk, Percentage | 79.00% | ||
VAZALORE 325 mg Dose [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 400 | ||
VAZALORE 325 mg Dose [Member] | Product Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | |||
Concentration Risk, Percentage | 21.00% |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Raw Materials | $ 164 | $ 132 |
Work-in-Progress | 1 | 338 |
Finished Goods | 3,674 | 1,988 |
Total Inventory | $ 3,839 | $ 2,458 |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Potentially Dilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock Options (in shares) | 4,189,006 | 3,033,047 |
Warrants (in shares) | 6,596,096 | 7,935,503 |
Convertible Preferred Stock (in shares) | 6,476,275 | 9,517,191 |
Total Potential Dilutive Shares (in shares) | 17,261,377 | 20,485,741 |
Note 4 - Stockholders' Equity_2
Note 4 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Nov. 09, 2021 | Mar. 16, 2021 | Mar. 05, 2021 | Sep. 13, 2018 | Aug. 09, 2017 | Mar. 31, 2022 | Mar. 31, 2021 | Nov. 30, 2020 | Jun. 30, 2017 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4.47 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 760,000 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 9 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 2 months 12 days | ||||||||
Share-Based Payment Arrangement, Expense | $ 1.1 | $ 0.6 | |||||||
The 2018 Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 4,000,000 | 1,750,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 7,000,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 3,669,650 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 760,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value | $ 2.7 | ||||||||
The 2018 Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||
The 2018 Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Employees [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 82.00% | ||||||||
The 2018 Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate | 1.60% | ||||||||
The 2018 Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate | 1.90% | ||||||||
June 2017 Warrants [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 58,502 | 2,646,091 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.41 | $ 7.50 | $ 7.50 | ||||||
Warrants and Rights Outstanding, Term (Year) | 10 years | ||||||||
Class of Warrant or Right, Term (Year) | 10 years | ||||||||
Public Offering [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 7,875,000 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 8 | ||||||||
Proceeds from Issuance of Common Stock | $ 63 | ||||||||
Proceeds from Issuance of Common Stock, Net of Discounts and Issuance Costs | $ 59 | ||||||||
Over-Allotment Option [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,049,700 | ||||||||
Proceeds from Issuance of Common Stock | $ 8.4 | ||||||||
Proceeds from Issuance of Common Stock, Net of Discounts and Issuance Costs | $ 7.9 | ||||||||
Sale of Stock, Option to Purchase Shares (in shares) | 1,181,250 | ||||||||
November 2020 Warrants [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 5,230,910 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4.31 | ||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years |
Note 4 - Stockholders' Equity -
Note 4 - Stockholders' Equity - Summary of Warrant Activities (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Aug. 09, 2017 | Jun. 30, 2017 | |
Warrants outstanding (in shares) | 6,596,096 | 6,596,096 | ||
Warrants exercised (in shares) | 0 | |||
Warrants exercise price (in dollars per share) | $ 4.47 | |||
Remaining Contractual Term (Year) | 4 years 2 months 12 days | |||
Aggregate Intrinsic Value | $ 0 | |||
June 2017 Warrants [Member] | ||||
Warrants outstanding (in shares) | 2,457,501 | 2,457,501 | ||
Warrants exercised (in shares) | 0 | |||
Warrants exercise price (in dollars per share) | $ 7.50 | $ 6.41 | $ 7.50 | |
Remaining Contractual Term (Year) | 5 years 2 months 12 days | |||
Aggregate Intrinsic Value | $ 0 | |||
November 2020 Warrants [Member] | ||||
Warrants outstanding (in shares) | 4,109,344 | 4,109,344 | ||
Warrants exercised (in shares) | 0 | |||
Warrants exercise price (in dollars per share) | $ 4.31 | |||
Remaining Contractual Term (Year) | 3 years 7 months 6 days | |||
Aggregate Intrinsic Value | $ 0 | |||
SVB Warrants [Member] | ||||
Warrants outstanding (in shares) | 29,251 | 29,251 | ||
Warrants exercised (in shares) | 0 | |||
Warrants exercise price (in dollars per share) | $ 6.41 | |||
Remaining Contractual Term (Year) | 5 years 4 months 24 days | |||
Aggregate Intrinsic Value | $ 0 |
Note 4 - Stockholders' Equity_3
Note 4 - Stockholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Outstanding, number of units, balance (in shares) | 3,498,297 | |
Outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ 10.07 | |
Outstanding, weighted average remaining contractual term (Year) | 7 years 7 months 20 days | 7 years 3 months 7 days |
Outstanding, aggregate intrinsic value | $ 946 | $ 7,456 |
Granted, number of units (in shares) | 760,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 5.07 | |
Exercised, cancelled, or forfeited, number of units (in shares) | (69,291) | |
Exercised, cancelled, or forfeited, weighted average exercise price (in dollars per share) | $ 14.44 | |
Outstanding, number of units, balance (in shares) | 4,189,006 | 3,498,297 |
Outstanding, weighted average exercise price, balance (in dollars per share) | $ 9.08 | $ 10.07 |
Exercisable, number of units (in shares) | 2,116,338 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 10.75 | |
Exercisable, weighted average remaining contractual term (Year) | 6 years 1 month 6 days | |
Exercisable, aggregate intrinsic value | $ 629 |
Note 5 - Commitments and Cont_3
Note 5 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | |
Operating Lease, Expense | $ 30 | $ 90 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 1 year 10 months 24 days | ||
Media and Advertising Commitments [Member] | |||
Other Commitment, Total | $ 2,900 | ||
Media and Advertising Commitments [Member] | Forecast [Member] | |||
Other Commitment, Total | $ 2,900 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Discount Rate | 7.25% | ||
Maximum [Member] | |||
Lessee, Operating Lease, Discount Rate | 9.50% |
Note 5 - Commitments and Cont_4
Note 5 - Commitments and Contingencies - Maturity of Operating Leases (Details) $ in Thousands | Mar. 31, 2022USD ($) |
2022 | $ 98,756 |
2023 | 113,823 |
2024 | 30,132 |
Total | 242,711 |
Discount factor | (19,851) |
Lease liability | 222,860 |
Other Current Liabilities [Member] | |
Current lease liability | (117,131) |
Other Noncurrent Liabilities [Member] | |
Non-current lease liability | $ 105,729 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | |
Asset Impairment Charges, Total | $ 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Share Price [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 4.04 | |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 2.42 | |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Expected Term [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 5.2 | |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 82 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements - Measured at Fair Value on a Recurring Basis (Details) - Derivative Warrant Liability [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Balance | $ 12,818 |
Established | 0 |
Change in fair value | (7,408) |
Balance | $ 5,410 |
Note 6 - Fair Value Measureme_5
Note 6 - Fair Value Measurements - Carrying Amount of Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Balance | $ 5,410 | $ 12,818 |
Derivative Warrant Liability [Member] | ||
Liability | 5,410 | 12,818 |
Fair Value, Inputs, Level 1 [Member] | ||
Balance | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Derivative Warrant Liability [Member] | ||
Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Balance | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Derivative Warrant Liability [Member] | ||
Liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Balance | 5,410 | 12,818 |
Fair Value, Inputs, Level 3 [Member] | Derivative Warrant Liability [Member] | ||
Liability | $ 5,410 | $ 12,818 |