Ideal Power (IPWR) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 12, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Entity Registrant Name	Ideal Power Inc.
Title of 12(g) Security	Common Stock, par value $0.001 per share
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		5,872,046
Entity Central Index Key	0001507957
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Trading Symbol	IPWR

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 26,789,017	$ 3,157,256
Accounts receivable, net	125,887	170,287
Prepayments and other current assets	172,913	118,883
Total current assets	27,087,817	3,446,426
Property and equipment, net	32,770	37,125
Intangible assets, net	2,001,417	1,568,903
Right of use asset	32,215	79,719
Other assets	11,189
Total assets	29,165,408	5,132,173
Current liabilities:
Accounts payable	107,290	101,984
Accrued expenses	448,029	475,487
Current portion of lease liability	33,149	82,055
Total current liabilities	588,468	659,526
Long-term debt	91,407	91,407
Other long-term liabilities	944,026	552,031
Total liabilities	1,623,901	1,302,964
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value; 50,000,000 shares authorized; 5,873,367 shares issued and 5,872,046 shares outstanding at March 31, 2021 and 3,265,740 shares issued and 3,264,419 shares outstanding at December 31, 2020	5,873	3,266
Additional paid-in capital	103,608,805	78,974,964
Treasury stock, at cost, 1,321 shares at March 31, 2021 and December 31, 2020	(13,210)	(13,210)
Accumulated deficit	(76,059,961)	(75,135,811)
Total stockholders' equity	27,541,507	3,829,209
Total liabilities and stockholders' equity	$ 29,165,408	$ 5,132,173

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Balance Sheets
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares, issued	5,873,367	3,265,740
Common stock, shares, outstanding	5,872,046	3,264,419
Treasury stock, shares	1,321	1,321

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statements of Operations
Grant revenue	$ 242,061	$ 0
Cost of grant revenue	242,061	0
Gross profit	0	0
Operating expenses:
Research and development	260,880	350,664
General and administrative	600,686	579,770
Sales and marketing	62,578	0
Total operating expenses	924,144	930,434
Loss from operations	(924,144)	(930,434)
Other expenses:
Interest expense, net	6	67
Net loss	$ (924,150)	$ (930,501)
Net loss per share - basic and fully diluted	$ (0.17)	$ (0.31)
Weighted average number of shares outstanding - basic and fully diluted (in shares)	5,344,025	2,968,394

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (924,150)	$ (930,501)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	29,515	28,113
Write-off of capitalized patents	0	17,344
Stock-based compensation	61,933	116,497
Stock issued for services	68,680	0
Decrease (increase) in operating assets:
Accounts receivable	44,400	0
Prepaid expenses and other assets	(17,715)	(5,754)
Increase (decrease) in operating liabilities:
Accounts payable	5,306	(44,036)
Accrued expenses	(111,306)	4,710
Net cash used in operating activities	(843,337)	(813,627)
Cash flows from investing activities:
Purchase of property and equipment	(1,462)	(10,678)
Acquisition of intangible assets	(29,275)	(13,385)
Net cash used in investing activities	(30,737)	(24,063)
Cash flows from financing activities:
Net proceeds from issuance of common stock	21,204,609	0
Exercise of options and warrants	3,301,226	0
Net cash provided by financing activities	24,505,835	0
Net increase (decrease) in cash and cash equivalents	23,631,761	(837,690)
Cash and cash equivalents at beginning of year	3,157,256	3,057,682
Cash and cash equivalents at end of year	$ 26,789,017	$ 2,219,992

Statement of Stockholders' Equi

Statement of Stockholders' Equity - USD ($)	Common Stock	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Total
Beginning balance at Dec. 31, 2019	$ 2,101	$ 71,242,256	$ (13,210)	$ (67,341,914)	$ 3,889,233
Beginning balance (in shares) at Dec. 31, 2019	2,101,272		1,321
Stock-based compensation		116,497			116,497
Net loss for the year				(930,501)	(930,501)
Ending balance at Mar. 31, 2020	$ 2,101	71,358,753	$ (13,210)	(68,272,415)	3,075,229
Ending balance (in shares) at Mar. 31, 2020	2,101,272		1,321
Beginning balance at Dec. 31, 2020	$ 3,266	78,974,964	$ (13,210)	(75,135,811)	3,829,209
Beginning balance (in shares) at Dec. 31, 2020	3,265,740		1,321
Issuance of shares of common stock in public offering	$ 1,353	21,203,256			21,204,609
Issuance of shares of common stock in public offering (in shares)	1,352,975
Exercise of warrants	$ 1,250	3,299,976			3,301,226
Exercise of warrants (in shares)	1,250,652
Stock issued for services	$ 4	68,676			68,680
Stock issued for services (in shares)	4,000
Stock-based compensation		61,933			61,933
Net loss for the year				(924,150)	(924,150)
Ending balance at Mar. 31, 2021	$ 5,873	$ 103,608,805	$ (13,210)	$ (76,059,961)	$ 27,541,507
Ending balance (in shares) at Mar. 31, 2021	5,873,367		1,321

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2021
Organization and Description of Business
Organization and Description of Business	Note 1 – Organization and Description of Business Ideal Power Inc. (the “Company”) was incorporated in Texas on May 17, 2007 under the name Ideal Power Converters, Inc. The Company changed its name to Ideal Power Inc. on July 8, 2013 and re-incorporated in Delaware on July 15, 2013. With headquarters in Austin, Texas, the Company is solely focused on the further development and commercialization of its Bi-directional bi-polar junction TRANsistor (B-TRAN™) solid state switch technology. Since its inception, the Company has financed its research and development efforts and operations primarily through the sale of common stock and warrants. The Company’s continued operations are dependent upon, among other things, its ability to obtain adequate sources of funding through future revenues, follow-on stock offerings, issuances of warrants, debt financing, co-development agreements, government grants, sale or licensing of developed intellectual property or other alternatives.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") for Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The Balance Sheet at December 31, 2020 has been derived from the Company’s audited financial statements included in its Annual Report on Form 10-K filed with the SEC on March 26, 2021. In the opinion of management, these financial statements reflect all normal recurring, and other adjustments, necessary for a fair presentation. These financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year or any other future periods. Earnings Per Share In accordance with ASC 260, shares issuable for little or no cash consideration are considered outstanding common shares and included in the computation of basic earnings per share. As such, for the three months ended March 31, 2021 and 2020, the Company has included pre-funded warrants to purchase 253,828 and 868,443 shares of common stock , respectively, which were issued in November 2019 with an exercise price of $0.001, in its computation of earnings per share. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standard, if adopted, would have a material impact on the Company’s financial statements.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2021
Intangible Assets
Intangible Assets	Note 3 – Intangible Assets Intangible assets, net consisted of the following: March 31, December 31, 2021 2020 (unaudited) Patents $ 970,976 $ 941,701 Other intangible assets 1,391,479 964,542 2,362,455 1,906,243 Accumulated amortization (361,038) (337,340) $ 2,001,417 $ 1,568,903 Amortization expense amounted to $23,698 and $22,298 for the three months ended March 31, 2021 and 2020, respectively. Amortization expense for the succeeding five years and thereafter is $100,732 (2021), $134,310 (2022-2025) and $1,118,267 (thereafter). At March 31, 2021 and December 31, 2020, the Company had capitalized $245,178 and $270,000, respectively, for costs related to patents that have not been awarded.

Loans

Loans	3 Months Ended
	Mar. 31, 2021
Loans
Loans	Note 4 – Loans In May 2020, the Company entered into a Loan Agreement and Promissory Note (collectively the "PPP Loan") with BBVA USA pursuant to the Paycheck Protection Program (the "PPP") under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") administered by the U.S. Small Business Administration. The Company received total proceeds of $91,407 from the unsecured PPP Loan. The PPP Loan is scheduled to mature in May 2022 and has an interest rate of 1.00% per annum and is subject to the terms and conditions applicable to (“SBA”) loans administered by the U.S. Small Business Administration under the CARES Act. The PPP Loan may be prepaid by the Company at any time prior to its maturity with no prepayment penalties. The first payment due date was originally in December 2020 but BBVA USA extended the first due date to August 2021 as the PPP Flexibility Act of 2020 extended the deferral period for payment of principal and interest for all PPP borrowers. The PPP Loan contains customary events of default relating to, among other things, payment defaults and breaches of representations and warranties. Subject to certain conditions, the PPP Loan may be forgiven in whole or in part by applying for forgiveness pursuant to the CARES Act and the PPP. The amount of loan proceeds eligible for forgiveness is based on a formula based on a number of factors, including the amount of loan proceeds used by the Company during the 8-week or 24-week period after the loan origination for certain purposes, including payroll costs, rent payments on certain leases and certain qualified utility payments, provided that, among other things, at least 60% of the loan amount is used for eligible payroll costs, the employer maintaining or rehiring employees and maintaining salaries at certain level. In accordance with the requirements of the CARES Act and the PPP, the Company used the proceeds from the PPP Loan primarily for payroll costs. The Company applied for forgiveness of the PPP Loan during the first quarter of 2021. See Note 10. In April 2020, the Company also received a $5,000 advance related to a U.S. Small Business Administration Economic Injury Disaster Loan. The Company expects to repay this advance and has included it within accrued expenses.

Lease

Lease	3 Months Ended
	Mar. 31, 2021
Lease
Lease	Note 5 – Lease The Company leases 14,782 square feet of office and laboratory space located in Austin, Texas. On April 20, 2018, the Company entered into an amendment to its existing operating lease which extended the lease term from May 31, 2018 to May 31, 2021. The annual base rent in the first year of the lease extension was $184,775 and increases by $7,391 in each succeeding year of the lease extension. In addition, the Company is required to pay its proportionate share of operating costs for the building under this triple net lease. The lease does not contain renewal or termination options. For purposes of calculating the right of use asset and lease liability included in the Company's financial statements, the Company estimated its incremental borrowing rate at 8% per annum. In September 2019, the Company entered into a sublease with CE+T Energy pursuant to which the Company subleases approximately seventy-five (75%) percent of its Austin, Texas facility to CE+T Energy. Under the sublease, CE+T Energy is obligated to make monthly payments equal to 75% of all sums due under the master lease and 100% of any maintenance and repair costs related to the subleased premises. The sublease replaced a temporary agreement between the Company and CE+T Energy, effective in July 2019, that contained similar payment obligations by CE+T Energy for utilization of the subleased premises. Consistent with the master lease, the sublease terminates on May 31, 2021. During the three months ended March 31, 2021, CE+T Energy made payments of $53,293 to the Company related to the subleased premises. The payments included CE+T Energy’s share of rent as well as its proportionate share of operating costs for the building under the master lease. The Company recognized these payments as a reduction in general and administrative expenses. Future minimum payments under the lease, as amended, are as follows: For the Year Ended December 31, Master Lease Sublease Income Net 2021 33,259 (24,944) 8,315 Less: imputed interest (110) Total lease liability $ 33,149 For the three months ended March 31, 2021 and 2020, operating cash flows for lease payments totaled $49,889 and $48,041, respectively. For both the three months ended March 31, 2021 and 2020, operating lease cost, recognized on a straight-line basis, totaled $48,488. At March 31, 2021, the remaining lease term was 2 months. In March 2021, the Company entered into a lease agreement for 4,070 square feet of office and laboratory space located in Austin, Texas. The commencement of the lease is expected to occur on June 1, 2021 and the term of the lease is 63 months. The actual base rent in the first year of the lease is $56,471 and is net of $18,824 in abated rent over the first three months of the lease term. The annual base rent in the second year of the lease is $77,330 and increases by $2,035 in each succeeding year of the lease. In addition, the Company is required to pay its proportionate share of operating costs for the building under this triple net lease. The lease contains a 5-year fair market renewal option. It does not contain a termination option. The Company will recognize a right of use asset and lease liability for this lease upon lease commencement.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	Note 6 – Commitments and Contingencies License Agreement In 2015, the Company entered into licensing agreements which expire in February 2033. Per the agreements, the Company has an exclusive royalty-free license associated with semiconductor power switches which enhances its intellectual property portfolio. The agreements include both fixed payments, all of which were paid prior to 2017, and ongoing variable payments. The variable payments are a function of the number of associated patent filings pending and patents issued under the agreements. The Company will pay $10,000 for each patent filing pending and $20,000 for each patent issued annually with one-half the annual payment due within 20 days of December 21 st of each year and one-half annual the payment due within 20 days of June 21 st of each year of the agreements, up to a maximum of $100,000 per year (i.e. five issued patents). In March 2021, two patents associated with these agreements were issued and the Company recorded, as a non-cash activity, an intangible asset and a corresponding other long-term liability of $426,937, representing the estimated present value of future payments under the licensing agreements for these two issued patents. Through March 31, 2021, all five patents associated with the agreements were issued. At March 31, 2021 and December 31, 2020, the other long-term liability for the estimated present value of future payments under the licensing agreements was $944,026 and $552,031, respectively. The Company is accruing interest for future payments related to the issued patents associated with these agreements. Legal Proceedings The Company may be subject to litigation from time to time in the ordinary course of business. The Company is not currently party to any legal proceedings. Indemnification Obligations In connection with the sale of its power conversion systems division in September 2019, the Company entered into an Asset Purchase Agreement with CE+T Energy that contains mutual indemnification obligations for breaches of representations, warranties and covenants and for certain other matters, including indemnification by the Company for assets and liabilities excluded from the sale and by CE+T Energy for liabilities assumed in the sale. The employment agreements of Company executives include an indemnification provision whereby the Company shall indemnify and defend, at the Company's expense, its executives so long as an executive's actions were taken in good faith and in furtherance of Company's business and within the scope of executive's duties and authority. COVID-19 Pandemic As of the date of these financial statements, the COVID-19 pandemic continues to spread throughout the United States and the rest of the world. The ultimate extent of the impact of COVID-19 on the financial performance of the Company will depend on future developments, including, among other things, the duration and spread of COVID-19, the timing and efficacy of vaccination efforts, additional governmental restrictions in response to the COVID-19 pandemic and the overall economy, all of which are highly uncertain and cannot be predicted. The COVID-19 pandemic has already caused significant volatility in the global financial markets which may impact the Company’s ability to raise additional capital, if necessary, on acceptable terms or at all, though such risk has not materialized to date. If the financial markets and/or the overall economy are negatively impacted for an extended period, the Company's operating results may be materially and adversely affected.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2021
Common Stock
Common Stock	Note 7 — Common Stock February 2021 Public Offering In February 2021, the Company issued and sold 1,352,975 shares of its common stock, including 176,475 additional shares of common stock pursuant to the exercise of the underwriter’s option to purchase additional shares in full, in an underwritten public offering at a price of $17.00 per share (the “February 2021 Offering”). The net proceeds to the Company from the February 2021 Offering were $21.2 million. The Company intends to use the net proceeds from the February 2021 Offering to fund commercialization and development of its B-TRAN™ technology and general corporate and working capital purposes. Stock Issuance In February 2021, the Company issued 4,000 unregistered shares of common stock, valued at $68,680 at the time of issuance, to a third-party vendor as compensation for services performed.

Equity Incentive Plan

Equity Incentive Plan	3 Months Ended
	Mar. 31, 2021
Equity Incentive Plan
Equity Incentive Plan	Note 8 — Equity Incentive Plan On May 17, 2013, the Company adopted the 2013 Equity Incentive Plan (as amended, the “Plan”) and reserved shares of common stock for issuance under the Plan. The Plan is administered by the Compensation Committee of the Company’s Board of Directors. At March 31, 2021, 92,140 shares of common stock were available for issuance under the Plan. A summary of the Company’s stock option activity and related information is as follows: Weighted Weighted Average Average Remaining Stock Exercise Life Options Price (in years) Outstanding at December 31, 2020 391,650 $ 5.70 8.1 Granted 56,821 $ 12.09 Exercised (17,534) $ 3.79 Outstanding at March 31, 2021 430,937 $ 6.62 8.0 Exercisable at March 31, 2021 355,739 $ 6.05 7.7 During the three months ended March 31, 2021, the Company granted 31,821 stock options to Board members and 25,000 stock options to employees under the Plan. The estimated fair value of these stock options, calculated using the Black-Scholes option valuation model, was $497,461, $55,708 of which was recognized during the three months ended March 31, 2021. At March 31, 2021, there was $482,900 of unrecognized compensation cost related to non-vested equity awards granted under the Plan. That cost is expected to be recognized over a weighted average period of 1.1 years.

Warrants

Warrants	3 Months Ended
	Mar. 31, 2021
Warrants
Warrants	Note 9 — Warrants The Company had 1,040,248 warrants outstanding at March 31, 2021 with a weighted average exercise price of $3.92 per share, down from 2,273,369 warrants outstanding at December 31, 2020. At March 31, 2021, all warrants are exercisable, although the warrants held by each of the Company’s four largest beneficial owners may be exercised only to the extent that the total number of shares of common stock then beneficially owned by such shareholder does not exceed 4.99% (or, at the investor’s election, 9.99%) of the outstanding shares of the Company’s common stock.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events
Subsequent Events	Note 10 – Subsequent Events In May 2021, the SBA approved forgiveness of the Company’s PPP Loan in the principal amount $91,407, including accrued interest.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") for Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The Balance Sheet at December 31, 2020 has been derived from the Company’s audited financial statements included in its Annual Report on Form 10-K filed with the SEC on March 26, 2021. In the opinion of management, these financial statements reflect all normal recurring, and other adjustments, necessary for a fair presentation. These financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year or any other future periods.
Earnings Per Share	Earnings Per Share In accordance with ASC 260, shares issuable for little or no cash consideration are considered outstanding common shares and included in the computation of basic earnings per share. As such, for the three months ended March 31, 2021 and 2020, the Company has included pre-funded warrants to purchase 253,828 and 868,443 shares of common stock , respectively, which were issued in November 2019 with an exercise price of $0.001, in its computation of earnings per share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standard, if adopted, would have a material impact on the Company’s financial statements.

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Intangible Assets
Schedule of intangible assets, net	March 31, December 31, 2021 2020 (unaudited) Patents $ 970,976 $ 941,701 Other intangible assets 1,391,479 964,542 2,362,455 1,906,243 Accumulated amortization (361,038) (337,340) $ 2,001,417 $ 1,568,903

Lease (Tables)

Lease (Tables)	3 Months Ended
	Mar. 31, 2021
Lease
Schedule of future minimum rental payments for operating leases	Future minimum payments under the lease, as amended, are as follows: For the Year Ended December 31, Master Lease Sublease Income Net 2021 33,259 (24,944) 8,315 Less: imputed interest (110) Total lease liability $ 33,149

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Incentive Plan
Summary of company's stock options activity and related information	Weighted Weighted Average Average Remaining Stock Exercise Life Options Price (in years) Outstanding at December 31, 2020 391,650 $ 5.70 8.1 Granted 56,821 $ 12.09 Exercised (17,534) $ 3.79 Outstanding at March 31, 2021 430,937 $ 6.62 8.0 Exercisable at March 31, 2021 355,739 $ 6.05 7.7

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - $ / shares	Mar. 31, 2021	Mar. 31, 2020
Warrants, exercise price	$ 3.92
Pre Funded Warrants
Warrants issued to purchase shares of common stock	253,828	868,443
Warrants, exercise price	$ 0.001

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Intangible Assets
Gross intangible assets	$ 2,362,455	$ 1,906,243
Accumulated amortization	(361,038)	(337,340)
Intangible assets, net	2,001,417	1,568,903
Patents
Intangible Assets
Gross intangible assets	970,976	941,701
Other intangible assets
Intangible Assets
Gross intangible assets	$ 1,391,479	$ 964,542

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Intangible Assets
Amortization expense	$ 23,698	$ 22,298
Impairment of Intangible Assets, Finite-lived	0	$ 17,344
Amortization expense for 2021	100,732
Amortization expense for 2022	134,310
Amortization expense for 2023	134,310
Amortization expense for 2024	134,310
Amortization expense for 2025	134,310
Amortization expense for thereafter	1,118,267
Capitalized costs for costs related to patents that have not been awarded	$ 245,178		$ 270,000

Loans (Details)

Loans (Details) - USD ($)	1 Months Ended
	May 31, 2020	Apr. 30, 2020
PPP Loan
Debt Instrument [Line Items]
Proceeds from loan	$ 91,407
Interest rate (as a percent)	1.00%
Prepayment penalties	$ 0
U.S. Small Business Administration Economic Injury Disaster Loan
Debt Instrument [Line Items]
Proceeds from loan		$ 5,000

Lease - Additional Information

Lease - Additional Information (Details)	1 Months Ended	3 Months Ended
	Sep. 30, 2019	Mar. 31, 2021USD ($)ft²	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Apr. 20, 2018USD ($)ft²
Operating Lease, Right-of-Use Asset		$ 32,215		$ 79,719
Operating Lease, Liability		$ 33,149
Lessee, Operating Lease, Discount Rate		8.00%
Operating Lease, Payments		$ 49,889	$ 48,041
Operating Lease, Cost		48,488
Percentage of Texas facility subleased	75.00%
Sublease income receivable per month, as a percentage of aggregate master lease payments due	75.00%
Maintenance and repair costs receivable, percentage	100.00%
Sublease Income		$ 53,293
Office and laboratory space
Square feet of office and laboratory space leased (in sq ft) | ft²		4,070			14,782
Annual base rent in first year					$ 184,775
Increase in base rent each succeeding year		$ 2,035			$ 7,391
Operating lease term		63 months
Actual base rent in first year of the lease		$ 56,471
Actual base rent, Net		18,824
Annual base rent in the second year of the lease		$ 77,330
Operating lease renewal term		5 years

Lease - Future minimum payments

Lease - Future minimum payments (Details)	Mar. 31, 2021USD ($)
Master Lease
2021	$ 33,259
Less: imputed interest	(110)
Total lease liability	33,149
Sublease Income
2021	(24,944)
Net
2021	$ 8,315

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2015	Dec. 31, 2020
Other Commitments [Line Items]
Payment for each patent issued	$ 29,275	$ 13,385
Licensing agreements
Other Commitments [Line Items]
Payable for each patent filing pending			$ 10,000
Payment for each patent issued			$ 20,000
Payment for each patent issue days			20 days
Contractual Obligation	426,937
Long-term liability for estimated present value of future payments under licensing agreement	944,026			$ 552,031
Licensing agreements | Maximum
Other Commitments [Line Items]
Contractual Obligation	$ 100,000
June 21st | Licensing agreements
Other Commitments [Line Items]
Payment for each patent issue days			20 days

Common Stock - February 2021 Pu

Common Stock - February 2021 Public Offering (Details) - Common Stock $ / shares in Units, $ in Millions	Feb. 28, 2021USD ($)$ / sharesshares
February 2021 Public Offering
Number of shares issued and sold	1,352,975
Offering price | $ / shares	$ 17
Net proceeds from offering | $	$ 21.2
Underwriters option
Number of shares issued and sold	176,475

Common Stock - Stock Issuance (

Common Stock - Stock Issuance (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 28, 2021	Mar. 31, 2021
Common Stock
Stock issued for services	$ 68,680	$ 68,680
Stock issued for services (in shares)	4,000

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details) - 2013 Equity Incentive Plan [Member]	3 Months Ended
	Mar. 31, 2021USD ($)shares
Equity Incentive Plan
Shares of common stock available for issuance under the Plan (in shares)	92,140
Unrecognized compensation cost related to non-vested share-based compensation arrangements | $	$ 482,900
Weighted average period for recognition	1 year 1 month 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	56,821
Estimated fair value of stock options | $	$ 497,461
Estimated Fair Value of Stock Options Recognized | $	$ 55,708
Employees
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	25,000
Board members
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	31,821

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Stock Option Activity and Related Information (Details) - 2013 Equity Incentive Plan [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Stock Options
Outstanding at December 31, 2020	391,650
Granted	56,821
Exercised (in shares)	(17,534)
Outstanding at March 31, 2021	430,937	391,650
Exercisable at March 31, 2021	355,739
Weighted Average Exercise Price
Outstanding at December 31, 2020 (in dollars per share)	$ 5.70
Granted	12.09
Exercised (in dollars per share)	3.79
Outstanding at March 31, 2021	6.62	$ 5.70
Exercisable at March 31, 2021	$ 6.05
Weighted Average Remaining Life (in years)
Outstanding at December 31	8 years	8 years 1 month 6 days
Exercisable at March 31, 2021	7 years 8 months 12 days

Warrants - Additional Informati

Warrants - Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Warrants
Class of Warrant or Right, Outstanding	1,040,248	2,273,369
Warrants, exercise price	$ 3.92
Convertible Preferred Stock Maximum Beneficial Ownership Percentage	4.99%

Subsequent Events (Details)

Subsequent Events (Details)	May 31, 2021USD ($)
PPP Loan | Subsequent event
Subsequent Event [Line Items]
Principal amount including accrued interest	$ 91,407