Ideal Power (IPWR) 10-Q 15 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 11, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2022
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-36216
Entity Registrant Name	IDEAL POWER INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1999058
Entity Address, Address Line One	5508 Highway 290 West, Suite 120
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78735
City Area Code	512
Local Phone Number	264-1542
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	IPWR
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		5,903,797
Entity Central Index Key	0001507957
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 20,020,712	$ 23,170,149
Accounts receivable, net	147,162	233,262
Prepayments and other current assets	261,949	43,900
Total current assets	20,429,823	23,447,311
Property and equipment, net	53,265	56,158
Intangible assets, net	2,037,412	2,055,650
Right of use asset	278,388	307,172
Other assets	11,189	11,189
Total assets	22,810,077	25,877,480
Current liabilities:
Accounts payable	17,764	130,500
Accrued expenses	499,024	353,507
Current portion of lease liability	61,688	58,864
Total current liabilities	578,476	542,871
Long-term lease liability	236,195	267,584
Other long-term liabilities	877,778	917,100
Total liabilities	1,692,449	1,727,555
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock, $0.001 par value; 50,000,000 shares authorized; 5,905,118 shares issued and 5,903,797 shares outstanding at June 30, 2022 and 5,893,767 shares issued and 5,892,446 shares outstanding at December 31, 2021	5,905	5,894
Additional paid-in capital	104,625,648	104,063,321
Treasury stock, at cost, 1,321 shares at June 30, 2022 and December 31, 2021	(13,210)	(13,210)
Accumulated deficit	(83,500,715)	(79,906,080)
Total stockholders' equity	21,117,628	24,149,925
Total liabilities and stockholders' equity	$ 22,810,077	$ 25,877,480

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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	5,905,118	5,893,767
Common stock, shares, outstanding	5,903,797	5,892,446
Treasury stock, shares	1,321	1,321

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statements of Operations
Grant revenue	$ 50,978	$ 84,705	$ 175,986	$ 326,766
Cost of grant revenue	50,978	84,705	175,986	326,766
Gross profit	0	0	0	0
Operating expenses:
Research and development	728,383	560,693	1,556,930	821,573
General and administrative	734,637	603,518	1,587,586	1,204,204
Sales and marketing	233,152	112,033	452,581	174,611
Total operating expenses	1,696,172	1,276,244	3,597,097	2,200,388
Loss from operations	(1,696,172)	(1,276,244)	(3,597,097)	(2,200,388)
Other income:
Interest income (expense), net	6,178	(1,856)	2,462	(1,862)
Gain on forgiveness of long-term debt		91,407	0	91,407
Total other income	6,178	89,551	2,462	89,545
Net loss	$ (1,689,994)	$ (1,186,693)	$ (3,594,635)	$ (2,110,843)
Net loss per share - basic	$ (0.27)	$ (0.19)	$ (0.58)	$ (0.37)
Net loss per share - diluted	$ (0.27)	$ (0.19)	$ (0.58)	$ (0.37)
Weighted average number of shares outstanding - basic	6,157,625	6,125,874	6,156,495	5,737,109
Weighted average number of shares outstanding - diluted	6,157,625	6,125,874	6,156,495	5,737,109

Statements of Cash Flows

Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (3,594,635)	$ (2,110,843)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	89,051	70,343
Write-off of capitalized patents	0	528
Stock-based compensation	462,238	153,644
Stock issued for services	100,100	68,680
Gain on forgiveness of long-term debt	0	(91,407)
Decrease (increase) in operating assets:
Accounts receivable	86,100	37,916
Prepaid expenses and other assets	(189,265)	(57,663)
Increase (decrease) in operating liabilities:
Accounts payable	(112,736)	57,123
Accrued expenses and other liabilities	77,630	70,584
Net cash used in operating activities	(3,081,517)	(1,801,095)
Cash flows from investing activities:
Purchase of property and equipment	(12,248)	(32,919)
Acquisition of intangible assets	(55,672)	(112,100)
Net cash used in investing activities	(67,920)	(145,019)
Cash flows from financing activities:
Net proceeds from issuance of common stock	0	21,204,609
Exercise of options and warrants	0	3,301,226
Net cash provided by financing activities	0	24,505,835
Net increase (decrease) in cash and cash equivalents	(3,149,437)	22,559,721
Cash and cash equivalents at beginning of period	23,170,149	3,157,256
Cash and cash equivalents at end of period	$ 20,020,712	$ 25,716,977

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Common Stock.	Additional Paid-In Capital	Treasury Stock	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2020	$ 3,266	$ 78,974,964		$ (75,135,811)	$ 3,829,209
Beginning balance (in shares) at Dec. 31, 2020	3,265,740
Treasury Stock, beginning balance at Dec. 31, 2020			$ (13,210)
Treasury Stock, beginning balance (in shares) at Dec. 31, 2020			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 options and warrants	$ 1,250	3,299,976			3,301,226
Exercise of options and 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				(924,150)	(924,150)
Ending balance at Mar. 31, 2021	$ 5,873	103,608,805		(76,059,961)	27,541,507
Ending balance (in shares) at Mar. 31, 2021	5,873,367
Treasury Stock, ending balance at Mar. 31, 2021			$ (13,210)
Treasury Stock, ending balance (in shares) at Mar. 31, 2021			1,321
Beginning balance at Dec. 31, 2020	$ 3,266	78,974,964		(75,135,811)	3,829,209
Beginning balance (in shares) at Dec. 31, 2020	3,265,740
Treasury Stock, beginning balance at Dec. 31, 2020			$ (13,210)
Treasury Stock, beginning balance (in shares) at Dec. 31, 2020			1,321
Net loss					(2,110,843)
Ending balance at Jun. 30, 2021	$ 5,873	103,700,516		(77,246,654)	26,446,525
Ending balance (in shares) at Jun. 30, 2021	5,873,367
Treasury Stock, ending balance at Jun. 30, 2021			$ (13,210)
Treasury Stock, ending balance (in shares) at Jun. 30, 2021			1,321
Beginning balance at Mar. 31, 2021	$ 5,873	103,608,805		(76,059,961)	27,541,507
Beginning balance (in shares) at Mar. 31, 2021	5,873,367
Treasury Stock, beginning balance at Mar. 31, 2021			$ (13,210)
Treasury Stock, beginning balance (in shares) at Mar. 31, 2021			1,321
Stock-based compensation		91,711			91,711
Net loss				(1,186,693)	(1,186,693)
Ending balance at Jun. 30, 2021	$ 5,873	103,700,516		(77,246,654)	26,446,525
Ending balance (in shares) at Jun. 30, 2021	5,873,367
Treasury Stock, ending balance at Jun. 30, 2021			$ (13,210)
Treasury Stock, ending balance (in shares) at Jun. 30, 2021			1,321
Beginning balance at Dec. 31, 2021	$ 5,894	104,063,321		(79,906,080)	24,149,925
Beginning balance (in shares) at Dec. 31, 2021	5,893,767
Treasury Stock, beginning balance at Dec. 31, 2021			$ (13,210)		$ 13,210
Treasury Stock, beginning balance (in shares) at Dec. 31, 2021			1,321		1,321
Exercise of options	$ 1	(1)
Exercise of options (in shares)	1,351
Stock issued for services	$ 10	100,090			$ 100,100
Stock issued for services (in shares)	10,000
Stock-based compensation		231,765			231,765
Net loss				(1,904,641)	(1,904,641)
Ending balance at Mar. 31, 2022	$ 5,905	104,395,175		(81,810,721)	22,577,149
Ending balance (in shares) at Mar. 31, 2022	5,905,118
Treasury Stock, ending balance at Mar. 31, 2022			$ (13,210)
Treasury Stock, ending balance (in shares) at Mar. 31, 2022			1,321
Beginning balance at Dec. 31, 2021	$ 5,894	104,063,321		(79,906,080)	24,149,925
Beginning balance (in shares) at Dec. 31, 2021	5,893,767
Treasury Stock, beginning balance at Dec. 31, 2021			$ (13,210)		$ 13,210
Treasury Stock, beginning balance (in shares) at Dec. 31, 2021			1,321		1,321
Net loss					$ (3,594,635)
Ending balance at Jun. 30, 2022	$ 5,905	104,625,648		(83,500,715)	21,117,628
Ending balance (in shares) at Jun. 30, 2022	5,905,118
Treasury Stock, ending balance at Jun. 30, 2022			$ (13,210)		$ 13,210
Treasury Stock, ending balance (in shares) at Jun. 30, 2022			1,321		1,321
Beginning balance at Mar. 31, 2022	$ 5,905	104,395,175		(81,810,721)	$ 22,577,149
Beginning balance (in shares) at Mar. 31, 2022	5,905,118
Treasury Stock, beginning balance at Mar. 31, 2022			$ (13,210)
Treasury Stock, beginning balance (in shares) at Mar. 31, 2022			1,321
Stock-based compensation		230,473			230,473
Net loss				(1,689,994)	(1,689,994)
Ending balance at Jun. 30, 2022	$ 5,905	$ 104,625,648		$ (83,500,715)	21,117,628
Ending balance (in shares) at Jun. 30, 2022	5,905,118
Treasury Stock, ending balance at Jun. 30, 2022			$ (13,210)		$ 13,210
Treasury Stock, ending balance (in shares) at Jun. 30, 2022			1,321		1,321

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2022
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 focused on the further development and commercialization of its Bidirectional bipolar 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, securities offerings, 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	6 Months Ended
	Jun. 30, 2022
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, 2021 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 25, 2022. 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, 2021. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year or any other future periods. Net Loss Per Share In accordance with Accounting Standards Codification 260, shares issuable for little or no cash consideration are considered outstanding common shares and included in the computation of basic net loss per share. As such, for the three and six months ended June 30, 2022 and 2021, the Company included pre-funded warrants to purchase 253,828 shares of common stock in its computation of net loss per share. The pre-funded warrants were issued in November 2019 with an exercise price of $0.001 . In periods with a net loss, no common share equivalents are included in the computation of diluted net loss per share because their effect would be anti-dilutive. At June 30, 2022, potentially dilutive shares outstanding amounted to 1,400,368 shares and exclude prefunded warrants to purchase shares of common stock. 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	6 Months Ended
	Jun. 30, 2022
Intangible Assets
Intangible Assets	Note 3 – Intangible Assets Intangible assets, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 ​ ​ (unaudited) ​ ​ ​ Patents ​ $ 1,189,513 ​ $ 1,133,841 Other intangible assets ​ 1,391,479 ​ 1,391,479 ​ ​ 2,580,992 ​ 2,525,320 Accumulated amortization – patents ​ ​ (184,053) ​ ​ (158,516) Accumulated amortization – other intangible assets ​ (359,527) ​ (311,154) ​ ​ $ 2,037,412 ​ $ 2,055,650 ​ Amortization expense amounted to $37,098 and $73,910 for the three and six months ended June 30, 2022, respectively, and $35,177 and $58,875 for the three and six months ended June 30, 2021, respectively. Amortization expense for the succeeding five years and thereafter is $74,462 (remaining six months of 2022) 2023 2026 At June 30, 2022 and December 31, 2021, the Company had capitalized $338,464 and $306,640, respectively, for costs related to patents that have not been awarded.

Loans

Loans	6 Months Ended
	Jun. 30, 2022
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 ("SBA"). The Company received total proceeds of $91,407 from the unsecured PPP Loan. The PPP Loan was scheduled to mature in May 2022 and had an interest rate of 1.00% per annum and was subject to the terms and conditions applicable to loans administered by the U.S. Small Business Administration under the CARES Act. 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. In May 2021, the SBA approved forgiveness of the Company's PPP Loan in the principal amount of $91,407, including accrued interest. The $91,407 gain on forgiveness of the PPP Loan is shown in other income (expenses) in the financial statements for the three and six months ended June 30, 2021 and represents a non-cash financing activity.

Lease

Lease	6 Months Ended
	Jun. 30, 2022
Lease
Lease	Note 5 – Lease The Company previously leased 14,782 square feet of office and laboratory space located in Austin, Texas and subleased approximately seventy-five percent (75%) of this space to a third party. This lease and sublease expired concurrently on May 31, 2021. 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 occurred on June 1, 2021 and the initial term of the lease is 63 months. The actual base rent in the first year of the lease was $56,471 and was 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 recognized a right of use asset of $339,882 and a corresponding lease ​ 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 6% per annum. ​ Future minimum payments under the lease are as follows: ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 (remaining) ​ $ 38,666 2023 ​ 78,517 2024 ​ 80,552 2025 ​ 82,587 2026 ​ 56,132 Total lease payments ​ ​ 336,454 Less: imputed interest ​ (38,571) Total lease liability ​ $ 297,883 ​ At June 30, 2022, the remaining lease term was 50 months. ​ For the three months ended June 30, 2022 and 2021, operating cash flows for lease payments totaled $18,993 and $39,534, respectively, and for the six months ended June 30, 2022 and 2021, operating cash outflows for lease payments totaled $37,817 and $89,423, respectively. For the three months ended June 30, 2022 and 2021, operating lease cost, recognized on a straight-line basis, totaled $19,017 and $38,664, respectively, and for the six months ended June 30, 2022 and 2021, operating lease cost, recognized on a straight-line basis, totaled $38,035 and $87,152, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
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. Pursuant to these 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 st At June 30, 2022 and December 31, 2021, the other long-term liability for the estimated present value of future payments under the licensing agreements was $877,778 and $917,100, 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 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 and its related variants, the timing, scope 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. If the COVID-19 pandemic contributes to additional significant volatility in the global financial markets in the future, the Company’s ability to raise additional capital, if necessary, on acceptable terms or at all, may be impacted, 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	6 Months Ended
	Jun. 30, 2022
Common Stock
Common Stock	Note 7 — Common Stock 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 “Public Offering”). The net proceeds to the Company from the Public Offering were $21.2 million. The Company is utilizing, and expects to continue to utilize, the net proceeds from the Public Offering to fund commercialization and development of its B-TRAN™ technology and general corporate and working capital purposes. Stock Issuances In January 2022, the Company issued 10,000 unregistered shares of common stock, valued at $100,100 at the time of issuance, to a third-party vendor as compensation for services performed. 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	6 Months Ended
	Jun. 30, 2022
Equity Incentive Plan
Equity Incentive Plan	Note 8 — Equity Incentive Plan In May 2013, the Company adopted the 2013 Equity Incentive Plan (as amended and restated, the “Plan”) and reserved shares of common stock for issuance under the Plan, which was last amended in June 2021. The Plan is administered by the Compensation Committee of the Company’s Board of Directors (the “Board”). At June 30, 2022, 394,979 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, 2021 492,886 ​ $ 7.35 7.6 Granted 41,062 ​ $ 10.32 ​ Exercised (3,750) ​ $ 5.36 ​ Forfeited ​ (16,250) ​ $ 9.33 ​ ​ Outstanding at June 30, 2022 513,948 ​ $ 7.54 7.0 Exercisable at June 30, 2022 404,426 ​ $ 6.64 6.5 ​ During the six months ended June 30, 2022, the Company granted 31,062 stock options to Board members and 10,000 stock options to employees under the Plan. The estimated fair value of these stock options, calculated using the Black-Scholes option valuation model, was $305,890, of which $105,488 was recognized during the six months ended June 30, 2022. In January 2022, the Compensation Committee of the Board approved a modification of stock option grants to David Eisenhaure, the Company’s former Chairman of the Board, who passed away in October 2021. The modification extended the post-termination exercise period of his vested stock option grants from 12 months to 5 years. During the six months ended June 30, 2022, the Company recognized $49,327 of expense related to this modification. At June 30, 2022 and December 31, 2021, there were 100,000 unvested restricted stock units (“RSUs”) outstanding. No RSUs were granted, vested or forfeited during the six months ended June 30, 2022 At June 30, 2022, there was $1,539,738 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	6 Months Ended
	Jun. 30, 2022
Warrants
Warrants	Note 9 — Warrants At June 30, 2022 and December 31, 2021, the Company had 786,420 warrants outstanding at a weighted average exercise price of $5.19 per share, and 253,828 pre-funded warrants outstanding with an exercise price of $0.001 per share. The weighted average remaining life, excluding the 253,828 pre-funded warrants with no expiration date, of the outstanding warrants is 2.7 years. At June 30, 2022, all warrants are exercisable, although the warrants held by certain of the Company’s warrant holders may be exercised only to the extent that the total number of shares of common stock then beneficially owned by such warrant holder does not exceed 4.99% (or, at the investor’s election, 9.99%) of the outstanding shares of the Company’s common stock.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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, 2021 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 25, 2022. 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, 2021. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year or any other future periods.
Net Loss Per Share	Net Loss Per Share In accordance with Accounting Standards Codification 260, shares issuable for little or no cash consideration are considered outstanding common shares and included in the computation of basic net loss per share. As such, for the three and six months ended June 30, 2022 and 2021, the Company included pre-funded warrants to purchase 253,828 shares of common stock in its computation of net loss per share. The pre-funded warrants were issued in November 2019 with an exercise price of $0.001 . In periods with a net loss, no common share equivalents are included in the computation of diluted net loss per share because their effect would be anti-dilutive. At June 30, 2022, potentially dilutive shares outstanding amounted to 1,400,368 shares and exclude prefunded warrants to purchase shares of common stock.
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)	6 Months Ended
	Jun. 30, 2022
Intangible Assets
Schedule of intangible assets, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 ​ ​ (unaudited) ​ ​ ​ Patents ​ $ 1,189,513 ​ $ 1,133,841 Other intangible assets ​ 1,391,479 ​ 1,391,479 ​ ​ 2,580,992 ​ 2,525,320 Accumulated amortization – patents ​ ​ (184,053) ​ ​ (158,516) Accumulated amortization – other intangible assets ​ (359,527) ​ (311,154) ​ ​ $ 2,037,412 ​ $ 2,055,650

Lease (Tables)

Lease (Tables)	6 Months Ended
	Jun. 30, 2022
Lease
Schedule of future minimum payments under the lease	​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 (remaining) ​ $ 38,666 2023 ​ 78,517 2024 ​ 80,552 2025 ​ 82,587 2026 ​ 56,132 Total lease payments ​ ​ 336,454 Less: imputed interest ​ (38,571) Total lease liability ​ $ 297,883

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2021 492,886 ​ $ 7.35 7.6 Granted 41,062 ​ $ 10.32 ​ Exercised (3,750) ​ $ 5.36 ​ Forfeited ​ (16,250) ​ $ 9.33 ​ ​ Outstanding at June 30, 2022 513,948 ​ $ 7.54 7.0 Exercisable at June 30, 2022 404,426 ​ $ 6.64 6.5

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Nov. 30, 2019
Warrants, exercise price	$ 5.19	$ 5.19
Potentially dilutive shares outstanding (in shares)	1,400,368
Pre Funded Warrants
Warrants issued to purchase shares of common stock	253,828		253,828
Warrants, exercise price				$ 0.001

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Intangible Assets
Gross intangible assets	$ 2,580,992	$ 2,525,320
Intangible assets, net	2,037,412	2,055,650
Patents
Intangible Assets
Gross intangible assets	1,189,513	1,133,841
Accumulated amortization	(184,053)	(158,516)
Other intangible assets
Intangible Assets
Gross intangible assets	1,391,479	1,391,479
Accumulated amortization	$ (359,527)	$ (311,154)

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Intangible Assets
Amortization expense	$ 37,098	$ 35,177	$ 73,910	$ 58,875
Amortization expense for 2022	74,462		74,462
Amortization expense for 2023	148,925		148,925
Amortization expense for 2024	148,925		148,925
Amortization expense for 2025	148,925		148,925
Amortization expense for 2026	148,925		148,925
Amortization expense for thereafter	1,028,786		1,028,786
Capitalized costs for costs related to patents that have not been awarded	$ 338,464		$ 338,464		$ 306,640

Loans (Details)

Loans (Details) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
	May 31, 2021	May 31, 2020	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Gain on forgiveness of long-term debt			$ 91,407	$ 0	$ 91,407
PPP Loan
Debt Instrument [Line Items]
Proceeds from loan		$ 91,407
Interest rate (as a percent)		1%
U.S. Small Business Administration Economic Injury Disaster Loan
Debt Instrument [Line Items]
Gain on forgiveness of long-term debt	$ 91,407				$ 91,407

Lease - Additional Information

Lease - Additional Information (Details)		3 Months Ended		6 Months Ended
	May 31, 2021 ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($) ft²
Percentage of Texas facility subleased	75%
Annual base rent in the second year of the lease		$ 80,552		$ 80,552
Right of use asset		278,388		278,388		$ 307,172
Lease liability		$ 297,883		$ 297,883
Remaining lease term		50 months		50 months
Operating lease payments		$ 18,993	$ 39,534	$ 37,817	$ 89,423
Operating lease cost		$ 19,017	$ 38,664	$ 38,035	$ 87,152
Office and laboratory space
Square feet of office and laboratory space leased (in sq ft) | ft²	14,782						4,070
Initial term of the operating lease							63 months
Actual base rent in first year of the lease							$ 56,471
Abated rent							18,824
Annual base rent in the second year of the lease							77,330
Increase in base rent each succeeding year							$ 2,035
Operating lease renewal term							5 years
Right of use asset							$ 339,882
Lease liability							$ 339,882
Incremental borrowing rate							6%

Lease - Future Minimum Payments

Lease - Future Minimum Payments under the Lease (Details)	Jun. 30, 2022 USD ($)
Master Lease
2022 (remaining)	$ 38,666
2023	78,517
2024	80,552
2025	82,587
2026	56,132
Total lease payments	336,454
Less: imputed interest	(38,571)
Total lease liability	$ 297,883

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2015	Dec. 31, 2021
Other Commitments [Line Items]
Payment for each patent issued	$ 55,672	$ 112,100
Long-term liability for estimated present value of future payments under licensing agreement	877,778			$ 917,100
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
Long-term liability for estimated present value of future payments under licensing agreement	877,778			$ 917,100
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 - Public Offering

Common Stock - Public Offering (Details) - USD ($)		3 Months Ended	6 Months Ended
	Feb. 28, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Net proceeds from offering			$ 0	$ 21,204,609
Common Stock.
Number of shares issued and sold		1,352,975
Common Stock. | Public Offering
Number of shares issued and sold	1,352,975
Offering price	$ 17
Net proceeds from offering	$ 21,200,000
Common Stock. | Underwriters option
Number of shares issued and sold	176,475

Common Stock - Stock Issuances

Common Stock - Stock Issuances (Details) - USD ($)	1 Months Ended		3 Months Ended
	Jan. 31, 2022	Feb. 28, 2021	Mar. 31, 2022	Mar. 31, 2021
Stock issued for services			$ 100,100	$ 68,680
Third-party vendor
Stock issued for services	$ 100,100	$ 68,680
Stock issued for services (in shares)	10,000	4,000

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Stock Option Activity and Related Information (Details) - 2013 Equity Incentive Plan - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Stock Options
Outstanding at December 31, 2021	492,886
Granted	41,062
Exercised (in shares)	(3,750)
Forfeited / Expired	(16,250)
Outstanding at March 31, 2022	513,948	492,886
Exercisable at March 31, 2022	404,426
Weighted Average Exercise Price
Outstanding at December 31, 2021 (in dollars per share)	$ 7.35
Granted	10.32
Exercised (in dollars per share)	5.36
Forfeited/Expired (in dollars per share)	9.33
Outstanding at March 31, 2022 (in dollars per share)	7.54	$ 7.35
Exercisable at March 31, 2022 (in dollars per share)	$ 6.64
Weighted Average Remaining Life (in years)
Outstanding at March 31	7 years	7 years 7 months 6 days
Exercisable at March 31, 2022	6 years 6 months

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
David Eisenhaure
Equity Incentive Plan
Post-termination exercise period of vested stock option	5 years	12 months
Share-based compensation expense	$ 49,327
Restricted Stock Units (RSUs)
Equity Incentive Plan
Granted	0
Unvested restricted stock options outstanding	100,000	100,000
Unvested restricted stock options vested or forfeited	0
2013 Equity Incentive Plan
Equity Incentive Plan
Shares of common stock available for issuance under the Plan (in shares)	394,979
Unrecognized compensation cost related to non-vested share-based compensation arrangements	$ 1,539,738
Weighted average period for recognition	1 year 1 month 6 days
Granted	41,062
Estimated fair value of options granted	$ 305,890
Estimated Fair Value of Stock Options Recognized	$ 105,488
Unvested restricted stock options outstanding	513,948	492,886
2013 Equity Incentive Plan | Employees
Equity Incentive Plan
Granted	10,000
2013 Equity Incentive Plan | Board members
Equity Incentive Plan
Granted	31,062

Warrants - Additional Informati

Warrants - Additional Information (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	786,420	786,420
Warrants, exercise price	$ 5.19	$ 5.19
Maximum Beneficial Ownership Percentage of Warrants	4.99%
Maximum Beneficial Ownership Percentage of Warrants Upon Investor's Election	9.99%
Pre Funded Warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	253,828	253,828
Warrants, exercise price	$ 0.001	$ 0.001
Number of warrants with no expiration date	253,828
Class of Warrants, Weighted Average Remaining Life of Warrants	2 years 8 months 12 days