Ideal Power (IPWR) 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 10, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		5,938,458
Entity Central Index Key	0001507957
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 12,683,268	$ 16,345,623
Accounts receivable, net	203,324	65,936
Prepayments and other current assets	540,430	491,365
Total current assets	13,427,022	16,902,924
Property and equipment, net	281,109	200,103
Intangible assets, net	2,539,422	2,036,431
Right of use asset	218,130	248,720
Other assets	11,189	11,189
Total assets	16,476,872	19,399,367
Current liabilities:
Accounts payable	112,010	130,503
Accrued expenses	614,642	254,218
Current portion of lease liability	67,595	64,597
Total current liabilities	794,247	449,318
Long-term lease liability	168,600	202,987
Other long-term liabilities	1,180,005	838,458
Total liabilities	2,142,852	1,490,763
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value; 50,000,000 shares authorized; 5,939,779 shares issued and 5,938,458 shares outstanding at June 30, 2023 and 5,926,001 shares issued and 5,924,680 shares outstanding at December 31, 2022	5,940	5,926
Additional paid-in capital	106,244,511	105,011,318
Treasury stock, at cost, 1,321 shares at June 30, 2023 and December 31, 2022	(13,210)	(13,210)
Accumulated deficit	(91,903,221)	(87,095,430)
Total stockholders' equity	14,334,020	17,908,604
Total liabilities and stockholders' equity	$ 16,476,872	$ 19,399,367

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	5,939,779	5,926,001
Common stock, shares, outstanding	5,938,458	5,924,680
Treasury stock, common shares	1,321	1,321

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total revenue	$ 135,167	$ 50,978	$ 135,831	$ 175,986
Total cost of revenue	110,737	50,978	111,401	175,986
Gross profit	24,430	0	24,430	0
Operating expenses:
Research and development	1,206,688	728,383	2,646,716	1,556,930
General and administrative	933,993	734,637	1,828,926	1,587,586
Sales and marketing	271,900	233,152	576,226	452,581
Total operating expenses	2,412,581	1,696,172	5,051,868	3,597,097
Loss from operations	(2,388,151)	(1,696,172)	(5,027,438)	(3,597,097)
Interest income, net	108,345	6,178	219,647	2,462
Net loss	$ (2,279,806)	$ (1,689,994)	$ (4,807,791)	$ (3,594,635)
Net loss per share - basic	$ (0.37)	$ (0.27)	$ (0.78)	$ (0.58)
Net loss per share - diluted	$ (0.37)	$ (0.27)	$ (0.78)	$ (0.58)
Weighted average number of shares outstanding - basic	6,185,397	6,157,625	6,181,972	6,156,495
Weighted average number of shares outstanding - diluted	6,185,397	6,157,625	6,181,972	6,156,495
Development revenue
Total revenue	$ 98,443		$ 98,443
Total cost of revenue	74,013		74,013
Grant revenue
Total revenue	36,724	$ 50,978	37,388	$ 175,986
Total cost of revenue	$ 36,724	$ 50,978	$ 37,388	$ 175,986

Statements of Cash Flows

Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (4,807,791)	$ (3,594,635)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	121,423	89,051
Stock-based compensation	1,233,207	462,238
Stock issued for services	0	100,100
Decrease (increase) in operating assets:
Accounts receivable	(137,388)	86,100
Prepaid expenses and other assets	(18,475)	(189,265)
Increase (decrease) in operating liabilities:
Accounts payable	(18,493)	(112,736)
Accrued expenses and other liabilities	219,025	77,630
Net cash used in operating activities	(3,408,492)	(3,081,517)
Cash flows from investing activities:
Purchase of property and equipment	(114,025)	(12,248)
Acquisition of intangible assets	(139,838)	(55,672)
Net cash used in investing activities	(253,863)	(67,920)
Net decrease in cash and cash equivalents	(3,662,355)	(3,149,437)
Cash and cash equivalents at beginning of period	16,345,623	23,170,149
Cash and cash equivalents at end of period	$ 12,683,268	$ 20,020,712

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid-In Capital	Treasury Stock, Common	Accumulated Deficit	Total
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)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021			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	$ (13,210)	(81,810,721)	22,577,149
Ending balance (in shares) at Mar. 31, 2022	5,905,118
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)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021			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)
Treasury stock, ending balance (in shares) at Jun. 30, 2022			1,321
Beginning balance at Mar. 31, 2022	$ 5,905	104,395,175	$ (13,210)	(81,810,721)	22,577,149
Beginning balance (in shares) at Mar. 31, 2022	5,905,118
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)
Treasury stock, ending balance (in shares) at Jun. 30, 2022			1,321
Beginning balance at Dec. 31, 2022	$ 5,926	105,011,318		(87,095,430)	17,908,604
Beginning balance (in shares) at Dec. 31, 2022	5,926,001
Treasury Stock, beginning balance at Dec. 31, 2022			$ (13,210)		$ 13,210
Treasury stock, beginning balance (in shares) at Dec. 31, 2022			1,321		1,321
Stock-based compensation		609,926			$ 609,926
Net loss				(2,527,985)	(2,527,985)
Vesting of restricted stock units	$ 7	(7)
Vesting of restricted stock units (in shares)	6,889
Ending balance at Mar. 31, 2023	$ 5,933	105,621,237	$ (13,210)	(89,623,415)	15,990,545
Ending balance (in shares) at Mar. 31, 2023	5,932,890
Treasury stock, ending balance (in shares) at Mar. 31, 2023			1,321
Beginning balance at Dec. 31, 2022	$ 5,926	105,011,318		(87,095,430)	17,908,604
Beginning balance (in shares) at Dec. 31, 2022	5,926,001
Treasury Stock, beginning balance at Dec. 31, 2022			$ (13,210)		$ 13,210
Treasury stock, beginning balance (in shares) at Dec. 31, 2022			1,321		1,321
Net loss					$ (4,807,791)
Ending balance at Jun. 30, 2023	$ 5,940	106,244,511		(91,903,221)	14,334,020
Ending balance (in shares) at Jun. 30, 2023	5,939,779
Treasury Stock, ending balance at Jun. 30, 2023			$ (13,210)		$ 13,210
Treasury stock, ending balance (in shares) at Jun. 30, 2023			1,321		1,321
Beginning balance at Mar. 31, 2023	$ 5,933	105,621,237	$ (13,210)	(89,623,415)	$ 15,990,545
Beginning balance (in shares) at Mar. 31, 2023	5,932,890
Treasury stock, beginning balance (in shares) at Mar. 31, 2023			1,321
Stock-based compensation		623,281			623,281
Net loss				(2,279,806)	(2,279,806)
Vesting of restricted stock units	$ 7	(7)
Vesting of restricted stock units (in shares)	6,889
Ending balance at Jun. 30, 2023	$ 5,940	$ 106,244,511		$ (91,903,221)	14,334,020
Ending balance (in shares) at Jun. 30, 2023	5,939,779
Treasury Stock, ending balance at Jun. 30, 2023			$ (13,210)		$ 13,210
Treasury stock, ending balance (in shares) at Jun. 30, 2023			1,321		1,321

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2023
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. 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	6 Months Ended
	Jun. 30, 2023
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, 2022 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 30, 2023. 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, 2022. 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, 2023 and 2022, 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 . See Note 7. 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, 2023 and 2022, potentially dilutive shares outstanding amounted to 1,636,006 and 1,400,368 shares, respectively, 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, 2023
Intangible Assets
Intangible Assets	Note 3 – Intangible Assets Intangible assets, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2023 2022 ​ ​ (unaudited) ​ ​ ​ Patents ​ $ 1,393,141 ​ $ 1,263,930 Trademarks ​ ​ 10,627 ​ ​ — Other intangible assets ​ 1,843,036 ​ 1,391,479 ​ ​ 3,246,804 ​ 2,655,409 Accumulated amortization - patents ​ ​ (240,608) ​ ​ (211,078) Accumulated amortization - other intangible assets ​ (466,774) ​ (407,900) ​ ​ $ 2,539,422 ​ $ 2,036,431 ​ At June 30, 2023 and December 31, 2022, the Company had capitalized $410,241 and $341,610, respectively, for costs related to patents and trademarks that have not been awarded. Cost related to patents that have not yet been awarded are not amortized until patent issuance. As further discussed in Note 5, the Company entered into a license agreement in April 2023 and capitalized $451,557 in other intangible assets related to this agreement. Amortization expense amounted to $50,178 and $88,404 for the three and six months ended June 30, 2023, respectively, and $37,098 and $73,910 for the three and six months ended June 30, 2022, respectively. Amortization expense for the succeeding five years and thereafter is $100,625 (remaining six months 2024 2027

Lease

Lease	6 Months Ended
	Jun. 30, 2023
Lease
Lease	Note 4 – Lease 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 was 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 was $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, ​ ​ 2023 (remaining) ​ $ 39,683 2024 ​ 80,552 2025 ​ 82,587 2026 ​ 56,132 Total lease payments ​ ​ 258,954 Less: imputed interest ​ (22,759) Total lease liability ​ ​ 236,195 Less: current portion of lease liability ​ ​ (67,595) Long-term lease liability ​ $ 168,600 ​ At June 30, 2023, the remaining lease term was 38 months. For the three months ended June 30, 2023 and 2022, operating cash outflows for lease payments totaled $19,502 and $18,993, respectively, and for the six months ended June 30, 2023 and 2022, operating cash outflows for lease payments totaled $38,835 and $37,817, respectively. For both the three months ended June 30, 2023 and 2022, operating lease cost, recognized on a straight-line basis, totaled $19,017, and for both the six months ended June 30, 2023 and 2022, operating lease cost, recognized on a straight-line basis, totaled $38,035.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies.
Commitments and Contingencies	Note 5 – Commitments and Contingencies License Agreement In 2015, the Company entered into a licensing agreement which expires in February 2033. Per the agreement, the Company has an exclusive royalty-free license associated with semiconductor power switches which enhances its intellectual property portfolio. The Company will pay $100,000 annually under this agreement. In April 2023, the Company amended a 2021 license agreement which expires in February 2034. Per the agreement, the Company has an exclusive royalty-free license associated with semiconductor drive circuitry which enhances its intellectual property portfolio. The Company will pay $50,000 annually under this agreement. At inception, the Company recorded an intangible asset and other long-term liability of $451,557, of which $50,000 is in accrued expenses at June 30, 2023, for the estimated present value of future payments under the licensing agreement. At June 30, 2023 and December 31, 2022, the other long-term liability for the estimated present value of future payments under the licensing agreements was $1,180,005 and $838,458, respectively. The Company is accruing interest for future payments related to 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 the Company’s business and within the scope of executive’s duties and authority.

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 2023
Equity Incentive Plan
Equity Incentive Plan	Note 6 — 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 2023. The Plan is administered by the Compensation Committee of the Company’s Board of Directors (the “Board”). At June 30, 2023, 524,680 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, 2022 513,948 ​ $ 7.59 6.6 Granted 12,000 ​ $ 11.96 ​ Outstanding at June 30, 2023 525,948 ​ $ 7.69 6.2 Exercisable at June 30, 2023 459,950 ​ $ 7.04 5.8 ​ A summary of the Company’s restricted stock unit (RSU) and performance stock unit (PSU) activity is as follows: ​ ​ ​ ​ ​ ​ ​ RSUs PSUs Outstanding at December 31, 2022 ​ 183,666 ​ 114,000 Granted 39,750 ​ — Vested (13,778) — Outstanding at June 30, 2023 209,638 114,000 ​ During the six months ended June 30, 2023, the Company granted 27,550 RSUs to Board members, 12,200 RSUs to employees and 12,000 stock options to employees under the Plan. The estimated fair value of these equity grants, calculated using the Black-Scholes option valuation model for the stock options, was $529,389, $169,439 of which was recognized during the six months ended June 30, 2023. At June 30, 2023, there was $2,570,012 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 0.9 years.

Warrants

Warrants	6 Months Ended
	Jun. 30, 2023
Warrants
Warrants	Note 7 — Warrants At June 30, 2023 and December 31, 2022, the Company had 786,420 warrants outstanding with 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 1.7 years. At June 30, 2023, all warrants were 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, 2023
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, 2022 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 30, 2023. 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, 2022. 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, 2023 and 2022, 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 . See Note 7. 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, 2023 and 2022, potentially dilutive shares outstanding amounted to 1,636,006 and 1,400,368 shares, respectively, 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, 2023
Intangible Assets
Schedule of intangible assets, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2023 2022 ​ ​ (unaudited) ​ ​ ​ Patents ​ $ 1,393,141 ​ $ 1,263,930 Trademarks ​ ​ 10,627 ​ ​ — Other intangible assets ​ 1,843,036 ​ 1,391,479 ​ ​ 3,246,804 ​ 2,655,409 Accumulated amortization - patents ​ ​ (240,608) ​ ​ (211,078) Accumulated amortization - other intangible assets ​ (466,774) ​ (407,900) ​ ​ $ 2,539,422 ​ $ 2,036,431

Lease (Tables)

Lease (Tables)	6 Months Ended
	Jun. 30, 2023
Lease
Schedule of future minimum payments under the lease	​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 (remaining) ​ $ 39,683 2024 ​ 80,552 2025 ​ 82,587 2026 ​ 56,132 Total lease payments ​ ​ 258,954 Less: imputed interest ​ (22,759) Total lease liability ​ ​ 236,195 Less: current portion of lease liability ​ ​ (67,595) Long-term lease liability ​ $ 168,600

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2023
Equity Incentive Plan
Schedule 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, 2022 513,948 ​ $ 7.59 6.6 Granted 12,000 ​ $ 11.96 ​ Outstanding at June 30, 2023 525,948 ​ $ 7.69 6.2 Exercisable at June 30, 2023 459,950 ​ $ 7.04 5.8
Schedule of restricted stock unit (RSU) and performance stock unit (PSU) activity	​ ​ ​ ​ ​ ​ ​ RSUs PSUs Outstanding at December 31, 2022 ​ 183,666 ​ 114,000 Granted 39,750 ​ — Vested (13,778) — Outstanding at June 30, 2023 209,638 114,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Nov. 30, 2019
Summary of Significant Accounting Policies
Exercise price of warrants	$ 5.19		$ 5.19
Potentially dilutive shares outstanding (in shares)	1,636,006	1,400,368
Pre funded warrants
Summary of Significant Accounting Policies
Warrants issued to purchase shares of common stock	253,828	253,828
Exercise price of warrants				$ 0.001

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Intangible Assets
Gross intangible assets	$ 3,246,804	$ 2,655,409
Intangible assets, net	2,539,422	2,036,431
Patents
Intangible Assets
Gross intangible assets	1,393,141	1,263,930
Accumulated amortization	(240,608)	(211,078)
Trademarks
Intangible Assets
Gross intangible assets	10,627
Other intangible assets
Intangible Assets
Gross intangible assets	1,843,036	1,391,479
Accumulated amortization	$ (466,774)	$ (407,900)

Intangible Assets - Additional

Intangible Assets - Additional information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Intangible Assets
Capitalized costs for costs related to patents that have not been awarded		$ 410,241		$ 410,241		$ 341,610
Amortization expense		50,178	$ 37,098	88,404	$ 73,910
Amortization expense for 2023		100,625		100,625
Amortization expense for 2024		201,251		201,251
Amortization expense for 2025		201,251		201,251
Amortization expense for 2026		201,251		201,251
Amortization expense for 2027		201,251		201,251
Amortization expense for thereafter		$ 1,223,552		$ 1,223,552
Other intangible assets
Intangible Assets
Capitalized cost of license agreement	$ 451,557

Lease (Details)

Lease (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2021 USD ($) ft²
Lease
Annual base rent in the second year of the lease	$ 80,552		$ 80,552
Right of use asset	218,130		218,130		$ 248,720
Lease liability	$ 236,195		$ 236,195
Remaining lease term	38 months		38 months
Operating lease payments	$ 19,502	$ 18,993	$ 38,835	$ 37,817
Operating lease cost	$ 19,017	$ 19,017	$ 38,035	$ 38,035
Office and laboratory space
Lease
Square feet of office and laboratory space leased (in sq ft) | ft²						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) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Future minimum payments
2023 (remaining)	$ 39,683
2024	80,552
2025	82,587
2026	56,132
Total lease payments	258,954
Less: imputed interest	(22,759)
Total lease liability	236,195
Less: current portion of lease liability	(67,595)	$ (64,597)
Long-term lease liability	$ 168,600	$ 202,987

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2023	Dec. 31, 2015	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies
Gross intangible assets			$ 3,246,804	$ 2,655,409
Other long-term liabilities			1,180,005	838,458
Accrued expenses			614,642	254,218
Licensing agreements
Commitments and Contingencies
Annual payment due under licensing agreement		$ 100,000
Long-term liability for estimated present value of future payments under licensing agreement			1,180,005	$ 838,458
Company amended
Commitments and Contingencies
Annual payment due under licensing agreement	$ 50,000
Gross intangible assets			451,557
Accrued expenses			$ 50,000

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - 2013 Equity Incentive Plan	6 Months Ended
	Jun. 30, 2023 USD ($) shares
Equity Incentive Plan
Shares of common stock available for issuance under the plan (in shares)	524,680
Granted	12,000
Estimated fair value of options granted | $	$ 529,389
Estimated fair value of stock options recognized | $	169,439
Unrecognized compensation cost related to non-vested share-based compensation arrangements | $	$ 2,570,012
Weighted average period for recognition	10 months 24 days
Employees
Equity Incentive Plan
Granted	12,000
Restricted stock unit (RSUs) | Employees
Equity Incentive Plan
Granted	12,200
Restricted stock unit (RSUs) | Board members
Equity Incentive Plan
Granted	27,550

Equity Incentive Plan - Stock o

Equity Incentive Plan - Stock option activity and related Information (Details) - 2013 Equity Incentive Plan - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Stock Options
Outstanding at December 31, 2022	513,948
Granted	12,000
Outstanding at June 30, 2023	525,948	513,948
Exercisable at June 30, 2023	459,950
Weighted Average Exercise Price
Outstanding at December 31, 2022 (in dollars per share)	$ 7.59
Granted	11.96
Outstanding at June 30, 2023 (in dollars per share)	7.69	$ 7.59
Exercisable at June 30, 2023 (in dollars per share)	$ 7.04
Weighted Average Remaining Life (in years)
Outstanding (in years)	6 years 2 months 12 days	6 years 7 months 6 days
Exercisable	5 years 9 months 18 days

Equity Incentive Plan - Company

Equity Incentive Plan - Company's RSU and PSU activity (Details)	6 Months Ended
	Jun. 30, 2023 shares
RSUs
Restricted stock unit (RSU) and performance stock unit (PSU) activity
Outstanding at December 31, 2022	183,666
Granted	39,750
Vested	(13,778)
Outstanding at June 30, 2023	209,638
PSUs
Restricted stock unit (RSU) and performance stock unit (PSU) activity
Outstanding at December 31, 2022	114,000
Outstanding at June 30, 2023	114,000

Warrants (Details)

Warrants (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Warrants
Warrant outstanding	786,420	786,420
Weighted average 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
Warrants
Warrant outstanding	253,828	253,828
Weighted average exercise price	$ 0.001	$ 0.001
Number of warrants with no expiration date	253,828
Weighted average remaining life of warrants	1 year 8 months 12 days