Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 10, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 $0.001 per share | |
Trading Symbol | IPWR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 7,684,238 | |
Entity Central Index Key | 0001507957 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 20,235,410 | $ 8,474,835 |
Accounts receivable, net | 140,000 | 70,000 |
Inventory | 109,362 | 81,450 |
Prepayments and other current assets | 271,729 | 482,890 |
Total current assets | 20,756,501 | 9,109,175 |
Property and equipment, net | 350,195 | 359,225 |
Intangible assets, net | 2,601,308 | 2,580,066 |
Right of use asset | 170,413 | 186,570 |
Other assets | 12,757 | 13,034 |
Total assets | 23,891,174 | 12,248,070 |
Current liabilities: | ||
Accounts payable | 382,012 | 405,098 |
Accrued expenses | 504,418 | 455,112 |
Current portion of lease liability | 72,263 | 70,683 |
Total current liabilities | 958,693 | 930,893 |
Long-term lease liability | 113,744 | 132,304 |
Other long-term liabilities | 1,108,224 | 1,125,173 |
Total liabilities | 2,180,661 | 2,188,370 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 50,000,000 shares authorized; 7,382,699 shares issued and 7,381,378 shares outstanding at March 31, 2024 and 5,998,018 shares issued and 5,996,697 shares outstanding at December 31, 2023 | 7,383 | 5,998 |
Additional paid-in capital | 121,235,416 | 107,116,362 |
Treasury stock, at cost, 1,321 shares at March 31, 2024 and December 31, 2023 | 13,210 | 13,210 |
Accumulated deficit | (99,519,076) | (97,049,450) |
Total stockholders’ equity | 21,710,513 | 10,059,700 |
Total liabilities and stockholders’ equity | $ 23,891,174 | $ 12,248,070 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued (in shares) | 7,382,699 | 5,998,018 |
Common Stock, Shares, Outstanding (in shares) | 7,381,378 | 5,996,697 |
Treasury Stock, Common, Shares (in shares) | 1,321 | 1,321 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total revenue | $ 78,739 | $ 664 |
Total cost of revenue | 68,498 | 664 |
Gross profit | 10,241 | 0 |
Operating expenses: | ||
Research and development | 1,366,893 | 1,440,028 |
General and administrative | 853,688 | 894,933 |
Sales and marketing | 316,611 | 304,326 |
Total operating expenses | 2,537,192 | 2,639,287 |
Loss from operations | (2,526,951) | (2,639,287) |
Interest income, net | 57,325 | 111,302 |
Net loss | $ (2,469,626) | $ (2,527,985) |
Net loss per share – basic and diluted (in dollars per share) | $ (0.39) | $ (0.41) |
Weighted average number of shares outstanding – basic and diluted (in shares) | 6,319,939 | 6,178,508 |
Development Revenue [Member] | ||
Total revenue | $ 78,739 | $ 0 |
Total cost of revenue | 68,498 | 0 |
Grant [Member] | ||
Total revenue | 0 | 664 |
Total cost of revenue | $ 0 | $ 664 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (2,469,626) | $ (2,527,985) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 81,121 | 53,198 |
Amortization of right of use asset | 16,157 | 15,178 |
Write-off of fixed assets | 10,217 | 0 |
Stock-based compensation | 381,019 | 609,926 |
Decrease (increase) in operating assets: | ||
Accounts receivable | (70,000) | (664) |
Inventory | (27,912) | 0 |
Prepaid expenses and other assets | 211,438 | 54,710 |
Accounts payable | (23,086) | (61,693) |
Accrued expenses and other liabilities | 32,357 | 117,099 |
Lease liability | (16,980) | (15,492) |
Net cash used in operating activities | (1,875,295) | (1,755,723) |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract | ||
Purchase of property and equipment | (29,611) | (44,995) |
Acquisition of intangible assets | (73,939) | (24,455) |
Net cash used in investing activities | (103,550) | (69,450) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Net proceeds from issuance of common stock and pre-funded warrants | 13,652,663 | 0 |
Exercise of options | 86,757 | 0 |
Net cash provided by financing activities | 13,739,420 | 0 |
Net increase (decrease) in cash and cash equivalents | 11,760,575 | (1,825,173) |
Cash and cash equivalents at beginning of period | 8,474,835 | 16,345,623 |
Cash and cash equivalents at end of period | $ 20,235,410 | $ 14,520,450 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Dec. 31, 2022 | 5,926,001 | 1,321 | |||
Balances at Dec. 31, 2022 | $ 5,926 | $ 105,011,318 | $ (13,210) | $ (87,095,430) | $ 17,908,604 |
Vesting of restricted stock units (in shares) | 6,889 | 0 | |||
Vesting of restricted stock units | $ 7 | (7) | $ 0 | 0 | 0 |
Stock-based compensation | 0 | 609,926 | 0 | 0 | 609,926 |
Net loss | $ 0 | 0 | $ 0 | (2,527,985) | (2,527,985) |
Balances (in shares) at Mar. 31, 2023 | 5,932,890 | 1,321 | |||
Balances at Mar. 31, 2023 | $ 5,933 | 105,621,237 | $ (13,210) | (89,623,415) | 15,990,545 |
Balances (in shares) at Dec. 31, 2023 | 5,998,018 | 1,321 | |||
Balances at Dec. 31, 2023 | $ 5,998 | 107,116,362 | $ (13,210) | (97,049,450) | 10,059,700 |
Vesting of restricted stock units (in shares) | 9,679 | 0 | |||
Vesting of restricted stock units | $ 10 | (10) | $ 0 | 0 | 0 |
Stock-based compensation | 0 | 381,019 | 0 | 0 | 381,019 |
Net loss | $ 0 | 0 | $ 0 | (2,469,626) | (2,469,626) |
Issuance of common stock and pre-funded warrants (in shares) | 1,366,668 | 0 | |||
Issuance of common stock and pre-funded warrants | $ 1,367 | 13,651,296 | $ 0 | 0 | $ 13,652,663 |
Exercise of options (in shares) | 8,334 | 0 | 8,334 | ||
Exercise of options | $ 8 | 86,749 | $ 0 | 0 | $ 86,757 |
Balances (in shares) at Mar. 31, 2024 | 7,382,699 | 1,321 | |||
Balances at Mar. 31, 2024 | $ 7,383 | $ 121,235,416 | $ (13,210) | $ (99,519,076) | $ 21,710,513 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1 Organization and Description of Business Ideal Power Inc. (the “Company”) was incorporated in Texas in May 2007 under the name Ideal Power Converters, Inc. The Company changed its name to Ideal Power Inc. and re-incorporated in Delaware in July 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. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 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, 2023 has been derived from the Company’s audited financial statements included in its Annual Report on Form 10-K filed with the SEC on April 1, 2024. 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, 2023. 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 months ended March 31, 2024 and 2023, the Company included pre-funded warrants to purchase shares of common stock in its computation of net loss per share. The pre-funded warrants were issued in March 2024 and November 2019 with an exercise price of $0.001. See Note 8. 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 March 31, 2024 and 2023, potentially dilutive shares outstanding amounted to 1,630,595 and 1,630,695 shares, respectively, and exclude pre-funded 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. |
Note 3 - Intangible Assets
Note 3 - Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 3 Intangible Assets Intangible assets, net consisted of the following: March 31, December 31, 2024 2023 (unaudited) Patents $ 1,601,638 $ 1,530,257 Trademarks 18,352 15,794 Other intangible assets 1,843,036 1,843,036 3,463,026 3,389,087 Accumulated amortization - patents (290,881 ) (272,872 ) Accumulated amortization - other intangible assets (570,837 ) (536,149 ) $ 2,601,308 $ 2,580,066 At March 31, 2024 and December 31, 2023, the Company had capitalized $430,287 and $460,890, respectively, for costs related to patents that have not been awarded. Cost related to patents that have not yet been awarded are not amortized until patent issuance. Amortization expense amounted to $52,697 and $38,226 for the three months ended March 31, 2024 and 2023, respectively. Amortization expense for the succeeding five years and thereafter is $160,934 (remaining nine months of 2024), $214,579 (2025-2028) and $1,133,419 (thereafter). |
Note 4 - Lease
Note 4 - Lease | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 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 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 liability for this lease upon lease commencement. 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, 2024 (remaining) $ 60,711 2025 82,587 2026 56,132 Total lease payments 199,430 Less: imputed interest (13,423 ) Total lease liability 186,007 Less: current portion of lease liability (72,263 ) Long-term lease liability $ 113,744 At March 31, 2024, the remaining lease term was 29 months. For the three months ended March 31, 2024 and 2023, operating cash flows for lease payments totaled $19,841 and $19,333, respectively. For the three months ended March 31, 2024 and 2023, operating lease cost, recognized on a straight-line basis, totaled $19,018 and $19,018, respectively. |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 5 Commitments and Contingencies License Agreements 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, included in intangible assets, associated with semiconductor power switches which enhances its intellectual property portfolio. The Company pays $100,000 annually under this agreement. In 2023, the Company amended a 2021 license agreement which expires in February 2034. Per the agreement, the Company has an exclusive royalty-free license, included in intangible assets, associated with semiconductor drive circuitry which enhances its intellectual property portfolio. The Company pays $50,000 annually under this agreement. At March 31, 2024 and December 31, 2023, the other long-term liability for the estimated present value of future payments under the licensing agreements was $1,108,224 and $1,125,173, 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 the executive’s duties and authority. |
Note 6 - Common Stock
Note 6 - Common Stock | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 6 Common Stock In March 2024, the Company issued and sold 1,366,668 shares of its common stock at a price of $7.50 per share and 633,332 pre-funded warrants to purchase shares of common stock at a price of $7.499 per pre-funded warrant in an underwritten public offering (the “March 2024 Offering”). The pre-funded warrants have an exercise price of $0.001 per share. The underwriter has a 30-day option to purchase up to an additional 300,000 shares of common stock at the offering price, less the underwriting discounts and commissions. The net proceeds to the Company from the March 2024 Offering were $13.7 million as of March 31, 2024. |
Note 7 - Equity Incentive Plan
Note 7 - Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 7 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. At March 31, 2024, 453,839 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, 2023 525,948 $ 7.69 6.6 Exercised (8,334 ) $ 10.41 Outstanding at March 31, 2024 517,614 $ 7.65 5.4 Exercisable at March 31, 2024 479,285 $ 7.34 5.2 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, 2023 171,530 114,000 Granted 50,710 — Vested (9,679 ) — Outstanding at March 31, 2022 212,561 114,000 During the three months ended March 31, 2024, the Company granted 38,710 RSUs to Board members and 12,000 RSUs to employees under the Plan. The estimated fair value of these equity grants was $397,803, $82,362 of which was recognized during the three months ended March 31, 2024. At March 31, 2024, there was $1,885,023 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. |
Note 8 - Warrants
Note 8 - Warrants | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | Note 8 Warrants At March 31, 2024 and December 31, 2023, the Company had 786,420 warrants outstanding with a weighted average exercise price of $5.19 per share. At March 31, 2024 and December 31, 2023, the Company had 887,160 and 253,828 pre-funded warrants outstanding, respectively, with an exercise price of $0.001 per share. The weighted average remaining life, excluding the pre-funded warrants with no expiration date, of the outstanding warrants is 0.9 years. At March 31, 2024, 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. |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 9 Subsequent Events Public Offering In April 2024 and in connection with the March 2024 Offering, the underwriter exercised its 30-day option to purchase an additional 300,000 shares of the Company’s common stock at the offering price of $7.50 per share, less underwriting discounts and commissions. The estimated net proceeds to the Company from the March 2024 Offering, including the underwriter’s exercise of its option to purchase additional shares, are $15.7 million. Amended Lease In April 2024, the Company entered into a first amendment and relocation agreement (the “Amended Lease”) with our landlord. Under the Amended Lease, the Company will relocate to another, larger suite in the same office building. The Amended Lease is for 5,775 square feet of office and laboratory space and, upon occupancy, will replace the 4,070 square feet of office and laboratory space currently leased by the Company. The term of the Amended Lease will expire sixty-two (62) months from the earliest to occur of July 1, 2024 or the Company’s occupancy of all or any part of the new suite. The annual base rent for the first year of the Amended Lease is $118,388 and the annual base rent increases approximately 2.75% each year during the lease term. As with the current lease, the Company is required to pay its proportionate share of operating costs for the building under this triple net lease. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | During the three months ended March 31, 2024, no |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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, 2023 has been derived from the Company’s audited financial statements included in its Annual Report on Form 10-K filed with the SEC on April 1, 2024. 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, 2023. 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, Policy [Policy Text Block] | 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 months ended March 31, 2024 and 2023, the Company included pre-funded warrants to purchase shares of common stock in its computation of net loss per share. The pre-funded warrants were issued in March 2024 and November 2019 with an exercise price of $0.001. See Note 8. 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 March 31, 2024 and 2023, potentially dilutive shares outstanding amounted to 1,630,595 and 1,630,695 shares, respectively, and exclude pre-funded warrants to purchase shares of common stock. |
New Accounting Pronouncements, Policy [Policy Text Block] | 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. |
Note 3 - Intangible Assets (Tab
Note 3 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, December 31, 2024 2023 (unaudited) Patents $ 1,601,638 $ 1,530,257 Trademarks 18,352 15,794 Other intangible assets 1,843,036 1,843,036 3,463,026 3,389,087 Accumulated amortization - patents (290,881 ) (272,872 ) Accumulated amortization - other intangible assets (570,837 ) (536,149 ) $ 2,601,308 $ 2,580,066 |
Note 4 - Lease (Tables)
Note 4 - Lease (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | For the Year Ended December 31, 2024 (remaining) $ 60,711 2025 82,587 2026 56,132 Total lease payments 199,430 Less: imputed interest (13,423 ) Total lease liability 186,007 Less: current portion of lease liability (72,263 ) Long-term lease liability $ 113,744 |
Note 7 - Equity Incentive Plan
Note 7 - Equity Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Stock Exercise Life Options Price (in years) Outstanding at December 31, 2023 525,948 $ 7.69 6.6 Exercised (8,334 ) $ 10.41 Outstanding at March 31, 2024 517,614 $ 7.65 5.4 Exercisable at March 31, 2024 479,285 $ 7.34 5.2 |
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] | RSUs PSUs Outstanding at December 31, 2023 171,530 114,000 Granted 50,710 — Vested (9,679 ) — Outstanding at March 31, 2022 212,561 114,000 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - $ / shares | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Nov. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,630,595 | 1,630,695 | ||
Prefunded Warrants [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Note 3 - Intangible Assets (Det
Note 3 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Finite-Lived Intangible Assets, Gross | $ 3,463,026 | $ 3,389,087 | |
Amortization of Intangible Assets | 52,697 | $ 38,226 | |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 160,934 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 214,579 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 214,579 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 214,579 | ||
Finite Lived Intangible Asset Expected Amortization After Year Four | 1,133,419 | ||
Patents and Trademarks Yet to be Awarded [Member] | |||
Finite-Lived Intangible Assets, Gross | $ 430,287 | $ 460,890 |
Note 3 - Intangible Assets - Sc
Note 3 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Gross | $ 3,463,026 | $ 3,389,087 |
Finite-Lived Intangible Assets, Net | 2,601,308 | 2,580,066 |
Patents [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,601,638 | 1,530,257 |
Accumulated amortization | (290,881) | (272,872) |
Trademarks [Member] | ||
Finite-Lived Intangible Assets, Gross | 18,352 | 15,794 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,843,036 | 1,843,036 |
Accumulated amortization | $ (570,837) | $ (536,149) |
Note 4 - Lease (Details Textual
Note 4 - Lease (Details Textual) | 3 Months Ended | |||
Mar. 31, 2021 USD ($) ft² | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Operating Lease, Right-of-Use Asset | $ 170,413 | $ 186,570 | ||
Lessee, Operating Lease, Discount Rate | 6% | |||
Lessee, Operating Lease, Remaining Lease Term | 29 months | |||
Operating Lease, Payments | $ 19,841 | $ 19,333 | ||
Operating Lease, Cost | $ 19,018 | $ 19,018 | ||
Office and Laboratory Space [Member] | ||||
Area of Real Estate Property | ft² | 4,070 | |||
Lessee, Operating Lease, Term of Contract | 63 months | |||
Operating Leases, Future Minimum Payments, Due In One Year | $ 56,471 | |||
Lessee Operating Lease, Abated Rent | 18,824 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 77,330 | |||
Operating Leases, Increases In Base Rent, Amount | $ 2,035 | |||
Lessee, Operating Lease, Renewal Term | 5 years | |||
Operating Lease, Right-of-Use Asset | $ 339,882 |
Note 4 - Lease - Future Minimum
Note 4 - Lease - Future Minimum Payments (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
2023 (remaining) | $ 60,711 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 82,587 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 56,132 | |
Total lease payments | 199,430 | |
Less: imputed interest | (13,423) | |
Total lease liability | 186,007 | |
Less: current portion of lease liability | (72,263) | $ (70,683) |
Long-term lease liability | $ 113,744 | $ 132,304 |
Note 5 - Commitments and Cont_2
Note 5 - Commitments and Contingencies (Details Textual) - Licensing Agreements [Member] - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Apr. 30, 2023 | Dec. 31, 2015 |
Commitments, Annual Payment | $ 50,000 | $ 100,000 | ||
Contractual Obligation | $ 1,108,224 | $ 1,125,173 |
Note 6 - Common Stock (Details
Note 6 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Nov. 30, 2019 | |
Prefunded Warrants [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
March 2024 Offering [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 1,366,668 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 7.5 | ||
Issuance of Stock, Underwriter Options, Number of Shares (in shares) | 300,000 | ||
Proceeds from Issuance or Sale of Equity | $ 13.7 | ||
March 2024 Offering [Member] | Prefunded Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 633,332 | ||
Warrants Issued, Price Per Warrant (in dollars per share) | $ 7.499 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 |
Note 7 - Equity Incentive Pla_2
Note 7 - Equity Incentive Plan (Details Textual) | 3 Months Ended |
Mar. 31, 2024 USD ($) shares | |
Restricted Stock Units (RSUs) [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 50,710 |
The 2013 Equity Incentive Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 453,839 |
Share Based Compensation Arrangement By Share Based Payment Award, Grants In Period, Fair Value | $ | $ 397,803 |
Share-Based Payment Arrangement, Expense | $ | 82,362 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 1,885,023 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 10 months 24 days |
The 2013 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 12,000 |
The 2013 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Board Member [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 38,710 |
Note 7 - Equity Incentive Pla_3
Note 7 - Equity Incentive Plan - Stock Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Outstanding, options (in shares) | 525,948 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 7.69 | |
Outstanding, weighted average remaining life (Year) | 5 years 4 months 24 days | 6 years 7 months 6 days |
Exercised (in shares) | (8,334) | |
Exercised, weighted average exercise price (in dollars per share) | $ 10.41 | |
Outstanding, options (in shares) | 517,614 | 525,948 |
Outstanding, weighted average exercise price (in dollars per share) | $ 7.65 | $ 7.69 |
Exercisable, options (in shares) | 479,285 | |
Exercisable, options, exercise price (in dollars per share) | $ 7.34 | |
Exercisable, options, remaining life (Year) | 5 years 2 months 12 days |
Note 7 - Equity Incentive Pla_4
Note 7 - Equity Incentive Plan - Other Award Activity (Details) | 3 Months Ended |
Mar. 31, 2024 shares | |
Restricted Stock Units (RSUs) [Member] | |
Outstanding at December 31, 2022 (in shares) | 171,530 |
Granted (in shares) | 50,710 |
Vested (in shares) | (9,679) |
Outstanding at March 31, 2022 (in shares) | 212,561 |
Performance Stock Units (PSUs) [Member] | |
Outstanding at December 31, 2022 (in shares) | 114,000 |
Granted (in shares) | 0 |
Vested (in shares) | 0 |
Outstanding at March 31, 2022 (in shares) | 114,000 |
Note 8 - Warrants (Details Text
Note 8 - Warrants (Details Textual) - $ / shares | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Nov. 30, 2019 | |
Maximum Beneficial Ownership Percentage of Warrants | 4.99% | ||
Maximum Beneficial Ownership Percentage of Warrants Upon Investor's Election | 9.99% | ||
Warrant [Member] | |||
Class of Warrant or Right, Outstanding | 786,420 | 786,420 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5.19 | $ 5.19 | |
Warrants and Rights Outstanding, Term | 10 months 24 days | ||
Prefunded Warrants [Member] | |||
Class of Warrant or Right, Outstanding | 887,160 | 253,828 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2024 USD ($) ft² $ / shares shares | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) | Mar. 31, 2021 ft² | |
Proceeds from Issuance of Common Stock | $ 13,652,663 | $ 0 | ||
Office and Laboratory Space [Member] | ||||
Area of Real Estate Property | ft² | 4,070 | |||
Lessee, Operating Lease, Term of Contract | 63 months | |||
Subsequent Event [Member] | Amended Lease [Member] | ||||
Area of Real Estate Property | ft² | 5,775 | |||
Lessee, Operating Lease, Term of Contract | 62 months | |||
Lessee, Operating Lease, Base Rent | $ 118,388 | |||
Lessee, Operating Lease, Base Rent Increase Percentage | 2.75% | |||
March 2024 Offering [Member] | ||||
Issuance of Stock, Underwriter Options, Number of Shares (in shares) | shares | 300,000 | |||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 7.5 | |||
March 2024 Offering [Member] | Subsequent Event [Member] | ||||
Issuance of Stock, Underwriter Options, Number of Shares (in shares) | shares | 300,000 | |||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 7.5 | |||
Proceeds from Issuance of Common Stock | $ 15,700,000 |