Ideal Power (IPWR) 10-Q 15 May 24 2024 Q1 Quarterly report Financial data

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