Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 05, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Soliton, Inc. | |
Entity Central Index Key | 0001548187 | |
Trading Symbol | soly | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | No | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 14,678,435 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 4,860,690 | $ 133,435 |
Restricted cash | 200,000 | |
Total cash | 5,060,690 | 133,435 |
Prepaid expenses and other current assets | 230,882 | 10,533 |
Total current assets | 5,291,572 | 143,968 |
Deferred direct issuance costs - proposed offering | 276,560 | |
Property and equipment, net of accumulated depreciation | 987,967 | 1,014,240 |
Intangible assets, net of accumulated amortization | 86,080 | 84,942 |
Other assets | 23,283 | 23,283 |
Total assets | 6,388,902 | 1,542,993 |
Current liabilities: | ||
Accounts payable | 546,067 | 2,737,836 |
Accrued liabilities | 1,360,958 | 1,863,874 |
Dividends payable | 4,613,260 | |
Accrued interest | 133,804 | |
Accrued interest - related party | 1,162,719 | |
Convertible notes payable, net | 47,781 | 1,784,976 |
Convertible notes payable - related party | 8,422,000 | |
Notes payable, net | 293,568 | |
Notes payable - related party, net | 65,479 | |
Deferred rent - current portion | 7,106 | 7,106 |
Total current liabilities | 1,961,912 | 21,084,622 |
Deferred rent | 15,250 | 16,256 |
Total liabilities | 1,977,162 | 21,100,878 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity (deficit) | ||
Common stock, $0.001 par value, 100,000,000 authorized, 14,613,000 shares issued and outstanding at March 31, 2019 and 1,998,056 shares issued and outstanding at December 31, 2018 | 14,613 | 1,998 |
Additional paid-in capital | 49,896,966 | 22,568,857 |
Accumulated deficit | (45,499,839) | (42,131,275) |
Total stockholders’ equity (deficit) | 4,411,740 | (19,557,885) |
Total liabilities and stockholders’ equity (deficit) | 6,388,902 | 1,542,993 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity (deficit) | ||
Preferred stock | 417 | |
Series B Preferred Stock [Member] | ||
Stockholders’ equity (deficit) | ||
Preferred stock | $ 2,118 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.001 | |
Preferred stock, shares designated (in shares) | 2,534,766 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 14,613,000 | 1,998,056 |
Common stock, shares outstanding (in shares) | 14,613,000 | 1,998,056 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, liquidation value | $ 1,999,997 | $ 1,999,997 |
Preferred stock, shares designated (in shares) | 416,666 | |
Preferred stock, shares issued (in shares) | 416,666 | |
Preferred stock, shares outstanding (in shares) | 416,666 | |
Series B Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, liquidation value | $ 14,000,641 | $ 14,000,641 |
Preferred stock, shares designated (in shares) | 2,118,100 | |
Preferred stock, shares issued (in shares) | 2,118,100 | |
Preferred stock, shares outstanding (in shares) | 2,118,100 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | ||
Operating expenses: | ||
Research and development | 445,402 | 692,725 |
Sales and marketing | 57,016 | 12,500 |
Depreciation and amortization | 29,703 | 30,561 |
General and administrative | 1,854,684 | 449,029 |
Total operating expenses | 2,386,805 | 1,184,815 |
Loss from operations | (2,386,805) | (1,184,815) |
Other (expense) income: | ||
Interest expense | (822,858) | (166,887) |
Interest income | 1,318 | 37 |
Total other (expense) income | (821,540) | (166,850) |
Loss before income taxes | (3,208,345) | (1,351,665) |
Income tax (expense) benefit | ||
Net loss | (3,208,345) | (1,351,665) |
Dividend to series A and B preferred stockholders | (160,219) | (320,000) |
Net loss attributable to common stockholders | $ (3,368,564) | $ (1,671,665) |
Net loss per common share, basic and diluted (in dollars per share) | $ (0.43) | $ (0.92) |
Weighted average number of common shares outstanding, basic and diluted (in shares) | 7,745,378 | 1,820,556 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - 3 months ended Mar. 31, 2019 - USD ($) | Preferred Stock [Member]Series A Preferred Stock [Member] | Preferred Stock [Member]Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 416,666 | 2,118,100 | 1,998,056 | |||
Balance at Dec. 31, 2018 | $ 417 | $ 2,118 | $ 1,998 | $ 22,568,857 | $ (42,131,275) | $ (19,557,885) |
Share-based compensation | 512,045 | 512,045 | ||||
Debt discount on convertible notes and notes payable – issuance of warrants | 145,974 | 145,974 | ||||
Payment of deferred direct issuance costs | (186,029) | (186,029) | ||||
Issuance of common shares for extinguishment of preferred shares (in shares) | (416,666) | (2,118,100) | ||||
Issuance of common shares for extinguishment of preferred shares | $ (417) | $ (2,118) | ||||
Conversion of Stock, Shares Issued | 2,534,766 | |||||
Issuance of common shares for extinguishment of preferred shares | $ 2,535 | |||||
Issuance of common shares for extinguishment of preferred shares | ||||||
Issuance of common shares for extinguishment of convertible debt (in shares) | 6,825,391 | |||||
Issuance of common shares for extinguishment of convertible debt | $ 6,825 | 11,778,162 | 11,784,987 | |||
Issuance of common shares for extinguishment of dividends payable (in shares) | 954,696 | |||||
Issuance of common shares for extinguishment of dividends payable | $ 955 | 4,772,525 | 4,773,480 | |||
Issuance of common shares from IPO, net of costs (in shares) | 2,172,591 | |||||
Issuance of common shares from IPO, net of costs | $ 2,173 | 9,871,494 | 9,873,667 | |||
Issuance of common shares for accelerated vesting (in shares) | 127,500 | |||||
Issuance of common shares for accelerated vesting | $ 127 | (127) | ||||
Accrued preferred dividends | (160,219) | (160,219) | ||||
Net loss | (3,208,345) | (3,208,345) | ||||
Debt forgiveness | 434,065 | 434,065 | ||||
Balance (in shares) at Mar. 31, 2019 | 14,613,000 | |||||
Balance at Mar. 31, 2019 | $ 14,613 | $ 49,896,966 | $ (45,499,839) | $ 4,411,740 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (3,208,345) | $ (1,351,665) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 29,703 | 30,561 |
Share-based compensation | 512,045 | 145,553 |
Amortization of debt discount | 664,953 | |
Deferred rent | (1,006) | 125 |
Changes in operating assets - (Increase)/Decrease: | ||
Prepaid expenses and other current assets | (220,349) | (1,954) |
Changes in operating liabilities - Increase/(Decrease): | ||
Accounts payable | (1,941,769) | 477,328 |
Accrued liabilities | (68,853) | (345,802) |
Non-convertible accrued interest - non-related and related party | 10,617 | |
Convertible accrued interest - related party | 145,667 | 166,857 |
NET CASH USED IN OPERATING ACTIVITIES: | (4,077,337) | (878,997) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments for the purchase of property and equipment | (3,430) | |
Payments for acquisition of intangibles | (1,138) | (3,880) |
NET CASH USED IN INVESTING ACTIVITIES: | (4,568) | (3,880) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment of non-convertible notes payable - related party and non-related party | (985,000) | |
Payment of non-convertible notes payable accrued interest - related party and non-related party | (20,038) | |
Proceeds from the issuance of non-convertible notes payable - non-related party | 300,000 | |
Proceeds from initial public offering | 9,714,198 | |
Proceeds from convertible notes payable - related party | 875,000 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES: | 9,009,160 | 875,000 |
Net increase (decrease) in cash and cash equivalents | 4,927,255 | (7,877) |
Cash and cash equivalents, beginning of period | 133,435 | 18,412 |
Cash and cash equivalents, end of period | 5,060,690 | 10,535 |
Supplemental cash flow disclosures: | ||
Cash paid for interest | 20,038 | |
Accrued preferred dividends | 160,219 | 320,000 |
Capital contributions - extinguishment of deferred compensation | 434,065 | |
Issuance of common stock for extinguishment of convertible note payable - related party and non-related party | 10,352,219 | |
Issuance of common stock for extinguishment of convertible note payable accrued interest - related party and non-related party | 1,432,768 | |
Issuance of common stock for extinguishment of dividends payable | 4,773,480 | |
Issuance of common stock for extinguishment of preferred stock A and preferred stock B | 2,535 | |
Deferred direct issuance costs - APIC | $ 145,974 |
Note 1 - Description of the Bus
Note 1 - Description of the Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1 Description of the Business Soliton, Inc. (“Soliton” or the “Company”) was organized under the laws of the State of Delaware on March 27, 2012. one first Initial Public Offering On February 19, 2019, 2,172,591 $5.00 $10,862,955 $9,700,000. $11,784,987 6,825,391 $4,773,480 954,696 2,534,766 127,500 14,613,000. not 4.99% 4.99% $47,781 273,034 not 4.99% not Going Concern The Company is an early stage and emerging growth company and has not For the three March 31, 2019 2018, $3,208,345 $1,351,665, $4,077,337 $878,997, March 31, 2019, $45,499,839, $3,329,660 $5,060,690. not one not The Company’s cash on hand of $5,060,690 March 31, 2019 not February 2020. no Basis of Presentation The accompanying condensed interim financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for interim financial information. Accordingly, they do not 10 December 31, 2018 March 29, 2019. not may December 31, 2018 not Segments The Company operates in one Use of Estimates in Financial Statement Presentation The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company's significant estimates and assumptions include valuation of equity related instruments, depreciable lives of long-lived assets (including property and equipment and intangible assets), and the valuation allowance related to deferred taxes. Some of these judgments can be subjective and complex, and, consequently, actual results could differ from those estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid accounts with original maturities of three $250,000 may $250,000. Property and Equipment Property and equipment are stated at historical cost and depreciated on a straight-line basis over the estimated useful lives, generally three five Intangible Assets Intangible assets include trademarks. At March 31, 2019 December 31, 2018, $86,080 $84,942, not may three March 31, 2019 2018 $0 $376, Long-Lived Assets The Company evaluates its long-lived assets, including equipment and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not . Deferred Rent Deferred rent is recorded and amortized to the extent the total minimum rental payments allocated to the current period on a straight-line basis differ from the cash payments required. Convertible Debt When conversion terms related to convertible debt would be triggered by future events not Fair Value Measurements Fair value is defined as the price which would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three Level 1 Level 2 1 not Level 3 At March 31, 2019 December 31, 2018, At March 31, 2019 December 31, 2018, not Deferred Direct Issuance Costs – Offering The Company had offering costs of $276,560, $250,000 $26,560 February 2019. Warrants to Purchase Common Stock We accounted for warrants issued in connection with notes payable in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification (ASC) Topic 480 10, Distinguishing Liabilities from Equity three not not 470 20 25, Debt with Conversion and Other Options may Research and Development Expenses Research and development expenses are recognized as incurred and include the costs related to the Company's various contract research service providers, suppliers, engineering studies, supplies, outsourced testing and consulting, clinical costs, patent costs and salaries and related costs of employees working directly on research activities. Stock-Based Compensation Stock-based compensation expense includes the estimated fair value of equity awards vested during the reporting period. The expense for equity awards vested during the reporting period is determined based upon the grant date fair value of the award and is recognized as expense over the applicable vesting period of the stock award using the straight-line method. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of reported assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not not December 31, 2016 In assessing the realization of deferred tax assets, management considers whether it is more likely than not not March 31, 2019 December 31, 2018 not not no three March 31, 2019 2018. Management has evaluated and concluded that there were no March 31, 2019. not twelve The Company classifies interest expense and any related penalties related to income tax uncertainties as a component of income tax expense. No three March 31, 2019 2018. Net Loss per Common Share Basic net loss per common share is computed by dividing net loss available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. As of March 31, 2019, 2,636,750 1,228,431 As of March 31, 2018, 15,000 2,534,766 305,000 JOBS Act Accounting Election The Company is an emerging growth company ("EGC"), as defined in the Jumpstart Our Business Startups Act of 2012 not may Subsequent Events The Company’s management reviewed all material events through the date that the financial statements were issued for subsequent event disclosure consideration. See Note 7 Recent Accounting Standards In February 2016, No. 2016 02, “Leases (Topic 842 12 December 15, 2019 may In June 2018, No. 2018 07, “Compensation Stock Compensation (Topic 718 No. 2018 07 not January 1, 2019 not three March 31, 2019. The Company does not not |
Note 2 - Prepaid Expenses and O
Note 2 - Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Current Assets [Text Block] | Note 2 - Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: March 31, December 31, 2019 2018 Prepaid insurance $ 228,446 $ 9,453 Other receivables 2,436 1,080 Total prepaid expenses and other current assets $ 230,882 $ 10,533 |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 - Property and Equipment Property and equipment consisted of the following: March 31, December 31, 2019 2018 Computer equipment and software $ 109,134 $ 105,704 Research and development equipment 244,480 244,480 Lab equipment 780,000 780,000 Leasehold improvements 242,167 242,167 Furniture 19,893 19,893 Subtotal 1,395,674 1,392,244 Less: accumulated depreciation (407,707 ) (378,004 ) Total property and equipment, net $ 987,967 $ 1,014,240 Depreciation expense for the three March 31, 2019 2018 $29,703 $30,185 , respectively. |
Note 4 - Convertible Notes Paya
Note 4 - Convertible Notes Payable | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 4 - Convertible Notes Payable On February 19, 2019, $11,784,987 6,825,391 $4,773,480 954,696 not 4.99% 4.99% $47,781 273,034 not 4.99% not The total amount of issuance under the First Note and First Amendment throughout 2017 $5,000,000 $5,000,000 $944,063 1,585,086 March 31, 2019. On November 1, 2017, second $1,900,000 75% not $5,000,000 85% 8.25% June 29, 2018, 12.0% The Company closed the initial tranche of the Second Note on November 9, 2017 $400,000, December 1, 2017, $375,000, third December 26, 2017 $250,000, fourth January 8, 2018 $250,000, fifth January 25, 2018 $250,000 February 13, 2018 $375,000 $1,900,000. On June 29, 2018, April 30, 2019. As of March 31, 2019, $1,900,000 $1,900,000 $223,368 566,235 March 31, 2019. On April 2, 2018, August 10, 2018, $500,000 $0.175. not 4.99% 10.0% April 2, 2020 February 19, 2019. As of March 31, 2019, $500,000. $250,000 $250,000 four $452,219 $43,562 2,833,034 March 31, 2019. March 31, 2019, $47,781. On April 17, 2018, $3,000,000 $1.75. 10.0% two February 19, 2019. As of March 31, 2019, $3,000,000. $1,272,000 $1,728,000 $3,000,000 $221,775 1,841,036 March 31, 2019. The Company incurred issuance costs relating to the Fourth Note in the amount of $163,760, 24 $118,492 three March 31, 2019. The Company also issued warrants to purchase 91,350 $1.75 $103,006. 6. 24 $74,532 three March 31, 2019. On August 7, 2018, $485,000 10% five one $1.75 five $125,000 one On August 31, 2018, $200,000 August 7, 2018. December 21, 2018, $300,000 August 7, 2018 $985,000. October 2018 February 2019, $125,000 $860,000 February 15, 2019, $985,000 $20,038 The Company issued 685,000 2018. $775,616. $363,748 $66,423 $297,325 24 $325,955 three March 31, 2019. The Company issued 300,000 January February 2019. $285,234. $145,974 24 $145,974 three March 31, 2019. |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | Note 5 - Commitments and Contingencies On April 5, 2012, 30 third MD Anderson has the right to terminate the agreement upon advanced notice in the event of a default by Soliton. The agreement will expire upon the expiration of the licensed intellectual property. The rights obtained by the Company pursuant to the agreement are made subject to the rights of the U.S. government to the extent that the technology covered by the licensed intellectual property was developed under a funding agreement between MD Anderson and the U.S. government. All out-of-pocket expenses incurred by MD Anderson in filing, prosecuting and maintaining the licensed patents have been and shall continue to be assumed by the Company. Leases The Company leases space for its corporate office, which provides for a five July 15, 2015, $8,053 three March 31, 2019 2018 $24,158 $16,793, Future minimum lease payments as of March 31, 2019 Year Ending December 31, Amount 2019 $ 78,573 2020 108,429 Thereafter 36,668 Total future minimum lease payments $ 223,670 Legal Proceedings In the normal course of business, from time-to-time, the Company may not |
Note 6 - Stockholders' Deficit
Note 6 - Stockholders' Deficit | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 6 - Stockholders’ Deficit Preferred Stock The Company was authorized to issue 2,534,766 $0.001 may As of March 31, 2019 December 31, 2018, 0 416,666 0 2,118,100 The Series A preferred stock had the following features: 1. Dividends accrued at a rate of 8% $4.80 $24.00 $50,000,000 50.1% 2. A liquidation right preference over the right of the Company’s common stock. 3. Each share of the Series A preferred stock had one 4. Each share of the Series A preferred stock was convertible by the holder, at any time, into shares of common stock equal to $4.80 $4.80. The Series B preferred stock has similar rights as Series A preferred stock except that the dividends were based on $6.61 $6.61 $6.61. February 19, 2019 December 31, 2018, $4,773,480 $4,613,261, On February 14, 2019, 2,534,766 954,696 February 19, 2019 no Adoption of 2012 In November 2012, 2012 “2012 2012 may 2012 2012 2012 789,745 March 31, 2019, 14,745 2012 not 2012 2018 Adoption of 2018 In June 2018, 2018 2018 may 2018 2018 2018 3,000,000 March 31, 2019, 378,250 2018 Restricted Stock During the three March 31, 2019 2018, $264,453 $145,553, February 14, 2019, 127,500 no March 31, 2019. three March 31, 2018, no March 31, 2019, no Stock Options The following table summarizes stock option activities for the three March 31, 2019: Number of Weighted Weighted Aggregate Outstanding, December 31, 2018 2,235,000 $ 1.74 9.44 23,100 Granted 401,750 1.75 Exercised - - Cancelled - - Outstanding, March 31, 2019 2,636,750 $ 1.74 7.92 16,767,663 Exercisable, March 31, 2019 7,500 $ 0.13 8.51 $ 59,775 In January 2019, $484,000 September 30, 2018 three March 31, 2019, 401,750 $1.75 10 25% 1 $ 456,961 1 2. 53 % 2 5.27 two 3 84. 4 4 no 5 $1.67 All options issued and outstanding are being amortized over their respective vesting periods. The unrecognized compensation expense at March 31, 2019 $ 2,530,333 three March 31, 2019 2018, $247,592 $0, Warrants On April 20, 2018, 79,350 $1.75. April 20, 2023. On June 8, 2018, 12,000 $1.75. June 8, 2023. From October December 2018, 685,000 $1.75. five 300,000 $1.75 January February 2019. On February 19, 2019, five 152,081 $6.00. The grant date fair value of these 1,228,431 $1,636,232, 1 2.5% 2.8% 2 5 3 84% 85% 4 no 5 $1.67 February 19, 2019 $4.87 The fair value amount was included in discounts on convertible notes payable and being amortized over the life of the convertible notes payable. As a result of the Company’s IPO closing on February 14, 2019, $664,953 The following table summarizes warrant activities for the three March 31, 2019: Number of Weighted Weighted Aggregate Outstanding, December 31, 2018 776,350 $ 1.75 4.80 $ - Granted 452,081 3.18 Exercised - - Cancelled - - Outstanding, March 31, 2019 1,228,431 $ 2.28 4.66 $ 7,154,193 Exercisable, March 31, 2019 1,228,431 $ 2.28 4.66 $ 7,154,193 |
Note 7 - Subsequent Events
Note 7 - Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 7 - Subsequent Events On May 8 , 2019, 87,500, 87,500 25,000 three April 15, 2019, April 15, 2019 April 29, 2019, 25,000 four 175,000 42 September 19, 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Initial Public Offering, Policy [Policy Text Block] | Initial Public Offering On February 19, 2019, 2,172,591 $5.00 $10,862,955 $9,700,000. $11,784,987 6,825,391 $4,773,480 954,696 2,534,766 127,500 14,613,000. not 4.99% 4.99% $47,781 273,034 not 4.99% not |
Substantial Doubt about Going Concern [Policy Text Block] | Going Concern The Company is an early stage and emerging growth company and has not For the three March 31, 2019 2018, $3,208,345 $1,351,665, $4,077,337 $878,997, March 31, 2019, $45,499,839, $3,329,660 $5,060,690. not one not The Company’s cash on hand of $5,060,690 March 31, 2019 not February 2020. no |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying condensed interim financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for interim financial information. Accordingly, they do not 10 December 31, 2018 March 29, 2019. not may December 31, 2018 not |
Segment Reporting, Policy [Policy Text Block] | Segments The Company operates in one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in Financial Statement Presentation The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company's significant estimates and assumptions include valuation of equity related instruments, depreciable lives of long-lived assets (including property and equipment and intangible assets), and the valuation allowance related to deferred taxes. Some of these judgments can be subjective and complex, and, consequently, actual results could differ from those estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid accounts with original maturities of three $250,000 may $250,000. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at historical cost and depreciated on a straight-line basis over the estimated useful lives, generally three five |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets include trademarks. At March 31, 2019 December 31, 2018, $86,080 $84,942, not may three March 31, 2019 2018 $0 $376, |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets The Company evaluates its long-lived assets, including equipment and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not . |
Deferred Rent [Policy Text Block] | Deferred Rent Deferred rent is recorded and amortized to the extent the total minimum rental payments allocated to the current period on a straight-line basis differ from the cash payments required. |
Debt, Policy [Policy Text Block] | Convertible Debt When conversion terms related to convertible debt would be triggered by future events not |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Fair value is defined as the price which would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three Level 1 Level 2 1 not Level 3 At March 31, 2019 December 31, 2018, At March 31, 2019 December 31, 2018, not |
Deferred Direct Issuance Costs, Offering, Policy [Policy Text Block] | Deferred Direct Issuance Costs – Offering The Company had offering costs of $276,560, $250,000 $26,560 February 2019. |
Warrants [Policy Text Block] | Warrants to Purchase Common Stock We accounted for warrants issued in connection with notes payable in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification (ASC) Topic 480 10, Distinguishing Liabilities from Equity three not not 470 20 25, Debt with Conversion and Other Options may |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses Research and development expenses are recognized as incurred and include the costs related to the Company's various contract research service providers, suppliers, engineering studies, supplies, outsourced testing and consulting, clinical costs, patent costs and salaries and related costs of employees working directly on research activities. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Stock-based compensation expense includes the estimated fair value of equity awards vested during the reporting period. The expense for equity awards vested during the reporting period is determined based upon the grant date fair value of the award and is recognized as expense over the applicable vesting period of the stock award using the straight-line method. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of reported assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not not December 31, 2016 In assessing the realization of deferred tax assets, management considers whether it is more likely than not not March 31, 2019 December 31, 2018 not not no three March 31, 2019 2018. Management has evaluated and concluded that there were no March 31, 2019. not twelve The Company classifies interest expense and any related penalties related to income tax uncertainties as a component of income tax expense. No three March 31, 2019 2018. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Common Share Basic net loss per common share is computed by dividing net loss available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. As of March 31, 2019, 2,636,750 1,228,431 As of March 31, 2018, 15,000 2,534,766 305,000 |
JOBS Act Accounting Election [Policy Text Block] | JOBS Act Accounting Election The Company is an emerging growth company ("EGC"), as defined in the Jumpstart Our Business Startups Act of 2012 not may |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company’s management reviewed all material events through the date that the financial statements were issued for subsequent event disclosure consideration. See Note 7 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards In February 2016, No. 2016 02, “Leases (Topic 842 12 December 15, 2019 may In June 2018, No. 2018 07, “Compensation Stock Compensation (Topic 718 No. 2018 07 not January 1, 2019 not three March 31, 2019. The Company does not not |
Note 2 - Prepaid Expenses and_2
Note 2 - Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, December 31, 2019 2018 Prepaid insurance $ 228,446 $ 9,453 Other receivables 2,436 1,080 Total prepaid expenses and other current assets $ 230,882 $ 10,533 |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2019 2018 Computer equipment and software $ 109,134 $ 105,704 Research and development equipment 244,480 244,480 Lab equipment 780,000 780,000 Leasehold improvements 242,167 242,167 Furniture 19,893 19,893 Subtotal 1,395,674 1,392,244 Less: accumulated depreciation (407,707 ) (378,004 ) Total property and equipment, net $ 987,967 $ 1,014,240 |
Note 5 - Commitments and Cont_2
Note 5 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending December 31, Amount 2019 $ 78,573 2020 108,429 Thereafter 36,668 Total future minimum lease payments $ 223,670 |
Note 6 - Stockholders' Deficit
Note 6 - Stockholders' Deficit (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Weighted Weighted Aggregate Outstanding, December 31, 2018 2,235,000 $ 1.74 9.44 23,100 Granted 401,750 1.75 Exercised - - Cancelled - - Outstanding, March 31, 2019 2,636,750 $ 1.74 7.92 16,767,663 Exercisable, March 31, 2019 7,500 $ 0.13 8.51 $ 59,775 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Weighted Weighted Aggregate Outstanding, December 31, 2018 776,350 $ 1.75 4.80 $ - Granted 452,081 3.18 Exercised - - Cancelled - - Outstanding, March 31, 2019 1,228,431 $ 2.28 4.66 $ 7,154,193 Exercisable, March 31, 2019 1,228,431 $ 2.28 4.66 $ 7,154,193 |
Note 1 - Description of the B_2
Note 1 - Description of the Business and Summary of Significant Accounting Policies (Details Textual) | Feb. 19, 2019USD ($)$ / sharesshares | Mar. 31, 2019USD ($)shares | Mar. 31, 2018USD ($)shares | Dec. 31, 2018USD ($)shares |
Stock Issued During Period, Shares, New Issues | shares | 2,172,591 | |||
Shares Issued, Price Per Share | $ / shares | $ 5 | |||
Proceeds from Issuance of Common Stock | $ 10,862,955 | |||
Proceeds from Issuance of Common Stock, Net | 9,700,000 | |||
Debt Conversion, Original Debt, Amount | $ 11,784,987 | |||
Debt Conversion, Converted Instrument, Shares Issued | shares | 6,825,391 | |||
Conversion of Accrued Dividends into Common Stock, Amount Converted | $ 4,773,480 | |||
Conversion of Accrued Dividends into Common Stock, Shares Issued | shares | 954,696 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 127,500 | |||
Common Stock, Shares, Outstanding, Ending Balance | shares | 14,613,000 | 14,613,000 | 1,998,056 | |
Debt Instrument, Convertible, Threshold Percentage of Stock Ownership After Conversion | 4.99% | |||
Convertible Debt, Total | $ 47,781 | |||
Debt Instrument, Convertible, Number of Equity Instruments | 273,034 | |||
Net Income (Loss) Attributable to Parent, Total | $ (3,208,345) | $ (1,351,665) | ||
Net Cash Provided by (Used in) Operating Activities, Total | (4,077,337) | (878,997) | ||
Retained Earnings (Accumulated Deficit), Ending Balance | (45,499,839) | $ (42,131,275) | ||
Working Capital | 3,329,660 | |||
Cash, Ending Balance | $ 5,060,690 | |||
Number of Operating Segments | 1 | |||
Amortization of Intangible Assets, Total | $ 0 | 376 | ||
Deferred Direct Issuance Costs, Proposed Offering | 276,560 | |||
Deferred Direct Issuance Costs, Proposed Offering, Previous Paid Through Accounts Payable | 250,000 | |||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 186,029 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0 | $ 0 | ||
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | shares | 2,636,750 | 15,000 | ||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | shares | 1,228,431 | |||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | shares | 2,534,766 | |||
Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends | shares | 305,000 | |||
Trademarks [Member] | ||||
Finite-Lived Intangible Assets, Gross, Total | $ 86,080 | $ 84,942 | ||
Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Conversion of Preferred Stock into Common Stock [Member] | ||||
Conversion of Stock, Shares Issued | shares | 2,534,766 |
Note 2 - Prepaid Expenses and_3
Note 2 - Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Prepaid insurance | $ 228,446 | $ 9,453 |
Other receivables | 2,436 | 1,080 |
Total prepaid expenses and other current assets | $ 230,882 | $ 10,533 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Depreciation, Total | $ 29,703 | $ 30,185 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment - Property and Equipment (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Property and Equipment, Gross | $ 1,395,674 | $ 1,392,244 |
Less: accumulated depreciation | (407,707) | (378,004) |
Total property and equipment, net | 987,967 | 1,014,240 |
Computer Equipment [Member] | ||
Property and Equipment, Gross | 109,134 | 105,704 |
Research and Development Equipment [Member] | ||
Property and Equipment, Gross | 244,480 | 244,480 |
Equipment [Member] | ||
Property and Equipment, Gross | 780,000 | 780,000 |
Leasehold Improvements [Member] | ||
Property and Equipment, Gross | 242,167 | 242,167 |
Furniture and Fixtures [Member] | ||
Property and Equipment, Gross | $ 19,893 | $ 19,893 |
Note 4 - Convertible Notes Pa_2
Note 4 - Convertible Notes Payable (Details Textual) - USD ($) | Feb. 19, 2019 | Feb. 15, 2019 | Dec. 21, 2018 | Aug. 31, 2018 | Aug. 10, 2018 | Aug. 07, 2018 | Feb. 13, 2018 | Jan. 25, 2018 | Jan. 08, 2018 | Dec. 26, 2017 | Dec. 01, 2017 | Nov. 09, 2017 | Nov. 01, 2017 | Feb. 28, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Feb. 13, 2018 | Dec. 31, 2018 | Feb. 14, 2019 | Jun. 08, 2018 | Apr. 20, 2018 | Apr. 17, 2018 |
Debt Conversion, Original Debt, Amount | $ 11,784,987 | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 6,825,391 | |||||||||||||||||||||||
Conversion of Accrued Dividends into Common Stock, Amount Converted | $ 4,773,480 | |||||||||||||||||||||||
Conversion of Accrued Dividends into Common Stock, Shares Issued | 954,696 | |||||||||||||||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Ownership After Conversion | 4.99% | |||||||||||||||||||||||
Convertible Debt, Total | $ 47,781 | |||||||||||||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 273,034 | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,228,431 | |||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.28 | $ 1.75 | ||||||||||||||||||||||
Warrants and Rights Outstanding | $ 1,636,232 | |||||||||||||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 20,038 | |||||||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 664,953 | |||||||||||||||||||||||
Warrant Issued Under Fourth Note [Member] | ||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 91,350 | 12,000 | 79,350 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.75 | $ 1.75 | $ 1.75 | |||||||||||||||||||||
Warrants and Rights Outstanding | $ 103,006 | |||||||||||||||||||||||
Debt Instrument, Unamortized Discount, Total | 74,532 | |||||||||||||||||||||||
Warrant Issued with Fifth Note [Member] | ||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1 | |||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.75 | |||||||||||||||||||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||||||||||||||||||
Warrants Issued in Connection with Fifth Note [Member] | ||||||||||||||||||||||||
Class of Warrant or Right, Issued During Period | 300,000 | 300,000 | 685,000 | |||||||||||||||||||||
Class of Warrant or Right, Issued During Period, Value | $ 775,616 | |||||||||||||||||||||||
First Note [Member] | Convertible Debt [Member] | A Single Related Party [Member] | Conversion of Convertible Debt to Common Stock [Member] | ||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 5,000,000 | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,585,086 | |||||||||||||||||||||||
Debt Conversion Accrued Interest Amount | $ 944,063 | |||||||||||||||||||||||
Second Note [Member] | Convertible Debt [Member] | ||||||||||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 1,900,000 | |||||||||||||||||||||||
Debt Instrument, Convertible, Percentage of Stock Price, Subsequent Equity Financing Gross Proceeds Note Less Than 5 Million | 75.00% | |||||||||||||||||||||||
Debt Instrument, Convertible, Percentage of Stock Price, Fully-diluted Common Shares | 85.00% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Maturity | 12.00% | |||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 375,000 | $ 250,000 | $ 250,000 | $ 250,000 | $ 375,000 | $ 400,000 | $ 1,900,000 | |||||||||||||||||
Second Note [Member] | Convertible Debt [Member] | A Single Related Party [Member] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | 1,900,000 | |||||||||||||||||||||||
Second Note [Member] | Convertible Debt [Member] | A Single Related Party [Member] | Conversion of Convertible Debt to Common Stock [Member] | ||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 1,900,000 | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 566,235 | |||||||||||||||||||||||
Debt Conversion Accrued Interest Amount | $ 223,368 | |||||||||||||||||||||||
Third Note [Member] | Convertible Debt [Member] | ||||||||||||||||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Ownership After Conversion | 4.99% | |||||||||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 500,000 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||
Debt Instrument, Face Amount | 500,000 | |||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.175 | |||||||||||||||||||||||
Third Note [Member] | Convertible Debt [Member] | Non-related Party Investors [Member] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | 250,000 | |||||||||||||||||||||||
Third Note [Member] | Convertible Debt [Member] | Conversion of Convertible Debt to Common Stock [Member] | Non-related Party Investors [Member] | ||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 452,219 | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 2,833,034 | |||||||||||||||||||||||
Debt Conversion Accrued Interest Amount | $ 43,562 | |||||||||||||||||||||||
Long-term Debt, Total | 47,781 | |||||||||||||||||||||||
Third Note [Member] | Convertible Debt [Member] | A Single Related Party [Member] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | 250,000 | |||||||||||||||||||||||
Fourth Note [Member] | Convertible Debt [Member] | ||||||||||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | 3,000,000 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||
Debt Instrument, Face Amount | $ 3,000,000 | |||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 1.75 | |||||||||||||||||||||||
Debt Issuance Costs, Gross | 163,760 | |||||||||||||||||||||||
Debt Issuance Costs, Net, Total | 118,492 | |||||||||||||||||||||||
Fourth Note [Member] | Convertible Debt [Member] | Non-related Party Investors [Member] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | 1,728,000 | |||||||||||||||||||||||
Fourth Note [Member] | Convertible Debt [Member] | Conversion of Convertible Debt to Common Stock [Member] | Non-related Party Investors [Member] | ||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 3,000,000 | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,841,036 | |||||||||||||||||||||||
Debt Conversion Accrued Interest Amount | $ 221,775 | |||||||||||||||||||||||
Fourth Note [Member] | Convertible Debt [Member] | Investor [Member] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | 1,272,000 | |||||||||||||||||||||||
Fifth Note [Member] | Convertible Debt [Member] | ||||||||||||||||||||||||
Debt Instrument, Unamortized Discount, Total | $ 664,953 | |||||||||||||||||||||||
Fifth Note [Member] | Non-convertible Promissory Notes [Member] | ||||||||||||||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 985,000 | $ 485,000 | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 125,000 | |||||||||||||||||||||||
Debt Issuance Costs, Net, Total | 285,234 | 363,748 | ||||||||||||||||||||||
Debt Agreement, Additional Borrowing Capacity | $ 300,000 | $ 200,000 | ||||||||||||||||||||||
Proceeds from (Repayments of) Notes Payable, Total | $ 985,000 | |||||||||||||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 20,038 | |||||||||||||||||||||||
Amortization of Debt Discount (Premium) | 325,955 | |||||||||||||||||||||||
Fifth Note [Member] | Non-convertible Promissory Notes [Member] | Non-related Party Investors [Member] | ||||||||||||||||||||||||
Debt Issuance Costs, Net, Total | 145,974 | 297,325 | ||||||||||||||||||||||
Debt Instrument, Unamortized Discount, Total | $ 145,974 | |||||||||||||||||||||||
Fifth Note [Member] | Non-convertible Promissory Notes [Member] | Related Party [Member] | ||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 860,000 | $ 125,000 | ||||||||||||||||||||||
Debt Issuance Costs, Net, Total | $ 66,423 |
Note 5 - Commitments and Cont_3
Note 5 - Commitments and Contingencies (Details Textual) - office Space Lease Arrangement [Member] - USD ($) | Jul. 15, 2015 | Mar. 31, 2019 | Mar. 31, 2018 |
Lessee, Operating Lease, Term of Contract | 5 years | ||
Leases, Monthly Payment | $ 8,053 | ||
Operating Leases, Rent Expense, Net, Total | $ 24,158 | $ 16,793 |
Note 5 - Commitments and Cont_4
Note 5 - Commitments and Contingencies - Future Minimum Lease Payments (Details) | Mar. 31, 2019USD ($) |
2019 | $ 78,573 |
2020 | 108,429 |
Thereafter | 36,668 |
Total future minimum lease payments | $ 223,670 |
Note 6 - Stockholders' Defici_2
Note 6 - Stockholders' Deficit (Details Textual) - USD ($) | Feb. 19, 2019 | Feb. 14, 2019 | Jan. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 08, 2018 | Apr. 20, 2018 | Nov. 30, 2012 |
Preferred Stock, Shares Authorized | 2,534,766 | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |||||||||
Dividends Payable | $ 160,219 | $ 320,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 127,500 | |||||||||
Extinguishment of Deferred Compensation, Amount | $ 484,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 401,750 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.75 | |||||||||
Share Price | $ 4.87 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,228,431 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.28 | $ 1.75 | ||||||||
Warrants and Rights Outstanding | $ 1,636,232 | |||||||||
Convertible Debt [Member] | Fifth Note [Member] | ||||||||||
Debt Instrument, Unamortized Discount, Total | $ 664,953 | |||||||||
Measurement Input, Discount Rate [Member] | Minimum [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.025 | |||||||||
Measurement Input, Discount Rate [Member] | Maximum [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.028 | |||||||||
Measurement Input, Expected Term [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 5 | |||||||||
Measurement Input, Price Volatility [Member] | Minimum [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.84 | |||||||||
Measurement Input, Price Volatility [Member] | Maximum [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.85 | |||||||||
Measurement Input, Expected Dividend Payment [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||||||
Measurement Input, Share Price [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 1.67 | |||||||||
Warrant Issued Under Fourth Note [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 91,350 | 12,000 | 79,350 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.75 | $ 1.75 | $ 1.75 | |||||||
Warrants and Rights Outstanding | $ 103,006 | |||||||||
Debt Instrument, Unamortized Discount, Total | 74,532 | |||||||||
Fifth Note [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 300,000 | 685,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.75 | $ 1.75 | ||||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||||
Warrants Issued to Underwriters [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 152,081 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6 | |||||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||||
Restricted Stock [Member] | ||||||||||
Share-based Payment Arrangement, Expense | 264,453 | $ 145,553 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 127,500 | 0 | ||||||||
Share-based Payment Arrangement, Option [Member] | ||||||||||
Share-based Payment Arrangement, Expense | $ 247,592 | $ 0 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ 456,961 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate | 2.53% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 98 days | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 84.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ 0 | |||||||||
Share Price | $ 1.67 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,530,333 | |||||||||
2012 Long Term Incentive Plan [Member] | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 789,745 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 14,745 | |||||||||
2018 Stock Plan [Member] | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 3,000,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 378,250 | |||||||||
Conversion of Preferred Stock To Common Stock [Member] | ||||||||||
Conversion of Stock, Shares Issued | 2,534,766 | |||||||||
Conversion of Accrued Dividends Into Common Stock [Member] | ||||||||||
Conversion of Stock, Shares Issued | 954,696 | |||||||||
Series A Preferred Stock [Member] | ||||||||||
Preferred Stock, Shares Authorized | 416,666 | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||||
Preferred Stock, Shares Outstanding, Ending Balance | 416,666 | |||||||||
Preferred Stock, Shares Issued, Total | 416,666 | |||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | |||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 4.80 | |||||||||
Preferred Stock, Dividend Payable, Share Price | $ 24 | |||||||||
Preferred Stock, Dividend Payable, Gross Proceeds from Common Shares | $ 50,000,000 | |||||||||
Preferred Stock, Dividend Payable, Percentage of Issued and Outstanding Shares | 50.10% | |||||||||
Convertible Preferred Stock, Conversion Price | $ 4.80 | |||||||||
Series B Preferred Stock [Member] | ||||||||||
Preferred Stock, Shares Authorized | 2,118,100 | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||||
Preferred Stock, Shares Outstanding, Ending Balance | 2,118,100 | |||||||||
Preferred Stock, Shares Issued, Total | 2,118,100 | |||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 6.61 | |||||||||
Convertible Preferred Stock, Conversion Price | $ 6.61 | |||||||||
Dividends Payable | $ 4,773,480 | $ 4,613,261 |
Note 6 - Stockholders' Defici_3
Note 6 - Stockholders' Deficit - Stock Options (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Outstanding, Number of Shares (in shares) | 2,235,000 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 1.74 | |
Outstanding, Weighted Average Remaining Life (Year) | 7 years 335 days | 9 years 160 days |
Outstanding, Aggregate Intrinsic Value | $ 16,767,663 | $ 23,100 |
Granted, Number of Shares (in shares) | 401,750 | |
Granted, Weighted Average Exercise Price (in dollars per share) | $ 1.75 | |
Outstanding, Number of Shares (in shares) | 2,636,750 | 2,235,000 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 1.74 | $ 1.74 |
Exercisable, Number of Shares (in shares) | 7,500 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0.13 | |
Exercisable, Weighted Average Remaining Life (Year) | 8 years 186 days | |
Exercisable, Aggregate Intrinsic Value | $ 59,775 |
Note 6 - Stockholders' Defici_4
Note 6 - Stockholders' Deficit - Warrants (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Warrant outstanding, shares (in shares) | 776,350 | |
Warrant outstanding, weighted average exercise price (in dollars per share) | $ 1.75 | |
Warrant outstanding, weighted average remaining contractual term (Year) | 4 years 240 days | 4 years 292 days |
Warrant granted, shares (in shares) | 452,081 | |
Warrant granted, weighted average exercise price (in dollars per share) | $ 3.18 | |
Warrant outstanding, shares (in shares) | 1,228,431 | 776,350 |
Warrant outstanding, weighted average exercise price (in dollars per share) | $ 2.28 | $ 1.75 |
Warrant outstanding, aggregate intrinsic value | $ 7,154,193 | |
Warrant exercisable, shares (in shares) | 1,228,431 | |
Warrant exercisable, weighted average exercise price (in dollars per share) | $ 2.28 | |
Warrant exercisable, weighted average remaining contractual term (Year) | 4 years 240 days | |
Warrant exercisable, aggregate intrinsic value | $ 7,154,193 |
Note 7 - Subsequent Events (Det
Note 7 - Subsequent Events (Details Textual) - Restricted Stock [Member] - Subsequent Event [Member] - shares | May 08, 2019 | May 01, 2019 |
Share-based Payment Arrangement, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 25,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 120 days | |
Share-based Payment Arrangement, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 175,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years 180 days | |
Consultant One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 87,500 | |
Consultant Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 87,500 | |
Consultant Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 25,000 |