Reviva Pharmaceuticals (RVPH) 10-Q 15 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 12, 2022
Document Information [Line Items]
Entity Central Index Key	0001742927
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-38634
Entity Registrant Name	Reviva Pharmaceuticals Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-4306526
Entity Address, Address Line One	19925 Stevens Creek Blvd., Suite 100
Entity Address, City or Town	Cupertino
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95014
City Area Code	408
Local Phone Number	501-8881
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	RVPH
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	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,133,286

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash	$ 19,420,062	$ 29,687,944
Prepaid expenses and other current assets	1,223,399	1,716,057
Total Assets	20,643,461	31,404,001
Liabilities
Accounts payable	2,553,225	509,583
Accrued expenses and other current liabilities	1,924,157	1,835,228
Total current liabilities	4,477,382	2,344,811
Warrant liabilities	105,699	372,730
Total Liabilities	4,583,081	2,717,541
Stockholders' equity
Common stock, par value of $0.0001; 115,000,000 shares authorized; 15,133,286 and 14,433,286 shares issued and outstanding as of June 30, 2022, and December 31, 2021, respectively	1,513	1,443
Additional paid-in capital	95,596,548	95,516,986
Accumulated deficit	(79,537,681)	(66,831,969)
Total stockholders' equity	16,060,380	28,686,460
Total Liabilities and Stockholders' Equity	$ 20,643,461	$ 31,404,001

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited)-parentheticals (Parentheticals) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	115,000,000	115,000,000
Common Stock, Shares, Issued (in shares)	15,133,286	15,133,286
Common Stock, Shares, Outstanding, Ending Balance (in shares)	14,433,286	14,433,286

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses
Research and development	$ 4,514,389	$ 374,329	$ 10,344,407	$ 765,490
General and administrative	1,005,099	1,415,773	2,625,238	2,897,540
Total operating expenses	5,519,488	1,790,102	12,969,645	3,663,030
Loss from operations	(5,519,488)	(1,790,102)	(12,969,645)	(3,663,030)
Other income (expense)
Gain on remeasurement of warrant liabilities	178,021	189,146	267,031	1,112,626
Interest and other income (expense), net	7,684	(3,549)	7,452	(3,401)
Total other income (expense), net	185,705	185,597	274,483	1,109,225
Loss before provision for income taxes	(5,333,783)	(1,604,505)	(12,695,162)	(2,553,805)
Provision for income taxes	6,921	3,902	10,550	3,902
Net loss	$ (5,340,704)	$ (1,608,407)	$ (12,705,712)	$ (2,557,707)
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.29)	$ (0.12)	$ (0.69)	$ (0.23)
Weighted average shares outstanding
Basic and diluted (in shares)	18,466,586	12,874,961	18,466,586	10,961,449

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2020	9,231,737
Balance at Dec. 31, 2020	$ 923	$ 63,774,920	$ (58,310,093)	$ 5,465,750
Stock-based compensation expense	0	17,089	0	17,089
Net loss	$ 0	0	(2,557,707)	(2,557,707)
Common stock issued in connection with warrant exercises (in shares)	23,849
Common stock issued in connection with warrant exercises	$ 2	98,375	0	98,377
Issuance of Units in public offering, net (in shares)	4,133,400
Issuance of Units in public offering, net	$ 413	31,497,050	0	31,497,463
Balance (in shares) at Jun. 30, 2021	13,388,986
Balance at Jun. 30, 2021	$ 1,338	95,387,434	(60,867,800)	34,520,972
Balance (in shares) at Mar. 31, 2021	9,231,737
Balance at Mar. 31, 2021	$ 923	63,774,920	(59,259,393)	4,516,450
Stock-based compensation expense	0	17,089	0	17,089
Net loss	$ 0	0	(1,608,407)	(1,608,407)
Common stock issued in connection with warrant exercises (in shares)	23,849
Common stock issued in connection with warrant exercises	$ 2	98,375	0	98,377
Issuance of Units in public offering, net (in shares)	4,133,400
Issuance of Units in public offering, net	$ 413	31,497,050	0	31,497,463
Balance (in shares) at Jun. 30, 2021	13,388,986
Balance at Jun. 30, 2021	$ 1,338	95,387,434	(60,867,800)	34,520,972
Balance (in shares) at Dec. 31, 2021	14,433,286
Balance at Dec. 31, 2021	$ 1,443	95,516,986	(66,831,969)	28,686,460
Stock-based compensation expense	0	79,562	0	79,562
Net loss	$ 0	0	(12,705,712)	(12,705,712)
Common stock issued in connection with warrant exercises (in shares)	700,000
Common stock issued in connection with warrant exercises	$ 70	0	0	70
Balance (in shares) at Jun. 30, 2022	15,133,286
Balance at Jun. 30, 2022	$ 1,513	95,596,548	(79,537,681)	16,060,380
Balance (in shares) at Mar. 31, 2022	15,133,286
Balance at Mar. 31, 2022	$ 1,513	95,556,672	(74,196,977)	21,361,208
Stock-based compensation expense	0	39,876	0	39,876
Net loss	$ 0	0	(5,340,704)	(5,340,704)
Balance (in shares) at Jun. 30, 2022	15,133,286
Balance at Jun. 30, 2022	$ 1,513	$ 95,596,548	$ (79,537,681)	$ 16,060,380

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (12,705,712)	$ (2,557,707)
Adjustments to reconcile net loss to net cash used in operating activities
Change in fair value of warrant liabilities	(267,031)	(1,112,626)
Stock-based compensation expense	79,562	17,089
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	661,972	(633,739)
Accounts payable	1,874,328	(649,789)
Accrued expenses and other current liabilities	88,929	479,788
Net cash used in operating activities	(10,267,952)	(4,456,984)
Cash flows from financing activities
Proceeds from issuance of Units in public offering, net	0	31,497,463
Proceeds from exercise of warrants	70	0
Net cash provided by financing activities	70	31,497,463
Net (decrease) increase in cash	(10,267,882)	27,040,479
Cash, beginning of period	29,687,944	8,760,462
Cash, end of period	19,420,062	35,800,941
Supplemental disclosures of cash flow information:
Cash paid for taxes	3,981	1,600
Deferred offering costs included in accounts payable and other accrued expenses	0	134,355
Prepaid expenses included in accounts payable	$ 169,314	$ 0

Note 1 - Organization and Natur

Note 1 - Organization and Nature of Operations	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. ORGANIZATION AND NATURE OF OPERATIONS On December 14, 2020, Reviva Pharmaceuticals Holdings, Inc. (the “Company”), a Delaware corporation and the successor by re-domiciliation to Tenzing Acquisition Corp. (“Tenzing”), a British Virgin Islands exempted company, Tenzing Merger Subsidiary Inc., a Delaware corporation and wholly-owned subsidiary of Tenzing (“Merger Sub”), and Reviva Pharmaceuticals, Inc., a Delaware corporation (together with its consolidated subsidiary), consummated a business combination (the “Business Combination”) through the merger of Merger Sub with and into Reviva Pharmaceuticals, Inc., contemplated by the previously announced Agreement and Plan of Merger, dated as of July 20, 2020 (the “Merger Agreement”), by and among Tenzing, Merger Sub, Reviva Pharmaceuticals, Inc., and the other parties thereto. Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), Merger Sub merged with and into Reviva Pharmaceuticals, Inc., with Reviva Pharmaceuticals, Inc. as the surviving company in the Merger and, after giving effect to such Merger, Reviva Pharmaceuticals, Inc. becoming a wholly-owned subsidiary of Reviva Pharmaceuticals Holdings, Inc. (together with its consolidated subsidiary). Reviva Pharmaceuticals, Inc. was originally incorporated in the state of Delaware and commenced operations on May 1, 2006 and its Indian subsidiary, Reviva Pharmaceuticals India Pvt. Ltd. was incorporated in 2014. The Company is an emerging research based pharmaceutical company focused on developing a portfolio of internally discovered next generation safe and effective therapeutic drugs by using an integrated chemical genomics technology platform and proprietary chemistries. The Company is currently focused on developing drugs for the central nervous system (CNS), cardiovascular (CV), metabolic and inflammatory diseases.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Certain footnotes and other financial information normally required by accounting principles generally accepted in the United States of America, or GAAP, have been condensed or omitted in accordance with such rules and regulations. In management’s opinion, these condensed consolidated financial statements have been prepared on the same basis as our annual consolidated financial statements and notes thereto and include all adjustments, consisting of normal recurring items, considered necessary for the fair presentation. The operating results for the six months ended June 30, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The condensed consolidated balance sheet as of December 31, 2021, has been derived from our audited financial statements at that date but does not include all disclosures and financial information required by GAAP for complete financial statements. The information included in the quarterly report on Form 10-Q should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2021, which were included in our annual report on Form 10-K, as filed with the Securities and Exchange Commission on March 15, 2022. Liquidity and Going Concern The Company has recognized recurring losses. As of June 30, 2022 the Company had a working capital deficit of approximately $16.2 million, an accumulated deficit of $79.5 million and cash on hand of approximately $19.4 million. The Company’s net loss for the three months ended June 30, 2022 and 2021, was approximately $5.3 million and $1.6 million, respectively. The Company’s net loss for the six months ended June 30, 2022 and 2021, was approximately $12.7 million and $2.6 million, respectively. The Company expects to incur significant expenses and increased operating losses for the next several years. The Company expects its expenses to increase in connection with its ongoing activities to research, develop and commercialize its product candidates. The Company will need to generate significant revenues to achieve profitability, and it may never do so. The Company’s current cash on hand is potentially not sufficient to satisfy our operating cash needs for the 12 months from the filing of this Quarterly Report on Form 10-Q. The Company believes that is has adequate cash on hand to cover anticipated outlays through March 2023. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year after the date the financial statements are issued. Management’s plan to alleviate the conditions that raise substantial doubt include raising additional working capital through public or private equity or debt financings or other sources, which may include collaborations with third parties as well as disciplined cash spending. Adequate additional financing may not be available to us on acceptable terms, or at all. Should the Company be unable to raise sufficient additional capital, the Company may be required to undertake cost-cutting measures including delaying or discontinuing certain clinical activities. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting periods covered by the financial statements and accompanying notes. Significant areas requiring the use of management estimates include, but are not limited to, valuation of intangible assets, depreciative and amortization useful lives, assumptions used to calculate the fair value of the contingent share consideration, stock-based compensation, beneficial conversion features, warrant values, deferred taxes and the assumptions used to calculate derivative liabilities. Actual results could differ materially from such estimates under different assumptions or circumstances. Concentration of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. Substantially, all the Company’s cash is held in demand deposit form by one financial institution. The Company has not experienced any losses on its deposits of cash. The Company is subject to all of the risks inherent in an early-stage company developing new pharmaceutical products. These risks include, but are not limited to, limited management resources, dependence upon medical acceptance of the product in development, regulatory approvals, successful clinical trials, availability and willingness of patients to participate in human trials, and competition in the pharmaceutical industry. The Company’s operating results may be materially affected by the foregoing factors. Impact of COVID-19 In response to the spread of COVID-19, the Company has taken temporary precautionary measures intended to help minimize the risk of the virus to its employees and community, including temporarily requiring employees to work remotely and suspending all non-essential travel for the Company’s employees. As a result of the COVID-19 pandemic, the Company may experience disruptions that could adversely impact the Company’s business. The COVID-19 pandemic may negatively affect clinical site initiation, patient recruitment and enrollment, patient dosing, distribution of drug to clinical sites and clinical trial monitoring for our clinical trials. The COVID-19 pandemic may also negatively affect the operations of the third-party contract research organizations that the Company intends to rely upon to assist it in conducting its clinical trials and the contract manufacturers who manufacture the Company’s drug candidates. The Company is continuing to assess the potential impact of the COVID-19 pandemic on its business and operations as of June 30, 2022.

Note 3 - Public Offering

Note 3 - Public Offering	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	3. PUBLIC OFFERING On June 1, 2021, the Company completed a public offering (the “Offering”) of Units (each, a “Unit”), with each Unit consisting of (a) one share of common stock (or pre-funded warrant to purchase one

Note 4 - At the Market Offering

Note 4 - At the Market Offering	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
At the Market Offering [Text Block]	4. AT THE MARKET OFFERING In January 2022, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC, as sales agent (“Wainwright”), pursuant to which the Company may offer and sell, from time to time through Wainwright, shares of its common stock for aggregate gross proceeds of up to $12.9 million. Effective July 28, 2022, the Company terminated the ATM Agreement. As of June 30, 2022, and prior to termination, the Company had not

Note 5 - Loss Per Share

Note 5 - Loss Per Share	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	5. LOSS PER SHARE Basic and diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of common stock outstanding during the period. Diluted loss per share includes potentially dilutive securities such as stock options, warrants to purchase common stock, and other convertible instruments unless the result of inclusion would be anti-dilutive. These securities have been excluded from the calculation of diluted net loss per shares for the three and six months ended June 30, 2022 and June 30, 2021 because all such securities are anti-dilutive for all periods presented. The following table summarizes the Company’s potentially dilutive securities, in common share equivalents, which have been excluded from the calculation of dilutive loss per share as their effect would be anti-dilutive: Three Months Ended Six Months Ended June 30, 2022 2021 2022 2021 Shares issuable upon exercise of stock options 192,898 146,698 192,898 146,698 Shares issuable upon exercise of warrants to purchase common stock 13,883,732 13,883,732 13,883,732 13,883,732 Shares contingently issuable for earnout 1,000,000 1,000,000 1,000,000 1,000,000 15,076,630 15,030,430 15,076,630 15,030,430 The diluted loss per share computation equals basic loss per share for the three and six months ended June 30, 2022 and June 30, 2021 because the Company had a net loss and the impact of the assumed exercise of stock options and warrants would have been anti-dilutive.

Note 6 - Warrants

Note 6 - Warrants	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Warrants [Text Block]	6. WARRANTS As of June 30, 2022, there were public warrants outstanding to purchase an aggregate of 6,325,000 shares of common stock and private warrants outstanding to purchase an aggregate of 556,313 shares of common stock. Each public warrant entitles the holder thereof to purchase one We may call the public warrants for redemption, in whole and not in part, at a price of $0.01 per warrant; • if, and only if, the reported last sale price of the common stock equals or exceeds $21.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period ending on the third trading business day prior to the notice of redemption to holders of the public warrants, and • if, and only if, there is a current registration statement in effect with respect to the issuance of the shares of Common Stock underlying such Public Warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption • at any time while the public warrants are exercisable • upon not less than 30 days’ prior written notice of redemption to each warrant holder The private warrants are substantially similar to the public warrants except such private warrants; • are exercisable for cash or on a cashless basis, at the holder’s option • cannot be redeemed by us, so long as they are still held by the initial purchasers or their affiliates. • The redemption price is to be calculated as the 10-day average trading price ending one trading business day prior to the notice of redemption. In no event will the Company be required to net cash settle either the public or the private warrants. The exercise price and number of shares of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or a recapitalization, reorganization, merger or consolidation. Further, there were assumed warrants outstanding to purchase an aggregate of 126,268 shares of common stock. These warrants were classified as equity as of June 30, 2022, and December 31, 2021. The fair value of these warrants on the date of issuance was $1,279,182. In connection with the Offering, the Company issued Pre-Funded Warrants exercisable for 5,066,600 shares of common stock. Total proceeds from the sale of Units including the Pre-Funded Warrants were approximately $19.0 million and the Pre-Funded Warrants are exercisable into one

Note 7 - Stock Option Plans and

Note 7 - Stock Option Plans and Stock-based Compensation	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	7. STOCK OPTION PLANS AND STOCK-BASED COMPENSATION Stock-Based Compensation Expense The Company records stock-based compensation expense in connection with the amortization of the fair value of stock options granted to employees, non-employee consultants and non-employee directors. During the three months ended June 30, 2022 and 2021, the Company recorded stock-based compensation of $39,876 and $17,089 respectively. During the six months ended June 30, 2022, and 2021, the Company recorded stock-based compensation of $79,562 and $17,089 respectively. As of June 30, 2022, the Company had unrecognized stock-based compensation expense of $201,835, which is expected to be recognized over a weighted-average period of 1.7 years. Determining Fair Value Valuation and Recognition – The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes pricing model utilizes the following assumptions: Expected Term – Expected life of an option award is the average length of time over which the Company expects employees will exercise their options, which is based on historical experience with similar grants. Expected Volatility - Expected volatility is based on the Company’s historical stock volatility data over the expected term of the awards. Risk-Free Interest Rate - The Company bases the risk-free interest rate on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent expected term. Dividend Yield – The Company has not paid a dividend and does not anticipate paying a dividend in the foreseeable future. No Activity under the stock plans for the six months ending June 30, 2022, is as follows: Shares Number of Outstanding Weighted Weighted Balance, December 31, 2021 1,257,334 192,898 $ 8.46 6.76 Balance, June 30, 2022 1,257,334 192,898 $ 8.46 6.27 Balance at June 30, 2022 192,898 $ 8.46 6.27 Options exercisable at June 30, 2022 112,744 $ 11.51 4.30

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. COMMITMENTS AND CONTINGENCIES Clinical trials Since 2010, the Company has entered into multiple clinical trial agreements with medical institutions in the United States, Europe and Asia for the purpose of enrolling patients into various clinical trials. The agreements are substantially similar by trial and include a detailed listing of the clinical trial services for which the Company will pay, how much will be paid for each service, a set-up charge (if any), Investigational Review Board fees, contractual term, and other provisions. The clinical trial services provided by each site generally include the screening of prospective patients and, for those patients to be enrolled in the study, administration of the Company’s investigation drug according to the trial protocol, any required hospitalization, ancillary medical supplies, and 1-week patient follow-up. Further, each agreement requires the Company to indemnify each respective clinical site against any and all liability, loss, or damage it may suffer as a result of third-party claims; the Company maintains general product liability insurance of not less than $5 million in conjunction with this indemnification. The agreements may be terminated upon 30 days’ written notice, subject to conditions of paying all liabilities incurred through the date of termination. Additionally, with each screened patient, the Company incurs expense with other entities engaged to provide independent review of patient medical records. Indemnification From time to time, in its normal course of business, the Company may indemnify other parties, with whom it enters into contractual relationships, including lessors and parties to other transactions with the Company. The Company may agree to hold other parties harmless against specific losses, such as those that could arise from a breach of representation, covenant or third-party infringement claims. It may not be possible to determine the maximum potential amount of liability under such indemnification obligations due to the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. Historically, there have been no such indemnification claims. The Company has also indemnified its directors and executive officers, to the extent legally permissible, against all liabilities reasonably incurred in connection with any action in which such individual may be involved by reason of such individual being or having been a director or executive officer. Operating Leases The Company adopted ASC 842 on January 1, 2020. The Company has elected to apply the short-term lease exception to leases of one year or less. Presently, the Company has a single twelve-month

Note 9 - Fair Value Measurement

Note 9 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	9. FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: • Level 1 - quoted prices in active markets for identical assets or liabilities; • Level 2 - quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability; or • Level 3 - unobservable inputs for the asset or liability, such as discounted cash flow models or valuations. The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following is a listing of the Company’s warrant liabilities required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy as of June 30, 2022 and December 31, 2021: June 30, 2022 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability — — 105,699 105,699 Total $ — $ — $ 105,699 $ 105,699 December 31, 2021 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability $ — $ — $ 372,730 $ 372,730 Total $ — $ — $ 372,730 $ 372,730 The following table summarizes the changes in the fair value of the warrant liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, beginning of period $ 283,720 1,040,305 372,730 1,963,785 Change in fair value of warrant liability (178,021 ) (189,146 ) (267,031 ) (1,112,626 ) Balance, end of period $ 105,699 $ 851,159 $ 105,699 $ 851,159 The Company classified the private warrants pursuant to ASC 815 as derivative liabilities with subsequent changes in their fair values to be recognized in the consolidated financial statements at each reporting date. The Company calculated the fair value of the private warrants as of June 30, 2022 as $105,699 using a Black-Scholes model. The key inputs used in the Black-Scholes calculation were, the risk-free interest rate, expected volatility, expected life, exercise price and stock price. The risk-free interest rate was estimated to be 2.99%, 90.3%, 11.50, 267,031,

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation
Going Concern [Policy Text Block]	Liquidity and Going Concern
Use of Estimates, Policy [Policy Text Block]	Use of estimates
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of credit risk and other risks and uncertainties
Impact of COVID-19 [Policy Text Block]	Impact of COVID-19

Note 5 - Loss Per Share (Tables

Note 5 - Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended Six Months Ended June 30, 2022 2021 2022 2021 Shares issuable upon exercise of stock options 192,898 146,698 192,898 146,698 Shares issuable upon exercise of warrants to purchase common stock 13,883,732 13,883,732 13,883,732 13,883,732 Shares contingently issuable for earnout 1,000,000 1,000,000 1,000,000 1,000,000 15,076,630 15,030,430 15,076,630 15,030,430

Note 7 - Stock Option Plans a_2

Note 7 - Stock Option Plans and Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Shares Number of Outstanding Weighted Weighted Balance, December 31, 2021 1,257,334 192,898 $ 8.46 6.76 Balance, June 30, 2022 1,257,334 192,898 $ 8.46 6.27 Balance at June 30, 2022 192,898 $ 8.46 6.27 Options exercisable at June 30, 2022 112,744 $ 11.51 4.30

Note 9 - Fair Value Measureme_2

Note 9 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	June 30, 2022 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability — — 105,699 105,699 Total $ — $ — $ 105,699 $ 105,699 December 31, 2021 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability $ — $ — $ 372,730 $ 372,730 Total $ — $ — $ 372,730 $ 372,730
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, beginning of period $ 283,720 1,040,305 372,730 1,963,785 Change in fair value of warrant liability (178,021 ) (189,146 ) (267,031 ) (1,112,626 ) Balance, end of period $ 105,699 $ 851,159 $ 105,699 $ 851,159

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies and Basis of Presentation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Working Capital Deficit	$ 16,200,000		$ 16,200,000
Retained Earnings (Accumulated Deficit), Total	(79,537,681)		(79,537,681)		$ (66,831,969)
Cash	19,400,000		19,400,000
Net Income (Loss) Attributable to Parent, Total	$ (5,340,704)	$ (1,608,407)	$ (12,705,712)	$ (2,557,707)

Note 3 - Public Offering (Detai

Note 3 - Public Offering (Details Textual) - USD ($)		3 Months Ended	6 Months Ended
	Jun. 01, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Proceeds from Issuance or Sale of Equity, Net			$ 0	$ 31,497,463
Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		4,133,400		4,133,400
Public Offering [Member]
Number of Units, One, Issued (in shares)	4,133,400
Number of Units, Two, Issued (in shares)	5,066,600
Shares Issued, Price Per Share, One (in dollars per share)	$ 3.75
Shares Issued, Price Per Share, Two (in dollars per share)	$ 3.7499
Proceeds from Issuance or Sale of Equity, Net	$ 31,500,000
Payments of Stock Issuance Costs	$ 3,000,000
Public Offering [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)	4,133,400
Over-Allotment Option [Member]
Number of Units, One, Issued (in shares)	1,200,000
Pre-Funded Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	1
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.0001
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	5,066,600	5,066,600		5,066,600
Investor Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	0.75
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 4.125
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	6,900,000

Note 4 - At the Market Offeri_2

Note 4 - At the Market Offering (Details Textual) - H.C. Wainwright & Co [Member] - The Market Offering Agreement "ATM Agreement" [Member] - USD ($) shares in Thousands, $ in Millions	1 Months Ended
	Jan. 31, 2022	Jun. 30, 2022
Sale of Stock Agreement, Maximum Aggregate Gross Proceeds	$ 12.9
Shares, Issued (in shares)		0

Note 5 - Loss Per Share - Antid

Note 5 - Loss Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive securities (in shares)	15,076,630	15,030,430	15,076,630	15,030,430
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	192,898	146,698	192,898	146,698
Warrant [Member]
Antidilutive securities (in shares)	13,883,732	13,883,732	13,883,732	13,883,732
Earn-out Shares [Member]
Antidilutive securities (in shares)	1,000,000	1,000,000	1,000,000	1,000,000

Note 6 - Warrants (Details Text

Note 6 - Warrants (Details Textual) - USD ($)		6 Months Ended
	Jun. 01, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Public Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)		6,325,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)		1
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 11.50
Class of Warrant or Right, Redemption Price Per Share (in dollars per share)		0.01
Threshold Closing Price for Specified Number of Trading Days (in dollars per share)		$ 21
Threshold Trading Days for Sale of Shares (Day)		20 days
Threshold Consecutive Trading Days for Sale of Shares (Day)		30 days
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		126,268
Warrants and Rights Outstanding			$ 1,279,182
Private Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)		556,313
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 11.50
Pre-Funded Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	1
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.0001
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	5,066,600			5,066,600
Proceeds from Issuance of Warrants	$ 19,000,000
Investor Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	0.75
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 4.125
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	6,900,000

Note 7 - Stock Option Plans a_3

Note 7 - Stock Option Plans and Stock-based Compensation (Details Textual) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement, Expense	$ 39,876	$ 17,089	$ 79,562	$ 17,089
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 201,835		$ 201,835
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year 8 months 12 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)			0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)			0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares)			0

Note 7 - Stock Option Plans a_4

Note 7 - Stock Option Plans and Stock-based Compensation - Stock Option Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Beginning balance, number of shares outstanding (in shares)	192,898	192,898
Beginning balance, weighted average exercise price per share (in dollars per share)	$ 8.46	$ 8.46
Beginning balance, weighted average remaining contractual term (Year)	6 years 3 months 7 days	6 years 9 months 3 days
Vested and expected to vest (in shares)	192,898
Vested and expected to vest, weighted average exercise price per share (in dollars per share)	$ 8.46
Vested and expected to vest, weighted average remaining contractual term (Year)	6 years 3 months 7 days
Options exercisable, outstanding (in shares)	112,744
Options exercisable, weighted average exercise price per share (in dollars per share)	$ 11.51
Options exercisable, weighted average remaining contractual term (Year)	4 years 3 months 18 days
Share-Based Payment Arrangement, Option [Member]
Beginning balance, number of shares available for grant (in shares)	1,257,334	1,257,334

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingencies (Details Textual)	6 Months Ended
	Jun. 30, 2022 USD ($)
Corporate Office Lease [Member]
Lessee, Operating Lease, Term of Contract (Month)	12 months
Lessee, Operating Lease, Monthly Lease Payment	$ 1,300
Minimum [Member]
General Product Liability Insurance	$ 5,000,000

Note 9 - Fair Value Measureme_3

Note 9 - Fair Value Measurements (Details Textual)	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($)
Share Price (in dollars per share) | $ / shares	$ 1.10	$ 1.10
Fair Value Adjustment of Warrants		$ (267,031)	$ (1,112,626)
Private Warrants [Member]
Warrants and Rights Outstanding, Fair Value	$ 105,699	$ 105,699
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares	$ 11.50	$ 11.50
Fair Value Adjustment of Warrants	$ 178,021	$ 267,031
Private Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0.0299	0.0299
Private Warrants [Member] | Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	0.903	0.903
Private Warrants [Member] | Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input	3.46	3.46

Note 9 - Fair Value Measureme_4

Note 9 - Fair Value Measurements - Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Warrant liability	$ 105,699	$ 372,730
Total	105,699	372,730
Fair Value, Inputs, Level 3 [Member]
Warrant liability	105,699	372,730
Total	$ 105,699	$ 372,730

Note 9 - Fair Value Measureme_5

Note 9 - Fair Value Measurements - Fair Value Liability Reconciliation Level 3 (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Balance, beginning of period	$ 283,720	$ 1,040,305	$ 372,730	$ 1,963,785
Change in fair value of warrant liability	(178,021)	(189,146)	(267,031)	(1,112,626)
Balance, end of period	$ 105,699	$ 851,159	$ 105,699	$ 851,159