Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 27, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001832487 | ||
Entity Registrant Name | Guerrilla RF, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-56238 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 85-3837067 | ||
Entity Address, Address Line One | 2000 Pisgah Church Road | ||
Entity Address, City or Town | Greensboro | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 27455 | ||
City Area Code | 336 | ||
Local Phone Number | 510-7840 | ||
Title of 12(g) Security | Common Stock, $0.0001 par value per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 37,713,020 | ||
Entity Common Stock, Shares Outstanding | 7,937,079 | ||
No Trading Symbol Flag | true | ||
Auditor Name | FORVIS, LLP | ||
Auditor Location | Raleigh, NC | ||
Auditor Firm ID | 57 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash | $ 781,318 | $ 4,340,407 |
Accounts receivable, net | 2,079,111 | 1,124,971 |
Inventories, net | 1,533,592 | 1,672,925 |
Prepaid expenses | 458,313 | 643,401 |
Total Current Assets | 4,852,334 | 7,781,704 |
Prepaid expenses and other | 0 | 3,574,746 |
Operating lease right-of-use assets | 10,500,620 | 209,669 |
Property, plant, and equipment, net | 3,659,084 | 5,098,097 |
Total Assets | 19,012,038 | 16,664,216 |
Liabilities and Stockholders' Equity (Deficit) | ||
Accounts payable and accrued expenses | 2,099,537 | 4,426,477 |
Short-term debt | 1,628,667 | 959,803 |
Derivative liabilities | 158,000 | 0 |
Operating lease liability, current portion | 745,969 | 139,794 |
Finance lease liability, current portion | 978,543 | 1,078,506 |
Notes payable, current portion, net | 10,948,668 | 0 |
Total Current Liabilities | 17,338,478 | 6,604,580 |
Long-term debt | 698,600 | 44,279 |
Operating lease liability | 6,176,508 | 71,714 |
Finance lease liability | 1,593,979 | 2,984,618 |
Notes payable | 0 | 4,604,132 |
Total Liabilities | 25,807,565 | 14,309,323 |
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and 2022 | 0 | 0 |
Common stock, $0.0001 par value, 300,000,000 shares authorized, 7,893,205 and 6,211,206 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 789 | 621 |
Additional paid-in capital | 36,243,146 | 29,427,440 |
Accumulated deficit | (43,039,462) | (27,073,168) |
Total Stockholders' Equity (Deficit) | (6,795,527) | 2,354,893 |
Total Liabilities and Stockholders' Equity (Deficit) | 19,012,038 | 16,664,216 |
Nonrelated Party [Member] | ||
Liabilities and Stockholders' Equity (Deficit) | ||
Convertible notes | 78,905 | 0 |
Related Party [Member] | ||
Liabilities and Stockholders' Equity (Deficit) | ||
Convertible notes | $ 700,189 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issed (in shares) | 7,893,205 | 6,211,206 |
Common stock, shares outstanding (in shares) | 7,893,205 | 6,211,206 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues | $ 15,078,316 | $ 11,600,904 |
Direct product costs | 6,473,477 | 4,835,632 |
Gross Profit | 8,604,839 | 6,765,272 |
Operating Expenses: | ||
Research and development | 10,282,635 | 8,114,377 |
Sales and marketing | 5,677,141 | 4,634,012 |
General and administrative | 5,569,654 | 5,138,410 |
Total Operating Expenses | 21,529,430 | 17,886,799 |
Operating Loss | (12,924,591) | (11,121,527) |
Interest expense | (2,904,454) | (874,713) |
Change in fair value of derivative liabilities | (142,200) | 0 |
Other income (expense) | 4,951 | (30,526) |
Total Other Expenses, net | (3,041,703) | (905,239) |
Net Loss | $ (15,966,294) | $ (12,026,766) |
Net loss per share - basic and diluted (in dollars per share) | $ (2.25) | $ (2.17) |
Weighted average common shares outstanding - basic and diluted (in shares) | 7,105,880 | 5,550,373 |
Product [Member] | ||
Revenues | $ 14,683,492 | $ 10,558,570 |
Royalty and Non-recurring Engineering [Member] | ||
Revenues | $ 394,824 | $ 1,042,334 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings, Appropriated [Member] | Total |
Balance at Dec. 31, 2021 | $ 0 | $ 554 | $ 23,961,473 | $ (15,046,402) | $ 8,915,625 |
Net loss | 0 | 0 | 0 | (12,026,766) | (12,026,766) |
Stock options exercised | 0 | 0 | 5,232 | 0 | 5,232 |
Conversion of promissory notes to common stock | 0 | 0 | 52,000 | 0 | 52,000 |
Equity financing, net of issuance costs | 0 | 67 | 4,765,165 | 0 | 4,765,232 |
Share-based compensation | 0 | 0 | 643,570 | 0 | 643,570 |
Balance at Dec. 31, 2022 | 0 | 621 | 29,427,440 | (27,073,168) | 2,354,893 |
Net loss | 0 | 0 | 0 | (15,966,294) | (15,966,294) |
Equity financing, net of issuance costs | 0 | 160 | 5,440,498 | 0 | 5,440,658 |
Share-based compensation | 0 | 7 | 1,279,529 | 0 | 1,279,536 |
Net settled RSUs | 0 | 0 | (4,320) | 0 | (4,320) |
Shares issued for prepaid services | 0 | 1 | 99,999 | 0 | 100,000 |
Balance at Dec. 31, 2023 | $ 0 | $ 789 | $ 36,243,146 | $ (43,039,462) | $ (6,795,527) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net loss | $ (15,966,294) | $ (12,026,766) |
Adjustment to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 1,592,567 | 1,357,571 |
Share-based compensation | 1,279,536 | 643,570 |
Non-cash interest expense related to debt financing | 407,710 | 39,568 |
Accretion of notes payables | 1,130,731 | 48,070 |
Impairment on property plant and equipment and operating lease | 115,438 | 0 |
Change in fair value of derivative liabilities | 142,200 | 0 |
Inventory allowance | 9,661 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | (954,140) | 542,035 |
Inventories | 129,672 | (233,911) |
Prepaid expenses | 1,125,369 | 862,375 |
Accounts payable and accrued expenses | (2,366,260) | 722,380 |
Operating lease liability | (101,180) | (1,203,295) |
Net cash used in operating activities | (13,454,990) | (9,248,403) |
Cash flows from investing activities | ||
Purchases of property, plant, and equipment | (101,714) | (549,850) |
Net cash used in investing activities | (101,714) | (549,850) |
Cash flows from financing activities | ||
Proceeds from notes payable, derivative liabilities and factoring agreement | 16,759,886 | 9,070,726 |
Proceeds from equity financing, net | 5,440,658 | 4,765,232 |
Proceeds from exercise of stock options | 0 | 5,232 |
Principal payments of notes payable and recourse factoring agreement | (10,590,115) | (3,977,778) |
Principal payments on finance lease | (1,043,149) | (985,622) |
Repayments of finance insurance premiums | (569,665) | (53,115) |
Net cash provided by financing activities | 9,997,615 | 8,824,675 |
Net decrease in cash | (3,559,089) | (973,578) |
Cash, beginning of period | 4,340,407 | 5,313,985 |
Cash, end of period | 781,318 | 4,340,407 |
Noncash investing and financing transactions: | ||
Modification on operating and finance leases | 806,617 | 0 |
Shares issued for prepaid services | 100,000 | 0 |
Property and equipment financed through finance leases | 271,725 | 4,745,311 |
Property and equipment additions included in accounts payable | 35,000 | 15,873 |
Financing of property and equipment | 483,787 | 0 |
Financing of insurance premiums and software | 470,860 | 382,843 |
Financing of mask set and wafer | 369,421 | 0 |
Right-of use assets obtained through operating lease | 7,837,471 | 327,400 |
Conversion of promissory notes to common stock | 0 | 52,000 |
Other long term asset additions included in accounts payable | $ 0 | $ 2,369,612 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Guerrilla RF, Inc. (formerly known as Laffin Acquisition Corp., the “Company”) was incorporated in the State of Delaware on November 9, 2020. October 22, 2021, October 20, 2021 October 22, 2021 May 30, 2023, Prior to the Merger, Laffin Acquisition Corp. was a “shell” company registered under the Exchange Act, with no All references in these Consolidated Financial Statements to “Guerrilla RF” refer to: (i) for periods prior to May 30, 2023, Guerrilla RF designs and manufactures high‐performance Monolithic Microwave Integrated Circuits (MMICs) for the wireless infrastructure market. Guerrilla RF primarily focuses on researching and developing its existing products and building an infrastructure to handle a global distribution network; therefore, it has incurred significant start‐up losses. Liquidity and Going Concern In accordance with Financial Accounting Standards Accounting Standards Update (“ASU”) No. 2014 - 15, ’ s Ability to Continue as a Going Concern (Subtopic 205 40 , the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one not may The Company has incurred substantial negative cash flows from operations in nearly every fiscal period since inception. For the year ended December 31, 2023 , the Company incurred a net loss of $16.0 million and used $13.4 million in cash to fund operations. As a result, the Company had an accumulated deficit of $43.0 million as of December 31, 2023 . The Company's cash as of December 31, 2023 was $0.8 million. We expect losses and negative cash flows to continue in the near term, primarily due to continued investment in research and development, sales and marketing efforts, and increased administration expenses as our Company grows. We plan to continue to invest in the implementation of our long-term strategic plan and we anticipate that we will require additional funding in fiscal 2024. no Our primary source of liquidity has been from cash raised from private placements and debt financing. We also have two one 5 5 December 31, 2023 , we had drawn down $1.2 million under the Spectrum Loan Facility and the full $12.0 million under the Salem Loan Facility. On March 28, 2024 April 30, 2024 January 31, 2026. may 12 may may Risks and Uncertainties The Company is subject to several risks associated with companies at a similar stage, including dependence on key individuals, competition from similar products and larger companies, volatility of the industry, ability to obtain adequate financing to support growth, the ability to attract and retain additional qualified personnel to manage the anticipated growth of the Company, and general economic conditions including the current macro-economic conditions impacting the banking and financial markets. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with GAAP and with the rules and regulations for reporting the Annual Report on Form 10 10 not e Company and its wholly-owned subsidiary, Guerrilla RF Operating Corporation that was merged with and into the Company in May 2023. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2 1933, 2012 may not not not 404 not Further, Section 102 1 not not not may Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and reported amounts of revenue and expenses during the reporting period. In addition, the Company’s significant estimates and judgments involve the valuation of share-based compensation and the evaluation of equity financing, including the underlying fair value of the common stock. According Reclassifications Certain prior period income statement and balance sheets amounts have been reclassified to conform to the Company's fiscal 2023 no Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one Concentrations of Credit Risk and Major Customers Financial instruments at December 31, 2023 and 2022 may not The Company’s accounts receivable are derived from revenue earned from customers located in and outside of the U.S. Major customers are defined as those generating revenue in excess of 10% one December 31, 2023 and 2022 . Revenues from the major customer accounted for 81% of product shipment revenue for both the years ended December 31, 2023 and 2022 . Accounts receivable from our major customer represented 71% of accounts receivable at December 31, 2023 , and 76% of accounts receivable at December 31, 2022 . Accounts Receivable Accounts receivable primarily relate to amounts due from customers, which are typically due within 30 45 one may not not The Company had a factoring agreement that provided advance payments on up to 85% of invoices issued to RFPD, its largest distributor, with receivables less than 90 days outstanding secured by the remaining 15%. The Company terminated this factoring agreement in the second 2022. On June 1, 2022, December 31, 2023 December 31, 2023 5 Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. The Company depreciates computer hardware, software, production and computer equipment, and lab equipment using the straight-line method over their estimated useful lives, ranging from three five seven Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not December 31, 2023 , and determined IT equipment and leasehold improvements were impaired and recorded an asset impairment expense. See Note 4 Deferred Offering Costs The Company will capitalize legal, professional, accounting, and other third 1, 6 December 31, 2023 and 2022 . Revenue Recognition The Company recognizes product revenue when it satisfies a performance obligation by transferring a product or service to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products and services. Sales and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. Shipping and handling fees charged to customers are reported within revenue. The Company does not not not not not During the years ended December 31, 2023 and 2022 , the Company had $250 thousand of revenue from contracts with customers to be recognized over time as the services are delivered to the customer. uring the year ended December 31, 2023 December 31, 2022 . As of December 31, 2023 and 2022 , the Company did not not December 31, 2023 and 2022 , there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods. The costs incurred by the Company for shipping and handling are classified as direct product costs in the consolidated statements of operations. Any incidental items that are immaterial in the context of a sale to a customer are recognized as expense. Direct Product Costs The Company’s direct product costs consist primarily of salaries and related expenses, overhead, third Share-Based Compensation The Company measures and recognizes compensation expense for all stock options, shares of stock, and restricted stock units ("RSU") awarded to employees and nonemployees based on the estimated fair market value of the award on the grant date. The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards. The Company estimates the fair value of shares of stock and RSUs awarded based upon the known fair market value of the underlying shares on the grant date. The Company recognizes compensation expense on a straight-line basis over the applicable vesting period. In addition, the Company accounts for forfeitures of awards as they occur. Estimating the fair market value of options requires the input of subjective assumptions, including the estimated fair value of the Company’s common stock, the expected life of the options, stock price volatility, the risk-free interest rate, and expected dividends. Therefore, the assumptions used in the Company’s Black-Scholes option-pricing model represent management’s best estimates and involve many variables, uncertainties, and assumptions, and the application of management’s judgment, as they are inherently subjective. The Company applies ASU 2018 7, Compensation Stock Compensation (Topic 718 no Research and Development Costs Research and development costs are expensed as incurred and consist primarily of personnel-related engineering and technical staff wages and benefits, prototype costs, and other direct expenses. Advertising Costs All advertising costs are expensed as incurred and included in sales and marketing expenses. Advertising expenses for the years ended December 31, 2023 and 2022 $39,219, Inventories Inventories are valued at the lower of cost and net realizable value. Cost is determined by the first‐in, first‐out (FIFO) method. The Company analyzes its product portfolio and inventory aging in determining whether an inventory allowance is needed. Historically, such allowances have been immaterial and within management's expectations. Income Taxes Income taxes are accounted for under the asset and liability method as required by FASB ASC Topic 740, Income Taxes 740” 740, not not FASB ASC Subtopic 740 10, Accounting for Uncertainty of Income Taxes 740 10” may not 50% 740 10, Convertible Debt Instruments The Company evaluates agreements, including any convertible debt instruments to determine if those agreements or any embedded components of those agreements qualify as derivative financial instruments to be separately accounted for in accordance with FASB ASC Topic 815 Derivatives and Hedging 815” Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on ASC 820 820” ASC 820 820 820 three may Level 1 Level 2 Level 3 The carrying amounts of the Company’s financial instruments, such as cash and accounts payable approximate fair values due to the short-term nature of these instruments. See Note 8 3 Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss by the weighted average number of common stock outstanding during each period. Diluted net loss per common stock includes the effect, if any, from the potential exercise or conversion of securities, such as options and warrants, which would result in the issuance of incremental common stock. In computing basic and diluted net loss per share, the weighted average number of shares is the same for both calculations because a net loss existed for the years ended December 31, 2023 2022. December 31, 2023 2022. The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: Year Ended December 31, 2023 2022 Common stock warrants 824,416 475,850 Restricted stock units 454,566 145,668 Stock options 570,748 601,220 1,849,730 1,222,738 The table above excludes convertible notes that are contingently convertible upon future events that have not 5 Reverse Stock Split As disclosed in Note 6, one 12:01 April 17, 2023 ( six one No 2014 2021 10 Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments - Credit Losses December 15, 2022, 2016 13 January 1, 2023. not In October 2021, No. 2021 08, Business Combinations 805 2021 08 606. 606 2021 08 2024 not In September 2022, No. 2022 04, Liabilities - Supplier Finance Programs 405 50 Disclosure of Supplier Finance Program Obligations December 15, 2022, December 15, 2023. January 1, 2023. not The Company has reviewed all other recently issued accounting pronouncements and concluded they were either not not |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories are summarized as follows: 2023 2022 Raw materials $ 488,548 $ 696,409 Work-in-process 132,511 44,037 Finished goods 922,194 932,479 Inventory allowance (9,661 ) - Inventory, net $ 1,533,592 $ 1,672,925 A December 31, 2023, |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property and equipment is summarized as follows: 2023 2022 Production assets $ 1,927,958 $ 1,849,808 Computer equipment and software 937,957 809,038 Lab equipment 3,588,560 3,965,189 Office furniture and fixtures 1,328,570 1,044,858 Leasehold improvements 228,143 123,109 Construction work in progress - 207,027 8,011,188 7,999,029 Less accumulated depreciation (4,352,104 ) (2,900,932 ) $ 3,659,084 $ 5,098,097 Depreciation expense wa s $ and $1,357,571 f December 31, 2023 and 2022 Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not 360 10, Property, Plant, and Equipment 360 10 not In fiscal 2023 , not 3 820, Fair Value Measurement At December 31, 2023 not |
Note 5 - Debt
Note 5 - Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. Factoring Arrangement The Company previously had an accounts receivable factoring arrangement with a financial institution (the “Factor”), which ended in the second 2022. first 30 As stated previously, the Company factored the accounts receivable on a recourse basis. Therefore, if the Factor could not June 1, 2022. December 31, 2023 , and 2022 Spectrum Loan Facility On June 1, 2022 ( may $500,000; 1/48 th Under the terms of the AR Agreement, Spectrum has agreed to advance funds equal to approximately 85% of eligible accounts receivable that are collected by Spectrum under a “lock box” arrangement. The maximum amount that may The scheduled term of the Spectrum Loan Facility is 24 60 The Company’s obligations under the Spectrum Loan Facility are secured by first third In addition to annual facility fees of $30,000 and other quarterly and transaction fees payable to Spectrum, interest accrues on amounts owed under the Spectrum Loan Facility at the prime rate as quoted by the Wall Street Journal plus 3.5%, but in no The Spectrum Loan Facility contains various covenants and restrictions on the Company's financial and business operations including restrictions on the purchase or redemption of any Company shares and the declaration or payment of any dividends on the Company's stock. For the year ended December 31, 2023 The Company has borrowed $1.2 million under the Spectrum Loan Facility as of December 31, 2023 ($244 thousand) as pa December 31, 2023 Salem Loan Facility On August 11, 2022 ( On May 1, 2023, August 2027. first three 1, 2, 3. June 30, 2023, one On August 14, 2023, August 2027. On September 5, 2023, August 11, 2027 April 30, 2024. April 30, 2024 no December 31, 2023, On September 6, 2023, On October 23, 2023, On December 18, 2023, In the second 2023, second 2023. As of December 31, 2023, Principal amount of promissory notes payable $ 12,000,000 Accrued interest 407,710 Less: unamortized debt issue costs (199,993 ) Less: unamortized debt discount (1,259,049 ) Notes payable, current portion, net $ 10,948,668 On August 11, 2022, Loans Payable EIDL In response to COVID- 19, March 2020. 19 not not six $150,000. June 24, 2020, 3.75% December 2022 30 2050 August 11, 2022, $149,900 Convertible Promissory Notes In July 2023, December 31, 2024 ( one x The Company analyzed the embedded features of the Convertible Notes and determined that the Convertible Notes contained (i) an automatic conversion pursuant to which the holders may not not may not one 8 New Headquarters and Design Center Capital Addition Financing In conjunction with the Company's move into expanded office facilities in early 2023, April 2022. April 2022 first August 2022 ( August 2022 and. The total scheduled principal and interest payments to be made after December 31, 2023 April 2022 The Company entered into a lease agreement in July 2021 2023. September 2022; not first 2023. August 2022, As part of the aforementioned August 2022 August 2022 2% 18% $1.3 first April 2023. not December 31, 2023. Debt Maturity Debt is expected to mature as follows: 2024 $ 13,356,429 2025 230,372 2026 236,384 2027 192,319 2028 39,525 Thereafter - $ 14,055,029 |
Note 6 - Common Stock
Note 6 - Common Stock | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 6. Common Stock Common Stock The Company is authorized to issue 300,000,000 shares of common stock with a par value of $ 0.0001 as of December 31, 2023 2022 one may may December 31, 2023 Upon the closing of the Merger and the private placement offering in 2021 "2021 (i) 4,021,774 shares of common stock issued in the Merger in exchange for the capital stock and convertible debt of Guerrilla RF Operating Corporation, (ii) 495,834 shares of common stock held by pre-merger stockholders of Laffin Acquisition Corp., our predecessor, (iii) an aggregate of 961,092 shares of common stock issued in the 2021 45,834 shares of common stock issued to the placement agent and its affiliates in connection with the 2021 2021 On December 30, 2022, “2022/23 one February 28, 2023. In connection with the 2021 2022/23 Additionally, a total of 1,097,500 shares of common stock were issued to Salem in the years ended December 31, 2023 2022 5 Reverse Stock Split The Company’s board of directors approved a reverse split of shares of the Company’s common stock on a six-for- one 12:01 April 17, 2023 ( six one No 2014 2021 Unless otherwise stated, all share-based information in the Annual Report on Form 10 Common Stock Warrants An aggregate of 55,270 warrants were issued to the Company's placement agents in the 2021 2021 five 2022/23 2022/23 $12.00 p December 31, 2023, Preferred Stock The Company’s Board of Directors is authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one December 31, 2023 2022 |
Note 7 - Share-based Compensati
Note 7 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 7. In 2014, “2014 94,667 shares 2014 2014 210,000 shares. Exercise prices range from No may 2014 In 2021, 2021 “2021 37,166 not 2014 2021 2021 2021 January 1 2031 December 31, may The general purpose of the 2014 2021 Stock Option Awards The Company measures the fair value of each option award on the date of grant using the Black‐Scholes option-pricing model, which takes into account inputs such as the exercise price, the value of the underlying ordinary shares at the grant date, expected term, expected volatility, risk-free interest rate, and dividend yield. The fair value of each grant of options was determined using the methods and assumptions discussed below: ● The expected term of employee options is determined using the “simplified” method, as prescribed in the SEC’s Staff Accounting Bulletin (SAB) No. 107, ● The expected volatility is based on the historical volatility of the publicly traded common stock of a peer group of companies. ● The risk-free interest rate is based on the interest rate payable on U.S. Treasury securities in effect at the time of grant for a period that is commensurate with the assumed expected term. ● The expected dividend yield is zero because the Company has not not Guerrilla RF, Inc. Notes to Consolidated Financial Statements For the Years Ended December 31, 2023 2022 For the years ended December 31, 2023 2022 Year Ended December 31, 2023 2022 Expected term (in years) 6.25 6.25 Expected volatility 52 % 52 % Risk-free rate 3.88 % 3.96 % Dividend rate — — The weighted average grant date fair value of stock option awards granted was $4.61 and $7.80 during the years ended December 31, 2023 and 2022 , respectively. The value of stock options is recognized as compensation expense by the straight-line method over the vesting period. Unrecognized compensation costs related to non‐vested options at December 31, 2023 amounted to $344,275, which are expected to be recognized over an average of approximately three Stock option activity by share is summarized as follows for the years ended December 31, 2023 and 2022 : Number of Shares Weighted-Average Exercise Price Per Option Weighted- Average Remaining Contractual Life (in years) Shares underlying outstanding awards at December 31, 2021 530,147 $ 2.28 3.37 Granted 78,667 13.47 Exercised (2,117 ) 2.46 Cancelled/Forfeited (5,477 ) 5.70 Shares underlying outstanding awards at December 31, 2022 601,220 $ 3.60 6.96 Granted 13,135 8.67 Exercised - - Cancelled/Forfeited (43,607 ) 9.62 Shares underlying outstanding awards at December 31, 2023 570,748 $ 7.67 5.98 Exercisable options at December 31, 2023 503,778 $ 4.69 4.63 In the year ended December 31, 2023, to new employees at multiple exercise prices between $7.80 and $9.00 per share. These option awards vest equally over four In the year ended December 31, 2022, to new employees at multiple exercise prices between $12.00 and $24.90 per share. These option awards vest equally over four No options were exercised during the year ended December 31, 2023 . Restricted Stock Unit ("RSU") Awards In the years ended December 31, 2023 2022 December 31, 2023 ( April 5, 2024, December 31, 2023 ( June 2, 2023, December 31, 2022 ( three December 31, 2023 The RSU grants during the years ended December 31, 2023 and 2022 2021 Guerrilla RF, Inc. Notes to Consolidated Financial Statements For the Years Ended December 31, 2023 2022 The following table summarizes RSU activity: 2023 Number of RSUs Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 - $ - Granted 150,521 10.74 Vested - - Cancelled/Forfeited (4,884 ) 12.00 Outstanding at December 31, 2022 145,637 10.69 Granted 381,158 6.06 Vested (61,899 ) 11.45 Cancelled/Forfeited (10,330 ) 9.18 Outstanding at December 31, 2023 454,566 $ 7.35 Pursuant to awards made under the 2014 2021 December 31, 2023 2022 : Year Ended December 31, 2023 2022 Direct product costs $ 77,336 $ 21,088 Research and development 319,258 181,792 Sales and marketing 218,407 108,318 General and administrative 664,535 332,372 $ 1,279,536 $ 643,570 No income tax benefits have been recognized in the consolidated statements of operations for stock-based compensation arrangements, and no stock-based compensation costs have been capitalized as property and equipment through December 31, 2023 |
Note 8 - Derivative Liabilities
Note 8 - Derivative Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. As of December 31, 2023, 3 5 The following table sets forth a summary of the changes in the fair value of Level 3 Beginning balance as of January 1, 2023 $ - Issuance of Convertible Notes 15,800 Change in fair value of derivative liabilities 142,200 Ending balance on December 31, 2023 $ 158,000 There are derivative liabilities of $158,000 as of December 31, 2023. July 12, 2023 July 21, 2023, December 31, 2023, |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Lease Commitments As of January 1, 2022, 842 no no no no January 1, 2022, The Company determines whether an arrangement is an operating lease or financing lease at inception. Lease assets and obligations are recognized at the lease commencement date based on the present value of lease payments over the term of the lease. The Company generally uses its incremental borrowing rate, which is based on information available at the lease commencement date, to determine the present value of lease payments. The Company has entered into leases primarily for real estate and equipment used in research and development. Operating lease expense is recognized in continuing operations by amortizing the amount recorded as an asset on a straight-line basis over the lease term. Financing lease expense is comprised of both interest expense, which will be recognized using the effective interest method, and amortization of the right-of-use assets. These expenses are presented consistently with other interest expense and amortization or depreciation of similar assets. In determining lease asset values, the Company considers fixed and variable payment terms, prepayments, incentives, and options to extend, terminate or purchase. Renewal, termination, or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. Balance sheet information related to right-of-use assets and liabilities is as follows: Balance Sheet Location December 31, 2023 Operating Leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 10,500,620 Current portion of operating lease liabilities Operating lease, current portion 745,969 Noncurrent portion of operating lease liabilities Operating lease 6,176,508 Total operating lease liabilities $ 6,922,477 Finance Leases: Finance lease right-of-use assets Property, plant, and equipment $ 2,528,643 Current portion of finance lease liabilities Finance lease, current portion 978,543 Noncurrent portion of finance lease liabilities Finance lease 1,593,979 Total finance lease liabilities $ 2,572,522 Lease cost recognized in the consolidated financial statements is summarized as follows: For the Year Ended December 31, 2023 2022 Operating lease cost $ 1,651,539 $ 135,842 Finance lease cost: Amortization of lease assets 1,205,155 977,771 Interest on lease liabilities 246,053 251,228 Total finance lease costs $ 1,451,208 $ 1,228,999 Guerrilla RF, Inc. Notes to Consolidated Financial Statements For the Years Ended December 31, 2023 2022 Other supplemental information related to leases is summarized as follows: December 31, 2023 Weighted average remaining lease term (in years): Operating leases 8.68 Finance leases 2.98 Weighted average discount rate: Operating leases 11.00 % Finance leases 7.56 % Cash paid for amounts included in the measurement of lease liabilities for the year ended December 31, 2023: Operating cash flows from operating leases $ 1,726,941 Operating cash flows from finance leases $ 243,865 Financing cash flows from finance leases $ 1,043,149 The following table summarizes our future minimum payments under contractual obligations for operating and financing liabilities as of December 31, 2023 Payments Due by Period 2024 2025 2026 2027 2028 Thereafter Total Operating leases $ 1,459,979 $ 1,233,668 $ 1,056,589 $ 1,076,140 $ 1,096,206 $ 4,890,149 $ 10,812,731 Less present value adjustment 714,010 635,214 580,820 524,555 460,933 974,722 3,890,254 Operating lease liabilities $ 745,969 $ 598,454 $ 475,769 $ 551,585 $ 635,273 $ 3,915,427 $ 6,922,477 Finance leases $ 1,135,917 $ 815,150 $ 722,306 $ 156,861 $ 49,664 $ 10,702 $ 2,890,600 Less interest 159,010 97,612 46,269 11,256 3,787 144 318,078 Finance lease liabilities $ 976,907 $ 717,538 $ 676,037 $ 145,605 $ 45,877 $ 10,558 $ 2,572,522 In July 2023, December 31, 2023. New Headquarters and Design Center Capital Addition Financing In July 2021, ten two first 2023. not second 2023. first 2023. second 2023. In conjunction with the Company's move into the new headquarters and design center in early 2023, April 2022. April 2022 first August 2022 ( August 2022 December 31, 2023 As disclosed in Note 5, July 2021 2023. Guerrilla RF, Inc. Notes to Consolidated Financial Statements For the Years Ended December 31, 2023 2022 Legal In the ordinary course of business, the Company may not December 31, 2023 2022 Indemnification Agreements From time to time, in the ordinary course of business, the Company may may third may not not December 31, 2023 2022 Employment Agreement The Company has entered into an employment agreement with one January 1, 2020 may twelve |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. The Company did not December 31, 2023 2022 The provision for income taxes for the years ended December 31, 2023 2022 may In assessing the need for a valuation allowance, management must determine that there will be sufficient taxable income to realize deferred tax assets. Based upon the historical and anticipated future losses, management has determined that the deferred tax assets do not not December 31, 2023 December 31, 2022 On August 9, 2022, 25% December 31, 2022, 2023. August 16, 2022, 15% 1% January 1, 2023. not two Deferred tax assets and liabilities are determined based on the differences between the consolidated financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect for years in which differences are expected to reverse. Guerrilla RF, Inc. Notes to Consolidated Financial Statements For the Years Ended December 31, 2023 2022 Significant components of the Company's deferred tax assets for federal income taxes consisted of the following: 2023 2022 Noncurrent deferred income tax asset arising from: Accounts payable $ 451,478 $ 461,253 Property, plant, and equipment 5,489 39,598 Equity-based compensation 204,988 112,336 Contribution carryforward 6,437 5,856 NOL carryforward 5,633,582 3,994,815 NEL carryforward 194,262 239,315 R&D credit 858,020 626,347 Operating lease liability 1,590,439 48,594 Others 34,890 - Capitalized research and development expense 3,335,888 1,639,623 Total deferred tax assets 12,315,473 7,167,737 Noncurrent deferred income tax liability arising from: Trade receivables and prepaid expenses (500,514 ) (374,517 ) Operating lease ROU asset (1,579,741 ) (48,171 ) Total deferred income tax liabilities (2,080,255 ) (422,688 ) Net noncurrent deferred income tax asset 10,235,218 6,745,049 Valuation allowance (10,235,218 ) (6,745,049 ) Net $ - $ - In assessing the need for a valuation allowance, management must determine that there will be sufficient taxable income to realize deferred tax assets. Based upon the historical and anticipated future losses, management has determined that the deferred tax assets do not not December 31, 2023 , and 2022 . The Company does not December 31, 2023 , or 2022 . The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. On August 9, 2022, 25% December 31, 2022, 2023. August 16, 2022, 2023. 15% 1% January 1, 2023. not two The Company had net operating loss carryforwards (“NOL”) for federal and state income tax purposes at December 31, 2023 , and December 31, 2022 of approximately: December 31, Combined NOL Carryforwards: 2023 2022 Federal $ 26,826,582 $ 19,022,927 State $ 9,836,072 $ 9,836,072 The net operating loss carryforwards generated before 2018 2033 2030 2018 December 31, Combined Credit Carryforwards: 2023 2022 Federal $ 858,020 $ 626,347 The credit carryforwards begin expiring in 2034 Guerrilla RF, Inc. Notes to Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 The NOL and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. NOL and tax credit carryforwards may three 50%, 382 383 1986, may A reconciliation of income tax benefit at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements is as follows: December 31, Rate reconciliation: 2023 2022 Federal tax benefit at the statutory rate (21.0 )% (21.0 )% State tax, net of federal benefit (1.0 )% (2.0 )% Other 1.6 % 1.0 % Research & development credits (1.5 )% (2.2 )% Change in the valuation allowance 21.9 % 24.2 % Income Tax Expense (Benefit) — % — % The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company’s tax returns remain subject to examination; carryforward amounts from all tax years remain subject to adjustment. Potential 382 At December 31, 2023 , the Company had federal NOL and R&D credit carryforwards of approximately $26,826,582 and $858,020, respectively, which are generally available to offset future taxable income. A company’s ability to deduct its federal NOL and R&D credit carryforwards can be substantially constrained under the general annual limitation rules of Section 382 382 three 50 If the Company were to experience an ownership change, utilization of the NOL or R&D credit carryforwards would be subject to an annual limitation, which is determined by first 382 may In 2022, one 382. not 2014. December 31, 2023, not December 31, 2023, 740. December 31, 2023. Subsequent to year-end, the Company issued additional shares of common stock in a private placement offering. The Company has not may |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. See Note 5 December 31, 2023. Participation in 2022/23 Certain existing shareholders, including investors affiliated with certain of our directors and officers, purchased an aggregate of 45,383 Units in conjunction with the 2022/23 December 2022 February 2023. |
Note 12 - Employee Benefit Plan
Note 12 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 12. The Company has a 401 may xecutive Management with Board of Directors advisement. The Company made $378,177 and $336,383 of contributions to the plan in 2023 and 2022 |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. Subsequent events have been evaluated through the date that the Company approved the consolidated financial statements. The following subsequent events have occurred during the period. Spectrum Loan Facility Line Increase On February 20, 2024, may Private Placement Offering On March 28, 2024, Convertible Notes On March 28, 2024, 5 Salem Maturity Extension On March 28, 2024 April 30, 2024 January 31, 2026. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 9B. Trading Arrangements of Section 16 During the quarter ended December 31, 2023, no 16 1934, 10b5 1 10b5 1 229.408 | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with GAAP and with the rules and regulations for reporting the Annual Report on Form 10 10 not e Company and its wholly-owned subsidiary, Guerrilla RF Operating Corporation that was merged with and into the Company in May 2023. |
Emerging Growth Company [Policy Text Block] | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2 1933, 2012 may not not not 404 not Further, Section 102 1 not not not may |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and reported amounts of revenue and expenses during the reporting period. In addition, the Company’s significant estimates and judgments involve the valuation of share-based compensation and the evaluation of equity financing, including the underlying fair value of the common stock. According |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain prior period income statement and balance sheets amounts have been reclassified to conform to the Company's fiscal 2023 no |
Segment Reporting, Policy [Policy Text Block] | Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk and Major Customers Financial instruments at December 31, 2023 and 2022 may not The Company’s accounts receivable are derived from revenue earned from customers located in and outside of the U.S. Major customers are defined as those generating revenue in excess of 10% one December 31, 2023 and 2022 . Revenues from the major customer accounted for 81% of product shipment revenue for both the years ended December 31, 2023 and 2022 . Accounts receivable from our major customer represented 71% of accounts receivable at December 31, 2023 , and 76% of accounts receivable at December 31, 2022 . |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable primarily relate to amounts due from customers, which are typically due within 30 45 one may not not The Company had a factoring agreement that provided advance payments on up to 85% of invoices issued to RFPD, its largest distributor, with receivables less than 90 days outstanding secured by the remaining 15%. The Company terminated this factoring agreement in the second 2022. On June 1, 2022, December 31, 2023 December 31, 2023 5 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. The Company depreciates computer hardware, software, production and computer equipment, and lab equipment using the straight-line method over their estimated useful lives, ranging from three five seven |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not December 31, 2023 , and determined IT equipment and leasehold improvements were impaired and recorded an asset impairment expense. See Note 4 |
Deferred Charges, Policy [Policy Text Block] | Deferred Offering Costs The Company will capitalize legal, professional, accounting, and other third 1, 6 December 31, 2023 and 2022 . |
Revenue [Policy Text Block] | Revenue Recognition The Company recognizes product revenue when it satisfies a performance obligation by transferring a product or service to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products and services. Sales and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. Shipping and handling fees charged to customers are reported within revenue. The Company does not not not not not During the years ended December 31, 2023 and 2022 , the Company had $250 thousand of revenue from contracts with customers to be recognized over time as the services are delivered to the customer. uring the year ended December 31, 2023 December 31, 2022 . As of December 31, 2023 and 2022 , the Company did not not December 31, 2023 and 2022 , there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods. The costs incurred by the Company for shipping and handling are classified as direct product costs in the consolidated statements of operations. Any incidental items that are immaterial in the context of a sale to a customer are recognized as expense. |
Cost of Goods and Service [Policy Text Block] | Direct Product Costs The Company’s direct product costs consist primarily of salaries and related expenses, overhead, third |
Share-Based Payment Arrangement [Policy Text Block] | Share-Based Compensation The Company measures and recognizes compensation expense for all stock options, shares of stock, and restricted stock units ("RSU") awarded to employees and nonemployees based on the estimated fair market value of the award on the grant date. The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards. The Company estimates the fair value of shares of stock and RSUs awarded based upon the known fair market value of the underlying shares on the grant date. The Company recognizes compensation expense on a straight-line basis over the applicable vesting period. In addition, the Company accounts for forfeitures of awards as they occur. Estimating the fair market value of options requires the input of subjective assumptions, including the estimated fair value of the Company’s common stock, the expected life of the options, stock price volatility, the risk-free interest rate, and expected dividends. Therefore, the assumptions used in the Company’s Black-Scholes option-pricing model represent management’s best estimates and involve many variables, uncertainties, and assumptions, and the application of management’s judgment, as they are inherently subjective. The Company applies ASU 2018 7, Compensation Stock Compensation (Topic 718 no |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs are expensed as incurred and consist primarily of personnel-related engineering and technical staff wages and benefits, prototype costs, and other direct expenses. |
Advertising Cost [Policy Text Block] | Advertising Costs All advertising costs are expensed as incurred and included in sales and marketing expenses. Advertising expenses for the years ended December 31, 2023 and 2022 $39,219, |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost and net realizable value. Cost is determined by the first‐in, first‐out (FIFO) method. The Company analyzes its product portfolio and inventory aging in determining whether an inventory allowance is needed. Historically, such allowances have been immaterial and within management's expectations. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method as required by FASB ASC Topic 740, Income Taxes 740” 740, not not FASB ASC Subtopic 740 10, Accounting for Uncertainty of Income Taxes 740 10” may not 50% 740 10, |
Debt, Policy [Policy Text Block] | Convertible Debt Instruments The Company evaluates agreements, including any convertible debt instruments to determine if those agreements or any embedded components of those agreements qualify as derivative financial instruments to be separately accounted for in accordance with FASB ASC Topic 815 Derivatives and Hedging 815” |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on ASC 820 820” ASC 820 820 820 three may Level 1 Level 2 Level 3 The carrying amounts of the Company’s financial instruments, such as cash and accounts payable approximate fair values due to the short-term nature of these instruments. See Note 8 3 |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss by the weighted average number of common stock outstanding during each period. Diluted net loss per common stock includes the effect, if any, from the potential exercise or conversion of securities, such as options and warrants, which would result in the issuance of incremental common stock. In computing basic and diluted net loss per share, the weighted average number of shares is the same for both calculations because a net loss existed for the years ended December 31, 2023 2022. December 31, 2023 2022. The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: Year Ended December 31, 2023 2022 Common stock warrants 824,416 475,850 Restricted stock units 454,566 145,668 Stock options 570,748 601,220 1,849,730 1,222,738 The table above excludes convertible notes that are contingently convertible upon future events that have not 5 |
Reverse Stock Split [Policy Text Block] | Reverse Stock Split As disclosed in Note 6, one 12:01 April 17, 2023 ( six one No 2014 2021 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments - Credit Losses December 15, 2022, 2016 13 January 1, 2023. not In October 2021, No. 2021 08, Business Combinations 805 2021 08 606. 606 2021 08 2024 not In September 2022, No. 2022 04, Liabilities - Supplier Finance Programs 405 50 Disclosure of Supplier Finance Program Obligations December 15, 2022, December 15, 2023. January 1, 2023. not The Company has reviewed all other recently issued accounting pronouncements and concluded they were either not not |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2023 2022 Common stock warrants 824,416 475,850 Restricted stock units 454,566 145,668 Stock options 570,748 601,220 1,849,730 1,222,738 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2023 2022 Raw materials $ 488,548 $ 696,409 Work-in-process 132,511 44,037 Finished goods 922,194 932,479 Inventory allowance (9,661 ) - Inventory, net $ 1,533,592 $ 1,672,925 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2023 2022 Production assets $ 1,927,958 $ 1,849,808 Computer equipment and software 937,957 809,038 Lab equipment 3,588,560 3,965,189 Office furniture and fixtures 1,328,570 1,044,858 Leasehold improvements 228,143 123,109 Construction work in progress - 207,027 8,011,188 7,999,029 Less accumulated depreciation (4,352,104 ) (2,900,932 ) $ 3,659,084 $ 5,098,097 |
Note 5 - Debt (Tables)
Note 5 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | Principal amount of promissory notes payable $ 12,000,000 Accrued interest 407,710 Less: unamortized debt issue costs (199,993 ) Less: unamortized debt discount (1,259,049 ) Notes payable, current portion, net $ 10,948,668 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2024 $ 13,356,429 2025 230,372 2026 236,384 2027 192,319 2028 39,525 Thereafter - $ 14,055,029 |
Note 7 - Share-based Compensa_2
Note 7 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2023 2022 Expected term (in years) 6.25 6.25 Expected volatility 52 % 52 % Risk-free rate 3.88 % 3.96 % Dividend rate — — |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted-Average Exercise Price Per Option Weighted- Average Remaining Contractual Life (in years) Shares underlying outstanding awards at December 31, 2021 530,147 $ 2.28 3.37 Granted 78,667 13.47 Exercised (2,117 ) 2.46 Cancelled/Forfeited (5,477 ) 5.70 Shares underlying outstanding awards at December 31, 2022 601,220 $ 3.60 6.96 Granted 13,135 8.67 Exercised - - Cancelled/Forfeited (43,607 ) 9.62 Shares underlying outstanding awards at December 31, 2023 570,748 $ 7.67 5.98 Exercisable options at December 31, 2023 503,778 $ 4.69 4.63 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | 2023 Number of RSUs Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 - $ - Granted 150,521 10.74 Vested - - Cancelled/Forfeited (4,884 ) 12.00 Outstanding at December 31, 2022 145,637 10.69 Granted 381,158 6.06 Vested (61,899 ) 11.45 Cancelled/Forfeited (10,330 ) 9.18 Outstanding at December 31, 2023 454,566 $ 7.35 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2023 2022 Direct product costs $ 77,336 $ 21,088 Research and development 319,258 181,792 Sales and marketing 218,407 108,318 General and administrative 664,535 332,372 $ 1,279,536 $ 643,570 |
Note 8 - Derivative Liabiliti_2
Note 8 - Derivative Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Beginning balance as of January 1, 2023 $ - Issuance of Convertible Notes 15,800 Change in fair value of derivative liabilities 142,200 Ending balance on December 31, 2023 $ 158,000 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | Balance Sheet Location December 31, 2023 Operating Leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 10,500,620 Current portion of operating lease liabilities Operating lease, current portion 745,969 Noncurrent portion of operating lease liabilities Operating lease 6,176,508 Total operating lease liabilities $ 6,922,477 Finance Leases: Finance lease right-of-use assets Property, plant, and equipment $ 2,528,643 Current portion of finance lease liabilities Finance lease, current portion 978,543 Noncurrent portion of finance lease liabilities Finance lease 1,593,979 Total finance lease liabilities $ 2,572,522 |
Lease, Cost [Table Text Block] | For the Year Ended December 31, 2023 2022 Operating lease cost $ 1,651,539 $ 135,842 Finance lease cost: Amortization of lease assets 1,205,155 977,771 Interest on lease liabilities 246,053 251,228 Total finance lease costs $ 1,451,208 $ 1,228,999 |
Other Supplemental Lease Information [Table Text Block] | December 31, 2023 Weighted average remaining lease term (in years): Operating leases 8.68 Finance leases 2.98 Weighted average discount rate: Operating leases 11.00 % Finance leases 7.56 % Cash paid for amounts included in the measurement of lease liabilities for the year ended December 31, 2023: Operating cash flows from operating leases $ 1,726,941 Operating cash flows from finance leases $ 243,865 Financing cash flows from finance leases $ 1,043,149 |
Lease, Liability, Fiscal Year Maturity [Table Text Block] | Payments Due by Period 2024 2025 2026 2027 2028 Thereafter Total Operating leases $ 1,459,979 $ 1,233,668 $ 1,056,589 $ 1,076,140 $ 1,096,206 $ 4,890,149 $ 10,812,731 Less present value adjustment 714,010 635,214 580,820 524,555 460,933 974,722 3,890,254 Operating lease liabilities $ 745,969 $ 598,454 $ 475,769 $ 551,585 $ 635,273 $ 3,915,427 $ 6,922,477 Finance leases $ 1,135,917 $ 815,150 $ 722,306 $ 156,861 $ 49,664 $ 10,702 $ 2,890,600 Less interest 159,010 97,612 46,269 11,256 3,787 144 318,078 Finance lease liabilities $ 976,907 $ 717,538 $ 676,037 $ 145,605 $ 45,877 $ 10,558 $ 2,572,522 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2023 2022 Noncurrent deferred income tax asset arising from: Accounts payable $ 451,478 $ 461,253 Property, plant, and equipment 5,489 39,598 Equity-based compensation 204,988 112,336 Contribution carryforward 6,437 5,856 NOL carryforward 5,633,582 3,994,815 NEL carryforward 194,262 239,315 R&D credit 858,020 626,347 Operating lease liability 1,590,439 48,594 Others 34,890 - Capitalized research and development expense 3,335,888 1,639,623 Total deferred tax assets 12,315,473 7,167,737 Noncurrent deferred income tax liability arising from: Trade receivables and prepaid expenses (500,514 ) (374,517 ) Operating lease ROU asset (1,579,741 ) (48,171 ) Total deferred income tax liabilities (2,080,255 ) (422,688 ) Net noncurrent deferred income tax asset 10,235,218 6,745,049 Valuation allowance (10,235,218 ) (6,745,049 ) Net $ - $ - |
Summary of Operating Loss Carryforwards [Table Text Block] | December 31, Combined NOL Carryforwards: 2023 2022 Federal $ 26,826,582 $ 19,022,927 State $ 9,836,072 $ 9,836,072 |
Summary of Tax Credit Carryforwards [Table Text Block] | December 31, Combined Credit Carryforwards: 2023 2022 Federal $ 858,020 $ 626,347 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | December 31, Rate reconciliation: 2023 2022 Federal tax benefit at the statutory rate (21.0 )% (21.0 )% State tax, net of federal benefit (1.0 )% (2.0 )% Other 1.6 % 1.0 % Research & development credits (1.5 )% (2.2 )% Change in the valuation allowance 21.9 % 24.2 % Income Tax Expense (Benefit) — % — % |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Business (Details Textual) - USD ($) | 2 Months Ended | 12 Months Ended | ||||
Mar. 28, 2024 | Dec. 30, 2022 | Feb. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income (Loss) Attributable to Parent | $ (15,966,294) | $ (12,026,766) | ||||
Net Cash Provided by (Used in) Operating Activities | (13,454,990) | (9,248,403) | ||||
Retained Earnings (Accumulated Deficit) | (43,039,462) | (27,073,168) | ||||
Cash | 781,318 | $ 4,340,407 | ||||
Proceeds from Issuance or Sale of Equity | $ 11,500,000 | |||||
Unit Purchase Agreement in Private Placement Offering [Member] | ||||||
Proceeds from Issuance or Sale of Equity | $ 5,000,000 | $ 9,200,000 | ||||
Unit Purchase Agreement in Private Placement Offering [Member] | Subsequent Event [Member] | ||||||
Proceeds from Issuance or Sale of Equity | $ 5,000,000 | |||||
Proceeds from Issuance or Sale of Equity, Net | $ 3,000,000 | |||||
Spectrum Loan Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000,000 | |||||
Proceeds from Issuance of Long-Term Debt | 1,200,000 | |||||
Salem Loan Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 12,000,000 | |||||
Proceeds from Issuance of Long-Term Debt | 12,000,000 | |||||
Approximate [Member] | ||||||
Net Cash Provided by (Used in) Operating Activities | $ (13,400,000) |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation and Significant Accounting Policies (Details Textual) | 6 Months Ended | 12 Months Ended | |||
Jun. 01, 2022 USD ($) | Jun. 30, 2022 | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Apr. 17, 2023 shares | |
Factoring Agreement, Advance Amount, Percentage of Accounts Receivable | 85% | 85% | |||
Factoring Agreement, Receivables Term Oustanding (Day) | 90 days | ||||
Factoring Agreement, Percentage of Receivables, Collateral | 15% | ||||
Contract with Customer, Liability, Revenue To Be Recognized | $ 250,000 | $ 0 | |||
Contract with Customer, Liability | 0 | 0 | |||
Contract with Customer, Performance Obligation Satisfied in Previous Period | 0 | 0 | |||
Advertising Expense | $ 19,961 | $ 39,219 | |||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 6 | ||||
Common Stock, Shares Authorized (in shares) | shares | 300,000,000 | 300,000,000 | 300,000,000 | ||
Computer Hardware, Software, Production and Computer Equipment and Lab Equipment [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Computer Hardware, Software, Production and Computer Equipment and Lab Equipment [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||
Furniture and Fixtures [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||||
Spectrum Loan Facility [Member] | |||||
Proceeds from Accounts Receivable Factoring | $ 3,000,000 | $ 3 | |||
Accounts Receivable Secured Debt Facility, Receivables Assigned | 1.2 | ||||
Accounts Receivable Secured Debt Facility, Amount Due | $ 0.2 | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Number of Major Customers | 1 | 1 | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | |||||
Concentration Risk, Percentage | 81% | 81% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | |||||
Concentration Risk, Percentage | 71% | 76% |
Note 2 - Basis of Presentatio_4
Note 2 - Basis of Presentation and Significant Accounting Policies - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 1,849,730 | 1,222,738 |
Common Stock Warrants [Member] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 824,416 | 475,850 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 454,566 | 145,668 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 570,748 | 601,220 |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Valuation Reserves | $ 9,661 | $ 0 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Raw materials | $ 488,548 | $ 696,409 |
Work-in-process | 132,511 | 44,037 |
Finished goods | 922,194 | 932,479 |
Inventory allowance | (9,661) | 0 |
Inventory, net | $ 1,533,592 | $ 1,672,925 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation | $ 1,592,567 | $ 1,357,571 |
Impairment, Long-Lived Asset, Held-for-Use | $ 20,000 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 3,659,084 | $ 5,098,097 |
Less accumulated depreciation | (4,352,104) | (2,900,932) |
Production Assets [Member] | ||
Property and equipment, gross | 1,927,958 | 1,849,808 |
Computer Equipment and Software [Member] | ||
Property and equipment, gross | 937,957 | 809,038 |
Lab Equipment [Member] | ||
Property and equipment, gross | 3,588,560 | 3,965,189 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 1,328,570 | 1,044,858 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 228,143 | 123,109 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 0 | $ 207,027 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | 16 Months Ended | ||||||||||||||||
Dec. 18, 2023 | Oct. 23, 2023 | Sep. 06, 2023 | Sep. 05, 2023 | Aug. 14, 2023 | Jun. 30, 2023 | May 01, 2023 | Aug. 11, 2022 | Jun. 01, 2022 | Jul. 31, 2023 | Aug. 31, 2022 | Apr. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Aug. 22, 2022 | Jun. 30, 2022 | Jun. 24, 2020 | |
Factoring Agreement, Advance Amount, Percentage of Accounts Receivable | 85% | 85% | 85% | ||||||||||||||||
Factoring Agreement, Factoring Fee, First Thirty Days, Percentage of Invoice Face Value | 0.98% | 0.98% | |||||||||||||||||
Factoring Agreement, Factoring Fee, After Thirty Days, Percentage of Invoice Face Value | 0.0327% | 0.0327% | |||||||||||||||||
Factoring Agreement, Minimum Invoice Fee | $ 1.5 | $ 1.5 | |||||||||||||||||
Stock Issued During Period, Value, New Issues | 5,440,658 | $ 4,765,232 | |||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,524,534 | ||||||||||||||||||
Salem Loan Facility [Member] | |||||||||||||||||||
Long-Term Line of Credit | $ 1,250,000 | $ 1,750,000 | $ 1,500,000 | $ 5,500,000 | $ 1,500,000 | $ 5,000,000 | 12,000,000 | 12,000,000 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,000,000 | ||||||||||||||||||
Line of Credit Facility, Interest Rate During Period, Paid-in-Kind | 3% | 2% | |||||||||||||||||
Common Stock, Shares, Issued as Consideration (in shares) | 25,000 | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,000,000 | $ 3,000,000 | |||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 14% | 13% | |||||||||||||||||
Line of Credit Facility, Interest Rate During Period, Paid in Cash | 11% | ||||||||||||||||||
Debt Instrument, Fee Amount | $ 45 | $ 43,000,000 | $ 88,000 | $ 45,000 | $ 60,000 | ||||||||||||||
Stock Issued During Period, Value, New Issues | 12,500 | ||||||||||||||||||
Common Stock, Value, Issued as Consideration | $ 1,500,000 | ||||||||||||||||||
Line of Credit Facility, Allocated Interest Rate | 26% | 21% | 104% | 28% | 17% | ||||||||||||||
Extinguishment of Debt, Prepaid Premium Year 1, Percentage | 3% | ||||||||||||||||||
Extinguishment of Debt, Prepaid Premium Year 2, Percentage | 2% | ||||||||||||||||||
Extinguishment of Debt, Prepaid Premium Year 3, Percentage | 1% | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 14% | 14% | |||||||||||||||||
Debt Issuance Cost, Gross, Noncurrent | $ 78,000 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 660,000 | 400,000 | |||||||||||||||||
Line of Credit Facility, Additional Maximum Borrowing Capacity | $ 4,000,000 | ||||||||||||||||||
Proceeds from Lines of Credit | $ 1,750,000 | ||||||||||||||||||
Salem Loan Facility [Member] | AMB Investments, LLC, Participation Rights in Underlying Loan [Member] | |||||||||||||||||||
Long-Term Line of Credit | $ 2,600,000 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 500,000 | ||||||||||||||||||
Participation Interest in Underlying Loan, Ownership Percentage | 47.17% | ||||||||||||||||||
Salem Loan Facility [Member] | Minimum [Member] | |||||||||||||||||||
Line of Credit Facility, Allocated Interest Rate | 29% | ||||||||||||||||||
Salem Loan Facility [Member] | Maximum [Member] | |||||||||||||||||||
Line of Credit Facility, Allocated Interest Rate | 98% | ||||||||||||||||||
Factoring Agreement [Member] | |||||||||||||||||||
Long-Term Debt, Gross | 0 | 0 | |||||||||||||||||
Spectrum Loan Facility [Member] | |||||||||||||||||||
Percent, Cost of Eligible Equipment | 75% | ||||||||||||||||||
Monthly Reduction of Maximum Funds Available to Purchase Eligible Equipment, Percentage | 0.021% | ||||||||||||||||||
Percent, Net Amount of Eligible Inventory | 50% | ||||||||||||||||||
Additional Amount Allowed to be Borrowed | $ 350,000 | ||||||||||||||||||
Percent of Purchased Accounts Receivable Outstanding | 50% | ||||||||||||||||||
Percent of Eligible Accounts Receivable | 85% | ||||||||||||||||||
Proceeds from Accounts Receivable Factoring | $ 3,000,000 | 3 | |||||||||||||||||
Annual Facility Fees | $ 30,000 | ||||||||||||||||||
Debt Instrument, Base Floor | 7% | ||||||||||||||||||
Long-Term Line of Credit | 1.2 | 1.2 | |||||||||||||||||
Interest Expense | 244 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | $ 3,000,000 | |||||||||||||||||
Spectrum Loan Facility [Member] | Prime Rate [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||||||||||||
SBA, Economic Injury Disaster Loan (EIDL) [Member] | |||||||||||||||||||
Long-Term Debt, Gross | $ 149,900 | ||||||||||||||||||
Debt Instrument, Fee Amount | $ 150,000 | ||||||||||||||||||
Interest Payable | $ 12,000 | ||||||||||||||||||
Convertible Promissory Notes [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 790,000 | ||||||||||||||||||
Convertible Note, Repayment Amount, Percent of Amount Due, Benchmark | 20% | ||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 6 | ||||||||||||||||||
Convertible Promissory Notes [Member] | Put Option [Member] | |||||||||||||||||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset of Collateral | $ 15,800 | ||||||||||||||||||
Convertible Promissory Notes [Member] | New Equity Financing [Member] | |||||||||||||||||||
Minimum Gross Proceeds Received From Issuance of Equity Securities for Conversion of Note | 2,000,000 | ||||||||||||||||||
Convertible Promissory Notes [Member] | Chief Executive Officer and Family Members [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | 710,000 | ||||||||||||||||||
Convertible Promissory Notes [Member] | Chief Executive Officer [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | 80,000 | ||||||||||||||||||
Convertible Promissory Notes [Member] | Chief Executive Officer Family Members [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 630,000 | ||||||||||||||||||
Convertible Notes, One [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | 9.40% | 9.40% | ||||||||||||||||
Debt Instrument, Face Amount | $ 290,000 | $ 290,000 | $ 290,000 | ||||||||||||||||
Convertible Notes, Two [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 16% | 17.40% | 17.40% | ||||||||||||||||
Debt Instrument, Face Amount | $ 500,000 | $ 500,000 | $ 500,000 | ||||||||||||||||
Financing Arrangement Related to Furniture for New Office Facilities [Member] | |||||||||||||||||||
Long-Term Debt, Gross | $ 360,000 | 360,000 | |||||||||||||||||
Debt Instrument, Face Amount | $ 1,100,000 | ||||||||||||||||||
Debt Instrument, Periodic Payment, Interest | $ 17,000 | $ 496,000 | |||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 246,000 | ||||||||||||||||||
Agreement With Landlord for Leasehold Improvements [Member] | |||||||||||||||||||
Lease Improvements, Expected Total Cost | 7,700,000 | ||||||||||||||||||
Lease Improvements, Expected Total Cost, Payable | 3,500,000 | ||||||||||||||||||
Lease Improvements, Payments | $ 1,300,000 | $ 3,200,000 | |||||||||||||||||
Lease Improvements, Construction Deferral Fee, Percent | 2% | ||||||||||||||||||
Lease Improvements, Interest Rate | 18% |
Note 5 - Debt - Financing Under
Note 5 - Debt - Financing Under Credit Facility (Details) - Salem Loan Facility [Member] - USD ($) | Dec. 31, 2023 | Oct. 23, 2023 | Sep. 06, 2023 | Aug. 14, 2023 | Jun. 30, 2023 | May 01, 2023 | Aug. 11, 2022 |
Principal amount of promissory notes payable | $ 12,000,000 | $ 1,250,000 | $ 1,750,000 | $ 1,500,000 | $ 5,500,000 | $ 1,500,000 | $ 5,000,000 |
Accrued interest | 407,710 | ||||||
Less: unamortized debt issue costs | (199,993) | ||||||
Less: unamortized debt discount | (1,259,049) | ||||||
Notes payable, current portion, net | $ 10,948,668 |
Note 5 - Debt - Long-term Debt
Note 5 - Debt - Long-term Debt Expected to Mature (Details) | Dec. 31, 2023 USD ($) |
2024 | $ 13,356,429 |
2025 | 230,372 |
2026 | 236,384 |
2027 | 192,319 |
2028 | 39,525 |
Thereafter | 0 |
Debt, Long-Term and Short-Term, Combined Amount | $ 14,055,029 |
Note 6 - Common Stock (Details
Note 6 - Common Stock (Details Textual) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||
Apr. 17, 2023 shares | Dec. 30, 2022 USD ($) $ / shares shares | Oct. 22, 2021 shares | Nov. 16, 2021 shares | Feb. 28, 2023 USD ($) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Feb. 28, 2022 $ / shares shares | |
Common Stock, Shares Authorized (in shares) | 300,000,000 | 300,000,000 | 300,000,000 | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
Common Stock, Voting Rights, Vote Per Share | 1 | ||||||||
Dividends, Common Stock, Total | $ | $ 0 | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,524,534 | ||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 11,500,000 | ||||||||
Payments of Stock Issuance Costs | $ | $ 2,100,000 | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 6 | ||||||||
Preferred Stock, Shares Issued (in shares) | 0 | 0 | |||||||
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 | |||||||
Reverse Stock Split [Member] | |||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 6 | ||||||||
Warrants in Connection With Unit Purchase Agreement [Member] | |||||||||
Number of Warrant Per Unit (in shares) | 1 | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 0.5 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 12 | ||||||||
Class of Warrant or Right, Outstanding (in shares) | 824,416 | ||||||||
Warrants With The 2021 Offering [Member] | |||||||||
Class of Warrant or Right, Issued During Period (in shares) | 55,270 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 12 | ||||||||
Purchaser Warrant [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 591,656 | ||||||||
Placement Agent Warrants [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 7.8 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 177,490 | ||||||||
Initial Closing Offering [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 961,092 | ||||||||
Unit Purchase Agreement in Private Placement Offering [Member] | |||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 5,000,000 | $ 9,200,000 | |||||||
Payments of Stock Issuance Costs | $ | $ 700,200 | $ 1,200,000 | |||||||
Stock Issued During the Period, Units, New Issues (in shares) | 647,057 | 1,183,192 | 45,383 | ||||||
Number of Common Stock Per Unit (in shares) | 1 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 7.8 | ||||||||
Selling Stockholders on October 22, 2021 [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,021,774 | ||||||||
Pre-merger Stockholders of Laffin Acquisition Corp [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 495,834 | ||||||||
Salem Investment Partners V, LP [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,097,500 | 1,097,500 |
Note 7 - Share-based Compensa_3
Note 7 - Share-based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 210,000 | 94,667 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ 4.2 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ 9.42 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 4.61 | $ 7.8 | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 344,275 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 13,135 | 78,667 | |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 8.67 | $ 13.47 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 | 2,117 | |
Share-Based Payment Arrangement, Expense | $ 1,279,536 | $ 643,570 | |
Share-Based Payment Arrangement, Expense, Tax Benefit | 0 | ||
Share-Based Payment Arrangement, Amount Capitalized | $ 0 | ||
Share-Based Payment Arrangement, Employee [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 13,135 | 78,667 | |
Share-Based Payment Arrangement, Employee [Member] | Minimum [Member] | |||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 7.8 | $ 12 | |
Share-Based Payment Arrangement, Employee [Member] | Maximum [Member] | |||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 9 | $ 24.9 | |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Employee [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | 4 years | |
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Employee [Member] | Vesting Each Year [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | 25% | |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 381,158 | 150,521 | |
Share-Based Payment Arrangement, Expense | $ 1,400,000 | ||
Restricted Stock Units (RSUs) [Member] | Employees and Directors [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 381,127 | 150,520 | |
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] | Vest Over Three Equal Annual Installments [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 336,250 | ||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 44,877 | ||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 25,000 | ||
The 2021 Plan [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 37,166 | ||
Common Stock, Capital Shares Reserved for Future Issuance, Increase as Percentage of Total Share Outstanding | 5% |
Note 7 - Share-based Compensa_4
Note 7 - Share-based Compensation - Weighted-average Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Expected term (in years) (Year) | 6 years 3 months | 6 years 3 months |
Expected volatility | 52% | 52% |
Risk-free rate | 3.88% | 3.96% |
Dividend rate | 0% | 0% |
Note 7 - Share-based Compensa_5
Note 7 - Share-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares underlying outstanding awards (in shares) | 601,220 | 530,147 | |
Shares underlying outstanding awards, weighted average exercise price (in dollars per share) | $ 3.6 | $ 2.28 | |
Shares underlying outstanding awards, weighted average remaining contractual term (Year) | 5 years 11 months 23 days | 6 years 11 months 15 days | 3 years 4 months 13 days |
Granted (in shares) | 13,135 | 78,667 | |
Granted, weighted average exercise price (in dollars per share) | $ 8.67 | $ 13.47 | |
Exercised (in shares) | 0 | (2,117) | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | $ 2.46 | |
Cancelled/Forfeited (in shares) | (43,607) | (5,477) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 9.62 | $ 5.7 | |
Shares underlying outstanding awards (in shares) | 570,748 | 601,220 | 530,147 |
Shares underlying outstanding awards, weighted average exercise price (in dollars per share) | $ 7.67 | $ 3.6 | $ 2.28 |
Exercisable options (in shares) | 503,778 | ||
Exercisable options, weighted average exercise price (in dollars per share) | $ 4.69 | ||
Exercisable options, weighted average remaining contractual term (Year) | 4 years 7 months 17 days |
Note 7 - Share-based Compensa_6
Note 7 - Share-based Compensation - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Outstanding, shares (in shares) | 145,637 | 0 |
Outstanding, weighted average fair value (in dollars per share) | $ 10.69 | $ 0 |
Granted (in shares) | 381,158 | 150,521 |
Granted (in dollars per share) | $ 6.06 | $ 10.74 |
Vested (in shares) | (61,899) | 0 |
Vested (in dollars per share) | $ 11.45 | $ 0 |
Cancelled/Forfeited (in shares) | (10,330) | (4,884) |
Cancelled/Forfeited (in dollars per share) | $ 9.18 | $ 12 |
Outstanding at December 31, 2022 (in shares) | 454,566 | 145,637 |
Outstanding at December 31, 2022 (in dollars per share) | $ 7.35 | $ 10.69 |
Note 7 - Share-based Compensa_7
Note 7 - Share-based Compensation - Stock-based Compensation Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock-based compensation expense | $ 1,279,536 | $ 643,570 |
Cost of Sales [Member] | ||
Stock-based compensation expense | 77,336 | 21,088 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 319,258 | 181,792 |
Selling and Marketing Expense [Member] | ||
Stock-based compensation expense | 218,407 | 108,318 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | $ 664,535 | $ 332,372 |
Note 8 - Derivative Liabiliti_3
Note 8 - Derivative Liabilities (Details Textual) | Dec. 31, 2023 USD ($) | Jul. 21, 2023 |
Derivative Liability | $ 158,000 | |
Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | ||
Derivative Liability, Measurement Input | 0.08 | 0.08 |
Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | ||
Derivative Liability, Measurement Input | 0.16 | 0.16 |
Measurement Input, Probability of Change of Control [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Derivative Liability, Measurement Input | 0.10 |
Note 8 - Derivative Liabiliti_4
Note 8 - Derivative Liabilities - Summary of Changes in Fair Value of Level 3 Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Beginning balance as of January 1, 2023 | $ 0 |
Issuance of Convertible Notes | 15,800 |
Change in fair value of derivative liabilities | 142,200 |
Ending balance on December 31, 2023 | $ 158,000 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) | 1 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2023 USD ($) ft² | Aug. 30, 2022 USD ($) | Apr. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Aug. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | $ 2,528,643 | $ 2,600,000 | ||||||
Finance Lease, Liability | 2,572,522 | 2,600,000 | ||||||
Operating Lease, Right-of-Use Asset | 10,500,620 | $ 209,669 | 300,000 | |||||
Operating Lease, Liability | 6,922,477 | $ 300,000 | ||||||
Lessee, Operating Lease, Lease Not yet Commenced, Annual Lease Expense | $ 1,500,000 | |||||||
Finance Lease, Liability, to be Paid, Total | 2,890,600 | |||||||
Finance Lease, Interest Expense | 246,053 | 251,228 | ||||||
Finance Lease, Principal Payments | 1,043,149 | 985,622 | ||||||
Finance Lease, Interest Payment on Liability | 243,865 | |||||||
Legal Claims [Member] | ||||||||
Loss Contingency Accrual | 0 | 0 | ||||||
Indemnification Agreement [Member] | ||||||||
Loss Contingency Accrual | 0 | $ 0 | ||||||
Headquarters Office Building [Member] | ||||||||
Construction Cost, Estimated Amount | $ 7,700,000 | |||||||
Construction Cost, Estimate Attributable to Company | $ 3,500,000 | |||||||
Former Headquarters [Member] | ||||||||
Area of Real Estate Property (Square Foot) | ft² | 4,800 | |||||||
Sub-lease, Monthly Rental Income | $ 5,540 | |||||||
Former Headquarters [Member] | General and Administrative Expense [Member] | ||||||||
Operating Lease, Impairment Loss | 95,000 | |||||||
Furniture for Headquarters Office Building [Member] | ||||||||
Finance Lease, Liability, to be Paid, Total | $ 1,100,000 | $ 360,000 | ||||||
Finance Lease, Interest Expense | $ 496,000 | |||||||
Finance Lease, Principal Payments | $ 246,000 | |||||||
Finance Lease, Interest Payment on Liability | $ 17,000 |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Balance Sheet Information Related to Right-of-use Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Operating Lease, Right-of-Use Asset | $ 10,500,620 | $ 209,669 | $ 300,000 |
Current portion of operating lease liabilities | 745,969 | 139,794 | |
Noncurrent portion of operating lease liabilities | 6,176,508 | 71,714 | |
Total operating lease liabilities | 6,922,477 | 300,000 | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 2,528,643 | 2,600,000 | |
Current portion of finance lease liabilities | 978,543 | 1,078,506 | |
Noncurrent portion of finance lease liabilities | 1,593,979 | $ 2,984,618 | |
Total finance lease liabilities | $ 2,572,522 | $ 2,600,000 |
Note 9 - Commitments and Cont_5
Note 9 - Commitments and Contingencies - Lease Cost (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease cost | $ 1,651,539 | $ 135,842 |
Amortization of lease assets | 1,205,155 | 977,771 |
Interest on lease liabilities | 246,053 | 251,228 |
Total finance lease costs | $ 1,451,208 | $ 1,228,999 |
Note 9 - Commitments and Cont_6
Note 9 - Commitments and Contingencies - Other Supplemental Information Related to Leases (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating leases (Year) | 8 years 8 months 4 days | |
Finance leases (Year) | 2 years 11 months 23 days | |
Operating leases | 11% | |
Finance leases | 7.56% | |
Operating cash flows from operating leases | $ 1,726,941 | |
Finance Lease, Interest Payment on Liability | 243,865 | |
Finance Lease, Principal Payments | $ 1,043,149 | $ 985,622 |
Note 9 - Commitments and Cont_7
Note 9 - Commitments and Contingencies - Future Minimum Payments (Details) - USD ($) | Dec. 31, 2023 | Jan. 01, 2022 |
Operating leases | $ 1,459,979 | |
Operating leases | 1,233,668 | |
Operating leases | 1,056,589 | |
Operating leases | 1,076,140 | |
Operating leases | 1,096,206 | |
Operating leases | 4,890,149 | |
Operating leases, total | 10,812,731 | |
Less present value adjustment | 714,010 | |
Less present value adjustment | 635,214 | |
Less present value adjustment | 580,820 | |
Less present value adjustment | 524,555 | |
Less present value adjustment | 460,933 | |
Less present value adjustment | 974,722 | |
Less present value adjustment, total | 3,890,254 | |
Operating lease liabilities | 745,969 | |
Operating lease liabilities | 598,454 | |
Operating lease liabilities | 475,769 | |
Operating lease liabilities | 551,585 | |
Operating lease liabilities | 635,273 | |
Operating lease liabilities | 3,915,427 | |
Operating lease liabilities, total | 6,922,477 | $ 300,000 |
Finance leases | 1,135,917 | |
Finance leases | 815,150 | |
Finance leases | 722,306 | |
Finance leases | 156,861 | |
Finance leases | 49,664 | |
Finance leases | 10,702 | |
Finance leases, total | 2,890,600 | |
Less interest | 159,010 | |
Less interest | 97,612 | |
Less interest | 46,269 | |
Less interest | 11,256 | |
Less interest | 3,787 | |
Less interest | 144 | |
Less interest, total | 318,078 | |
Finance lease liabilities | 976,907 | |
Finance lease liabilities | 717,538 | |
Finance lease liabilities | 676,037 | |
Finance lease liabilities | 145,605 | |
Finance lease liabilities | 45,877 | |
Finance lease liabilities | 10,558 | |
Finance lease liabilities, total | $ 2,572,522 | $ 2,600,000 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Unrecognized Tax Benefits | $ 0 | $ 0 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 26,826,582 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | R&D Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Subject to Expiration | $ 858,020 |
Note 10 - Income Taxes - Signif
Note 10 - Income Taxes - Significant Components of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts payable | $ 451,478 | $ 461,253 |
Property, plant, and equipment | 5,489 | 39,598 |
Equity-based compensation | 204,988 | 112,336 |
Contribution carryforward | 6,437 | 5,856 |
NOL carryforward | 5,633,582 | 3,994,815 |
NEL carryforward | 194,262 | 239,315 |
R&D credit | 858,020 | 626,347 |
Operating lease liability | 1,590,439 | 48,594 |
Others | 34,890 | 0 |
Capitalized research and development expense | 3,335,888 | 1,639,623 |
Total deferred tax assets | 12,315,473 | 7,167,737 |
Trade receivables and prepaid expenses | (500,514) | (374,517) |
Operating lease ROU asset | (1,579,741) | (48,171) |
Total deferred income tax liabilities | (2,080,255) | (422,688) |
Net noncurrent deferred income tax asset | 10,235,218 | 6,745,049 |
Valuation allowance | (10,235,218) | (6,745,049) |
Net | $ 0 | $ 0 |
Note 10 - Income Taxes - Net Op
Note 10 - Income Taxes - Net Operating Loss Carryforwards (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Domestic Tax Authority [Member] | ||
NOL carryforward | $ 26,826,582 | $ 19,022,927 |
State and Local Jurisdiction [Member] | ||
NOL carryforward | $ 9,836,072 | $ 9,836,072 |
Note 10 - Income Taxes - Credit
Note 10 - Income Taxes - Credit Carryforwards (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Domestic Tax Authority [Member] | ||
Credit carryforward | $ 858,020 | $ 626,347 |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Income Tax Benefit (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal tax benefit at the statutory rate | (21.00%) | (21.00%) |
State tax, net of federal benefit | (1.00%) | (2.00%) |
Other | 1.60% | 1% |
Research & development credits | (1.50%) | (2.20%) |
Change in the valuation allowance | 21.90% | 24.20% |
Income Tax Expense (Benefit) | 0% | 0% |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) - shares | 2 Months Ended | 12 Months Ended | |
Dec. 30, 2022 | Feb. 28, 2023 | Dec. 31, 2023 | |
Unit Purchase Agreement in Private Placement Offering [Member] | |||
Stock Issued During the Period, Units, New Issues (in shares) | 647,057 | 1,183,192 | 45,383 |
Note 12 - Employee Benefit Pl_2
Note 12 - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Contribution Plan, Cost | $ 378,177 | $ 336,383 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - USD ($) | 2 Months Ended | 12 Months Ended | |||||||||||
Mar. 28, 2024 | May 01, 2023 | Dec. 30, 2022 | Aug. 11, 2022 | Feb. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 20, 2024 | Dec. 18, 2023 | Oct. 23, 2023 | Sep. 06, 2023 | Aug. 14, 2023 | |
Proceeds from Issuance or Sale of Equity | $ 11,500,000 | ||||||||||||
Paid-in-Kind Interest | $ 407,710 | $ 39,568 | |||||||||||
Salem Loan Facility [Member] | |||||||||||||
Debt Instrument, Fee Amount | $ 60,000 | $ 45 | $ 43,000,000 | $ 88,000 | $ 45,000 | ||||||||
Line of Credit Facility, Interest Rate During Period, Paid-in-Kind | 3% | 2% | |||||||||||
Unit Purchase Agreement in Private Placement Offering [Member] | |||||||||||||
Proceeds from Issuance or Sale of Equity | $ 5,000,000 | $ 9,200,000 | |||||||||||
Subsequent Event [Member] | Salem Loan Facility [Member] | |||||||||||||
Line of Credit Facility, Interest Rate During Period, Paid-in-Kind | 3% | ||||||||||||
Line of Credit Facility, Interest Rate at Period End | 11% | ||||||||||||
Paid-in-Kind Interest | $ 654,308 | ||||||||||||
Subsequent Event [Member] | Unit Purchase Agreement in Private Placement Offering [Member] | |||||||||||||
Proceeds from Issuance or Sale of Equity | 5,000,000 | ||||||||||||
Proceeds from Issuance or Sale of Equity, Net | $ 3,000,000 | ||||||||||||
Spectrum Loan Facility [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument, Fee Amount | $ 37,500 | ||||||||||||
Spectrum Loan Facility [Member] | Subsequent Event [Member] | Maximum [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 3,750,000 |