BioLife Solutions (BLFS) 10-Q 11 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 08, 2018
Document Information [Line Items]
Entity Registrant Name	BIOLIFE SOLUTIONS INC
Entity Central Index Key	834,365
Trading Symbol	blfs
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		15,104,743
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 7,032,513	$ 6,663,318
Accounts receivable, trade, net of allowance for doubtful accounts of $5,575 at March 31, 2018 and December 31, 2017	1,043,815	1,021,315
Inventories	1,836,666	1,846,746
Prepaid expenses and other current assets	330,904	399,502
Total current assets	10,243,898	9,930,881
Property and equipment
Leasehold improvements	1,284,491	1,284,491
Furniture and computer equipment	692,270	682,466
Manufacturing and other equipment	1,194,659	1,148,006
Subtotal	3,171,420	3,114,963
Less: Accumulated depreciation	(2,084,769)	(2,008,927)
Net property and equipment	1,086,651	1,106,036
Investment in SAVSU	926,364	1,070,120
Long-term deposits	36,166	36,166
Total assets	12,293,079	12,143,203
Current liabilities
Accounts payable	586,334	690,702
Accrued expenses and other current liabilities	202,779	200,548
Accrued compensation	392,248	491,432
Deferred rent, current portion	130,216	130,216
Total current liabilities	1,311,577	1,512,898
Deferred rent, long-term	457,518	492,207
Other long-term liabilities	52,520	45,512
Total liabilities	1,821,615	2,050,617
Commitments and Contingencies (Note 8)
Shareholders’ equity
Preferred stock, $0.001 par value; 1,000,000 shares authorized, Series A, 4,250 shares designated, and 4,250 shares issued and outstanding at March 31, 2018 and December 31, 2017	4	4
Common stock, $0.001 par value; 150,000,000 shares authorized, 14,145,413 and 14,021,422 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	14,145	14,021
Additional paid-in capital	84,517,966	84,036,444
Accumulated deficit	(74,060,651)	(73,957,883)
Total shareholders’ equity	10,471,464	10,092,586
Total liabilities and shareholders’ equity	$ 12,293,079	$ 12,143,203

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Accounts receivable, allowance for doubtful accounts	$ 5,575	$ 5,575
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, issued (in shares)	4,250	4,250
Preferred stock, outstanding (in shares)	4,250	4,250
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	14,145,413	14,021,422
Common stock, outstanding (in shares)	14,145,413	14,021,422
Series A Preferred Stock [Member]
Preferred stock, designated (in shares)	4,250	4,250

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Product revenue	$ 3,814,882	$ 2,366,201
Cost of product sales	1,363,829	928,402
Gross profit	2,451,053	1,437,799
Operating expenses
Research and development	346,454	286,751
Sales and marketing	611,502	511,944
General and administrative	1,353,377	1,103,143
Total operating expenses	2,311,333	1,901,838
Operating income (loss)	139,720	(464,039)
Other income (expense), net
Interest Income	8,418	48
Interest Expense	(900)	(83,333)
Amortization of debt discount		(93,598)
Loss from equity-method investment in SAVSU	(143,756)	(229,368)
Total other income (expenses), net	(136,238)	(406,251)
Net income (loss)	3,482	(870,290)
Less: Preferred stock dividends	(106,250)
Net loss attributable to common stockholders	$ (102,768)	$ (870,290)
Basic and diluted net loss per common share (in dollars per share)	$ (0.01)	$ (0.07)
Basic and diluted weighted average common shares used to calculate net loss per common share (in shares)	14,098,610	12,964,639

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income (loss)	$ 3,482	$ (870,290)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation	77,823	89,549
Stock-based compensation expense	373,425	329,895
Amortization of deferred rent related to lease incentives	(31,749)	(31,750)
Amortization of debt discount		93,598
Loss from equity-method investment in SAVSU	143,756	229,368
Change in operating assets and liabilities
Accounts receivable, trade	(22,500)	132,873
Inventories	10,080	(54,388)
Prepaid expenses and other current assets	11,598	(138,029)
Accounts payable	(68,743)	(11,970)
Accrued compensation and other current liabilities	(102,643)	41,447
Accrued interest, related party		83,333
Deferred rent	(2,940)	(62,984)
Net cash provided by (used in) operating activities	391,589	(169,348)
Cash flows from investing activities
Purchase of property and equipment	(40,834)	(37,152)
Net cash used in investing activities	(40,834)	(37,152)
Cash flows from financing activities
Proceeds from note payable		1,000,000
Payments on equipment loan	(1,635)
Payments on capital lease obligation	(3,271)
Proceeds from exercise of common stock options and warrants	129,596	120,000
Payments of preferred stock dividends	(106,250)
Deferred costs related to security issuance		(29,400)
Net cash provided by financing activities	18,440	1,090,600
Net increase in cash and cash equivalents	369,195	884,100
Cash and cash equivalents - beginning of period	6,663,318	1,405,826
Cash and cash equivalents - end of period	7,032,513	2,289,926
Non-cash financing activity
Stock issued for services provided in prior period included in liabilities at year-end	35,625	35,624
Purchase of equipment with debt	17,604
Series A preferred stock dividends accrued not yet paid	106,250
Deferred costs related to security issuance not yet paid as of quarter end		$ 7,856

Note 1 - Organization and Signi

Note 1 - Organization and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	1. Business BioLife Solutions, Inc. (“BioLife,” “us,” “we,” “our,” or the “Company”) is a developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media. Our proprietary HypoThermosol® and CryoStor® platform of solutions are highly valued in the biobanking, drug discovery, and regenerative medicine markets. Our biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. Our enabling technology provides commercial companies and clinical researchers significant improvement in shelf life and post-preservation viability and function of cells, tissues, and organs. Additionally, for our direct, distributor, and contract customers, we perform custom formulation, fill, and finish services. Basis of Presentation We have prepared the accompanying unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have condensed or omitted certain information and footnote disclosures we normally include in our annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do not may 10 December 31, 2017 There have been no 10 December 31, 2017, No. 2014 09, 606 Significant Accounting Policies Update Revenue Recognition On January 1, 2018, No. 2014 09, 606 January 1, 2018. January 1, 2018 not 605, not no To determine revenue recognition for contractual arrangements that we determine are within the scope of Topic 606, five five not one We invoice and receive payment from our customers after we recognize revenue, resulting in receivables from our customers that are presented as accounts receivable on our balance sheet. Accounts receivable consist of short-term amounts due from our customers (generally 30 90 Equity Method Investments We account for our ownership in our biologistex CCM, LLC joint venture (“SAVSU”) using the equity method of accounting. This method states that if the investment provides us the ability to exercise significant influence, but not 20% 50%, 35% 26.7% three March 31, 2018 three March 31, 2018 2017, $538,413 $509,706, $143,756 $229,368 Concentrations of credit risk and business risk In the three March 31, 2018, 30% two three March 31, 2017, 21% two No 10% three March 31, 2018 2017. March 31, 2018, two 34% December 31, 2017, two 41% Revenue from customers located in foreign countries represented 13% 22% three March 31, 2018 2017, Recent Accounting Pronouncements In August 2016, No. 2016 15, 230 2016 15 January 1, 2018, no In February 2016, No. 2016 02, 842 2016 02 2016 02. 2016 02 December 15, 2018, 2016 02 In January 2016, No. 2016 01, 825 2016 01 January 1, 2018, no With the exception of the new standards discussed above, there have been no not

Note 2 - Fair Value Measurement

Note 2 - Fair Value Measurement	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	2. Fair Value Measurement In accordance with FASB ASC Topic 820, 820” 820 820 three Level 1 Level 2 1 not Level 3 As of March 31, 2018 December 31, 2017, not The following tables set forth the Company’s financial assets measured at fair value on a recurring basis as of March 31, 2018 December 31, 2017, three As of March 31, 201 8 Level 1 Level 2 Total Bank deposits $ 6,979,336 $ — $ 6,979,336 Money market funds 53,177 — 53,177 Total Cash and cash equivalents $ 7,032,513 $ — $ 7,032,513 As of December 31, 2017 Level 1 Level 2 Total Bank deposits $ 6,610,183 $ — $ 6,610,183 Money market funds 53,135 — 53,135 Total Cash and cash equivalents $ 6,663,318 $ — $ 6,663,318 The fair values of bank deposits and money market funds classified as Level 1 no 2 3 not 1 2 three March 31, 2018 twelve December 31, 2017.

Note 3 - Inventory

Note 3 - Inventory	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. Inventory consists of the following at March 31, 2018 December 31, 2017: March 31, 2018 December 31, 2017 Raw materials $ 573,331 $ 582,816 Work in progress 517,027 453,890 Finished goods 746,308 810,040 Total $ 1,836,666 $ 1,846,746

Note 4 - Deferred Rent

Note 4 - Deferred Rent	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Deferred Rent [Text Block]	4. Deferred Rent Deferred rent consists of the following at March 31, 2018 December 31, 2017: March 31, 2018 December 31, 2017 Landlord-funded leasehold improvements $ 1,124,790 $ 1,124,790 Less accumulated amortization (661,274 ) (629,525 ) Total 463,516 495,265 Straight line rent adjustment 124,218 127,158 Total deferred rent $ 587,734 $ 622,423 During the three March 31, 2018 2017, $31,749 $31,750, Straight line rent adjustment represents the difference between cash rent payments and the recognition of rent expense on a straight-line basis over the terms of the lease.

Note 5 - Share-based Compensati

Note 5 - Share-based Compensation	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	5. Share-based Compensation Service Vesting - Based Stock Options The following is a summary of service vesting based stock option activity for the three March 31, 2018, March 31, 2018: Three Month Period Ended March 31, 2018 Wtd. Avg. Exercise Options Price Outstanding at beginning of year 2,390,012 $ 1.85 Granted — $ N/A Exercised (62,438 ) $ 1.16 Forfeited (730 ) $ 2.62 Expired — $ N/A Outstanding at March 31, 2018 2,326,844 $ 1.87 Stock options exercisable at March 31, 2018 1,637,951 $ 1.76 We recognized stock compensation expense of $152,703 $170,323 three March 31, 2018 2017, March 31, 2018, $7,640,555 $5,551,232 March 31, 2018. March 31, 2018 2017 $270,241 $70,714, three March 31, 2018 March 31, 2017 none $1.13 March 31, 2018, 6.1 March 31, 2018 $1,019,680 2.0 Performance-based Stock Options The Company’s Board of Directors implemented a Management Performance Bonus Plan for 2017. December 31, 2017, 1,000,000 may $1.64, 2017 50% 2017, 50% one not no February 27, 2018, 2017 999,997 50% March 8, 2018 50% March 8, 2019. We recognized stock compensation expense of $125,507 $125,508 three March 31, 2018 2017, March 31, 2018, $3,489,990 $1,745,003 March 31, 2018. March 31, 2018 2017 no March 31, 2018, 3.7 March 31, 2018 $383,493 0.75 The fair value of stock options to employees and non-employee directors is estimated on the measurement date using the Black-Scholes model using the following weighted average assumptions (N/A for 2018 no Three Month Period Ended March 31, 201 8 201 7 Risk free interest rate N/A 2.07 % Dividend yield N/A 0.0 % Expected term (in years) N/A 5.18 Volatility N/A 75 % Restricted Stock The following is a summary of restricted stock activity for the three March 31, 2018, March 31, 2018: Three Month Period Ended March 31, 2018 Number of Grant-Date Unvested outstanding at beginning of year 237,926 $ 1.79 Granted 161,768 $ 6.00 Vested (55,613 ) $ 1.78 Forfeited (6,100 ) $ 1.76 Unvested outstanding at March 31, 2018 337,981 $ 3.80 The aggregate fair value of the awards granted during the three March 31, 2018 2017 $970,608 $364,936, $307,058 $41,097 three March 31, 2018 March 31, 2017, We recognized stock compensation expense of $95,215 $34,064 three March 31, 2018 March 31, 2017, March 31, 2018, $1,208,936 3.4 We recorded total stock compensation expense for the three March 31, 2018 2017, Three Month Period Ended March 31, 2018 2017 Research and development costs $ 65,595 $ 59,265 Sales and marketing costs 68,513 59,619 General and administrative costs 190,949 168,198 Cost of product sales 48,368 42,813 Total $ 373,425 $ 329,895

Note 6 - Warrants

Note 6 - Warrants	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Warrants [Text Block]	6. At March 31, 2018 December 31, 2017, 6,676,849 6,688,849 $4.50 three March 31, 2018, 12,000 $4.75, $57,000 April 3, 2018. May 8, 2018, 920,116 $4.75, $4.4

Note 7 - Net Loss Per Common Sh

Note 7 - Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	7. Basic net loss per common share is calculated by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of common shares outstanding plus dilutive common stock equivalents outstanding during the period. Common stock equivalents are excluded for the three March 31, 2018 2017, Basic weighted average common shares outstanding, and the potentially dilutive securities excluded from loss per share computations because they are anti-dilutive, are as follows as of March 31, 2018 2017, Three Month Period Ended March 31, 2018 2017 Basic and diluted weighted average common stock shares outstanding 14,098,610 12,964,639 Potentially dilutive securities excluded from loss per share computations: Common stock options 3,326,841 3,387,581 Common stock purchase warrants 6,676,849 7,603,141 Restricted stock unvested 337,981 282,350

Note 8 - Commitments & Continge

Note 8 - Commitments & Contingencies	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. and Contingencies Leases We lease approximately 30,000 July 31, 2021 two five first August 1, 2021, second first $58,000 March 31, 2018, August October Employment agreements We have employment agreements with our Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, Vice President of Operations, Vice President of Marketing, and Vice President of Sales. None may Litigation From time to time, the Company is subject to various legal proceedings that arise in the ordinary course of business, none

Note 9 - Preferred Stock

Note 9 - Preferred Stock	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	9. As of March 31, 2018, $106,250 March 31, 2018. April 2, 2018.

Note 10 - Revenue

Note 10 - Revenue	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	10. Revenue We currently operate as one The following table disaggregates revenue by market segment and distributors: Three Months Ended March 31, 2018 2017 Net product sales: Regenerative medicine $ 2,103,552 $ 1,051,170 Drug discovery 376,975 277,914 BioBanking 295,112 277,429 Distributors 1,039,243 759,688 Total revenues 3,814,882 2,366,201

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Business, Policy [Policy Text Block]	Business BioLife Solutions, Inc. (“BioLife,” “us,” “we,” “our,” or the “Company”) is a developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media. Our proprietary HypoThermosol® and CryoStor® platform of solutions are highly valued in the biobanking, drug discovery, and regenerative medicine markets. Our biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. Our enabling technology provides commercial companies and clinical researchers significant improvement in shelf life and post-preservation viability and function of cells, tissues, and organs. Additionally, for our direct, distributor, and contract customers, we perform custom formulation, fill, and finish services.
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation We have prepared the accompanying unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have condensed or omitted certain information and footnote disclosures we normally include in our annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do not may 10 December 31, 2017 There have been no 10 December 31, 2017, No. 2014 09, 606
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition On January 1, 2018, No. 2014 09, 606 January 1, 2018. January 1, 2018 not 605, not no To determine revenue recognition for contractual arrangements that we determine are within the scope of Topic 606, five five not one We invoice and receive payment from our customers after we recognize revenue, resulting in receivables from our customers that are presented as accounts receivable on our balance sheet. Accounts receivable consist of short-term amounts due from our customers (generally 30 90
Equity Method Investments [Policy Text Block]	Equity Method Investments We account for our ownership in our biologistex CCM, LLC joint venture (“SAVSU”) using the equity method of accounting. This method states that if the investment provides us the ability to exercise significant influence, but not 20% 50%, 35% 26.7% three March 31, 2018 three March 31, 2018 2017, $538,413 $509,706, $143,756 $229,368
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentrations of credit risk and business risk In the three March 31, 2018, 30% two three March 31, 2017, 21% two No 10% three March 31, 2018 2017. March 31, 2018, two 34% December 31, 2017, two 41% Revenue from customers located in foreign countries represented 13% 22% three March 31, 2018 2017,
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In August 2016, No. 2016 15, 230 2016 15 January 1, 2018, no In February 2016, No. 2016 02, 842 2016 02 2016 02. 2016 02 December 15, 2018, 2016 02 In January 2016, No. 2016 01, 825 2016 01 January 1, 2018, no With the exception of the new standards discussed above, there have been no not

Note 2 - Fair Value Measureme17

Note 2 - Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	As of March 31, 201 8 Level 1 Level 2 Total Bank deposits $ 6,979,336 $ — $ 6,979,336 Money market funds 53,177 — 53,177 Total Cash and cash equivalents $ 7,032,513 $ — $ 7,032,513 As of December 31, 2017 Level 1 Level 2 Total Bank deposits $ 6,610,183 $ — $ 6,610,183 Money market funds 53,135 — 53,135 Total Cash and cash equivalents $ 6,663,318 $ — $ 6,663,318

Note 3 - Inventory (Tables)

Note 3 - Inventory (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, 2018 December 31, 2017 Raw materials $ 573,331 $ 582,816 Work in progress 517,027 453,890 Finished goods 746,308 810,040 Total $ 1,836,666 $ 1,846,746

Note 4 - Deferred Rent (Tables)

Note 4 - Deferred Rent (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Deferred Rent [Table Text Block]	March 31, 2018 December 31, 2017 Landlord-funded leasehold improvements $ 1,124,790 $ 1,124,790 Less accumulated amortization (661,274 ) (629,525 ) Total 463,516 495,265 Straight line rent adjustment 124,218 127,158 Total deferred rent $ 587,734 $ 622,423

Note 5 - Share-based Compensa20

Note 5 - Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Three Month Period Ended March 31, 2018 Wtd. Avg. Exercise Options Price Outstanding at beginning of year 2,390,012 $ 1.85 Granted — $ N/A Exercised (62,438 ) $ 1.16 Forfeited (730 ) $ 2.62 Expired — $ N/A Outstanding at March 31, 2018 2,326,844 $ 1.87 Stock options exercisable at March 31, 2018 1,637,951 $ 1.76
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Month Period Ended March 31, 201 8 201 7 Risk free interest rate N/A 2.07 % Dividend yield N/A 0.0 % Expected term (in years) N/A 5.18 Volatility N/A 75 %
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Three Month Period Ended March 31, 2018 Number of Grant-Date Unvested outstanding at beginning of year 237,926 $ 1.79 Granted 161,768 $ 6.00 Vested (55,613 ) $ 1.78 Forfeited (6,100 ) $ 1.76 Unvested outstanding at March 31, 2018 337,981 $ 3.80
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Month Period Ended March 31, 2018 2017 Research and development costs $ 65,595 $ 59,265 Sales and marketing costs 68,513 59,619 General and administrative costs 190,949 168,198 Cost of product sales 48,368 42,813 Total $ 373,425 $ 329,895

Note 7 - Net Loss Per Common 21

Note 7 - Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Month Period Ended March 31, 2018 2017 Basic and diluted weighted average common stock shares outstanding 14,098,610 12,964,639 Potentially dilutive securities excluded from loss per share computations: Common stock options 3,326,841 3,387,581 Common stock purchase warrants 6,676,849 7,603,141 Restricted stock unvested 337,981 282,350

Note 10 - Revenue (Tables)

Note 10 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2018 2017 Net product sales: Regenerative medicine $ 2,103,552 $ 1,051,170 Drug discovery 376,975 277,914 BioBanking 295,112 277,429 Distributors 1,039,243 759,688 Total revenues 3,814,882 2,366,201

Note 1 - Organization and Sig23

Note 1 - Organization and Significant Accounting Policies (Details Textual)	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017
Equity Method Investment, Ownership Percentage	26.70%		35.00%
Net Income (Loss) Attributable to Parent, Total	$ 3,482	$ (870,290)
Income (Loss) from Equity Method Investments, Total	$ (143,756)	$ (229,368)
Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Number of Major Customers	2	2
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Two Customers [Member]
Concentration Risk, Percentage	30.00%	21.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Number of Major Customers	2		2
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member]
Concentration Risk, Percentage	34.00%		41.00%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Foreign Countries [Member]
Concentration Risk, Percentage	13.00%	22.00%
SAVSU [Member]
Income (Loss) from Equity Method Investments, Total	$ (143,756)	$ (229,368)
SAVSU [Member]
Net Income (Loss) Attributable to Parent, Total	$ (538,413)	$ (509,706)

Note 2 - Fair Value Measureme24

Note 2 - Fair Value Measurement (Details Textual) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 0	$ 0
Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure	$ 0	$ 0

Note 2 - Fair Value Measureme25

Note 2 - Fair Value Measurement - Financial Assets on Recurring Basis (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Inputs, Level 2 [Member]
Total Cash and cash equivalents	$ 0	$ 0
Fair Value, Measurements, Recurring [Member]
Total Cash and cash equivalents	7,032,513	6,663,318
Fair Value, Measurements, Recurring [Member] | Bank Time Deposits [Member]
Cash and cash equivalents	6,979,336	6,610,183
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member]
Cash and cash equivalents	53,177	53,135
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Total Cash and cash equivalents	7,032,513	6,663,318
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Bank Time Deposits [Member]
Cash and cash equivalents	6,979,336	6,610,183
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Cash and cash equivalents	53,177	53,135
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Total Cash and cash equivalents
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Bank Time Deposits [Member]
Cash and cash equivalents
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]
Cash and cash equivalents

Note 3 - Inventory - Summary of

Note 3 - Inventory - Summary of Inventory (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Raw materials	$ 573,331	$ 582,816
Work in progress	517,027	453,890
Finished goods	746,308	810,040
Total	$ 1,836,666	$ 1,846,746

Note 4 - Deferred Rent (Details

Note 4 - Deferred Rent (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Amortization of Deferred Rent	$ 31,749	$ 31,750

Note 4 - Deferred Rent - Summar

Note 4 - Deferred Rent - Summary of Deferred Rent (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Landlord-funded leasehold improvements	$ 1,124,790	$ 1,124,790
Less accumulated amortization	(661,274)	(629,525)
Total	463,516	495,265
Straight line rent adjustment	124,218	127,158
Total deferred rent	$ 587,734	$ 622,423

Note 5 - Share-based Compensa29

Note 5 - Share-based Compensation (Details Textual) - USD ($)	Feb. 27, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Allocated Share-based Compensation Expense, Total		$ 373,425	$ 329,895
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		62,438
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross
Employee Stock Option [Member]
Allocated Share-based Compensation Expense, Total		$ 152,703	170,323
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		7,640,555
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value		5,551,232
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		$ 270,241	$ 70,714
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 0	$ 1.13
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		6 years 36 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total		$ 1,019,680
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		2 years
Performance Shares [Member] | Management Performance Bonus Plan 2017 [Member]
Allocated Share-based Compensation Expense, Total		$ 125,507	$ 125,508
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		3,489,990
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value		$ 1,745,003
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		3 years 255 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total		$ 383,493
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		273 days
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price				$ 1.64
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	999,997
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0
Performance Shares [Member] | Management Performance Bonus Plan 2017 [Member] | Vesting on Release of Audited Financial Statements for 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50.00%
Performance Shares [Member] | Management Performance Bonus Plan 2017 [Member] | Vesting One Year After Release of Audited Financial Statements for 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50.00%
Performance Shares [Member] | Management Performance Bonus Plan 2017 [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%
Restricted Stock [Member]
Allocated Share-based Compensation Expense, Total		$ 95,215	$ 34,064
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total		$ 1,208,936
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		3 years 146 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value		$ 970,608	364,936
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value		$ 307,058	$ 41,097

Note 5 - Share-based Compensa30

Note 5 - Share-based Compensation - Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Outstanding at beginning of year (in shares) | shares	2,390,012
Outstanding at beginning of year, weighted average exercise price (in dollars per share) | $ / shares	$ 1.85
Granted (in shares) | shares
Granted, weighted average exercise price (in dollars per share) | $ / shares
Exercised (in shares) | shares	(62,438)
Exercised, weighted average exercise price (in dollars per share) | $ / shares	$ 1.16
Forfeited (in shares) | shares	(730)
Forfeited, weighted average exercise price (in dollars per share) | $ / shares	$ 2.62
Expired (in shares) | shares
Expired, weighted average exercise price (in dollars per share) | $ / shares
Outstanding at March 31, 2018 (in shares) | shares	2,326,844
Outstanding at end of year, weighted average exercise price (in dollars per share) | $ / shares	$ 1.87
Stock options exercisable at March 31, 2018 (in shares) | shares	1,637,951
Stock options exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 1.76

Note 5 - Share-based Compensa31

Note 5 - Share-based Compensation - Fair Value Assumptions (Details) - Employee Stock Option [Member]	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Risk free interest rate		2.07%
Dividend yield		0.00%
Expected term (Year)		5 years 65 days
Volatility		75.00%

Note 5 - Share-based Compensa32

Note 5 - Share-based Compensation - Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Unvested outstanding at beginning of year (in shares) | shares	237,926
Unvested outstanding at beginning of year, grant date fair value (in dollars per share) | $ / shares	$ 1.79
Unvested granted (in shares) | shares	161,768
Granted, grant date fair value (in dollars per share) | $ / shares	$ 6
Vested (in shares) | shares	(55,613)
Vested, grant date fair value (in dollars per share) | $ / shares	$ 1.78
Unvested forfeited (in shares) | shares	(6,100)
Forfeited, grant date fair value (in dollars per share) | $ / shares	$ 1.76
Unvested outstanding at March 31, 2018 (in shares) | shares	337,981
Unvested outstanding at end of year, grant date fair value (in dollars per share) | $ / shares	$ 3.80

Note 5 - Share-based Compensa33

Note 5 - Share-based Compensation - Stock Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock compensation expense	$ 373,425	$ 329,895
Research and Development Expense [Member]
Stock compensation expense	65,595	59,265
Selling and Marketing Expense [Member]
Stock compensation expense	68,513	59,619
General and Administrative Expense [Member]
Stock compensation expense	190,949	168,198
Cost of Sales [Member]
Stock compensation expense	$ 48,368	$ 42,813

Note 6 - Warrants (Details Text

Note 6 - Warrants (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	May 08, 2018	Mar. 31, 2018	Dec. 31, 2017
Class of Warrant or Right, Outstanding		6,676,849	6,688,849
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 4.50	$ 4.50
Class of Warrant or Right, Exercised During Period		12,000
Class of Warrant or Right, Exercised During Period, Exercise Price		$ 4.75
Proceeds from Warrant Exercises		$ 57,000
Subsequent Event [Member]
Class of Warrant or Right, Exercised During Period	920,116
Class of Warrant or Right, Exercised During Period, Exercise Price	$ 4.75
Proceeds from Warrant Exercises	$ 4,400,000

Note 7 - Net Loss Per Common 35

Note 7 - Net Loss Per Common Share - Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Basic and diluted weighted average common stock shares outstanding (in shares)	14,098,610	12,964,639
Employee Stock Option [Member]
Potentially dilutive securities excluded from loss per share computations (in shares)	3,326,841	3,387,581
Warrant [Member]
Potentially dilutive securities excluded from loss per share computations (in shares)	6,676,849	7,603,141
Restricted Stock [Member]
Potentially dilutive securities excluded from loss per share computations (in shares)	337,981	282,350

Note 8 - Commitments & Contin36

Note 8 - Commitments & Contingencies (Details Textual) - Bothell, Washington Headquarters [Member]	3 Months Ended
	Mar. 31, 2018USD ($)
Lessee, Operating Lease, Renewal Term	5 years
Monthly Base Rent Expense	$ 58,000

Note 9 - Preferred Stock (Detai

Note 9 - Preferred Stock (Details Textual)	Mar. 31, 2018USD ($)
Dividends Payable, Current	$ 106,250

Note 10 - Revenue - Disaggregat

Note 10 - Revenue - Disaggregate Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net product sales	$ 3,814,882	$ 2,366,201
Regenerative Medicine [Member]
Net product sales	2,103,552	1,051,170
Drug Discovery [Member]
Net product sales	376,975	277,914
BioBanking [Member]
Net product sales	295,112	277,429
Distribution Service [Member]
Net product sales	$ 1,039,243	$ 759,688