Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 15, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000922247 | |
Entity Registrant Name | Cyclo Therapeutics, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-25466 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 59-3029743 | |
Entity Address, Address Line One | 6714 NW 16th Street, Suite B | |
Entity Address, City or Town | Gainesville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32653 | |
City Area Code | 386 | |
Local Phone Number | 418-8060 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,439,435 | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase Common Stock | |
Trading Symbol | CYTHW | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $.0001 per share | |
Trading Symbol | CYTH | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 7,453,391 | $ 16,612,711 |
Accounts receivable, net | 409,932 | 493,113 |
Inventory, net | 260,613 | 227,437 |
Current portion of mortgage note receivable | 28,762 | 45,977 |
Prepaid insurance and services | 186,217 | 42,246 |
Prepaid clinical expenses | 3,438,121 | 2,014,851 |
Total current assets | 11,777,036 | 19,436,335 |
FURNITURE AND EQUIPMENT, NET | 54,701 | 59,583 |
RIGHT-TO-USE LEASE ASSET, NET | 10,078 | 17,636 |
MORTGAGE NOTE RECEIVABLE, LESS CURRENT PORTION | 0 | 7,279 |
TOTAL ASSETS | 11,841,815 | 19,520,833 |
CURRENT LIABILITIES | ||
Current portion of lease liability | 9,805 | 19,245 |
Current portion of note payable | 0 | 133,712 |
Accounts payable and accrued expenses | 2,091,968 | 3,677,979 |
Total current liabilities | 2,101,773 | 3,830,936 |
LONG-TERM LIABILITIES | ||
Long-term note payable, less current portion | 0 | 18,034 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Common stock, par value $.0001 per share, 20,000,000 shares authorized, 8,439,435 and 8,403,869 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 844 | 841 |
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized, 0 issued and outstanding | 0 | 0 |
Additional paid-in capital | 64,311,270 | 64,019,513 |
Accumulated deficit | (54,572,072) | (48,348,491) |
Total stockholders' equity | 9,740,042 | 15,671,863 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 11,841,815 | $ 19,520,833 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 8,439,435 | 8,403,869 |
Common stock, shares outstanding (in shares) | 8,439,435 | 8,403,869 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
REVENUES | ||||
Product sales | $ 541,886 | $ 238,590 | $ 736,790 | $ 596,723 |
EXPENSES | ||||
Personnel | 970,759 | 542,192 | 2,187,664 | 1,101,516 |
Cost of products sold (exclusive of direct and indirect overhead and handling costs) | 73,667 | 30,158 | 90,131 | 64,754 |
Research and development | 1,874,383 | 2,643,544 | 2,958,435 | 5,901,659 |
Repairs and maintenance | 3,675 | 1,647 | 7,998 | 3,313 |
Professional fees | 649,842 | 373,618 | 1,061,897 | 596,489 |
Office and other | 291,611 | 241,739 | 585,787 | 555,513 |
Board of Director fees and costs | 124,131 | 0 | 216,256 | 0 |
Depreciation | 4,741 | 4,863 | 9,482 | 8,413 |
Freight and shipping | 5,101 | 1,281 | 9,621 | 2,794 |
Total operating expenses | 3,997,910 | 3,839,042 | 7,127,271 | 8,234,451 |
LOSS FROM OPERATIONS | (3,456,024) | (3,600,452) | (6,390,481) | (7,637,728) |
OTHER INCOME | ||||
Investment and other income | 4,034 | 3,054 | 8,376 | 3,715 |
Gain on forgiveness of PPP loan | 158,524 | 0 | ||
Total other income | 4,034 | 3,054 | 166,900 | 3,715 |
LOSS BEFORE INCOME TAXES | (3,451,990) | (3,597,398) | (6,223,581) | (7,634,013) |
PROVISION FOR INCOME TAXES | 0 | 0 | 0 | 0 |
NET LOSS | $ (3,451,990) | $ (3,597,398) | $ (6,223,581) | $ (7,634,013) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollars per share) | $ (0.41) | $ (0.56) | $ (0.74) | $ (1.31) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) | 8,424,003 | 6,368,025 | 8,417,901 | 5,842,100 |
Paycheck Protection Program CARES Act [Member] | ||||
OTHER INCOME | ||||
Gain on forgiveness of PPP loan | $ 0 | $ 0 | $ 158,524 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Share-Based Payment Arrangement, Nonemployee [Member] Common Stock [Member] | Share-Based Payment Arrangement, Nonemployee [Member] Additional Paid-in Capital [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | Share-Based Payment Arrangement, Employee [Member] Common Stock [Member] | Share-Based Payment Arrangement, Employee [Member] Additional Paid-in Capital [Member] | Share-Based Payment Arrangement, Employee [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 4,770,761 | |||||||||
Balance at Dec. 31, 2020 | $ 477 | $ 44,513,841 | $ (34,061,836) | $ 10,452,482 | ||||||
Stock issued to nonemployees (in shares) | 10,000 | 10,000 | ||||||||
Stock issued to nonemployees | $ 1 | $ 50,299 | $ 50,300 | |||||||
Net loss | (4,036,615) | (4,036,615) | ||||||||
Stock issued to employees (in shares) | 53,938 | |||||||||
Stock issued to employees | $ 5 | $ 271,303 | $ 271,308 | |||||||
Exercise of warrants, net (in shares) | 1,522,897 | |||||||||
Exercise of warrants, net | $ 152 | 7,583,940 | 7,584,092 | |||||||
Balance (in shares) at Mar. 31, 2021 | 6,357,596 | |||||||||
Balance at Mar. 31, 2021 | $ 635 | 52,419,383 | (38,098,451) | 14,321,567 | ||||||
Balance (in shares) at Dec. 31, 2020 | 4,770,761 | |||||||||
Balance at Dec. 31, 2020 | $ 477 | 44,513,841 | (34,061,836) | 10,452,482 | ||||||
Net loss | (7,634,013) | |||||||||
Balance (in shares) at Jun. 30, 2021 | 6,435,816 | |||||||||
Balance at Jun. 30, 2021 | $ 644 | 52,821,383 | (41,695,849) | 11,126,178 | ||||||
Balance (in shares) at Mar. 31, 2021 | 6,357,596 | |||||||||
Balance at Mar. 31, 2021 | $ 635 | 52,419,383 | (38,098,451) | 14,321,567 | ||||||
Net loss | $ 0 | 0 | (3,597,398) | (3,597,398) | ||||||
Exercise of warrants, net (in shares) | 78,220 | |||||||||
Exercise of warrants, net | $ 9 | 402,000 | 0 | 402,009 | ||||||
Balance (in shares) at Jun. 30, 2021 | 6,435,816 | |||||||||
Balance at Jun. 30, 2021 | $ 644 | 52,821,383 | (41,695,849) | 11,126,178 | ||||||
Balance (in shares) at Dec. 31, 2021 | 8,403,869 | |||||||||
Balance at Dec. 31, 2021 | $ 841 | 64,019,513 | (48,348,491) | 15,671,863 | ||||||
Stock issued to nonemployees (in shares) | 11,327 | |||||||||
Stock issued to nonemployees | $ 1 | $ 41,003 | $ 41,004 | |||||||
Stock-based compensation | $ 0 | 106,738 | 0 | 106,738 | ||||||
Net loss | (2,771,591) | (2,771,591) | ||||||||
Balance (in shares) at Mar. 31, 2022 | 8,415,196 | |||||||||
Balance at Mar. 31, 2022 | $ 842 | 64,167,254 | (51,120,082) | 13,048,014 | ||||||
Balance (in shares) at Dec. 31, 2021 | 8,403,869 | |||||||||
Balance at Dec. 31, 2021 | $ 841 | 64,019,513 | (48,348,491) | 15,671,863 | ||||||
Net loss | (6,223,581) | |||||||||
Balance (in shares) at Jun. 30, 2022 | 8,439,435 | |||||||||
Balance at Jun. 30, 2022 | $ 844 | 64,311,270 | (54,572,072) | 9,740,042 | ||||||
Balance (in shares) at Mar. 31, 2022 | 8,415,196 | |||||||||
Balance at Mar. 31, 2022 | $ 842 | 64,167,254 | (51,120,082) | 13,048,014 | ||||||
Stock issued to nonemployees (in shares) | 16,739 | |||||||||
Stock issued to nonemployees | $ 1 | 41,255 | 0 | 41,256 | ||||||
Stock-based compensation | 0 | 87,012 | 0 | 87,012 | ||||||
Net loss | $ 0 | 0 | (3,451,990) | (3,451,990) | ||||||
Stock issued to employees (in shares) | 7,500 | |||||||||
Stock issued to employees | $ 1 | 15,749 | 0 | 15,750 | ||||||
Balance (in shares) at Jun. 30, 2022 | 8,439,435 | |||||||||
Balance at Jun. 30, 2022 | $ 844 | $ 64,311,270 | $ (54,572,072) | $ 9,740,042 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Net loss | $ (3,451,990) | $ (2,771,591) | $ (3,597,398) | $ (4,036,615) | $ (6,223,581) | $ (7,634,013) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 9,482 | 8,413 | |||||
Gain on forgiveness of PPP loan | (158,524) | 0 | |||||
Stock-based compensation | 193,750 | 50,300 | |||||
Stock issued to employees | 15,750 | 271,308 | |||||
Stock issued to nonemployees | 82,260 | 0 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable, net | 83,181 | (111,414) | |||||
Inventory, net | (33,176) | (31,021) | |||||
Prepaid clinical expenses | (1,423,270) | (1,263,914) | |||||
Prepaid insurance and services | (143,971) | (45,717) | |||||
Accounts payable and accrued expenses | (1,587,893) | (610,727) | |||||
Total adjustments | (2,962,411) | (1,732,772) | |||||
NET CASH USED IN OPERATING ACTIVITIES | (9,185,992) | (9,366,785) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Purchases of equipment | (4,600) | (22,500) | |||||
Collections from mortgage note receivable | 24,494 | 20,169 | |||||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 19,894 | (2,331) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Net proceeds from exercise of warrants | 0 | 7,986,101 | |||||
Payments on PPP loan | (8,159) | 0 | |||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 6,778 | 7,986,101 | |||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (9,159,320) | (1,383,015) | |||||
CASH AND CASH EQUIVALENTS, beginning of period | $ 16,612,711 | $ 12,846,113 | 16,612,711 | 12,846,113 | $ 12,846,113 | ||
CASH AND CASH EQUIVALENTS, end of period | 7,453,391 | 11,463,098 | 7,453,391 | 11,463,098 | $ 16,612,711 | ||
Paycheck Protection Program CARES Act [Member] | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Gain on forgiveness of PPP loan | $ 0 | $ 0 | (158,524) | 0 | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Refund of PPP loan payments | $ 14,937 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 The following is a summary of the more significant accounting policies of Cyclo Therapeutics, Inc . (a) ORGANIZATION AND OPERATIONS––The Company was incorporated in August 1990 July 1992. 2000, September 2019 November 6, 2020, We are a clinical stage biotechnology company that develops cyclodextrin-based products for the treatment of disease. We filed a Type II Drug Master File with the U.S. Food and Drug Administration (“FDA”) in 2014 2015, 2016, 14 two 18 September 2016, January 2017 September 2017, May 2020 We have also completed a Phase I/II clinical study approved by several European regulatory bodies, including those in the United Kingdom, Sweden and Italy, and in Israel. The Phase I/II study evaluated the safety, tolerability and efficacy of Trappsol® Cyclo™ through a range of clinical outcomes, including neurologic, respiratory, and measurements of cholesterol metabolism and markers of NPC. Consistent with the U.S. study, the European/Israel study administered Trappsol® Cyclo™ intravenously to NPC patients every two 48 24 first July 2017, March 2021 100% 89% two 17 Additionally, in February 2020 505 1 February 2020, October 2020 May June 2021 We are also exploring the use of cyclodextrins in the treatment of Alzheimer’s disease. In December 2021, 2022. We also continue to operate our legacy fine chemical business, consisting of the sale of cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs. However, our core business has transitioned to a biotechnology company primarily focused on the development of cyclodextrin-based biopharmaceuticals for the treatment of disease from a business that had been primarily reselling basic cyclodextrin products. (b) BASIS OF PRESENTATION––The consolidated financial statements include the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The interim consolidated financial statements of the Company included in this Quarterly Report on Form 10 not 10 December 31, 2021. 10 not (c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original purchased maturity of three (d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Customer account balances with invoices dated over 90 not The carrying amount of accounts receivable is reduced by an allowance for credit losses that reflects management’s best estimate of the amounts that will not 90 not June 30, 2022 December 31, 2021. (e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol® Cyclo™, cyclodextrin products and chemical complexes purchased for resale recorded at the lower of cost ( first first not June 30, 2022 December 31, 2021. The Company’s reserve for obsolete inventory is based on the Company’s best estimates of product sales and customer demands. It is reasonably possible that the estimates used by the Company to determine its provisions for inventory write-downs will be materially different from actual write-downs. These differences could result in materially higher than expected inventory provisions and related costs, which could have a materially adverse effect on the Company’s results of operations and financial condition in the near term. (f) PREPAID CLINICAL EXPENSES––Prepaid clinical expenses consist of our pharmaceutical drug Trappsol® Cyclo™ expected to be used in our clinical trial program recorded at cost. Prepaid clinical expenses represent valid future economic benefits based on our contracts with our vendors, and will be realized in the ordinary course of business. (g) MORTGAGE NOTE RECEIVABLE––The mortgage note receivable is stated at amortized value, which is the amount we expect to collect. (h) FURNITURE AND EQUIPMENT––Furniture and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three five seven ten may not (i) REVENUE RECOGNITION––Revenues are recognized when our customer obtains control of promised goods or services in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. We recognize revenues following the five 606: Product revenues In the U.S., we sell our products to the end user or wholesale distributors. In other countries, we sell our products primarily to wholesale distributors and other third Revenues from product sales are recognized when the customer obtains control of our product, which occurs at a point in time, typically upon delivery to the customer. We expense incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that we would have recognized is one one Reserves for Discounts and Allowances Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with our customers, health care providers or payors, including those associated with the implementation of pricing actions in certain of the international markets in which we operate. Our process for estimating reserves established for these variable consideration components do not Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts, contractual adjustments and returns. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to our customer) or a liability (if the amount is payable to a party other than our customer). Our estimates of reserves established for variable consideration typically utilize the most likely method and reflect our historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, may not may For additional information on our revenues, please read Note 2, (j) SHIPPING AND HANDLING FEES––Shipping and handling fees, if billed to customers, are included in product sales. Shipping and handling costs associated with inbound and outbound freight are expensed as incurred and included in freight and shipping expense. (k) ADVERTISING––Advertising costs are charged to operations when incurred. We incur minimal advertising expenses. (l) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred. Research and development expense primarily consists of product development, third (m) INCOME TAXES––Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. In addition, tax benefits related to positions considered uncertain are recognized only when it is more likely than not 50% June 30, 2022 December 31, 2021, (n) NET LOSS PER COMMON SHARE–– Basic and fully diluted net loss per common share is computed using a simple weighted average of common shares outstanding during the periods presented, as outstanding warrants to purchase 2,048,186 common shares were antidilutive for the three six June 30, 2022, three six June 30, 2021. three six June 30, 2022, three six June 30, 2021. (o) STOCK-BASED COMPENSATION––The Company periodically awards stock to employees, directors, and consultants. In the case of employees and consultants, an expense is recognized equal to the fair value of the stock determined using the closing trading price of the stock on the award date. With respect to directors, the Company accrues stock compensation expense on a quarterly basis based on the Company’s historical director compensation policies, and each quarter recognizes such expense based on the trading price of the common stock during such quarter. This expense is then trued up at the time the shares are issued to directors based on the trading price at the time of issuance. The Company periodically issues stock options under its 2021 (p) FAIR VALUE MEASUREMENTS AND DISCLOSURES––The Fair Value Measurements and Disclosures topic of the Accounting Standards Codification (“ASC”) requires companies to determine fair value based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. The Fair Value Measurements and Disclosures topic emphasizes that fair value is a market-based measurement, not The guidance requires that assets and liabilities carried at fair value be classified and disclosed in one ● Level 1: ● Level 2: ● Level 3: not We have no June 30, 2022 December 31, 2021. For short-term classes of our financial instruments, which include cash, accounts receivable and accounts payable, and which are not June 30, 2022 December 31, 2021, (q) USE OF ESTIMATES––The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions, including regarding contingencies, that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company’s most significant estimates relate to inventory obsolescence, stock-based compensation and warrant liability valuation. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could significantly differ from these estimates. (r) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS––In June 2016, 2016 - 13 , 326 December 15, 2022 , not not not (s) WARRANTS––The Company accounts for its warrants as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the warrants considering the authoritative guidance in ASC 480 , 480” 815 , 815” 480 , 815 , 820 , not June 30, 2022 December 31, 2021 . (t) LIQUIDITY AND GOING CONCERN––For the three six June 30, 2022, $3,452,000 $6,224,000, $54,572,000 June 30, 2022. For six June 30, 2022, $9,186,000 June 30, 2022, $7,453,000 may Our consolidated financial statements for the three six June 30, 2022 not (u) UNCERTAINTY––COVID- 19 19 may may not 19 19 not 19, 19 |
Note 2 - Revenues
Note 2 - Revenues | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 2 The Company operates in one business segment, which primarily focuses on the development and commercialization of innovative cyclodextrin-based products for the treatment of people with serious and life threatening rare diseases and medical conditions. However, substantially all of the Company’s revenues are derived from the sale of cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs. Currently, a small portion of the Company’s revenues are also generated by sales of Trappsol® Cyclo™ to South America (Brazil) for the treatment of NPC patients. The Company considers there to be revenue concentration risks for regions where net product revenues exceed 10% may Revenues by product are summarized as follows: Three Months Ended June, 30 Six Months Ended June 30, 2022 2021 2022 2021 Trappsol® Cyclo™ $ 700 $ 90 $ 700 $ 1,930 Trappsol® HPB 357,032 55,753 421,605 257,101 Trappsol® Fine Chemical 178,621 166,474 308,324 308,969 Aquaplex® 188 11,716 816 22,992 Other 5,345 4,557 5,345 5,731 Total revenues $ 541,886 $ 238,590 $ 736,790 $ 596,723 Substantially all of our sales of Trappsol® Cyclo™ for the three six June 30, 2022 2021 single three six June 30, 2022 2021 |
Note 3 - Major Customers and Su
Note 3 - Major Customers and Suppliers | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Major Customers and Suppliers Disclosure [Text Block] | ( 3 Our revenues are derived primarily from chemical supply and pharmaceutical companies located primarily in the United States. For the three June 30, 2022, three six June 30, 2022, four three June 20, 2021, three six June 30, 2021, three Substantially all inventory purchases were from three 2022 2021. three For the six June 30, 2022, three June 30, 2022 entirely six June 30, 2021, three June 30, 2021, |
Note 4 - Mortgage Note Receivab
Note 4 - Mortgage Note Receivable | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 4 On January 21, 2016, seven March 1, 2016, February 2023. |
Note 5 - Note Payable
Note 5 - Note Payable | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 5 On May 4, 2020, May 4, 2022 1% September 5, 2021. March 2022. |
Note 6 - Equity Transactions
Note 6 - Equity Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 6 On June 24, 2021, The Company issued 7,500 and 0 shares with a value of $15,750 and $0 to an employee in the three six June 30, 2022, three six June 30, 2022 2021, The Company issued 5,000 and 0 shares with a value of $10,500 and $0 to a board member in the three six June 30, 2022. three six June 30, 2022 2021, The Company accrues stock compensation expense over the period earned for employees and board members. Stock compensation expense for board members is included in “Board of Directors fees and costs” on our consolidated statement of operations, and stock compensation expense for officers and employees that are not three six June 30, 2022, December 31, 2021 . In January 2021 , January 2021, December 31, 2020. During 2021 , In March 2021, On November 19, 2021 seven As of June 30, 2022, 2027. seven May 2016 February 2017 October 2017 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 7 The Company reported a net loss for the three six June 30, 2022 2021, |
Note 8 - Equity Incentive Plan
Note 8 - Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 8 On August 29, 2019, 2019 may 1986, may not ten June 30, 2022, no On June 24, 2021 , 2021 “2021 2021 2021 may 1986 , may not ten June 30, 2022 , 2021 During the three March 31, 2022, three June 30, 2022, four three six June 30, 2022 2.76%; 92.3%; 0.0%. three six June 30, 2022 |
Note 9 - Net Loss Per Share
Note 9 - Net Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 9 The following table sets forth the computation of basic and diluted net loss per common share. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Numerator Net loss $ (3,451,990 ) $ (3,597,398 ) $ (6,223,581 ) $ (7,634,013 ) Denominator Weighted-average common shares outstanding, basic and diluted 8,424,003 6,368,025 8,417,901 5,842,100 Net loss per share, basic and diluted $ (0.41 ) $ (0.56 ) $ (0.74 ) $ (1.31 ) The Company reported a net loss for the three six June 30, 2022 2021, Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Stock options 412,263 - 425,646 - Warrants 2,048,186 2,050,221 2,048,186 2,050,221 |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 10 The Company has evaluated subsequent events through the date these interim consolidated financial statements were issued and filed with the Securities and Exchange Commission, and has determined there were no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization and Operations [Policy Text Block] | (a) ORGANIZATION AND OPERATIONS––The Company was incorporated in August 1990 July 1992. 2000, September 2019 November 6, 2020, We are a clinical stage biotechnology company that develops cyclodextrin-based products for the treatment of disease. We filed a Type II Drug Master File with the U.S. Food and Drug Administration (“FDA”) in 2014 2015, 2016, 14 two 18 September 2016, January 2017 September 2017, May 2020 We have also completed a Phase I/II clinical study approved by several European regulatory bodies, including those in the United Kingdom, Sweden and Italy, and in Israel. The Phase I/II study evaluated the safety, tolerability and efficacy of Trappsol® Cyclo™ through a range of clinical outcomes, including neurologic, respiratory, and measurements of cholesterol metabolism and markers of NPC. Consistent with the U.S. study, the European/Israel study administered Trappsol® Cyclo™ intravenously to NPC patients every two 48 24 first July 2017, March 2021 100% 89% two 17 Additionally, in February 2020 505 1 February 2020, October 2020 May June 2021 We are also exploring the use of cyclodextrins in the treatment of Alzheimer’s disease. In December 2021, 2022. We also continue to operate our legacy fine chemical business, consisting of the sale of cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs. However, our core business has transitioned to a biotechnology company primarily focused on the development of cyclodextrin-based biopharmaceuticals for the treatment of disease from a business that had been primarily reselling basic cyclodextrin products. |
Basis of Accounting, Policy [Policy Text Block] | (b) BASIS OF PRESENTATION––The consolidated financial statements include the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The interim consolidated financial statements of the Company included in this Quarterly Report on Form 10 not 10 December 31, 2021. 10 not |
Cash and Cash Equivalents, Policy [Policy Text Block] | (c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original purchased maturity of three |
Receivable [Policy Text Block] | (d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Customer account balances with invoices dated over 90 not The carrying amount of accounts receivable is reduced by an allowance for credit losses that reflects management’s best estimate of the amounts that will not 90 not June 30, 2022 December 31, 2021. |
Inventory, Policy [Policy Text Block] | (e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol® Cyclo™, cyclodextrin products and chemical complexes purchased for resale recorded at the lower of cost ( first first not June 30, 2022 December 31, 2021. The Company’s reserve for obsolete inventory is based on the Company’s best estimates of product sales and customer demands. It is reasonably possible that the estimates used by the Company to determine its provisions for inventory write-downs will be materially different from actual write-downs. These differences could result in materially higher than expected inventory provisions and related costs, which could have a materially adverse effect on the Company’s results of operations and financial condition in the near term. |
Prepaid Expenses [Policy Text Block] | (f) PREPAID CLINICAL EXPENSES––Prepaid clinical expenses consist of our pharmaceutical drug Trappsol® Cyclo™ expected to be used in our clinical trial program recorded at cost. Prepaid clinical expenses represent valid future economic benefits based on our contracts with our vendors, and will be realized in the ordinary course of business. |
Mortgage Banking Activity [Policy Text Block] | (g) MORTGAGE NOTE RECEIVABLE––The mortgage note receivable is stated at amortized value, which is the amount we expect to collect. |
Property, Plant and Equipment, Policy [Policy Text Block] | (h) FURNITURE AND EQUIPMENT––Furniture and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three five seven ten may not |
Revenue [Policy Text Block] | (i) REVENUE RECOGNITION––Revenues are recognized when our customer obtains control of promised goods or services in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. We recognize revenues following the five 606: Product revenues In the U.S., we sell our products to the end user or wholesale distributors. In other countries, we sell our products primarily to wholesale distributors and other third Revenues from product sales are recognized when the customer obtains control of our product, which occurs at a point in time, typically upon delivery to the customer. We expense incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that we would have recognized is one one Reserves for Discounts and Allowances Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with our customers, health care providers or payors, including those associated with the implementation of pricing actions in certain of the international markets in which we operate. Our process for estimating reserves established for these variable consideration components do not Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts, contractual adjustments and returns. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to our customer) or a liability (if the amount is payable to a party other than our customer). Our estimates of reserves established for variable consideration typically utilize the most likely method and reflect our historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, may not may For additional information on our revenues, please read Note 2, |
Revenue from Contract with Customer, Shipping and Handling Fees, Policy [Policy Text Block] | (j) SHIPPING AND HANDLING FEES––Shipping and handling fees, if billed to customers, are included in product sales. Shipping and handling costs associated with inbound and outbound freight are expensed as incurred and included in freight and shipping expense. |
Advertising Cost [Policy Text Block] | (k) ADVERTISING––Advertising costs are charged to operations when incurred. We incur minimal advertising expenses. |
Research and Development Expense, Policy [Policy Text Block] | (l) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred. Research and development expense primarily consists of product development, third |
Income Tax, Policy [Policy Text Block] | (m) INCOME TAXES––Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. In addition, tax benefits related to positions considered uncertain are recognized only when it is more likely than not 50% June 30, 2022 December 31, 2021, |
Earnings Per Share, Policy [Policy Text Block] | (n) NET LOSS PER COMMON SHARE–– Basic and fully diluted net loss per common share is computed using a simple weighted average of common shares outstanding during the periods presented, as outstanding warrants to purchase 2,048,186 common shares were antidilutive for the three six June 30, 2022, three six June 30, 2021. three six June 30, 2022, three six June 30, 2021. |
Share-Based Payment Arrangement [Policy Text Block] | (o) STOCK-BASED COMPENSATION––The Company periodically awards stock to employees, directors, and consultants. In the case of employees and consultants, an expense is recognized equal to the fair value of the stock determined using the closing trading price of the stock on the award date. With respect to directors, the Company accrues stock compensation expense on a quarterly basis based on the Company’s historical director compensation policies, and each quarter recognizes such expense based on the trading price of the common stock during such quarter. This expense is then trued up at the time the shares are issued to directors based on the trading price at the time of issuance. The Company periodically issues stock options under its 2021 |
Fair Value Measurement, Policy [Policy Text Block] | (p) FAIR VALUE MEASUREMENTS AND DISCLOSURES––The Fair Value Measurements and Disclosures topic of the Accounting Standards Codification (“ASC”) requires companies to determine fair value based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. The Fair Value Measurements and Disclosures topic emphasizes that fair value is a market-based measurement, not The guidance requires that assets and liabilities carried at fair value be classified and disclosed in one ● Level 1: ● Level 2: ● Level 3: not We have no June 30, 2022 December 31, 2021. For short-term classes of our financial instruments, which include cash, accounts receivable and accounts payable, and which are not June 30, 2022 December 31, 2021, |
Use of Estimates, Policy [Policy Text Block] | (q) USE OF ESTIMATES––The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions, including regarding contingencies, that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company’s most significant estimates relate to inventory obsolescence, stock-based compensation and warrant liability valuation. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could significantly differ from these estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | (r) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS––In June 2016, 2016 - 13 , 326 December 15, 2022 , not not not |
Warrants [Policy Text Block] | (s) WARRANTS––The Company accounts for its warrants as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the warrants considering the authoritative guidance in ASC 480 , 480” 815 , 815” 480 , 815 , 820 , not June 30, 2022 December 31, 2021 . |
Liquidity [Policy Text Block] | (t) LIQUIDITY AND GOING CONCERN––For the three six June 30, 2022, $3,452,000 $6,224,000, $54,572,000 June 30, 2022. For six June 30, 2022, $9,186,000 June 30, 2022, $7,453,000 may Our consolidated financial statements for the three six June 30, 2022 not |
Effect of Covid-19 Pandemic [Policy Text Block] | (u) UNCERTAINTY––COVID- 19 19 may may not 19 19 not 19, 19 |
Note 2 - Revenues (Tables)
Note 2 - Revenues (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June, 30 Six Months Ended June 30, 2022 2021 2022 2021 Trappsol® Cyclo™ $ 700 $ 90 $ 700 $ 1,930 Trappsol® HPB 357,032 55,753 421,605 257,101 Trappsol® Fine Chemical 178,621 166,474 308,324 308,969 Aquaplex® 188 11,716 816 22,992 Other 5,345 4,557 5,345 5,731 Total revenues $ 541,886 $ 238,590 $ 736,790 $ 596,723 |
Note 9 - Net Loss Per Share (Ta
Note 9 - Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Numerator Net loss $ (3,451,990 ) $ (3,597,398 ) $ (6,223,581 ) $ (7,634,013 ) Denominator Weighted-average common shares outstanding, basic and diluted 8,424,003 6,368,025 8,417,901 5,842,100 Net loss per share, basic and diluted $ (0.41 ) $ (0.56 ) $ (0.74 ) $ (1.31 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Stock options 412,263 - 425,646 - Warrants 2,048,186 2,050,221 2,048,186 2,050,221 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 21,800 | $ 21,800 | $ 21,800 | ||||
Inventory Valuation Reserves | 52,900 | 52,900 | 52,900 | ||||
Net Income (Loss) Attributable to Parent, Total | (3,451,990) | $ (2,771,591) | $ (3,597,398) | $ (4,036,615) | (6,223,581) | $ (7,634,013) | |
Retained Earnings (Accumulated Deficit), Total | (54,572,072) | (54,572,072) | (48,348,491) | ||||
Net Cash Provided by (Used in) Operating Activities, Total | (9,185,992) | $ (9,366,785) | |||||
Cash and Cash Equivalents, at Carrying Value, Total | 7,453,391 | 7,453,391 | $ 16,612,711 | ||||
Working Capital Deficit | $ 9,675,000 | $ 9,675,000 | |||||
Warrants To Purchase Common Stock [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2,048,186 | 2,050,221 | 2,048,186 | 2,050,221 | |||
Share-Based Payment Arrangement, Option [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 412,263 | 0 | 425,646 | 0 | |||
Computers and Vehicles [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||
Computers and Vehicles [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||||
Machinery and Furniture [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||||||
Machinery and Furniture [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 2 - Revenues (Details Text
Note 2 - Revenues (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Number of Operating Segments | 1 | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 3 | 3 | 4 | 3 |
Trappsol Cyclo [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 1 | 1 | 1 | 1 |
Aquaplex [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 1 | 1 | 1 | 1 |
Note 2 - Revenues - Revenues by
Note 2 - Revenues - Revenues by Product (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | $ 541,886 | $ 238,590 | $ 736,790 | $ 596,723 |
Trappsol Cyclo [Member] | ||||
Revenues | 700 | |||
Trappsol HPB [Member] | ||||
Revenues | 357,032 | 55,753 | 421,605 | 257,101 |
Trappsol Fine Chemical [Member] | ||||
Revenues | 178,621 | 166,474 | 308,324 | 308,969 |
Aquaplex [Member] | ||||
Revenues | 188 | |||
Product and Service, Other [Member] | ||||
Revenues | $ 5,345 | $ 4,557 | $ 5,345 | $ 5,731 |
Note 3 - Major Customers and _2
Note 3 - Major Customers and Suppliers (Details Textual) - Revenue Benchmark [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Customer Concentration Risk [Member] | ||||
Number of Major Customers | 3 | 3 | 4 | 3 |
Customer Concentration Risk [Member] | Three Major Customers [Member] | ||||
Concentration Risk, Percentage | 63% | 80% | 64% | |
Customer Concentration Risk [Member] | Four Major Customer [Member] | ||||
Concentration Risk, Percentage | 66% | |||
Product Concentration Risk [Member] | Basic Natural and Chemically Modified Cyclodexterins [Member] | ||||
Concentration Risk, Percentage | 100% | 95% | 99.90% | 96% |
Product Concentration Risk [Member] | Cyclodexterin Complexes [Member] | ||||
Concentration Risk, Percentage | 5% | 1% | 4% |
Note 4 - Mortgage Note Receiv_2
Note 4 - Mortgage Note Receivable (Details Textual) | Jan. 21, 2016 USD ($) |
Proceeds from Sale of Property Held-for-sale | $ 10,000 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | 265,000 |
Mortgage Loans on Real Estate, Monthly Payment | $ 3,653 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 4.25% |
Note 5 - Note Payable (Details
Note 5 - Note Payable (Details Textual) | May 04, 2020 USD ($) |
Paycheck Protection Program CARES Act [Member] | |
Proceeds from Issuance of Long-term Debt, Total | $ 158,524 |
Note 6 - Equity Transactions (D
Note 6 - Equity Transactions (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Nov. 19, 2021 | Mar. 31, 2021 | Jan. 31, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Jun. 24, 2021 | Dec. 08, 2020 | |
Common Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 10,000,000 | |||||||
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture | $ 15,750 | |||||||||||
Stock Issued During Period, Value, Issued for Services | $ 41,256 | |||||||||||
Proceeds from Warrant Exercises | $ 0 | $ 7,986,101 | ||||||||||
November 2021 Public Offering [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,950,000 | |||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 6 | |||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 11,700,000 | |||||||||||
Underwriting Discounts and Commissions, Percent | 7% | |||||||||||
Payments of Stock Issuance Costs | $ 927,000 | |||||||||||
Warrants Issued in Connection with December 2020 Public Offering [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,599,204 | |||||||||||
Proceeds from Warrant Exercises | $ 7,991,101 | |||||||||||
Warrants Exercised in Net Share Settlement [Member] | ||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 9,436 | |||||||||||
Stock Issued During Period, Shares, Warrants Exercised (in shares) | 2,913 | |||||||||||
Warrants To Purchase Common Stock [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,048,186 | 2,048,186 | ||||||||||
Warrants To Purchase Common Stock [Member] | Minimum [Member] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5 | $ 5 | ||||||||||
Warrants To Purchase Common Stock [Member] | Maximum [Member] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 50 | $ 50 | ||||||||||
Warrants to Purchase Units Sold in May 2016 Private Placement [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 4,800 | 4,800 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 25 | $ 25 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 7 years | 7 years | ||||||||||
Warrants to Purchase Units Sold in February 2017 Private Placement [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,641 | 1,641 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 35 | $ 35 | ||||||||||
Warrants to Purchase Units Sold in October 2017 Private Placement [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,400 | 2,400 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 25 | $ 25 | ||||||||||
Warrants to Purchase Units Sold in May 2016, February 2017 and October 2017 Private Placement [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 17,682 | 17,682 | ||||||||||
Warrants and Rights Outstanding | $ 474,861 | $ 474,861 | ||||||||||
Share-Based Payment Arrangement, Nonemployee [Member] | ||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 10,000 | |||||||||||
Stock Issued During Period, Value, Issued for Services | $ 41,004 | $ 50,300 | ||||||||||
Employee [Member] | ||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture (in shares) | 53,938 | 7,500 | 0 | |||||||||
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture | $ 271,308 | $ 15,750 | $ 0 | |||||||||
Share-Based Payment Arrangement, Expense | $ 15,750 | $ 15,750 | $ 0 | 0 | ||||||||
A Board Member [Member] | ||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture (in shares) | 5,000 | 0 | ||||||||||
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture | $ 10,500 | $ 0 | ||||||||||
Share-Based Payment Arrangement, Expense | $ 10,500 | $ 10,500 | $ 0 | $ 0 | ||||||||
Board Members [Member] | ||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture (in shares) | 11,739 | 11,327 | ||||||||||
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture | $ 30,756 | $ 41,004 |
Note 8 - Equity Incentive Plan
Note 8 - Equity Incentive Plan (Details Textual) - $ / shares | 3 Months Ended | 6 Months Ended | 18 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | Jun. 24, 2021 | Aug. 29, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 209,892 | 16,854 | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ 3.26 | |||||
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ 3.39 | |||||
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 2.10 | $ 2.10 | $ 2.10 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | ||||
Minimum [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years | 5 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.83% | 1.83% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 90.50% | 90.50% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.60 | $ 1.60 | ||||
Maximum [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 3 months | 6 years 3 months | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.76% | 2.76% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 92.30% | 92.30% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.47 | $ 2.47 | ||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | |||||
The 2019 Omnibus Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 68,437 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 68,437 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | 0 | 0 | |||
The 2019 Omnibus Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
The 2021 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 3,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 425,646 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,521,735 | 2,521,735 | 2,521,735 | |||
The 2021 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 52,619 |
Note 9 - Net Loss Per Share - E
Note 9 - Net Loss Per Share - Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net loss | $ (3,451,990) | $ (2,771,591) | $ (3,597,398) | $ (4,036,615) | $ (6,223,581) | $ (7,634,013) |
Weighted-average common shares outstanding, basic and diluted (in shares) | 8,424,003 | 6,368,025 | 8,417,901 | 5,842,100 | ||
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollars per share) | $ (0.41) | $ (0.56) | $ (0.74) | $ (1.31) |
Note 9 - Net Loss Per Share - A
Note 9 - Net Loss Per Share - Antidilutive Securities Weighted Average Shares Outstanding (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities (in shares) | 412,263 | 0 | 425,646 | 0 |
Warrant [Member] | ||||
Antidilutive Securities (in shares) | 2,048,186 | 2,050,221 | 2,048,186 | 2,050,221 |