Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 15, 2023 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 14,693,080 | ||
Entity Common Stock, Shares Outstanding | 10,554,900 | ||
Auditor Firm ID | 100 | ||
Auditor Name | WithumSmith+Brown, PC | ||
Auditor Location | East Brunswick, New Jersey | ||
Warrants To Purchase Common Stock [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 $.0001 per share | ||
Trading Symbol | CYTH | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,543,418 | $ 16,612,711 |
Accounts receivable, net | 54,991 | 493,113 |
Inventory, net | 254,491 | 227,437 |
Current portion of mortgage note receivable | 0 | 45,977 |
Prepaid insurance and services | 101,135 | 42,246 |
Prepaid clinical expenses | 2,204,520 | 2,014,851 |
Total current assets | 4,158,555 | 19,436,335 |
FURNITURE AND EQUIPMENT, NET | 55,188 | 59,583 |
RIGHT-TO-USE LEASE ASSET, NET | 1,470 | 17,636 |
MORTGAGE NOTE RECEIVABLE, LESS CURRENT PORTION | 0 | 7,279 |
TOTAL ASSETS | 4,215,213 | 19,520,833 |
CURRENT LIABILITIES | ||
Current portion of lease liability | 0 | 19,245 |
Current portion of note payable | 0 | 133,712 |
Accounts payable and accrued expenses | 3,480,669 | 3,677,979 |
Total current liabilities | 3,480,669 | 3,830,936 |
LONG-TERM LIABILITIES | ||
Long-term note payable, less current portion | 0 | 18,034 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $.0001 per share, 20,000,000 shares authorized, 8,481,848 and 8,403,869 shares issued and outstanding at December 31, 2022 and 2021, respectively | 849 | 841 |
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized, 0 outstanding | 0 | 0 |
Additional paid-in capital | 64,533,074 | 64,019,513 |
Accumulated deficit | (63,799,379) | (48,348,491) |
Total stockholders' equity | 734,544 | 15,671,863 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 4,215,213 | $ 19,520,833 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 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) | 8,481,848 | 8,403,869 |
Common stock, shares outstanding (in shares) | 8,481,848 | 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 Outstanding (in shares) | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUES | ||
Product sales | $ 1,375,760 | $ 1,585,756 |
EXPENSES | ||
Personnel | 3,968,681 | 3,838,477 |
Cost of products sold (exclusive of direct and indirect overhead and handling costs) | 138,929 | 156,080 |
Research and development | 8,999,543 | 9,153,780 |
Repairs and maintenance | 11,019 | 10,708 |
Professional fees | 2,417,017 | 1,474,911 |
Office and other | 1,025,635 | 1,061,937 |
Board of Directors fees and costs | 394,009 | 122,833 |
Depreciation | 19,481 | 16,827 |
Freight and shipping | 13,060 | 18,336 |
Bad debt expense | 10,272 | 21,927 |
Total operating expenses | 16,997,646 | 15,875,816 |
LOSS FROM OPERATIONS | (15,621,886) | (14,290,060) |
OTHER INCOME | ||
Investment and other income, net | (12,474) | 3,405 |
Gain on forgiveness of PPP loan | 158,524 | 0 |
LOSS BEFORE PROVISION FOR INCOME TAXES | (15,450,888) | (14,286,655) |
PROVISION FOR INCOME TAXES | 0 | 0 |
NET LOSS | $ (15,450,888) | $ (14,286,655) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollars per share) | $ (1.83) | $ (2.24) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) | 8,439,177 | 6,370,073 |
Paycheck Protection Program CARES Act [Member] | ||
OTHER INCOME | ||
Gain on forgiveness of PPP loan | $ 158,524 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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] | 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 employees (in shares) | 70,991 | ||||||
Stock issued to employees | $ 7 | 396,299 | 0 | 396,306 | |||
Stock issued to nonemployees (in shares) | 10,000 | ||||||
Stock issued to nonemployees | $ 1 | $ 50,299 | $ 50,300 | ||||
Exercise of warrants, net (in shares) | 1,602,117 | ||||||
Exercise of warrants, net | $ 161 | 7,990,940 | 0 | 7,991,101 | |||
Stock based compensation | $ 0 | 295,578 | 0 | 295,578 | |||
Sale of common stock, net of issuance fees (in shares) | 1,950,000 | ||||||
Sale of common stock, net of issuance fees | $ 195 | 10,772,556 | 0 | 10,772,751 | |||
Net loss | (14,286,655) | (14,286,655) | |||||
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 employees (in shares) | 7,500 | ||||||
Stock issued to employees | $ 0 | 15,750 | 15,750 | ||||
Stock issued to nonemployees (in shares) | 70,479 | ||||||
Stock issued to nonemployees | $ 8 | 143,755 | 143,763 | ||||
Stock based compensation | 0 | 354,056 | 354,056 | ||||
Net loss | (15,450,888) | (15,450,888) | |||||
Balance (in shares) at Dec. 31, 2022 | 8,481,848 | ||||||
Balance at Dec. 31, 2022 | $ 849 | $ 64,533,074 | $ (63,799,379) | $ 734,544 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net loss | $ (15,450,888) | $ (14,286,655) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 19,481 | 16,827 |
Gain on forgiveness of PPP loan | (158,524) | 0 |
Provision for doubtful accounts | 10,272 | 21,927 |
Stock compensation to employees | 15,750 | 124,998 |
Stock compensation to nonemployees | 143,763 | 50,300 |
Stock-based compensation | 354,056 | 295,578 |
Increase or decrease in: | ||
Accounts receivable, net | 427,850 | (444,023) |
Inventory, net | (27,054) | 10,472 |
Prepaid clinical expenses | (189,669) | (1,286,899) |
Prepaid insurance and services | (58,889) | 84,228 |
Other | 0 | (297) |
Accounts payable and accrued expenses | (200,389) | 408,246 |
Total adjustments | 336,647 | (718,643) |
NET CASH USED IN OPERATING ACTIVITIES | (15,114,241) | (15,005,298) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of furniture and equipment | (15,086) | (22,500) |
Collections from mortgage note receivable | 53,256 | 37,322 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 38,170 | 14,822 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sale of common stock and warrants, net of issuance costs | 0 | 18,763,852 |
Payments on PPP loan | (8,159) | (6,778) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 6,778 | 18,757,074 |
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS | (15,069,293) | 3,766,598 |
CASH AND CASH EQUIVALENTS, beginning of year | 16,612,711 | 12,846,113 |
CASH AND CASH EQUIVALENTS, end of year | 1,543,418 | 16,612,711 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for interest | 0 | 3,525 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Issuance of common stock for services | 159,513 | 446,606 |
Paycheck Protection Program CARES Act [Member] | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on forgiveness of PPP loan | (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 | 12 Months Ended |
Dec. 31, 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 neurodegenerative diseases. We filed a Type II Drug Master File with the U.S. Food and Drug Administration (“FDA”) in 2014 2015, 2016, 12 two 18 September 2016, January 2017 September 2017, May 2020 We have also completed a Phase I/II clinical study approved by European regulatory bodies with clinical trial centers in the United Kingdom, Sweden, 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 12 1 two 48 24 March 2021 100% 9 12 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 January 2018, 18 January 2021. April 2021 November 2021. December 2021, second 2022, first 2023. 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 subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. (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 January 1, 2021 The carrying amount of accounts receivable are reduced by an allowance for credit losses that reflects management’s best estimate of the amounts that will not 90 not December 31, 2022 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 December 31, 2022 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. In addition, advance payments for goods or services for future research and development activities are included as prepaid clinical expenses. Prepaid clinical expenses are expensed as research and development costs as the goods are delivered or the related services are performed. (g) MORTGAGE NOTE RECEIVABLE––The mortgage note receivable is stated at amortized value, which is the amount we expect to collect. The mortgage note receivable was paid in full as of December 31, 2022 (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 No. 2014 09: 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–– In addition, advance payments for goods or services for future research and development activities are included as prepaid clinical expenses. Prepaid clinical expenses are expensed as research and development costs as the goods are delivered or the related services are performed. (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% December 31, 2022 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 2,045,846 and 2,048,186 common shares were antidilutive for 2022 2021, December 31, 2022 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”) (Topic 820 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 December 31, 2022 2021. For short-term classes of our financial instruments, which include cash and cash equivalents, accounts receivable and accounts payable, and which are not December 31, 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 that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company’s most significant estimate relates to inventory obsolescence and deferred tax valuation allowance. 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 (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 December 31, 2022 2021 . (t) LIQUIDITY AND GOING CONCERN––For the years ended December 31, 2022 2021, December 31, 2022. For the year ended December 31, 2022, December 31, 2022, 17, We intend to continue to raise such capital through the sale of equity securities from time to time, the issuance of debt securities, the sale or licensing of existing assets or assets in development, or from other non-dilutive funding mechanisms. Our ability to obtain such additional capital will likely be subject to various factors, including our overall business performance and market conditions. If we cannot raise the additional funds required for our anticipated operations, we may Our consolidated financial statements for the years ended December 31, 2022 2021 not |
Note 2 - Revenues
Note 2 - Revenues | 12 Months Ended |
Dec. 31, 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 is 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: Year Ended December 31, 2022 2021 Trappsol® Cyclo™ $ 5,118 $ 2,245 Trappsol® HPB 851,756 673,916 Trappsol® Fine Chemical 501,295 714,662 Aquaplex® 5,460 185,004 Other 12,131 9,929 Total revenues $ 1,375,760 $ 1,585,756 Substantially all of our sales of Trappsol® Cyclo™ for the years ended December 31, 2022 2021 |
Note 3 - Major Customers and Su
Note 3 - Major Customers and Suppliers | 12 Months Ended |
Dec. 31, 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. In 2022, December 31, 2022. three December 31, 2022. 2021, four December 31, 2021. Substantially all inventory purchases were from three 2022 2021. We have three For the year ended December 31, 2022, December 31, 2021, |
Note 4 - Mortgage Note Receivab
Note 4 - Mortgage Note Receivable | 12 Months Ended |
Dec. 31, 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. August 2022, |
Note 5 - Concentrations of Cred
Note 5 - Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 5 Significant concentrations of credit risk for all financial instruments owned by the Company are as follows: DEMAND DEPOSITS––We maintain bank accounts in Federal credit unions and other financial institutions, which are insured up to the Federal Deposit Insurance Corporation limits of $250,000. may The Company does not |
Note 6 - Furniture and Equipmen
Note 6 - Furniture and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 6 Furniture and equipment consists of the following as of December 31: 2022 2021 Machinery and equipment $ 75,137 $ 67,151 Office furniture 81,590 74,490 156,727 141,641 Less: accumulated depreciation 101,539 82,058 Furniture and equipment, net $ 55,188 $ 59,583 Depreciation expense for the years ended December 31, 2022 2021 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 7 Right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease terms at the commencement dates. The Company uses its incremental borrowing rates as the discount rate for its leases, which is equal to the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The incremental borrowing rate for all existing leases as of the opening balance sheet date was based upon the remaining terms of the leases; the incremental borrowing rate for all new or amended leases is based upon the lease terms. The lease terms for all the Company’s leases include the contractually obligated period of the leases, plus any additional periods covered by a Company option to extend the leases that the Company is reasonably certain to exercise. Operating lease expense is recognized on a straight-line basis over the lease term and is included in operating costs or general and administrative expense. Variable lease payments are expensed as incurred. The Company determines if an arrangement is or contains a lease at contract inception and recognizes a right-of-use asset and a lease liability at the lease commencement date. Leases with an initial term of 12 one not Certain leases provide that the lease payments may not not The Company has one two January 31, 2023, December 31, 2022. Operating lease assets are recorded net of accumulated amortization of $66,552 as of December 31, 2022. December 31, 2022 2021, ( 7 As further described in Note 17, three February 1, 2023. |
Note 8 - Note Payable
Note 8 - Note Payable | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 8 On May 4, 2020, May 4, 2022 1% September 5, 2021. March 2022. |
Note 9 - Equity Transactions
Note 9 - Equity Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 9 On June 24, 2021, The Company expensed $15,750 in employee stock compensation in 2022 2021, September 2021. The Company issued 5,000 shares with a value of $10,500 to a member of the scientific advisory board in 2022. 2021, not 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 2022, December 31, 2021 . In January 2021 , January 2021, December 31, 2020. During 2021 , In March 2021, On November 19, 2021 seven On December 29, 2022, ( 9 Pursuant to the purchase agreement, in a concurrent private placement, the Company has also agreed to sell and issue to the investor Series A- 1 five 2 three January 2023, 17. The following table presents the number of common stock warrants outstanding: Warrants outstanding, December 31, 2020 3,662,661 Issued - Exercised (1,599,204 ) Expired (15,271 ) Warrants outstanding, December 31, 2021 2,048,186 Issued - Exercised - Expired (2,340 ) Warrants outstanding, December 31, 2022 2,045,846 The following table presents the number of common stock warrants outstanding, their exercise price, and expiration dates at December 31, 2022: Warrants Issued Exercise Price Expiration Date 1,000 $ 55 June 2023 84,800 $ 25 June 2023 60,837 $ 35 February 2024 2,400 $ 25 October 2024 57,600 $ 25 October 2024 302,379 $ 9.37 November 2024 80,000 $ 25 April 2025 35,200 $ 65 December 2025 2,223 $ 11 September 2025 283,111 $ 15 September 2027 1,078,796 $ 5 December 2025 57,500 $ 6.25 December 2025 2,045,846 In addition, there are currently outstanding seven May 2016 February 2017 October 2017 |
Note 10 - Preferred Stock
Note 10 - Preferred Stock | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | ( 10 The Company’s Articles of Incorporation provide for 5,000,000 shares of “blank check” preferred stock. At December 31, 2022 2021, no |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 11 If all of our net operating loss carryforwards and temporary deductible differences were used, we would realize a net deferred tax asset of approximately $23,167,000 based upon expected income tax rates. Under ASC 740, not December 31, 2022, not not Positive evidence we evaluated in the order of significance and weighting in our evaluation includes the amount of net operating loss carryforward utilized against current income tax liabilities in four ten At December 31, 2022, may If not Year Ending December 31, Amount 2024 $ 66,000 2028 7,000 2030 160,000 2031 73,000 2032 48,000 2034 727,000 2035 1,969,000 2036 2,867,000 2037 2,481,000 Indefinite 33,997,000 Total $ 42,395,000 A change in ownership pursuant to Section 382 2014. 382 The Company has expenses that qualify for the Orphan Drug Credit. The Orphan Drug Credit may may 20 not 20 December 31, 2022. For 2022 not 2021 2022, 2022. 2021 not 2020 2021, 2021. ( 11 Significant components of our deferred Federal income taxes were as follows: 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 10,761,000 $ 9,570,000 Tax credits 10,354,000 8,104,000 Impairment allowances 19,000 13,000 Stock-based compensation 45,000 - Other 105,000 99,000 Accrued bonuses 245,000 - Research and development expenses, net 1,642,000 - Less valuation allowance (23,167,000 ) (17,703,000 ) Deferred tax asset, net of valuation 4,000 83,000 Deferred tax liabilities: Property and equipment (4,000 ) (8,000 ) Stock-based compensation - (75,000 ) Deferred tax liabilities (4,000 ) (83,000 ) Net tax assets $ - $ - Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Effective January 1, 2021, January 1, 2022, 2021 2022. The differences between the effective income tax rate reflected in the benefit (provision) for income taxes and the amounts, which would be determined by applying federal statutory income tax rate of 21% December 31, 2022 2021, 2022 2021 Tax benefit (expense) at Federal statutory rate 21 % 21 % Effect of State taxes 3 % 3 % Effect of tax rate change - % 3 % Tax credits 15 % 16 % Nondeductible expenses (3 )% (3 )% Valuation allowance – deferred tax assets (36 )% (39 )% Total tax benefit (provision) $ - $ - The Company files income tax returns in the U.S. Federal jurisdiction, and three no 2019. The Company has reviewed and evaluated the relevant technical merits of each of its tax positions in accordance with accounting principles generally accepted in the United States of America for accounting for uncertainty in income taxes, and determined that there are no |
Note 12 - Employee Benefit Plan
Note 12 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 12 The Company’s employees who have satisfied certain eligibility requirements are entitled to participate in a 401 may may 2022 2021, not 401 2022 2021, |
Note 13 - Equity Incentive Plan
Note 13 - Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 13 On August 29, 2019, 2019 “2019 2019 may 1986, may not ten December 31, 2022, 2019 no 2019 On June 24, 2021, 2021 “2021 2021 may 1986, may not ten December 31, 2021 2021 December 31, 2022, 2021 The Company uses the Black-Scholes valuation model to estimate the fair value of stock options at grant date. This valuation model uses the option exercise price as well as estimates and assumptions related to the expected price volatility of the Company’s stock, the rate of return on risk-free investments, the expected period during which the options will be outstanding, and the expected dividend yield for the Company’s common stock to estimate the fair value of a stock option at the date of grant. The valuation assumptions were determined as follows: ● Expected stock price volatility: ● Risk-free interest rate: ● Expected term of options: ● Expected annual dividends: not not Share-based compensation expense is recorded on a straight-line basis over the requisite service period, which is generally the vesting period. ( 13 The following table summarizes weighted-average assumptions used in our calculations of fair value for the years ended December 31, 2022 2021: 2022 2021 Dividend yield - % - % Expected volatility 90.5 – 92.3 % 91.5 – 92.7 % Risk-free interest rate 1.83 – 2.76 % 0.43 % Expected lives (years) 5 - 6.25 5 - 6.25 The weighted-average fair value of options granted during the year ended December 31, 2022, December 31, 2021, The following is a summary of the stock option activity for the years ended December 31, 2022 2021: Weighted Weighted Average Aggregate Average Exercise Intrinsic Remaining Shares Price Value Contractual Life Stock options outstanding at December 31, 2020 - $ - $ - Granted 222,700 7.45 3,094 Exercised - - $ - Forfeited/Expired - - - Stock options outstanding at December 31, 2021 222,700 7.45 $ 3,094 9.7 Granted 226,746 3.18 Exercised (- ) - $ - Expired (- ) Forfeited (23,800 ) 7.45 - Stock options outstanding at December 31, 2022 425,646 $ 5.17 $ - 8.9 Stock options exercisable at December 31, 2022 150,495 $ 5.81 $ - 8.9 Unrecognized compensation expense related to unvested stock options was $1,000,914 as of December 31, 2022, |
Note 14 - Net Loss Per Share
Note 14 - Net Loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 14 The following table sets forth the computation of basic and diluted net loss per common share. As of December 31, 2022 2021 Numerator Net loss $ (15,450,888 ) $ (14,286,655 ) Denominator Weighted-average common shares outstanding, basic and diluted 8,439,177 6,370,073 Net loss per share, basic and diluted $ (1.83 ) $ (2.24 ) ( 14 The Company reported a net loss in 2022 2021, For the Year Ended December 31, 2022 2021 Stock options 425,646 222,700 Warrants 2,045,846 2,048,186 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 15 From time to time, the Company is a party to claims and legal proceedings arising in the ordinary course of business. Our management evaluates our exposure to these claims and proceedings individually and in the aggregate and records an expense for potential losses on such litigation if it is possible to estimate the amount of loss and if the amount of the loss is probable. In connection with an agreement executed in January 2022 2022, no |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 16 Since October 2016, one In June 2019, 2022 2021, 2022 2021, 2022 2021 4 Rebecca A. Fine, the daughter of our Chief Executive Officer, provides executive assistant services. In 2022, 2021, Kevin J. Strattan, the son of C.E. Rick Strattan, has been employed by us since 2008, 2014 2022 2021, 2022 2021, 2022 2021 Corey E. Strattan, the daughter-in-law of C.E. Rick Strattan, has been employed by us since 2011 2022. 2022. 2021, |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 17 On January 3, 2023, In a concurrent private placement, the Company also issued to the investor Series A- 1 five 2 three H.C. Wainwright & Co., LLC acted as placement agent to the Company in connection with the registered direct offering and concurrent private placement and was paid a cash fee equal to 7.5% of the gross proceeds of the offering, a management fee equal to 1.0% of the gross proceeds of the offering, and was reimbursed by the Company for its non-accountable expenses in the amount of $35,000, for fees and expenses of its legal counsel, for other out-of-pocket expenses in the amount of $50,000, and for its clearing expenses in the amount of $15,950. The Company also issued to designees of the placement agent five On January 12, 2023, three three On January 25, 2023, February 27, 2023, On March 3, 2023, On March 7, 2023, four five one |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 neurodegenerative diseases. We filed a Type II Drug Master File with the U.S. Food and Drug Administration (“FDA”) in 2014 2015, 2016, 12 two 18 September 2016, January 2017 September 2017, May 2020 We have also completed a Phase I/II clinical study approved by European regulatory bodies with clinical trial centers in the United Kingdom, Sweden, 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 12 1 two 48 24 March 2021 100% 9 12 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 January 2018, 18 January 2021. April 2021 November 2021. December 2021, second 2022, first 2023. 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 subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. |
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 January 1, 2021 The carrying amount of accounts receivable are reduced by an allowance for credit losses that reflects management’s best estimate of the amounts that will not 90 not December 31, 2022 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 December 31, 2022 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. In addition, advance payments for goods or services for future research and development activities are included as prepaid clinical expenses. Prepaid clinical expenses are expensed as research and development costs as the goods are delivered or the related services are performed. |
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. The mortgage note receivable was paid in full as of December 31, 2022 |
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 No. 2014 09: 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–– In addition, advance payments for goods or services for future research and development activities are included as prepaid clinical expenses. Prepaid clinical expenses are expensed as research and development costs as the goods are delivered or the related services are performed. |
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% December 31, 2022 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 2,045,846 and 2,048,186 common shares were antidilutive for 2022 2021, December 31, 2022 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”) (Topic 820 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 December 31, 2022 2021. For short-term classes of our financial instruments, which include cash and cash equivalents, accounts receivable and accounts payable, and which are not December 31, 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 that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company’s most significant estimate relates to inventory obsolescence and deferred tax valuation allowance. 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 |
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 December 31, 2022 2021 . |
Liquidity [Policy Text Block] | (t) LIQUIDITY AND GOING CONCERN––For the years ended December 31, 2022 2021, December 31, 2022. For the year ended December 31, 2022, December 31, 2022, 17, We intend to continue to raise such capital through the sale of equity securities from time to time, the issuance of debt securities, the sale or licensing of existing assets or assets in development, or from other non-dilutive funding mechanisms. Our ability to obtain such additional capital will likely be subject to various factors, including our overall business performance and market conditions. If we cannot raise the additional funds required for our anticipated operations, we may Our consolidated financial statements for the years ended December 31, 2022 2021 not |
Note 2 - Revenues (Tables)
Note 2 - Revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2022 2021 Trappsol® Cyclo™ $ 5,118 $ 2,245 Trappsol® HPB 851,756 673,916 Trappsol® Fine Chemical 501,295 714,662 Aquaplex® 5,460 185,004 Other 12,131 9,929 Total revenues $ 1,375,760 $ 1,585,756 |
Note 6 - Furniture and Equipm_2
Note 6 - Furniture and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2022 2021 Machinery and equipment $ 75,137 $ 67,151 Office furniture 81,590 74,490 156,727 141,641 Less: accumulated depreciation 101,539 82,058 Furniture and equipment, net $ 55,188 $ 59,583 |
Note 9 - Equity Transactions (T
Note 9 - Equity Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Warrants Activity [Table Text Block] | Warrants outstanding, December 31, 2020 3,662,661 Issued - Exercised (1,599,204 ) Expired (15,271 ) Warrants outstanding, December 31, 2021 2,048,186 Issued - Exercised - Expired (2,340 ) Warrants outstanding, December 31, 2022 2,045,846 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Issued Exercise Price Expiration Date 1,000 $ 55 June 2023 84,800 $ 25 June 2023 60,837 $ 35 February 2024 2,400 $ 25 October 2024 57,600 $ 25 October 2024 302,379 $ 9.37 November 2024 80,000 $ 25 April 2025 35,200 $ 65 December 2025 2,223 $ 11 September 2025 283,111 $ 15 September 2027 1,078,796 $ 5 December 2025 57,500 $ 6.25 December 2025 2,045,846 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Summary of Operating Loss Carryforwards [Table Text Block] | Year Ending December 31, Amount 2024 $ 66,000 2028 7,000 2030 160,000 2031 73,000 2032 48,000 2034 727,000 2035 1,969,000 2036 2,867,000 2037 2,481,000 Indefinite 33,997,000 Total $ 42,395,000 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 10,761,000 $ 9,570,000 Tax credits 10,354,000 8,104,000 Impairment allowances 19,000 13,000 Stock-based compensation 45,000 - Other 105,000 99,000 Accrued bonuses 245,000 - Research and development expenses, net 1,642,000 - Less valuation allowance (23,167,000 ) (17,703,000 ) Deferred tax asset, net of valuation 4,000 83,000 Deferred tax liabilities: Property and equipment (4,000 ) (8,000 ) Stock-based compensation - (75,000 ) Deferred tax liabilities (4,000 ) (83,000 ) Net tax assets $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 Tax benefit (expense) at Federal statutory rate 21 % 21 % Effect of State taxes 3 % 3 % Effect of tax rate change - % 3 % Tax credits 15 % 16 % Nondeductible expenses (3 )% (3 )% Valuation allowance – deferred tax assets (36 )% (39 )% Total tax benefit (provision) $ - $ - |
Note 13 - Equity Incentive Pl_2
Note 13 - Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Equity Incentive Plan Fair Value Assumptions [Table Text Block] | 2022 2021 Dividend yield - % - % Expected volatility 90.5 – 92.3 % 91.5 – 92.7 % Risk-free interest rate 1.83 – 2.76 % 0.43 % Expected lives (years) 5 - 6.25 5 - 6.25 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Aggregate Average Exercise Intrinsic Remaining Shares Price Value Contractual Life Stock options outstanding at December 31, 2020 - $ - $ - Granted 222,700 7.45 3,094 Exercised - - $ - Forfeited/Expired - - - Stock options outstanding at December 31, 2021 222,700 7.45 $ 3,094 9.7 Granted 226,746 3.18 Exercised (- ) - $ - Expired (- ) Forfeited (23,800 ) 7.45 - Stock options outstanding at December 31, 2022 425,646 $ 5.17 $ - 8.9 Stock options exercisable at December 31, 2022 150,495 $ 5.81 $ - 8.9 |
Note 14 - Net Loss Per Share (T
Note 14 - Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | As of December 31, 2022 2021 Numerator Net loss $ (15,450,888 ) $ (14,286,655 ) Denominator Weighted-average common shares outstanding, basic and diluted 8,439,177 6,370,073 Net loss per share, basic and diluted $ (1.83 ) $ (2.24 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | For the Year Ended December 31, 2022 2021 Stock options 425,646 222,700 Warrants 2,045,846 2,048,186 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |||
Jan. 03, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Accounts Receivable, after Allowance for Credit Loss, Total | $ 71,000 | |||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 10,300 | $ 21,800 | ||
Inventory Valuation Reserves | 52,900 | 52,900 | ||
Net Income (Loss) Attributable to Parent, Total | (15,450,888) | (14,286,655) | ||
Retained Earnings (Accumulated Deficit), Total | (63,799,379) | (48,348,491) | ||
Net Cash Provided by (Used in) Operating Activities, Total | (15,114,241) | (15,005,298) | ||
Cash and Cash Equivalents, at Carrying Value, Total | 1,543,418 | $ 16,612,711 | ||
Working Capital Deficit | $ 677,886 | |||
Registered Direct Offering [Member] | Subsequent Event [Member] | ||||
Proceeds from Issuance or Sale of Equity, Total | $ 3,700,000 | |||
Warrants To Purchase Common Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2,045,846 | 2,048,186 | ||
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 425,646 | 222,700 | ||
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) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Operating Segments | 1 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Major Customers | 3 | 4 |
Aquaplex [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Major Customers | 1 | |
Trappsol Cyclo [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Major Customers | 1 |
Note 2 - Revenues - Revenues by
Note 2 - Revenues - Revenues by Product (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | $ 1,375,760 | $ 1,585,756 |
Trappsol Cyclo [Member] | ||
Revenues | 5,118 | 2,245 |
Trappsol HPB [Member] | ||
Revenues | 851,756 | 673,916 |
Trappsol Fine Chemical [Member] | ||
Revenues | 501,295 | 714,662 |
Aquaplex [Member] | ||
Revenues | 5,460 | 185,004 |
Product and Service, Other [Member] | ||
Revenues | $ 12,131 | $ 9,929 |
Note 3 - Major Customers and _2
Note 3 - Major Customers and Suppliers (Details Textual) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Number of Major Customers | 3 | 4 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Major Customers [Member] | |||
Concentration Risk, Percentage | 68% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Four Major Customers [Member] | |||
Concentration Risk, Percentage | 73% | ||
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Basic Natural and Chemically Modified Cyclodexterins [Member] | |||
Concentration Risk, Percentage | 99% | 88% | |
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Cyclodexterin Complexes [Member] | |||
Concentration Risk, Percentage | 1% | 12% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Major Customers [Member] | |||
Concentration Risk, Percentage | 19% | 94% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Four Major Customers [Member] | |||
Concentration Risk, Percentage | 94% |
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 6 - Furniture and Equipm_3
Note 6 - Furniture and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation, Total | $ 19,481 | $ 16,827 |
Note 6 - Furniture and Equipm_4
Note 6 - Furniture and Equipment - Summary of Property and Equipment (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Property, plant and equipment, gross | $ 156,727 | $ 141,641 |
Less: accumulated depreciation | 101,539 | 82,058 |
Furniture and equipment, net | 55,188 | 59,583 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 75,137 | 67,151 |
Office Furniture [Member] | ||
Property, plant and equipment, gross | $ 81,590 | $ 74,490 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 12, 2023 | |
Operating Lease, Right-of-Use Asset, Amortization | $ 66,552 | ||
Operating Lease, Expense | $ 16,166 | $ 17,636 | |
Office Lease [Member] | |||
Number of Operating Leases | 1 | ||
Lessee, Operating Lease, Term of Contract (Year) | 2 years | ||
Office Lease [Member] | Subsequent Event [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 3 years |
Note 8 - Note Payable (Details
Note 8 - 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 9 - Equity Transactions (D
Note 9 - Equity Transactions (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Dec. 29, 2022 | Nov. 19, 2021 | Mar. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 24, 2021 | Dec. 08, 2020 | |
Common Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 | 10,000,000 | ||||
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture | $ 15,750 | $ 396,306 | ||||||
Stock Issued During Period, Value, Issued for Services | $ 143,763 | |||||||
Class of Warrant or Right, Exercised During Period (in shares) | 0 | 1,599,204 | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||
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 | |||||||
Registered Direct Offering [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 930,000 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.61 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | |||||||
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 | |||||||
Pre-funded Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,678,696 | |||||||
Class of Warrant or Right, Purchase Price of Warrants or Rights (in dollars per share) | $ 1.6099 | |||||||
Series A-1 Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,608,696 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.36 | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||
Series A-2 Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,608,696 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.36 | |||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | |||||||
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 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 25 | |||||||
Warrants and Rights Outstanding, Term (Year) | 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 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 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 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 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 | |||||||
Warrants and Rights Outstanding | $ 474,870 | |||||||
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 | $ 50,300 | 50,300 | ||||||
Employee [Member] | ||||||||
Share-Based Payment Arrangement, Expense | $ 15,750 | $ 124,998 | ||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture (in shares) | 53,938 | 7,500 | 17,053 | |||||
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture | $ 271,308 | |||||||
Scientific Advisory Board [Member] | ||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture (in shares) | 5,000 | |||||||
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture | $ 10,500 | |||||||
Board Members [Member] | ||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture (in shares) | 65,479 | 11,327 | ||||||
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture | $ 133,263 | $ 41,004 |
Note 9 - Equity Transactions -
Note 9 - Equity Transactions - Common Stock Warrants Outstanding (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Warrants outstanding (in shares) | 2,048,186 | 3,662,661 |
Issued (in shares) | 0 | 0 |
Exercised (in shares) | 0 | (1,599,204) |
Expired (in shares) | (2,340) | (15,271) |
Warrants outstanding (in shares) | 2,045,846 | 2,048,186 |
Note 9 - Equity Transactions _2
Note 9 - Equity Transactions - Summary of Warrants Outstanding, Exercise Price, and Expiration Dates (Details) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Warrants Issued (in shares) | 2,045,846 | 2,048,186 | 3,662,661 |
Warrants Expiring in June 2023 [Member] | |||
Exercise Price (in dollars per share) | $ 55 | ||
Warrants Issued (in shares) | 1,000 | ||
Warrants Expiring in June 2023, Two [Member] | |||
Exercise Price (in dollars per share) | $ 25 | ||
Warrants Issued (in shares) | 84,800 | ||
Warrants Expiring in February 2024 [Member] | |||
Exercise Price (in dollars per share) | $ 35 | ||
Warrants Issued (in shares) | 60,837 | ||
Warrants Expiring in October 2024 [Member] | |||
Exercise Price (in dollars per share) | $ 25 | ||
Warrants Issued (in shares) | 2,400 | ||
Warrants Expiring in October 2024, Two [Member] | |||
Exercise Price (in dollars per share) | $ 25 | ||
Warrants Issued (in shares) | 57,600 | ||
Warrants Expiring in November 2024 [Member] | |||
Exercise Price (in dollars per share) | $ 9.37 | ||
Warrants Issued (in shares) | 302,379 | ||
Warrants Expiring in April 23, 2025 [Member] | |||
Exercise Price (in dollars per share) | $ 25 | ||
Warrants Issued (in shares) | 80,000 | ||
Warrants Expiring in December, 2025 [Member] | |||
Exercise Price (in dollars per share) | $ 65 | ||
Warrants Issued (in shares) | 35,200 | ||
Warrants Expiring in September 2025 [Member] | |||
Exercise Price (in dollars per share) | $ 11 | ||
Warrants Issued (in shares) | 2,223 | ||
Warrants Expiring in September 2027 [Member] | |||
Exercise Price (in dollars per share) | $ 15 | ||
Warrants Issued (in shares) | 283,111 | ||
Warrant Expiring in December 2025, Two [Member] | |||
Exercise Price (in dollars per share) | $ 5 | ||
Warrants Issued (in shares) | 1,078,796 | ||
Warrants Expiring in December 2025, Third [Member] | |||
Exercise Price (in dollars per share) | $ 6.25 | ||
Warrants Issued (in shares) | 57,500 |
Note 10 - Preferred Stock (Deta
Note 10 - Preferred Stock (Details Textual) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Tax Asset Based Upon Expected Income Tax Rates | $ 23,167,000 | ||
Valuation Allowance Percentage | 100% | ||
Operating Loss Carryforwards | $ 42,395,000 | ||
Income Tax Expense (Benefit), Total | 0 | $ 0 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 5,464,000 | $ 5,500,000 | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | (3.00%) | (3.00%) | |
State and Local Jurisdiction [Member] | Florida Department of Revenue [Member] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 0 | $ 399,000 | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5.50% | 3.535% | 4.458% |
Orphan Drug Credit [Member] | |||
Tax Credit Carryforward, Amount | $ 10,354,000 |
Note 11 - Income Taxes - Summar
Note 11 - Income Taxes - Summary of Net Operating Loss Carryforward Expirations (Details) | Dec. 31, 2022 USD ($) |
Net operating loss carryforwards | $ 42,395,000 |
Expiring in Tax Year 2024 [Member] | |
Net operating loss carryforwards | 66,000 |
Expiring in Tax Year 2028 [Member] | |
Net operating loss carryforwards | 7,000 |
Expiring in Tax Year 2030 [Member] | |
Net operating loss carryforwards | 160,000 |
Expiring in Tax Year 2031 [Member] | |
Net operating loss carryforwards | 73,000 |
Expiring in Tax Year 2032 [Member] | |
Net operating loss carryforwards | 48,000 |
Expiring in Tax Year 2034 [Member] | |
Net operating loss carryforwards | 727,000 |
Expiring in Tax Year 2035 [Member] | |
Net operating loss carryforwards | 1,969,000 |
Expiring in Tax Year 2036 [Member] | |
Net operating loss carryforwards | 2,867,000 |
Expiring in Tax Year 2037 [Member] | |
Net operating loss carryforwards | 2,481,000 |
Expiring in Tax Year indefinite [Member] | |
Net operating loss carryforwards | $ 33,997,000 |
Note 11 - Income Taxes - Summ_2
Note 11 - Income Taxes - Summary of Significant Components of Deferred Federal Income Taxes (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 10,761,000 | $ 9,570,000 |
Tax credits | 10,354,000 | 8,104,000 |
Impairment allowances | 19,000 | 13,000 |
Stock-based compensation | 45,000 | 0 |
Other | 105,000 | 99,000 |
Accrued bonuses | 245,000 | 0 |
Research and development expenses, net | 1,642,000 | 0 |
Less valuation allowance | (23,167,000) | (17,703,000) |
Deferred tax asset, net of valuation | 4,000 | 83,000 |
Deferred tax liabilities: | ||
Property and equipment | (4,000) | (8,000) |
Stock-based compensation | 0 | (75,000) |
Deferred tax liabilities | (4,000) | (83,000) |
Net tax assets | $ 0 | $ 0 |
Note 11 - Income Taxes - Effect
Note 11 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Tax benefit (expense) at Federal statutory rate | 21% | 21% |
Effect of State taxes | 3% | 3% |
Effect of tax rate change | 0% | 3% |
Tax credits | 15% | 16% |
Nondeductible expenses | (3.00%) | (3.00%) |
Valuation allowance – deferred tax assets | (36.00%) | (39.00%) |
Total tax benefit (provision) | 0% | 0% |
Note 12 - Employee Benefit Pl_2
Note 12 - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 61,168 | $ 49,165 |
Maximum [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4% |
Note 13 - Equity Incentive Pl_3
Note 13 - Equity Incentive Plans (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Jun. 24, 2021 | Aug. 29, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 226,746 | 222,700 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 23,800 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ 0 | |||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,000,914 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 8 years 10 months 24 days | |||
Minimum [Member] | ||||
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 | $ 5.28 | ||
Maximum [Member] | ||||
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 | $ 5.64 | ||
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 | |||
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) | 226,746 | 222,700 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,479,322 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 23,800 | |||
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) | 77,979 | 17,053 |
Note 13 - Equity Incentive Pl_4
Note 13 - Equity Incentive Plans - Fair Value Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Minimum [Member] | ||
Expected volatility | 90.50% | 91.50% |
Risk-free interest rate | 1.83% | |
Expected lives (years) (Year) | 5 years | 5 years |
Maximum [Member] | ||
Expected volatility | 92.30% | 92.70% |
Risk-free interest rate | 2.76% | 0.43% |
Expected lives (years) (Year) | 6 years 3 months | 6 years 3 months |
Note 13 - Equity Incentive Pl_5
Note 13 - Equity Incentive Plans - Stock Option Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Stock options, outstanding (in shares) | 222,700 | 0 |
Stock options, granted (in shares) | 226,746 | 222,700 |
Stock options, weighted average exercise price, granted (in dollars per share) | $ 3.18 | $ 7.45 |
Granted | $ 3,094 | |
Stock options, intrinsic value, outstanding | $ 0 | $ 3,094 |
Stock options, outstanding, weighted average remaining contractual term (Year) | 8 years 10 months 24 days | 9 years 8 months 12 days |
Stock options, expired (in shares) | 0 | |
Stock options, forfeited (in shares) | (23,800) | |
Stock options, weighted average exercise price, forfeited (in dollars per share) | $ 7.45 | |
Stock options, outstanding (in shares) | 425,646 | 222,700 |
Stock options, weighted average exercise price, outstanding (in dollars per share) | $ 5.17 | $ 7.45 |
Stock options, exercisable (in shares) | 150,495 | |
Stock options, weighted average exercise price, exercisable (in dollars per share) | $ 5.81 | |
Stock options, aggregate intrinsic value, exercisable | $ 0 | |
Stock options, exercisable, weighted average remaining contractual term (Year) | 8 years 10 months 24 days |
Note 14 - Net Loss Per Share -
Note 14 - Net Loss Per Share - Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net loss | $ (15,450,888) | $ (14,286,655) |
Weighted-average common shares outstanding, basic and diluted (in shares) | 8,439,177 | 6,370,073 |
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollars per share) | $ (1.83) | $ (2.24) |
Note 14 - Net Loss Per Share _2
Note 14 - Net Loss Per Share - Antidilutive Securities Weighted Average Shares Outstanding (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities (in shares) | 425,646 | 222,700 |
Warrant [Member] | ||
Antidilutive Securities (in shares) | 2,045,846 | 2,048,186 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Ashland, Inc. [Member] | |
Long-Term Purchase Commitment, Annual Minimum Purchase Required | $ 2,940,000 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | 27 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2018 | |
Common Stock, Shares, Issued (in shares) | 8,481,848 | 8,403,869 | |
C.E. Rick Strattan [Member] | |||
Payments for Non-profit Organization, Monthly Fee | $ 5,000 | ||
Joshua M. Fine [Member] | |||
Annual Salary for Chief Financial Officer | $ 335,780 | $ 275,333 | |
Chief Financial Officer, Cash Bonus | $ 134,312 | $ 75,000 | |
Common Stock, Shares, Issued (in shares) | 76,752 | 134,288 | |
Rebecca A. Fine [Member] | |||
Annual Salary for Executive Assistant | $ 107,700 | $ 90,000 | |
Executive Assistant, Cash Bonus | $ 16,155 | $ 15,000 | |
Kevin J. Strattan [Member] | |||
Common Stock, Shares, Issued (in shares) | 41,509 | 72,787 | |
Annual Salary for Vice President, Finance | $ 180,250 | $ 149,800 | |
Bonus for Vice President, Finance | $ 54,075 | 30,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
Corey E. Strattan [Member] | |||
Annual Salary for Documentation Specialist and Logistics Coordinator | $ 92,700 | 90,000 | |
Bonus for Documentation Specialist and Logistics Coordinator | $ 13,905 | $ 15,000 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) | 12 Months Ended | ||||||||||
Mar. 07, 2023 $ / shares shares | Feb. 27, 2023 USD ($) shares | Jan. 25, 2023 USD ($) shares | Jan. 12, 2023 USD ($) | Jan. 03, 2023 USD ($) $ / shares shares | Dec. 29, 2022 $ / shares shares | Dec. 31, 2022 ft² $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Mar. 03, 2023 shares | Jun. 24, 2021 shares | Dec. 08, 2020 shares | |
Stock Issued During Period, Value, Warrants Exercised | $ | $ 7,991,101 | ||||||||||
Common Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 | 10,000,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 226,746 | 222,700 | |||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 3.18 | $ 7.45 | |||||||||
Officers and Employees [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||
Office Lease [Member] | |||||||||||
Area of Real Estate Property (Square Foot) | ft² | 1,500 | ||||||||||
Pre-funded Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,678,696 | ||||||||||
Class of Warrant or Right, Purchase Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.6099 | ||||||||||
Series A-1 Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,608,696 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.36 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||
Series A-2 Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,608,696 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.36 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | ||||||||||
Subsequent Event [Member] | |||||||||||
Common Stock, Shares Authorized (in shares) | 50,000,000 | ||||||||||
Subsequent Event [Member] | Officers and Employees [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 329,131 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 1.28 | ||||||||||
Subsequent Event [Member] | Each of Five Non-employee Directors [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 3,350 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 1.28 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||
Subsequent Event [Member] | Office Lease [Member] | |||||||||||
Lessee, Operating Lease, Renewal Term (Year) | 3 years | ||||||||||
Operating Lease, Monthly Payment | $ | $ 1,700 | ||||||||||
Lessee, Operating Lease, Extension Option, Renewal Term (Year) | 3 years | ||||||||||
Subsequent Event [Member] | Pre-funded Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,678,696 | ||||||||||
Class of Warrant or Right, Purchase Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.6099 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||
Stock Issued During Period, Shares, Warrants Exercised (in shares) | 741,000 | 400,696 | |||||||||
Stock Issued During Period, Value, Warrants Exercised | $ | $ 74 | $ 40 | |||||||||
Subsequent Event [Member] | Series A-1 Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,608,696 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.36 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||
Subsequent Event [Member] | Series A-2 Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,608,696 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.36 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | ||||||||||
Subsequent Event [Member] | Warrants Issued to Placement Agent [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 156,522 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2.0125 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||
Registered Direct Offering [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 930,000 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.61 | ||||||||||
Registered Direct Offering [Member] | Subsequent Event [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 930,000 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.61 | ||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 3,700,000 | ||||||||||
Stock Issued, Offering Fee, Percentage of Proceeds | 7.50% | ||||||||||
Stock Issued, Management Fee, Percentage of Proceeds | 1% | ||||||||||
Non-accountable Expense | $ | $ 35,000 | ||||||||||
Legal Counsel Expense and Other Out-of-pocket Expense | $ | 50,000 | ||||||||||
Clearing Expense | $ | $ 15,950 |