Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 27, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | Protagenic Therapeutics, Inc.\new | ||
Entity Central Index Key | 1,022,899 | ||
Trading Symbol | ptix | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 10,261,419 | ||
Entity Public Float | $ 4,957,899 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 3,100,398 | $ 3,343 |
Prepaid expenses | 60,417 | |
TOTAL CURRENT ASSETS | 3,160,815 | 3,343 |
1,097 | 1,569 | |
OTHER ASSETS | 6,230 | |
TOTAL ASSETS | 3,161,912 | 11,142 |
CURRENT LIABILITIES | ||
Bridge loan payable - stockholder and accrued interest | 399,103 | |
Accounts payable and accrued expenses | 167,987 | 279,255 |
Derivative liability | 516,870 | |
TOTAL CURRENT LIABILITIES | 684,857 | 678,358 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock | ||
Common stock, $.0001 par value, 100,000,000 shares authorized, 10,257,078 shares issued and outstanding at December 31, 2016 , 7,612,838 shares issued and 6,612,838 shares outstanding at December 31, 2015 | 1,026 | 761 |
Additional paid-in-capital | 11,239,786 | 5,886,971 |
Accumulated deficit | (8,582,123) | (6,306,297) |
Treasury stock, at cost $.10 per share, 1,000,000 shares, for December 31, 2015 | (100,000) | |
Accumulated other comprehensive loss | (181,635) | (148,651) |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | 2,477,055 | (667,216) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | 3,161,912 | 11,142 |
Series B Convertible Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock | $ 1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred stock, par value (in dollars per share) | $ 0.000001 | $ 0.000001 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 10,257,078 | 7,612,838 |
Common stock, shares outstanding (in shares) | 10,257,078 | 6,612,838 |
Treasury stock, par value (in dollars per share) | $ 0.10 | |
Treasury stock, shares (in shares) | 1,000,000 | |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.000001 | $ 0.000001 |
Preferred stock, shares authorized (in shares) | 18,000,000 | 18,000,000 |
Preferred stock, shares issued (in shares) | 872,766 | 0 |
Preferred stock, shares outstanding (in shares) | 872,766 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUE | $ 0 | $ 0 |
OPERATING AND ADMINISTRATIVE EXPENSES | ||
Research and development | 533,693 | 456,274 |
General and administrative | 1,295,639 | 568,764 |
Goodwill impairment | 404,169 | |
TOTAL OPERATING AND ADMINISTRATIVE EXPENSES | 2,233,501 | 1,025,038 |
LOSS FROM OPERATIONS | (2,233,501) | (1,025,038) |
OTHER (EXPENSE) INCOME | ||
Interest income | 907 | |
Interest expense - stockholder | (7,162) | (11,473) |
Realized loss on foreign exchange transactions | (6,625) | 13,089 |
Change in fair value of derivative liability | (29,445) | |
TOTAL OTHER (EXPENSE) INCOME | (42,325) | 1,616 |
NET LOSS | (2,275,826) | (1,023,442) |
COMPREHENSIVE LOSS | ||
Net Loss | (2,275,826) | (1,023,442) |
Foreign exchange translation loss | (32,984) | (1,070) |
TOTAL COMPREHENSIVE LOSS | $ (2,308,810) | $ (1,024,492) |
Net loss per share - Basic and Diluted (in dollars per share) | $ (0.43) | $ (0.15) |
Weighted average common shares - Basic and Diluted (in shares) | 5,306,035 | 6,613,338 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Deficit) - USD ($) | Preferred Stock [Member]Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 0 | 7,612,838 | |||||
Balance at Dec. 31, 2013 | $ 0 | $ 761 | $ 5,409,103 | $ (5,282,875) | $ (100,000) | $ (147,581) | $ (120,592) |
Foreign currency translation (loss) | (1,070) | (1,070) | |||||
Stock compensation - stock options | 477,868 | 477,868 | |||||
Net Loss | (1,023,422) | (1,023,422) | |||||
Balance (in shares) at Dec. 31, 2015 | 0 | 7,612,838 | |||||
Balance at Dec. 31, 2015 | $ 0 | $ 761 | 5,886,971 | (6,306,297) | (100,000) | (148,651) | (667,216) |
Foreign currency translation (loss) | (32,984) | (32,984) | |||||
Stock compensation - stock options | 546,134 | 546,134 | |||||
Net Loss | (2,275,826) | (2,275,826) | |||||
Atrinsic shares converted (in shares) | 297,468 | 25,867 | |||||
Atrinsic shares converted | $ 1 | $ 3 | 63,381 | 63,385 | |||
Protagenic shares converted (in shares) | 6,612,838 | (7,612,838) | |||||
Protagenic shares converted | $ 6 | $ (761) | (99,245) | $ 100,000 | |||
Private offerings, net of expenses (in shares) | 4,108,460 | ||||||
Private offerings, net of expenses | $ 4 | 4,761,793 | 4,761,797 | ||||
Conversion of series B Preferred Stock (in shares) | (10,146,000) | 60,211 | |||||
Conversion of series B Preferred Stock | $ (10) | $ 829 | (819) | ||||
Conversion of Bridge loan | $ 6 | 75,259 | $ 75,265 | ||||
Stock options converted to common (in shares) | 25,000 | 25,000 | |||||
Stock options converted to common | $ 2 | 6,498 | $ 6,500 | ||||
Balance (in shares) at Dec. 31, 2016 | 872,766 | 10,257,078 | |||||
Balance at Dec. 31, 2016 | $ 1 | $ 840 | $ 11,239,972 | $ (8,582,123) | $ (181,635) | $ 2,477,055 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (2,275,826) | $ (1,023,442) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation expense | 534 | 143 |
Goodwill impairment | 404,169 | |
Stock based compensation | 546,134 | 478,629 |
Accretion to bridge loan | 7,162 | 11,473 |
Legal fees satisfied through issuance of Series B preferred stock | 150,000 | |
Change in fair value of the derivative liability | 29,445 | |
Changes in operating assets and liabilities | ||
Prepaid expenses | (60,417) | |
Other assets | 6,230 | (2,916) |
Accounts payable and accrued expenses | (52,250) | (154,752) |
NET CASH USED IN OPERATING ACTIVITIES | (1,140,319) | (381,341) |
CASH FLOWS USED IN INVESTING ACTIVITIES | ||
Purchase of equipment | (1,791) | |
NET CASH USED IN INVESTING ACTIVITIES | (1,791) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from exercise of stock options | 6,500 | |
Proceeds from bridge loan | 19,000 | 387,630 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 4,283,938 | 387,630 |
Effect of exchange rate on cash and cash equivalents | (46,564) | (23,888) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 3,097,055 | (19,390) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3,343 | 22,733 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 3,100,398 | 3,343 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for interest expense | ||
Cash paid for income taxes | ||
NONCASH TRANSACTIONS | ||
Debt settled with issuance of Series B preferred stock | 425,265 | |
Reclassification of warrants to derivative liabilities from equity | 487,425 | |
Accrued liabilities paid through the issuances of Series B preferred stock | 150,000 | |
Goodwill Acquired through Stock Issuance to Predecessor Stockholders [Member] | ||
NONCASH TRANSACTIONS | ||
Shares issued in connection with reverse business combination | 404,169 | |
Series B Preferred Stock [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of Series B Preferred Stock | 4,283,437 | |
Series B Convertible Preferred Stock [Member] | ||
NONCASH TRANSACTIONS | ||
Series B Preferred stock converted to common stock | $ 10 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1 ORGANIZATION AND NATURE OF BUSINESS Company Background Protagenic Therapeutics, Inc. (“we,” “our,” “Protagenic” or “the Company”), a Delaware corporation with one (2006) 2006 The Company was most recently known as Atrinsic, Inc., a company that was once a reporting company under the Securities Act, but that, in 2012 2013, 11 February 12, 2016, June 17, 2016, The Company originally incorporated as a Delaware corporation under the name Millbrook Acquisition Corp. in 1994. 2007, 2008, 2009, June 15, 2012, 11 12 12553). Prior to March 30, 2012, March 30, 2012, 15 13 15(d) 11 June 15, 2012 The Company emerged from Chapter 11 June 26, 2013, 51% July 12, 2013 24 45 first 852. On February 12, 2016, 1 1 $0.000001 first Since the fourth 2015 February 12, 2016, 51% 49% February 12, 2016, 29 Protagenic Therapeutics Canada (2006) 2006 7 Reverse Business Combination (Merger) On February 12, 2016 June 17, 2016, On the Closing Date, all of the issued and outstanding (6,612,838) 1 1 $0.000001 1 1 1,807,744 $0.87 3,403,367 $1.03 The common stockholders of Atrinsic, Inc. before the Merger (“Predecessor”) retained 25,867 $0.0001 297,468 17,784 $1.25 295,945 $1.25 $665,000 $35,000 The Merger is being accounted for as a “Reverse Business Combination,” and Prior Protagenic is deemed to be the accounting acquirer in the merger. Consequently, the assets and liabilities and the historical operations that will be reflected in the financial statements prior to the Merger will be those of Prior Protagenic, and the consolidated financial statements after completion of the Merger will include the assets and liabilities of Prior Protagenic, historical operations of Prior Protagenic and combined operations of Prior Protagenic, Predecessor and the Company from the Closing Date of the Merger. Further, as a result of the issuance of the shares of Series B Preferred Stock pursuant to the Merger, a change in control of the Company occurred as of the date of consummation of the Merger. The Merger will be treated as a recapitalization of the Company for financial accounting purposes. The historical financial statements of Predecessor before the Merger will be replaced with the historical financial statements of Prior Protagenic before the Merger in all future filings with the Securities and Exchange Commission (the “SEC”). At the closing of the Merger, Predecessor had a 51% 49% 51% Immediately after the closing of the Merger, the Company also split off all of its equity interest in 29 Private Offering Concurrently and a condition of the closing of the Merger, the Company conducted the first first 2,775,000 $1.25 $3,468,750. $350,000 $150,000 March 2, 2016, second 913,200 $1,141,500. April 15, 2016 420,260 $525,325. $373,778 127,346 $146,641 $1.25 three 4,108,460 $4,635,575 $4,261,797 $5,135,575 $4,761,797 $350,000 $150,000 Debt Exchange Simultaneous with the Merger and the Private Offering, holders of $665,000 $35,000 295,945 $1.25 $340,784 6). Reverse Stock Split On June 17, 2016, third July 27, 2016 one 15,463.7183 15,463.7183 one 100 100 $0.000001 $0.0001 5 20 As a result of the Reverse Split, 400,000,000 25,867 1 1 9.99% July 27, 2016, 10,146,000 11,018,766 10,146,000 872,766 one December 31, 2016, 10,146,000 10,146,000 Any Series B Preferred Stock not converted as a result of this provision would automatically convert into common stock as soon as such conversion would not violate the Springing Blocker. Our Series B Preferred Stock will cease to be designated as a separate series of our preferred stock when all of such shares have converted into shares of our common stock. All share and per share amounts for the common stock have been retroactively restated to give effect to the reverse split. |
Note 2 - Liquidity
Note 2 - Liquidity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Liquidity and Going Concern [Text Block] | NOTE 2 As shown in the accompanying consolidated financial statements, the Company incurred a net loss of $2,275,826 $1,023,442 December 31, 2016 2015, $8,582,123 December 31, 2016. twelve $2,475,958 December 31, 2016 third 2018. third 2018. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 SUMMARY OF SIGNFICANT ACCOUNTING POLICIES Basis of presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). Principles of consolidation The consolidated financial statements include the accounts of Atrinsic, Inc., and its wholly owned subsidiary, Protagenic Acquisition Corp, and Protagenic Therapeutics, Inc., which merged with and into Protagenic Acquisition Corp, on February 12, 2016, Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates underlying the consolidated financial statements include the allocation of the fair value of acquired assets and liabilities associated with the Merger, assessment of goodwill and income tax provisions and allowances, impairment of goodwill, valuation of stock options and warrants and assessment of deferred tax valuation allowance. The Company also relies on estimates for the valuation of stock-based compensation expense and financial instruments. Concentrations of Credit Risk The Company maintains its cash accounts at financial institutions which are insured by the Federal Deposit Insurance Corporation ("FDIC"). At times, the Company may Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three December 31, 2016 2015, not Equipment Equipment is stated at cost less accumulated depreciation. Cost includes expenditures for computer equipment. Maintenance and repairs are charged to expense as incurred. When assets are sold, retired, or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in operations. The cost of equipment is depreciated using the straight-line method over the estimated useful lives of the related assets which is 3 not December 31, 2016 2015. Goodwill Goodwill represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed. The Company is required to perform impairment reviews annually and more frequently in certain circumstances. The Company performs the annual assessment on December 31. In accordance with ASC 350–20 Goodwill two–step two–step Atrinsic’s assets and liabilities acquired in the Merger had a minimal value therefore the Company recorded the fair value of shares given to predecessor stockholders as goodwill. Immediately subsequent to the merger the Company fully impaired the goodwill, in as the predecessor business had limited operations. The allocation of the consideration transferred is as follows: Shares issued in connection with Merger: Atrinsic 25,867 shares Common stock $ 32,334 Atrinsic Series A preferred stock as converted to Series B preferred stock, 297,468 shares 371,835 Total value of shares issued to Atrinsic on Merger 404,169 Fair value of net assets identified - Goodwill 404,169 Net value of consideration $ - Goodwill impairment for the year ended December 31, 2016 $404,169. Fair Value Measurements Accounting Standards Codification ASC 820, 820 three 1) 3). The three Level 1 Level 2 Level 3 The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts payable and accrued expenses approximate their fair value because of the short maturity of those instruments. Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may The assets or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The following table provides a summary of financial instruments that are measured at fair value as of December 31, 2016. Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Derivative warrants liabilities $ 516,870 $ — $ — $ 516,870 $ 516,870 The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) December 31, 2016: Fair Value Measurement Using Level 3 Inputs Total Balance, December 31, 2015 $ — Issuance of derivative warrants liabilities 487,425 Change in fair value of derivative warrants liabilities 29,445 Balance, December 31, 2016 $ 516,870 The fair value of the derivative feature of the 127,346 295,945 February 12, 2016 December 31, 2016 Exercise price $ 1.25 $ 1.25 Risk free interest rate 1.20 % 1.93 % Dividend yield 0.00 % 0.00 % Expected volatility 156 % 219 % Contractual term (in years) 5.0 4.25 Risk-free interest rate: The Company uses the risk-free interest rate of a U.S. Treasury Note with a similar expected term on the date of the grant. Dividend yield: The Company uses a 0% Volatility: The Company calculates the expected volatility of the stock price based on the corresponding volatility of the Company’s peer group stock price for a period consistent with the warrants’ expected term. Expected term: The Company’s expected term is based on the remaining contractual maturity of the warrants. During the year ended December 31, 2016, $29,445 During the year ended December 31, 2016, $404,169, 3 Derivative Liability The Company evaluates its options, warrants or other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC 815 10 05 4 815 40 25. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument is expected within 12 Stock-Based Compensation The Company accounts for stock based compensation costs under the provisions of ASC 718, 718. 718 Stock-Based Compensation for Non-Employees The Company accounts for warrants and options issued to non-employees under ASC 505 50, Equity – Equity Based Payments to Non-Employees, Basic and Diluted Net (Loss) per Common Share Basic (loss) per common share is computed by dividing the net (loss) by the weighted average number of shares of common stock outstanding for each period. Diluted (loss) per share is computed by dividing the net (loss) by the weighted average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the common stock equivalents. Potentially Outstanding Dilutive Common Shares For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 Conversion Feature Shares Common shares issuable under the conversion feature of preferred shares 872,766 - Stock Option 2,484,445 1,707,744 Warrant 3,826,658 3,403,367 Total potentially outstanding dilutive common shares 7,183,869 5,051,111 Foreign Currency Translation The Company follows Section 830 10 45 830 10 45”) 830 10 45 830 10 45, The functional currency of each foreign subsidiary is determined based on management’s judgment and involves consideration of all relevant economic facts and circumstances affecting the subsidiary. Generally, the currency in which the subsidiary transacts a majority of its transactions, including billings, financing, payroll and other expenditures, would be considered the functional currency, but any dependency upon the parent and the nature of the subsidiary’s operations must also be considered. If a subsidiary’s functional currency is deemed to be the local currency, then any gain or loss associated with the translation of that subsidiary’s financial statements is included in accumulated other comprehensive income. However, if the functional currency is deemed to be the U.S. Dollar, then any gain or loss associated with the re-measurement of these financial statements from the local currency to the functional currency would be included in the consolidated statements of income and comprehensive income (loss). If the Company disposes of foreign subsidiaries, then any cumulative translation gains or losses would be recorded into the consolidated statements of income and comprehensive income (loss). If the Company determines that there has been a change in the functional currency of a subsidiary to the U.S. Dollar, any translation gains or losses arising after the date of change would be included within the statement of income and comprehensive income (loss). Based on an assessment of the factors discussed above, the management of the Company determined the relevant subsidiary’s local currency to be the functional currency for its foreign subsidiary. Recent Accounting Pronouncements In May 2014, 2014 09 2014 09), 2014 09 2014 09 2014 09 2014 09 December 15, 2017, December 15, 2016, 2014 09 In August 2014, 2014 15, “Presentation of Financial Statements-Going Concern (Subtopic 205 40): 2014 15 one 2014 15 December 15, 2016, 2014 15. 2014 15 In November 2015, 2015 17, 740). 2015 17 December 15, 2016. In February 2016, 2016 02, 2016 02 2016 02 December 15, 2018, On March 30, 2016, 2016 09, December 15, 2016, In August 2016, 2016 15, “Statement of Cash Flows (Topic 230): 2016 15”). 2016 15 eight 2016 15 December 15, 2017. In October 2016, 2016 16, 740): December 15, 2019, In November 2016, 2016 18, 230)”, December 15, 2017 In December 2016, 2016 20, 606, 2014 09, 606 2014 09). 2015 14, Revenue from Contracts with Customers (Topic 606): 2014 09 one |
Note 4 - Accounts Payable and A
Note 4 - Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 4 Accounts payable and accrued expenses consist of the following at: December 31, 2016 December 31, 2015 Legal $ 1,190 $ 186,936 Payroll and related - 47,388 Patent expense 37,142 29,239 Research and development 116,255 8,128 Other 13,400 7,564 $ 167,987 $ 279,255 |
Note 5 - Bridge Loan Payable -
Note 5 - Bridge Loan Payable - Stockholder | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5 During January 1, 2015 February 12, 2016, $425,265 ($399,103 December 31, 2015) $1.25 10% $7,162 $11,473 December 31, 2016 2015, February 12, 2016, $350,000 $1.25 June 17, 2016, $75,265 $1.25 |
Note 6 - Derivative Liabilities
Note 6 - Derivative Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 6 Upon closing of the private placement transactions on February 12, 2016, 127,346 295,945 $1.25 five |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7 Stock-Based Compensation In connection with the Merger, all of the issued and outstanding options to purchase shares of Prior Protagenic common stock converted, on a 1 1 New Options 2006 2006 The Plan is authorized to issue up to 2,000,000 one five ten There were 2,484,445 December 31, 2016. Exercise price $.26 - $1.25 Expected dividend yield 0% Risk free interest rate 1.01% - 2.43% Expected life in years 5 Expected volatility 85% - 213% The following is an analysis of the stock option grant activity under the Plan: Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life Stock Options Outstanding January 1, 2016 1,707,744 $ 0.84 6.45 Granted 1,193,300 $ 1.25 10.35 Expired (506,599 ) $ 0.26 Converted (25,000 ) $ 0.26 Outstanding December 31, 2016 2,369,445 $ 1.18 9.82 As of December 31, 2016 2,484,445 $1.04 $697,820. On February 12, 2016, 100,000 2006 $1.25 ten three 35 0.18 2,778 $25,696 December 31, 2016. On April 15, 2016, 40,000 5,000 10 24 $1.25 175,000 On April 15, 2016, 1,009,300 10 12 48 $1.25 $1,261,625 December 31, 2016. During the year, 17,785 3 $1.25 $22,231 December 31, 2016. The total number of options granted and vested during the year ended December 31, 2016 2015 1,308,300 and 1,272,982, $1.25 The Company recognized compensation expense related to options issued of $546,134 $477,868 December 31, 2016 2015, On June 17, 2016, 2016 2006 On July 31, 2016 25,000 $6,500. On October 26, 2016, 25,000 10 48 one $1.25 Warrants: In connection with the Merger, all of the issued and outstanding warrants to purchase shares of Prior Protagenic common stock, converted, on a 1 1 New Warrants Simultaneous with the Merger and the Private Offering, New Warrants to purchase 3,403,367 $1.05 $665,000 $35,000 five 295,945 $1.25 127,346 $1.25 423,291 6. A summary of warrant issuances are as follows: Number Weighted Average Exercise Price Weighted Average Remaining Life Warrants Outstanding January 1, 2016 3,403,367 $ 1.03 5.80 Granted 423,291 $ 1.25 4.12 Outstanding December 31, 2016 3,826,658 $ 1.05 5.61 As of December 31, 2016 3,826,658 $1.07 $763,342. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8 INCOME TAXES The components of (loss) income before income taxes are as follows: 201 6 201 5 Domestic (2,182,114 ) (747,693 ) Foreign (93,712 ) (275,729 ) (Loss) income before income taxes (2,275,826 ) (1,023,422 ) The Company had no income tax expense due to operating losses incurred for the years ended December 31, 2016 2015. For the years ended December 31, 2016 2015, 201 6 201 5 Income taxes at Federal statutory rate (34.0 %) (34.0 %) State income taxes, net of Federal income tax effect (16.0 % ) (13.0 %) Perm difference (7.0 % ) 0.0 % Foreign tax rate differential (0.2 % ) 2.4 % Change in valuation allowance 50.4 % 43.5 % Other 6.8 % 1.1 % Income tax provision 0.0 % 0.0 % The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities are as follows: 201 6 201 5 U.S. net operating loss carryforwards 1,733,000 563,000 Stock compensation (29,000 ) 206,000 Canadian Provincial income tax losses 116,000 402,000 Canadian Provincial scientific investment tax credits 56,000 201,000 1,876,000 1,372,000 Valuation allowance (1,876,000 ) (1,372,000 ) Net deferred tax assets - - As of December 31, 2016 2015, $4,035,000 $1,310,000, 2024. 382 may December 31, 2016 2015, $4,027,000 $1,303,000, 2035. As of December 31, 2016 2015, $1,174,000 $1,256,000, 2026. December 31, 2016 2015, $56,000 $201,000, As a result of losses and uncertainty of future profit, the net deferred tax asset has been fully reserved. The net change in the valuation allowance during the years ended December 31, 2016 2015 $242,000 $445,000, Foreign earnings are assumed to be permanently reinvested. U.S. Federal income taxes have not been provided on undistributed earnings of our foreign subsidiary. The Company recognizes interest and penalties related to uncertain tax positions in selling, general and administrative expenses. The Company has not identified any uncertain tax positions requiring a reserve as of December 31, 2016 2015. The Company is required to file U.S. federal and state income tax returns. These returns are subject to audit by tax authorities beginning with the year ended December 31, 2013. |
Note 9 - Collaborative Agreemen
Note 9 - Collaborative Agreements | 12 Months Ended |
Dec. 31, 2016 | |
In Process Research and Development [Member] | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 9 The Company and the University of Toronto, a stockholder of the Company (the “University”) entered into an agreement effective December 14, 2004 March 31, 2013. The Company and the University entered into an agreement effective April 1, 2014 March 30, 2016. February 2017, December 31, 2016 Prior to January 1, 2016, 25,000 $1.00 10 April 1, 2022. December 31, 2016, 483,299 297,190 $1.00 10 13 March 30, 2021, December 1, 2022, April 15, 2026 March 1, 2027. The sponsorship research and development expenses pertaining to the Research Agreements were $65,252 $10,584 December 31, 2016 2015, |
Note 10 - Licensing Agreements
Note 10 - Licensing Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Licensing Agreements [Member] | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 10 On July 31, 2005, February 18, 2015 Pursuant to the License Agreement and its amendment, the Company obtained an exclusive worldwide license to make, have made, use, sell and import products based upon the Technologies, or to sublicense the Technologies in accordance with the terms of the License Agreement and amendment. In consideration, the Company agreed to pay to the University a royalty payment of 2.5% 10% September 9, 2006, 2.5% no December 31, 2016 2015 In the event the Company fails to provide the University with semi-annual reports on the progress or fails to continue to make reasonable commercial efforts towards obtaining regulatory approval for products based on the Technologies, the University may 3% may may may 2.5% The patent applications were made in the name of the Professor and other inventors, but the Company’s exclusive, worldwide rights to such patent applications are included in the License Agreement and its amendment with the University. The Company maintains exclusive licensing agreements and it currently controls the six |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 Consulting Agreement The Company had an employment agreement with its Officer/Related Party which expired on December 31, 2015. $6,489 December 31, 2015, 75,000 $64,223 $53,519 2015. As the agreement above expired, the Company issued a consulting agreement in its place that extended the majority of the terms of the employment agreement on a month-to-month basis. As a consultant, he is responsible for financial reporting, data compilation, and document retrieval services, reporting to the Chief Financial Officer, and to endeavor to secure non-dilutive grant funding for the Company. Prior to January 1, 2016, 250,000 $0.26, $1.00, $1.25 10 August 1, 2016 March 9, 2025. $2,000 December 31, 2016 may fifteen (15) The Company has accrued $41,595 December 31, 2016 $0 December 31, 2016. Consulting Agreement PTI Canada entered into a consulting agreement with a stockholder of the Company (the “Consultant”) which expired on December 31, 2015, December 31, 2016 January 1, 2016, 150,000 $1.00 $1.25 10 March 30, 2021 March 1, 2025. CA$3,000 may fifteen (15) The Company has accrued $22,656 December 31, 2016 $10,861 December 31, 2016. Legal Proceedings From time to time we may |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 The Company has evaluated the period after the balance sheet date up through the date that the condensed consolidated financial statements were filed, and determined that other than noted above, there were subsequent events or transactions that required recognition or disclosure in the condensed consolidated financial statements. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The consolidated financial statements include the accounts of Atrinsic, Inc., and its wholly owned subsidiary, Protagenic Acquisition Corp, and Protagenic Therapeutics, Inc., which merged with and into Protagenic Acquisition Corp, on February 12, 2016, |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates underlying the consolidated financial statements include the allocation of the fair value of acquired assets and liabilities associated with the Merger, assessment of goodwill and income tax provisions and allowances, impairment of goodwill, valuation of stock options and warrants and assessment of deferred tax valuation allowance. The Company also relies on estimates for the valuation of stock-based compensation expense and financial instruments. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk The Company maintains its cash accounts at financial institutions which are insured by the Federal Deposit Insurance Corporation ("FDIC"). At times, the Company may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three December 31, 2016 2015, not |
Property, Plant and Equipment, Policy [Policy Text Block] | Equipment Equipment is stated at cost less accumulated depreciation. Cost includes expenditures for computer equipment. Maintenance and repairs are charged to expense as incurred. When assets are sold, retired, or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in operations. The cost of equipment is depreciated using the straight-line method over the estimated useful lives of the related assets which is 3 not December 31, 2016 2015. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed. The Company is required to perform impairment reviews annually and more frequently in certain circumstances. The Company performs the annual assessment on December 31. In accordance with ASC 350–20 Goodwill two–step two–step Atrinsic’s assets and liabilities acquired in the Merger had a minimal value therefore the Company recorded the fair value of shares given to predecessor stockholders as goodwill. Immediately subsequent to the merger the Company fully impaired the goodwill, in as the predecessor business had limited operations. The allocation of the consideration transferred is as follows: Shares issued in connection with Merger: Atrinsic 25,867 shares Common stock $ 32,334 Atrinsic Series A preferred stock as converted to Series B preferred stock, 297,468 shares 371,835 Total value of shares issued to Atrinsic on Merger 404,169 Fair value of net assets identified - Goodwill 404,169 Net value of consideration $ - Goodwill impairment for the year ended December 31, 2016 $404,169. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Accounting Standards Codification ASC 820, 820 three 1) 3). The three Level 1 Level 2 Level 3 The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts payable and accrued expenses approximate their fair value because of the short maturity of those instruments. Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may The assets or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The following table provides a summary of financial instruments that are measured at fair value as of December 31, 2016. Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Derivative warrants liabilities $ 516,870 $ — $ — $ 516,870 $ 516,870 The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) December 31, 2016: Fair Value Measurement Using Level 3 Inputs Total Balance, December 31, 2015 $ — Issuance of derivative warrants liabilities 487,425 Change in fair value of derivative warrants liabilities 29,445 Balance, December 31, 2016 $ 516,870 The fair value of the derivative feature of the 127,346 295,945 February 12, 2016 December 31, 2016 Exercise price $ 1.25 $ 1.25 Risk free interest rate 1.20 % 1.93 % Dividend yield 0.00 % 0.00 % Expected volatility 156 % 219 % Contractual term (in years) 5.0 4.25 Risk-free interest rate: The Company uses the risk-free interest rate of a U.S. Treasury Note with a similar expected term on the date of the grant. Dividend yield: The Company uses a 0% Volatility: The Company calculates the expected volatility of the stock price based on the corresponding volatility of the Company’s peer group stock price for a period consistent with the warrants’ expected term. Expected term: The Company’s expected term is based on the remaining contractual maturity of the warrants. During the year ended December 31, 2016, $29,445 During the year ended December 31, 2016, $404,169, 3 |
Derivatives, Policy [Policy Text Block] | Derivative Liability The Company evaluates its options, warrants or other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC 815 10 05 4 815 40 25. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument is expected within 12 |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based Compensation The Company accounts for stock based compensation costs under the provisions of ASC 718, 718. 718 Stock-Based Compensation for Non-Employees The Company accounts for warrants and options issued to non-employees under ASC 505 50, Equity – Equity Based Payments to Non-Employees, |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Net (Loss) per Common Share Basic (loss) per common share is computed by dividing the net (loss) by the weighted average number of shares of common stock outstanding for each period. Diluted (loss) per share is computed by dividing the net (loss) by the weighted average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the common stock equivalents. Potentially Outstanding Dilutive Common Shares For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 Conversion Feature Shares Common shares issuable under the conversion feature of preferred shares 872,766 - Stock Option 2,484,445 1,707,744 Warrant 3,826,658 3,403,367 Total potentially outstanding dilutive common shares 7,183,869 5,051,111 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The Company follows Section 830 10 45 830 10 45”) 830 10 45 830 10 45, The functional currency of each foreign subsidiary is determined based on management’s judgment and involves consideration of all relevant economic facts and circumstances affecting the subsidiary. Generally, the currency in which the subsidiary transacts a majority of its transactions, including billings, financing, payroll and other expenditures, would be considered the functional currency, but any dependency upon the parent and the nature of the subsidiary’s operations must also be considered. If a subsidiary’s functional currency is deemed to be the local currency, then any gain or loss associated with the translation of that subsidiary’s financial statements is included in accumulated other comprehensive income. However, if the functional currency is deemed to be the U.S. Dollar, then any gain or loss associated with the re-measurement of these financial statements from the local currency to the functional currency would be included in the consolidated statements of income and comprehensive income (loss). If the Company disposes of foreign subsidiaries, then any cumulative translation gains or losses would be recorded into the consolidated statements of income and comprehensive income (loss). If the Company determines that there has been a change in the functional currency of a subsidiary to the U.S. Dollar, any translation gains or losses arising after the date of change would be included within the statement of income and comprehensive income (loss). Based on an assessment of the factors discussed above, the management of the Company determined the relevant subsidiary’s local currency to be the functional currency for its foreign subsidiary. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, 2014 09 2014 09), 2014 09 2014 09 2014 09 2014 09 December 15, 2017, December 15, 2016, 2014 09 In August 2014, 2014 15, “Presentation of Financial Statements-Going Concern (Subtopic 205 40): 2014 15 one 2014 15 December 15, 2016, 2014 15. 2014 15 In November 2015, 2015 17, 740). 2015 17 December 15, 2016. In February 2016, 2016 02, 2016 02 2016 02 December 15, 2018, On March 30, 2016, 2016 09, December 15, 2016, In August 2016, 2016 15, “Statement of Cash Flows (Topic 230): 2016 15”). 2016 15 eight 2016 15 December 15, 2017. In October 2016, 2016 16, 740): December 15, 2019, In November 2016, 2016 18, 230)”, December 15, 2017 In December 2016, 2016 20, 606, 2014 09, 606 2014 09). 2015 14, Revenue from Contracts with Customers (Topic 606): 2014 09 one |
Note 3 - Summary of Significa20
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Shares issued in connection with Merger: Atrinsic 25,867 shares Common stock $ 32,334 Atrinsic Series A preferred stock as converted to Series B preferred stock, 297,468 shares 371,835 Total value of shares issued to Atrinsic on Merger 404,169 Fair value of net assets identified - Goodwill 404,169 Net value of consideration $ - |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Derivative warrants liabilities $ 516,870 $ — $ — $ 516,870 $ 516,870 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair Value Measurement Using Level 3 Inputs Total Balance, December 31, 2015 $ — Issuance of derivative warrants liabilities 487,425 Change in fair value of derivative warrants liabilities 29,445 Balance, December 31, 2016 $ 516,870 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | February 12, 2016 December 31, 2016 Exercise price $ 1.25 $ 1.25 Risk free interest rate 1.20 % 1.93 % Dividend yield 0.00 % 0.00 % Expected volatility 156 % 219 % Contractual term (in years) 5.0 4.25 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Potentially Outstanding Dilutive Common Shares For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 Conversion Feature Shares Common shares issuable under the conversion feature of preferred shares 872,766 - Stock Option 2,484,445 1,707,744 Warrant 3,826,658 3,403,367 Total potentially outstanding dilutive common shares 7,183,869 5,051,111 |
Note 4 - Accounts Payable and21
Note 4 - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2016 December 31, 2015 Legal $ 1,190 $ 186,936 Payroll and related - 47,388 Patent expense 37,142 29,239 Research and development 116,255 8,128 Other 13,400 7,564 $ 167,987 $ 279,255 |
Note 7 - Stockholders' Equity22
Note 7 - Stockholders' Equity (Deficit) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Exercise price $.26 - $1.25 Expected dividend yield 0% Risk free interest rate 1.01% - 2.43% Expected life in years 5 Expected volatility 85% - 213% |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life Stock Options Outstanding January 1, 2016 1,707,744 $ 0.84 6.45 Granted 1,193,300 $ 1.25 10.35 Expired (506,599 ) $ 0.26 Converted (25,000 ) $ 0.26 Outstanding December 31, 2016 2,369,445 $ 1.18 9.82 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number Weighted Average Exercise Price Weighted Average Remaining Life Warrants Outstanding January 1, 2016 3,403,367 $ 1.03 5.80 Granted 423,291 $ 1.25 4.12 Outstanding December 31, 2016 3,826,658 $ 1.05 5.61 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 201 6 201 5 Domestic (2,182,114 ) (747,693 ) Foreign (93,712 ) (275,729 ) (Loss) income before income taxes (2,275,826 ) (1,023,422 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 6 201 5 Income taxes at Federal statutory rate (34.0 %) (34.0 %) State income taxes, net of Federal income tax effect (16.0 % ) (13.0 %) Perm difference (7.0 % ) 0.0 % Foreign tax rate differential (0.2 % ) 2.4 % Change in valuation allowance 50.4 % 43.5 % Other 6.8 % 1.1 % Income tax provision 0.0 % 0.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 201 6 201 5 U.S. net operating loss carryforwards 1,733,000 563,000 Stock compensation (29,000 ) 206,000 Canadian Provincial income tax losses 116,000 402,000 Canadian Provincial scientific investment tax credits 56,000 201,000 1,876,000 1,372,000 Valuation allowance (1,876,000 ) (1,372,000 ) Net deferred tax assets - - |
Note 1 - Organization and Nat24
Note 1 - Organization and Nature of Business (Details Textual) | Jul. 27, 2016$ / sharesshares | Jun. 17, 2016shares | Apr. 15, 2016USD ($)$ / sharesshares | Mar. 02, 2016USD ($)shares | Feb. 13, 2016 | Feb. 12, 2016USD ($)$ / sharesshares | Apr. 15, 2016USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Jul. 28, 2016shares | Jul. 26, 2016$ / sharesshares |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.000001 | $ 0.000001 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,308,300 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 1.25 | ||||||||||
Stock Issued During Period, Shares, Reverse Stock Split, Post-split | 25,867 | ||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.000001 | ||||||
Number of Wholly-Owned Subsidiaries Split Off | 29 | ||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 4,761,797 | ||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ | $ 75,265 | ||||||||||
Common Stock, Shares Authorized | 400,000,000 | 100,000,000 | 100,000,000 | 100,000,000,000 | |||||||
Preferred Stock, Shares Outstanding | 0 | 0 | 872,766 | ||||||||
Conversion of Stock, Shares Issued | 10,146,000 | ||||||||||
Stock Conversion from Series B Preferred Stock to Common Stock [Member] | |||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 1 | ||||||||||
Conversion of Stock, Shares Converted | 10,146,000 | ||||||||||
Preferred Stock, Shares Outstanding | 11,018,766 | ||||||||||
Conversion of Stock, Shares Issued | 10,146,000 | ||||||||||
Private Placement [Member] | Commissions [Member] | |||||||||||
Payments of Stock Issuance Costs | $ | $ 373,778 | ||||||||||
Momspot LLC [Member] | |||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | ||||||||||
Interest Ownership Split Off | 51.00% | ||||||||||
Investors in the Private Offering [Member] | |||||||||||
Number of Common Stock Held As Converted Basis | 2,775,000 | ||||||||||
Debt Principal Conversion to Predecessor Warrants [Member] | |||||||||||
Debt Conversion, Original Debt, Amount | $ | $ 665,000 | ||||||||||
Debt Interest Conversion to Predecessor Warrants [Member] | |||||||||||
Debt Conversion, Original Debt, Amount | $ | 35,000 | ||||||||||
Conversion of Outstanding Stockholder Debt [Member] | Chairman and Board Member Garo H. Armen [Member] | |||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ | 350,000 | ||||||||||
Conversion of Outstanding Stockholder Debt [Member] | Predecessor's Stockholder [Member] | |||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ | $ 150,000 | ||||||||||
Common Stock [Member] | |||||||||||
Stock Issued During Period, Shares, Reverse Stock Split, Post-split | 25,867 | ||||||||||
Stock Issued During Period, Value, New Issues | $ | |||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ | 6 | ||||||||||
Placement Agent Warrants [Member] | Private Placement [Member] | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 | $ 1.25 | |||||||||
Series B Preferred Stock [Member] | |||||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ | $ 4,283,437 | ||||||||||
Series B Preferred Stock [Member] | Reverse Stock Split [Member] | |||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15,463.7183 | ||||||||||
Series B Preferred Stock [Member] | Private Placement [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 423,291 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 | ||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.25 | ||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 3,468,750 | ||||||||||
Stock Issued During Period, Shares, New Issues | 420,260 | 913,200 | 4,108,460 | ||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ | $ 525,325 | $ 1,141,500 | |||||||||
Proceeds from Issuance of Private Placement | $ | $ 4,635,575 | ||||||||||
Proceeds From Issuance of Private Placement, Net of Issuance Costs | $ | 4,261,797 | ||||||||||
Series B Preferred Stock [Member] | Private Placement [Member] | Including Conversion of Principal and Interest [Member] | |||||||||||
Proceeds from Issuance of Private Placement | $ | 5,135,575 | ||||||||||
Proceeds From Issuance of Private Placement, Net of Issuance Costs | $ | $ 4,761,797 | ||||||||||
Series B Preferred Stock [Member] | Placement Agent Warrants [Member] | Private Placement [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 127,346 | 127,346 | |||||||||
Class of Warrant or Right, Value of Securities Called by Warrants or Rights | $ | $ 146,641 | $ 146,641 | |||||||||
Series B Preferred Stock [Member] | Predecessor Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 295,945 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 | ||||||||||
Warrants Issued for Settlement and Conversion of Debt | $ | $ 340,784 | ||||||||||
Series B Convertible Preferred Stock [Member] | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.000001 | $ 0.000001 | |||||||||
Conversion of Stock, Shares Converted | 10,146,000 | ||||||||||
Preferred Stock, Shares Outstanding | 872,766 | 0 | |||||||||
Protagenic Therapeutics Inc [Member] | |||||||||||
Business Acquisition, Conversion of Stock, Ratio | 1 | ||||||||||
Business Combination, Stock Warrant Conversion Ratio | 1 | ||||||||||
Stock Issued During Period, Shares, Conversion of Series A Preferred Stock to Series B Preferred Stock | 297,468 | ||||||||||
Protagenic Therapeutics Inc [Member] | Private Placement [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,403,367 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.05 | ||||||||||
Protagenic Therapeutics Inc [Member] | Placement Agent Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 127,346 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 | ||||||||||
Protagenic Therapeutics Inc [Member] | Predecessor Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 295,945 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 | ||||||||||
Protagenic Therapeutics Inc [Member] | Series B Preferred Stock [Member] | |||||||||||
Common Shares Exchanged for Preferred Shares | (6,612,838) | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.000001 | ||||||||||
Protagenic Therapeutics Inc [Member] | Series B Preferred Stock [Member] | New Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,403,367 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.03 | ||||||||||
Protagenic Therapeutics Inc [Member] | Series B Preferred Stock [Member] | New Options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,807,744 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 0.87 | ||||||||||
Protagenic Therapeutics Inc [Member] | Series B Preferred Stock [Member] | Predecessor Options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 17,784 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 1.25 | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 295,945 |
Note 2 - Liquidity (Details Tex
Note 2 - Liquidity (Details Textual) - USD ($) | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2015 | |
Net Income (Loss) Attributable to Parent | $ (2,275,826) | $ (1,023,442) | $ (1,023,422) |
Retained Earnings (Accumulated Deficit) | (8,582,123) | $ (6,306,297) | $ (6,306,297) |
Net Working Capital | $ 2,475,958 |
Note 3 - Summary of Significa26
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Feb. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash Equivalents, at Carrying Value | $ 0 | $ 0 | |
Goodwill, Fair Value Disclosure | $ 0 | ||
Goodwill, Impairment Loss | $ 404,169 | ||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||
Derivative, Gain (Loss) on Derivative, Net | $ (29,445) | ||
Private Placement [Member] | Series B Preferred Stock [Member] | Strategic Bio Partners [Member] | Debt Settlement [Member] | |||
Class of Warrant or Right, Issued | 295,945 | ||
Private Placement [Member] | Series B Preferred Stock [Member] | Placement Agent Warrants [Member] | |||
Class of Warrant or Right, Issued | 127,346 | ||
Protagenic Therapeutics Inc [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 0 | ||
Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years |
Note 3 - Summary of Significa27
Note 3 - Summary of Significant Accounting Policies - Allocation of Consideration Transferred (Details) - Protagenic Therapeutics Inc [Member] | Feb. 12, 2016USD ($) |
Total value of shares issued to Atrinsic on Merger | $ 404,169 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 0 |
Goodwill | 404,169 |
Common Stock [Member] | |
Atrinsic | 32,334 |
Preferred Stock [Member] | Series B Preferred Stock [Member] | |
Atrinsic | $ 371,835 |
Note 3 - Summary of Significa28
Note 3 - Summary of Significant Accounting Policies - Allocation of Consideration Transferred (Details) (Parentheticals) - shares | Jul. 27, 2016 | Feb. 12, 2016 |
Stock Issued During Period, Shares, Reverse Stock Split, Post-split | 25,867 | |
Protagenic Therapeutics Inc [Member] | ||
Stock Issued During Period, Shares, Conversion of Series A Preferred Stock to Series B Preferred Stock | 297,468 | |
Common Stock [Member] | Protagenic Therapeutics Inc [Member] | ||
Stock Issued During Period, Shares, Reverse Stock Split, Post-split | 25,867 | |
Preferred Stock [Member] | Protagenic Therapeutics Inc [Member] | Series B Preferred Stock [Member] | ||
Stock Issued During Period, Shares, Conversion of Series A Preferred Stock to Series B Preferred Stock | 297,468 |
Note 3 - Summary of Significa29
Note 3 - Summary of Significant Accounting Policies - Assets Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] | Dec. 31, 2016USD ($) |
Reported Value Measurement [Member] | |
Derivative warrants liabilities | $ 516,870 |
Estimate of Fair Value Measurement [Member] | |
Derivative warrants liabilities | 516,870 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |
Derivative warrants liabilities | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |
Derivative warrants liabilities | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |
Derivative warrants liabilities | $ 516,870 |
Note 3 - Summary of Significa30
Note 3 - Summary of Significant Accounting Policies - Changes in Fair Value for Assets and Liabilities Measured on a Recurring Basis (Details) - Derivative Financial Instruments, Liabilities [Member] | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Balance, December 31, 2015 | |
Issuance of derivative warrants liabilities | 487,425 |
Change in fair value of derivative warrants liabilities | 29,445 |
Balance, December 31, 2016 | $ 516,870 |
Note 3 - Summary of Significa31
Note 3 - Summary of Significant Accounting Policies - Weighted Average Assumptions (Details) - $ / shares | Feb. 12, 2016 | Dec. 31, 2016 |
Dividend yield | 0.00% | |
Derivative Financial Instruments, Liabilities [Member] | ||
Exercise price (in dollars per share) | $ 1.25 | $ 1.25 |
Risk free interest rate | 1.20% | 1.93% |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 156.00% | 219.00% |
Contractual term (in years) (Year) | 5 years | 4 years 91 days |
Note 3 - Summary of Significa32
Note 3 - Summary of Significant Accounting Policies - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Common shares issuable under the conversion feature of preferred shares (in shares) | 7,183,869 | 5,051,111 |
Convertible Preferred Shares [Member] | ||
Common shares issuable under the conversion feature of preferred shares (in shares) | 872,766 | |
Employee Stock Option [Member] | ||
Common shares issuable under the conversion feature of preferred shares (in shares) | 2,484,445 | 1,707,744 |
Warrant [Member] | ||
Common shares issuable under the conversion feature of preferred shares (in shares) | 3,826,658 | 3,403,367 |
Note 4 - Accounts Payable and33
Note 4 - Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Legal | $ 1,190 | $ 186,936 |
Payroll and related | 47,388 | |
Patent expense | 37,142 | 29,239 |
Research and development | 116,255 | 8,128 |
Other | 13,400 | 7,564 |
$ 167,987 | $ 279,255 |
Note 5 - Bridge Loan Payable 34
Note 5 - Bridge Loan Payable - Stockholder (Details Textual) - USD ($) | Jun. 17, 2016 | Feb. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Bridge Loan | $ 399,103 | |||
Interest Expense | 7,162 | 11,473 | ||
Bridge Loan [Member] | ||||
Debt Instrument, Convertible, Conversion Price | $ 1.25 | |||
Chairman and Stockholder [Member] | ||||
Bridge Loan | $ 425,265 | 399,103 | ||
Chairman and Stockholder [Member] | Bridge Loan [Member] | ||||
Debt Instrument, Convertible, Conversion Price | $ 1.25 | $ 1.25 | ||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||
Interest Expense | $ 7,162 | $ 11,473 | ||
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments | $ 75,265 | $ 350,000 |
Note 6 - Derivative Liabiliti35
Note 6 - Derivative Liabilities (Details Textual) - Private Placement [Member] - $ / shares | Feb. 12, 2016 | Apr. 15, 2016 |
Placement Agent Warrants [Member] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.25 | |
Series B Preferred Stock [Member] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.25 | |
Class of Warrant or Right, Expiration Period | 5 years | |
Series B Preferred Stock [Member] | Strategic Bio Partners [Member] | Debt Settlement [Member] | ||
Class of Warrant or Right, Issued During Period | 295,945 | |
Series B Preferred Stock [Member] | Placement Agent Warrants [Member] | ||
Class of Warrant or Right, Issued During Period | 127,346 |
Note 7 - Stockholders' Equity36
Note 7 - Stockholders' Equity (Deficit) (Details Textual) | Dec. 31, 2016USD ($)$ / sharesshares | Oct. 26, 2016$ / sharesshares | Apr. 15, 2016$ / sharesshares | Feb. 12, 2016USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,484,445 | 2,484,445 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 1.04 | $ 1.04 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 697,820 | $ 697,820 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,308,300 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 1.25 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 1,272,982 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 25,000 | |||||
Stock Issued During Period, Value, Stock Options Exercised | $ | $ 6,500 | |||||
Class of Warrant or Right, Outstanding | 3,826,658 | 3,826,658 | 3,403,367 | |||
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price | $ / shares | $ 1.07 | $ 1.07 | $ 1.03 | |||
Class of Warrant or Right Outstanding, Aggregate Intrinsic Value | $ | $ 763,342 | $ 763,342 | ||||
Predecessor Warrants [Member] | Series B Preferred Stock [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 295,945 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 | |||||
Private Placement [Member] | Series B Preferred Stock [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 423,291 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 | |||||
Class of Warrant or Right, Expiration Period | 5 years | |||||
Private Placement [Member] | Placement Agent Warrants [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 | |||||
Private Placement [Member] | Placement Agent Warrants [Member] | Series B Preferred Stock [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 127,346 | |||||
Protagenic Therapeutics Inc [Member] | ||||||
Business Combination, Stock Warrant Conversion Ratio | 1 | |||||
Debt Instrument, Face Amount | $ | $ 665,000 | |||||
Debt Instrument, Increase, Accrued Interest | $ | $ 35,000 | |||||
Protagenic Therapeutics Inc [Member] | Predecessor Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 295,945 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 | |||||
Class of Warrant or Right, Expiration Period | 5 years | |||||
Protagenic Therapeutics Inc [Member] | Placement Agent Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 127,346 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 | |||||
Protagenic Therapeutics Inc [Member] | Private Placement [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,403,367 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.05 | |||||
Each Member of Board of Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 40,000 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 1.25 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Additional | 5,000 | |||||
Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 175,000 | |||||
Employees and Consultants [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,009,300 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 1.25 | |||||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ | 1,261,625 | |||||
Former Executives [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 17,785 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 1.25 | |||||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ | $ 22,231 | |||||
Employee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 25,000 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 1.25 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Cliff Vesting Period | 1 year | |||||
Employee Stock Option [Member] | ||||||
Allocated Share-based Compensation Expense | $ | $ 546,134 | $ 477,868 | ||||
Employee Stock Option [Member] | Each Member of Board of Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Employee Stock Option [Member] | Employees and Consultants [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Employee Stock Option [Member] | Minimum [Member] | Employees and Consultants [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Employee Stock Option [Member] | Maximum [Member] | Employees and Consultants [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
The 2006 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,484,445 | 2,484,445 | 1,707,744 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 1.18 | $ 1.18 | $ 0.84 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,193,300 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 1.25 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 25,000 | |||||
The 2006 Plan [Member] | Chief Financial Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 100,000 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 1.25 | |||||
The 2006 Plan [Member] | Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | 2,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
The 2006 Plan [Member] | Employee Stock Option [Member] | Chief Financial Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting, Number of Monthly Installments | 35 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting, Monthly Installment, Shares | 0.18 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting, Final Monthly Installment, Shares | 2,778 | |||||
Allocated Share-based Compensation Expense | $ | $ 25,696 | |||||
The 2006 Plan [Member] | Employee Stock Option [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
The 2006 Plan [Member] | Employee Stock Option [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Note 7 - Stockholders' Equity37
Note 7 - Stockholders' Equity (Deficit) - Fair Value Assumption (Details) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Exercise price (in dollars per share) | |
Expected dividend yield | |
Expected life in years (Year) | |
Minimum [Member] | |
Exercise price (in dollars per share) | $ 0.26 |
Risk free interest rate | 1.01% |
Expected volatility | 85.00% |
Maximum [Member] | |
Exercise price (in dollars per share) | $ 1.25 |
Risk free interest rate | 2.43% |
Expected volatility | 213.00% |
Note 7 - Stockholders' Equity38
Note 7 - Stockholders' Equity (Deficit) - Stock Option Grant Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Granted (in shares) | 1,308,300 | |
Granted, stock options, weighted average exercise price (in dollars per share) | $ 1.25 | |
Converted (in shares) | (25,000) | |
Outstanding December 31, 2016 (in shares) | 2,484,445 | |
Outstanding, stock options, weighted average exercise price, December 31, 2016 (in dollars per share) | $ 1.04 | |
The 2006 Plan [Member] | ||
Outstanding January 1, 2016 (in shares) | 1,707,744 | |
Outstanding, stock options, weighted average exercise price, January 1, 2016 (in dollars per share) | $ 0.84 | |
Outstanding, stock options, weighted average remaining contractual life, January 1, 2016 (Year) | 9 years 299 days | 6 years 164 days |
Granted (in shares) | 1,193,300 | |
Granted, stock options, weighted average exercise price (in dollars per share) | $ 1.25 | |
Granted, stock options, weighted average remaining contractual life (Year) | 10 years 127 days | |
Expired (in shares) | (506,599) | |
Expired, stock options, weighted average exercise price (in dollars per share) | $ 0.26 | |
Converted (in shares) | (25,000) | |
Converted, stock options, weighted average exercise price (in dollars per share) | $ 0.26 | |
Outstanding December 31, 2016 (in shares) | 2,484,445 | 1,707,744 |
Outstanding, stock options, weighted average exercise price, December 31, 2016 (in dollars per share) | $ 1.18 | $ 0.84 |
Note 7 - Stockholders' Equity39
Note 7 - Stockholders' Equity (Deficit) - Summary of Warrants (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding January 1, 2016 (in shares) | 3,403,367 | |
Outstanding January 1, 2016 (in dollars per share) | $ 1.03 | |
Outstanding January 1, 2016 (Year) | 5 years 222 days | 5 years 292 days |
Granted (in shares) | 423,291 | |
Granted (in dollars per share) | $ 1.25 | |
Granted (Year) | 4 years 43 days | |
Outstanding December 31, 2016 (in shares) | 3,826,658 | 3,403,367 |
Outstanding December 31, 2016 (in dollars per share) | $ 1.07 | $ 1.03 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 242,000 | $ 445,000 |
Income Tax Expense (Benefit) | 0 | 0 |
Unrecognized Tax Benefits | 0 | 0 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | 4,035,000 | 1,310,000 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | 4,027,000 | 1,303,000 |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards | 1,174,000 | 1,256,000 |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 56,000 | $ 201,000 |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components of (Loss) Income Before Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Domestic | $ (2,182,114) | $ (747,693) |
Foreign | (93,712) | (275,729) |
(Loss) income before income taxes | $ (2,275,826) | $ (1,023,422) |
Note 8 - Income Taxes - Effecti
Note 8 - Income Taxes - Effective Tax Expense (Benefit) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income taxes at Federal statutory rate | (34.00%) | (34.00%) |
State income taxes, net of Federal income tax effect | (16.00%) | (13.00%) |
Perm difference | (7.00%) | 0.00% |
Foreign tax rate differential | (0.20%) | 2.40% |
Change in valuation allowance | 50.40% | 43.50% |
Other | 6.80% | 1.10% |
Income tax provision | 0.00% | 0.00% |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
U.S. net operating loss carryforwards | $ 1,733,000 | $ 563,000 |
Stock compensation | (29,000) | 206,000 |
1,876,000 | 1,372,000 | |
Valuation allowance | (1,876,000) | (1,372,000) |
Net deferred tax assets | ||
Foreign Tax Authority [Member] | ||
Canadian Provincial income tax losses | 116,000 | 402,000 |
Canadian Provincial scientific investment tax credits | $ 56,000 | $ 201,000 |
Note 9 - Collaborative Agreem44
Note 9 - Collaborative Agreements (Details Textual) - USD ($) | 12 Months Ended | 133 Months Ended | 145 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | |
Research and Development Expense | $ 533,693 | $ 456,274 | ||
In Process Research and Development [Member] | ||||
Research and Development Expense | $ 65,252 | $ 10,584 | ||
University of Toronto [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 25,000 | |||
University of Toronto [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
University of Toronto [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 1 | $ 1 | ||
Professor [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 483,299 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 297,190 | 297,190 | ||
Professor [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 1 | $ 1 | ||
Professor [Member] | Maximum [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 13 years | |||
Professor [Member] | Minimum [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note 10 - Licensing Agreements
Note 10 - Licensing Agreements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Royalty Payment on Behalf of Sub-licensee, Percentage | 2.50% | |
Revenues | $ 0 | $ 0 |
Licensing Agreements [Member] | ||
Royalty Payment, Percentage | 2.50% | |
Up-front Sub-license Fees, Percentage | 10.00% | |
Interest on Amounts Owed Under License Agreement, Rate | 3.00% |
Note 11 - Commitments and Con46
Note 11 - Commitments and Contingencies (Details Textual) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CAD | Dec. 31, 2015USD ($)$ / sharesshares | |
Employee Stock Option [Member] | ||||
Allocated Share-based Compensation Expense | $ 546,134 | $ 477,868 | ||
Officer [Member] | Employment Agreement [Member] | ||||
Monthly Salary Agreement Amount | $ 6,489 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | shares | 75,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Value | $ 64,223 | |||
Allocated Share-based Compensation Expense | $ 53,519 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 250,000 | |||
Compensation of Rendered Service | $ 2,000 | |||
Increase (Decrease) in Accrued Salaries | 41,595 | |||
Compensation | $ 0 | |||
Officer [Member] | Employment Agreement [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Officer [Member] | Employment Agreement [Member] | Range One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 0.26 | |||
Officer [Member] | Employment Agreement [Member] | Range Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | 1 | |||
Officer [Member] | Employment Agreement [Member] | Range Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 1.25 | |||
Stockholder [Member] | Consulting Agreement [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 150,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Compensation of Rendered Service | CAD | CAD 3,000 | |||
Increase (Decrease) in Accrued Salaries | $ 22,656 | |||
Compensation | $ 10,861 | |||
Stockholder [Member] | Consulting Agreement [Member] | Range One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 1 | |||
Stockholder [Member] | Consulting Agreement [Member] | Range Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 1.25 |