Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 11, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001375195 | |
Entity Registrant Name | CORETEC GROUP INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-54697 | |
Entity Incorporation, State or Country Code | OK | |
Entity Tax Identification Number | 73-1479206 | |
Entity Address, Address Line One | 333 Jackson Plaza, Suite 1200 | |
Entity Address, City or Town | Ann Arbor | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48103 | |
City Area Code | 866 | |
Local Phone Number | 916-0833 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 252,285,750 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 4,816,728 | $ 22,219 |
Prepaid expenses | 110,195 | 179,963 |
Total current assets | 4,926,923 | 202,182 |
Other assets: | ||
Intangibles, net | 1,030,918 | 1,059,026 |
Goodwill | 166,000 | 166,000 |
Deposits-other | 31,696 | 18,946 |
Total other assets | 1,228,614 | 1,243,972 |
Total Assets | 6,155,537 | 1,446,154 |
Current liabilities: | ||
Notes payable | 0 | 46,580 |
Accounts payable and accrued expenses | 319,921 | 396,019 |
Total current liabilities | 319,921 | 442,599 |
Long term debt, net | 1,228,991 | 266,598 |
Total Liabilities | 1,548,912 | 709,197 |
Stockholders' equity: | ||
Preferred stock, Series A convertible, $0.0002 par value, 500,000 shares authorized; 345,000 shares issued and outstanding at June 30, 2021 and December 31, 2020 | 69 | 69 |
Common stock $0.0002 par value, 1,500,000,000 shares authorized; 251,385,754 and 213,751,145 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively. | 50,276 | 42,750 |
Additional paid-in capital | 14,995,892 | 8,033,313 |
Accumulated deficit | (10,439,612) | (7,339,175) |
Total Stockholders' Equity | 4,606,625 | 736,957 |
Total Liabilities and Stockholders' Equity | $ 6,155,537 | $ 1,446,154 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.0002 | $ 0.0002 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 345,000 | 345,000 |
Preferred stock, shares outstanding (in shares) | 345,000 | 345,000 |
Common stock, par value (in dollars per share) | $ 0.0002 | $ 0.0002 |
Common stock, shares authorized (in shares) | 1,500,000,000 | 1,500,000,000 |
Common stock, shares issued (in shares) | 251,385,754 | 213,751,145 |
Common stock, shares outstanding (in shares) | 251,385,754 | 213,751,145 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income: | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Expenses: | ||||
Research and development | 198,394 | 36,096 | 235,996 | 79,991 |
General and administrative | 2,517,170 | 198,141 | 2,859,628 | 464,114 |
Interest | 72,576 | 56,645 | 130,938 | 277,084 |
Total expenses | 2,788,140 | 290,882 | 3,226,562 | 821,189 |
Other income | 0 | 1,250 | 0 | 1,250 |
Net loss | $ (2,788,140) | $ (289,632) | $ (3,226,562) | $ (819,939) |
Loss per share: | ||||
Basic and diluted (in dollars per share) | $ (0.011) | $ (0.001) | $ (0.014) | $ (0.004) |
Weighted average shares outstanding, basic and diluted (in shares) | 247,060,586 | 202,710,642 | 235,063,138 | 198,166,791 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member]Preferred Stock [Member]Series A Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member]Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 345,000 | 193,521,506 | ||||||||
Balance at Dec. 31, 2019 | $ 69 | $ 38,704 | $ 6,135,885 | $ (5,494,193) | $ 680,465 | |||||
Debt converted to common stock (in shares) | 0 | 9,129,136 | ||||||||
Notes payable converted to common stock | $ 0 | $ 1,826 | 298,174 | 0 | 300,000 | |||||
Warrants issued | 0 | 0 | 53,447 | 0 | 53,447 | |||||
Net loss for the period | 0 | 0 | 0 | (530,307) | (530,307) | |||||
Beneficial conversion feature of note payable | $ 0 | $ 0 | 310,303 | 0 | 310,303 | |||||
Balance (in shares) at Mar. 31, 2020 | 345,000 | 202,650,642 | ||||||||
Balance at Mar. 31, 2020 | $ 69 | $ 40,530 | 6,797,809 | (6,024,500) | 813,908 | |||||
Balance (in shares) at Dec. 31, 2019 | 345,000 | 193,521,506 | ||||||||
Balance at Dec. 31, 2019 | $ 69 | $ 38,704 | 6,135,885 | (5,494,193) | 680,465 | |||||
Notes payable converted to common stock | 300,000 | |||||||||
Net loss for the period | (819,939) | |||||||||
Balance (in shares) at Jun. 30, 2020 | 345,000 | 203,550,642 | ||||||||
Balance at Jun. 30, 2020 | $ 69 | $ 40,710 | 7,013,160 | (6,314,132) | 739,807 | |||||
Balance (in shares) at Mar. 31, 2020 | 345,000 | 202,650,642 | ||||||||
Balance at Mar. 31, 2020 | $ 69 | $ 40,530 | 6,797,809 | (6,024,500) | 813,908 | |||||
Exchange of stock options for common stock (in shares) | 0 | 900,000 | ||||||||
Exchange of stock options for common stock | $ 0 | $ 180 | (180) | 0 | 0 | |||||
Warrants issued | 0 | 0 | 23,692 | 0 | 23,692 | |||||
Net loss for the period | 0 | 0 | 0 | (289,632) | (289,632) | |||||
Beneficial conversion feature of note payable | $ 0 | $ 0 | 191,839 | 0 | 191,839 | |||||
Balance (in shares) at Jun. 30, 2020 | 345,000 | 203,550,642 | ||||||||
Balance at Jun. 30, 2020 | $ 69 | $ 40,710 | 7,013,160 | (6,314,132) | 739,807 | |||||
Balance (in shares) at Dec. 31, 2020 | 345,000 | 213,751,145 | ||||||||
Balance at Dec. 31, 2020 | $ 0 | $ 0 | $ (988,900) | $ 126,125 | $ (862,775) | $ 69 | $ 42,750 | 8,033,313 | (7,339,175) | 736,957 |
Debt converted to common stock (in shares) | 0 | 1,519,757 | ||||||||
Notes payable converted to common stock | $ 0 | $ 304 | 49,696 | 0 | 50,000 | |||||
Common stock issued for liabilities (in shares) | 0 | 1,716,447 | ||||||||
Common stock issued for liabilities | $ 0 | $ 343 | 69,921 | 0 | 70,264 | |||||
Exchange of stock options for common stock (in shares) | 0 | 1,200,000 | ||||||||
Exchange of stock options for common stock | $ 0 | $ 240 | (240) | 0 | 0 | |||||
Private placement stock issuance (in shares) | 0 | 23,500,000 | ||||||||
Private placement stock issuance | $ 0 | $ 4,700 | 4,908,500 | 0 | 4,913,200 | |||||
Warrants issued | 0 | 0 | 62,785 | 0 | 62,785 | |||||
Options issued for compensation and services | 0 | 0 | 18,723 | 0 | 18,723 | |||||
Net loss for the period | $ 0 | $ 0 | 0 | (438,422) | (438,422) | |||||
Balance (in shares) at Mar. 31, 2021 | 345,000 | 241,687,349 | ||||||||
Balance at Mar. 31, 2021 | $ 69 | $ 48,337 | 12,153,798 | (7,651,472) | 4,550,732 | |||||
Balance (in shares) at Dec. 31, 2020 | 345,000 | 213,751,145 | ||||||||
Balance at Dec. 31, 2020 | $ 0 | $ 0 | $ (988,900) | $ 126,125 | $ (862,775) | $ 69 | $ 42,750 | 8,033,313 | (7,339,175) | 736,957 |
Notes payable converted to common stock | $ 230,000 | |||||||||
Exchange of stock options for common stock (in shares) | 2,100,000 | |||||||||
Net loss for the period | $ (3,226,562) | |||||||||
Balance (in shares) at Jun. 30, 2021 | 345,000 | 251,385,754 | ||||||||
Balance at Jun. 30, 2021 | $ 69 | $ 50,276 | 14,995,892 | (10,439,612) | 4,606,625 | |||||
Balance (in shares) at Mar. 31, 2021 | 345,000 | 241,687,349 | ||||||||
Balance at Mar. 31, 2021 | $ 69 | $ 48,337 | 12,153,798 | (7,651,472) | 4,550,732 | |||||
Debt converted to common stock (in shares) | 0 | 5,471,125 | ||||||||
Notes payable converted to common stock | $ 0 | $ 1,094 | 178,906 | 0 | 180,000 | |||||
Common stock issued for liabilities (in shares) | 0 | 3,327,280 | ||||||||
Common stock issued for liabilities | $ 0 | $ 665 | 322,645 | 0 | 323,310 | |||||
Exchange of stock options for common stock (in shares) | 0 | 900,000 | ||||||||
Exchange of stock options for common stock | $ 0 | $ 180 | (180) | 0 | 0 | |||||
Options issued for compensation and services | 0 | 0 | 2,340,723 | 0 | 2,340,723 | |||||
Net loss for the period | $ 0 | $ 0 | 0 | (2,788,140) | (2,788,140) | |||||
Balance (in shares) at Jun. 30, 2021 | 345,000 | 251,385,754 | ||||||||
Balance at Jun. 30, 2021 | $ 69 | $ 50,276 | $ 14,995,892 | $ (10,439,612) | $ 4,606,625 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net loss | $ (3,226,562) | $ (819,939) |
Depreciation | 0 | 126 |
Amortization - patents and other intangibles | 40,115 | 40,115 |
Amortization - debt discount | 57,752 | 241,776 |
Options issued for compensation and services | 2,359,446 | 0 |
Prepaid expenses | 69,768 | 55,479 |
Deposits | (12,750) | 0 |
Accounts payable and accrued liabilities | 317,476 | (137,632) |
Net cash used in operating activities | (394,755) | (620,075) |
Cash Flows from Investing Activities | ||
Capitalized website costs | (12,007) | 0 |
Cash Flows from Financing Activities | ||
Payments on notes payable | (46,580) | (33,546) |
Proceeds from debt and warrants issued | 334,651 | 703,249 |
Proceeds from private placement stock issued | 4,913,200 | 0 |
Net cash provided by financing activities | 5,201,271 | 669,703 |
Net change in cash | 4,794,509 | 49,628 |
Cash, beginning of period | 22,219 | 58,149 |
Cash, end of period | 4,816,728 | 107,777 |
Supplemental Disclosure of Cash flow Information | ||
Cash paid during the period for interest | 33,753 | 36,280 |
Non-Cash Financing Activities | ||
Notes payable converted to common stock | 230,000 | 300,000 |
Stock options exchanged for common stock | 420 | 0 |
Common stock issued to satisfy liabilities | 393,574 | 0 |
Recognition of beneficial conversion feature | $ 0 | $ 502,142 |
Note 1 - Business Organization,
Note 1 - Business Organization, Nature of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1 Business Organization, Nature of Business and Basis of Presentation Nature of Business The Coretec Group Inc. (the “Group”) (formerly 3DIcon “3DIcon” August 11, 1995, August 1, 2003 3DIcon 2001, 360 January 1, 2001, 3DIcon’s 3D Coretec Industries, LLC (“Coretec”), a wholly owned subsidiary of the Group (collectively the “Company”), was organized on June 2, 2015 not Basis of Presentation The accompanying condensed consolidated financial statements of the Company have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures made are adequate to make the information presented not 10 may not may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 Summary of Significant Accounting Policies Principles of Consolidation The condensed consolidated financial statements include the accounts of the Group and its wholly owned subsidiary, Coretec. Intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results could differ from the estimates and assumptions used. Impairment of Long-Lived Assets Long-lived assets, such as property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not first not third Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instrument held by the Company: Current assets and current liabilities Notes payable Reclassification Certain amounts in the prior period condensed statement of operations have been reclassified to conform to the presentation of the current year. These reclassifications had no Basic and Diluted Loss Per Common Share Basic loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: June 30, 2021 2020 Options 39,711,609 20,212,174 Warrants 142,604,000 1,440,000 Series A convertible preferred stock 115,000 115,000 Convertible debt 42,249,240 27,355,623 Total potentially dilutive shares 224,679,849 49,122,797 Subsequent Events The Company evaluates events that have occurred after the balance sheet date but before the condensed consolidated financial statements are issued. Based upon the evaluation, the Company did not 5. Recent Accounting Pronouncements The following is a summary of recent accounting pronouncement recently adopted by the Company: In August 2020, 2020 06, Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (Subtopic 815 40 2020 06, no 2020 06 first 2024, first 2021 2020 06 2021 January 1, 2021. The following is a summary of recent accounting pronouncements that are relevant to the Company: In May 2021, 2021 04, Issuer s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options January 1, 2022, |
Note 3 - Notes Payable
Note 3 - Notes Payable | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 3 Notes Payable June 30, December 31, 2021 2020 Notes payable: 3.8% $ - $ 46,580 Long term debt: 10% $ 1,390,000 $ 1,275,000 Less: Beneficial conversion feature - (862,775 ) Warrants issued (123,539 ) (106,167 ) Debt issue costs (37,470 ) (39,460 ) Total long term debt $ 1,228,991 $ 266,598 3.8% Insurance premium finance agreement, due June 2021 The Company entered into an insurance financing agreement in August 2020 ten first September 2020 June 30, 2021. 10% January 2024, On October 4, 2019, five not The 10% Promissory Note, in a principal amount of $2,500,000, is due February 15, 2024 sixteen October 2019. may June 30, 2021, 2021. first Under the terms of the Promissory Note, DAF has the right to elect to convert all or part of the Promissory Notes at a price equal to seventy fifteen October 4, 2019, Under the terms of the DAF Credit Agreement, warrants to subscribe for and purchase 3,000,000 shares of common stock at an exercise price of $0.052 per share are available to be issued to DAF. The warrants will be issued in amounts of 150,000 and 210,000 per month as the advance is received during the funding period. In the event that funding advances deviate from the planned schedule then warrants will be issued pro-rata at 1.2 warrants for every $1 June 30, 2021, six June 30, 2021 December 31, 2020, $11,471was six June 30, 2021 2020, Additionally, under the terms of the Credit Agreement, the Company agreed to pay a commitment fee of 3% of each advance and reimburse DAF for certain expenses in connection with the preparation, interpretation, performance and enforcement of the Credit Agreement. Those costs amounted to $10,350 and $42,000 for six June 30, 2021 December 31, 2020 six June 30, 2021 2020, On March 31, 2021, March 31, 2021. On April 29, 2021, April 29, 2021. |
Note 4 - Commitments and Contin
Note 4 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 4 Commitments and Contingencies Warrants Warrants to subscribe for and purchase up to 3,000,000 shares of common stock at an exercise price of $0.052 per share were included under the terms of the DAF Credit Agreement. The warrants will be issued in amounts of 150,000 and 210,000 per month during the funding period. In the event that funding advances deviate from the planned schedule then warrants will be issued pro-rata at 1.2 warrants for every $1 June 30, 2021 not On March 2, 2021, one one March 5, 2021. may Warrants Summary The following table summarizes the Company’s warrant activity during the six June 30, 2021: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Warrants Price In Years Value Outstanding, December 31, 2020 2,190,000 $ 0.0520 Granted - prefunded 51,500,000 0.0001 Granted 88,914,000 0.0812 Outstanding, June 30, 2021 142,604,000 $ 0.0515 4.30 $ 10,156,953 Options Stock options for employees, directors or consultants that vest immediately, are valued at the date of award, which does not The estimated fair value of options for common stock granted is determined using the Black-Scholes option pricing model. The Company does not On June 8, 2020, August 7, 2019. 1 144 144 not no six June 30, 2021, The following table summarizes the Company’s option activity during the six June 30, 2021: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding, December 31, 2020 20,212,174 $ 0.068 Expired (565 ) 420.000 Exchanged for common stock (3,500,000 ) 0.041 Granted 23,000,000 0.143 Outstanding, June 30, 2021 39,711,609 $ 0.108 4.13 $ 1,332,050 Exercisable, June 30, 2021 34,211,609 $ 0.071 4.00 $ 1,295,200 The Company had $650,103 in unrecognized compensation cost related to non-vested options, which is expected to be recognized over a weighted-average period of approximately 0.5 years. The following table summarizes the Company’s options as of June 30, 2021: Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 0.041 15,500,000 3.10 15,500,000 $ 0.065 1,000,000 4.00 500,000 $ 0.121 5,000,000 4.97 - $ 0.150 18,000,000 4.77 18,000,000 $ 0.240 208,160 5.72 208,160 $ 70.260 3,449 1.00 3,449 Total 39,711,609 4.13 34,211,609 Litigation, Claims, and Assessments The Company may not Office Leases On June 30, 2020 December 3, 2019. one January 1, 2020 2021 six June 30, 2021 2020, Supply Agreement During June 2020, 500 Si6H12 March 31, 2021, 19 500 July 20, 2020, 50 June 2021 |
Note 5 - Subsequent Events
Note 5 - Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 5 Subsequent Events In August 2021, June 8, 2020 4 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Group and its wholly owned subsidiary, Coretec. Intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results could differ from the estimates and assumptions used. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets, such as property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not first not third |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instrument held by the Company: Current assets and current liabilities Notes payable |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification Certain amounts in the prior period condensed statement of operations have been reclassified to conform to the presentation of the current year. These reclassifications had no |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Loss Per Common Share Basic loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: June 30, 2021 2020 Options 39,711,609 20,212,174 Warrants 142,604,000 1,440,000 Series A convertible preferred stock 115,000 115,000 Convertible debt 42,249,240 27,355,623 Total potentially dilutive shares 224,679,849 49,122,797 |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company evaluates events that have occurred after the balance sheet date but before the condensed consolidated financial statements are issued. Based upon the evaluation, the Company did not 5. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The following is a summary of recent accounting pronouncement recently adopted by the Company: In August 2020, 2020 06, Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (Subtopic 815 40 2020 06, no 2020 06 first 2024, first 2021 2020 06 2021 January 1, 2021. The following is a summary of recent accounting pronouncements that are relevant to the Company: In May 2021, 2021 04, Issuer s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options January 1, 2022, |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | June 30, 2021 2020 Options 39,711,609 20,212,174 Warrants 142,604,000 1,440,000 Series A convertible preferred stock 115,000 115,000 Convertible debt 42,249,240 27,355,623 Total potentially dilutive shares 224,679,849 49,122,797 |
Note 3 - Notes Payable (Tables)
Note 3 - Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, December 31, 2021 2020 Notes payable: 3.8% $ - $ 46,580 Long term debt: 10% $ 1,390,000 $ 1,275,000 Less: Beneficial conversion feature - (862,775 ) Warrants issued (123,539 ) (106,167 ) Debt issue costs (37,470 ) (39,460 ) Total long term debt $ 1,228,991 $ 266,598 |
Note 4 - Commitments and Cont_2
Note 4 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Warrant Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Warrants Price In Years Value Outstanding, December 31, 2020 2,190,000 $ 0.0520 Granted - prefunded 51,500,000 0.0001 Granted 88,914,000 0.0812 Outstanding, June 30, 2021 142,604,000 $ 0.0515 4.30 $ 10,156,953 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding, December 31, 2020 20,212,174 $ 0.068 Expired (565 ) 420.000 Exchanged for common stock (3,500,000 ) 0.041 Granted 23,000,000 0.143 Outstanding, June 30, 2021 39,711,609 $ 0.108 4.13 $ 1,332,050 Exercisable, June 30, 2021 34,211,609 $ 0.071 4.00 $ 1,295,200 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 0.041 15,500,000 3.10 15,500,000 $ 0.065 1,000,000 4.00 500,000 $ 0.121 5,000,000 4.97 - $ 0.150 18,000,000 4.77 18,000,000 $ 0.240 208,160 5.72 208,160 $ 70.260 3,449 1.00 3,449 Total 39,711,609 4.13 34,211,609 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jun. 30, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Additional Paid in Capital, Ending Balance | $ 14,995,892 | $ 8,033,313 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (10,439,612) | $ (7,339,175) | |
Accounting Standards Update 2020-06 [Member] | |||
Additional Paid in Capital, Ending Balance | $ (989,000) | ||
Long-term Debt, Total | 863,000 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 126,000 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Total potentially dilutive shares (in shares) | 224,679,849 | 49,122,797 |
Options [Member] | ||
Total potentially dilutive shares (in shares) | 39,711,609 | 20,212,174 |
Warrant [Member] | ||
Total potentially dilutive shares (in shares) | 142,604,000 | 1,440,000 |
Series A Convertible Preferred Stock [Member] | ||
Total potentially dilutive shares (in shares) | 115,000 | 115,000 |
Convertible Debt Securities [Member] | ||
Total potentially dilutive shares (in shares) | 42,249,240 | 27,355,623 |
Note 3 - Notes Payable (Details
Note 3 - Notes Payable (Details Textual) - USD ($) | Apr. 29, 2021 | Mar. 31, 2021 | Oct. 04, 2019 | Aug. 31, 2020 | Mar. 31, 2021 | Apr. 29, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.0515 | $ 0.0520 | ||||||||
Class of Warrant or Right, Issued Monthly (in shares) | 88,914,000 | |||||||||
Conversion of DAF Promissory Note into Common Stock [Member] | ||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 0.0329 | $ 0.0329 | $ 0.0329 | $ 0.0329 | ||||||
Debt Conversion, Original Debt, Amount | $ 180,000 | $ 50,000 | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 5,471,125 | 1,519,757 | ||||||||
Amortization of Debt Issuance Costs | $ 1,346 | $ 3,772 | ||||||||
Warrant Issued in Connection With Credit Agreement [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,000,000 | 2,604,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.052 | $ 0.052 | ||||||||
Class of Warrant or Right, Number of Warrants Issued Per Dollar in the Event of Funding Deviation (in shares) | 1.2 | |||||||||
Allocated Cost of Warrants | $ 62,785 | $ 135,706 | ||||||||
Amortization Expense Associated With Warrants | $ 21,942 | $ 11,471 | ||||||||
Warrant Issued in Connection With Credit Agreement [Member] | Minimum [Member] | ||||||||||
Class of Warrant or Right, Issued Monthly (in shares) | 150,000 | 150,000 | ||||||||
Warrant Issued in Connection With Credit Agreement [Member] | Maximum [Member] | ||||||||||
Class of Warrant or Right, Issued Monthly (in shares) | 210,000 | 210,000 | ||||||||
DAF Credit Agreement Conversion Related Warrants [Member] | ||||||||||
Interest Expense, Debt, Total | $ 5,513 | $ 16,429 | ||||||||
Three Point Eight Percent Insurance Premium Finance Agreement [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | |||||||||
Debt Instrument, Face Amount | $ 77,151 | |||||||||
Debt Instrument, Term (Month) | 10 months | |||||||||
Debt Instrument, Periodic Payment, Total | $ 7,849 | |||||||||
Credit Agreement And Note [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | 10.00% | |||||||
Debt Agreement, Maximum Borrowing Capacity | $ 2,500,000 | |||||||||
Debt Instrument, Number of Tranches | 16 | |||||||||
Proceeds from Notes Payable, Total | $ 2,170,000 | |||||||||
Debt Instrument, Period of Monthly Advance Interest Payments (Month) | 12 months | |||||||||
Debt Instrument, Period Following Advance Interest Payments (Month) | 36 months | |||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 70.00% | |||||||||
Debt Instrument, Convertible, Threshold Trading Days | 15 | |||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 0.0329 | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 3.00% | |||||||||
Line of Credit Facility, Commitment Fee and Debt-related Expenses to Be Amortized | 10,350 | $ 42,000 | ||||||||
Amortization Associated With Commitment Fee | $ 7,272 | $ 3,840 | ||||||||
Credit Agreement And Note [Member] | Forecast [Member] | ||||||||||
Proceeds from Notes Payable, Total | $ 330,000 | |||||||||
Credit Agreement And Note [Member] | Minimum [Member] | ||||||||||
Debt Instrument, Amount Funded in Each Monthly Tranche | $ 125,000 | |||||||||
Credit Agreement And Note [Member] | Maximum [Member] | ||||||||||
Debt Instrument, Amount Funded in Each Monthly Tranche | $ 175,000 |
Note 3 - Notes Payable - Schedu
Note 3 - Notes Payable - Schedule of Debt (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Notes payable | $ 0 | $ 46,580 |
Total long term debt | 1,228,991 | 266,598 |
The 3.8% Insurance Premium Finance Agreement [Member] | ||
Notes payable | 0 | 46,580 |
Credit Agreement And Note [Member] | ||
10% Promissory note due January 2024 | 1,390,000 | 1,275,000 |
Beneficial conversion feature | 0 | (862,775) |
Warrants issued | (123,539) | (106,167) |
Debt issue costs | $ (37,470) | $ (39,460) |
Note 3 - Notes Payable - Sche_2
Note 3 - Notes Payable - Schedule of Debt (Details) (Parentheticals) | Jun. 30, 2021 | Dec. 31, 2020 | Oct. 04, 2019 |
The 3.8% Insurance Premium Finance Agreement [Member] | |||
Interest rate | 3.80% | 3.80% | |
Credit Agreement And Note [Member] | |||
Interest rate | 10.00% | 10.00% | 10.00% |
Note 4 - Commitments and Cont_3
Note 4 - Commitments and Contingencies (Details Textual) | Mar. 02, 2021USD ($)$ / sharesshares | Jul. 20, 2020USD ($) | Jun. 08, 2020shares | Jan. 01, 2020USD ($) | Oct. 04, 2019$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Dec. 31, 2020$ / shares |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.0515 | $ 0.0520 | ||||||
Class of Warrant or Right, Issued Monthly (in shares) | 88,914,000 | |||||||
Share Exchange Agreement, Number of Options Authorized (in shares) | 21,500,000 | |||||||
Share Exchange Agreement, Exchange Ratio | 0.6 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exchanged (in shares) | 3,500,000 | |||||||
Stock Issued During Period, Shares, Stock Options Exchanged for Common Shares (in shares) | 2,100,000 | |||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 650,103 | |||||||
Operating Lease, Expense | $ | 7,560 | $ 18,032 | ||||||
Evonik Operations GmbH [Member] | ||||||||
Purchase Obligation, Total | $ | $ 92,500 | $ 185,000 | ||||||
Payments for Research and Development, Supply Agreement | $ | $ 92,500 | |||||||
Ann Arbor, Michigan [Member] | ||||||||
Lessee, Operating Lease, Liability, to be Paid, Total | $ | $ 15,120 | |||||||
Operating Leases, Rent Expense, Monthly | $ | $ 1,260 | |||||||
Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exchanged (in shares) | 3,500,000 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 6 months | |||||||
Private Placement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 23,500,000 | |||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 6,000,000 | |||||||
Warrant Issued in Connection With Credit Agreement [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,000,000 | 2,604,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.052 | $ 0.052 | ||||||
Class of Warrant or Right, Number of Warrants Issued Per Dollar in the Event of Funding Deviation (in shares) | 1.2 | |||||||
Class of Warrant or Right, Issued During Period (in shares) | 2,604,000 | |||||||
Warrant Issued in Connection With Credit Agreement [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||||
Warrant Issued in Connection With Credit Agreement [Member] | Minimum [Member] | ||||||||
Class of Warrant or Right, Issued Monthly (in shares) | 150,000 | 150,000 | ||||||
Warrant Issued in Connection With Credit Agreement [Member] | Maximum [Member] | ||||||||
Class of Warrant or Right, Issued Monthly (in shares) | 210,000 | 210,000 | ||||||
Pre-funded Warrant [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 51,500,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.0001 | |||||||
Class of Warrant or Right, Issued Monthly (in shares) | 51,500,000 | |||||||
Class of Warrant or Right, Purchase Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.08 | |||||||
Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 82,500,000 | |||||||
Class of Warrant or Right, Purchase Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.0799 | |||||||
Placement Agent Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 6,000,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.10 | |||||||
Warrants Ownership Percentage, Maximum Limit | 8.00% |
Note 4 - Commitments and Cont_4
Note 4 - Commitments and Contingencies - Warrants (Details) | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Outstanding, number of warrants (in shares) | shares | 2,190,000 |
Outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 0.0520 |
Granted, number of warrants (in shares) | shares | 88,914,000 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 0.0812 |
Outstanding, number of warrants (in shares) | shares | 142,604,000 |
Outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 0.0515 |
Outstanding, weighted-average remaining life (Year) | 4 years 3 months 18 days |
Outstanding, aggregate intrinsic value | $ | $ 10,156,953 |
Pre-funded Warrant [Member] | |
Granted, number of warrants (in shares) | shares | 51,500,000 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 0.0001 |
Note 4 - Commitments and Cont_5
Note 4 - Commitments and Contingencies - Option Activity (Details) | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Exchanged for common stock (in shares) | (3,500,000) |
Share-based Payment Arrangement, Option [Member] | |
Outstanding (in shares) | 20,212,174 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 0.068 |
Expired (in shares) | (565) |
Expired, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 420 |
Exchanged for common stock (in shares) | (3,500,000) |
Exchanged for common stock, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 0.041 |
Granted (in shares) | 23,000,000 |
Granted, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 0.143 |
Outstanding (in shares) | 39,711,609 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 0.108 |
Outstanding, Weighted Average Remaining Life in Years (Year) | 4 years 1 month 17 days |
Outstanding, Aggregate intrinsic value | $ | $ 1,332,050 |
Exercisable (in shares) | 34,211,609 |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 0.071 |
Exercisable, Weighted Average Remaining Life (Year) | 4 years |
Exercisable, Aggregate intrinsic value | $ | $ 1,295,200 |
Note 4 - Commitments and Cont_6
Note 4 - Commitments and Contingencies - Shares Authorized Under Stock Option Plans (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Option Outstanding, Number Of Options (in shares) | 39,711,609 |
Option Exercisable, Weighted Average Remaining Life In Years (Year) | 4 years 1 month 17 days |
Option Exercisable, Number Of Options (in shares) | 34,211,609 |
Exercise Price Range One [Member] | |
Option Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 0.041 |
Option Outstanding, Number Of Options (in shares) | 15,500,000 |
Option Exercisable, Weighted Average Remaining Life In Years (Year) | 3 years 1 month 6 days |
Option Exercisable, Number Of Options (in shares) | 15,500,000 |
Exercise Price Range Two [Member] | |
Option Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 0.065 |
Option Outstanding, Number Of Options (in shares) | 1,000,000 |
Option Exercisable, Weighted Average Remaining Life In Years (Year) | 4 years |
Option Exercisable, Number Of Options (in shares) | 500,000 |
Exercise Price Range Three [Member] | |
Option Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 0.121 |
Option Outstanding, Number Of Options (in shares) | 5,000,000 |
Option Exercisable, Weighted Average Remaining Life In Years (Year) | 4 years 11 months 19 days |
Option Exercisable, Number Of Options (in shares) | 0 |
Exercise Price Range Four [Member] | |
Option Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 0.150 |
Option Outstanding, Number Of Options (in shares) | 18,000,000 |
Option Exercisable, Weighted Average Remaining Life In Years (Year) | 4 years 9 months 7 days |
Option Exercisable, Number Of Options (in shares) | 18,000,000 |
Exercise Price Range Five [Member] | |
Option Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 0.240 |
Option Outstanding, Number Of Options (in shares) | 208,160 |
Option Exercisable, Weighted Average Remaining Life In Years (Year) | 5 years 8 months 19 days |
Option Exercisable, Number Of Options (in shares) | 208,160 |
Exercise Price Range Six [Member] | |
Option Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 70.260 |
Option Outstanding, Number Of Options (in shares) | 3,449 |
Option Exercisable, Weighted Average Remaining Life In Years (Year) | 1 year |
Option Exercisable, Number Of Options (in shares) | 3,449 |
Note 5 - Subsequent Events (Det
Note 5 - Subsequent Events (Details Textual) - shares | 1 Months Ended | 6 Months Ended |
Aug. 31, 2021 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exchanged (in shares) | 3,500,000 | |
Stock Issued During Period, Shares, Stock Options Exchanged for Common Shares (in shares) | 2,100,000 | |
Subsequent Event [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exchanged (in shares) | 1,500,000 | |
Stock Issued During Period, Shares, Stock Options Exchanged for Common Shares (in shares) | 900,000 |