Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 09, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001497504 | |
Entity Registrant Name | PLx Pharma Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36351 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-4995704 | |
Entity Address, Address Line One | 9 Fishers Lane, Suite E | |
Entity Address, City or Town | Sparta | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07871 | |
City Area Code | 973 | |
Local Phone Number | 409-6541 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | PLXP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,537,129 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 82,554,297 | $ 22,448,651 |
Accounts receivable, net | 3,253,312 | 0 |
Inventory | 2,190,350 | 143,380 |
Prepaid expenses and other current assets | 616,249 | 393,470 |
TOTAL CURRENT ASSETS | 88,614,208 | 22,985,501 |
NON-CURRENT ASSETS | ||
Property and equipment, net | 888,658 | 1,225,879 |
Right of use assets | 255,121 | 327,161 |
Goodwill | 2,061,022 | 2,061,022 |
Security deposit | 17,036 | 17,036 |
TOTAL ASSETS | 91,836,045 | 26,616,599 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 6,452,172 | 862,568 |
Accrued bonuses | 839,701 | 1,184,823 |
Accrued interest | 0 | 597,411 |
Term loan, net of discount and fees | 0 | 622,265 |
Other current liabilities | 113,509 | 275,247 |
TOTAL CURRENT LIABILITIES | 7,405,382 | 3,542,314 |
NON-CURRENT LIABILITIES | ||
Warrant liability | 37,229,175 | 9,691,271 |
Accrued dividends | 128,722 | 2,795,795 |
Other liabilities | 165,494 | 134,184 |
TOTAL LIABILITIES | 44,928,773 | 16,163,564 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock; $0.001 par value; 930,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock; $0.001 par value; 100,000,000 shares authorized; 27,477,022 and 13,911,633 shares issued and outstanding, respectively | 27,477 | 13,912 |
Additional paid-in capital | 182,702,379 | 91,203,050 |
Accumulated deficit | (151,836,186) | (102,148,817) |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | 30,893,670 | (10,931,855) |
TOTAL LIABILITIES, SERIES A AND SERIES B CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | 91,836,045 | 26,616,599 |
Series A Convertible Preferred Stock [Member] | ||
NON-CURRENT LIABILITIES | ||
Preferred stock | 13,707,935 | 13,661,578 |
Series B Convertible Preferred Stock [Member] | ||
NON-CURRENT LIABILITIES | ||
Preferred stock | $ 2,305,667 | $ 7,723,312 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 930,000 | 930,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 27,477,022 | 13,911,633 |
Common stock, shares outstanding (in shares) | 27,477,022 | 13,911,633 |
Series A Convertible Preferred Stock [Member] | ||
Convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible preferred stock, liquidation value | $ 12,642,000 | $ 12,642,000 |
Convertible preferred stock, shares issued (in shares) | 12,642 | 15,000 |
Convertible preferred stock, shares outstanding (in shares) | 12,642 | 15,000 |
Convertible preferred stock, shares authorized (in shares) | 45,000 | 45,000 |
Series B Convertible Preferred Stock [Member] | ||
Convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible preferred stock, liquidation value | $ 2,492,722 | $ 2,492,722 |
Convertible preferred stock, shares issued (in shares) | 2,364 | 8,000 |
Convertible preferred stock, shares outstanding (in shares) | 2,364 | 8,000 |
Convertible preferred stock, shares authorized (in shares) | 25,000 | 25,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
REVENUES: | ||||
TOTAL REVENUES | $ 6,616,100 | $ 0 | $ 6,616,100 | $ 30,430 |
Costs of sales | 3,912,741 | 0 | 3,912,741 | 0 |
GROSS PROFIT | 2,703,359 | 0 | 2,703,359 | 30,430 |
OPERATING EXPENSES: | ||||
Research and development | 1,551,988 | 1,207,302 | 3,494,221 | 3,116,097 |
Selling, marketing and administrative | 11,013,221 | 1,981,037 | 19,147,297 | 6,681,452 |
TOTAL OPERATING EXPENSES | 12,565,209 | 3,188,339 | 22,641,518 | 9,797,549 |
OPERATING LOSS | (9,861,850) | (3,188,339) | (19,938,159) | (9,767,119) |
OTHER INCOME (EXPENSE): | ||||
Interest income (expense), net | 3,663 | (72,705) | (1,843) | (267,213) |
Change in fair value of warrant liability | (11,784,305) | 134,552 | (29,747,367) | 2,804,962 |
TOTAL OTHER INCOME (EXPENSE) | (11,780,642) | 61,847 | (29,749,210) | 2,537,749 |
LOSS BEFORE INCOME TAXES | (21,642,492) | (3,126,492) | (49,687,369) | (7,229,370) |
Income taxes | 0 | 0 | 0 | 0 |
NET LOSS | (21,642,492) | (3,126,492) | (49,687,369) | (7,229,370) |
Preferred dividends and beneficial conversion feature | 0 | (499,797) | (2,524,958) | (1,227,422) |
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (21,642,492) | $ (3,626,289) | $ (52,212,327) | $ (8,456,792) |
Net loss per common share - basic and diluted (in dollars per share) | $ (0.80) | $ (0.40) | $ (2.34) | $ (0.92) |
Weighted average shares of common shares - basic and diluted (in shares) | 26,911,855 | 9,156,260 | 22,342,538 | 9,156,260 |
Product [Member] | ||||
REVENUES: | ||||
TOTAL REVENUES | $ 6,616,100 | $ 0 | $ 6,616,100 | $ 0 |
Grant [Member] | ||||
REVENUES: | ||||
TOTAL REVENUES | $ 0 | $ 0 | $ 0 | $ 30,430 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Series A And Series B Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Series A Preferred Stock [Member]Conversion of Preferred Stock To Common Stock [Member]Preferred Stock [Member] | Series A Preferred Stock [Member]Preferred Stock [Member] | Series A Preferred Stock [Member]Additional Paid-in Capital [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member]Conversion of Preferred Stock To Common Stock [Member]Preferred Stock [Member] | Series B Preferred Stock [Member]Preferred Stock [Member] | Series B Preferred Stock [Member]Additional Paid-in Capital [Member] | Series B Preferred Stock [Member] | Conversion of Preferred Stock To Common Stock [Member]Common Stock [Member] | Conversion of Preferred Stock To Common Stock [Member]Additional Paid-in Capital [Member] | Conversion of Preferred Stock To Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 15,000 | 9,156,260 | |||||||||||||
Balance at Dec. 31, 2019 | $ 13,661,578 | $ 9,156 | $ 74,837,046 | $ (86,938,163) | $ (12,091,961) | ||||||||||
Stock-based compensation expense | 272,537 | 272,537 | |||||||||||||
Preferred stock - declared dividends | (320,290) | (320,290) | |||||||||||||
Net income (loss) | 1,496,086 | 1,496,086 | |||||||||||||
Balance (in shares) at Mar. 31, 2020 | 15,000 | 9,156,260 | |||||||||||||
Balance at Mar. 31, 2020 | $ 13,661,578 | $ 9,156 | 74,789,293 | (85,442,077) | (10,643,628) | ||||||||||
Balance (in shares) at Dec. 31, 2019 | 15,000 | 9,156,260 | |||||||||||||
Balance at Dec. 31, 2019 | $ 13,661,578 | $ 9,156 | 74,837,046 | (86,938,163) | (12,091,961) | ||||||||||
Net income (loss) | (7,229,370) | ||||||||||||||
Conversion of Preferred Stock | 0 | ||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 15,000 | 8,000 | 9,156,260 | ||||||||||||
Balance at Sep. 30, 2020 | $ 13,661,578 | $ 7,723,312 | $ 9,156 | 74,437,924 | (94,167,533) | (19,720,453) | |||||||||
Balance (in shares) at Mar. 31, 2020 | 15,000 | 9,156,260 | |||||||||||||
Balance at Mar. 31, 2020 | $ 13,661,578 | $ 9,156 | 74,789,293 | (85,442,077) | (10,643,628) | ||||||||||
Stock-based compensation expense | 269,578 | 269,578 | |||||||||||||
Preferred stock - declared dividends | $ (326,678) | $ (326,678) | $ (80,657) | $ (80,657) | |||||||||||
Issuance of common stock, net of issuance costs (in shares) | 8,000 | ||||||||||||||
Issuance of common stock, net of issuance costs | $ 7,731,379 | ||||||||||||||
Net income (loss) | (5,598,964) | (5,598,964) | |||||||||||||
Balance (in shares) at Jun. 30, 2020 | 15,000 | 8,000 | 9,156,260 | ||||||||||||
Balance at Jun. 30, 2020 | $ 13,661,578 | $ 7,731,379 | $ 9,156 | 74,651,536 | (91,041,041) | (16,380,349) | |||||||||
Stock-based compensation expense | 286,185 | 286,185 | |||||||||||||
Preferred stock - declared dividends | (336,855) | (336,855) | (162,942) | (162,942) | |||||||||||
Net income (loss) | (3,126,492) | (3,126,492) | |||||||||||||
Series B Preferred Stock issuance costs | $ (8,067) | ||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 15,000 | 8,000 | 9,156,260 | ||||||||||||
Balance at Sep. 30, 2020 | $ 13,661,578 | $ 7,723,312 | $ 9,156 | 74,437,924 | (94,167,533) | (19,720,453) | |||||||||
Balance (in shares) at Dec. 31, 2020 | 15,000 | 8,000 | 13,911,633 | ||||||||||||
Balance at Dec. 31, 2020 | $ 13,661,578 | $ 7,723,312 | $ 13,912 | 91,203,050 | (102,148,817) | (10,931,855) | |||||||||
Stock-based compensation expense | 573,722 | 573,722 | |||||||||||||
Preferred stock - declared dividends | $ (217,206) | $ (217,206) | $ (105,065) | $ (105,065) | |||||||||||
Issuance of common stock, net of issuance costs (in shares) | 8,924,700 | ||||||||||||||
Issuance of common stock, net of issuance costs | $ 8,924 | 66,872,947 | 66,881,871 | ||||||||||||
Net income (loss) | (11,540,511) | (11,540,511) | |||||||||||||
Balance (in shares) at Mar. 31, 2021 | 15,000 | 8,000 | 22,836,333 | ||||||||||||
Balance at Mar. 31, 2021 | $ 13,661,578 | $ 7,723,312 | $ 22,836 | 158,327,448 | (113,689,328) | 44,660,956 | |||||||||
Balance (in shares) at Dec. 31, 2020 | 15,000 | 8,000 | 13,911,633 | ||||||||||||
Balance at Dec. 31, 2020 | $ 13,661,578 | $ 7,723,312 | $ 13,912 | 91,203,050 | (102,148,817) | (10,931,855) | |||||||||
Net income (loss) | (49,687,369) | ||||||||||||||
Conversion of Preferred Stock | (8,360,632) | ||||||||||||||
Balance (in shares) at Sep. 30, 2021 | 12,642 | 2,364 | 27,477,022 | ||||||||||||
Balance at Sep. 30, 2021 | $ 13,707,935 | $ 2,305,667 | $ 27,477 | 182,702,379 | (151,836,186) | 30,893,670 | |||||||||
Balance (in shares) at Mar. 31, 2021 | 15,000 | 8,000 | 22,836,333 | ||||||||||||
Balance at Mar. 31, 2021 | $ 13,661,578 | $ 7,723,312 | $ 22,836 | 158,327,448 | (113,689,328) | 44,660,956 | |||||||||
Stock-based compensation expense | 557,583 | 557,583 | |||||||||||||
Net income (loss) | (16,504,366) | (16,504,366) | |||||||||||||
Settlement of dividends on Preferred Stock with adjustment of converson price | $ 2,603,176 | $ 386,168 | |||||||||||||
Conversion of Preferred Stock (in shares) | (2,358) | (5,636) | |||||||||||||
Conversion of Preferred Stock | $ (2,556,819) | $ (5,803,813) | |||||||||||||
Conversion of Preferred Stock (in shares) | 3,000,000 | ||||||||||||||
Conversion of Preferred Stock | $ 3,000 | $ 8,357,633 | $ 8,360,633 | ||||||||||||
Exercise of Warrants (in shares) | 308,675 | ||||||||||||||
Exercise of Warrants | $ 309 | 3,040,437 | 3,040,746 | ||||||||||||
Balance (in shares) at Jun. 30, 2021 | 12,642 | 2,364 | 26,145,008 | ||||||||||||
Balance at Jun. 30, 2021 | $ 13,707,935 | $ 2,305,667 | $ 26,145 | 170,283,101 | (130,193,694) | 40,115,552 | |||||||||
Stock-based compensation expense | 740,999 | 740,999 | |||||||||||||
Issuance of common stock, net of issuance costs (in shares) | 448,268 | ||||||||||||||
Issuance of common stock, net of issuance costs | $ 448 | 7,578,179 | 7,578,627 | ||||||||||||
Net income (loss) | (21,642,492) | (21,642,492) | |||||||||||||
Exercise of Warrants | $ 884 | 4,100,100 | 4,100,984 | ||||||||||||
Balance (in shares) at Sep. 30, 2021 | 12,642 | 2,364 | 27,477,022 | ||||||||||||
Balance at Sep. 30, 2021 | $ 13,707,935 | $ 2,305,667 | $ 27,477 | $ 182,702,379 | $ (151,836,186) | $ 30,893,670 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (49,687,369) | $ (7,229,370) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 85,737 | 98,062 |
Stock-based compensation | 1,872,304 | 828,300 |
Amortization of right of use assets | 72,040 | 215,518 |
Amortization of debt discounts and issuance costs | 2,735 | 80,979 |
Change in fair value of warrant liability | 29,747,367 | (2,804,962) |
Loss on sale of property and equipment | 156,942 | 218,150 |
Changes in operating assets and liabilities | ||
Accounts receivable | (3,253,312) | 18,683 |
Inventory | (2,046,970) | (143,380) |
Prepaid expenses and other assets | (222,779) | (67,903) |
Accounts payable and accrued liabilities | 5,589,604 | (316,554) |
Accrued bonuses | (345,122) | (448,729) |
Accrued interest | (597,411) | 53,050 |
Other current and long-term liabilities | (130,428) | (225,435) |
Net cash used in operating activities | (18,756,662) | (9,723,591) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | 0 | (102,000) |
Proceeds from sale of property and equipment | 94,542 | 0 |
Net cash provided by (used in) investing activities | 94,542 | (102,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net proceeds from issuance of common stock | 74,460,498 | |
Net proceeds from issuance of preferred stock | 7,723,312 | |
Proceeds from exercise of warrants | 4,932,268 | |
Repayments of long-term debt | (625,000) | (2,812,500) |
Net cash provided by financing activities | 78,767,766 | 4,910,812 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 60,105,646 | (4,914,779) |
Cash and cash equivalents, beginning of period | 22,448,651 | 14,001,304 |
Cash and cash equivalents, end of period | 82,554,297 | 9,086,525 |
SUPPLEMENTAL INFORMATION | ||
Income taxes | 0 | 0 |
Interest | 6,491 | 189,948 |
NON-CASH INVESTING AND FINANCING TRANSACTIONS | ||
Cashless exercise of warrants | 1,879,279 | 0 |
Preferred stock beneficial conversion feature and dividends | 2,524,958 | 1,227,422 |
Conversion of preferred stock | $ 8,360,632 | $ 0 |
Note 1 - Background and Organiz
Note 1 - Background and Organization | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. Business Operations PLx Pharma Inc., together with its subsidiary PLx Opco Inc., is a commercial-stage drug delivery platform technology company focused on improving how and where active pharmaceutical ingredients (APIs) are absorbed in the gastrointestinal (GI) tract via its clinically validated and patent protected PLxGuard™ technology. The Company has two 325 81 Impact of COVID- 19 On March 11, 2020, 19 In response to COVID- 19, not 19 may not The Company has not September 30, 2021 19. |
Note 2 - Liquidity
Note 2 - Liquidity | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2. The accompanying unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities in the ordinary course of business. The propriety of using the going-concern basis is dependent upon, among other things, the achievement of future profitable operations, the ability to generate sufficient cash from operations and potential other funding sources, in addition to cash on-hand, to meet its obligations as they become due. The Company had not September 30, 2021 third 2021. September 30, 2021, 2021. 2021 2025; As of September 30, 2021, September 30, 2021 one |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3. Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not December 31, 2020 not 10 December 31, 2020. September 30, 2021 three nine September 20, 2021 2020. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, PLx Opco Inc. All significant intercompany balances and transactions have been eliminated within the consolidated financial statements. Use of Estimates The preparation of our unaudited consolidated financial statements in conformity with 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 amount of revenues and expenses during the reporting period. In the accompanying unaudited consolidated financial statements, estimates are used for, but not Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three September 30, 2021, not Inventory Inventory is stated at the lower of cost or net realizable value, using the first first September 30, 2021 December 31, 2020 Description September 30, 2021 December 31, 2020 Raw Materials $ 99,368 $ 143,380 Work-in-Progress 90,901 - Finshed Goods 2,000,081 - Total Inventory $ 2,190,350 $ 143,380 The Company began shipping inventory to its customers in the third 2021. September 30, 2021 December 31, 2020. Fair Value of Financial Instruments All financial instruments classified as current assets and liabilities are carried at cost, which approximates fair value, because of the short-term maturities of those instruments. The fair value of the Term Loan (as defined in Note 4 December 31, 2020 7. Leases At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Rent expense is recognized on a straight-line basis over the lease term. The Company has made certain accounting policy elections whereby the Company (i) does not 12 September 30, 2021, not Goodwill Goodwill is not October 31, not one The Company performs a one no The Company has not three nine September 30, 2021 2020. Revenue Recognition The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligation. The Company recognizes revenue upon the satisfaction of its performance obligations (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. Deferred revenue results from cash receipts from or amounts billed to customers in advance of the transfer of control of the promised services to the customer and is recognized as performance obligations are satisfied. When sales commissions or other costs to obtain contracts with customers are considered incremental and recoverable, those costs are deferred and then amortized as selling and marketing expenses on a straight-line basis over an estimated period of benefit. Through June 30, 2021, second 2020. nine September 30, 2020. The Company began generating revenue in the U.S. from its sales of VAZALORE in 81mg 325 third 2021 three September 30, 2021. Nature of Goods and Services The Company generates revenue from the sale of its VAZALORE products through a broad distribution platform that includes drugstores, mass merchandisers, supermarkets, and e-commerce channels, all of which sell its products to consumers. Finished goods products are typically shipped FOB destination and accordingly, the Company recognizes revenue upon delivery to the customer or pick-up by the customer’s carrier. Satisfaction of Performance Obligations The Company recognizes revenue upon the satisfaction of its performance obligations (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. The Company had no unsatisfied performance obligations or deferred revenue as of September 30, 2021. Variable Consideration Provisions for certain customer promotional programs, product returns and discounts to customers are accounted for as variable consideration and recorded as a reduction in sales, based on an estimate of future returns, and customer prompt payment discounts, redemption of coupons by consumers and trade promotional allowances paid to customers. These allowances cover extensive promotional activities, primarily comprised of cooperative advertising, slotting, coupons, periodic price reduction arrangements, and other in-store displays. The reserves for sales returns and consumer and trade promotion obligations are established based on the Company’s best estimate of the amounts necessary to settle future and existing obligations for products sold as of the balance sheet date. The Company uses trend experience and coupon redemption inputs in arriving at coupon reserve requirements and uses forecasted customer and sales organization inputs, and historical trend analysis for consumer brands in determining the reserves for other promotional activities and sales returns. The balance of reserves for sales returns and consumer and trade promotion obligations, reflected in the accompanying unaudited condensed consolidated balance sheets as a reduction to accounts receivable, was $1.8 million as of September 30, 2021 ( none December 31, 2020). Cost of Sales Cost of sales include costs related to the manufacture and packaging of the Company’s products charged by our contract manufacturer and packagers. Cost of sales also includes inbound and outbound shipping and warehousing costs, expenses related to order process, quality assurance and royalties. Sales, Marketing and Administrative Selling, marketing and administrative (“SM&A”) expenses include costs related to functions such as sales, marketing, corporate management, insurance, and legal costs. Broker commissions are incurred and expensed as SM&A costs in the underlying consolidated statements of income when the underlying sales take place. Sales and marketing expenses also include costs for advertising (excluding the costs of cooperative advertising programs, which are reflected in net sales), contract field force, consumer promotion costs (such as on-shelf advertisements and displays). Sales and marketing costs are expensed as incurred. The Company has not not September 30, 2021 December 31, 2020. Research and Development Expenses Costs incurred in connection with research and development activities are expensed as incurred. Research and development expenses consist of direct and indirect costs associated with manufacturing and regulatory activities and include fees paid to various entities that perform research-related services for the Company. Stock-Based Compensation The Company recognizes expense in its consolidated statements of operations for the fair value of all stock-based compensation to key employees, nonemployee directors and advisors, generally in the form of stock options. The Company uses the Black-Scholes option valuation model to estimate the fair value of stock options on the grant date. Compensation cost is amortized on a straight-line basis over the vesting period for each respective award. The Company accounts for forfeitures as they occur. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount expected to be realized. Tax benefits are initially recognized in the financial statements when it is more likely than not 50% Income (Loss) Per Share In periods of net loss, basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. The Company’s Series A convertible preferred stock (the “Series A Preferred Stock”) and the Series B convertible preferred stock (the “Series B Preferred Stock” and, together with the Series A Preferred Stock, collectively the “Preferred Stock”) contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; in periods of net income, the calculation of basic earnings per share excludes from the numerator net income attributable to the Preferred Stock and excludes the impact of those shares from the denominator. In periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. For periods of net income, diluted earnings per share is computed using the more dilutive of the “two class method” or the “treasury method.” Dilutive earnings per share under the “two class method” is calculated by dividing net income available to common stockholders as adjusted for the participating impacts of the Preferred Stock, by the weighted-average number of shares outstanding plus the dilutive impact of all other potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method. Dilutive earnings per share under the “treasury method” is calculated by dividing net income available to common stockholders by the weighted- average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method, and convertible preferred stock using the if-converted method. Due to net losses, none three nine September 30, 2021 2020. The following table sets forth the potential dilutive securities: September 30, 2021 September 30, 2020 Stock Options 3,498,297 2,039,047 Warrants 6,665,814 2,704,593 Convertible Preferred Stock 6,476,275 9,213,604 Total Potential Dilutive Shares 16,640,386 13,957,604 Recent Adopted Accounting Standards In November 2019, 2019 12 1 2 3 not 4 1 2 3 not not 4 5 December 15, 2020, 2019 12 January 1, 2021, not Unadopted Accounting Standards In August 2020, 2020 06 Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (subtopic 815 40 December 15, 2023, The Company does not not Subsequent Events The Company’s management reviewed all material events through the date the unaudited consolidated financial statements were issued for subsequent event disclosure consideration. |
Note 4 - Debt
Note 4 - Debt | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 4. Term Loan Facility On August 9, 2017, February 9, 2021), February 9, 2021. may not As of December 31, 2020, three September 30, 2021 2020 nine September 30, 2021 2020 |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 5. EQUITY Common Stock On March 5, 2021 30 March 16, 2021 ATM Offering On August 6, 2021, may 3 448,268 three September 30, 2021. September 30, 2021 Convertible Preferred Stock Series A Preferred Stock In December 2018, February 19, 2019. February 20, 2019, $15.0 The Series A Preferred Stock was issued at $1,000 per share and was initially convertible into shares of common stock at a conversion price of $2.60 per share, subject to certain adjustments. Holders of the Series A Preferred Stock were entitled to an initial dividend rate of 8.0% per annum, which ended on February 26, 2021, 325 81mg. In June 2021, 1,064,517 As of September 30, 2021, September 30, 2021. The Company recognized $2,419,893 (or $0.11 per share) of total dividends on the Series A Preferred Stock (including the contingent beneficial conversion feature) during the nine September 30, 2021 ( none three September 30, 2021). three nine September 30, 2020. Series B Preferred Stock In March 2020, May 15, 2020. May 15, 2020, $8.0 February 26, 2021, 325 81mg. In June 2021, not 1,935,483 As of September 30, 2021, September 30, 2021. The Company recognized $105,065 (or $0.005 per share) of total dividends on the Series B Preferred Stock during the nine September 30, 2021 ( three September 30, 2021). three nine September 30, 2020. Warrants In June 2017, six one “June 2017 7 In connection with the entry into the Term Loan Facility, the Company issued to SVB and one In November 2020, five “November 2020 During the third 2021, June 2017 November 2020 For the nine September 30, 2021, June 2017 November 2020 The following is a summary of warrant activities for the nine September 30, 2021: Description Outstanding Exercised Outstanding 9/30/21 Exercise Price 2017 Warrants 2,646,091 (188,590 ) 2,457,501 $ 7.50 2020 Warrants 5,230,910 (1,081,099 ) 4,149,811 $ 4.31 SVB Warrants 58,502 - 58,502 $ 6.41 Total Warrants 7,935,503 (1,269,689 ) 6,665,814 Stock Options The following is a summary of stock option activities for the nine September 30, 2021: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, December 31, 2020 2,979,047 $ 13.96 7.2 Granted 528,000 $ 15.28 Exercised, cancelled, or forfeited (8,750 ) 81.28 Outstanding, September 30, 2021 3,498,297 $ 10.07 7.5 $ 38,970,547 Exercisable, September 30, 2021 1,492,514 $ 13.69 5.5 $ 15,048,635 On September 13, 2018, 2018 November 10, 2020, “2018 2018 may September 30, 2021, 2018 August 3, 2021, 2018 2018 November 9, 2021. The Company granted 528,000 options during the nine September 30, 2021 1 2 6 3 4 zero September 30, 2021, During the three September 30, 2021 2020, nine September 30, 2021 2020, |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6. Lease Agreements The Company presently leases office space under operating lease agreements, expiring in September 2023, June 2024. three September 30, 2021 2020, nine September 30, 2021 2020, In the second 2021, September 2023. All the Company’s existing leases as of September 30, 2021 none July 2021. Lease costs, net of sublease income, for the three months ended September 30, 2021 consisted of the following: Operating lease cost $ 49,501 Sublease income (20,694 ) Total lease costs $ 28,807 A maturity analysis of the Company’s operating leases follows: Future undiscounted cash flows: 2021 33,474 2022 132,231 2023 113,823 2024 30,132 Total 309,660 Discount factor (30,657 ) Lease liability 279,003 Current lease liability (113,509 ) Non-current lease liability $ 165,494 Purchase Commitments As of September 30, 2021, 2021. The Company has supply agreements with its contract manufacturer and packager for VAZALORE which contain minimum annual purchase commitments starting in 2021 2025. |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 7. Fair value is defined as the price that would be received in the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has categorized all investments recorded at fair value based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: ● Level 1: ● Level 2: 1, ● Level 3: Financial assets and liabilities measured at fair value on a recurring basis The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the hierarchy. The June 2017 3 one September 30, 2021 1 2 3 4 The Series A Preferred Stock and the Series B Preferred Stock both contain a contingent put option and, accordingly, the Company considered the put options to be liabilities and accounted for them at fair value using Level 3 de minimis September 30, 2021, 3 The following table sets forth a summary of changes in the fair value of Level 3 three nine September 30, 2021: Description Balance at June 30, 2021 Established in 2021 Change in Fair Value Balance at September 30, 2021 Warrant liability $ 25,791,417 $ (276,547 ) $ 11,784,305 $ 37,229,175 Description Balance at December 31, 2020 Established in 2021 Change in Fair Value Balance at September 30, 2021 Warrant liability $ 9,691,271 $ (2,139,463 ) $ 29,747,367 $ 37,229,175 The following table identifies the carrying amounts of such liabilities at September 30, 2021 December 31, 2020: Description Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 37,229,175 $ 37,229,175 Balance at September 30, 2021 $ - $ - $ 37,229,175 $ 37,229,175 Description Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 9,691,271 $ 9,691,271 Balance at December 31, 2020 $ - $ - $ 9,691,271 $ 9,691,271 Financial assets and liabilities carried at fair value on a non-recurring basis The Company does not Non-financial assets and liabilities carried at fair value on a recurring basis The Company does not Non-financial assets and liabilities carried at fair value on a non-recurring basis The Company measures its long-lived assets, including property and equipment and goodwill, at fair value on a non-recurring basis when they are deemed to be impaired. No such impairment was recognized during the three nine September 30, 2021 2020. |
Note 7 - Subsequent Events
Note 7 - Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 7. None. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not December 31, 2020 not 10 December 31, 2020. September 30, 2021 three nine September 20, 2021 2020. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, PLx Opco Inc. All significant intercompany balances and transactions have been eliminated within the consolidated financial statements. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of our unaudited consolidated financial statements in conformity with 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 amount of revenues and expenses during the reporting period. In the accompanying unaudited consolidated financial statements, estimates are used for, but not |
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 September 30, 2021, not |
Inventory, Policy [Policy Text Block] | Inventory Inventory is stated at the lower of cost or net realizable value, using the first first September 30, 2021 December 31, 2020 Description September 30, 2021 December 31, 2020 Raw Materials $ 99,368 $ 143,380 Work-in-Progress 90,901 - Finshed Goods 2,000,081 - Total Inventory $ 2,190,350 $ 143,380 The Company began shipping inventory to its customers in the third 2021. September 30, 2021 December 31, 2020. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments All financial instruments classified as current assets and liabilities are carried at cost, which approximates fair value, because of the short-term maturities of those instruments. The fair value of the Term Loan (as defined in Note 4 December 31, 2020 7. |
Lessee, Leases [Policy Text Block] | Leases At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Rent expense is recognized on a straight-line basis over the lease term. The Company has made certain accounting policy elections whereby the Company (i) does not 12 September 30, 2021, not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill is not October 31, not one The Company performs a one no The Company has not three nine September 30, 2021 2020. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligation. The Company recognizes revenue upon the satisfaction of its performance obligations (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. Deferred revenue results from cash receipts from or amounts billed to customers in advance of the transfer of control of the promised services to the customer and is recognized as performance obligations are satisfied. When sales commissions or other costs to obtain contracts with customers are considered incremental and recoverable, those costs are deferred and then amortized as selling and marketing expenses on a straight-line basis over an estimated period of benefit. Through June 30, 2021, second 2020. nine September 30, 2020. The Company began generating revenue in the U.S. from its sales of VAZALORE in 81mg 325 third 2021 three September 30, 2021. Nature of Goods and Services The Company generates revenue from the sale of its VAZALORE products through a broad distribution platform that includes drugstores, mass merchandisers, supermarkets, and e-commerce channels, all of which sell its products to consumers. Finished goods products are typically shipped FOB destination and accordingly, the Company recognizes revenue upon delivery to the customer or pick-up by the customer’s carrier. Satisfaction of Performance Obligations The Company recognizes revenue upon the satisfaction of its performance obligations (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. The Company had no unsatisfied performance obligations or deferred revenue as of September 30, 2021. Variable Consideration Provisions for certain customer promotional programs, product returns and discounts to customers are accounted for as variable consideration and recorded as a reduction in sales, based on an estimate of future returns, and customer prompt payment discounts, redemption of coupons by consumers and trade promotional allowances paid to customers. These allowances cover extensive promotional activities, primarily comprised of cooperative advertising, slotting, coupons, periodic price reduction arrangements, and other in-store displays. The reserves for sales returns and consumer and trade promotion obligations are established based on the Company’s best estimate of the amounts necessary to settle future and existing obligations for products sold as of the balance sheet date. The Company uses trend experience and coupon redemption inputs in arriving at coupon reserve requirements and uses forecasted customer and sales organization inputs, and historical trend analysis for consumer brands in determining the reserves for other promotional activities and sales returns. The balance of reserves for sales returns and consumer and trade promotion obligations, reflected in the accompanying unaudited condensed consolidated balance sheets as a reduction to accounts receivable, was $1.8 million as of September 30, 2021 ( none December 31, 2020). Cost of Sales Cost of sales include costs related to the manufacture and packaging of the Company’s products charged by our contract manufacturer and packagers. Cost of sales also includes inbound and outbound shipping and warehousing costs, expenses related to order process, quality assurance and royalties. Sales, Marketing and Administrative Selling, marketing and administrative (“SM&A”) expenses include costs related to functions such as sales, marketing, corporate management, insurance, and legal costs. Broker commissions are incurred and expensed as SM&A costs in the underlying consolidated statements of income when the underlying sales take place. Sales and marketing expenses also include costs for advertising (excluding the costs of cooperative advertising programs, which are reflected in net sales), contract field force, consumer promotion costs (such as on-shelf advertisements and displays). Sales and marketing costs are expensed as incurred. The Company has not not September 30, 2021 December 31, 2020. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses Costs incurred in connection with research and development activities are expensed as incurred. Research and development expenses consist of direct and indirect costs associated with manufacturing and regulatory activities and include fees paid to various entities that perform research-related services for the Company. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company recognizes expense in its consolidated statements of operations for the fair value of all stock-based compensation to key employees, nonemployee directors and advisors, generally in the form of stock options. The Company uses the Black-Scholes option valuation model to estimate the fair value of stock options on the grant date. Compensation cost is amortized on a straight-line basis over the vesting period for each respective award. The Company accounts for forfeitures as they occur. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount expected to be realized. Tax benefits are initially recognized in the financial statements when it is more likely than not 50% |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Share In periods of net loss, basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. The Company’s Series A convertible preferred stock (the “Series A Preferred Stock”) and the Series B convertible preferred stock (the “Series B Preferred Stock” and, together with the Series A Preferred Stock, collectively the “Preferred Stock”) contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; in periods of net income, the calculation of basic earnings per share excludes from the numerator net income attributable to the Preferred Stock and excludes the impact of those shares from the denominator. In periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all potential dilutive common shares is anti-dilutive. For periods of net income, diluted earnings per share is computed using the more dilutive of the “two class method” or the “treasury method.” Dilutive earnings per share under the “two class method” is calculated by dividing net income available to common stockholders as adjusted for the participating impacts of the Preferred Stock, by the weighted-average number of shares outstanding plus the dilutive impact of all other potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method. Dilutive earnings per share under the “treasury method” is calculated by dividing net income available to common stockholders by the weighted- average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting primarily of common shares underlying common stock options and stock purchase warrants using the treasury stock method, and convertible preferred stock using the if-converted method. Due to net losses, none three nine September 30, 2021 2020. The following table sets forth the potential dilutive securities: September 30, 2021 September 30, 2020 Stock Options 3,498,297 2,039,047 Warrants 6,665,814 2,704,593 Convertible Preferred Stock 6,476,275 9,213,604 Total Potential Dilutive Shares 16,640,386 13,957,604 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Adopted Accounting Standards In November 2019, 2019 12 1 2 3 not 4 1 2 3 not not 4 5 December 15, 2020, 2019 12 January 1, 2021, not Unadopted Accounting Standards In August 2020, 2020 06 Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (subtopic 815 40 December 15, 2023, The Company does not not |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company’s management reviewed all material events through the date the unaudited consolidated financial statements were issued for subsequent event disclosure consideration. |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Description September 30, 2021 December 31, 2020 Raw Materials $ 99,368 $ 143,380 Work-in-Progress 90,901 - Finshed Goods 2,000,081 - Total Inventory $ 2,190,350 $ 143,380 |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Table Text Block] | September 30, 2021 September 30, 2020 Stock Options 3,498,297 2,039,047 Warrants 6,665,814 2,704,593 Convertible Preferred Stock 6,476,275 9,213,604 Total Potential Dilutive Shares 16,640,386 13,957,604 |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Description Outstanding Exercised Outstanding 9/30/21 Exercise Price 2017 Warrants 2,646,091 (188,590 ) 2,457,501 $ 7.50 2020 Warrants 5,230,910 (1,081,099 ) 4,149,811 $ 4.31 SVB Warrants 58,502 - 58,502 $ 6.41 Total Warrants 7,935,503 (1,269,689 ) 6,665,814 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, December 31, 2020 2,979,047 $ 13.96 7.2 Granted 528,000 $ 15.28 Exercised, cancelled, or forfeited (8,750 ) 81.28 Outstanding, September 30, 2021 3,498,297 $ 10.07 7.5 $ 38,970,547 Exercisable, September 30, 2021 1,492,514 $ 13.69 5.5 $ 15,048,635 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Lease costs, net of sublease income, for the three months ended September 30, 2021 consisted of the following: Operating lease cost $ 49,501 Sublease income (20,694 ) Total lease costs $ 28,807 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future undiscounted cash flows: 2021 33,474 2022 132,231 2023 113,823 2024 30,132 Total 309,660 Discount factor (30,657 ) Lease liability 279,003 Current lease liability (113,509 ) Non-current lease liability $ 165,494 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Description Balance at June 30, 2021 Established in 2021 Change in Fair Value Balance at September 30, 2021 Warrant liability $ 25,791,417 $ (276,547 ) $ 11,784,305 $ 37,229,175 Description Balance at December 31, 2020 Established in 2021 Change in Fair Value Balance at September 30, 2021 Warrant liability $ 9,691,271 $ (2,139,463 ) $ 29,747,367 $ 37,229,175 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Description Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 37,229,175 $ 37,229,175 Balance at September 30, 2021 $ - $ - $ 37,229,175 $ 37,229,175 Description Level 1 Level 2 Level 3 Total Warrant liability $ - $ - $ 9,691,271 $ 9,691,271 Balance at December 31, 2020 $ - $ - $ 9,691,271 $ 9,691,271 |
Note 2 - Liquidity (Details Tex
Note 2 - Liquidity (Details Textual) $ in Millions | Sep. 30, 2021USD ($) |
Working Capital | $ 81.2 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | 82.6 |
Media and Advertising Commitments [Member] | |
Other Commitment, Total | $ 2.4 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Aug. 09, 2017USD ($) | |
Cash, Uninsured Amount | $ 82,600,000 | $ 82,600,000 | ||||
Inventory Valuation Reserves, Ending Balance | 0 | 0 | ||||
Goodwill, Impairment Loss | 0 | $ 0 | 0 | $ 0 | ||
Finance Lease, Liability, Total | 0 | $ 0 | ||||
Number of Reporting Units | 1 | |||||
Revenue from Contract with Customer, Including Assessed Tax | 6,616,100 | 0 | $ 6,616,100 | 30,430 | ||
Contract with Customer, Liability, Total | 0 | 0 | ||||
Revenue, Remaining Performance Obligation, Amount | 0 | 0 | ||||
Reserves for Sales Returns and Consumer and Trade Promotion Obligations | 1,800,000 | 1,800,000 | $ 0 | |||
Contract with Customer, Asset, before Allowance for Credit Loss, Total | 0 | 0 | 0 | |||
Dilutive Securities, Effect on Basic Earnings Per Share, Total | 0 | 0 | 0 | 0 | ||
Grant [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | $ 0 | $ 0 | $ 30,430 | ||
VAZALORE [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 6,600,000 | |||||
Term Loan Facility [Member] | Silicon Valley Bank (SVB) [Member] | ||||||
Debt Instrument, Face Amount | $ 600,000 | $ 7,500,000 |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Inventory (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Raw Materials | $ 99,368 | $ 143,380 |
Work-in-Progress | 90,901 | 0 |
Finshed Goods | 2,000,081 | 0 |
Total Inventory | $ 2,190,350 | $ 143,380 |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Potentially Dilutive Securities (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Stock Options (in shares) | 3,498,297 | 2,039,047 |
Warrants (in shares) | 6,665,814 | 2,704,593 |
Convertible Preferred Stock (in shares) | 6,476,275 | 9,213,604 |
Total Potential Dilutive Shares (in shares) | 16,640,386 | 13,957,604 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) - Term Loan Facility [Member] - Silicon Valley Bank (SVB) [Member] - USD ($) | Aug. 09, 2017 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Feb. 09, 2021 | Dec. 31, 2020 |
Debt Instrument, Face Amount | $ 7,500,000 | $ 600,000 | |||||
Debt Instrument, Final Payment Fee, Percentage | 8.00% | ||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Current | $ 2,735 | ||||||
Interest Expense, Debt, Total | $ 0 | $ 73,477 | $ 11,177 | $ 323,976 | |||
Prime Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.25% |
Note 5 - Stockholders' Equity_2
Note 5 - Stockholders' Equity (Details Textual) - USD ($) | Aug. 06, 2021 | Mar. 16, 2021 | Mar. 05, 2021 | May 15, 2020 | Feb. 20, 2019 | Sep. 13, 2018 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Nov. 30, 2020 | Aug. 09, 2017 | Jun. 30, 2017 |
Proceeds from Issuance of Common Stock, Net Issuance Costs | $ 74,460,498 | ||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | ||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 1,269,689 | ||||||||||||||
Proceeds from Warrant Exercises | $ 4,932,268 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 528,000 | ||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 8,500,000 | $ 8,500,000 | |||||||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 10 months 24 days | ||||||||||||||
Share-based Payment Arrangement, Expense | $ 700,000 | $ 300,000 | $ 1,900,000 | 800,000 | |||||||||||
The 2018 Incentive Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 3,000,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 429,650 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 4,000,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 528,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value | $ 5,600,000 | ||||||||||||||
The 2018 Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||||||||
The 2018 Incentive Plan [Member] | Minimum [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate | 0.60% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 80.80% | ||||||||||||||
The 2018 Incentive Plan [Member] | Maximum [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount Rate | 1.10% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 86.90% | ||||||||||||||
June 2017 Warrants [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,646,091 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 7.50 | $ 7.50 | $ 7.50 | ||||||||||||
Warrants and Rights Outstanding, Term (Year) | 10 years | ||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 20,364 | 188,590 | |||||||||||||
SVB Warrants [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 58,502 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.41 | $ 6.41 | $ 6.41 | ||||||||||||
Warrants and Rights Outstanding, Term (Year) | 10 years | ||||||||||||||
November 2020 Warrants [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 5,230,910 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4.31 | $ 4.31 | $ 4.31 | ||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 871,099 | 1,081,099 | |||||||||||||
June 2017 Warrants and November 2020 Warrants [Member] | |||||||||||||||
Class of Warrant or Right, Exercised During Period, Cashless Basis (in shares) | 20,364 | 152,226 | |||||||||||||
Class of Warrant or Right, Exercised During Period, Cash Basis (in shares) | 871,099 | 1,117,463 | |||||||||||||
Proceeds from Warrant Exercises | $ 3,800,000 | $ 4,900,000 | |||||||||||||
Adjustments to Additional Paid in Capital, Warrants Exercised | $ 4,100,000 | $ 7,100,000 | |||||||||||||
Stock Issued During Period, Shares, Exercise of Warrants (in shares) | 883,746 | 1,192,421 | |||||||||||||
Conversion Of Series A Preferred Stock To Common Stock [Member] | |||||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 2.22 | $ 2.22 | $ 2.22 | ||||||||||||
Conversion of Stock, Shares Converted (in shares) | 2,358 | ||||||||||||||
Dividends Payable | $ 2,600,000 | ||||||||||||||
Adjustments to Additional Paid in Capital, Preferred Stock Beneficial Conversion Feature, Deemed Dividend | $ 2,200,000 | ||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 1,064,517 | ||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 12,642 | 12,642 | |||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 15,000 | ||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1,000 | ||||||||||||||
Proceeds from Issuance of Private Placement | $ 15,000,000 | ||||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 2.60 | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | ||||||||||||||
Preferred Stock, Liquidation Preference, Value | $ 1,000 | ||||||||||||||
Temporary Equity, Dividends, Adjustment | $ 2,600,000 | ||||||||||||||
Temporary Equity, Par Value | $ 13,700,000 | $ 13,700,000 | |||||||||||||
Dividends, Preferred Stock, Total | $ 336,855 | $ 2,419,893 | $ 983,823 | ||||||||||||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ 0 | $ 0.04 | $ 0.11 | $ 0.11 | |||||||||||
Series B Preferred Stock [Member] | |||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1,000 | ||||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 3.10 | $ 3.10 | $ 3.10 | $ 3.10 | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | ||||||||||||||
Preferred Stock, Liquidation Preference, Value | $ 1,000 | ||||||||||||||
Temporary Equity, Dividends, Adjustment | $ 5,800,000 | ||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 2,000 | 2,000 | |||||||||||||
Temporary Equity, Par Value | $ 2,300,000 | $ 2,300,000 | |||||||||||||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ 0 | $ 0.02 | $ 0.005 | $ 0.03 | |||||||||||
Payments of Stock Issuance Costs | $ 0 | $ 162,942 | $ 105,065 | $ 243,599 | |||||||||||
Conversion Of Series B Preferred Stock To Common Stock [Member] | |||||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 2.91 | $ 2.91 | $ 2.91 | ||||||||||||
Conversion of Stock, Shares Converted (in shares) | 5,636 | ||||||||||||||
Dividends Payable | $ 400,000 | ||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 1,935,483 | ||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 364 | 364 | |||||||||||||
JMP Securities, Inc [Member] | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 8,000,000 | ||||||||||||||
Distribution Agreement, Aggregate Sales Price | $ 75,000,000 | ||||||||||||||
Sale of Stock Agent Fees Percent | 3.00% | ||||||||||||||
Proceeds from Issuance of Common Stock, Net Issuance Costs | $ 7,600,000 | ||||||||||||||
Distribution Agreement, Amount Available for Sale | $ 67,000,000 | $ 67,000,000 | |||||||||||||
Public Offering [Member] | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 7,875,000 | ||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 8 | ||||||||||||||
Proceeds from Issuance of Common Stock | $ 63,000,000 | ||||||||||||||
Proceeds from Issuance of Common Stock, Net of Discounts and Issuance Costs | $ 59,000,000 | ||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,049,700 | ||||||||||||||
Proceeds from Issuance of Common Stock | $ 8,400,000 | ||||||||||||||
Proceeds from Issuance of Common Stock, Net of Discounts and Issuance Costs | $ 7,900,000 | ||||||||||||||
Sale of Stock, Option to Purchase Shares (in shares) | 1,181,250 | ||||||||||||||
Private Placement [Member] | Series B Preferred Stock [Member] | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 8,000 | ||||||||||||||
Proceeds from Issuance of Private Placement | $ 8,000,000 |
Note 5 - Stockholders' Equity -
Note 5 - Stockholders' Equity - Summary of Warrant Activities (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Aug. 09, 2017 | Jun. 30, 2017 | |
Warrants outstanding (in shares) | 6,665,814 | 6,665,814 | 7,935,503 | |||
Warrants exercised (in shares) | (1,269,689) | |||||
June 2017 Warrants [Member] | ||||||
Warrants outstanding (in shares) | 2,457,501 | 2,457,501 | 2,646,091 | |||
Warrants exercised (in shares) | (20,364) | (188,590) | ||||
Warrants exercise price (in dollars per share) | $ 7.50 | $ 7.50 | $ 7.50 | |||
November 2020 Warrants [Member] | ||||||
Warrants outstanding (in shares) | 4,149,811 | 4,149,811 | 5,230,910 | |||
Warrants exercised (in shares) | (871,099) | (1,081,099) | ||||
Warrants exercise price (in dollars per share) | $ 4.31 | $ 4.31 | $ 4.31 | |||
SVB Warrants [Member] | ||||||
Warrants outstanding (in shares) | 58,502 | 58,502 | 58,502 | |||
Warrants exercise price (in dollars per share) | $ 6.41 | $ 6.41 | $ 6.41 |
Note 5 - Stockholders' Equity_3
Note 5 - Stockholders' Equity - Stock Option Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Outstanding, number of units, balance (in shares) | 2,979,047 | |
Outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ 13.96 | |
Outstanding, weighted average remaining contractual term (Year) | 7 years 6 months | 7 years 2 months 12 days |
Granted, number of units (in shares) | 528,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 15.28 | |
Exercised, cancelled, or forfeited, number of units (in shares) | (8,750) | |
Exercised, cancelled, or forfeited, weighted average exercise price (in dollars per share) | $ 81.28 | |
Outstanding, number of units, balance (in shares) | 3,498,297 | 2,979,047 |
Outstanding, weighted average exercise price, balance (in dollars per share) | $ 10.07 | $ 13.96 |
Outstanding, aggregate intrinsic value | $ 38,970,547 | |
Exercisable, number of units (in shares) | 1,492,514 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 13.69 | |
Exercisable, weighted average remaining contractual term (Year) | 5 years 6 months | |
Exercisable, aggregate intrinsic value | $ 15,048,635 |
Note 6 - Commitments and Cont_3
Note 6 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Lease, Expense | $ 49,501 | $ 87,851 | $ 227,387 | $ 263,054 | |
Increase (Decrease) in Operating Lease Right of Use Asset | (72,040) | $ (215,518) | |||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 4 months 24 days | ||||
Media and Advertising Commitments [Member] | |||||
Other Commitment, Total | $ 2,400,000 | $ 2,400,000 | |||
Minimum [Member] | |||||
Lessee, Operating Lease, Discount Rate | 7.25% | 7.25% | |||
Maximum [Member] | |||||
Lessee, Operating Lease, Discount Rate | 9.50% | 9.50% | |||
Office Lease [Member] | |||||
Increase (Decrease) in Operating Lease Right of Use Asset | $ 100,000 | ||||
Increase (Decrease) in Operating Lease Liability | $ 100,000 | ||||
Lessee, Operating Lease, Discount Rate | 7.25% |
Note 6 - Commitments and Cont_4
Note 6 - Commitments and Contingencies - Lease Costs (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Operating lease cost | $ 49,501 |
Sublease income | (20,694) |
Total lease costs | $ 28,807 |
Note 6 - Commitments and Cont_5
Note 6 - Commitments and Contingencies - Maturity of Operating Leases (Details) | Sep. 30, 2021USD ($) |
2021 | $ 33,474 |
2022 | 132,231 |
2023 | 113,823 |
2024 | 30,132 |
Total | 309,660 |
Discount factor | (30,657) |
Lease liability | 279,003 |
Other Current Liabilities [Member] | |
Current lease liability | (113,509) |
Other Noncurrent Liabilities [Member] | |
Non-current lease liability | $ 165,494 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Asset Impairment Charges, Total | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Share Price [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 19.30 | 19.30 | ||
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 1.10 | 1.10 | ||
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Expected Term [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 5.7 | 5.7 | ||
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 89 | 89 |
Note 7 - Fair Value Measureme_4
Note 7 - Fair Value Measurements - Measured at Fair Value on a Recurring Basis (Details) - Derivative Warrant Liability [Member] - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Balance | $ 25,791,417 | $ 9,691,271 |
Established | (276,547) | (2,139,463) |
Change in fair value | 11,784,305 | 29,747,367 |
Balance | $ 37,229,175 | $ 37,229,175 |
Note 7 - Fair Value Measureme_5
Note 7 - Fair Value Measurements - Carrying Amount of Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Balance | $ 37,229,175 | $ 9,691,271 |
Derivative Warrant Liability [Member] | ||
Liability | 37,229,175 | 9,691,271 |
Fair Value, Inputs, Level 1 [Member] | ||
Balance | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Derivative Warrant Liability [Member] | ||
Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Balance | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Derivative Warrant Liability [Member] | ||
Liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Balance | 37,229,175 | 9,691,271 |
Fair Value, Inputs, Level 3 [Member] | Derivative Warrant Liability [Member] | ||
Liability | $ 37,229,175 | $ 9,691,271 |