Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 18, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000811212 | |
Entity Registrant Name | ThermoGenesis Holdings, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 333-82900 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3018487 | |
Entity Address, Address Line One | 2711 Citrus Road | |
Entity Address, City or Town | Rancho Cordova | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95742 | |
City Area Code | 916 | |
Local Phone Number | 858-5100 | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock, $.001 par value | |
Trading Symbol | THMO | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,829,877 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 3,652,000 | $ 7,280,000 |
Accounts receivable, net of allowance for doubtful accounts of $156,000 at March 31, 2022 and December 31, 2021 | 2,175,000 | 733,000 |
Inventories | 5,893,000 | 5,373,000 |
Prepaid expenses and other current assets | 1,474,000 | 1,578,000 |
Total current assets | 13,194,000 | 14,964,000 |
Inventories non-current, net | 1,197,000 | 1,709,000 |
Equipment and leasehold improvements, net | 1,224,000 | 1,261,000 |
Right-of-use operating lease assets, net | 525,000 | 571,000 |
Goodwill | 781,000 | 781,000 |
Other intangible assets, net | 1,310,000 | 1,318,000 |
Other assets | 48,000 | 48,000 |
Total assets | 18,279,000 | 20,652,000 |
Current liabilities: | ||
Accounts payable | 1,866,000 | 1,280,000 |
Accrued payroll and related expenses | 456,000 | 348,000 |
Deferred revenue – short-term | 1,159,000 | 719,000 |
Notes Payable, Related Parties, Current | 10,000,000 | |
Interest payable – related party | 153,000 | 2,231,000 |
Convertible promissory note, net | 1,000,000 | 813,000 |
Other current liabilities | 843,000 | 957,000 |
Total current liabilities | 15,477,000 | 6,348,000 |
Convertible promissory note – related party, net | 9,245,000 | |
Operating lease obligations – long-term | 338,000 | 398,000 |
Deferred revenue – long-term | 1,163,000 | 1,244,000 |
Other noncurrent liabilities | 19,000 | 20,000 |
Total liabilities | 16,997,000 | 17,255,000 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 2,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock, $0.001 par value; 350,000,000 shares authorized; 12,829,877 issued and outstanding (11,911,784 at December 31, 2021) | 13,000 | 12,000 |
Additional paid in capital | 258,614,000 | 268,447,000 |
Accumulated deficit | (256,833,000) | (264,662,000) |
Accumulated other comprehensive loss | 45,000 | 31,000 |
Total ThermoGenesis Holdings, Inc. stockholders’ equity | 1,839,000 | 3,828,000 |
Noncontrolling interests | (557,000) | (431,000) |
Total equity | 1,282,000 | 3,397,000 |
Total liabilities and equity | $ 18,279,000 | $ 20,652,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts receivable, allowance for doubtful accounts | $ 156,000 | $ 156,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
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) | 350,000,000 | 350,000,000 |
Common stock, shares issued (in shares) | 12,829,877 | 11,911,784 |
Common stock, shares outstanding (in shares) | 12,829,877 | 11,911,784 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net revenues | $ 2,663,000 | $ 1,517,000 |
Cost of revenues | 1,723,000 | 809,000 |
Gross profit | 940,000 | 708,000 |
Expenses: | ||
Selling, general and administrative | 1,693,000 | 1,992,000 |
Research and development | 456,000 | 379,000 |
Total operating expenses | 2,149,000 | 2,371,000 |
Loss from operations | (1,209,000) | (1,663,000) |
Other income (expenses): | ||
Interest expense | (823,000) | (1,519,000) |
Other income (expenses) | (4,000) | (1,000) |
Gain on extinguishment of debt | (652,000) | |
Total other expenses | (827,000) | (868,000) |
Net loss | (2,036,000) | (2,531,000) |
Loss attributable to noncontrolling interests | (126,000) | (118,000) |
Net loss attributable to common stockholders | (1,910,000) | (2,413,000) |
Net loss | (2,036,000) | (2,531,000) |
Other comprehensive loss: | ||
Foreign currency translation adjustments gain (loss) | 14,000 | 1,000 |
Comprehensive loss | (2,022,000) | (2,530,000) |
Comprehensive loss attributable to noncontrolling interests | (126,000) | (118,000) |
Comprehensive loss attributable to common stockholders | $ (1,896,000) | $ (2,412,000) |
Per share data: | ||
Basic and diluted net loss per common share (in dollars per share) | $ (0.16) | $ (0.21) |
Weighted average common shares outstanding basic and diluted (in shares) | 12,288,517 | 11,446,366 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) | At The Market Offering Agreement [Member]Common Stock [Member] | At The Market Offering Agreement [Member]Additional Paid-in Capital [Member] | At The Market Offering Agreement [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | [1] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 8,934,952 | |||||||||
Balance at Dec. 31, 2020 | $ 9,000 | $ 259,058,000 | $ (253,283,000) | $ 16,000 | $ 70,000 | $ 5,870,000 | ||||
Stock-based compensation expense | 258,000 | 258,000 | ||||||||
Issuance of common stock via at-the-market offering, net (in shares) | 2,976,832 | |||||||||
Issuance of common stock via at-the-market offering, net | $ 3,000 | 6,829,000 | 6,832,000 | |||||||
Foreign currency translation gain (loss) | 1,000 | 1,000 | ||||||||
Net loss | (2,413,000) | (118,000) | (2,531,000) | |||||||
Balance (in shares) at Mar. 31, 2021 | 11,911,784 | |||||||||
Balance at Mar. 31, 2021 | $ 12,000 | 266,145,000 | (255,696,000) | 17,000 | (48,000) | 10,430,000 | ||||
Balance (in shares) at Dec. 31, 2021 | 11,911,784 | |||||||||
Balance at Dec. 31, 2021 | $ 12,000 | 268,447,000 | (264,662,000) | 31,000 | (431,000) | 3,397,000 | ||||
Adoption of ASU 2020-06 | (10,681,000) | 9,739,000 | (942,000) | |||||||
Stock-based compensation expense | 42,000 | 42,000 | ||||||||
Issuance of common stock via at-the-market offering, net (in shares) | 918,093 | |||||||||
Issuance of common stock via at-the-market offering, net | $ 1,000 | $ 593,000 | $ 594,000 | |||||||
Related party convertible note price reset | 213,000 | 213,000 | ||||||||
Foreign currency translation gain (loss) | 14,000 | 14,000 | ||||||||
Net loss | (1,910,000) | (126,000) | (2,036,000) | |||||||
Balance (in shares) at Mar. 31, 2022 | 12,829,877 | |||||||||
Balance at Mar. 31, 2022 | $ 13,000 | $ 258,614,000 | $ (256,833,000) | $ 45,000 | $ (557,000) | $ 1,282,000 | ||||
[1] | Accumulated other comprehensive loss. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (2,036,000) | $ (2,531,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 150,000 | 166,000 |
Stock-based compensation expense | 42,000 | 258,000 |
Amortization of Debt Discount (Premium) | 213,000 | 908,000 |
Reserve for excess and slow-moving inventories | 374,000 | (4,000) |
Gain on extinguishment of debt | (652,000) | |
Net change in operating assets and liabilities: | ||
Accounts receivable | (1,442,000) | 556,000 |
Inventories | (383,000) | (718,000) |
Prepaid expenses and other assets | 103,000 | 148,000 |
Accounts payable | 599,000 | (38,000) |
Interest payable – related party | (2,078,000) | (1,532,000) |
Accrued payroll and related expenses | 107,000 | 124,000 |
Deferred revenue – short term | 441,000 | 88,000 |
Other current liabilities | (112,000) | (603,000) |
Long-term deferred revenue and other noncurrent liabilities | (137,000) | (122,000) |
Net cash used in operating activities | (4,159,000) | (3,952,000) |
Cash flows from investing activities: | ||
Capital expenditures | (65,000) | (27,000) |
Net cash used in investing activities | (65,000) | (27,000) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net of $87,000 in expenses | 594,000 | 6,832,000 |
Net cash provided by financing activities | 594,000 | 6,832,000 |
Effects of foreign currency rate changes on cash and cash equivalents | 2,000 | |
Net increase (decrease) in cash and cash equivalents | (3,628,000) | 2,853,000 |
Cash and cash equivalents at beginning of period | 7,280,000 | 7,161,000 |
Cash and cash equivalents at end of period | 3,652,000 | 10,014,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid for related party interest | 2,628,000 | 2,082,000 |
Cash paid for interest | 60,000 | $ 60,000 |
Related party convertible note price reset | $ 213,000 |
Note 1 - Description of Busines
Note 1 - Description of Business | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. The Company develops and commercializes a range of automated technologies for cell-banking, cell-processing, and cell-based therapeutics. Since the 1990’s 1986 Medical Device Products for Automated Cell Processing The Company provides the AutoXpress® and BioArchive® platforms for automated clinical bio-banking, PXP® platform for point-of-care cell-based therapies and CAR-TXpress™ platform for large scale cell manufacturing services. All product lines are reporting as a single reporting segment in the financial statements. |
Note 2 - Going Concern
Note 2 - Going Concern | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 2. At March 31, 2022, may may one The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The consolidated financial statements do not may |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 3. There have been no 2021 Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10 8 X. Operating results for the three March 31, 2022 not may December 31, 2022. 10 December 31, 2021. Principles of Consolidation The consolidated financial statements include the accounts of ThermoGenesis Holdings and its wholly-owned subsidiaries, ThermoGenesis Corp. and TotipotentRX Cell Therapy, Pvt. Ltd and ThermoGenesis Corp’s majority-owned subsidiary, CARTXpress Bio. All significant intercompany accounts and transactions have been eliminated upon consolidation. The 20% ownership interest of CARTXpress Bio that is not Recently Adopted Accounting Standards On January 1, 2022, 2020 06 Debt-Debt with Conversion and Other Options ( Subtopic 470 20 ) and Derivatives and Hedging-Contracts in Entity s Own Equity ( Subtopic 815 40 ): Accounting for Convertible Instruments and Contracts in an Entity s Own Equity, 2020 06 1 2 3 January 1, 2022 |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 4. Convertible Promissory Note and Revolving Credit Agreement In March 2017, March 6, 2022 ( December 31, 2021, March 4, 2022, one March 6, 2023. The Credit Agreement and the Convertible Promissory Note issued thereunder (as amended, the “Note”) provide that the principal and all accrued and unpaid interest under the Loan will be due and payable on the Maturity Date, with payments of interest-only due on the last day of each calendar year. The Loan bears interest at 22% per annum, simple interest. The Company has five The following summarizes the Note: Maturity Date Stated Interest Rate Conversion Price Carrying Value At March 31, 2022 3/6/2023 22 % $ 0.64 $ 10,000,000 At December 31, 2021 3/6/2022 22 % $ 1.80 $ 9,245,000 The Note includes a down round provision that lowers its conversion price if the Company sells shares of common stock at a lower price per share. In February 2022, $213,000 Before After Conversion Price $ 1.80 $ 0.64 Term (in years) 0.02 0.02 Volatility 39.53 % 39.53 % Dividend rate 0 % 0 % Risk free rate 1.97 % 1.97 % The Company amortized $213,000 three March 31, 2022 2021, March 31, 2022 2021. March 31, 2022 December 31, 2021 On March 4, 2022, one March 6, 2023. No no March 31, 2022 Boyalife Genomics On March 24, 2022, Under the terms of the agreement, the Company transferred its remaining 8.64% interest in ImmuneCyte to Boyalife Genomics and agreed to pay a running royalty of 7.5% of its annual net sales of products and services that are covered by one March 31, 2022, Z3 Also on March 24, 2022, five Z3 April 1, 2022, first six |
Note 5 - Convertible Promissory
Note 5 - Convertible Promissory Note | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. July 2019 On July 23, 2019, “July 2019 July 2019 July 2019 twenty-four July 2019 three July 31, 2022. The following summarizes the July 2019 Maturity Date Stated Interest Rate Conversion Price Carrying Value At March 31, 2022 7/31/2022 24 % $ 0.61 $ 1,000,000 At December 31, 2021 7/31/2022 24 % $ 0.91 $ 813,000 Amortization of debt discount on the July 2019 $0 three March 31, 2022 2021, July 2019 March 31, 2022 2021. |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 6. Equity Common Stock On February 3, 2022, No. 2 may No. 2 August 9, 2022 Equity Plans On January 13, 2022, 2016 may Net Loss Per Share Net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding. The calculation of the basic and diluted earnings per share is the same for all periods presented, as the effect of the potential common stock equivalents noted below is anti-dilutive due to the Company’s net loss position for all periods presented. Anti-dilutive securities consisted of the following at March 31: 2022 2021 Common stock equivalents of convertible promissory note and accrued interest 17,420,222 6,449,950 Warrants – other 653,248 653,248 Stock options 342,670 889,636 Total 18,416,140 7,992,834 |
Note 7 - Revenue
Note 7 - Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 7. The following table summarizes the revenues by product line and type: Three Months Ended March 31, 2022 Device Revenue Service Revenue Other Revenue Total Revenue AXP $ 1,711,000 $ 55,000 $ -- $ 1,766,000 BioArchive 155,000 298,000 -- 453,000 CAR-TXpress 199,000 43,000 71,000 313,000 Manual Disposables 105,000 -- -- 105,000 Other 17,000 -- 9,000 26,000 Total $ 2,187,000 $ 396,000 $ 80,000 $ 2,663,000 Three Months Ended March 31, 2021 Device Revenue Service Revenue Other Revenue Total Revenue AXP $ 225,000 $ 39,000 $ -- $ 264,000 BioArchive 208,000 542,000 -- 750,000 CAR-TXpress 255,000 28,000 71,000 354,000 Manual Disposables 129,000 -- -- 129,000 Other 7,000 -- 13,000 20,000 Total $ 824,000 $ 609,000 $ 84,000 $ 1,517,000 Contract Balances Generally, all sales are contract sales (with either an underlying contract or purchase order). The Company does not three March 31, 2022 March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021, Backlog of Remaining Customer Performance Obligations The following table represents revenue expected to be recognized in the future from the backlog of performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period: Remainder of 2022 2023 2024 2025 2026 and beyond Total Service revenue $ 1,075,000 $ 666,000 $ 184,000 $ 83,000 $ -- $ 2,008,000 Device revenue (1) 712,000 733,000 41,000 -- -- 1,486,000 Exclusivity fee 214,000 286,000 286,000 286,000 190,000 1,262,000 Other 10,000 13,000 13,000 13,000 140,000 189,000 Total $ 2,011,000 $ 1,698,000 $ 524,000 $ 382,000 $ 330,000 $ 4,945,000 ( 1 Represents the minimum purchase requirements under the distribution agreement the Company signed with its AXP distributor in China. |
Note 8 - Concentrations
Note 8 - Concentrations | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 8. The Company had certain customers whose revenue individually represented 10% 10% Accounts Receivable March 31, 2022 December 31, 2021 Customer 1 35 % -- Customer 2 16 % -- Customer 3 1 % 23 % Customer 4 9 % 23 % Three Months Ended March 31, Revenues 2022 2021 Customer 1 $ 1,271,000 48 % $ 151,000 10 % Customer 2 $ 2,000 -- $ 316,000 21 % |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 9. Subsequent Events Effective April 1, 2022, September 30, 2027. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10 8 X. Operating results for the three March 31, 2022 not may December 31, 2022. 10 December 31, 2021. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of ThermoGenesis Holdings and its wholly-owned subsidiaries, ThermoGenesis Corp. and TotipotentRX Cell Therapy, Pvt. Ltd and ThermoGenesis Corp’s majority-owned subsidiary, CARTXpress Bio. All significant intercompany accounts and transactions have been eliminated upon consolidation. The 20% ownership interest of CARTXpress Bio that is not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards On January 1, 2022, 2020 06 Debt-Debt with Conversion and Other Options ( Subtopic 470 20 ) and Derivatives and Hedging-Contracts in Entity s Own Equity ( Subtopic 815 40 ): Accounting for Convertible Instruments and Contracts in an Entity s Own Equity, 2020 06 1 2 3 January 1, 2022 |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Maturity Date Stated Interest Rate Conversion Price Carrying Value At March 31, 2022 3/6/2023 22 % $ 0.64 $ 10,000,000 At December 31, 2021 3/6/2022 22 % $ 1.80 $ 9,245,000 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Before After Conversion Price $ 1.80 $ 0.64 Term (in years) 0.02 0.02 Volatility 39.53 % 39.53 % Dividend rate 0 % 0 % Risk free rate 1.97 % 1.97 % |
Note 5 - Convertible Promisso_2
Note 5 - Convertible Promissory Note (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Convertible Debt [Table Text Block] | Maturity Date Stated Interest Rate Conversion Price Carrying Value At March 31, 2022 7/31/2022 24 % $ 0.61 $ 1,000,000 At December 31, 2021 7/31/2022 24 % $ 0.91 $ 813,000 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2022 2021 Common stock equivalents of convertible promissory note and accrued interest 17,420,222 6,449,950 Warrants – other 653,248 653,248 Stock options 342,670 889,636 Total 18,416,140 7,992,834 |
Note 7 - Revenue (Tables)
Note 7 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2022 Device Revenue Service Revenue Other Revenue Total Revenue AXP $ 1,711,000 $ 55,000 $ -- $ 1,766,000 BioArchive 155,000 298,000 -- 453,000 CAR-TXpress 199,000 43,000 71,000 313,000 Manual Disposables 105,000 -- -- 105,000 Other 17,000 -- 9,000 26,000 Total $ 2,187,000 $ 396,000 $ 80,000 $ 2,663,000 Three Months Ended March 31, 2021 Device Revenue Service Revenue Other Revenue Total Revenue AXP $ 225,000 $ 39,000 $ -- $ 264,000 BioArchive 208,000 542,000 -- 750,000 CAR-TXpress 255,000 28,000 71,000 354,000 Manual Disposables 129,000 -- -- 129,000 Other 7,000 -- 13,000 20,000 Total $ 824,000 $ 609,000 $ 84,000 $ 1,517,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Remainder of 2022 2023 2024 2025 2026 and beyond Total Service revenue $ 1,075,000 $ 666,000 $ 184,000 $ 83,000 $ -- $ 2,008,000 Device revenue (1) 712,000 733,000 41,000 -- -- 1,486,000 Exclusivity fee 214,000 286,000 286,000 286,000 190,000 1,262,000 Other 10,000 13,000 13,000 13,000 140,000 189,000 Total $ 2,011,000 $ 1,698,000 $ 524,000 $ 382,000 $ 330,000 $ 4,945,000 |
Note 8 - Concentrations (Tables
Note 8 - Concentrations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Accounts Receivable March 31, 2022 December 31, 2021 Customer 1 35 % -- Customer 2 16 % -- Customer 3 1 % 23 % Customer 4 9 % 23 % Three Months Ended March 31, Revenues 2022 2021 Customer 1 $ 1,271,000 48 % $ 151,000 10 % Customer 2 $ 2,000 -- $ 316,000 21 % |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details Textual) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents, at Carrying Value, Total | $ 3,652,000 | $ 7,280,000 |
Working Capital | $ 2,283,000 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Mar. 31, 2022 | Jan. 01, 2022 |
Cumulative Effect of Applying Accounting Standards Update on Accumulated Deficit | $ 9,739,000 | |
Reduction of Additional Paid In Capital Due to Recombination | 10,681,000 | |
Reduction of Debt Discounts of Convertible Promissory Notes | $ 942,000 | |
CAR-TXpress [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | |
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% |
Note 4 - Related Party Transa_3
Note 4 - Related Party Transactions (Details Textual) | 3 Months Ended | |||||
Mar. 31, 2022USD ($)$ / shares | Mar. 31, 2021USD ($) | Mar. 24, 2022USD ($)ft² | Mar. 04, 2022USD ($) | Dec. 31, 2021USD ($) | Mar. 31, 2017USD ($) | |
Amortization of Debt Discount (Premium) | $ 213,000 | $ 908,000 | ||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 60,000 | 60,000 | ||||
Notes Payable, Related Parties, Current | 10,000,000 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | 14,000 | 1,000 | ||||
Boyalife Asset Holding II [Member] | ||||||
Royalty Expense | 0 | |||||
Lease Agreement with Z3 Investment LLC [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | |||||
Area of Real Estate Property (Square Foot) | ft² | 35,475 | |||||
First Six Months, Rental Expense, Operating Leases | $ 46,000 | |||||
Second Six Months, Rental Expense, Operating Lease | $ 104,000 | |||||
Percent Increase, Annual Rental Expense | 4.00% | |||||
ImmuneCyte [Member] | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | $ 8.64 | |||||
Royalty, Percent of Annual Net Sales, US Patents | 7.50% | |||||
Royalty, Percent of Annual Net Sales, Other Licensed Intellectual Property | 5.00% | |||||
Boyalife Asset Holding II [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | |||||
Long-term Line of Credit, Total | $ 10,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 22.00% | |||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 0.64 | |||||
Amortization of Debt Discount (Premium) | $ 213,000 | 827,000 | ||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 550,000 | $ 550,000 | ||||
Interest Payable | $ 153,000 | $ 2,231,000 | ||||
Notes Payable, Related Parties, Current | $ 10,000,000 |
Note 4 - Related Party Transa_4
Note 4 - Related Party Transactions - Summarizes the Note (Details) - Boyalife Asset Holding II [Member] - Convertible Debt [Member] - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
State interest rate | 22.00% | 22.00% |
Conversion price (in dollars per share) | $ 0.64 | $ 1.80 |
Face value | $ 10,000,000 | $ 9,245,000 |
Note 4 - Related Party Transa_5
Note 4 - Related Party Transactions - Black-Scholes Pricing Model (Details) | Feb. 26, 2022 | Feb. 25, 2022 |
Measurement Input, Conversion Price [Member] | ||
Measurement input | 0.64 | 1.80 |
Measurement Input, Expected Term [Member] | ||
Measurement input | 0.02 | 0.02 |
Measurement Input, Price Volatility [Member] | ||
Measurement input | 0.3953 | 0.3953 |
Measurement Input, Expected Dividend Rate [Member] | ||
Measurement input | 0 | 0 |
Measurement Input, Risk Free Interest Rate [Member] | ||
Measurement input | 0.0197 | 0.0197 |
Note 5 - Convertible Promisso_3
Note 5 - Convertible Promissory Note (Details Textual) - USD ($) | Jul. 23, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Amortization of Debt Discount (Premium) | $ 213,000 | $ 908,000 | ||
Convertible Debt [Member] | The July 2019 Note [Member] | ||||
Debt Instrument, Face Amount | $ 1,000,000 | |||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 0.61 | $ 0.91 | ||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 90.00% | |||
Debt Instrument, Interest Rate, Stated Percentage | 24.00% | 24.00% | 24.00% | |
Amortization of Debt Discount (Premium) | $ 0 | 80,000 | ||
Interest Expense, Debt, Total | $ 60,000 | $ 60,000 | ||
Convertible Debt [Member] | The July 2019 Note [Member] | Maximum [Member] | ||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1.80 | |||
Convertible Debt [Member] | The July 2019 Note [Member] | Minimum [Member] | ||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 0.50 |
Note 5 - Convertible Promisso_4
Note 5 - Convertible Promissory Note - Convertible Promissory Note (Details) - Convertible Debt [Member] - The July 2019 Note [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Jul. 23, 2019 | |
Maturity Date | Jul. 31, 2022 | Jul. 31, 2022 | |
Stated Interest Rate | 24.00% | 24.00% | 24.00% |
Conversion Price (in dollars per share) | $ 0.61 | $ 0.91 | |
Carrying Value | $ 1,000,000 | $ 813,000 |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - USD ($) | Jan. 13, 2022 | Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Feb. 03, 2022 |
Proceeds from Issuance of Common Stock, Net | $ 594,000 | $ 6,832,000 | |||
The 2016 Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 392,500 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 1,200,000 | ||||
At The Market Offering Agreement [Member] | |||||
Additional Common Stock, Shares Authorized | $ 4,275,000 | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 918,093 | ||||
Proceeds from Issuance of Common Stock | $ 681,000 | ||||
Shares Issued, Average Price Per Share (in dollars per share) | $ 0.74 | ||||
Proceeds from Issuance of Common Stock, Net | $ 594,000 | ||||
Payments of Stock Issuance Costs | $ 87,000 | ||||
Minimum [Member] | At The Market Offering Agreement [Member] | |||||
Maximum Offering Price for Issuance of Common Stock | 15,280,313 | ||||
Maximum [Member] | At The Market Offering Agreement [Member] | |||||
Maximum Offering Price for Issuance of Common Stock | $ 19,555,261 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Anti-dilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Anti-dilutive securities (in shares) | 18,416,140 | 7,992,834 |
Convertible Debt Securities [Member] | ||
Anti-dilutive securities (in shares) | 17,420,222 | 6,449,950 |
Warrant, Other [Member] | ||
Anti-dilutive securities (in shares) | 653,248 | 653,248 |
Share-Based Payment Arrangement, Option [Member] | ||
Anti-dilutive securities (in shares) | 342,670 | 889,636 |
Note 7 - Revenue (Details Textu
Note 7 - Revenue (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Contract with Customer, Liability, Revenue Recognized | $ 446,000 | |
Contract with Customer, Liability, Current | 1,159,000 | $ 719,000 |
Contract with Customer, Liability, Noncurrent | $ 1,163,000 | $ 1,244,000 |
Note 7 - Revenue - Revenues (De
Note 7 - Revenue - Revenues (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 2,663,000 | $ 1,517,000 |
Device [Member] | AXP [Member] | ||
Revenues | 1,766,000 | 264,000 |
Device [Member] | BioArchive [Member] | ||
Revenues | 453,000 | 750,000 |
Device [Member] | CAR-TXpress [Member] | ||
Revenues | 313,000 | 354,000 |
Device [Member] | Manual Disposables [Member] | ||
Revenues | 105,000 | 129,000 |
Device [Member] | Other Subsegments [Member] | ||
Revenues | 26,000 | 20,000 |
Device Revenue [Member] | ||
Revenues | 2,187,000 | 824,000 |
Device Revenue [Member] | Device [Member] | AXP [Member] | ||
Revenues | 1,711,000 | 225,000 |
Device Revenue [Member] | Device [Member] | BioArchive [Member] | ||
Revenues | 155,000 | 208,000 |
Device Revenue [Member] | Device [Member] | CAR-TXpress [Member] | ||
Revenues | 199,000 | 255,000 |
Device Revenue [Member] | Device [Member] | Manual Disposables [Member] | ||
Revenues | 105,000 | 129,000 |
Device Revenue [Member] | Device [Member] | Other Subsegments [Member] | ||
Revenues | 17,000 | 7,000 |
Service [Member] | ||
Revenues | 396,000 | 609,000 |
Service [Member] | Device [Member] | AXP [Member] | ||
Revenues | 55,000 | 39,000 |
Service [Member] | Device [Member] | BioArchive [Member] | ||
Revenues | 298,000 | 542,000 |
Service [Member] | Device [Member] | CAR-TXpress [Member] | ||
Revenues | 43,000 | 28,000 |
Other [Member] | ||
Revenues | 80,000 | 84,000 |
Other [Member] | Device [Member] | CAR-TXpress [Member] | ||
Revenues | 71,000 | 71,000 |
Other [Member] | Device [Member] | Other Subsegments [Member] | ||
Revenues | $ 9,000 | $ 13,000 |
Note 7 - Revenue - Remaining Pe
Note 7 - Revenue - Remaining Performance Obligations (Details) | Mar. 31, 2022USD ($) | |
Revenue, Remaining Performance Obligation, Amount | $ 4,945,000 | |
Service [Member] | ||
Revenue, Remaining Performance Obligation, Amount | 2,008,000 | |
Device Revenue [Member] | ||
Revenue, Remaining Performance Obligation, Amount | 1,486,000 | [1] |
Exclusivity Fee [Member] | ||
Revenue, Remaining Performance Obligation, Amount | 1,262,000 | |
Product and Service, Other [Member] | ||
Revenue, Remaining Performance Obligation, Amount | $ 189,000 | |
[1] | Represents the minimum purchase requirements under the distribution agreement the Company signed with its AXP distributor in China. |
Note 7 - Revenue - Remaining _2
Note 7 - Revenue - Remaining Performance Obligations 2 (Details) | Mar. 31, 2022USD ($) | |
Revenue, Remaining Performance Obligation, Amount | $ 4,945,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 2,011,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 9 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 1,698,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 524,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 382,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 330,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
Service [Member] | ||
Revenue, Remaining Performance Obligation, Amount | $ 2,008,000 | |
Service [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 1,075,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 9 months | |
Service [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 666,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
Service [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 184,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
Service [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 83,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
Device Revenue [Member] | ||
Revenue, Remaining Performance Obligation, Amount | $ 1,486,000 | [1] |
Device Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 712,000 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 9 months | [1] |
Device Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 733,000 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | [1] |
Device Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 41,000 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | [1] |
Exclusivity Fee [Member] | ||
Revenue, Remaining Performance Obligation, Amount | $ 1,262,000 | |
Exclusivity Fee [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 214,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 9 months | |
Exclusivity Fee [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 286,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
Exclusivity Fee [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 286,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
Exclusivity Fee [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 286,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
Exclusivity Fee [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 190,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
Product and Service, Other [Member] | ||
Revenue, Remaining Performance Obligation, Amount | $ 189,000 | |
Product and Service, Other [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 10,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 9 months | |
Product and Service, Other [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 13,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
Product and Service, Other [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 13,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
Product and Service, Other [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 13,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
Product and Service, Other [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 140,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year | |
[1] | Represents the minimum purchase requirements under the distribution agreement the Company signed with its AXP distributor in China. |
Note 8 - Concentrations - Accou
Note 8 - Concentrations - Accounts Receivables and Revenues (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenues | $ 2,663,000 | $ 1,517,000 | |
Customer 1 [Member] | |||
Revenues | 1,271,000 | 151,000 | |
Customer 2 [Member] | |||
Revenues | $ 2,000 | $ 316,000 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer 1 [Member] | |||
Accounts receivable, percent | 35.00% | ||
Accounts receivable, percent | 35.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer 2 [Member] | |||
Accounts receivable, percent | 16.00% | ||
Accounts receivable, percent | 16.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer 3 [Member] | |||
Accounts receivable, percent | 1.00% | 23.00% | |
Accounts receivable, percent | 1.00% | 23.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer 4 [Member] | |||
Accounts receivable, percent | 9.00% | 23.00% | |
Accounts receivable, percent | 9.00% | 23.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer 1 [Member] | |||
Accounts receivable, percent | 48.00% | 10.00% | |
Accounts receivable, percent | 48.00% | 10.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer 2 [Member] | |||
Accounts receivable, percent | 21.00% | ||
Accounts receivable, percent | 21.00% |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) | Apr. 01, 2022ft² |
Subsequent Event [Member] | Laboratory, Office, and Manufacturing Facility in Rancho Cordova, California [Member] | |
Area of Real Estate Property (Square Foot) | 35,745 |