Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 14, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Cyclo Therapeutics, Inc. | |
Entity Central Index Key | 0000922247 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 121,221,462 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 4,994,215 | $ 2,217,412 |
Accounts receivable | 35,742 | 80,044 |
Inventory, net | 384,111 | 416,531 |
Current portion of mortgage note receivable | 37,439 | 37,439 |
Prepaid insurance | 20,704 | 18,185 |
Prepaid expenses | 217,395 | |
Total current assets | 5,689,606 | 2,769,611 |
FURNITURE AND EQUIPMENT, NET | 15,634 | 18,571 |
RIGHT-TO-USE LEASE ASSET, NET | 55,268 | |
Mortgage note receivable, less current portion | 101,731 | 129,674 |
TOTAL ASSETS | 5,862,239 | 2,917,856 |
CURRENT LIABILITIES | ||
Current portion of lease liability | 14,182 | |
Accounts payable and accrued expenses | 2,322,516 | 1,925,332 |
Total current liabilities | 2,336,698 | 1,925,332 |
LONG-TERM LEASE LIABILITY | 42,294 | |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $.0001 per share, 500,000,000 shares authorized, 121,114,990 and 90,759,324 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 12,110 | 9,075 |
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized, 0 outstanding | ||
Additional paid-in capital | 25,956,355 | 18,701,211 |
Stock subscription receivable | (130,062) | |
Accumulated deficit | (22,485,218) | (17,587,700) |
Total stockholders' equity | 3,483,247 | 992,524 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 5,862,239 | $ 2,917,856 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 121,114,990 | 90,759,324 |
Common stock, shares outstanding (in shares) | 121,114,990 | 90,759,324 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
REVENUES | ||||
Product sales | $ 285,914 | $ 224,480 | $ 779,835 | $ 771,964 |
EXPENSES | ||||
Personnel | 520,666 | 294,620 | 1,241,742 | 859,963 |
Cost of products sold (exclusive of direct and indirect overhead and handling costs) | 25,971 | 13,047 | 62,830 | 90,759 |
Research and development | 941,539 | 485,715 | 3,071,113 | 1,739,289 |
Repairs and maintenance | 1,232 | 1,203 | 4,215 | 2,474 |
Professional fees | 151,749 | 132,308 | 613,000 | 663,592 |
Office and other | 233,555 | 57,227 | 583,692 | 223,076 |
Board of Director fees and costs | 37,008 | 26,549 | 101,704 | 69,565 |
Depreciation | 1,292 | 2,527 | 4,261 | 7,553 |
Freight and shipping | 1,527 | 1,036 | 3,977 | 4,561 |
Total operating expenses | 1,914,539 | 1,014,232 | 5,686,534 | 3,670,832 |
LOSS FROM OPERATIONS | (1,628,625) | (789,752) | (4,906,699) | (2,898,868) |
OTHER INCOME | ||||
Investment and other income | 3,284 | 2,451 | 9,181 | 9,394 |
LOSS BEFORE INCOME TAXES | (1,625,341) | (787,301) | (4,897,518) | (2,889,474) |
PROVISION FOR INCOME TAXES | ||||
NET LOSS | $ (1,625,341) | $ (787,301) | $ (4,897,518) | $ (2,889,474) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.05) | $ (0.04) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) | 121,086,101 | 87,239,361 | 104,286,287 | 79,697,435 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Receivables from Stockholder [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 72,999,361 | 15,500 | ||||
Balance at Dec. 31, 2017 | $ 7,299 | $ 2 | $ 14,470,984 | $ (13,332,667) | $ 1,145,618 | |
Net loss | (812,944) | (812,944) | ||||
Balance (in shares) at Mar. 31, 2018 | 72,999,361 | 15,500 | ||||
Balance at Mar. 31, 2018 | $ 7,299 | $ 2 | 14,470,984 | (14,145,611) | 332,674 | |
Balance (in shares) at Dec. 31, 2017 | 72,999,361 | 15,500 | ||||
Balance at Dec. 31, 2017 | $ 7,299 | $ 2 | 14,470,984 | (13,332,667) | 1,145,618 | |
Net loss | (2,889,474) | |||||
Balance (in shares) at Sep. 30, 2018 | 87,239,361 | |||||
Balance at Sep. 30, 2018 | $ 8,723 | 16,429,562 | (16,222,141) | 216,144 | ||
Balance (in shares) at Mar. 31, 2018 | 72,999,361 | 15,500 | ||||
Balance at Mar. 31, 2018 | $ 7,299 | $ 2 | 14,470,984 | (14,145,611) | 332,674 | |
Net loss | (1,289,229) | (1,289,229) | ||||
Sale of stock, net of issuance fees (in shares) | 20,100 | |||||
Sale of stock, net of issuance fees | $ 2 | 1,959,998 | 1,960,000 | |||
Conversion of preferred stock to common stock (in shares) | 14,240,000 | (35,600) | ||||
Conversion of preferred stock to common stock | $ 1,424 | $ (4) | (1,420) | |||
Balance (in shares) at Jun. 30, 2018 | 87,239,361 | |||||
Balance at Jun. 30, 2018 | $ 8,723 | 16,429,562 | (15,434,840) | 1,003,445 | ||
Net loss | (787,301) | (787,301) | ||||
Balance (in shares) at Sep. 30, 2018 | 87,239,361 | |||||
Balance at Sep. 30, 2018 | $ 8,723 | 16,429,562 | (16,222,141) | 216,144 | ||
Balance (in shares) at Dec. 31, 2018 | 90,759,324 | |||||
Balance at Dec. 31, 2018 | $ 9,075 | 18,701,211 | (130,062) | (17,587,700) | 992,524 | |
Net loss | (1,904,166) | (1,904,166) | ||||
Collection of subscription receivable | 130,062 | 130,062 | ||||
Balance (in shares) at Mar. 31, 2019 | 90,759,324 | |||||
Balance at Mar. 31, 2019 | $ 9,075 | 18,701,211 | (19,491,866) | (781,580) | ||
Balance (in shares) at Dec. 31, 2018 | 90,759,324 | |||||
Balance at Dec. 31, 2018 | $ 9,075 | 18,701,211 | (130,062) | (17,587,700) | 992,524 | |
Net loss | (4,897,518) | |||||
Balance (in shares) at Sep. 30, 2019 | 121,114,990 | |||||
Balance at Sep. 30, 2019 | $ 12,110 | 25,956,355 | (22,485,218) | 3,483,247 | ||
Balance (in shares) at Mar. 31, 2019 | 90,759,324 | |||||
Balance at Mar. 31, 2019 | $ 9,075 | 18,701,211 | (19,491,866) | (781,580) | ||
Net loss | (1,368,011) | (1,368,011) | ||||
Sale of stock, net of issuance fees (in shares) | 29,770,000 | |||||
Sale of stock, net of issuance fees | $ 2,977 | 6,986,623 | 6,989,600 | |||
Balance (in shares) at Jun. 30, 2019 | 120,529,324 | |||||
Balance at Jun. 30, 2019 | $ 12,052 | 25,687,834 | (20,859,877) | 4,840,009 | ||
Net loss | (1,625,341) | (1,625,341) | ||||
Issuance of shares of stock based compensation (in shares) | 585,666 | |||||
Issuance of shares of stock based compensation | $ 58 | 268,521 | 268,579 | |||
Balance (in shares) at Sep. 30, 2019 | 121,114,990 | |||||
Balance at Sep. 30, 2019 | $ 12,110 | $ 25,956,355 | $ (22,485,218) | $ 3,483,247 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (4,897,518) | $ (2,889,474) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 4,261 | 7,553 |
Accrued stock compensation to employees | 104,100 | 11,700 |
Accrued stock compensation to non-employees | 55,280 | 38,610 |
Issuance of stock-based compensation | 268,579 | |
Increase or decrease in: | ||
Accounts receivable | 44,302 | (14,410) |
Inventory | 32,420 | 34,636 |
Prepaid expenses | (217,395) | |
Other current assets | (2,519) | 16,023 |
Other | 1,208 | |
Accounts payable and accrued expenses | 237,804 | 661,582 |
Total adjustments | 528,040 | 755,694 |
NET CASH USED IN OPERATING ACTIVITIES | (4,369,478) | (2,133,780) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of equipment | (1,324) | (1,634) |
Proceeds from mortgage note receivable | 27,943 | 26,781 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 26,619 | 25,147 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Collection of stock subscription receivable | 130,062 | |
Net proceeds from sale of common and preferred stock and warrants, net of issue costs | 6,989,600 | 1,960,000 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 7,119,662 | 1,960,000 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,776,803 | (148,633) |
CASH AND CASH EQUIVALENTS, beginning of period | 2,217,412 | 1,270,973 |
CASH AND CASH EQUIVALENTS, end of period | 4,994,215 | 1,122,340 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Capitalization of right-to-use asset and lease liability | $ 56,476 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 The following is a summary of the more significant accounting policies of Cyclo Therapeutics, Inc. and subsidiaries (“we”, “our”, “us” or the “Company”) that affect the accompanying consolidated financial statements. (a) ORGANIZATION AND OPERATIONS––The Company was incorporated in August 1990 July 1992. 2000, September 2019 January 2017 September 2017. first July 2017. October 2019 We also sell cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs. However, our core business has transitioned to a biotechnology company primarily focused on the development of cyclodextrin-based biopharmaceuticals for the treatment of disease from a business which had been primarily reselling basic cyclodextrin products. (b) BASIS OF PRESENTATION––The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10 10 01 X. not Operating results for the three nine September 30, 2019 not may December 31, 2019. 10 December 31, 2018, March 15, 2019. (c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original maturity of three (d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and are stated at the amount we expect to collect from outstanding balances. Based on our assessment of the credit history with customers having outstanding balances and current relationships with them, an allowance for uncollectible accounts was not September 30, 2019 December 31, 2018. (e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol® Cyclo™, cyclodextrin products and chemical complexes purchased for resale recorded at the lower of cost ( first first not $39,700 September 30, 2019 December 31, 2018. (f) PREPAID EXPENSES––Prepaid expenses consist of our pharmaceutical drug Trappsol® Cyclo™ expected to be used in our clinical trial program recorded at cost. (g) EQUIPMENT––Equipment is recorded at cost, less accumulated depreciation. Depreciation on equipment is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three five seven ten (h) REVENUE RECOGNITION–– Effective January 1, 2018, 606 January 1, 2018 not not no Under the new revenue standards, revenues are recognized when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. We recognize revenues following the five No. 2014 09: Product revenues In the U.S. we sell our products to the end user or wholesale distributors. In other countries, we sell our products primarily to wholesale distributors and other third Revenues from product sales are recognized when the customer obtains control of our product, which occurs at a point in time, typically upon delivery to the customer. We expense incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that we would have recognized is one one Reserves for Discounts and Allowances Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with our customers, health care providers or payors, including those associated with the implementation of pricing actions in certain of the international markets in which we operate. Our process for estimating reserves established for these variable consideration components do not Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts, contractual adjustments and returns. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to our customer) or a liability (if the amount is payable to a party other than our customer). Our estimates of reserves established for variable consideration typically utilize the most likely method and reflect our historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, may not may For additional information on our revenues, please read Note 6, (i) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred. (j) INCOME TAXES––Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. In addition, tax benefits related to positions considered uncertain are recognized only when it is more likely than not 50% (k) NET LOSS PER COMMON SHARE––Basic and fully diluted net loss per common share is computed using a simple weighted average of common shares outstanding during the periods presented; outstanding warrants to purchase 63,321,294 30,440,478 three nine September 30, 2019 2018, 1,768,147 may three nine September 30, 2019 2018, (l) STOCK BASED COMPENSATION––The Company periodically awards stock to employees, directors, and consultants. An expense is recognized equal to the fair value of the stock determined using the closing trading price of the stock on the award date. (m) LIQUIDITY––For the nine September 30, 2019, 4,898,000 $4.4 September 30, 2019, $22.5 November 2020, no (n) USE OF ESTIMATES––The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could significantly differ from these estimates. (o) FAIR VALUE MEASUREMENTS AND DISCLOSURES––The Fair Value Measurements and Disclosures topic of the Accounting Standards Codification (“ASC”) requires companies to determine fair value based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. The Fair Value Measurements and Disclosures topic emphasizes that fair value is a market-based measurement, not The guidance requires that assets and liabilities carried at fair value be classified and disclosed in one ● Level 1: ● Level 2: ● Level 3: not We have no September 30, 2019 December 31, 2018. For short-term classes of our financial instruments which are not September 30, 2019 December 31, 2018, (p) ACCOUNTING STANDARDS ADOPTED–– ● Leases – In February 2016, 2016 02, “Leases (Topic 842 2016 02” twelve 842 January 1, 2019 ( first 2019 7. (q) ACCOUNTING STANDARDS TO BE ADOPTED IN FUTURE PERIODS––There are no |
Note 2 - Mortgage Note Receivab
Note 2 - Mortgage Note Receivable | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 2 On January 21, 2016, $10,000 $265,000, $3,653, 4.25%, seven March 1, 2016, February 2023. |
Note 3 - Equity Transactions
Note 3 - Equity Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 3 ) EQUITY TRANSACTIONS: The Company expensed $97,250 $159,380 three nine September 30, 2019, $87,750 450,000 September 2019 November 2019 $22,360 $50,310 three nine September 30, 2018, September 30, 2019, 585,666 $268,579 On May 31, 2019, May 30, 2019. 29,770,000 $0.25, one one $7,442,500, $0.30 66 th $452,900 1,359,000 July 12, 2019. not 270 365 120 In April 2018, $2,010,000. March 31, 2018, $74,983 As of September 30, 2019, 63,321,294 $0.25 $1.00 2025. September 30, 2019, 480,000 May 2016 $0.25 164,074 February 2017 $0.35 600 October 2017 $100 |
Note 4 - Income Taxes
Note 4 - Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 4 ) INCOME TAXES: The Company reported a net loss for the three nine September 30, 2019 2018, |
Note 5 - Sales Concentrations
Note 5 - Sales Concentrations | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 5 Sales to five 75% nine September 30, 2019. four 66% nine September 30, 2018. one |
Note 6 - Revenues
Note 6 - Revenues | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 6 The Company operates in one 10% may 606 January 1, 2018 1 Revenues by product are summarized as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Trappsol Cyclo $ 73,500 $ - $ 103,596 $ 166,596 Trappsol HPB 152,784 125,944 359,530 305,706 Trappsol research 57,620 57,798 162,572 175,200 Aquaplex - 37,486 149,690 116,081 Other 2,010 3,252 4,447 8,381 Total revenues $ 285,914 $ 224,480 $ 779,835 $ 771,964 Substantially all of our sales of Trappsol® Cyclo™ for the nine September 30, 2019 September 30, 2018 one |
Note 7 - Leases
Note 7 - Leases | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 7 ) LEASES : The Company adopted ASU 2016 02 Leases 842 2019, no December 31, 2018. not 840, Under the new guidance, right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease terms at the commencement dates. The Company uses its incremental borrowing rates as the discount rate for its leases, which is equal to the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The incremental borrowing rate for all existing leases as of the opening balance sheet date was based upon the remaining terms of the leases; the incremental borrowing rate for all new or amended leases is based upon the lease terms. The lease terms for all the Company’s leases include the contractually obligated period of the leases, plus any additional periods covered by a Company options to extend the leases that the Company is reasonably certain to exercise The Company has elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carryforward our prior lease classifications under ASC 840, Adoption of Topic 842 not The effects of the changes made to the Company’s consolidated balance sheet as of December 31, 2018 842 The Company determines if an arrangement is or contains a lease at contract inception and recognizes a right-of-use asset and a lease liability at the lease commencement date. Leases with an initial term of 12 one not 842. Certain leases provide that the lease payments may not not The Company has one Operating lease assets are recorded net of accumulated amortization of $12,754 September 30, 2019. Lease expense for lease payments are recognized on a straight-line basis over the lease term. Lease expense for the three nine September 30, 2019 $5,466 $16,842 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Organization and Operations [Policy Text Block] | (a) ORGANIZATION AND OPERATIONS––The Company was incorporated in August 1990 July 1992. 2000, September 2019 January 2017 September 2017. first July 2017. October 2019 We also sell cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs. However, our core business has transitioned to a biotechnology company primarily focused on the development of cyclodextrin-based biopharmaceuticals for the treatment of disease from a business which had been primarily reselling basic cyclodextrin products. |
Basis of Accounting, Policy [Policy Text Block] | (b) BASIS OF PRESENTATION––The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10 10 01 X. not Operating results for the three nine September 30, 2019 not may December 31, 2019. 10 December 31, 2018, March 15, 2019. |
Cash and Cash Equivalents, Policy [Policy Text Block] | (c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original maturity of three |
Receivable [Policy Text Block] | (d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and are stated at the amount we expect to collect from outstanding balances. Based on our assessment of the credit history with customers having outstanding balances and current relationships with them, an allowance for uncollectible accounts was not September 30, 2019 December 31, 2018. |
Inventory, Cash Flow Policy [Policy Text Block] | (e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol® Cyclo™, cyclodextrin products and chemical complexes purchased for resale recorded at the lower of cost ( first first not $ 39,700 September 30, 2019 December 31, 2018. |
Prepaid Expenses [Policy Text Block] | (f) PREPAID EXPENSES––Prepaid expenses consist of our pharmaceutical drug Trappsol® Cyclo™ expected to be used in our clinical trial program recorded at cost. |
Property, Plant and Equipment, Policy [Policy Text Block] | (g) EQUIPMENT––Equipment is recorded at cost, less accumulated depreciation. Depreciation on equipment is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three five seven ten |
Revenue [Policy Text Block] | (h) REVENUE RECOGNITION–– Effective January 1, 2018, 606 January 1, 2018 not not no Under the new revenue standards, revenues are recognized when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. We recognize revenues following the five No. 2014 09: Product revenues In the U.S. we sell our products to the end user or wholesale distributors. In other countries, we sell our products primarily to wholesale distributors and other third Revenues from product sales are recognized when the customer obtains control of our product, which occurs at a point in time, typically upon delivery to the customer. We expense incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that we would have recognized is one one Reserves for Discounts and Allowances Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with our customers, health care providers or payors, including those associated with the implementation of pricing actions in certain of the international markets in which we operate. Our process for estimating reserves established for these variable consideration components do not Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts, contractual adjustments and returns. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to our customer) or a liability (if the amount is payable to a party other than our customer). Our estimates of reserves established for variable consideration typically utilize the most likely method and reflect our historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, may not may For additional information on our revenues, please read Note 6, |
Research and Development Expense, Policy [Policy Text Block] | (i) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred. |
Income Tax, Policy [Policy Text Block] | (j) INCOME TAXES––Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. In addition, tax benefits related to positions considered uncertain are recognized only when it is more likely than not 50% |
Earnings Per Share, Policy [Policy Text Block] | (k) NET LOSS PER COMMON SHARE––Basic and fully diluted net loss per common share is computed using a simple weighted average of common shares outstanding during the periods presented; outstanding warrants to purchase 63,321,294 30,440,478 three nine September 30, 2019 2018, 1,768,147 may three nine September 30, 2019 2018, |
Share-based Payment Arrangement [Policy Text Block] | (l) STOCK BASED COMPENSATION––The Company periodically awards stock to employees, directors, and consultants. An expense is recognized equal to the fair value of the stock determined using the closing trading price of the stock on the award date. |
Liquidity [Policy Text Block] | (m) LIQUIDITY––For the nine September 30, 2019, 4,898,000 $4.4 September 30, 2019, $22.5 November 2020, no |
Use of Estimates, Policy [Policy Text Block] | (n) USE OF ESTIMATES––The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could significantly differ from these estimates. |
Fair Value Measurement, Policy [Policy Text Block] | (o) FAIR VALUE MEASUREMENTS AND DISCLOSURES––The Fair Value Measurements and Disclosures topic of the Accounting Standards Codification (“ASC”) requires companies to determine fair value based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. The Fair Value Measurements and Disclosures topic emphasizes that fair value is a market-based measurement, not The guidance requires that assets and liabilities carried at fair value be classified and disclosed in one ● Level 1: ● Level 2: ● Level 3: not We have no September 30, 2019 December 31, 2018. For short-term classes of our financial instruments which are not September 30, 2019 December 31, 2018, |
New Accounting Pronouncements, Policy [Policy Text Block] | (p) ACCOUNTING STANDARDS ADOPTED–– ● Leases – In February 2016, 2016 02, “Leases (Topic 842 2016 02” twelve 842 January 1, 2019 ( first 2019 7. (q) ACCOUNTING STANDARDS TO BE ADOPTED IN FUTURE PERIODS––There are no |
Note 6 - Revenues (Tables)
Note 6 - Revenues (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Trappsol Cyclo $ 73,500 $ - $ 103,596 $ 166,596 Trappsol HPB 152,784 125,944 359,530 305,706 Trappsol research 57,620 57,798 162,572 175,200 Aquaplex - 37,486 149,690 116,081 Other 2,010 3,252 4,447 8,381 Total revenues $ 285,914 $ 224,480 $ 779,835 $ 771,964 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Inventory Valuation Reserves, Ending Balance | $ 39,700 | $ 39,700 | $ 39,700 | ||||||
Net Income (Loss) Attributable to Parent, Total | (1,625,341) | $ (1,368,011) | $ (1,904,166) | $ (787,301) | $ (1,289,229) | $ (812,944) | (4,897,518) | $ (2,889,474) | |
Net Cash Provided by (Used in) Operating Activities, Total | (4,369,478) | $ (2,133,780) | |||||||
Retained Earnings (Accumulated Deficit), Ending Balance | (22,485,218) | (22,485,218) | (17,587,700) | ||||||
Fair Value, Recurring [Member] | |||||||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||||||
Assets, Fair Value Disclosure | $ 0 | $ 0 | $ 0 | ||||||
Warrants To Purchase Common Stock [Member] | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 63,321,294 | 30,440,478 | 63,321,294 | 30,440,478 | |||||
Warrants To Purchase Units [Member] | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,768,147 | 1,768,147 | 1,768,147 | 1,768,147 | |||||
Computers and Vehicles [Member] | Minimum [Member] | |||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||
Computers and Vehicles [Member] | Maximum [Member] | |||||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||||
Machinery and Furniture [Member] | Minimum [Member] | |||||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||||
Machinery and Furniture [Member] | Maximum [Member] | |||||||||
Property, Plant and Equipment, Useful Life | 10 years |
Note 2 - Mortgage Note Receiv_2
Note 2 - Mortgage Note Receivable (Details Textual) | Jan. 21, 2016USD ($) |
Proceeds from Sale of Property Held-for-sale | $ 10,000 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | 265,000 |
Mortgage Loans on Real Estate, Monthly Payment | $ 3,653 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 4.25% |
Note 3 - Equity Transactions (D
Note 3 - Equity Transactions (Details Textual) | May 31, 2019USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / sharesshares | Apr. 30, 2018USD ($) | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($) | Mar. 30, 2018USD ($) | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($) |
Share-based Payment Arrangement, Expense | $ | $ 97,250 | $ 22,360 | $ 159,380 | $ 50,310 | ||||
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture | $ | $ 87,750 | |||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 450,000 | |||||||
Stock Issued During Period, Shares, Issued for Services | 585,666 | |||||||
Stock Issued During Period, Value, Issued for Services | $ | $ 268,579 | |||||||
Proceeds from Issuance of Private Placement | $ | $ 74,983 | |||||||
Warrants Issued with Units [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.30 | |||||||
Warrants Issued to Placement Agent in Connection with Private Placement [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,359,000 | |||||||
Warrants To Purchase Common Stock [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 63,321,294 | 63,321,294 | 63,321,294 | |||||
Warrants To Purchase Common Stock [Member] | Minimum [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.25 | $ 0.25 | $ 0.25 | |||||
Warrants To Purchase Common Stock [Member] | Maximum [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | 1 | 1 | 1 | |||||
Warrants to Purchase Units Sold in May 2016 Private Placement [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.25 | $ 0.25 | $ 0.25 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 480,000 | 480,000 | 480,000 | |||||
Warrants to Purchase Units Sold in February 2017 Private Placement [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.35 | $ 0.35 | $ 0.35 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 164,074 | 164,074 | 164,074 | |||||
Warrants to Purchase Units Sold in October 2017 Private Placement [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 100 | $ 100 | $ 100 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 600 | 600 | 600 | |||||
Private Placement [Member] | ||||||||
Equity Units Issued During Period, Shares, New Issues | 29,770,000 | |||||||
Shares Issued, Price Per Share | $ / shares | $ 0.25 | |||||||
Equity Units, Number of Common Shares in Each Unit | 1 | |||||||
Equity Units, Number of Warrants in Each Unit | 1 | |||||||
Proceeds from Issuance of Private Placement | $ | $ 7,442,500 | $ 2,010,000 | ||||||
Payments of Stock Issuance Costs | $ | $ 452,900 |
Note 5 - Sales Concentrations (
Note 5 - Sales Concentrations (Details Textual) - Customer Concentration Risk [Member] | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue Benchmark [Member] | ||
Number of Major Customers | 5 | 4 |
Accounts Receivable [Member] | Five Major Customers [Member] | ||
Concentration Risk, Percentage | 75.00% | |
Accounts Receivable [Member] | Four Major Customer [Member] | ||
Concentration Risk, Percentage | 66.00% |
Note 6 - Revenues (Details Text
Note 6 - Revenues (Details Textual) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Number of Operating Segments | 1 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Major Customers | 5 | 4 |
Aquaplex [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Major Customers | 1 | 1 |
Note 6 - Revenues - Revenues by
Note 6 - Revenues - Revenues by Product (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | $ 285,914 | $ 224,480 | $ 779,835 | $ 771,964 |
Trappsol Cyclo [Member] | ||||
Revenues | 73,500 | 103,596 | 166,596 | |
Trappsol HPB [Member] | ||||
Revenues | 152,784 | 125,944 | 359,530 | 305,706 |
Trappsol Research [Member] | ||||
Revenues | 57,620 | 57,798 | 162,572 | 175,200 |
Aquaplex [Member] | ||||
Revenues | 37,486 | 149,690 | 116,081 | |
Product and Service, Other [Member] | ||||
Revenues | $ 2,010 | $ 3,252 | $ 4,447 | $ 8,381 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Operating Lease, Right-of-Use Asset, Amortization | $ 12,754 | $ 12,754 |
Operating Lease, Expense | $ 5,466 | $ 16,842 |
Office Building [Member] | ||
Number of Operating Leases | 1 |