Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2020 | |
Document Information [Line Items] | |
Entity Registrant Name | Cyclo Therapeutics, Inc. |
Entity Central Index Key | 0000922247 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | true |
Document Type | S-1/A |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | true |
Amendment Description | Amendment No. 1 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 2,237,624 | $ 2,783,719 |
Accounts receivable | 85,504 | 143,429 |
Inventory, net | 421,324 | 242,630 |
Current portion of mortgage note receivable | 39,061 | 39,061 |
Prepaid insurance and services | 84,082 | 137,069 |
Prepaid clinical expenses | 1,104,445 | 612,161 |
Total current assets | 3,972,040 | 3,958,069 |
FURNITURE AND EQUIPMENT, NET | 57,320 | 13,546 |
RIGHT-TO-USE LEASE ASSET, NET | 38,348 | 51,017 |
MORTGAGE NOTE RECEIVABLE, LESS CURRENT PORTION | 64,728 | 90,596 |
TOTAL ASSETS | 4,132,436 | 4,113,228 |
CURRENT LIABILITIES | ||
Current portion of lease liability | 14,378 | 16,385 |
Current portion of long-term debt | 87,421 | |
Accounts payable and accrued expenses | 4,458,191 | 3,124,735 |
Total current liabilities | 4,559,990 | 3,141,120 |
LONG-TERM LIABILITIES | ||
Long-term lease liability, less current portion | 25,876 | 36,126 |
Long-term debt, less current portion | 71,103 | |
Total long-term liabilities | 96,979 | 36,126 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common stock, par value $.0001 per share, 500,000,000 shares authorized, 169,876,130 and 121,564,990 shares issued and outstanding, at September 30, 2020 and December 31, 2019 | 16,987 | 12,155 |
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized | ||
Additional paid-in capital | 30,840,706 | 26,044,060 |
Accumulated deficit | (31,382,226) | (25,120,233) |
Total stockholders' equity (deficit) | (524,533) | 935,982 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 4,132,436 | $ 4,113,228 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 23, 2018 | May 22, 2018 | Dec. 31, 2004 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 100,000,000 | |
Common stock, shares issued (in shares) | 169,876,130 | 121,564,990 | 90,759,324 | |||
Common stock, shares outstanding (in shares) | 169,876,130 | 121,564,990 | 90,759,324 | |||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
REVENUES | ||||
Product sales | $ 222,462 | $ 285,914 | $ 757,790 | $ 779,835 |
EXPENSES | ||||
Personnel | 424,823 | 520,666 | 1,328,156 | 1,241,742 |
Cost of products sold (exclusive of direct and indirect overhead and handling costs) | 11,578 | 25,971 | 50,958 | 62,830 |
Research and development | 1,086,753 | 941,539 | 4,859,794 | 3,071,113 |
Repairs and maintenance | 1,408 | 1,232 | 4,521 | 4,215 |
Professional fees | 72,319 | 151,749 | 435,282 | 613,000 |
Office and other | 48,202 | 233,555 | 306,387 | 583,692 |
Board of Directors fees and costs | 9,718 | 37,008 | 38,434 | 101,704 |
Depreciation | 3,117 | 1,292 | 9,353 | 4,261 |
Freight and shipping | 543 | 1,527 | 3,575 | 3,977 |
Bad debt expense | 1,272 | |||
Total operating expenses | 1,658,461 | 1,914,539 | 7,037,732 | 5,686,534 |
LOSS FROM OPERATIONS | (1,435,999) | (1,628,625) | (6,279,942) | (4,906,699) |
OTHER INCOME | ||||
Investment and other income | 390 | 3,284 | 17,949 | 9,181 |
LOSS BEFORE INCOME TAXES | (1,435,609) | (1,625,341) | (6,261,993) | (4,897,518) |
PROVISION FOR INCOME TAXES | ||||
NET LOSS | $ (1,435,609) | $ (1,625,341) | $ (6,261,993) | $ (4,897,518) |
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.04) | $ (0.05) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) | 151,945,741 | 121,086,101 | 144,310,921 | 104,286,287 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common 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 | ||||
Balance at Dec. 31, 2017 | $ 7,299 | $ 14,470,984 | $ (13,332,667) | $ 1,145,618 | |
Net loss | (4,255,033) | (4,255,033) | |||
Sale of common stock, net of issuance fees (in shares) | 3,519,963 | ||||
Sale of common stock, net of issuance fees | $ 352 | 2,271,649 | (130,062) | $ 2,141,939 | |
Issuance of shares of stock based compensation (in shares) | 0 | ||||
Issuance of shares of stock based compensation | 1,959,998 | $ 1,960,000 | |||
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 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 | (7,532,533) | (7,532,533) | |||
Sale of common stock, net of issuance fees (in shares) | 29,770,000 | ||||
Sale of common stock, net of issuance fees | $ 2,977 | 6,986,623 | 6,989,600 | ||
Collection of subscription receivable | 130,062 | 130,062 | |||
Issuance of shares of stock based compensation (in shares) | 1,035,666 | ||||
Issuance of shares of stock based compensation | $ 103 | 356,226 | 356,329 | ||
Balance (in shares) at Dec. 31, 2019 | 121,564,990 | ||||
Balance at Dec. 31, 2019 | $ 12,155 | 26,044,060 | (25,120,233) | 935,982 | |
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 common stock, net of issuance fees (in shares) | 29,770,000 | ||||
Sale of common 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 | |
Balance (in shares) at Dec. 31, 2019 | 121,564,990 | ||||
Balance at Dec. 31, 2019 | $ 12,155 | 26,044,060 | (25,120,233) | 935,982 | |
Net loss | (2,633,992) | (2,633,992) | |||
Balance (in shares) at Mar. 31, 2020 | 121,564,990 | ||||
Balance at Mar. 31, 2020 | $ 12,155 | 26,044,060 | (27,754,225) | (1,698,010) | |
Balance (in shares) at Dec. 31, 2019 | 121,564,990 | ||||
Balance at Dec. 31, 2019 | $ 12,155 | 26,044,060 | (25,120,233) | 935,982 | |
Net loss | (6,261,993) | ||||
Balance (in shares) at Sep. 30, 2020 | 169,876,130 | ||||
Balance at Sep. 30, 2020 | $ 16,987 | 30,840,706 | (31,382,226) | (524,533) | |
Balance (in shares) at Mar. 31, 2020 | 121,564,990 | ||||
Balance at Mar. 31, 2020 | $ 12,155 | 26,044,060 | (27,754,225) | (1,698,010) | |
Net loss | (2,192,392) | (2,192,392) | |||
Sale of common stock, net of issuance fees (in shares) | 20,000,000 | ||||
Sale of common stock, net of issuance fees | $ 2,000 | 1,968,363 | 1,970,363 | ||
Balance (in shares) at Jun. 30, 2020 | 141,564,990 | ||||
Balance at Jun. 30, 2020 | $ 14,155 | 28,012,423 | (29,946,617) | (1,920,039) | |
Net loss | (1,435,609) | (1,435,609) | |||
Sale of common stock, net of issuance fees (in shares) | 28,311,140 | ||||
Sale of common stock, net of issuance fees | $ 2,832 | 2,828,283 | 2,831,115 | ||
Balance (in shares) at Sep. 30, 2020 | 169,876,130 | ||||
Balance at Sep. 30, 2020 | $ 16,987 | $ 30,840,706 | $ (31,382,226) | $ (524,533) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | $ (6,261,993) | $ (4,897,518) | $ (7,532,533) | $ (4,255,033) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation | 9,353 | 4,261 | 5,681 | 10,124 |
Accrued stock compensation to employees | 6,630 | 104,100 | 19,340 | 19,400 |
Accrued stock compensation to nonemployees | 12,750 | 55,280 | 61,030 | 64,020 |
Increase or decrease in: | ||||
Accounts receivable | 57,925 | 44,302 | (63,385) | (23,184) |
Inventory | (178,694) | 32,420 | 160,636 | 42,540 |
Prepaid clinical expenses | (492,284) | (217,395) | (612,161) | |
Prepaid insurance and services | 52,987 | (2,519) | (118,884) | 42,661 |
Other | 412 | 1,208 | 2,162 | |
Accounts payable and accrued expenses | 1,314,076 | 506,383 | 1,119,033 | 898,882 |
Total adjustments | 783,155 | 528,040 | 943,046 | 1,066,593 |
NET CASH USED IN OPERATING ACTIVITIES | (5,478,838) | (4,369,478) | (6,589,487) | (3,188,440) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchases of furniture and equipment | (53,127) | (1,324) | (1,324) | (2,959) |
Proceeds from mortgage note receivable | 25,868 | 27,943 | 37,456 | 35,899 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | (27,259) | 26,619 | 36,132 | 32,940 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from PPP loan | 158,524 | |||
Collection of stock subscription receivable | 130,062 | 130,062 | ||
Proceeds from sale of common stock, preferred stock and warrants, net of issuance costs | 4,801,478 | 6,989,600 | 6,989,600 | 4,101,939 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 4,960,002 | 7,119,662 | 7,119,662 | 4,101,939 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (546,095) | 2,776,803 | ||
CASH AND CASH EQUIVALENTS, beginning of period | 2,783,719 | 2,217,412 | 2,217,412 | |
CASH AND CASH EQUIVALENTS, end of period | 2,237,624 | 4,994,215 | 2,783,719 | 2,217,412 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||
Cash paid for interest | 224 | |||
Cash paid for income taxes | ||||
NONCASH INVESTING AND FINANCING ACTIVITIES | ||||
Capitalization of right-to-use asset and lease liability | $ 56,476 | $ 68,022 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 2,783,719 | $ 2,217,412 |
Accounts receivable | 143,429 | 80,044 |
Inventory, net | 242,630 | 416,531 |
Current portion of mortgage note receivable | 39,061 | 37,439 |
Prepaid insurance and services | 137,069 | 18,185 |
Prepaid clinical expenses | 612,161 | |
Total current assets | 3,958,069 | 2,769,611 |
FURNITURE AND EQUIPMENT, NET | 13,546 | 18,571 |
RIGHT-TO-USE LEASE ASSET, NET | 51,017 | |
MORTGAGE NOTE RECEIVABLE, LESS CURRENT PORTION | 90,596 | 129,674 |
TOTAL ASSETS | 4,113,228 | 2,917,856 |
CURRENT LIABILITIES | ||
Current portion of lease liability | 16,385 | |
Accounts payable and accrued expenses | 3,124,735 | 1,925,332 |
Total current liabilities | 3,141,120 | 1,925,332 |
Long-term lease liability, less current portion | 36,126 | |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common stock, par value $.0001 per share, 500,000,000 shares authorized, 169,876,130 and 121,564,990 shares issued and outstanding, at September 30, 2020 and December 31, 2019 | 12,155 | 9,075 |
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized | ||
Additional paid-in capital | 26,044,060 | 18,701,211 |
Stock subscription receivable | (130,062) | |
Accumulated deficit | (25,120,233) | (17,587,700) |
Total stockholders' equity (deficit) | 935,982 | 992,524 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 4,113,228 | $ 2,917,856 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 23, 2018 | May 22, 2018 | Dec. 31, 2004 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 100,000,000 | |
Common stock, shares issued (in shares) | 169,876,130 | 121,564,990 | 90,759,324 | |||
Common stock, shares outstanding (in shares) | 169,876,130 | 121,564,990 | 90,759,324 | |||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 |
Consolidated Statements of Op_2
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES | ||||||||||
Product sales | $ 222,462 | $ 285,914 | $ 757,790 | $ 779,835 | $ 1,007,198 | $ 1,011,477 | ||||
EXPENSES | ||||||||||
Personnel | 424,823 | 520,666 | 1,328,156 | 1,241,742 | 1,906,438 | 1,171,941 | ||||
Cost of products sold (exclusive of direct and indirect overhead and handling costs) | 11,578 | 25,971 | 50,958 | 62,830 | 75,493 | 105,026 | ||||
Research and development | 1,086,753 | 941,539 | 4,859,794 | 3,071,113 | 4,869,160 | 2,711,275 | ||||
Repairs and maintenance | 1,408 | 1,232 | 4,521 | 4,215 | 8,295 | 3,821 | ||||
Professional fees | 72,319 | 151,749 | 435,282 | 613,000 | 571,937 | 808,770 | ||||
Office and other | 48,202 | 233,555 | 306,387 | 583,692 | 845,624 | 354,102 | ||||
Board of Directors fees and costs | 9,718 | 37,008 | 38,434 | 101,704 | 109,473 | 95,431 | ||||
Depreciation | 3,117 | 1,292 | 9,353 | 4,261 | 5,681 | 10,124 | ||||
Freight and shipping | 543 | 1,527 | 3,575 | 3,977 | 5,885 | 5,643 | ||||
Inventory valuation allowance | 13,265 | 12,150 | ||||||||
Total operating expenses | 1,658,461 | 1,914,539 | 7,037,732 | 5,686,534 | 8,551,758 | 5,278,283 | ||||
LOSS FROM OPERATIONS | (1,435,999) | (1,628,625) | (6,279,942) | (4,906,699) | (7,544,560) | (4,266,806) | ||||
OTHER INCOME | ||||||||||
Investment and other income | 390 | 3,284 | 17,949 | 9,181 | 12,027 | 11,773 | ||||
LOSS BEFORE INCOME TAXES | (1,435,609) | (1,625,341) | (6,261,993) | (4,897,518) | (7,532,533) | (4,255,033) | ||||
PROVISION FOR INCOME TAXES | 0 | 0 | ||||||||
NET LOSS | $ (1,435,609) | $ (2,192,392) | $ (2,633,992) | $ (1,625,341) | $ (1,368,011) | $ (1,904,166) | $ (6,261,993) | $ (4,897,518) | $ (7,532,533) | $ (4,255,033) |
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.04) | $ (0.05) | $ (0.07) | $ (0.05) | ||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) | 151,945,741 | 121,086,101 | 144,310,921 | 104,286,287 | 108,191,753 | 81,756,839 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity - 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 | |
Issuance of shares of stock based compensation (in shares) | 20,100 | 0 | ||||
Issuance of shares of stock based compensation | $ 2 | 1,959,998 | $ 1,960,000 | |||
Conversion of preferred stock units to common stock (in shares) | 14,240,000 | (35,600) | ||||
Conversion of preferred stock units to common stock | $ 1,424 | $ (4) | (1,420) | |||
Sale of common stock, net of issuance fees (in shares) | 3,519,963 | |||||
Sale of common stock, net of issuance fees | $ 352 | 2,271,649 | (130,062) | 2,141,939 | ||
Net loss | (4,255,033) | $ (4,255,033) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 20,100 | 0 | ||||
Stock-based compensation | $ 2 | 1,959,998 | $ 1,960,000 | |||
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 Dec. 31, 2018 | 90,759,324 | |||||
Balance at Dec. 31, 2018 | $ 9,075 | 18,701,211 | (130,062) | (17,587,700) | 992,524 | |
Issuance of shares of stock based compensation (in shares) | 1,035,666 | |||||
Issuance of shares of stock based compensation | $ 103 | 356,226 | 356,329 | |||
Sale of common stock, net of issuance fees (in shares) | 29,770,000 | |||||
Sale of common stock, net of issuance fees | $ 2,977 | 6,986,623 | 6,989,600 | |||
Net loss | (7,532,533) | (7,532,533) | ||||
Collection of subscription receivable | 130,062 | 130,062 | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 1,035,666 | |||||
Stock-based compensation | $ 103 | 356,226 | 356,329 | |||
Balance (in shares) at Dec. 31, 2019 | 121,564,990 | |||||
Balance at Dec. 31, 2019 | $ 12,155 | 26,044,060 | (25,120,233) | 935,982 | ||
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) | ||
Sale of common stock, net of issuance fees (in shares) | 29,770,000 | |||||
Sale of common stock, net of issuance fees | $ 2,977 | 6,986,623 | 6,989,600 | |||
Net loss | (1,368,011) | (1,368,011) | ||||
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 | ||
Issuance of shares of stock based compensation (in shares) | 585,666 | |||||
Issuance of shares of stock based compensation | $ 58 | 268,521 | 268,579 | |||
Net loss | (1,625,341) | (1,625,341) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 585,666 | |||||
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 | ||
Balance (in shares) at Dec. 31, 2019 | 121,564,990 | |||||
Balance at Dec. 31, 2019 | $ 12,155 | 26,044,060 | (25,120,233) | 935,982 | ||
Net loss | (2,633,992) | (2,633,992) | ||||
Balance (in shares) at Mar. 31, 2020 | 121,564,990 | |||||
Balance at Mar. 31, 2020 | $ 12,155 | 26,044,060 | (27,754,225) | (1,698,010) | ||
Balance (in shares) at Dec. 31, 2019 | 121,564,990 | |||||
Balance at Dec. 31, 2019 | $ 12,155 | 26,044,060 | (25,120,233) | 935,982 | ||
Net loss | (6,261,993) | |||||
Balance (in shares) at Sep. 30, 2020 | 169,876,130 | |||||
Balance at Sep. 30, 2020 | $ 16,987 | 30,840,706 | (31,382,226) | (524,533) | ||
Balance (in shares) at Mar. 31, 2020 | 121,564,990 | |||||
Balance at Mar. 31, 2020 | $ 12,155 | 26,044,060 | (27,754,225) | (1,698,010) | ||
Sale of common stock, net of issuance fees (in shares) | 20,000,000 | |||||
Sale of common stock, net of issuance fees | $ 2,000 | 1,968,363 | 1,970,363 | |||
Net loss | (2,192,392) | (2,192,392) | ||||
Balance (in shares) at Jun. 30, 2020 | 141,564,990 | |||||
Balance at Jun. 30, 2020 | $ 14,155 | 28,012,423 | (29,946,617) | (1,920,039) | ||
Sale of common stock, net of issuance fees (in shares) | 28,311,140 | |||||
Sale of common stock, net of issuance fees | $ 2,832 | 2,828,283 | 2,831,115 | |||
Net loss | (1,435,609) | (1,435,609) | ||||
Balance (in shares) at Sep. 30, 2020 | 169,876,130 | |||||
Balance at Sep. 30, 2020 | $ 16,987 | $ 30,840,706 | $ (31,382,226) | $ (524,533) |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (7,532,533) | $ (4,255,033) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 5,681 | 10,124 |
Accrued stock compensation to employees | 19,340 | 19,400 |
Accrued stock compensation to nonemployees | 61,030 | 64,020 |
Issuance of stock-based compensation | 356,329 | |
Inventory valuation allowance | 13,265 | 12,150 |
Increase or decrease in: | ||
Accounts receivable | (63,385) | (23,184) |
Inventory | 160,636 | 42,540 |
Prepaid clinical expenses | (612,161) | |
Prepaid insurance and services | (118,884) | 42,661 |
Other | 2,162 | |
Accounts payable and accrued expenses | 1,119,033 | 898,882 |
Total adjustments | 943,046 | 1,066,593 |
NET CASH USED IN OPERATING ACTIVITIES | (6,589,487) | (3,188,440) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of furniture and equipment | (1,324) | (2,959) |
Proceeds from mortgage note receivable | 37,456 | 35,899 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 36,132 | 32,940 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Collection of stock subscription receivable | 130,062 | |
Proceeds from sale of common stock, preferred stock and warrants, net of issuance costs | 6,989,600 | 4,101,939 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 7,119,662 | 4,101,939 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 566,307 | 946,439 |
CASH AND CASH EQUIVALENTS, beginning of year | 2,217,412 | 1,270,973 |
CASH AND CASH EQUIVALENTS, end of year | 2,783,719 | 2,217,412 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Capitalization of right-to-use asset and lease liability | 68,022 | |
Common stock issued in exchange for a subscription receivable | 130,062 | |
Conversion of preferred stock into common stock | $ 1,424 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 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 . (a) ORGANIZATION AND OPERATIONS––The Company was incorporated in August 1990 July 1992. 2000, September 2019 November 2020 10. January 2017 September 2017. October 2019, May 2020 We also filed Clinical Trial Applications with several European regulatory bodies, including those in the United Kingdom, Sweden and Italy, and in Israel, all of which have approved our applications. The first July 2017, February 2020, 12 May 2020 1500 2000 2500 February 2020 ® October 2020, may In addition, we are exploring the use of cyclodextrins in the treatment of Alzheimer's disease, and in 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 consolidated financial statements include the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The interim consolidated financial statements of the Company included in this Quarterly Report on Form 10 not 10 December 31, 2019. 10 not (c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original purchased maturity of three (d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Customer account balances with invoices dated over 90 not The carrying amount of accounts receivable are reduced by an allowance for credit losses that reflects management's best estimate of the amounts that will not 90 not not September 30, 2020 December 31, 2019. (e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol ® first first not $52,922 September 30, 2020 December 31, 2019, (f) PREPAID CLINICAL EXPENSES––Prepaid clinical expenses consist of our pharmaceutical drug Trappsol® Cyclo™ expected to be used in our clinical trial program recorded at cost. (g) MORTGAGE NOTE RECEIVABLE––The mortgage note receivable is stated at amortized value, which is the amount we expect to collect. (h) FURNITURE AND EQUIPMENT––Furniture and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three five seven ten may not (i) REVENUE RECOGNITION––Under the revenue standards of ASC 606, five No. 2014 09: Product Revenues In the U.S. and selected countries we sell our products to the end user or wholesale distributors. In other countries, we also sell our products 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 carrier. 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 2, (j) SHIPPING AND HANDLING FEES––Shipping and handling fees, if billed to customers, are included in product sales. Shipping and handling costs associated with inbound and outbound freight are expensed as incurred and included in freight and shipping expense. (k) ADVERTISING––Advertising costs are charged to operations when incurred. We incur minimal advertising expenses. (l) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred. (m) 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% (n) 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, as outstanding warrants to purchase 93,622,864 three nine September 30, 2020 2019. (o) STOCK BASED COMPENSATION–– The Company periodically awards stock to employees, directors, and consultants. In the case of employees 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. With respect to directors, the Company accrues stock compensation expense on a quarterly basis based on the Company's historical director compensation policies, and each quarter recognizes such expense based on the trading price of the common stock during such quarter. This expense is then trued up at the time the shares are issued to directors based on the trading price at the time of issuance. (p) 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, 2020 December 31, 2019. For short-term classes of our financial instruments, which include cash, accounts receivable and accounts payable, and which are not September 30, 2020 December 31, 2019, (q) LIQUIDITY AND GOING CONCERN––For the nine September 30, 2020 December 31, 2019, $6,262,000 $7,533,000, $31,382,000 September 30, 2020. ® ® For the nine September 30, 2020, $5,479,000 two September 30, 2020, $2,238,000 $588,000. The Company has incurred losses from operations in each of the last six may Our consolidated financial statements for the three nine September 30, 2020 December 31, 2019 not On September 29, 2020, 1 no may not may (r) 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, including regarding contingencies, that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company's most significant estimate relates to inventory obsolescence. 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. (s) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS––In June 2016, 2016 13, 326 December 15, 2022, not In December 2019, 2019 12, Simplifying the Accounting for Income Taxes. 2019 12 2019 12 December 15, 2020. not (t) UNCERTAINTY––The recent outbreak of the COVID- 19 19 may may not 19 19 not 19, 19 9. | ( 1 The following is a summary of the more significant accounting policies of Cyclo Therapeutics, Inc . (a) ORGANIZATION AND OPERATIONS––The Company was incorporated in August 1990 July 1992. 2000, September 2019 ® ® January 2017 ® September 2017. October 2019, second 2020. first July 2017, February 2020, 12 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 consolidated financial statements include the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. (c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original purchased maturity of three (d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Customer account balances with invoices dated over 90 not The carrying amount of accounts receivable are reduced by an allowance for credit losses that reflects management's best estimate of the amounts that will not 90 not not December 31, 2019 2018. (e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol ® first first not $52,900 $39,700 December 31, 2019 2018, (f) PREPAID CLINICAL EXPENSES––Prepaid clinical expenses consist of our pharmaceutical drug Trappsol ® (g) MORTGAGE NOTE RECEIVABLE––The mortgage note receivable is stated at amortized value, which is the amount we expect to collect. (h) FURNITURE AND EQUIPMENT––Furniture and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three five seven ten may not (i) 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 2, (j) SHIPPING AND HANDLING FEES––Shipping and handling fees, if billed to customers, are included in product sales. Shipping and handling costs associated with inbound and outbound freight are expensed as incurred and included in freight and shipping expense. (k) ADVERTISING––Advertising costs are charged to operations when incurred. We incur minimal advertising expenses. (l) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred. (m) 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% The Tax Cut and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. 35% 21%. 80% January 1, 2018. (n) 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, as convertible preferred stock and outstanding warrants to purchase 63,321,294 32,192,294 2019 2018, (o) 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. (p) 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 December 31, 2019 2018. For short-term classes of our financial instruments, which include cash, accounts receivable and accounts payable, and which are not December 31, 2019 2018, (q) LIQUIDITY AND GOING CONCERN––For the years ended December 31, 2019 2018, $7,533,000 $4,255,000, $25,120,000 December 31, 2019. ® ® For year ended December 31, 2019, $6,589,000 $7,120,000 December 31, 2019, $2,784,000 $817,000. The Company has incurred losses from operations in each of the last six may Our consolidated financial statements for the years ended December 31, 2019 2018 five not (r) 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. The Company's most significant estimate relates to inventory obsolescence. 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. (s) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS––In February 2016, 2016 02, 842 12 December 15, 2018, 842 January 1, 2019. 7. In December 2019, 2019 12, Simplifying the Accounting for Income Taxes. 2019 12 2019 12 December 15, 2020. not |
Note 2 - Revenues
Note 2 - Revenues | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Revenue from Contract with Customer [Text Block] | ( 2 ) REVENUES: The Company operates in one The Company considers there to be revenue concentration risks for regions where net product revenues exceed 10% may Revenues by product are summarized as follows: Three Months Ended September 30, Nine Months Ended 2020 2019 2020 20 19 Trappsol ® $ - $ 73,500 $ 30,096 $ 103,596 Trappsol ® 92,384 152,784 458,934 359,530 Trappsol ® 127,963 57,620 261,300 162,572 Aquaplex ® - - 928 149,690 Other 2,115 2,010 6,532 4,447 Total revenues $ 222,462 $ 285,914 $ 757,790 $ 779,835 Substantially all of our sales of Trappsol ® nine September 30, 2020 December 31, 2019 ® nine September 30, 2020 December 31, 2019 three | ( 2 The Company operates in one 10% may 606 January 1, 2018 1 Revenues by product are summarized as follows: Year Ended December 31, 2019 2018 Trappsol ® $ 103,596 $ 166,596 Trappsol ® 481,379 484,101 Trappsol ® 265,947 233,910 Aquaplex ® 149,878 116,806 Other 6,398 10,064 Total revenues $ 1,007,198 $ 1,011,477 Substantially all of our sales of Trappsol ® December 31, 2019 2018 ® one |
Note 3 - Major Customers and Su
Note 3 - Major Customers and Suppliers | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Major Customers and Suppliers Disclosure [Text Block] | ( 3 ) MAJOR CUSTOMERS AND SUPPLIERS: Our revenues are derived primarily from chemical supply and pharmaceutical companies located primarily in the United States. For the nine September 30, 2020 three 66% nine September 30, 2019, five 75% Substantially all inventory purchases were from three 2020 2019. We have three ® ® For the nine September 30, 2020, 4% 96% nine September 30, 2019 6% 63% 30% | ( 3 Our revenues are derived primarily from chemical supply and pharmaceutical companies located primarily in the United States. In 2019, four 70% 95% December 31, 2019. 2018, four 57% 31% December 31, 2018. Substantially all inventory purchases were from three 2019 2018. We have three ® ® For the year ended December 31, 2019, 10% 75% 15% December 31, 2018, 17% 71% 12% |
Note 4 - Mortgage Note Receivab
Note 4 - Mortgage Note Receivable | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 4 ) MORTGAGE NOTE RECEIVABLE On January 21, 2016, $10,000 $265,000, $3,653, 4.25%, seven March 1, 2016, February 2023. | ( 4 On January 21, 2016, $10,000 $265,000, $3,653, 4.25%, seven March 1, 2016, February 2023. Year Ending December 31, Principal 2020 $ 39,061 2021 40,754 2022 42,520 2023 7,322 $ 129,657 |
Note 5 - Equity Transactions
Note 5 - Equity Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Stockholders' Equity Note Disclosure [Text Block] | ( 5 ) EQUITY TRANSACTIONS: The Company expensed $5,320 $19,380 three nine September 30, 2020. $97,250 $159,380 three nine September 30, 2019. not On May 31, 2019, 29,770,000 $0.25, one one $7,442,500, $452,900 $6,989,600. $0.30 66 th $452,900 1,359,000 July 12, 2019. not 270 365 120 Pursuant to terms of the Placement Agency Agreement between the Company and ThinkEquity, a division of Fordham Financial Management, Inc. (“ThinkEquity”), entered into in connection with Company's May 2019 “May $29,637, 8% first May 222,282 6% $0.11 110% On April 24, 2020, 20 $0.10 $2,000,000. On August 27, 2020, 28,311,140 $0.10 $2,831,114. one seven one $0.15 As of September 30, 2020, 91,854,716 $0.11 $1.00 2027. seven September 30, 2020 480,000 May 2016 $0.25 164,074 February 2017 $0.35 600 October 2017 $100 | ( 8 The Company expensed $168,120 $83,420 2019 2018, not 2019, 450,000 $87,750, 241,666 $109,908. 344,000 2019 $158,670 172,000 2018 172,000 2017. 2018, not In April 2014, one 6% seven 6% 100% 2017, one June 2019. In April 2018, 20,100 $100 $2,010,000. one 400 seven 400 $0.25 March 31, 2018, $74,983 $50,000. On May 23, 2018, 100,000,000 500,000,000 no 400 14,240,000. In December 2018, 3,519,963 $0.65 $2,342,034, $130,063 January 2019 one seven one $0.65 On May 31, 2019, 29,770,000 $0.25, one one $7,442,500, $452,900 $6,989,600. $0.30 66 th $452,900 1,359,000 July 12, 2019. not 270 365 120 The following table presents the number of Common Stock warrants outstanding: Warrants outstanding, December 31, 2017 20,632,331 Issued 11,559,963 Exercised - Expired - Warrants outstanding, December 31, 2018 32,192,294 Issued 31,129,000 Exercised - Expired - Warrants outstanding, December 31, 2019 63,321,294 The following table presents the number of Common Stock warrants outstanding, their exercise price, and expiration dates at December 31, 2019: Warrants Issued Exercise Price Expiration Date 240,000 $ 0.25 April 2021 103,500 $ 1.00 July 2021 156,000 $ 0.50 July 2022 78,000 $ 0.50 August 2022 8,100,000 $ 0.25 June 2023 5,754,831 $ 0.35 February 2024 6,200,000 $ 0.25 October 2024 31,129,000 $ 0.30 November 2024 8,040,000 $ 0.25 April 2025 3,519,963 $ 0.65 December 2025 63,321,294 In addition, there are seven December 31, 2019 480,000 May 2016 $0.25 164,074 February 2017 $0.35 600 October 2017 $100 |
Note 6 - Income Taxes
Note 6 - Income Taxes | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Income Tax Disclosure [Text Block] | ( 6 ) INCOME TAXES: The Company reported a net loss for the three nine September 30, 2020 2019, | ( 10 If all of our net operating loss carryforwards and temporary deductible differences were used, we would realize a net deferred tax asset of approximately $8,881,000 740, not December 31, 2019, not not 100% Positive evidence we evaluated in the order of significance and weighting in our evaluation includes the amount of net operating loss carryforward utilized against current income tax liabilities in four ten We have available at December 31, 2019, $18,335,000 may If not Year Ending December 31, Amount 2020 $ 174,000 2021 71,000 2024 66,000 2028 7,000 2030 160,000 2031 73,000 2032 48,000 2034 727,000 2035 1,969,000 2036 2,867,000 2037 2,481,000 Indefinite 9,692,000 Total $ 18,335,000 A change in ownership pursuant to Section 382 2014. 382 December 31, 2019, 382 not The Company has expenses that qualify for the Orphan Drug Credit. The Orphan Drug Credit may may 20 not 20 $4,292,000 December 31, 2019. For 2019, not $2,645,000 2018 2019, 2019. For 2018, not $1,575,000 2017 2018, 2018. Significant components of our deferred Federal income taxes were as follows: 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 4,496,000 $ 3,017,000 Tax credits 4,292,000 3,085,000 Impairment allowances 13,000 10,000 Stock-based compensation 20,000 64,000 Other 62,000 62,000 Less valuation allowance (8,881,000 ) (6,235,000 ) Deferred tax asset, net of valuation 2,000 3,000 Deferred tax liabilities: Property and equipment (2,000 ) (3,000 ) Deferred tax liabilities (2,000 ) (3,000 ) Net tax assets $ - $ - On December 22, 2017, 1 34% 21%, January 1, 2018. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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 Company's net tax asset as of December 31, 2018 34% 21% 34% January 1, 2018. $768,000. January 1, 2019, 5.5% 4.458%. $102,000. The differences between the effective income tax rate reflected in the benefit (provision) for income taxes and the amounts, which would be determined by applying federal statutory income tax rate of 21% December 31, 2019 2018, 2019 2018 Tax benefit (expense) at Federal statutory rate $ 1,582,000 $ 894,000 Effect of State taxes 265,000 185,000 Effect of tax rate change (102,000 ) - Tax credits 1,217,000 676,000 Nondeductible expenses (317,000 ) (180,000 ) Valuation allowance – deferred tax assets (2,645,000 ) (1,575,000 ) Total tax benefit (provision) $ - $ - The Company files income tax returns in the U.S. Federal jurisdiction, and in the State of Florida. The Company is no 2016. The Company has reviewed and evaluated the relevant technical merits of each of its tax positions in accordance with accounting principles generally accepted in the United States of America for accounting for uncertainty in income taxes, and determined that there are no |
Note 7 - Equity Incentive Plan
Note 7 - Equity Incentive Plan | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Equity Incentive Plan Disclosure [Text Block] | ( 7 ) EQUITY INCENTIVE PLAN: On August 29, 2019, 2019 6,843,750 may 1986, may not ten September 30, 2020, 450,000 6,393,750 | ( 12 On August 29, 2019, 2019 6,843,750 may 1986, may not ten December 31, 2019, 450,000 6,393,750 |
Note 8 - Leases
Note 8 - Leases | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Lessee, Operating Leases [Text Block] | ( 8 ) LEASES : The Company adopted ASU 2016 02 Leases 842 January 1, 2019, not 840, Under the new guidance, right-to-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 Company determines if an arrangement is or contains a lease at contract inception and recognizes a right-to-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 $29,759 September 30, 2020. nine September 30, 2020 2019 $12,754 $16,842. | ( 7 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 $17,006 December 31, 2019. December 31, 2019 2018 $17,006 $22,249, The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of December 31, 2019: Year ending December 31, Amounts 2020 $ 19,170 2021 19,170 2022 19,170 2023 1,598 2024 - Total $ 59,108 |
Note 9 - Note Payable
Note 9 - Note Payable | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 9 ) NOTE PAYABLE : On May 4, 2020, $158,524 May 4, 2022 1% December 4, 2020. may Year Ending December 31, Amount 2020 $ 7,994 2021 106,035 2022 44,495 Total $ 158,524 |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 10 ) SUBSEQUENT EVENTS : The Company has evaluated subsequent events through the date these financial statements were issued and filed with the Securities and Exchange Commission, and has determined that except as set forth below, there were no On October 22, 2020, The Company effected the Reincorporation pursuant to the Agreement and Plan of Merger on November 6, 2020 As a result of the Reincorporation, the rights of the Company's shareholders previously governed by the Florida Business Corporation Act and the Company's Articles of Incorporation and Bylaws in effect prior to the Reincorporation, are now governed by Chapter 78 The Reincorporation resulted in a change in the state of the Company's incorporation from Florida to Nevada but did not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 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 . (a) ORGANIZATION AND OPERATIONS––The Company was incorporated in August 1990 July 1992. 2000, September 2019 November 2020 10. January 2017 September 2017. October 2019, May 2020 We also filed Clinical Trial Applications with several European regulatory bodies, including those in the United Kingdom, Sweden and Italy, and in Israel, all of which have approved our applications. The first July 2017, February 2020, 12 May 2020 1500 2000 2500 February 2020 ® October 2020, may In addition, we are exploring the use of cyclodextrins in the treatment of Alzheimer's disease, and in 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 consolidated financial statements include the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The interim consolidated financial statements of the Company included in this Quarterly Report on Form 10 not 10 December 31, 2019. 10 not (c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original purchased maturity of three (d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Customer account balances with invoices dated over 90 not The carrying amount of accounts receivable are reduced by an allowance for credit losses that reflects management's best estimate of the amounts that will not 90 not not September 30, 2020 December 31, 2019. (e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol ® first first not $52,922 September 30, 2020 December 31, 2019, (f) PREPAID CLINICAL EXPENSES––Prepaid clinical expenses consist of our pharmaceutical drug Trappsol® Cyclo™ expected to be used in our clinical trial program recorded at cost. (g) MORTGAGE NOTE RECEIVABLE––The mortgage note receivable is stated at amortized value, which is the amount we expect to collect. (h) FURNITURE AND EQUIPMENT––Furniture and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three five seven ten may not (i) REVENUE RECOGNITION––Under the revenue standards of ASC 606, five No. 2014 09: Product Revenues In the U.S. and selected countries we sell our products to the end user or wholesale distributors. In other countries, we also sell our products 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 carrier. 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 2, (j) SHIPPING AND HANDLING FEES––Shipping and handling fees, if billed to customers, are included in product sales. Shipping and handling costs associated with inbound and outbound freight are expensed as incurred and included in freight and shipping expense. (k) ADVERTISING––Advertising costs are charged to operations when incurred. We incur minimal advertising expenses. (l) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred. (m) 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% (n) 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, as outstanding warrants to purchase 93,622,864 three nine September 30, 2020 2019. (o) STOCK BASED COMPENSATION–– The Company periodically awards stock to employees, directors, and consultants. In the case of employees 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. With respect to directors, the Company accrues stock compensation expense on a quarterly basis based on the Company's historical director compensation policies, and each quarter recognizes such expense based on the trading price of the common stock during such quarter. This expense is then trued up at the time the shares are issued to directors based on the trading price at the time of issuance. (p) 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, 2020 December 31, 2019. For short-term classes of our financial instruments, which include cash, accounts receivable and accounts payable, and which are not September 30, 2020 December 31, 2019, (q) LIQUIDITY AND GOING CONCERN––For the nine September 30, 2020 December 31, 2019, $6,262,000 $7,533,000, $31,382,000 September 30, 2020. ® ® For the nine September 30, 2020, $5,479,000 two September 30, 2020, $2,238,000 $588,000. The Company has incurred losses from operations in each of the last six may Our consolidated financial statements for the three nine September 30, 2020 December 31, 2019 not On September 29, 2020, 1 no may not may (r) 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, including regarding contingencies, that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company's most significant estimate relates to inventory obsolescence. 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. (s) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS––In June 2016, 2016 13, 326 December 15, 2022, not In December 2019, 2019 12, Simplifying the Accounting for Income Taxes. 2019 12 2019 12 December 15, 2020. not (t) UNCERTAINTY––The recent outbreak of the COVID- 19 19 may may not 19 19 not 19, 19 9. | ( 1 The following is a summary of the more significant accounting policies of Cyclo Therapeutics, Inc . (a) ORGANIZATION AND OPERATIONS––The Company was incorporated in August 1990 July 1992. 2000, September 2019 ® ® January 2017 ® September 2017. October 2019, second 2020. first July 2017, February 2020, 12 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 consolidated financial statements include the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. (c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original purchased maturity of three (d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Customer account balances with invoices dated over 90 not The carrying amount of accounts receivable are reduced by an allowance for credit losses that reflects management's best estimate of the amounts that will not 90 not not December 31, 2019 2018. (e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol ® first first not $52,900 $39,700 December 31, 2019 2018, (f) PREPAID CLINICAL EXPENSES––Prepaid clinical expenses consist of our pharmaceutical drug Trappsol ® (g) MORTGAGE NOTE RECEIVABLE––The mortgage note receivable is stated at amortized value, which is the amount we expect to collect. (h) FURNITURE AND EQUIPMENT––Furniture and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three five seven ten may not (i) 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 2, (j) SHIPPING AND HANDLING FEES––Shipping and handling fees, if billed to customers, are included in product sales. Shipping and handling costs associated with inbound and outbound freight are expensed as incurred and included in freight and shipping expense. (k) ADVERTISING––Advertising costs are charged to operations when incurred. We incur minimal advertising expenses. (l) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred. (m) 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% The Tax Cut and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. 35% 21%. 80% January 1, 2018. (n) 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, as convertible preferred stock and outstanding warrants to purchase 63,321,294 32,192,294 2019 2018, (o) 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. (p) 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 December 31, 2019 2018. For short-term classes of our financial instruments, which include cash, accounts receivable and accounts payable, and which are not December 31, 2019 2018, (q) LIQUIDITY AND GOING CONCERN––For the years ended December 31, 2019 2018, $7,533,000 $4,255,000, $25,120,000 December 31, 2019. ® ® For year ended December 31, 2019, $6,589,000 $7,120,000 December 31, 2019, $2,784,000 $817,000. The Company has incurred losses from operations in each of the last six may Our consolidated financial statements for the years ended December 31, 2019 2018 five not (r) 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. The Company's most significant estimate relates to inventory obsolescence. 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. (s) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS––In February 2016, 2016 02, 842 12 December 15, 2018, 842 January 1, 2019. 7. In December 2019, 2019 12, Simplifying the Accounting for Income Taxes. 2019 12 2019 12 December 15, 2020. not |
Note 2 - Revenues 10K
Note 2 - Revenues 10K | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Revenue from Contract with Customer [Text Block] | ( 2 ) REVENUES: The Company operates in one The Company considers there to be revenue concentration risks for regions where net product revenues exceed 10% may Revenues by product are summarized as follows: Three Months Ended September 30, Nine Months Ended 2020 2019 2020 20 19 Trappsol ® $ - $ 73,500 $ 30,096 $ 103,596 Trappsol ® 92,384 152,784 458,934 359,530 Trappsol ® 127,963 57,620 261,300 162,572 Aquaplex ® - - 928 149,690 Other 2,115 2,010 6,532 4,447 Total revenues $ 222,462 $ 285,914 $ 757,790 $ 779,835 Substantially all of our sales of Trappsol ® nine September 30, 2020 December 31, 2019 ® nine September 30, 2020 December 31, 2019 three | ( 2 The Company operates in one 10% may 606 January 1, 2018 1 Revenues by product are summarized as follows: Year Ended December 31, 2019 2018 Trappsol ® $ 103,596 $ 166,596 Trappsol ® 481,379 484,101 Trappsol ® 265,947 233,910 Aquaplex ® 149,878 116,806 Other 6,398 10,064 Total revenues $ 1,007,198 $ 1,011,477 Substantially all of our sales of Trappsol ® December 31, 2019 2018 ® one |
Note 3 - Major Customers and _2
Note 3 - Major Customers and Suppliers | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Major Customers and Suppliers Disclosure [Text Block] | ( 3 ) MAJOR CUSTOMERS AND SUPPLIERS: Our revenues are derived primarily from chemical supply and pharmaceutical companies located primarily in the United States. For the nine September 30, 2020 three 66% nine September 30, 2019, five 75% Substantially all inventory purchases were from three 2020 2019. We have three ® ® For the nine September 30, 2020, 4% 96% nine September 30, 2019 6% 63% 30% | ( 3 Our revenues are derived primarily from chemical supply and pharmaceutical companies located primarily in the United States. In 2019, four 70% 95% December 31, 2019. 2018, four 57% 31% December 31, 2018. Substantially all inventory purchases were from three 2019 2018. We have three ® ® For the year ended December 31, 2019, 10% 75% 15% December 31, 2018, 17% 71% 12% |
Note 4 - Mortgage Note Receiv_2
Note 4 - Mortgage Note Receivable | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 4 ) MORTGAGE NOTE RECEIVABLE On January 21, 2016, $10,000 $265,000, $3,653, 4.25%, seven March 1, 2016, February 2023. | ( 4 On January 21, 2016, $10,000 $265,000, $3,653, 4.25%, seven March 1, 2016, February 2023. Year Ending December 31, Principal 2020 $ 39,061 2021 40,754 2022 42,520 2023 7,322 $ 129,657 |
Note 5 - Concentrations of Cred
Note 5 - Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 5 Significant concentrations of credit risk for all financial instruments owned by the Company are as follows: DEMAND DEPOSITS––We maintain bank accounts in Federal credit unions and other financial institutions, which are insured up to the Federal Deposit Insurance Corporation limits. The bank accounts may not |
Note 6 - Furniture and Equipmen
Note 6 - Furniture and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 6 Furniture and equipment consists of the following as of December 31: 2019 2018 Machinery and equipment $ 16,524 $ 16,089 Office furniture 49,490 52,820 66,014 68,909 Less: accumulated depreciation 52,468 50,338 Furniture and equipment, net $ 13,546 $ 18,571 |
Note 7 - Leases
Note 7 - Leases | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Lessee, Operating Leases [Text Block] | ( 8 ) LEASES : The Company adopted ASU 2016 02 Leases 842 January 1, 2019, not 840, Under the new guidance, right-to-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 Company determines if an arrangement is or contains a lease at contract inception and recognizes a right-to-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 $29,759 September 30, 2020. nine September 30, 2020 2019 $12,754 $16,842. | ( 7 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 $17,006 December 31, 2019. December 31, 2019 2018 $17,006 $22,249, The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of December 31, 2019: Year ending December 31, Amounts 2020 $ 19,170 2021 19,170 2022 19,170 2023 1,598 2024 - Total $ 59,108 |
Note 8 - Equity Transactions
Note 8 - Equity Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Stockholders' Equity Note Disclosure [Text Block] | ( 5 ) EQUITY TRANSACTIONS: The Company expensed $5,320 $19,380 three nine September 30, 2020. $97,250 $159,380 three nine September 30, 2019. not On May 31, 2019, 29,770,000 $0.25, one one $7,442,500, $452,900 $6,989,600. $0.30 66 th $452,900 1,359,000 July 12, 2019. not 270 365 120 Pursuant to terms of the Placement Agency Agreement between the Company and ThinkEquity, a division of Fordham Financial Management, Inc. (“ThinkEquity”), entered into in connection with Company's May 2019 “May $29,637, 8% first May 222,282 6% $0.11 110% On April 24, 2020, 20 $0.10 $2,000,000. On August 27, 2020, 28,311,140 $0.10 $2,831,114. one seven one $0.15 As of September 30, 2020, 91,854,716 $0.11 $1.00 2027. seven September 30, 2020 480,000 May 2016 $0.25 164,074 February 2017 $0.35 600 October 2017 $100 | ( 8 The Company expensed $168,120 $83,420 2019 2018, not 2019, 450,000 $87,750, 241,666 $109,908. 344,000 2019 $158,670 172,000 2018 172,000 2017. 2018, not In April 2014, one 6% seven 6% 100% 2017, one June 2019. In April 2018, 20,100 $100 $2,010,000. one 400 seven 400 $0.25 March 31, 2018, $74,983 $50,000. On May 23, 2018, 100,000,000 500,000,000 no 400 14,240,000. In December 2018, 3,519,963 $0.65 $2,342,034, $130,063 January 2019 one seven one $0.65 On May 31, 2019, 29,770,000 $0.25, one one $7,442,500, $452,900 $6,989,600. $0.30 66 th $452,900 1,359,000 July 12, 2019. not 270 365 120 The following table presents the number of Common Stock warrants outstanding: Warrants outstanding, December 31, 2017 20,632,331 Issued 11,559,963 Exercised - Expired - Warrants outstanding, December 31, 2018 32,192,294 Issued 31,129,000 Exercised - Expired - Warrants outstanding, December 31, 2019 63,321,294 The following table presents the number of Common Stock warrants outstanding, their exercise price, and expiration dates at December 31, 2019: Warrants Issued Exercise Price Expiration Date 240,000 $ 0.25 April 2021 103,500 $ 1.00 July 2021 156,000 $ 0.50 July 2022 78,000 $ 0.50 August 2022 8,100,000 $ 0.25 June 2023 5,754,831 $ 0.35 February 2024 6,200,000 $ 0.25 October 2024 31,129,000 $ 0.30 November 2024 8,040,000 $ 0.25 April 2025 3,519,963 $ 0.65 December 2025 63,321,294 In addition, there are seven December 31, 2019 480,000 May 2016 $0.25 164,074 February 2017 $0.35 600 October 2017 $100 |
Note 9 - Preferred Stock
Note 9 - Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | ( 9 The Company's Articles of Incorporation provide for 5,000,000 December 31, 2019 2018, no In October 2017, 50,000 35,600 7 400 $100 not 2018. 7, |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Income Tax Disclosure [Text Block] | ( 6 ) INCOME TAXES: The Company reported a net loss for the three nine September 30, 2020 2019, | ( 10 If all of our net operating loss carryforwards and temporary deductible differences were used, we would realize a net deferred tax asset of approximately $8,881,000 740, not December 31, 2019, not not 100% Positive evidence we evaluated in the order of significance and weighting in our evaluation includes the amount of net operating loss carryforward utilized against current income tax liabilities in four ten We have available at December 31, 2019, $18,335,000 may If not Year Ending December 31, Amount 2020 $ 174,000 2021 71,000 2024 66,000 2028 7,000 2030 160,000 2031 73,000 2032 48,000 2034 727,000 2035 1,969,000 2036 2,867,000 2037 2,481,000 Indefinite 9,692,000 Total $ 18,335,000 A change in ownership pursuant to Section 382 2014. 382 December 31, 2019, 382 not The Company has expenses that qualify for the Orphan Drug Credit. The Orphan Drug Credit may may 20 not 20 $4,292,000 December 31, 2019. For 2019, not $2,645,000 2018 2019, 2019. For 2018, not $1,575,000 2017 2018, 2018. Significant components of our deferred Federal income taxes were as follows: 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 4,496,000 $ 3,017,000 Tax credits 4,292,000 3,085,000 Impairment allowances 13,000 10,000 Stock-based compensation 20,000 64,000 Other 62,000 62,000 Less valuation allowance (8,881,000 ) (6,235,000 ) Deferred tax asset, net of valuation 2,000 3,000 Deferred tax liabilities: Property and equipment (2,000 ) (3,000 ) Deferred tax liabilities (2,000 ) (3,000 ) Net tax assets $ - $ - On December 22, 2017, 1 34% 21%, January 1, 2018. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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 Company's net tax asset as of December 31, 2018 34% 21% 34% January 1, 2018. $768,000. January 1, 2019, 5.5% 4.458%. $102,000. The differences between the effective income tax rate reflected in the benefit (provision) for income taxes and the amounts, which would be determined by applying federal statutory income tax rate of 21% December 31, 2019 2018, 2019 2018 Tax benefit (expense) at Federal statutory rate $ 1,582,000 $ 894,000 Effect of State taxes 265,000 185,000 Effect of tax rate change (102,000 ) - Tax credits 1,217,000 676,000 Nondeductible expenses (317,000 ) (180,000 ) Valuation allowance – deferred tax assets (2,645,000 ) (1,575,000 ) Total tax benefit (provision) $ - $ - The Company files income tax returns in the U.S. Federal jurisdiction, and in the State of Florida. The Company is no 2016. The Company has reviewed and evaluated the relevant technical merits of each of its tax positions in accordance with accounting principles generally accepted in the United States of America for accounting for uncertainty in income taxes, and determined that there are no |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 11 The Company maintains a 401 may may 2019 2018, not 4% 401 $29,410 $24,765 2019 2018, |
Note 12 - Equity Incentive Plan
Note 12 - Equity Incentive Plan | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Equity Incentive Plan Disclosure [Text Block] | ( 7 ) EQUITY INCENTIVE PLAN: On August 29, 2019, 2019 6,843,750 may 1986, may not ten September 30, 2020, 450,000 6,393,750 | ( 12 On August 29, 2019, 2019 6,843,750 may 1986, may not ten December 31, 2019, 450,000 6,393,750 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 13 From time to time, the Company is a party to claims and legal proceedings arising in the ordinary course of business. Our management evaluates our exposure to these claims and proceedings individually and in the aggregate and records an expense for potential losses on such litigation if it is possible to estimate the amount of loss and if the amount of the loss is probable. On November 26, 2018, two 2,500 $1,600 two |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 14 As discussed in Note 7 June 2019. Since October 2016, $5,000 one In June 2019, $125,000. 50,000 September 2019. During 2017, $5,000 January May 2019, $5,800 June 2019, $69,600. 25,000 September 2019. Kevin J. Strattan, the son of C.E. Rick Strattan, has been employed by us since 2008, 2014 $100,000 $107,200 October 2018. $10,000 $12,500 2018 2019, 50,000 September 2019. Corey E. Strattan, the daughter-in-law of C.E. Rick Strattan, has been employed by us since 2011 $72,000 2018, $78,000 2019. $5,000 2018. 25,000 September 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 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 November 2020 10. January 2017 September 2017. October 2019, May 2020 We also filed Clinical Trial Applications with several European regulatory bodies, including those in the United Kingdom, Sweden and Italy, and in Israel, all of which have approved our applications. The first July 2017, February 2020, 12 May 2020 1500 2000 2500 February 2020 ® October 2020, may In addition, we are exploring the use of cyclodextrins in the treatment of Alzheimer's disease, and in 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. | (a) ORGANIZATION AND OPERATIONS––The Company was incorporated in August 1990 July 1992. 2000, September 2019 ® ® January 2017 ® September 2017. October 2019, second 2020. first July 2017, February 2020, 12 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 consolidated financial statements include the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The interim consolidated financial statements of the Company included in this Quarterly Report on Form 10 not 10 December 31, 2019. 10 not | (b) BASIS OF PRESENTATION––The consolidated financial statements include the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
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 purchased maturity of three | (c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original purchased maturity of three |
Receivable [Policy Text Block] | (d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Customer account balances with invoices dated over 90 not The carrying amount of accounts receivable are reduced by an allowance for credit losses that reflects management's best estimate of the amounts that will not 90 not not September 30, 2020 December 31, 2019. | (d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Customer account balances with invoices dated over 90 not The carrying amount of accounts receivable are reduced by an allowance for credit losses that reflects management's best estimate of the amounts that will not 90 not not December 31, 2019 2018. |
Inventory, Cash Flow Policy [Policy Text Block] | (e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol ® first first not $52,922 September 30, 2020 December 31, 2019, | (e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol ® first first not $52,900 $39,700 December 31, 2019 2018, |
Prepaid Expenses [Policy Text Block] | (f) PREPAID CLINICAL EXPENSES––Prepaid clinical expenses consist of our pharmaceutical drug Trappsol® Cyclo™ expected to be used in our clinical trial program recorded at cost. | (f) PREPAID CLINICAL EXPENSES––Prepaid clinical expenses consist of our pharmaceutical drug Trappsol ® |
Mortgage Banking Activity [Policy Text Block] | (g) MORTGAGE NOTE RECEIVABLE––The mortgage note receivable is stated at amortized value, which is the amount we expect to collect. | (g) MORTGAGE NOTE RECEIVABLE––The mortgage note receivable is stated at amortized value, which is the amount we expect to collect. |
Property, Plant and Equipment, Policy [Policy Text Block] | (h) FURNITURE AND EQUIPMENT––Furniture and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three five seven ten may not | (h) FURNITURE AND EQUIPMENT––Furniture and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three five seven ten may not |
Revenue [Policy Text Block] | (i) REVENUE RECOGNITION––Under the revenue standards of ASC 606, five No. 2014 09: Product Revenues In the U.S. and selected countries we sell our products to the end user or wholesale distributors. In other countries, we also sell our products 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 carrier. 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 2, | (i) 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 2, |
Revenue from Contract with Customer, Shipping and Handling Fees, Policy [Policy Text Block] | (j) SHIPPING AND HANDLING FEES––Shipping and handling fees, if billed to customers, are included in product sales. Shipping and handling costs associated with inbound and outbound freight are expensed as incurred and included in freight and shipping expense. | (j) SHIPPING AND HANDLING FEES––Shipping and handling fees, if billed to customers, are included in product sales. Shipping and handling costs associated with inbound and outbound freight are expensed as incurred and included in freight and shipping expense. |
Advertising Cost [Policy Text Block] | (k) ADVERTISING––Advertising costs are charged to operations when incurred. We incur minimal advertising expenses. | (k) ADVERTISING––Advertising costs are charged to operations when incurred. We incur minimal advertising expenses. |
Research and Development Expense, Policy [Policy Text Block] | (l) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred. | (l) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred. |
Income Tax, Policy [Policy Text Block] | (m) 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% | (m) 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% The Tax Cut and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. 35% 21%. 80% January 1, 2018. |
Earnings Per Share, Policy [Policy Text Block] | (n) 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, as outstanding warrants to purchase 93,622,864 three nine September 30, 2020 2019. | (n) 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, as convertible preferred stock and outstanding warrants to purchase 63,321,294 32,192,294 2019 2018, |
Share-based Payment Arrangement [Policy Text Block] | (o) STOCK BASED COMPENSATION–– The Company periodically awards stock to employees, directors, and consultants. In the case of employees 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. With respect to directors, the Company accrues stock compensation expense on a quarterly basis based on the Company's historical director compensation policies, and each quarter recognizes such expense based on the trading price of the common stock during such quarter. This expense is then trued up at the time the shares are issued to directors based on the trading price at the time of issuance. | (o) 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. |
Fair Value Measurement, Policy [Policy Text Block] | (p) 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, 2020 December 31, 2019. For short-term classes of our financial instruments, which include cash, accounts receivable and accounts payable, and which are not September 30, 2020 December 31, 2019, | (p) 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 December 31, 2019 2018. For short-term classes of our financial instruments, which include cash, accounts receivable and accounts payable, and which are not December 31, 2019 2018, |
Liquidity [Policy Text Block] | (q) LIQUIDITY AND GOING CONCERN––For the nine September 30, 2020 December 31, 2019, $6,262,000 $7,533,000, $31,382,000 September 30, 2020. ® ® For the nine September 30, 2020, $5,479,000 two September 30, 2020, $2,238,000 $588,000. The Company has incurred losses from operations in each of the last six may Our consolidated financial statements for the three nine September 30, 2020 December 31, 2019 not On September 29, 2020, 1 no may not may | (q) LIQUIDITY AND GOING CONCERN––For the years ended December 31, 2019 2018, $7,533,000 $4,255,000, $25,120,000 December 31, 2019. ® ® For year ended December 31, 2019, $6,589,000 $7,120,000 December 31, 2019, $2,784,000 $817,000. The Company has incurred losses from operations in each of the last six may Our consolidated financial statements for the years ended December 31, 2019 2018 five not |
Use of Estimates, Policy [Policy Text Block] | (r) 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, including regarding contingencies, that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company's most significant estimate relates to inventory obsolescence. 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. | (r) 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. The Company's most significant estimate relates to inventory obsolescence. 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | (s) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS––In June 2016, 2016 13, 326 December 15, 2022, not In December 2019, 2019 12, Simplifying the Accounting for Income Taxes. 2019 12 2019 12 December 15, 2020. not | (s) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS––In February 2016, 2016 02, 842 12 December 15, 2018, 842 January 1, 2019. 7. In December 2019, 2019 12, Simplifying the Accounting for Income Taxes. 2019 12 2019 12 December 15, 2020. not |
Effect of Covid-19 Pandemic [Policy Text Block] | (t) UNCERTAINTY––The recent outbreak of the COVID- 19 19 may may not 19 19 not 19, 19 9. |
Note 2 - Revenues (Tables)
Note 2 - Revenues (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes Tables | ||
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended 2020 2019 2020 20 19 Trappsol ® $ - $ 73,500 $ 30,096 $ 103,596 Trappsol ® 92,384 152,784 458,934 359,530 Trappsol ® 127,963 57,620 261,300 162,572 Aquaplex ® - - 928 149,690 Other 2,115 2,010 6,532 4,447 Total revenues $ 222,462 $ 285,914 $ 757,790 $ 779,835 | Year Ended December 31, 2019 2018 Trappsol ® $ 103,596 $ 166,596 Trappsol ® 481,379 484,101 Trappsol ® 265,947 233,910 Aquaplex ® 149,878 116,806 Other 6,398 10,064 Total revenues $ 1,007,198 $ 1,011,477 |
Note 9 - Note Payable (Tables)
Note 9 - Note Payable (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Ending December 31, Amount 2020 $ 7,994 2021 106,035 2022 44,495 Total $ 158,524 |
Note 2 - Revenues 10K (Tables)
Note 2 - Revenues 10K (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Notes Tables | ||
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended 2020 2019 2020 20 19 Trappsol ® $ - $ 73,500 $ 30,096 $ 103,596 Trappsol ® 92,384 152,784 458,934 359,530 Trappsol ® 127,963 57,620 261,300 162,572 Aquaplex ® - - 928 149,690 Other 2,115 2,010 6,532 4,447 Total revenues $ 222,462 $ 285,914 $ 757,790 $ 779,835 | Year Ended December 31, 2019 2018 Trappsol ® $ 103,596 $ 166,596 Trappsol ® 481,379 484,101 Trappsol ® 265,947 233,910 Aquaplex ® 149,878 116,806 Other 6,398 10,064 Total revenues $ 1,007,198 $ 1,011,477 |
Note 4 - Mortgage Note Receiv_3
Note 4 - Mortgage Note Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Participating Mortgage Loans [Table Text Block] | Year Ending December 31, Principal 2020 $ 39,061 2021 40,754 2022 42,520 2023 7,322 $ 129,657 |
Note 6 - Furniture and Equipm_2
Note 6 - Furniture and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2019 2018 Machinery and equipment $ 16,524 $ 16,089 Office furniture 49,490 52,820 66,014 68,909 Less: accumulated depreciation 52,468 50,338 Furniture and equipment, net $ 13,546 $ 18,571 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending December 31, Amounts 2020 $ 19,170 2021 19,170 2022 19,170 2023 1,598 2024 - Total $ 59,108 |
Note 8 - Equity Transactions (T
Note 8 - Equity Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Warrants Activity [Table Text Block] | Warrants outstanding, December 31, 2017 20,632,331 Issued 11,559,963 Exercised - Expired - Warrants outstanding, December 31, 2018 32,192,294 Issued 31,129,000 Exercised - Expired - Warrants outstanding, December 31, 2019 63,321,294 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Issued Exercise Price Expiration Date 240,000 $ 0.25 April 2021 103,500 $ 1.00 July 2021 156,000 $ 0.50 July 2022 78,000 $ 0.50 August 2022 8,100,000 $ 0.25 June 2023 5,754,831 $ 0.35 February 2024 6,200,000 $ 0.25 October 2024 31,129,000 $ 0.30 November 2024 8,040,000 $ 0.25 April 2025 3,519,963 $ 0.65 December 2025 63,321,294 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Summary of Operating Loss Carryforwards [Table Text Block] | Year Ending December 31, Amount 2020 $ 174,000 2021 71,000 2024 66,000 2028 7,000 2030 160,000 2031 73,000 2032 48,000 2034 727,000 2035 1,969,000 2036 2,867,000 2037 2,481,000 Indefinite 9,692,000 Total $ 18,335,000 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 4,496,000 $ 3,017,000 Tax credits 4,292,000 3,085,000 Impairment allowances 13,000 10,000 Stock-based compensation 20,000 64,000 Other 62,000 62,000 Less valuation allowance (8,881,000 ) (6,235,000 ) Deferred tax asset, net of valuation 2,000 3,000 Deferred tax liabilities: Property and equipment (2,000 ) (3,000 ) Deferred tax liabilities (2,000 ) (3,000 ) Net tax assets $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 Tax benefit (expense) at Federal statutory rate $ 1,582,000 $ 894,000 Effect of State taxes 265,000 185,000 Effect of tax rate change (102,000 ) - Tax credits 1,217,000 676,000 Nondeductible expenses (317,000 ) (180,000 ) Valuation allowance – deferred tax assets (2,645,000 ) (1,575,000 ) Total tax benefit (provision) $ - $ - |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Valuation Reserves, Ending Balance | $ 52,922 | $ 52,922 | $ 52,922 | $ 39,700 | |||||||
Net Income (Loss) Attributable to Parent, Total | (1,435,609) | $ (2,192,392) | $ (2,633,992) | $ (1,625,341) | $ (1,368,011) | $ (1,904,166) | (6,261,993) | $ (4,897,518) | (7,532,533) | (4,255,033) | |
Retained Earnings (Accumulated Deficit), Ending Balance | (31,382,226) | (31,382,226) | (25,120,233) | (17,587,700) | |||||||
Net Cash Provided by (Used in) Operating Activities, Total | (5,478,838) | $ (4,369,478) | (6,589,487) | (3,188,440) | |||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 2,237,624 | 2,237,624 | 2,783,719 | $ 2,217,412 | $ 1,270,973 | ||||||
Working Capital | $ 588,000 | $ 817,000 | |||||||||
Warrants To Purchase Common Stock [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 93,622,864 | 93,622,864 | 93,622,864 | 93,622,864 | |||||||
Computers and Vehicles [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | 3 years | |||||||||
Computers and Vehicles [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | 5 years | |||||||||
Machinery and Furniture [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | 7 years | |||||||||
Machinery and Furniture [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | 10 years |
Note 2 - Revenues (Details Text
Note 2 - Revenues (Details Textual) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Operating Segments | 1 | 1 | ||
Number of Major Customers | 3 | 3 | 3 | 3 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 3 | 5 | 4 | 4 |
Aquaplex [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 3 | 3 | 1 |
Note 2 - Revenues - Revenues by
Note 2 - Revenues - Revenues by Product (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 222,462 | $ 285,914 | $ 757,790 | $ 779,835 | $ 1,007,198 | $ 1,011,477 |
Trappsol Cyclo [Member] | ||||||
Revenues | 73,500 | 30,096 | 103,596 | 103,596 | 166,596 | |
Trappsol HPB [Member] | ||||||
Revenues | 92,384 | 152,784 | 458,934 | 359,530 | 481,379 | 484,101 |
Trappsol Fine Chemical [Member] | ||||||
Revenues | 127,963 | 57,620 | 261,300 | 162,572 | 265,947 | 233,910 |
Aquaplex [Member] | ||||||
Revenues | 928 | 149,690 | 149,878 | 116,806 | ||
Product and Service, Other [Member] | ||||||
Revenues | $ 2,115 | $ 2,010 | $ 6,532 | $ 4,447 | $ 6,398 | $ 10,064 |
Note 3 - Major Customers and _3
Note 3 - Major Customers and Suppliers (Details Textual) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Major Customers | 3 | 3 | 3 | 3 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Number of Major Customers | 3 | 5 | 4 | 4 |
Concentration Risk, Percentage | 66.00% | 75.00% | ||
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Biopharmaceuticals [Member] | ||||
Concentration Risk, Percentage | 4.00% | 6.00% | ||
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Basic Natural and Chemically Modified Cyclodexterins [Member] | ||||
Concentration Risk, Percentage | 96.00% | 63.00% | ||
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Cyclodexterin Complexes [Member] | ||||
Concentration Risk, Percentage | 30.00% |
Note 4 - Mortgage Note Receiv_4
Note 4 - Mortgage Note Receivable (Details Textual) - USD ($) | Jan. 21, 2016 | Dec. 31, 2019 |
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 | $ 129,657 |
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 5 - Equity Transactions (D
Note 5 - Equity Transactions (Details Textual) | Aug. 27, 2020USD ($)$ / sharesshares | Apr. 24, 2020USD ($)$ / sharesshares | May 31, 2019USD ($)$ / sharesshares | May 30, 2019USD ($)$ / sharesshares | Jan. 30, 2019USD ($) | Apr. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Mar. 30, 2018USD ($) | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares |
Share-based Payment Arrangement, Expense | $ | $ 5,320 | $ 97,250 | $ 19,380 | $ 159,380 | $ 168,120 | $ 83,420 | |||||||
Equity Units, Number of Common Shares in Each Unit (in shares) | 1 | ||||||||||||
Proceeds from Issuance of Private Placement | $ | $ 2,831,114 | $ 74,983 | |||||||||||
Proceeds from Issuance or Sale of Equity, Net of Issuance Costs | $ | $ 7,120,000 | ||||||||||||
Warrants Issued with Units [Member] | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.30 | $ 0.25 | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 400 | ||||||||||||
Warrants Issued to Placement Agent in Connection with Private Placement [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,359,000 | ||||||||||||
Warrants Issued to Placement Agent in Connection with Private Placement [Member] | Think Equity [Member] | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.11 | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 222,282 | ||||||||||||
Class of Warrant or Right, Issued During Period, Percentage of Purchased Common Stock | 6.00% | ||||||||||||
Class of Warrant or Right, Exercise Price, Percentage Price Per Share Paid by Investors | 110.00% | ||||||||||||
Warrants To Purchase Common Stock [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 91,854,716 | 91,854,716 | |||||||||||
Warrants To Purchase Common Stock [Member] | Minimum [Member] | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.11 | $ 0.11 | |||||||||||
Warrants To Purchase Common Stock [Member] | Maximum [Member] | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | 1 | 1 | |||||||||||
Warrants to Purchase Units Sold in May 2016 Private Placement [Member] | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.25 | $ 0.25 | $ 0.25 | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 480,000 | 480,000 | 480,000 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 7 years | 7 years | |||||||||||
Warrants to Purchase Units Sold in February 2017 Private Placement [Member] | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.35 | $ 0.35 | $ 0.35 | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 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 (in dollars per share) | $ / shares | $ 100 | $ 100 | $ 100 | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 600 | 600 | 600 | ||||||||||
Private Placement [Member] | |||||||||||||
Equity Units Issued During Period, Shares, New Issues (in shares) | 28,311,140 | 29,770,000 | 20,100 | 3,519,963 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.25 | ||||||||||
Equity Units, Number of Common Shares in Each Unit (in shares) | 1 | 1 | |||||||||||
Equity Units, Number of Warrants in Each Unit | 1 | ||||||||||||
Proceeds from Issuance of Private Placement | $ | $ 2,000,000 | $ 7,442,500 | $ 130,063 | $ 2,010,000 | $ 2,342,034 | ||||||||
Payments of Stock Issuance Costs | $ | 452,900 | ||||||||||||
Proceeds from Issuance or Sale of Equity, Net of Issuance Costs | $ | $ 6,989,600 | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 20,000,000 | ||||||||||||
Private Placement [Member] | August 2020 Warrants [Member] | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.15 | ||||||||||||
Warrants and Rights Outstanding, Term (Year) | 7 years | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||||||
May Placement [Member] | Think Equity [Member] | |||||||||||||
Payments of Stock Issuance Costs | $ | $ 29,637 | ||||||||||||
Stock or Equity Unit Issuance, Cash Fee, Percentage of Gross Proceeds | 8.00% |
Note 7 - Equity Incentive Plan
Note 7 - Equity Incentive Plan (Details Textual) - The 2019 Omnibus Incentive Plan [Member] - shares | 4 Months Ended | 13 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2020 | Aug. 29, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 6,843,750 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 450,000 | 450,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 6,393,750 | 6,393,750 | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | 10 years |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating Lease, Right-of-Use Asset, Amortization | $ 29,759 | $ 17,006 | ||
Operating Lease, Expense | $ 12,754 | $ 16,842 | $ 17,006 | $ 22,249 |
Office Building [Member] | ||||
Number of Operating Leases | 1 |
Note 9 - Note Payable (Details
Note 9 - Note Payable (Details Textual) - USD ($) | May 04, 2020 | Sep. 30, 2020 | Sep. 30, 2019 |
Proceeds from Issuance of Long-term Debt, Total | $ 158,524 | ||
Paycheck Protection Program CARES Act [Member] | |||
Proceeds from Issuance of Long-term Debt, Total | $ 158,524 |
Note 9 - Note Payable - Maturit
Note 9 - Note Payable - Maturities of Note Payable (Details) - Paycheck Protection Program CARES Act [Member] | Sep. 30, 2020USD ($) |
2020 | $ 7,994 |
2021 | 106,035 |
2022 | 44,495 |
Total | $ 158,524 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Valuation Reserves, Ending Balance | $ 52,922 | $ 52,922 | $ 52,922 | $ 39,700 | |||||||
Net Income (Loss) Attributable to Parent, Total | (1,435,609) | $ (2,192,392) | $ (2,633,992) | $ (1,625,341) | $ (1,368,011) | $ (1,904,166) | (6,261,993) | $ (4,897,518) | (7,532,533) | (4,255,033) | |
Retained Earnings (Accumulated Deficit), Ending Balance | (31,382,226) | (31,382,226) | (25,120,233) | (17,587,700) | |||||||
Net Cash Provided by (Used in) Operating Activities, Total | (5,478,838) | (4,369,478) | (6,589,487) | (3,188,440) | |||||||
Proceeds from Issuance or Sale of Equity, Net of Issuance Costs | 7,120,000 | ||||||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 2,237,624 | 2,237,624 | 2,783,719 | $ 2,217,412 | $ 1,270,973 | ||||||
Working Capital | $ 588,000 | $ 817,000 | |||||||||
Fair Value, Recurring [Member] | |||||||||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | |||||||||
Warrants To Purchase Common Stock [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 63,321,294 | 32,192,294 | |||||||||
Computers and Vehicles [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | 3 years | |||||||||
Computers and Vehicles [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | 5 years | |||||||||
Machinery and Furniture [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | 7 years | |||||||||
Machinery and Furniture [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | 10 years |
Note 2 - Revenues 10K (Details
Note 2 - Revenues 10K (Details Textual) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Operating Segments | 1 | 1 | ||
Number of Major Customers | 3 | 3 | 3 | 3 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 3 | 5 | 4 | 4 |
Aquaplex [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 3 | 3 | 1 |
Note 2 - Revenues - Revenues _2
Note 2 - Revenues - Revenues by Product 10K (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 222,462 | $ 285,914 | $ 757,790 | $ 779,835 | $ 1,007,198 | $ 1,011,477 |
Trappsol Cyclo [Member] | ||||||
Revenues | 73,500 | 30,096 | 103,596 | 103,596 | 166,596 | |
Trappsol HPB [Member] | ||||||
Revenues | 92,384 | 152,784 | 458,934 | 359,530 | 481,379 | 484,101 |
Trappsol Fine Chemical [Member] | ||||||
Revenues | 127,963 | 57,620 | 261,300 | 162,572 | 265,947 | 233,910 |
Aquaplex [Member] | ||||||
Revenues | 928 | 149,690 | 149,878 | 116,806 | ||
Product and Service, Other [Member] | ||||||
Revenues | $ 2,115 | $ 2,010 | $ 6,532 | $ 4,447 | $ 6,398 | $ 10,064 |
Note 3 - Major Customers and _4
Note 3 - Major Customers and Suppliers (Details Textual) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Major Customers | 3 | 3 | 3 | 3 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Number of Major Customers | 3 | 5 | 4 | 4 |
Concentration Risk, Percentage | 66.00% | 75.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Four Major Customer [Member] | ||||
Concentration Risk, Percentage | 70.00% | 57.00% | ||
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Biopharmaceuticals [Member] | ||||
Concentration Risk, Percentage | 4.00% | 6.00% | ||
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Basic Natural and Chemically Modified Cyclodexterins [Member] | ||||
Concentration Risk, Percentage | 96.00% | 63.00% | ||
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Cyclodexterin Complexes [Member] | ||||
Concentration Risk, Percentage | 30.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Four Major Customer [Member] | ||||
Concentration Risk, Percentage | 95.00% | 31.00% | ||
Revenue, Product and Service Benchmark [Member] | Product Concentration Risk [Member] | Biopharmaceuticals [Member] | ||||
Concentration Risk, Percentage | 10.00% | 17.00% | ||
Revenue, Product and Service Benchmark [Member] | Product Concentration Risk [Member] | Basic Natural and Chemically Modified Cyclodexterins [Member] | ||||
Concentration Risk, Percentage | 75.00% | 71.00% | ||
Revenue, Product and Service Benchmark [Member] | Product Concentration Risk [Member] | Cyclodexterin Complexes [Member] | ||||
Concentration Risk, Percentage | 15.00% | 12.00% |
Note 4 - Mortgage Note Receiv_5
Note 4 - Mortgage Note Receivable (Details Textual) - USD ($) | Jan. 21, 2016 | Dec. 31, 2019 |
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 | $ 129,657 |
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 4 - Mortgage Note Receiv_6
Note 4 - Mortgage Note Receivable - Scheduled Debt Principal Collections on Mortgage Note Receivable (Details) - USD ($) | Dec. 31, 2019 | Jan. 21, 2016 |
2020 | $ 39,061 | |
2021 | 40,754 | |
2022 | 42,520 | |
2023 | 7,322 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 129,657 | $ 265,000 |
Note 6 - Furniture and Equipm_3
Note 6 - Furniture and Equipment - Summary of Property and Equipment (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment, gross | $ 66,014 | $ 68,909 | |
Less: accumulated depreciation | 52,468 | 50,338 | |
Furniture and equipment, net | $ 57,320 | 13,546 | 18,571 |
Machinery and Equipment [Member] | |||
Property, plant and equipment, gross | 16,524 | 16,089 | |
Office Furniture [Member] | |||
Property, plant and equipment, gross | $ 49,490 | $ 52,820 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating Lease, Right-of-Use Asset, Amortization | $ 29,759 | $ 17,006 | ||
Operating Lease, Expense | $ 12,754 | $ 16,842 | $ 17,006 | $ 22,249 |
Office Lease [Member] | ||||
Number of Operating Leases | 1 |
Note 7 - Leases - Operating Lea
Note 7 - Leases - Operating Lease Maturity (Details) | Dec. 31, 2019USD ($) |
2020 | $ 19,170 |
2021 | 19,170 |
2022 | 19,170 |
2023 | 1,598 |
2024 | |
Total | $ 59,108 |
Note 8 - Equity Transactions (D
Note 8 - Equity Transactions (Details Textual) | Aug. 27, 2020USD ($)$ / sharesshares | Apr. 24, 2020USD ($)$ / shares | May 31, 2019USD ($)$ / sharesshares | May 23, 2018shares | Jan. 30, 2019USD ($) | Apr. 30, 2018USD ($)$ / sharesshares | Apr. 30, 2014 | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Mar. 30, 2018USD ($) | Apr. 30, 2018$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017shares | May 22, 2018shares | Oct. 31, 2017shares |
Share-based Payment Arrangement, Expense | $ | $ 5,320 | $ 97,250 | $ 19,380 | $ 159,380 | $ 168,120 | $ 83,420 | ||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 0 | |||||||||||||||||
Proceeds from Issuance of Private Placement | $ | $ 2,831,114 | $ 74,983 | ||||||||||||||||
Common Stock, Shares Authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 100,000,000 | ||||||||||||
Conversion of Preferred Stock to Common Stock, Number of Shares Issued Per Share Converted (in shares) | 400 | |||||||||||||||||
Increase (Decrease) in Number of Common Shares Outstanding (in shares) | 14,240,000 | |||||||||||||||||
Equity Units, Number of Common Shares in Each Unit (in shares) | 1 | |||||||||||||||||
Proceeds from Issuance or Sale of Equity, Net of Issuance Costs | $ | $ 7,120,000 | |||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 400 | |||||||||||||||||
Scarsdale Agreement Warrants [Member] | ||||||||||||||||||
Term of Warrant (Year) | 7 years | |||||||||||||||||
Class of Warrant or Right, Percentage of Securities Issued Called by Warrants or Rights | 6.00% | |||||||||||||||||
Class of Warrant or Right, Exercise Price, Percentage of Offering Price | 100.00% | |||||||||||||||||
Warrants Issued with Units [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 400 | 400 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.30 | $ 0.25 | $ 0.25 | |||||||||||||||
Warrants To Purchase Common Stock [Member] | ||||||||||||||||||
Term of Warrant (Year) | 7 years | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 91,854,716 | 91,854,716 | ||||||||||||||||
Warrants Issued to Placement Agent in Connection with Private Placement [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,359,000 | |||||||||||||||||
Warrants to Purchase Units Sold in May 2016 Private Placement [Member] | ||||||||||||||||||
Term of Warrant (Year) | 7 years | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 480,000 | 480,000 | 480,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.25 | $ 0.25 | $ 0.25 | |||||||||||||||
Warrants to Purchase Units Sold in February 2017 Private Placement [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 164,074 | 164,074 | 164,074 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.35 | $ 0.35 | $ 0.35 | |||||||||||||||
Warrants to Purchase Units Sold in October 2017 Private Placement [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 600 | 600 | 600 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 100 | $ 100 | $ 100 | |||||||||||||||
Financial Advisory and Exclusive Placement Agent Agreement [Member] | Scarsdale [Member] | ||||||||||||||||||
Private Placement Fee, Percentage of Proceeds | 6.00% | |||||||||||||||||
Private Placement [Member] | ||||||||||||||||||
Equity Units, Number of Series B Convertible Preferred Stock in Each Unit (in shares) | 1 | 1 | ||||||||||||||||
Term of Warrant (Year) | 7 years | |||||||||||||||||
Equity Units Issued During Period, Shares, New Issues (in shares) | 28,311,140 | 29,770,000 | 20,100 | 3,519,963 | ||||||||||||||
Share Price (in dollars per share) | $ / shares | $ 100 | $ 100 | $ 0.65 | |||||||||||||||
Proceeds from Issuance of Private Placement | $ | $ 2,000,000 | $ 7,442,500 | $ 130,063 | $ 2,010,000 | $ 2,342,034 | |||||||||||||
Payment for Cash Fee | $ | $ 50,000 | |||||||||||||||||
Equity Units, Number of Common Shares in Each Unit (in shares) | 1 | 1 | ||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.25 | |||||||||||||||
Equity Units, Number of Warrants in Each Unit | 1 | |||||||||||||||||
Payments of Stock Issuance Costs | $ | $ 452,900 | |||||||||||||||||
Proceeds from Issuance or Sale of Equity, Net of Issuance Costs | $ | $ 6,989,600 | |||||||||||||||||
Private Placement [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 400 | 400 | ||||||||||||||||
Employees [Member] | ||||||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 450,000 | |||||||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture | $ | $ 87,750 | |||||||||||||||||
Director [Member] | ||||||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 241,666 | |||||||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture | $ | $ 109,908 | |||||||||||||||||
Board Members and Officers [Member] | ||||||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 344,000 | |||||||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture | $ | $ 158,670 | |||||||||||||||||
Share Based Payment Arrangement By Share Based Compensation Arrangement, Deferred Compensation, Shares Acrrued (in shares) | 172,000 | 172,000 |
Note 8 - Equity Transactions -
Note 8 - Equity Transactions - Common Stock Warrants Outstanding (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Warrants outstanding (in shares) | 32,192,294 | 20,632,331 |
Issued (in shares) | 31,129,000 | 11,559,963 |
Exercised (in shares) | ||
Expired (in shares) | ||
Warrants outstanding (in shares) | 63,321,294 | 32,192,294 |
Note 8 - Equity Transactions _2
Note 8 - Equity Transactions - Summary of Warrants Outstanding, Exercise Price, and Expiration Dates (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Warrants Issued (in shares) | 63,321,294 | 32,192,294 | 20,632,331 |
Warrants Issued (in shares) | 63,321,294 | 32,192,294 | 20,632,331 |
Warrants Expiring in April 2021 [Member] | |||
Warrants Issued (in shares) | 240,000 | ||
Exercise Price (in dollars per share) | $ 0.25 | ||
Warrants Issued (in shares) | 240,000 | ||
Warrants Expiring in July 2021 [Member] | |||
Warrants Issued (in shares) | 103,500 | ||
Exercise Price (in dollars per share) | $ 1 | ||
Warrants Issued (in shares) | 103,500 | ||
Warrants Expiring in July 2022 [Member] | |||
Warrants Issued (in shares) | 156,000 | ||
Exercise Price (in dollars per share) | $ 0.50 | ||
Warrants Issued (in shares) | 156,000 | ||
Warrants Expiring in August 2022 [Member] | |||
Warrants Issued (in shares) | 78,000 | ||
Exercise Price (in dollars per share) | $ 0.50 | ||
Warrants Issued (in shares) | 78,000 | ||
Warrants Expiring in June 2023 [Member] | |||
Warrants Issued (in shares) | 8,100,000 | ||
Exercise Price (in dollars per share) | $ 0.25 | ||
Warrants Issued (in shares) | 8,100,000 | ||
Warrants Expiring in February 2024 [Member] | |||
Warrants Issued (in shares) | 5,754,831 | ||
Exercise Price (in dollars per share) | $ 0.35 | ||
Warrants Issued (in shares) | 5,754,831 | ||
Warrants Expiring in October 2024 [Member] | |||
Warrants Issued (in shares) | 6,200,000 | ||
Exercise Price (in dollars per share) | $ 0.25 | ||
Warrants Issued (in shares) | 6,200,000 | ||
Warrants Expiring in November 2024 [Member] | |||
Warrants Issued (in shares) | 31,129,000 | ||
Exercise Price (in dollars per share) | $ 0.30 | ||
Warrants Issued (in shares) | 31,129,000 | ||
Warrants Expiring in April 23, 2025 [Member] | |||
Warrants Issued (in shares) | 8,040,000 | ||
Exercise Price (in dollars per share) | $ 0.25 | ||
Warrants Issued (in shares) | 8,040,000 | ||
Warrants Expiring in December, 2025 [Member] | |||
Warrants Issued (in shares) | 3,519,963 | ||
Exercise Price (in dollars per share) | $ 0.65 | ||
Warrants Issued (in shares) | 3,519,963 |
Note 9 - Preferred Stock (Detai
Note 9 - Preferred Stock (Details Textual) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2017 | Oct. 17, 2017 | Dec. 31, 2004 |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | |||
Series B Preferred Stock [Member] | ||||||
Preferred Stock, Shares Authorized (in shares) | 50,000 | |||||
Preferred Stock, Shares Issued, Total (in shares) | 35,600 | |||||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 400 | |||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 100 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax Asset Based Upon Expected Income Tax Rates | $ 8,881,000 | |||||
Valuation Allowance Percentage | 100.00% | |||||
Operating Loss Carryforwards, Total | $ 18,335,000 | |||||
Income Tax Expense (Benefit), Total | 0 | $ 0 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 2,645,000 | 1,575,000 | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | $ 768,000 | |||||
State and Local Jurisdiction [Member] | Florida Department of Revenue [Member] | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (102,000) | |||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 4.458% | 5.50% | ||||
Orphan Drug Credit [Member] | ||||||
Tax Credit Carryforward, Amount | $ 4,292,000 |
Note 10 - Income Taxes - Summar
Note 10 - Income Taxes - Summary of Net Operating Loss Carryforward Expirations (Details) | Dec. 31, 2019USD ($) |
Net operating loss carryforwards | $ 18,335,000 |
Expiring in Tax Year 2020 [Member] | |
Net operating loss carryforwards | 174,000 |
Expiring in Tax Year 2021 [Member] | |
Net operating loss carryforwards | 71,000 |
Expiring in Tax Year 2024 [Member] | |
Net operating loss carryforwards | 66,000 |
Expiring in Tax Year 2028 [Member] | |
Net operating loss carryforwards | 7,000 |
Expiring in Tax Year 2030 [Member] | |
Net operating loss carryforwards | 160,000 |
Expiring in Tax Year 2031 [Member] | |
Net operating loss carryforwards | 73,000 |
Expiring in Tax Year 2032 [Member] | |
Net operating loss carryforwards | 48,000 |
Expiring in Tax Year 2034 [Member] | |
Net operating loss carryforwards | 727,000 |
Expiring in Tax Year 2035 [Member] | |
Net operating loss carryforwards | 1,969,000 |
Expiring in Tax Year 2036 [Member] | |
Net operating loss carryforwards | 2,867,000 |
Expiring in Tax Year 2037 [Member] | |
Net operating loss carryforwards | 2,481,000 |
Expiring in Tax Year indefinite [Member] | |
Net operating loss carryforwards | $ 9,692,000 |
Note 10 - Income Taxes - Summ_2
Note 10 - Income Taxes - Summary of Significant Components of Deferred Federal Income Taxes (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 4,496,000 | $ 3,017,000 |
Tax credits | 4,292,000 | 3,085,000 |
Impairment allowances | 13,000 | 10,000 |
Stock-based compensation | 20,000 | 64,000 |
Other | 62,000 | 62,000 |
Less valuation allowance | (8,881,000) | (6,235,000) |
Deferred tax asset, net of valuation | 2,000 | 3,000 |
Deferred tax liabilities: | ||
Property and equipment | (2,000) | (3,000) |
Deferred tax liabilities | (2,000) | (3,000) |
Net tax assets |
Note 10 - Income Taxes - Summ_3
Note 10 - Income Taxes - Summary of Differences Between the Effective Income Tax Rate Reflected in Benefit (Provision) for Income Taxes Amount (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax benefit (expense) at Federal statutory rate | $ 1,582,000 | $ 894,000 | ||||
Effect of State taxes | 265,000 | 185,000 | ||||
Effect of tax rate change | (102,000) | |||||
Tax credits | 1,217,000 | 676,000 | ||||
Nondeductible expenses | (317,000) | (180,000) | ||||
Valuation allowance – deferred tax assets | (2,645,000) | (1,575,000) | ||||
Total tax benefit (provision) | $ 0 | $ 0 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | 4.00% |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 29,410 | $ 24,765 |
Note 12 - Equity Incentive Pl_2
Note 12 - Equity Incentive Plan (Details Textual) - The 2019 Omnibus Incentive Plan [Member] - shares | 4 Months Ended | 13 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2020 | Aug. 29, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 6,843,750 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 450,000 | 450,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 6,393,750 | 6,393,750 | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | 10 years |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - Office and Distribution Warehouse Space [Member] | Nov. 26, 2018USD ($)ft² |
Lessee, Operating Lease, Term of Contract (Year) | 2 years |
Area of Leasing Property (Square Foot) | ft² | 2,500 |
Operating Lease, Monthly Payment | $ | $ 1,600 |
Lessee, Operating Lease, Renewal Term (Year) | 2 years |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | 27 Months Ended | |||||||
Jun. 30, 2019 | Jan. 31, 2019 | Oct. 30, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | |
Common Stock, Shares, Issued, Total (in shares) | 121,564,990 | 90,759,324 | 90,759,324 | 169,876,130 | |||||||
C.E. Rick Strattan [Member] | |||||||||||
Payments for Non-profit Organization, Monthly Fee | $ 5,000 | ||||||||||
Joshua M. Fine [Member] | |||||||||||
Annual Salary for Chief Financial Officer | $ 125,000 | ||||||||||
Common Stock, Shares, Issued, Total (in shares) | 50,000 | ||||||||||
Rebecca A. Fine [Member] | |||||||||||
Common Stock, Shares, Issued, Total (in shares) | 25,000 | ||||||||||
Independent Contractor, Service, Monthly Rate | $ 5,000 | ||||||||||
Independent Contractor, Monthly Rate | $ 5,800 | ||||||||||
Annual Salary for Executive Assistant | $ 69,600 | ||||||||||
Kevin J. Strattan [Member] | |||||||||||
Common Stock, Shares, Issued, Total (in shares) | 50,000 | ||||||||||
Annual Salary for Vice President, Finance | $ 107,200 | $ 100,000 | |||||||||
Bonus for Vice President, Finance | $ 12,500 | $ 10,000 | |||||||||
Corey E. Strattan [Member] | |||||||||||
Common Stock, Shares, Issued, Total (in shares) | 25,000 | ||||||||||
Annual Salary for Documentation Specialist and Logistics Coordinator | $ 78,000 | $ 72,000 | |||||||||
Bonus for Documentation Specialist and Logistics Coordinator | $ 5,000 |