Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | Cyclo Therapeutics, Inc. | |
Entity Central Index Key | 0000922247 | |
Trading Symbol | ctdh | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 6,358,661 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $.0001 per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 15,506,718 | $ 12,846,113 |
Accounts receivable | 171,864 | 71,017 |
Inventory, net | 257,834 | 237,909 |
Current portion of mortgage note receivable | 48,304 | 40,772 |
Prepaid insurance and services | 219,752 | 126,474 |
Prepaid clinical expenses | 1,816,633 | 727,952 |
Total current assets | 18,021,105 | 14,050,237 |
FURNITURE AND EQUIPMENT, NET | 50,360 | 53,910 |
RIGHT-TO-USE LEASE ASSET, NET | 30,862 | 34,011 |
MORTGAGE NOTE RECEIVABLE, LESS CURRENT PORTION | 38,942 | 49,806 |
TOTAL ASSETS | 18,141,269 | 14,187,964 |
CURRENT LIABILITIES | ||
Current portion of lease liability | 18,325 | 17,483 |
Current portion of note payable | 60,142 | 114,029 |
Accounts payable and accrued expenses | 3,628,293 | 3,541,041 |
Total current liabilities | 3,706,760 | 3,672,553 |
LONG-TERM LEASE LIABILITY | ||
Long-term lease liability, less current portion | 14,560 | 18,434 |
Long-term note payable, less current portion | 98,382 | 44,495 |
Total long-term liabilities | 112,942 | 62,929 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $.0001 per share, 10,000,000 shares authorized, 6,357,596 and 4,770,761 shares issued and outstanding, at March 31, 2021 and December 31, 2020, respectively | 635 | 477 |
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized | ||
Additional paid-in capital | 52,419,383 | 44,513,841 |
Accumulated deficit | (38,098,451) | (34,061,836) |
Total stockholders' equity | 14,321,567 | 10,452,482 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 18,141,269 | $ 14,187,964 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 10,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 6,357,596 | 4,770,761 |
Common stock, shares outstanding (in shares) | 6,357,596 | 4,770,761 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
REVENUES | ||
Product sales | $ 358,133 | $ 325,734 |
EXPENSES | ||
Personnel | 559,324 | 469,705 |
Cost of products sold (exclusive of direct and indirect overhead and handling costs) | 34,596 | 26,433 |
Research and development | 3,258,115 | 2,059,606 |
Repairs and maintenance | 1,666 | 1,802 |
Professional fees | 222,871 | 219,536 |
Office and other | 313,774 | 178,362 |
Board of Director fees and costs | 7,349 | |
Depreciation | 3,550 | 3,118 |
Freight and shipping | 1,513 | 1,863 |
Total operating expenses | 4,395,409 | 2,967,774 |
LOSS FROM OPERATIONS | (4,037,276) | (2,642,040) |
OTHER INCOME | ||
Investment and other income | 661 | 8,048 |
LOSS BEFORE INCOME TAXES | (4,036,615) | (2,633,992) |
PROVISION FOR INCOME TAXES | ||
NET LOSS | $ (4,036,615) | $ (2,633,992) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollars per share) | $ (0.76) | $ (2.17) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) | 5,333,806 | 1,215,650 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Share-based Payment Arrangement, Employee [Member]Common Stock [Member] | Share-based Payment Arrangement, Employee [Member]Additional Paid-in Capital [Member] | Share-based Payment Arrangement, Employee [Member]Retained Earnings [Member] | Share-based Payment Arrangement, Employee [Member] | Share-based Payment Arrangement, Nonemployee [Member]Common Stock [Member] | Share-based Payment Arrangement, Nonemployee [Member]Additional Paid-in Capital [Member] | Share-based Payment Arrangement, Nonemployee [Member]Retained Earnings [Member] | Share-based Payment Arrangement, Nonemployee [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 1,215,650 | |||||||||||
Balance at Dec. 31, 2019 | $ 122 | $ 26,056,093 | $ (25,120,233) | $ 935,982 | ||||||||
Net loss | (2,633,992) | (2,633,992) | ||||||||||
Balance (in shares) at Mar. 31, 2020 | 1,215,650 | |||||||||||
Balance at Mar. 31, 2020 | $ 122 | 26,056,093 | (27,754,225) | (1,698,010) | ||||||||
Balance (in shares) at Dec. 31, 2020 | 4,770,761 | |||||||||||
Balance at Dec. 31, 2020 | $ 477 | 44,513,841 | (34,061,836) | 10,452,482 | ||||||||
Stock issued to employees (in shares) | 53,938 | |||||||||||
Stock issued to employees | $ 5 | $ 271,303 | $ 271,308 | |||||||||
Stock issued to nonemployees (in shares) | 10,000 | |||||||||||
Stock issued to nonemployees | $ 1 | $ 50,299 | $ 50,300 | |||||||||
Exercise of warrants (in shares) | 1,522,897 | |||||||||||
Exercise of warrants | $ 152 | 7,583,940 | 7,584,092 | |||||||||
Net loss | (4,036,615) | (4,036,615) | ||||||||||
Balance (in shares) at Mar. 31, 2021 | 6,357,596 | |||||||||||
Balance at Mar. 31, 2021 | $ 635 | $ 52,419,383 | $ (38,098,451) | $ 14,321,567 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (4,036,615) | $ (2,633,992) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 3,550 | 3,118 |
Accrued stock compensation to employees | 2,470 | |
Accrued stock compensation to non-employees | 4,750 | |
Issuance of stock based compensation | 50,300 | |
Increase or decrease in: | ||
Accounts receivable | (100,847) | (25,394) |
Inventory | (19,925) | 13,859 |
Prepaid clinical expenses | (1,088,681) | 59,096 |
Prepaid insurance and services | (93,278) | (37,013) |
Other current assets | (9,615) | |
Other | 117 | 226 |
Accounts payable and accrued expenses | 358,560 | 803,630 |
Total adjustments | (890,204) | 824,742 |
NET CASH USED IN OPERATING ACTIVITIES | (4,926,819) | (1,809,250) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of furniture and equipment | (50,627) | |
Proceeds from mortgage note receivable | 3,332 | 9,615 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 3,332 | (41,012) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net proceeds from exercise of warrants | 7,584,092 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 7,584,092 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,660,605 | (1,850,262) |
CASH AND CASH EQUIVALENTS, beginning of period | 12,846,113 | 2,783,719 |
CASH AND CASH EQUIVALENTS, end of period | 15,506,718 | 933,457 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for interest | ||
Cash paid for income taxes |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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 6, 2020, We are a clinical stage biotechnology company that develops cyclodextrin-based products for the treatment of disease. We have filed a Type II Drug Master File with the U.S. Food and Drug Administration (“FDA”) in 2014 2015, 2016, 14 two 18 September 2016, January 2017 September 2017. October 2019, May 2020 October 2020 May We have also filed Clinical Trial Applications for a Phase I/II clinical study 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 Phase I/II study is evaluating the safety, tolerability and efficacy of Trappsol® Cyclo™ through a range of clinical outcomes, including neurologic, and respiratory, in addition to measurements of cholesterol metabolism and markers of NPC. The first July 2017, February 2020, 12 September 2020, seven In January 2018, January 2021. April 2021 second 2021. We also continue to operate our legacy fine chemical business, consisting of the sale of 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 that 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, 2020. 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 March 31, 2021 December 31, 2020. (e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol® Cyclo™, cyclodextrin products and chemical complexes purchased for resale recorded at the lower of cost ( first first $52,922 March 31, 2021 December 31, 2020, not (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. Prepaid clinical expenses represent valid future economic benefits based on our contracts with our vendors, and will be realized in the ordinary course of business. (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––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% (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 2,130,268 three March 31, 2021 December 31, 2020. (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 March 31, 2021 December 31, 2020. For short-term classes of our financial instruments, which include cash, accounts receivable and accounts payable, and which are not March 31, 2021 December 31, 2020, (q) 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) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS––Management does not not (s) UNCERTAINTY––The recent outbreak of the COVID- 19 19 may may not 19 19 not 19, 19 |
Note 2 - Revenues
Note 2 - Revenues | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 2 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 March 31, 2021 2020 Trappsol® Cyclo™ $ 1,840 $ 30,096 Trappsol® HPB 201,348 214,962 Trappsol® Fine Chemical 142,495 78,109 Aquaplex® 11,276 - Other 1,174 2,567 Total revenues $ 358,133 $ 325,734 Substantially all of our sales of Trappsol® Cyclo™ for the three March 31, 2021 December 31, 2020 three March 31, 2021 December 31, 2020 one |
Note 3 - Major Customers and Su
Note 3 - Major Customers and Suppliers | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Major Customers and Suppliers Disclosure [Text Block] | ( 3 Our revenues are derived primarily from chemical supply and pharmaceutical companies located primarily in the United States. For the three March 31, 2021 five 77% three March 31, 2020, four 70% Substantially all inventory purchases were from three 2021 2020. We have three For the three March 31, 2021, 1% 96% 3% three March 31, 2020 9% 91% |
Note 4 - Mortgage Note Receivab
Note 4 - Mortgage Note Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 4 On January 21, 2016, $10,000 $265,000, $3,653, 4.25%, seven March 1, 2016, February 2023. |
Note 5 - Note Payable
Note 5 - Note Payable | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 5 On May 4, 2020, $158,524 May 4, 2022 1% September 5, 2021. may |
Note 6 - Equity Transactions
Note 6 - Equity Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 6 On December 8, 2020, 1 100 10,000,000 The Company expensed $0 $7,220 three March 31, 2021 2020, not 2020, not 53,938 January 2021 $271,308 December 31, 2020. On April 24, 2020, 200,000 $10 $2,000,000. On August 27, 2020, 283,111 $10 $2,831,114. one seven one $15 On December 11, 2020, 2,500,000 $5.00 one one $5.00 45 375,000 375,000 375,000 The Company received gross proceeds of $12,503,750 eight 8% December 22, 2020, 375,000 $1,871,250 $14,375,000. $1,703,000 Pursuant to the Underwriting Agreement, we issued warrants (the “Underwriter's Warrants”) to Maxim to purchase 57,500 2% $6.25 five Subsequent to the closing of the Public Offering through December 31, 2020, 197,000 $985,000. In January 2021, 10,000 $50,300 In February March 2021 December 2020 1,519,984 $7,599,920. In March 2021, 9,436 2,913 6,523 As of March 31, 2021, 2,130,268 $5.00 $100.00 2027. seven March 31, 2021 4,800 May 2016 $25.00 1,641 February 2017 $35.00 2,400 October 2017 $25.00 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 7 The Company reported a net loss for the three March 31, 2021 2020, |
Note 8 - Equity Incentive Plan
Note 8 - Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Equity Incentive Plan Disclosure [Text Block] | ( 8 On August 29, 2019, 2019 68,437 may 1986, may not ten March 31, 2021, 68,437 no |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 9 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 6, 2020, We are a clinical stage biotechnology company that develops cyclodextrin-based products for the treatment of disease. We have filed a Type II Drug Master File with the U.S. Food and Drug Administration (“FDA”) in 2014 2015, 2016, 14 two 18 September 2016, January 2017 September 2017. October 2019, May 2020 October 2020 May We have also filed Clinical Trial Applications for a Phase I/II clinical study 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 Phase I/II study is evaluating the safety, tolerability and efficacy of Trappsol® Cyclo™ through a range of clinical outcomes, including neurologic, and respiratory, in addition to measurements of cholesterol metabolism and markers of NPC. The first July 2017, February 2020, 12 September 2020, seven In January 2018, January 2021. April 2021 second 2021. We also continue to operate our legacy fine chemical business, consisting of the sale of 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 that 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, 2020. 10 not |
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 |
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 March 31, 2021 December 31, 2020. |
Inventory, Cash Flow Policy [Policy Text Block] | (e) INVENTORY AND COST OF PRODUCTS SOLD––Inventory consists of our pharmaceutical drug Trappsol® Cyclo™, cyclodextrin products and chemical complexes purchased for resale recorded at the lower of cost ( first first $52,922 March 31, 2021 December 31, 2020, not |
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. Prepaid clinical expenses represent valid future economic benefits based on our contracts with our vendors, and will be realized in the ordinary course of business. |
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. |
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 |
Revenue [Policy Text Block] | (i) REVENUE RECOGNITION––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. |
Advertising Cost [Policy Text Block] | (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. |
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% |
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 2,130,268 three March 31, 2021 December 31, 2020. |
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. |
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 March 31, 2021 December 31, 2020. For short-term classes of our financial instruments, which include cash, accounts receivable and accounts payable, and which are not March 31, 2021 December 31, 2020, |
Use of Estimates, Policy [Policy Text Block] | (q) 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | (r) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS––Management does not not |
Effect of Covid-19 Pandemic [Policy Text Block] | (s) UNCERTAINTY––The recent outbreak of the COVID- 19 19 may may not 19 19 not 19, 19 |
Note 2 - Revenues (Tables)
Note 2 - Revenues (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2021 2020 Trappsol® Cyclo™ $ 1,840 $ 30,096 Trappsol® HPB 201,348 214,962 Trappsol® Fine Chemical 142,495 78,109 Aquaplex® 11,276 - Other 1,174 2,567 Total revenues $ 358,133 $ 325,734 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Inventory Valuation Reserves, Ending Balance | $ 52,922 | |
Warrants To Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2,130,268 | 2,130,268 |
Computers and Vehicles [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Computers and Vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Machinery and Furniture [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |
Machinery and Furniture [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 2 - Revenues (Details Text
Note 2 - Revenues (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Number of Operating Segments | 1 | ||
Number of Major Customers | 3 | 3 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number of Major Customers | 5 | 4 | |
Aquaplex [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number of Major Customers | 1 | 1 |
Note 2 - Revenues - Revenues by
Note 2 - Revenues - Revenues by Product (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 358,133 | $ 325,734 |
Trappsol Cyclo [Member] | ||
Revenues | 1,840 | 30,096 |
Trappsol HPB [Member] | ||
Revenues | 201,348 | 214,962 |
Trappsol Fine Chemical [Member] | ||
Revenues | 142,495 | 78,109 |
Aquaplex [Member] | ||
Revenues | 11,276 | |
Product and Service, Other [Member] | ||
Revenues | $ 1,174 | $ 2,567 |
Note 3 - Major Customers and _2
Note 3 - Major Customers and Suppliers (Details Textual) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Number of Major Customers | 3 | 3 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Number of Major Customers | 5 | 4 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Five Major Customers [Member] | ||
Concentration Risk, Percentage | 77.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Four Major Customer [Member] | ||
Concentration Risk, Percentage | 70.00% | |
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Biopharmaceuticals [Member] | ||
Concentration Risk, Percentage | 1.00% | |
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Basic Natural and Chemically Modified Cyclodexterins [Member] | ||
Concentration Risk, Percentage | 96.00% | 9.00% |
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Cyclodexterin Complexes [Member] | ||
Concentration Risk, Percentage | 3.00% | 91.00% |
Note 4 - Mortgage Note Receiv_2
Note 4 - Mortgage Note Receivable (Details Textual) | Jan. 21, 2016USD ($) |
Proceeds from Sale of Property Held-for-sale | $ 10,000 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | 265,000 |
Mortgage Loans on Real Estate, Monthly Payment | $ 3,653 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 4.25% |
Note 5 - Note Payable (Details
Note 5 - Note Payable (Details Textual) | May 04, 2020USD ($) |
Paycheck Protection Program CARES Act [Member] | |
Proceeds from Issuance of Long-term Debt, Total | $ 158,524 |
Note 6 - Equity Transactions (D
Note 6 - Equity Transactions (Details Textual) | Jan. 01, 2021USD ($)shares | Dec. 22, 2020USD ($) | Dec. 22, 2020USD ($)shares | Dec. 11, 2020USD ($)$ / sharesshares | Dec. 08, 2020shares | Aug. 27, 2020USD ($)$ / sharesshares | Apr. 24, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | Jan. 31, 2021USD ($)shares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020USD ($) | Dec. 31, 2020shares |
Common Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 500,000,000 | ||||||||
Share-based Payment Arrangement, Expense | $ | $ 0 | $ 7,220 | ||||||||||
Proceeds from Issuance of Private Placement | $ | $ 2,831,114 | |||||||||||
Proceeds from Warrant Exercises | $ | 7,584,092 | |||||||||||
Share-based Payment Arrangement, Nonemployee [Member] | ||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 10,000 | |||||||||||
Stock Issued During Period, Value, Issued for Services | $ | $ 50,300 | $ 50,300 | ||||||||||
Warrants to Purchase Units Sold in May 2016 Private Placement [Member] | ||||||||||||
Warrants and Rights Outstanding, Term (Year) | 7 years | 7 years | 7 years | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 25 | $ 25 | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 4,800 | 4,800 | ||||||||||
Underwriter Warrants [Member] | Maxim Group LLC [Member] | ||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 6.25 | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 57,500 | |||||||||||
Class of Warrant or Right, Percentage of Shares Sold in Public Offering | 2.00% | |||||||||||
Warrants To Purchase Common Stock [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,130,268 | 2,130,268 | ||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 197,000 | |||||||||||
Proceeds from Warrant Exercises | $ | $ 985,000 | |||||||||||
Warrants To Purchase Common Stock [Member] | Minimum [Member] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 5 | $ 5 | ||||||||||
Warrants To Purchase Common Stock [Member] | Maximum [Member] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 100 | $ 100 | ||||||||||
Warrants Issued in Connection with December 2020 Public Offering [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,519,984 | 1,519,984 | ||||||||||
Proceeds from Warrant Exercises | $ | $ 7,599,920 | |||||||||||
Warrants Exercised in Net Share Settlement [Member] | ||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 9,436 | |||||||||||
Class of Warrant or Right, Expired During Period (in shares) | 6,523 | |||||||||||
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 | $ 35 | $ 35 | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,641 | 1,641 | ||||||||||
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 | $ 25 | $ 25 | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,400 | 2,400 | ||||||||||
Private Placement [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 200,000 | |||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 10 | $ 10 | ||||||||||
Proceeds from Issuance of Private Placement | $ | $ 2,000,000 | |||||||||||
Equity Units Issued During Period, Shares, New Issues (in shares) | 283,111 | |||||||||||
Equity Units, Number of Common Shares in Each Unit (in shares) | 1 | |||||||||||
Private Placement [Member] | August 2020 Warrants [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 15 | |||||||||||
December 2020 Public Offering [Member] | ||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 5 | |||||||||||
Equity Units Issued During Period, Shares, New Issues (in shares) | 2,500,000 | |||||||||||
Equity Units, Number of Common Shares in Each Unit (in shares) | 1 | |||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 14,375,000 | $ 12,503,750 | ||||||||||
Underwriting Discounts and Commissions, Percent | 8.00% | |||||||||||
Payments of Stock Issuance Costs | $ | $ 1,703,000 | |||||||||||
Underwriting Agreement [Member] | ||||||||||||
Equity Units, Number of Warrants in Each Unit | 1 | |||||||||||
Underwriting Agreement [Member] | The Warrants [Member] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 5 | |||||||||||
Over-Allotment Option [Member] | Maxim Group LLC [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 375,000 | |||||||||||
Purchase Agreement Optional Period to Shares (Day) | 45 days | |||||||||||
Purchase Agreement, Maximum, Additional Shares Available for Purchase During the Optional Period (in shares) | 375,000 | |||||||||||
Over Allotment Options, Number of Shares for Warrants (in shares) | 375,000 | |||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 1,871,250 | |||||||||||
Over-Allotment Option [Member] | The Warrants [Member] | Maxim Group LLC [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 375,000 | |||||||||||
Warrants Exercised in Net Share Settlement [Member] | ||||||||||||
Stock Issued During Period, Shares, Warrants Exercised (in shares) | 2,913 | |||||||||||
Employees [Member] | ||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 53,938 | |||||||||||
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture | $ | $ 271,308 | |||||||||||
Reverse Stock Split [Member] | ||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 100 |
Note 8 - Equity Incentive Plan
Note 8 - Equity Incentive Plan (Details Textual) - The 2019 Omnibus Incentive Plan [Member] - shares | 3 Months Ended | 19 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2021 | Aug. 29, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 68,437 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 68,437 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | 0 | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |