0001437749-21-026014 | 10-Q | XBRL Viewer | Diffusion Pharmaceuticals INC

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2021	Nov. 08, 2021
Document Information [Line Items]
Entity Central Index Key	0001053691
Entity Registrant Name	Diffusion Pharmaceuticals Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	000-24477
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-0645032
Entity Address, Address Line One	300 East Main Street, Suite 201
Entity Address, City or Town	Charlottesville
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22902
City Area Code	434
Local Phone Number	220-0718
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	DFFN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		101,920,329

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 40,335,045	$ 18,515,595
Prepaid expenses, deposits and other current assets	380,097	260,825
Total current assets	40,715,142	18,776,420
Property and equipment, net	81,896	149,198
Intangible asset	0	8,639,000
Right of use asset	67,886	149,162
Other assets	15,579	15,771
Total assets	40,880,503	27,729,551
Current liabilities:
Accounts payable	678,036	545,844
Accrued expenses and other current liabilities	2,002,981	1,776,470
Current operating lease liability	67,886	113,469
Total current liabilities	2,748,903	2,435,783
Deferred income taxes	0	443,893
Noncurrent operating lease liability	0	35,693
Total liabilities	2,748,903	2,915,369
Commitments and Contingencies (Note 7)
Stockholders’ Equity:
Common stock, $0.001 par value: 1,000,000,000 shares authorized; 101,903,979 and 64,015,441 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	101,904	64,016
Additional paid-in capital	164,560,366	130,659,550
Accumulated deficit	(126,530,670)	(105,909,384)
Total stockholders' equity	38,131,600	24,814,182
Total liabilities and stockholders' equity	$ 40,880,503	$ 27,729,551

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	101,903,979	64,015,441
Common stock, shares outstanding (in shares)	101,903,979	64,015,441

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating expenses:
Research and development	$ 2,105,815	$ 3,137,553	$ 6,994,866	$ 6,845,203
Intangible asset impairment charge	8,639,000	0	8,639,000	0
General and administrative	1,930,082	2,112,375	5,510,365	4,964,440
Depreciation	19,100	24,192	67,302	78,233
Loss from operations	12,693,997	5,274,120	21,211,533	11,887,876
Other income:
Interest income	(50,710)	(29,233)	(146,354)	(89,246)
Loss from operations before income tax benefit	(12,643,287)	(5,244,887)	(21,065,179)	(11,798,630)
Income tax benefit	443,893	805,676	443,893	1,675,381
Net loss	(12,199,394)	(4,439,211)	(20,621,286)	(10,123,249)
Deemed dividend arising from warrant exchange	0	0	0	(1,950,378)
Net loss attributable to common stockholders	$ (12,199,394)	$ (4,439,211)	$ (20,621,286)	$ (12,073,627)
Per share information:
Net loss per share of common stock, basic and diluted (in dollars per share)	$ (0.12)	$ (0.07)	$ (0.22)	$ (0.24)
Weighted average shares outstanding, basic and diluted (in dollars per share)	$ 101,903,979	$ 64,011,342	$ 98,810,420	$ 50,216,239

Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2019	33,480,365
Balance at Dec. 31, 2019	$ 33,481	$ 111,824,859	$ (91,724,078)	$ 20,134,262
Issuance of common stock upon exercise of warrants (in shares)	19,106,504
Issuance of common stock upon exercise of warrants	$ 19,106	7,768,370	0	7,787,476
Stock-based compensation expense	0	584,297	0	584,297
Net loss	$ 0	0	(10,123,249)	(10,123,249)
Sale of common stock and warrants, net of issuance costs (in shares)	11,428,572
Sale of common stock and warrants, net of issuance costs	$ 11,429	10,330,202	0	10,341,631
Balance (in shares) at Sep. 30, 2020	64,015,441
Balance at Sep. 30, 2020	$ 64,016	130,507,728	(101,847,327)	28,724,417
Balance (in shares) at Jun. 30, 2020	63,998,298
Balance at Jun. 30, 2020	$ 63,999	130,220,772	(97,408,116)	32,876,655
Issuance of common stock upon exercise of warrants (in shares)	17,143
Issuance of common stock upon exercise of warrants	$ 17	7,483	0	7,500
Stock-based compensation expense	0	279,473	0	279,473
Net loss	$ 0	0	(4,439,211)	(4,439,211)
Balance (in shares) at Sep. 30, 2020	64,015,441
Balance at Sep. 30, 2020	$ 64,016	130,507,728	(101,847,327)	28,724,417
Balance (in shares) at Dec. 31, 2020	64,015,441
Balance at Dec. 31, 2020	$ 64,016	130,659,550	(105,909,384)	24,814,182
Issuance of common stock upon exercise of warrants (in shares)	4,230,000
Issuance of common stock upon exercise of warrants	$ 4,230	2,197,220	0	2,201,450
Stock-based compensation expense	0	642,952	0	642,952
Net loss	$ 0	0	(20,621,286)	(20,621,286)
Sale of common stock and warrants, net of issuance costs (in shares)	33,658,538
Sale of common stock and warrants, net of issuance costs	$ 33,658	31,060,644	0	31,094,302
Balance (in shares) at Sep. 30, 2021	101,903,979
Balance at Sep. 30, 2021	$ 101,904	164,560,366	(126,530,670)	38,131,600
Balance (in shares) at Jun. 30, 2021	101,903,979
Balance at Jun. 30, 2021	$ 101,904	164,395,974	(114,331,276)	50,166,602
Stock-based compensation expense	0	164,392	0	164,392
Net loss	$ 0	0	(12,199,394)	(12,199,394)
Balance (in shares) at Sep. 30, 2021	101,903,979
Balance at Sep. 30, 2021	$ 101,904	$ 164,560,366	$ (126,530,670)	$ 38,131,600

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net loss	$ (20,621,286)	$ (10,123,249)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	67,302	78,233
Stock-based compensation expense	642,952	584,297
Deferred income taxes	(443,893)	(1,675,381)
Intangible asset impairment charge	8,639,000	0
Changes in operating assets and liabilities:
Prepaid expenses, deposits and other assets	(119,080)	(224,224)
Accounts payable, accrued expenses and other liabilities	358,703	1,202,283
Net cash used in operating activities	(11,476,302)	(10,158,041)
Cash flows provided by financing activities:
Proceeds from the sale of common stock and warrants, net of issuance costs	31,094,302	10,827,100
Proceeds from the exercise of common stock warrants	2,201,450	8,046,103
Payment of financing costs	0	(982,328)
Net cash provided by financing activities	33,295,752	17,890,875
Net increase in cash and cash equivalents	21,819,450	7,732,834
Cash and cash equivalents at beginning of period	18,515,595	14,177,349
Cash and cash equivalents at end of period	$ 40,335,045	$ 21,910,183

Note 1 - Organization and Description of Business

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Nature of Operations [Text Block]

1.	Organization and Description of Business

Diffusion Pharmaceuticals Inc., a Delaware corporation, is a biopharmaceutical company developing novel therapies that enhance the body’s ability to deliver oxygen to the areas where it is needed most. The Company’s lead product candidate, TSC, is being developed to enhance the diffusion of oxygen to tissues with low oxygen levels, also known as hypoxia, a serious complication of many of medicine’s most intractable and difficult-to-treat conditions.

Note 2 - Liquidity

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Liquidity Disclosure [Text Block]

2.	Liquidity

The Company has not generated any revenues from product sales and has funded operations primarily from the proceeds of public and private offerings of equity, convertible debt and convertible preferred stock. Substantial additional financing will be required by the Company to continue to fund its research and development activities. No assurance can be given that any such financing will be available when needed, or at all, or that the Company’s research and development efforts will be successful.

The Company regularly explores alternative means of financing its operations and seeks funding through various sources, including public and private securities offerings, collaborative arrangements with third parties and other strategic alliances and business transactions. The Company does not have any commitments to obtain additional funds and may be unable to obtain sufficient funding in the future on acceptable terms, if at all. If the Company cannot obtain the necessary funding, it will need to delay, scale back or eliminate some or all of its research and development programs or enter into collaborations with third parties to commercialize potential products or technologies that it might otherwise seek to develop or commercialize independently; consider other various strategic alternatives, including a merger or sale of the Company; or cease operations. If the Company engages in collaborations, it may receive lower consideration upon commercialization of such products than if it had not entered such arrangements or if it entered into such arrangements at later stages in the product development process.

Operations of the Company are subject to certain risks and uncertainties including various internal and external factors that will affect whether and when the Company’s product candidates become approved drugs and how significant their market share will be, some of which are outside of the Company’s control. The length of time and cost of developing and commercializing these product candidates and/or failure of them at any stage of the drug approval process will materially affect the Company’s financial condition and future operations. The Company expects that its existing cash and cash equivalents as of September 30, 2021 will enable it to fund its operating expenses and capital expenditure requirements through 2023.

Note 3 - Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Significant Accounting Policies [Text Block]

3.	Basis of Presentation and Summary of Significant Accounting Policies

The Summary of Significant Accounting Policies included in the Company's Annual Report for the year ended December 31, 2020 have not materially changed.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial information as found in the ASC and ASUs of the FASB, and with the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the SEC. In the opinion of management, the accompanying unaudited interim consolidated financial statements of the Company include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the unaudited interim consolidated financial statements) considered necessary to present fairly the Company’s financial position as of September 30, 2021, results of operations for the three and nine months ended September 30, 2021 and 2020 and cash flows for the nine months ended September 30, 2021 and 2020. Operating results for the nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The unaudited interim consolidated financial statements presented herein do not contain the required disclosures under GAAP for annual financial statements. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2020 filed with the SEC as part of the Company's Annual Report on Form 10-K on March 16, 2021.

Use of Estimates

The preparation of unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date the financial statements and reported amounts of expense during the reporting period. The COVID-19 pandemic had no material impact on the Company's estimates and assumptions used in the preparation of the unaudited interim consolidated financial statements for the three and nine months ended September 30, 2021. However, the full extent to which the ongoing COVID-19 pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including sales, expenses, reserves and allowances, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19, governmental and business responses to the pandemic, further actions taken to contain or treat COVID-19, the ongoing economic impact on local, regional, national and international markets, and the speed of the anticipated economic recovery. Due to the uncertainty of factors surrounding these estimates or judgments, actual results may materially vary from the Company’s estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the unaudited interim consolidated financial statements in the period they are determined. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the Company’s consolidated financial statements in future reporting periods.

Fair Value of Financial Instruments

The carrying amounts of the Company’s financial instruments, including cash equivalents and accounts payable approximate fair value due to the short-term nature of those instruments.

Intangible Asset

In the third quarter of 2021, the Board of Directors decided to no longer dedicate financial resources to the Company's DFN-529 (formerly RES-529) intangible asset and any future internal development efforts were abandoned. In connection with this decision, the Company concluded that DFN-529 was impaired in its entirety and as such, the Company recognized a non-cash impairment charge of $8.6 million during the third quarter of 2021. The abandonment also resulted in an income tax benefit of $0.4 million due to the tax effect of the reduction in the deferred tax liability associated with the asset.

Net Loss Per Common Share

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted net loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible debt, convertible preferred stock, common stock warrants, stock options and unvested restricted stock that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation as the impact is anti-dilutive.

The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive as of the dates indicated below:

As of September 30,

2021

2020

Common stock warrants
6,499,469 9,100,112

Stock options
3,799,815 2,040,204

Unvested restricted stock awards
291,800 153,000

10,591,084 11,293,316

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This guidance applies to all entities and aims to reduce the complexity of tax accounting standards while enhancing reporting disclosures. This guidance was effective for fiscal years beginning after December 15, 2020 and interim periods therein. The Company adopted ASU No. 2019-12 in the first quarter of 2021 and the adoption did not have a material impact on the Company's consolidated financial statements.

Note 4 - Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

4.	Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of the dates indicated below:

	September 30, 2021		December 31, 2020
Accrued payroll and payroll related expenses		773,917		653,899
Accrued professional fees		59,126		31,809
Accrued clinical studies expenses		1,081,453		1,055,398
Other accrued expenses		88,485		35,364
Total	$	2,002,981	$	1,776,470

Note 5 - Stockholders' Equity and Common Stock Warrants

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

5.	Stockholders' Equity and Common Stock Warrants

February 2021 Common Stock Offering

In February 2021, the Company completed the February 2021 Offering in which it offered and sold 33,658,538 shares of its common stock in an underwritten, public offering for a purchase price to the public of $1.025 per share, inclusive of shares offered and sold pursuant to the exercise-in-full by the underwriter of its 30-day option to purchase additional shares. The February 2021 Offering resulted in aggregate net proceeds to the Company of $31.1 million, after deducting underwriting commissions, discounts, and expenses but prior to deducting other offering costs. In addition, at the closings of the February 2021 Offering, the Company issued to designees of the underwriter of the transaction warrants to purchase up to an aggregate of 1,682,927 shares of common stock to designees. The underwriter warrants have an exercise price of $1.28125 per share and a term of five years from the date of issuance.

Common Stock Warrants

As of September 30, 2021, the Company had the following warrants outstanding to acquire shares of its common stock:

	Outstanding		Range of exercise price per share			Expiration dates
Common stock warrants issued in 2017 related to Series A convertible preferred stock offering		903,870		$33.30		March 2022
Common stock warrants issued in 2018 related to the January 2018 Offering		1,181,421	$12.00	-	$15.00	January 2023
Common stock warrants issued related to the May 2019 Offering		1,382,913	$5.00	-	$6.11875	May and December 2024
Common stock warrants issued related to the November 2019 Offering		213,570		$0.35		November 2024
Common stock warrants issued related to the December 2019 Offering		313,339	$0.4335	-	$0.6981	December 2024 and June 2025
Common stock warrants issued related to the May 2020 Offering		571,429		$1.31		May 2025
Common stock warrants issued related to May 2020 Investor Warrant Exercise		250,000		$0.5938		November 2025
Common stock warrants issued related to the February 2021 Offering		1,682,927		$1.28		February 2026
		6,499,469

During the nine months ended September 30, 2021, 53,570 warrants expired and 4,230,000 warrants were exercised for aggregate proceeds of approximately $2.2 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Note 6 - Stock-based Compensation

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

6.	Stock-Based Compensation

2015 Equity Plan

The 2015 Equity Plan provides for increases to the number of shares reserved for issuance thereunder each January 1 equal to 4.0% of the total shares of the Company’s common stock outstanding as of the immediately preceding December 31, unless a lesser amount is stipulated by the Compensation Committee of the Company's board of directors. Accordingly, 2,560,618 shares were added to the reserve as of January 1, 2021, which shares may be issued in connection with the grant of stock-based awards, including stock options, restricted stock, restricted stock units, stock appreciation rights and other types of awards as deemed appropriate, in each case, in accordance with the terms of the 2015 Equity Plan. As of September 30, 2021, there were 407,333 shares available for future issuance under the 2015 Equity Plan.

The Company recorded stock-based compensation expense in the following expense categories of its unaudited interim consolidated statements of operations for the periods indicated:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	$	18,811	$	19,838	$	111,378	$	136,236
General and administrative		145,581		259,635		531,574		448,061
Total stock-based compensation expense	$	164,392	$	279,473	$	642,952	$	584,297

The following table summarizes the activity related to all stock option grants for the nine months ended September 30, 2021:

	Number of Options			Weighted average exercise price per share		Weighted average remaining contractual life (in years)		Aggregate intrinsic value
Balance at January 1, 2021		2,240,204		$	8.28
Granted		1,732,515			0.91
Forfeited		(172,904	)		1.76
Outstanding at September 30, 2021		3,799,815		$	5.22		8.79	$	33,791
Exercisable at September 30, 2021		1,839,079		$	9.85		8.17	$	30,113
Vested and expected to vest at September 30, 2021		3,542,971		$	5.51		8.74	$	33,791

The weighted average grant date fair value of stock option awards granted during the nine months ended September 30, 2021 was $0.87. The total fair value of options vested during the three months ended September 30, 2021 and 2020 was $0.3 million and $0.3 million, respectively. The total fair value of options vested during the nine months ended September 30, 2021 and 2020 was $0.6 million and $0.6 million, respectively. No options were exercised during any of the periods presented. At September 30, 2021, there was $1.2 million of unrecognized compensation expense that will be recognized over a weighted-average period of 1.80 years. During the nine months ended September 30, 2021, the Company granted 385,267 performance-based stock options with an exercise price of $1.11 per share, subject to vesting based on the satisfaction of specified performance criteria. Compensation expense for the performance-based awards is recorded over the estimated service period for each milestone when the performance conditions are deemed probable of achievement. The Company recorded stock-based compensation expense of approximately $0.1 million nine months ended September 30, 2021, for service-based awards and performance conditions deemed probable of achievement and/or achieved. For performance-based awards containing performance conditions which were not deemed probable of achievement at September 30, 2021, no stock compensation expense was recognized and any previously recognized expense related to those awards originally deemed probable was reversed.

Options granted were valued using the Black-Scholes option-pricing model and the weighted average assumptions used to value the options granted during the nine months ended September 30, 2021 and 2020 were as follows:

	2021			2020
Expected term (in years)		10			7.75
Risk-free interest rate		1.5	%		0.9	%
Expected volatility		123.8	%		119.7	%
Dividend yield		—	%		—	%

Restricted Stock Unit Awards

The Company issues restricted stocks ("RSU") to newly elected, non-executive members of the board of directors that vest in six, tri-monthly installments beginning 18 months after the respective grant date. The fair value of an RSU is equal to the fair market value price of the Company’s common stock on the date of grant. RSU expense is recorded on a straight-line basis over the service period.

The following table summarizes activity related to RSU stock-based payment awards:

	Number of shares		Weighted-average grant date fair value
Unvested balance at January 1, 2021		153,000	$	0.65
Granted		138,800	$	0.72
Unvested balance at September 30, 2021		291,800	$	0.69

The Company recognized approximately $16,000 and $4,000 in expense related to these awards during the three months ended September 30, 2021 and 2020, respectively. The Company recognized approximately $27,000 and $12,000 in expense related to these awards during the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021, there was approximately $0.1 million of unrecognized compensation cost that will be recognized over a weighted average period of 2.35 years.

Note 7 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

7.	Commitments and Contingencies

Office Space Rental

The Company has a non-cancelable operating lease for office and laboratory space in Charlottesville, Virginia, which began in April 2017, and as of September 30, 2021, has a remaining lease term of approximately 0.6 years. The discount rate used to account for the Company's operating lease under ASC 842 is the Company’s estimated incremental borrowing rate of 10%. The original term of the lease ends in the second quarter of 2022 and the Company has an option to extend for another five (5) years. This option to extend was not recognized as part of the Company's measurement of the right-of-use asset and operating lease liability as of September 30, 2021. The Company also entered into two month-to-month leases for office space during the nine months ended September 30, 2021. The Company adopted the short-term lease election as afforded by ASC 842 and did not recognize a right-of-use asset and operating lease liability related to these short-term leases.

Rent expense related to the Company's operating leases for the three months ended September 30, 2021 and 2020 was approximately $48,000 and $30,000, respectively. Rent expense for the nine months ended September 30, 2021 and 2020 was approximately $0.1 million and $91,000, respectively. Future minimum rental payments under the Company's non-cancelable operating lease at September 30, 2021 were as follows:

	Rental Commitments
2021	$	29,801
2022		39,735
Total		69,536
Less: imputed interest		(1,650	)
	$	67,886

Research and Development Arrangements

In the course of normal business operations, the Company enters into agreements with universities and CROs to assist in the performance of research and development activities and contract manufacturers to assist with chemistry, manufacturing, and controls related expenses. Expenditures to CROs represent a significant cost in clinical development for the Company. The Company could also enter into additional collaborative research, contract research, manufacturing, and supplier agreements in the future, which may require upfront payments and long-term commitments of cash.

Defined Contribution Retirement Plan

The Company has established a 401(k) defined contribution plan that covers all employees who qualify under the terms of the plan. Eligible employees may elect to contribute to the 401(k) Plan up to 90% of their compensation, limited by the IRS-imposed maximum. The Company provides a safe harbor match with a maximum amount of 4% of the participant’s compensation. The Company made matching contributions under the 401(k) Plan of approximately $29,000 and $11,000 for the three months ended September 30, 2021 and 2020, respectively and matched approximately $60,000 and $42,000 during the nine months ended September 30, 2021 and 2020, respectively.

Legal Proceedings

On August 7, 2014, a complaint was filed in the Superior Court of Los Angeles County, California by Paul Feller, the former Chief Executive Officer of the Company’s legal predecessor under the caption Paul Feller v. RestorGenex Corporation, Pro Sports & Entertainment, Inc., ProElite, Inc. and Stratus Media Group, GmbH (Case No. BC553996). The complaint asserts various causes of action, including, among other things, promissory fraud, negligent misrepresentation, breach of contract, breach of employment agreement, breach of the covenant of good faith and fair dealing, violations of the California Labor Code and common counts. The plaintiff is seeking, among other things, compensatory damages in an undetermined amount, punitive damages, accrued interest and an award of attorneys’ fees and costs. On December 30, 2014, the Company filed a petition to compel arbitration and a motion to stay the action. On April 1, 2015, the plaintiff filed a petition in opposition to the Company’s petition to compel arbitration and a motion to stay the action. After a related hearing on April 14, 2015, the court granted the Company’s petition to compel arbitration and a motion to stay the action. On January 8, 2016, the plaintiff filed an arbitration demand with the American Arbitration Association. On November 19, 2018 at an Order to Show Cause Re Dismissal Hearing, the court found sufficient grounds not to dismiss the case and an arbitration hearing was scheduled, originally for November 2020 but later postponed due to the COVID-19 pandemic and related restrictions on gatherings in the State of California. In addition, following the November 2018 hearing, an automatic stay was placed on the arbitration in connection with the plaintiff filing for personal bankruptcy protection. On October 22, 2021, following a determination by the bankruptcy trustee not to pursue the claims and release them back to the plaintiff, the parties entered into a stipulation to abandon arbitration and return the matter to state court. A case management conference has been scheduled by the court for February 23, 2022 to set a trial date.

The Company believes the claims in this matter are without merit and intends to defend itself vigorously. However, at this stage, the Company is unable to predict the outcome and possible loss or range of loss, if any, associated with its resolution or any potential effect the matter may have on the Company’s financial position. Depending on the outcome or resolution of this matter, it could have a material effect on the Company’s financial position, results of operations and cash flows.

Note 8 - Subsequent Events

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Subsequent Events [Text Block]

8.	Subsequent Events

Lease Termination

On November 8, 2021, we entered into a Deed of Lease Termination Agreement with the Carlton Landlord providing for the early termination of the Carlton Lease related to our prior corporate headquarters. The Carlton Lease was previously scheduled to expire on April 30, 2022 and, as of September 30, 2021, our aggregate amount of future minimum rental payments thereunder was approximately $69,536. In connection with the termination, we will make a one-time payment to the Carlton Landlord of approximately $14,000, after deducting anticipated returns of deposits in accordance with the Carlton Lease.

In lieu of the fixed office and laboratory space previously available to us under the Carlton Lease, we have recently entered into short term agreements to utilize membership-based co-working space in both Charlottesville, Virginia and Philadelphia, Pennsylvania.

Nasdaq Bid Price Deficiency Notice

As previously disclosed, on May 6, 2021, the Company received a written notice from the staff of the Listing Qualifications Department of Nasdaq relating to the minimum bid price requirement contained in Nasdaq Listing Rule 5550(a)(2). This notice indicated that the Company was not in compliance with such rule because the bid price for the Company’s common stock had closed below $1.00 per share for the previous 30 consecutive business days. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until November 2, 2021, to regain compliance with the Rule.

On November 3, 2021, the Company received an additional notice from the staff providing that, although the Company had not regained compliance with the bid price rule by November 2, 2021, in accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Staff has determined that the Company is eligible for an additional 180 calendar days from the date of such notice, or until May 2, 2022, to regain compliance. To regain compliance, the bid price for the Company’s common stock must close at $1.00 per share or more for a minimum of 10 consecutive business days.

The Notice has no effect on the listing or trading of the Company’s common stock at this time, and the Company is currently evaluating its alternatives to resolve this listing deficiency, including, if necessary and subject to the approval of its board of directors and stockholders, implementing a reverse stock split.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date the financial statements and reported amounts of expense during the reporting period. The COVID-19 pandemic had no material impact on the Company's estimates and assumptions used in the preparation of the unaudited interim consolidated financial statements for the three and nine months ended September 30, 2021. However, the full extent to which the ongoing COVID-19 pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including sales, expenses, reserves and allowances, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19, governmental and business responses to the pandemic, further actions taken to contain or treat COVID-19, the ongoing economic impact on local, regional, national and international markets, and the speed of the anticipated economic recovery. Due to the uncertainty of factors surrounding these estimates or judgments, actual results may materially vary from the Company’s estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the unaudited interim consolidated financial statements in the period they are determined. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the Company’s consolidated financial statements in future reporting periods.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

The carrying amounts of the Company’s financial instruments, including cash equivalents and accounts payable approximate fair value due to the short-term nature of those instruments.

Goodwill and Intangible Assets, Policy [Policy Text Block]

Intangible Asset

In the third quarter of 2021, the Board of Directors decided to no longer dedicate financial resources to the Company's DFN-529 (formerly RES-529) intangible asset and any future internal development efforts were abandoned. In connection with this decision, the Company concluded that DFN-529 was impaired in its entirety and as such, the Company recognized a non-cash impairment charge of $8.6 million during the third quarter of 2021. The abandonment also resulted in an income tax benefit of $0.4 million due to the tax effect of the reduction in the deferred tax liability associated with the asset.

Earnings Per Share, Policy [Policy Text Block]

Net Loss Per Common Share

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted net loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible debt, convertible preferred stock, common stock warrants, stock options and unvested restricted stock that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation as the impact is anti-dilutive.

The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive as of the dates indicated below:

	As of September 30,
	2021		2020
Common stock warrants		6,499,469		9,100,112
Stock options		3,799,815		2,040,204
Unvested restricted stock awards		291,800		153,000
		10,591,084		11,293,316

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This guidance applies to all entities and aims to reduce the complexity of tax accounting standards while enhancing reporting disclosures. This guidance was effective for fiscal years beginning after December 15, 2020 and interim periods therein. The Company adopted ASU No. 2019-12 in the first quarter of 2021 and the adoption did not have a material impact on the Company's consolidated financial statements.

Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	As of September 30,
	2021		2020
Common stock warrants		6,499,469		9,100,112
Stock options		3,799,815		2,040,204
Unvested restricted stock awards		291,800		153,000
		10,591,084		11,293,316

Note 4 - Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

Other Current Liabilities [Table Text Block]

	September 30, 2021		December 31, 2020
Accrued payroll and payroll related expenses		773,917		653,899
Accrued professional fees		59,126		31,809
Accrued clinical studies expenses		1,081,453		1,055,398
Other accrued expenses		88,485		35,364
Total	$	2,002,981	$	1,776,470

Note 5 - Stockholders' Equity and Common Stock Warrants (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

	Outstanding		Range of exercise price per share			Expiration dates
Common stock warrants issued in 2017 related to Series A convertible preferred stock offering		903,870		$33.30		March 2022
Common stock warrants issued in 2018 related to the January 2018 Offering		1,181,421	$12.00	-	$15.00	January 2023
Common stock warrants issued related to the May 2019 Offering		1,382,913	$5.00	-	$6.11875	May and December 2024
Common stock warrants issued related to the November 2019 Offering		213,570		$0.35		November 2024
Common stock warrants issued related to the December 2019 Offering		313,339	$0.4335	-	$0.6981	December 2024 and June 2025
Common stock warrants issued related to the May 2020 Offering		571,429		$1.31		May 2025
Common stock warrants issued related to May 2020 Investor Warrant Exercise		250,000		$0.5938		November 2025
Common stock warrants issued related to the February 2021 Offering		1,682,927		$1.28		February 2026
		6,499,469

Note 6 - Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	$	18,811	$	19,838	$	111,378	$	136,236
General and administrative		145,581		259,635		531,574		448,061
Total stock-based compensation expense	$	164,392	$	279,473	$	642,952	$	584,297

Share-based Payment Arrangement, Option, Activity [Table Text Block]

	Number of Options			Weighted average exercise price per share		Weighted average remaining contractual life (in years)		Aggregate intrinsic value
Balance at January 1, 2021		2,240,204		$	8.28
Granted		1,732,515			0.91
Forfeited		(172,904	)		1.76
Outstanding at September 30, 2021		3,799,815		$	5.22		8.79	$	33,791
Exercisable at September 30, 2021		1,839,079		$	9.85		8.17	$	30,113
Vested and expected to vest at September 30, 2021		3,542,971		$	5.51		8.74	$	33,791

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	2021			2020
Expected term (in years)		10			7.75
Risk-free interest rate		1.5	%		0.9	%
Expected volatility		123.8	%		119.7	%
Dividend yield		—	%		—	%

Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

	Number of shares		Weighted-average grant date fair value
Unvested balance at January 1, 2021		153,000	$	0.65
Granted		138,800	$	0.72
Unvested balance at September 30, 2021		291,800	$	0.69

Note 7 - Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

	Rental Commitments
2021	$	29,801
2022		39,735
Total		69,536
Less: imputed interest		(1,650	)
	$	67,886

Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	$ 8,639,000	$ 0	$ 8,639,000	$ 0
Income Tax Expense (Benefit), Total	$ (443,893)	$ (805,676)	$ (443,893)	$ (1,675,381)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 3 - Basis of Presentation and Summary of Significant Accounting Policies - Outstanding Dilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Anti-dilutive securities (in shares)	10,591,084	11,293,316
Warrant [Member]
Anti-dilutive securities (in shares)	6,499,469	9,100,112
Share-based Payment Arrangement, Option [Member]
Anti-dilutive securities (in shares)	3,799,815	2,040,204
Restricted Stock [Member]
Anti-dilutive securities (in shares)	291,800	153,000

Note 4 - Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Accrued payroll and payroll related expenses	$ 773,917	$ 653,899
Accrued professional fees	59,126	31,809
Accrued clinical studies expenses	1,081,453	1,055,398
Other accrued expenses	88,485	35,364
Total	$ 2,002,981	$ 1,776,470

Note 5 - Stockholders' Equity and Common Stock Warrants (Details Textual) - USD ($)	1 Months Ended	9 Months Ended
	Feb. 28, 2021	Sep. 30, 2021	Sep. 30, 2020
Class of Warrant or Rights, Expired (in shares)		53,570
Class of Warrant or Right, Exercised During Period (in shares)		4,230,000
Proceeds from Warrant Exercises		$ 2,201,450	$ 8,046,103
Underwriter Warrants in Connection with the February 2021 Common Stock Offering [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	1,682,927
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 1.28125	$ 1.28
Warrants and Rights Outstanding, Term (Year)	5 years
Public Offering, Inclusive of Underwriter Shares [Member]
Stock Issued During Period, Shares, New Issues (in shares)	33,658,538
Shares Issued, Price Per Share (in dollars per share)	$ 1.025
Underwriter Option to Purchase Additional Shares, Term (Day)	30 days
Proceeds from Issuance of Common Stock	$ 31,100,000

Note 5 - Stockholders' Equity and Common Stock Warrants - Warrants Outstanding to Acquire Shares of Its Common Stock (Details) - $ / shares	Sep. 30, 2021	Feb. 28, 2021
Common stock warrants, outstanding (in shares)	6,499,469
Warrants Attached to Series A Convertible Preferred Stock [Member]
Common stock warrants, outstanding (in shares)	903,870
Range of exercise price (in dollars per share)	$ 33.30
Warrants Issued in Connection with the January 2018 Offering [Member]
Common stock warrants, outstanding (in shares)	1,181,421
Warrants Issued in Connection with the January 2018 Offering [Member] \| Minimum [Member]
Range of exercise price (in dollars per share)	$ 12.00
Warrants Issued in Connection with the January 2018 Offering [Member] \| Maximum [Member]
Range of exercise price (in dollars per share)	$ 15.00
Warrants Issued in Connection with May 2019 Public Offering [Member]
Common stock warrants, outstanding (in shares)	1,382,913
Warrants Issued in Connection with May 2019 Public Offering [Member] \| Minimum [Member]
Range of exercise price (in dollars per share)	$ 5.00
Warrants Issued in Connection with May 2019 Public Offering [Member] \| Maximum [Member]
Range of exercise price (in dollars per share)	$ 6.11875
Warrants Issued in Connection with the November 2019 Offering [Member]
Common stock warrants, outstanding (in shares)	213,570
Range of exercise price (in dollars per share)	$ 0.35
Warrants Issued in Connection with the December 2019 Offering [Member]
Common stock warrants, outstanding (in shares)	313,339
Warrants Issued in Connection with the December 2019 Offering [Member] \| Minimum [Member]
Range of exercise price (in dollars per share)	$ 0.4335
Warrants Issued in Connection with the December 2019 Offering [Member] \| Maximum [Member]
Range of exercise price (in dollars per share)	$ 0.6981
The May 2020 Offering Warrants [Member]
Common stock warrants, outstanding (in shares)	571,429
Range of exercise price (in dollars per share)	$ 1.31
The May 2020 Investor Warrant Exercise [Member]
Common stock warrants, outstanding (in shares)	250,000
Range of exercise price (in dollars per share)	$ 0.5938
Underwriter Warrants in Connection with the February 2021 Common Stock Offering [Member]
Common stock warrants, outstanding (in shares)	1,682,927
Range of exercise price (in dollars per share)	$ 1.28	$ 1.28125

Note 6 - Stock-based Compensation (Details Textual) - USD ($)		3 Months Ended			9 Months Ended
	Jan. 01, 2021	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)					$ 0.87
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value		$ 300,000		$ 300,000	$ 600,000	$ 600,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)			0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)					1,732,515
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)					$ 0.91
Share-based Payment Arrangement, Expense		164,392		279,473	$ 642,952	584,297
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		1,200,000			$ 1,200,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					1 year 9 months 18 days
Share-based Payment Arrangement, Expense					$ 100,000
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)					385,267
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)					$ 1.11
Restricted Stock Units (RSUs) [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month)					18 months
Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					2 years 4 months 6 days
Share-based Payment Arrangement, Expense		16,000		$ 4,000
Restricted Stock [Member] \| Director [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 100,000			$ 100,000
Share-based Payment Arrangement, Expense					$ 27,000	$ 12,000
Equity Incentive Plan 2015 [Member]
Percentage of Total Shares Eligible for Plan Reserve, On an Annual Basis					4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)	2,560,618
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		407,333			407,333

Note 6 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock-based compensation expense	$ 164,392	$ 279,473	$ 642,952	$ 584,297
Research and Development Expense [Member]
Stock-based compensation expense	18,811	19,838	111,378	136,236
General and Administrative Expense [Member]
Stock-based compensation expense	$ 145,581	$ 259,635	$ 531,574	$ 448,061

Note 6 - Stock-based Compensation - Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Options outstanding, number (in shares) \| shares	2,240,204
Options outstanding, weighted-average exercise price (in dollars per share) \| $ / shares	$ 8.28
Granted (in shares) \| shares	1,732,515
Granted, weighted-average exercise price (in dollars per share) \| $ / shares	$ 0.91
Forfeited (in shares) \| shares	(172,904)
Forfeited, weighted-average exercise price (in dollars per share) \| $ / shares	$ 1.76
Options outstanding, number (in shares) \| shares	3,799,815
Options outstanding, weighted-average exercise price (in dollars per share) \| $ / shares	$ 5.22
Options outstanding, weighted-average remaining contractual life (Year)	8 years 9 months 14 days
Options outstanding, aggregate intrinsic value \| $	$ 33,791
Exercisable (in shares) \| shares	1,839,079
Exercisable, weighted-average exercise price (in dollars per share) \| $ / shares	$ 9.85
Exercisable, weighted-average remaining contractual life (Year)	8 years 2 months 1 day
Exercisable, aggregate intrinsic value \| $	$ 30,113
Vested and expected to vest (in shares) \| shares	3,542,971
Vested and expected to vest, weighted-average exercise price (in dollars per share) \| $ / shares	$ 5.51
Vested and expected to vest, weighted-average remaining contractual life (Year)	8 years 8 months 26 days
Vested and expected to vest, aggregate intrinsic value \| $	$ 33,791

Note 6 - Stock-based Compensation - Fair Value Assumptions (Details) - Share-based Payment Arrangement, Option [Member]	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Expected term (Year)	10 years	7 years 9 months
Risk-free interest rate	1.50%	0.90%
Expected volatility	123.80%	119.70%
Dividend yield	0.00%	0.00%

Note 6 - Stock-based Compensation - RSU Stock-based Payment Awards (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Unvested, shares (in shares) \| shares	153,000
Unvested, Weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 0.65
Granted, shares (in shares) \| shares	138,800
GrantedWeighted-average grant date fair value (in dollars per share) \| $ / shares	$ 0.72
Unvested, shares (in shares) \| shares	291,800
Unvested, Weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 0.69

Note 7 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessee, Operating Lease, Remaining Lease Term (Year)	7 months 6 days		7 months 6 days
Lessee, Operating Lease, Discount Rate	10.00%		10.00%
Lessee, Operating Lease, Renewal Term (Year)	5 years		5 years
Operating Lease, Expense	$ 48,000	$ 30,000	$ 100,000	$ 91,000
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent			90.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay			4.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 29,000	$ 11,000	$ 60,000	$ 42,000

Note 7 - Commitments and Contingencies - Future Minimum Rental Payments (Details)	Sep. 30, 2021 USD ($)
2021	$ 29,801
2022	39,735
Total	69,536
Less: imputed interest	(1,650)
Operating Lease, Liability	$ 67,886

Note 8 - Subsequent Events (Details Textual) - USD ($)	Nov. 08, 2021	Sep. 30, 2021
Lessee, Operating Lease, Liability, to be Paid, Total		$ 69,536
Subsequent Event [Member] \| Carlton Landlord [Member]
Operating Lease, Payments	$ 14,000