Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred tax assets	December 31, 2020			December 31, 2019
Net operating loss carryforwards	$	3,864,189		$	1,504,496
Stock-based compensation		1,571,227			1,381,750
Orphan Drug credits		541,384			81,700
Lease liability		38,394			63,589
Capitalized start-up costs and other		10,709,631			9,187,898
Valuation allowance		(14,906,646	)		(12,051,440	)
Deferred tax assets		1,818,179			167,993
Deferred tax liabilities
Intangible assets		(2,223,678	)		(2,223,678	)
Right of use asset		(38,394	)		(63,589	)
Deferred tax liabilities		(2,262,072	)		(2,287,267	)
Net deferred tax liability	$	(443,893	)	$	(2,119,274	)

Summary of Operating Loss Carryforwards [Table Text Block]

Combined NOL Carryforwards:	December 31, 2020		December 31, 2019
Federal	$	15,013,388	$	5,844,972
State		15,007,966		5,844,972

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Rate reconciliation:	December 31, 2020			December 31, 2019
Federal tax benefit at statutory rate		(21.0	)%		(21.0	)%
State tax, net of Federal benefit		(4.7	)%		(2.5	)%
Orphan drug credit		(2.9	)%		25.3	%
Change in valuation allowance		18.1	%		(7.5	)%
Stock compensation		—	%		8.6	%
Other		—	%		0.1	%
Total provision		(10.5	)%		3.0	%