Note 3 - Balance Sheet Components

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Supplemental Balance Sheet Disclosures [Text Block]

3. Balance Sheet Components

Prepaid Expenses – Prepaid expenses consist of the following as of December 31, 2022 and 2021:

	2022		2021
Prepaid clinical trial costs (current portion)	$	1,171,077	$	-
Prepaid insurance premiums		107,876		123,248
Prepaid rent		13,045		13,045
Other prepaid expenses		34,000		19,947
Total prepaid expenses	$	1,325,998	$	156,240

Property and Equipment – Property and equipment consist of the following as of December 31, 2022 and 2021:

	2022			2021
Equipment and furnishings	$	725,812		$	591,554
Leasehold improvements		115,605			115,605
Total property and equipment		841,417			707,159
Accumulated depreciation and amortization		(606,505	)		(550,221	)
Property and equipment, net	$	234,912		$	156,938

Depreciation expense was $56,284 and $38,521 during the years ended December 31, 2022 and 2021, respectively.

Other Assets – Other assets consist of the following as of December 31, 2022 and 2021:

	2022		2021
Prepaid clinical trial costs (noncurrent portion)	$	2,083,276	$	-
Prepaid technology license fees		80,000		-
Deposits		11,010		11,010
Total other assets	$	2,174,286	$	11,010

Accrued Expenses – Accrued expenses consist of the following as of December 31, 2022 and 2021:

	2022		2021
Accrued license fees (current portion)	$	2,000,000	$	3,000,000
Payroll-related liabilities		550,810		269,000
Other accrued expenses		449,402		108,826
Total accrued expenses	$	3,000,212	$	3,377,826

Other Liabilities – Other liabilities were $2,000,000 at December 31, 2021 and consist of the noncurrent portion of accrued technology license fees.