Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

We have prepared the accompanying unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have condensed or omitted certain information and footnote disclosures we normally include in our annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do

not

necessarily indicate the results that

may

be expected for any other interim period or for the full year. These financial statements and accompanying notes should be read in conjunction with the financial statements and notes thereto in our Annual Report on Form

10

-K for the year ended

December 31, 2018

on file with the SEC.

There have been

no

material changes to our significant accounting policies except as described below as compared to the significant accounting policies described in the financial statements in our Annual Report on Form

10

-K for the year ended

December 31, 2018.

Significant Accounting Policies Update

In

February 2016,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No.

2016

-

02,

Leases: Topic

842

(“ASU

2016

-

02”

) that replaces existing lease guidance. The new standard is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. Under the new guidance, leases will continue to be classified as either finance or operating, with classification affecting the pattern of expense recognition in the Statements of Operations. Lessor accounting is largely unchanged under ASU

2016

-

02.

We adopted ASU

2016

-

02

and related ASUs (collectively ASC

842

) effective

January 1, 2019

using the additional transition option for the modified retrospective method and did

not

restate comparative periods. Consequently, periods before

January 1, 2019

will continue to be reported in accordance with the prior accounting guidance, ASC

840,

Leases. We elected the package of practical expedients, which permits us to retain prior conclusions about lease identification, lease classification and initial direct costs for leases that commenced before

January 1, 2019.

The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. We also elected the practical expedient to combine lease and non-lease components for all of our leases other than net lease real estate leases.

The adoption of this standard resulted in the recording of operating lease right-of-use assets of

$1.3

million and short-term and long-term lease liabilities of

$1.8

million as of

January 1, 2019.

The difference between right-of-use assets and lease liabilities relates to liabilities of

$0.5

million for deferred rent and lease incentives liabilities that were included on our Balance Sheet prior to adoption of ASC

842.

These amounts were eliminated at the time of adoption and are included in the lease liabilities. Adoption of ASC

842

did

not

have a material impact on the Company’s net earnings and had

no

impact on cash flows.

Equity Method Investments [Policy Text Block]

Equity Method Investments

We account for our ownership in SAVSU Technologies, Inc. (“SAVSU”) using the equity method of accounting. This method states that if the investment provides us the ability to exercise significant influence, but

not

control, over the investee, we account for the investment under the equity method. Significant influence is generally deemed to exist if the Company’s ownership interest in the voting stock of the investee ranges between

20%

and

50%,

although other factors, such as representation on the investee’s board of directors, are considered in determining whether the equity method of accounting is appropriate. Under the equity method of accounting, the investment is recorded at its initial carrying value in the balance sheet and is periodically adjusted for capital contributions, dividends received and our share of the investee’s earnings or losses together with other-than-temporary impairments which are recorded as a component of other income (expense), net in the statements of operations. Our effective ownership in SAVSU was

44.4%

at

March 31, 2019

and

December 31, 2018.

For the

three

months ended

March 31, 2019

and

2018,

SAVSU’s net loss totaled

$522,000

and

$538,000,

respectively.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations of credit risk and business risk

In the

three

months ended

March 31, 2019,

we derived approximately

34%

of our product revenue from

two

customers. In the

three

months ended

March 31, 2018,

we derived approximately

30%

of our product revenue from

two

customers.

No

other customer accounted for more than

10%

of revenue in the

three

months ended

March 31, 2019

or

2018.

In the

three

months ended

March 31, 2019

and

2018,

we derived approximately

90%

and

86%,

of our revenue from CryoStor products, respectively. At

March 31, 2019,

two

customers accounted for approximately

45%

of total gross accounts receivable. At

December 31, 2018,

three

customers accounted for approximately

71%

of total gross accounts receivable. 

Revenue from customers located in Canada represented

23%

and in all other foreign countries represented

17%

of total revenue during the

three

months ended

March 31, 2019.

Revenue from customers located in Canada represented

12%

and in all other foreign countries represented

13%

of total revenue during the

three

months ended

March 31, 2018.

All revenue from foreign customers are denominated in United States dollars. 

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

There have been

no

new accounting pronouncements

not

yet effective that have significance, or potential significance, to our Financial Statements.