0001213900-17-005049.txt : 20170512 0001213900-17-005049.hdr.sgml : 20170512 20170512160448 ACCESSION NUMBER: 0001213900-17-005049 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 29 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170512 DATE AS OF CHANGE: 20170512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CTD HOLDINGS INC CENTRAL INDEX KEY: 0000922247 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 593029743 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-25466 FILM NUMBER: 17838534 BUSINESS ADDRESS: STREET 1: 14120 NW 126TH TERRACE CITY: ALACHUA STATE: FL ZIP: 32615-4816 BUSINESS PHONE: 386-418-8060 MAIL ADDRESS: STREET 1: 14120 NW 126TH TERRACE CITY: ALACHUA STATE: FL ZIP: 32615-4816 FORMER COMPANY: FORMER CONFORMED NAME: CYCLODEXTRIN TECHNOLOGIES DEVELOPMENT INC DATE OF NAME CHANGE: 19941012 10-Q 1 f10q0317_ctdholdings.htm QUARTERLY REPORT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended: March 31, 2017

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ____ to ____

Commission file number: 0-25466

CTD HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Florida		59-3029743
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

6714 NW 16^th Street, Suite B, Gainesville, Florida		32653
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: 386-418-8060

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

☐ Yes ☒ No

As of May 12, 2017, the Company had outstanding 72,879,361 shares of its common stock.

TABLE OF CONTENTS

	Description	Page

PART I	FINANCIAL INFORMATION	1
Item 1.	Financial Statements.	1
	Consolidated Balance Sheets as of March 31, 2017 (Unaudited) and December 31, 2016.	1
	Consolidated Statements of Operations (Unaudited) for the Three Months Ended March 31, 2017 and 2016.	2
	Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2017 and 2016.	3
	Notes to Consolidated Financial Statements.	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	8
Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	12
Item 4.	Controls and Procedures.	12
PART II	OTHER INFORMATION	13
Item 1A.	Risk Factors.	13
Item 6.	Exhibits.	13

SIGNATURES		14

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

CTD HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	March 31, 2017			December 31, 2016
	(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,638,097		$	960,197
Accounts receivable		222,698			89,667
Inventory		500,018			497,397
Current portion of mortgage note receivable		34,393			34,393
Other current assets		61,912			53,879
Total current assets		2,457,118			1,635,533

FURNITURE AND EQUIPMENT, NET		25,992			29,984

Mortgage note receivable, less current portion		194,562			203,028

TOTAL ASSETS	$	2,677,672		$	1,868,545

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES
Accounts payable and accrued expenses	$	220,987		$	342,542

STOCKHOLDERS' EQUITY
Common stock, par value $.0001 per share, 100,000,000 shares authorized, 72,879,361 and 66,952,529 shares issued and outstanding, at March 31, 2017 and December 31, 2016, respectively		7,287			6,695
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized, no shares issued or outstanding		-			-
Additional paid-in capital		12,936,478			11,018,915
Accumulated deficit		(10,487,080	)		(9,499,607	)
Total stockholders' equity		2,456,685			1,526,003

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,677,672		$	1,868,545

See accompanying Notes to Consolidated Financial Statements.

CTD HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended
	March 31,
	2017			2016

REVENUES
Product sales	$	305,057		$	312,685

EXPENSES
Personnel		334,529			301,291
Cost of products sold (exclusive of amortization and depreciation, shown separately below)		19,378			36,834
Research and development		643,645			282,682
Repairs and maintenance		2,792			5,934
Professional fees		123,800			201,800
Office and other		132,189			145,312
Board of Director fees and costs		46,807			24,581
Depreciation		2,208			41,147
Freight and shipping		1,461			1,665
Loss (gain) on disposal of property and equipment		(1,261	)		4,489
		1,295,548			1,045,735

LOSS FROM OPERATIONS		(990,491	)		(733,050	)

OTHER INCOME (EXPENSE)
Investment and other income		3,018			34,859
Interest expense		-			(7,580	)
Total other income		3,018			27,279

LOSS BEFORE INCOME TAXES		(987,473	)		(705,771	)

Provision for income taxes		-			-

NET LOSS	$	(987,473	)	$	(705,771	)

BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE	$	(.01	)	$	(.01	)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		69,320,315			58,670,347

See Accompanying Notes to Consolidated Financial Statements.

CTD HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended
	March 31,
	2017			2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(987,473	)	$	(705,771	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		2,208			41,146
Loss (gain) on disposal of property and equipment		(1,261	)		4,489
Accrued stock compensation		21,500			-
Increase or decrease in:
Accounts receivable		(133,031	)		(52,154	)
Inventory		(2,621	)		(6,329	)
Other current assets		(8,033	)		(22,578	)
Accounts payable and accrued expenses		(75,955	)		24,505
Total adjustments		(197,193	)		(10,921	)

NET CASH USED IN OPERATING ACTIVITIES		(1,184,666	)		(716,692	)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment and building improvements		(1,605	)		(9,343	)
Proceeds from sale of property, net of closing costs		4,650			5,511
Proceeds from mortgage note receivable		8,466			2,714

NET CASH PROVIDED BY(USED IN) INVESTING ACTIVITIES		11,511			(1,118	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock and warrants, net of issue costs		1,851,055			-
Payments on notes payable		-			(15,462	)
Payments on line of credit		-			(30,000	)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		1,851,055			(45,462	)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		677,900			(763,272	)

CASH AND CASH EQUIVALENTS, beginning of period		960,197			1,842,233

CASH AND CASH EQUIVALENTS, end of period	$	1,638,097		$	1,078,961

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	$	-		$	7,580
Cash paid for income taxes	$	-		$	-
NONCASH INVESTING AND FINANCING
Exchange of property held for sale for a mortgage note receivable	$	-		$	265,000

See Accompanying Notes to Consolidated Financial Statements.

CTD HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017

The information presented herein as of March 31, 2017 and for the three months ended March 31, 2017 and 2016 is unaudited.

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

The following is a summary of the more significant accounting policies of CTD Holdings, Inc. and subsidiaries (the “Company”) that affect the accompanying consolidated financial statements.

(a) ORGANIZATION AND OPERATIONS –– The Company was incorporated in August 1990, as a Florida corporation with operations beginning in July 1992. We are a 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”) for our lead drug candidate, Trappsol® Cyclo™ as a treatment for Niemann-Pick Type C disease (“NPC”). The FDA recently approved our Investigational New Drug application (IND) which describes our Phase I clinical plans in the US for Trappsol® Cyclo™. We have also filed Clinical Trial Applications with the United Kingdom's Medicines and Healthcare Products Regulatory Agency and other European regulators, and launched an International Clinical Program for Trappsol® Cyclo™.

We also sell cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs with continuing growth in research and new product development. 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 which had been primarily reselling basic cyclodextrin products.

(b) BASIS OF PRESENTATION –– The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.

Operating results for the three month period ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission on March 17, 2017.

(c) CASH AND CASH EQUIVALENTS –– Cash and cash equivalents consist of cash and any highly liquid investments with an original maturity of three months or less.

(d) ACCOUNTS RECEIVABLE –– Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Based on our assessment of the credit history with customers having outstanding balances and current relationships with them, we have concluded that losses on balances outstanding at March 31, 2017 and December 31, 2016 will be immaterial.

(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-in, first-out) or market. Cost of products sold includes the acquisition cost of the products sold and does not include any allocation of inbound or outbound freight charges, indirect overhead expenses, warehouse and distribution expenses, or depreciation and amortization expense.

CTD HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017

(f) FURNITURE AND EQUIPMENT –– Furniture and equipment are recorded at cost. Depreciation on property and equipment is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three to five years for computers and vehicles, and seven to ten years for machinery and furniture).

(g) REVENUE RECOGNITION –– We recognize revenue from product sales, royalties, and drying services rendered when the following four revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. Product sales and shipping revenues, net of any discounts or return allowances, are recorded when the products are shipped and title passes to customers. Sales to customers are made pursuant to a sales contract that provides for transfer of both title and risk of loss upon our delivery to the carrier. Return allowances, which reduce product revenue, have been historically infrequent, and are recorded when they become known. Amounts received in advance are deferred and recognized as revenue when all four revenue recognition criteria have been met. There is no deferred revenue at March 31, 2017 and December 31, 2016.

(h) RESEARCH AND DEVELOPMENT COSTS –– Research and development costs are expensed as incurred.

(i) 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 the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

(j) 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 15,085,787 and 577,500 common shares were antidilutive for the three months ended March 31, 2017 and 2016, respectively, and have been excluded from the calculation of loss per common share.

(k) STOCK BASED COMPENSATION –– The Company periodically awards stock to employees, directors, 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.

(l) CONCENTRATIONS OF CREDIT RISK –– Significant concentrations of credit risk for all financial instruments owned by the Company are as follows:

(i) DEMAND AND CERTIFICATE OF DEPOSITS –– We maintain bank accounts in Federal credit unions and other financial institutions, which are insured up to the Federal Deposit Insurance Corporation limits. The bank accounts may exceed Federally insured levels; however, we have not experienced any losses in such accounts.

(ii) ACCOUNTS RECEIVABLE –– Our accounts receivable consist of amounts due primarily from chemical supply and pharmaceutical companies located primarily in the United States. Two customers accounted for 73% of the accounts receivable balance at March 31, 2017. Two customers accounted for 81% of the accounts receivable balance at December 31, 2016. We have no policy requiring collateral or other security to support our accounts receivable.

(m) LIQUIDITY––For the year ended December 31, 2016, the Company incurred a net loss of $4,223,841 and used $2,950,938 of cash flows in its operations. At December 31, 2016, the Company had a cash balance of $960,197 and its current assets less current liabilities were $1,292,991. For the three months ended March 31, 2017, the Company incurred a net loss of $987,473 and used net cash in operations in the amount of $1,184,666. At March 31, 2017, the Company had a cash balance of $1,638,097 and its current assets less current liabilities were $2,236,131. On February 23, 2017, the Company generated additional net proceeds of $1,851,055 from the sale of equity securities in a private placement. The Company has concluded that proceeds from the private placement of its securities are currently the primary source of its cash flows that will permit the Company to meet its financial obligations as they come due through May 2018 despite its history of net losses. The Company continues to actively seek additional capital through the sale of its common stock. In the event that the Company cannot raise sufficient capital, management may be required to reduce expenditures related to its operations.

CTD HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017

(n) 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 that affect the amounts reported in the consolidated financial statements and accompanying notes, including contingencies. 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.

(o) NEW ACCOUNTING PRONOUNCEMENTS –– The Financial Accounting Standards Board (FASB) has issued various Accounting Standards Updates (ASUs), including ASU 2014-09, Revenue from Contracts with Customers, as subsequently amended; ASU 2014-15, Presentation of Financial Statements-Going Concern; ASU 2015-17, Income Taxes; and ASU 2016-02, Leases, which are effective in future fiscal years. We do not expect the adoption of these standards to have a material effect on our financial position or results of operations.

(2) MORTGAGE NOTE RECEIVABLE

On January 21, 2016, we sold our real property located in High Springs, Florida to an unrelated party. Pursuant to the terms of the sale, at the closing, the buyer paid $10,000 in cash, less selling costs and settlement charges, and delivered to us a promissory note in the principal amount of $265,000, and a mortgage in our favor securing the buyer’s obligations under the promissory note. The promissory note provides for monthly payments of $3,653, including principal and interest at 4.25%, over a seven-year period that commenced March 1, 2016, with the unpaid balance due in February 2023.

(3) EQUITY TRANSACTIONS:

The Company expensed $21,500 in employee and board member stock compensation for the three months ended March 31, 2017. There was no stock compensation expense for the three months ended March 31, 2016. The Company accrues stock compensation expense over the period earned for employees and board members. On March 31, 2017, the Company issued 172,000 shares of common stock valued at $67,100 to eight board members and the Company’s secretary as settlement of accrued stock compensation for prior service.

On February 23, 2017, the Company issued 5,754,832 units (“Units”) at a purchase price of $0.35 per Unit in a private placement, each Unit consisting of one share of its common stock, and a seven-year warrant to purchase an additional share of common stock at an exercise price of $0.35, for aggregate gross proceeds to the Company of $2 million. Scarsdale Equities LLC acted as financial advisor to the Company in connection with the private placement and was paid a cash fee of approximately $153,000, and it and its designees were issued seven-year warrants to purchase 273,455 Units at an exercise price of $0.35 per Unit.

As of March 31, 2017, the Company had warrants outstanding to purchase 14,332,332 shares of common stock at exercise prices of $0.25 - $1.00 per share that expire in years until 2024. In addition, there are seven-year warrants outstanding at March 31, 2017 to purchase 753,455 Units at exercise prices of $0.25-$0.35 per Unit.

CTD HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017

(4) INCOME TAXES:

The Company reported a net loss for the three months ended March 31, 2017 and 2016, respectively. The Company increased its deferred tax asset valuation allowance rather than recognize an income tax benefit.

(5) SALES CONCENTRATIONS:

Sales to one major customer accounted for 52% of total sales for the three months ended March 31, 2017. Sales to three major customers accounted for 80% of total sales for the three months ended March 31, 2016. A loss of one of these customers could have a significant adverse effect on the Company’s financial condition, results of operations and cash flows.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis provides information to explain our results of operations and financial condition. You should also read our unaudited consolidated interim financial statements and their notes included in this Form 10-Q, and our audited consolidated financial statements and their notes and other information included in our Annual Report on Form 10-K for the year ended December 31, 2016. This report may contain forward-looking statements. Forward-looking statements within this Form 10-Q are identified by words such as “believes,” “anticipates,” “expects,” “intends,” “may,” “will” “plans” and other similar expressions; however, these words are not the exclusive means of identifying such statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are subject to significant risks, uncertainties and other factors, which may cause actual results to differ materially from those expressed in, or implied by, these forward-looking statements. Except as expressly required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements to reflect events, circumstances or developments occurring subsequent to the filing of this Form 10-Q with the U.S. Securities and Exchange Commission (the “SEC”) or for any other reason and you should not place undue reliance on these forward-looking statements. You should carefully review and consider the various disclosures the Company makes in this report and our other reports filed with the SEC that attempt to advise interested parties of the risks, uncertainties and other factors that may affect our business. All amounts presented herein are rounded to nearest $1,000.

Overview

CTD Holdings, Inc. (“we” “our” “us” or “the Company”) was organized as a Florida corporation on August 9, 1990, with operations beginning in July 1992. In conjunction with a restructuring in 2000, we changed our name from Cyclodextrin Technologies Development, Inc., or CTDI, to CTD Holdings, Inc.; CTDI was then incorporated as a Florida corporation and became a wholly owned subsidiary of CTD Holdings, Inc.

We are a biotechnology company that develops cyclodextrin-based products for the treatment of disease. We filed a Type II Drug Master File with the U.S. Food and Drug Administration (“FDA”) in 2014 for our lead drug candidate, Trappsol® Cyclo™ (hydroxypropyl beta cyclodextrin) as a treatment for Niemann-Pick Type C disease (“NPC”). NPC is a rare and fatal cholesterol metabolism disease found primarily in children and young adults. In 2015, we launched an International Clinical Program for Trappsol® Cyclo™ as a treatment for NPC. In 2016, we filed an Investigational New Drug application (“IND”) with the FDA, which describes our Phase I clinical plans for a randomized, double blind, parallel group study at a single clinical site in the US. The IND was approved by the FDA in September 2016, and in January 2017 the FDA granted Fast Track designation to Trappsol® Cyclo™ for the treatment of NPC. We have also filed Clinical Trial Applications with several European regulators, including the United Kingdom's Medicines and Healthcare Products Regulatory Agency, which approved our application. We expect to commence a U.S. clinical study in 2017 in which we will provide Trappsol® Cyclo™ intravenously to NPC patients two years of age and older in order to track biochemical markers of cholesterol metabolism and to measure effects on neurologic, lung and liver symptoms, with similar studies to be conducted in Europe.

We also continue to sell cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs with continuing growth in research and new product development. 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.

Substantially all of our revenues are derived from the sale of cyclodextrins, including bio-pharmaceuticals containing cyclodextrins, cyclodextrin complexes, resale of cyclodextrins manufactured by others for our clients to their specifications, and our own licensed cyclodextrin products. We have trademarked certain products under our Trappsol®, Aquaplex®, and AP™-Flavor product lines. We currently sell our products directly to customers in the diagnostics, pharmaceutical, and industrial chemical industries, and to chemical supply distributors.

Trappsol® Cyclo™

At the end of 2008, we provided Trappsol® Cyclo™ to a customer for compassionate use as an Investigational New Drug to treat a set of twins in the U.S. who were diagnosed with NPC, also known as Childhood Alzheimer’s. NPC is a fatal disease caused by a genetic defect that prevents proper handling of cholesterol in the body’s cells. The patient’s treatment with our Trappsol® Cyclo™ product proved to provide an ameliorative benefit. On May 17, 2010, the FDA granted orphan drug status to our customer for Trappsol® Cyclo™ for the treatment of NPC. To date, Trappsol® Cyclo™ has been administered to approximately 20 NPC patients in compassionate use programs around the world, including in the U.S., Brazil and Spain. Our annual sales of Trappsol® Cyclo™ increased to $697,000 for 2016 from $352,000 for 2015. Sales of Trappsol® Cyclo™ were $27,000 and $140,000 for the three ended March 31, 2017 and 2016, respectively. In 2012, we began to offer 100ml vials of Trappsol® Cyclo™ in a liquid form from a contract manufacturer. In 2014, we completed validation of the Trappsol® Cyclo™ manufacturing process and submitted a Type II Drug Master File to the FDA. In 2015 we established an International Clinical Program that includes a team of experienced drug development companies and individuals. We have also obtained Orphan Drug Designation for Trappsol® Cyclo™ in both the U.S. and Europe.

Most recently, we obtained regulatory approval of both the IND we filed with the FDA for Trappsol® Cyclo™ as a treatment for NPC, and the Clinical Trial Application we filed with the United Kingdom's Medicines and Healthcare Products Regulatory Agency. As a result, we expect to conduct multiple U.S. and international clinical studies in which we will provide Trappsol® Cyclo™ intravenously to NPC patients in order to track biochemical markers of cholesterol metabolism and to measure effects on neurologic, lung and liver symptoms.

Resale of Cyclodextrin and Cyclodextrin Complexes

Our sales of cyclodextrins and cyclodextrin complexes are primarily to chemical supply houses around the world, to pharmaceutical companies, to food companies for research and development and to diagnostics companies.

We acquire our products principally from outside the United States, including from Wacker Biosolutions, a division of Wacker Chemie AG (Germany), with a production facility located in Adrian, Michigan and Hangzhou Pharma and Chem Co. (China), Quian Hui (China), and Cyclodextrin Research & Development Laboratory (Hungary), but are gradually finding satisfactory supply sources in the United States. While we enjoy lower supply prices from outside the United States, changes in shipping costs and currency exchange rates are making domestic sources more competitively priced. We make patent information about cyclodextrins available to our customers. We also offer our customers our knowledge of the properties and potential new uses of cyclodextrins and complexes.

As most of our customers use our cyclodextrin products in their research and development activities, the timing, product mix, and volume of their orders from us are unpredictable. We also have four large customers (each of whom has historically purchased from us annually and, depending upon the year, may account for greater than 10% of our annual revenues) who have a significant effect on our revenues when they increase or decrease their research and development activities that use cyclodextrins. We keep in constant contact with these customers as to their cyclodextrin needs so we can maintain the proper inventory composition and quantity in anticipation of their needs. The sales to large customers and the product mix and volume of products sold has a significant effect on our revenues and product margins. These factors contribute to our revenue volatility from quarter to quarter and year to year.

Liquidity and Capital Resources

Our cash increased to $1,638,000 as of March 31, 2017, compared to $960,000 as of December 31, 2016. Our current assets less current liabilities were $2,236,000 as of March 31, 2017, compared to $1,293,000 at December 31, 2016. We used $1,185,000 in operations for the three months ended March 31, 2017, compared to $717,000 for the same period in 2016. We repaid all of our bank debt in December 2016 with proceeds from the sales of our real property and manufacturing facility.

On February 23, 2017, we generated additional net proceeds of $1,851,000 from the sale of our equity securities in a private placement.

We plan to use our available cash primarily for the development of our Trappsol® Cyclo™ orphan drug product, including implementation of our International Clinical Program and U.S. clinical trials and designs, and other general corporate purposes.

We presently believe the Company has sufficient cash to meet its anticipated operating costs and capital expenditure requirements for at least the next twelve months. We expect to continue to raise additional capital through the sale of our securities from time to time for the foreseeable future to fund the development of our drug product candidates through clinical development, manufacturing and commercialization. Our ability to obtain such additional capital will likely be subject to various factors, including our overall business performance and market conditions.

We have no off-balance sheet arrangements at March 31, 2017.

Results of Operations - Three Months Ended March 31, 2017 Compared to Three Months Ended March 31, 2016

We reported a net loss of $987,000 for the three months ended March 31, 2017, compared to net loss of $706,000 for the three months ended March 31, 2016.

Total revenues for the three month period ended March 31, 2017 decreased 2% to $305,000 compared to $313,000 for the same period in 2016. Our change in the mix of our product sales for the three months ended March 31, 2017 and 2016 is as follows:

Trappsol® Cyclo

Our sales of Trappsol® Cyclo™ decreased by 81% for the three month period ended March 31, 2017, to $27,000 from $140,000 for the three months ended March 31, 2016. We had no sales to a particular customer who exports Trappsol® Cyclo™ to South America in the three months ended March 31, 2017, compared to sales of $134,000 (96% of total sales of Trappsol® Cyclo™) to this customer for the three months ended March 31, 2016. Our annual 2016 sales to this customer were $669,000 (96% of total 2016 sales of Trappsol® Cyclo™). This product is designated as an orphan drug; the population of patients is small and while we expect our future sales to increase, the timing of sales will be unpredictable and our ability to market the drug for use other than research is severely constrained by regulatory restrictions in the applicable jurisdictions.

Trappsol® HPB

Our sales of Trappsol® HPB increased by 74% for the three month period ended March 31, 2017, to $241,000 from $138,000 for the three months ended March 31 2016.

Trappsol® other products

Our sales of other Trappsol® products decreased by 15% for the three month period ended March 31, 2017, to $18,000 from $21,000 for the three months ended March 31, 2016.

Aquaplex®

Our sales of Aquaplex® were $17,000 for the three months ended March 31, 2017 compared to $1,000 for the three months ended March 31, 2016.

Our largest customers continue to follow historical product ordering trends by placing periodic large orders that represent a significant share of our annual sales volume. During the three months ended March 31, 2017, our four largest customers accounted for 75% of our sales; the largest accounted for 52% of sales. During the three months ended March 31, 2016, our three largest customers accounted for 80% of our sales; the largest accounted for 45% of sales. Historically, our usual smaller sales of HPB occur more frequently throughout the year compared to our large sales that we receive periodically. The timing of when we receive and are able to complete these two kinds of sales has a significant effect on our quarterly revenues and operating results and makes period to period comparisons difficult.

Our cost of products sold (excluding any allocation of direct and indirect overhead and handling costs) for the three month period ended March 31, 2017 decreased 47% to $19,000 from $37,000 for the same period in 2016. Our cost of products sold (excluding any allocation of direct and indirect overhead and handling costs) as a percentage of sales was 6% for the three months ended March 31, 2017 compared to 12% for the three months ended March 31, 2016. Historically, the timing and product mix of sales to our large customers has had a significant effect on our sales, cost of products sold (excluding any allocation of direct and indirect overhead and handling costs) and the related margin. We did not experience any significant increases in material costs during 2016, or the first quarter of 2017.

Our gross margins may not be comparable to those of other entities, since some entities include all the costs related to their distribution network in cost of goods sold. Our cost of goods sold includes only the cost of products sold and does not include any allocation of inbound or outbound freight charges, indirect overhead expenses, warehouse and distribution expenses, or depreciation expense. We have six employees who provide receiving, inspection, warehousing and shipping operations for us. The cost of these employees, and our other employees, are included in personnel expense. Our other costs of warehousing and shipping functions are included in office and other expense.

As we buy most of our inventory from foreign suppliers, the change in the value of the U.S. dollar in relation to the Euro, Yen and Yuan has had and will continue to have an effect on our cost of inventory. Our main supplier of specialty cyclodextrins and complexes, Cyclodextrin Research & Development Laboratory, is located in Hungary and its prices are set in Euros.

Research and development expenses increased to $644,000 for the three months ended March 31, 2017, from $283,000 for the three months ended March 31, 2016. Research and development as a percentage of our total operating expenses increased to 50% for the three months ended March 31, 2017 from 27% for the three months ended March 31, 2016. The increase in research and development expense is due to the International Clinical Program. We expect research and development costs to increase in 2017 as we continue to seek regulatory approval for the use of Trappsol® Cyclo™ in the treatment of NPC.

Operating expenses excluding research and development decreased to $652,000 for the three months ended March 31, 2017 from $763,000 for the three months ended March 31, 2016. Operating expenses excluding research and development as a percentage of total operating expenses decreased to 50% for the three months ended March 31, 2017 from 73% for the three months ended March 31, 2016.

Personnel expenses increased by 11%, to $335,000 for the three months ended March 31, 2017 from $301,000 for the three months ended March 31, 2016. We expect personnel costs to continue to increase in 2017 as the result of additional employees and our International Clinical Program product development activities.

Repairs and maintenance expenses decreased to $3,000 for the three months ended March 31, 2017 from $6,000 for 2015.

Professional fees decreased 39% to $124,000 for the three months ended March 31, 2017, compared to $202,000 for the three months ended March 31, 2016. Professional fees may increase in the future as we increase our capital raising initiatives and seek to develop new products.

Office and other expenses decreased 9% to $132,000 for the three months ended March 31, 2017, compared to $145,000 for the three months ended March 31, 2016.

Board of Directors fees and costs increased to $37,000 for the three months ended March 31, 2017, compared to $25,000 for the three months ended March 31, 2016.

Depreciation decreased to $2,000 for the three months ended March 31, 2017, compared to $41,000 for the three months ended March 31, 2016. Depreciation decreased due to the sale of our real property and manufacturing facility in December 2016.

We had no interest expense in the three months ended March 31, 2017, compared to $8,000 for the three months ended March 31, 2016, due to the repayment of our bank debt in December 2016.

We increased our valuation allowance to offset the increase in our deferred tax asset from our net operating loss and did not recognize an income benefit or provision for the three months ended March 31, 2017, and 2016, respectively.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

a. Evaluation of Disclosure Controls and Procedures.

Our management, with the participation of our principal executive and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of the end of the period covered by this report (the "Evaluation Date"). Based on such evaluation, our principal executive and principal financial officer has concluded that our disclosure controls and procedures were effective as of March 31, 2017.

b. Changes in Internal Control.

We made no changes in our internal control over financial reporting (as defined in Rules 13a-15(f)) and 15d-15(f) under the Exchange Act) identified in connection with the evaluation of our internal controls that occurred during our last fiscal quarter that has materially affected, or which is reasonably likely to materially affect, our internal controls over financial reporting.

PART II. OTHER INFORMATION

Item 1A. Risk Factors.

We have identified no additional risk factors other than those included in Part I, Item 1A of our Form 10-K for the fiscal year ended December 31, 2016. Readers are urged to carefully review our risk factors because they may cause our results to differ from the "forward-looking" statements made in this report. Additional risks not presently known to us or other factors not perceived by us to present significant risks to our business at this time also may impair our business, financial condition and results of operations. We do not undertake to update any of the "forward-looking" statements or to announce the results of any revisions to these "forward-looking" statements except as required by law.

Item 6. Exhibits.

EXHIBIT NO.		DESCRIPTION

31.1		Rule 13a-14(a)/15d-14a(a) Certifications

32.1		Section 1350 Certifications

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CTD HOLDINGS, INC.

Date: May 12, 2017	By:	/s/ N. Scott Fine
		N. Scott Fine
		Chief Executive Officer
		(principal executive, financial and accounting officer)

EX-31.1 2 f10q0317ex31i_ctdholdings.htm CERTIFICATION

EXHIBIT 31.1

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934

In connection with the Quarterly Report on Form 10-Q of CTD Holdings, Inc. for the three-months ended March 31, 2017, I, N. Scott Fine, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of CTD Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 12, 2017	By:	/s/ N. Scott Fine
		N. Scott Fine
		Chief Executive Officer
		(principal executive, financial and accounting officer)

EX-32.1 3 f10q0317ex32i_ctdholdings.htm CERTIFICATION

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report on Form 10-Q of CTD Holdings, Inc. (the “Company”) for the fiscal quarter ended March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, N. Scott Fine, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 12, 2017	By:	/s/ N. Scott Fine
		N. Scott Fine
		Chief Executive Officer
		(principal executive, financial and accounting officer)

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<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following is a summary of the more significant accounting policies of CTD Holdings, Inc. and subsidiaries (the “Company”) that affect the accompanying consolidated financial statements.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(a) ORGANIZATION AND OPERATIONS –– The Company was incorporated in August 1990, as a Florida corporation with operations beginning in July 1992. We are a 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”) for our lead drug candidate, Trappsol® Cyclo™ as a treatment for Niemann-Pick Type C disease (“NPC”). The FDA recently approved our Investigational New Drug application (IND) which describes our Phase I clinical plans in the US for Trappsol® Cyclo™. We have also filed Clinical Trial Applications with the United Kingdom's Medicines and Healthcare Products Regulatory Agency and other European regulators, and launched an International Clinical Program for Trappsol® Cyclo™.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We also sell cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs with continuing growth in research and new product development. 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 which had been primarily reselling basic cyclodextrin products. </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(b) BASIS OF PRESENTATION –– The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Operating results for the three month period ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission on March 17, 2017.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(c) CASH AND CASH EQUIVALENTS –– Cash and cash equivalents consist of cash and any highly liquid investments with an original maturity of three months or less.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(d) ACCOUNTS RECEIVABLE –– Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Based on our assessment of the credit history with customers having outstanding balances and current relationships with them, we have concluded that losses on balances outstanding at March 31, 2017 and December 31, 2016 will be immaterial.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(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-in, first-out) or market. Cost of products sold includes the acquisition cost of the products sold and does not include any allocation of inbound or outbound freight charges, indirect overhead expenses, warehouse and distribution expenses, or depreciation and amortization expense.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(f) FURNITURE AND EQUIPMENT –– Furniture and equipment are recorded at cost. Depreciation on property and equipment is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three to five years for computers and vehicles, and seven to ten years for machinery and furniture).</p> <p style="font: 10pt/12.66px 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(g) REVENUE RECOGNITION –– We recognize revenue from product sales, royalties, and drying services rendered when the following four revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. Product sales and shipping revenues, net of any discounts or return allowances, are recorded when the products are shipped and title passes to customers. Sales to customers are made pursuant to a sales contract that provides for transfer of both title and risk of loss upon our delivery to the carrier. Return allowances, which reduce product revenue, have been historically infrequent, and are recorded when they become known. Amounts received in advance are deferred and recognized as revenue when all four revenue recognition criteria have been met. There is no deferred revenue at March 31, 2017 and December 31, 2016.</p> <p style="font: 10pt/12.66px 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(h) RESEARCH AND DEVELOPMENT COSTS –– Research and development costs are expensed as incurred.</p> <p style="font: 10pt/12.66px 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(i) 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 the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.</p> <p style="font: 10pt/12.66px 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <b> </b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(j) 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 15,085,787 and 577,500 common shares were antidilutive for the three months ended March 31, 2017 and 2016, respectively, and have been excluded from the calculation of loss per common share.</p> <p style="font: 10pt/12.66px 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(k) STOCK BASED COMPENSATION –– The Company periodically awards stock to employees, directors, 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.</p> <p style="font: 10pt/12.66px 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(l) CONCENTRATIONS OF CREDIT RISK –– Significant concentrations of credit risk for all financial instruments owned by the Company are as follows:</p> <p style="font: 10pt/12.66px 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.25in; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(i) DEMAND AND CERTIFICATE OF DEPOSITS –– We maintain bank accounts in Federal credit unions and other financial institutions, which are insured up to the Federal Deposit Insurance Corporation limits. The bank accounts may exceed Federally insured levels; however, we have not experienced any losses in such accounts.</p> <p style="font: 10pt/12.66px 'times new roman', times, serif; margin: 0pt 0px 0pt 0.25in; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.25in; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(ii) ACCOUNTS RECEIVABLE –– Our accounts receivable consist of amounts due primarily from chemical supply and pharmaceutical companies located primarily in the United States. Two customers accounted for 73% of the accounts receivable balance at March 31, 2017. Two customers accounted for 81% of the accounts receivable balance at December 31, 2016. We have no policy requiring collateral or other security to support our accounts receivable.</p> <p style="font: 10pt/12.66px 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(m) LIQUIDITY––For the year ended December 31, 2016, the Company incurred a net loss of $4,223,841 and used $2,950,938 of cash flows in its operations. At December 31, 2016, the Company had a cash balance of $960,197 and its current assets less current liabilities were $1,292,991. For the three months ended March 31, 2017, the Company incurred a net loss of $987,473 and used net cash in operations in the amount of $1,184,666. At March 31, 2017, the Company had a cash balance of $1,638,097 and its current assets less current liabilities were $2,236,131. On February 23, 2017, the Company generated additional net proceeds of $1,851,055 from the sale of equity securities in a private placement. The Company has concluded that proceeds from the private placement of its securities are currently the primary source of its cash flows that will permit the Company to meet its financial obligations as they come due through May 2018 despite its history of net losses. The Company continues to actively seek additional capital through the sale of its common stock. In the event that the Company cannot raise sufficient capital, management may be required to reduce expenditures related to its operations.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(n) 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 that affect the amounts reported in the consolidated financial statements and accompanying notes, including contingencies. 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.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(o) NEW ACCOUNTING PRONOUNCEMENTS –– The Financial Accounting Standards Board (FASB) has issued various Accounting Standards Updates (ASUs), including ASU 2014-09, Revenue from Contracts with Customers, as subsequently amended; ASU 2014-15, Presentation of Financial Statements-Going Concern; ASU 2015-17, Income Taxes; and ASU 2016-02, Leases, which are effective in future fiscal years. We do not expect the adoption of these standards to have a material effect on our financial position or results of operations.</p> </div>

<div>(c) CASH AND CASH EQUIVALENTS –– Cash and cash equivalents consist of cash and any highly liquid investments with an original maturity of three months or less.</div>

<div>(d) ACCOUNTS RECEIVABLE –– Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Based on our assessment of the credit history with customers having outstanding balances and current relationships with them, we have concluded that losses on balances outstanding at March 31, 2017 and December 31, 2016 will be immaterial.</div>

<div>(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-in, first-out) or market. Cost of products sold includes the acquisition cost of the products sold and does not include any allocation of inbound or outbound freight charges, indirect overhead expenses, warehouse and distribution expenses, or depreciation and amortization expense.</div>

<div>(f) FURNITURE AND EQUIPMENT –– Furniture and equipment are recorded at cost. Depreciation on property and equipment is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three to five years for computers and vehicles, and seven to ten years for machinery and furniture).</div>

<div>(g) REVENUE RECOGNITION –– We recognize revenue from product sales, royalties, and drying services rendered when the following four revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. Product sales and shipping revenues, net of any discounts or return allowances, are recorded when the products are shipped and title passes to customers. Sales to customers are made pursuant to a sales contract that provides for transfer of both title and risk of loss upon our delivery to the carrier. Return allowances, which reduce product revenue, have been historically infrequent, and are recorded when they become known. Amounts received in advance are deferred and recognized as revenue when all four revenue recognition criteria have been met. There is no deferred revenue at March 31, 2017 and December 31, 2016.</div>

<div>(h) RESEARCH AND DEVELOPMENT COSTS –– Research and development costs are expensed as incurred.</div>

<div>(i) 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 the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.</div>

<div>(j) 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 15,085,787 and 577,500 common shares were antidilutive for the three months ended March 31, 2017 and 2016, respectively, and have been excluded from the calculation of loss per common share.</div>

<div>(k) STOCK BASED COMPENSATION –– The Company periodically awards stock to employees, directors, 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.</div>

<div>(m) LIQUIDITY––For the year ended December 31, 2016, the Company incurred a net loss of $4,223,841 and used $2,950,938 of cash flows in its operations. At December 31, 2016, the Company had a cash balance of $960,197 and its current assets less current liabilities were $1,292,991. For the three months ended March 31, 2017, the Company incurred a net loss of $987,473 and used net cash in operations in the amount of $1,184,666. At March 31, 2017, the Company had a cash balance of $1,638,097 and its current assets less current liabilities were $2,236,131. On February 23, 2017, the Company generated additional net proceeds of $1,851,055 from the sale of equity securities in a private placement. The Company has concluded that proceeds from the private placement of its securities are currently the primary source of its cash flows that will permit the Company to meet its financial obligations as they come due through May 2018 despite its history of net losses. The Company continues to actively seek additional capital through the sale of its common stock. In the event that the Company cannot raise sufficient capital, management may be required to reduce expenditures related to its operations.</div>

<div>(n) 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 that affect the amounts reported in the consolidated financial statements and accompanying notes, including contingencies. 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.</div>

<div>(o) NEW ACCOUNTING PRONOUNCEMENTS –– The Financial Accounting Standards Board (FASB) has issued various Accounting Standards Updates (ASUs), including ASU 2014-09, Revenue from Contracts with Customers, as subsequently amended; ASU 2014-15, Presentation of Financial Statements-Going Concern; ASU 2015-17, Income Taxes; and ASU 2016-02, Leases, which are effective in future fiscal years. We do not expect the adoption of these standards to have a material effect on our financial position or results of operations.</div>

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Proceeds from Sale of Available-for-sale Securities Proceeds from sale of securities Mortgage Note Receivable Textual [Abstract] Mortgage Note Receivable (Textual) Selling Expense Selling costs and settlement charges Notes Payable Promissory note, principal amount Debt Instrument, Interest Rate, Effective Percentage promissory not, interest rate Debt Instrument, Periodic Payment Promissory note monthly payments Promissory note monthly payments Debt Instrument, Maturity Date, Description promissory note, maturity description Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Table] Title of Individual [Axis] Relationship to Entity [Domain] Board of Directors Chairman [Member] Board [Member] Equity Components [Axis] Equity Component [Domain] Warrant [Member] Warrants [Member] Warrant One [Member] Sale of Stock [Axis] Sale of Stock [Domain] Private Placement [Member] Subsidiary, Sale of Stock [Line Items] Equity Transactions Textual [Abstract] Equity Transactions (Textual) Stock Issued During Period, Value, Share-based Compensation, Gross Stock compensation Stock Issued During Period, Shares, New Issues Shares issued under common stock transaction Stock Issued During Period, Value, New Issues Aggregate gross proceeds from common stock issued Class of Warrant or Right, Exercise Price of Warrants or Rights Exercise price per share Share Price Purchase price Payment For Cash Fee Cash fee It represents cash fee. Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period Warrants issued to purchase common stock Class of Warrant or Right, Outstanding Outstanding warrants of common stock Term Of Warrant Term of warrant It represents term of warrant. Warrant Expiration Date Warrant expiration It represents warrant expiration date. Number Of Board Number of board member Number of board member. Concentration Risk [Table] Concentration Risk [Table] Sales Revenue, Net [Member] Sales Concentrations [Member] Concentration Risk Type [Axis] Concentration Risk Type [Axis] Concentration Risk Type [Domain] Concentration Risk Type [Domain] Customer Concentration Risk [Member] Customer accounted [Member] Concentration Risk [Line Items] Concentration Risk [Line Items] Concentrations Of Credit Risk Textual [Abstract] Sales Concentrations (Textual) Number Of Major Customers Accounted For Accounts Receivable Number of major customer accounted for total sales Number of major customers accounted for accounts receivable. EX-101.PRE 9 ctdh-20170331_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	May 12, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	CTD HOLDINGS INC
Entity Central Index Key	0000922247
Trading Symbol	CTDH
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		72,879,361

XML 11 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 1,638,097	$ 960,197
Accounts receivable	222,698	89,667
Inventory	500,018	497,397
Current portion of mortgage note receivable	34,393	34,393
Other current assets	61,912	53,879
Total current assets	2,457,118	1,635,533
FURNITURE AND EQUIPMENT, NET	25,992	29,984
MORTGAGE NOTE RECEIVABLE, LESS CURRENT PORTION	194,562	203,028
TOTAL ASSETS	2,677,672	1,868,545
CURRENT LIABILITIES
Accounts payable and accrued expenses	220,987	342,542
STOCKHOLDERS' EQUITY
Common stock, par value $.0001 per share, 100,000,000 shares authorized, 72,879,361 and 66,952,529 shares issued and outstanding, at March 31, 2017 and December 31, 2016, respectively	7,287	6,695
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized, no shares issued or outstanding
Additional paid-in capital	12,936,478	11,018,915
Accumulated deficit	(10,487,080)	(9,499,607)
Total stockholders' equity	2,456,685	1,526,003
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,677,672	$ 1,868,545

XML 12 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	72,879,361	66,952,529
Common stock, shares outstanding	72,879,361	66,952,529
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding

XML 13 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUES
Product sales	$ 305,057	$ 312,685
EXPENSES
Personnel	334,529	301,291
Cost of products sold (exclusive of amortization and depreciation, shown separately below)	19,378	36,834
Research and development	643,645	282,682
Repairs and maintenance	2,792	5,934
Professional fees	123,800	201,800
Office and other	132,189	145,312
Board of Director fees and costs	46,807	24,581
Depreciation	2,208	41,147
Freight and shipping	1,461	1,665
Loss (gain) on disposal of property and equipment	(1,261)	4,489
Total expenses	1,295,548	1,045,735
LOSS FROM OPERATIONS	(990,491)	(733,050)
OTHER INCOME (EXPENSE)
Investment and other income	3,018	34,859
Interest expense		(7,580)
Total other income	3,018	27,279
LOSS BEFORE INCOME TAXES	(987,473)	(705,771)
Provision for income taxes
NET LOSS	$ (987,473)	$ (705,771)
BASIC AND FULLY DILUTED NET LOSS PER COMMON SHARE	$ (0.01)	$ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	69,320,315	58,670,347

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (987,473)	$ (705,771)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	2,208	41,146
Loss (gain) on disposal of property and equipment	(1,261)	4,489
Accrued stock compensation	21,500
Increase or decrease in:
Accounts receivable	(133,031)	(52,154)
Inventory	(2,621)	(6,329)
Other current assets	(8,033)	(22,578)
Accounts payable and accrued expenses	(75,955)	24,505
Total adjustments	(197,193)	(10,921)
NET CASH USED IN OPERATING ACTIVITIES	(1,184,666)	(716,692)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment and building improvements	(1,605)	(9,343)
Proceeds from sale of property, net of closing costs	4,650	5,511
Proceeds from mortgage note receivable	8,466	2,714
NET CASH PROVIDED BY(USED IN) INVESTING ACTIVITIES	11,511	(1,118)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock and warrants, net of issue costs	1,851,055
Payments on notes payable		(15,462)
Payments on line of credit		(30,000)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	1,851,055	(45,462)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	677,900	(763,272)
CASH AND CASH EQUIVALENTS, beginning of period	960,197	1,842,233
CASH AND CASH EQUIVALENTS, end of period	1,638,097	1,078,961
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest		7,580
Cash paid for income taxes
NONCASH INVESTING AND FINANCING
Exchange of property held for sale for a mortgage note receivable		$ 265,000

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Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:	(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of the more significant accounting policies of CTD Holdings, Inc. and subsidiaries (the “Company”) that affect the accompanying consolidated financial statements. (a) ORGANIZATION AND OPERATIONS –– The Company was incorporated in August 1990, as a Florida corporation with operations beginning in July 1992. We are a 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”) for our lead drug candidate, Trappsol® Cyclo™ as a treatment for Niemann-Pick Type C disease (“NPC”). The FDA recently approved our Investigational New Drug application (IND) which describes our Phase I clinical plans in the US for Trappsol® Cyclo™. We have also filed Clinical Trial Applications with the United Kingdom's Medicines and Healthcare Products Regulatory Agency and other European regulators, and launched an International Clinical Program for Trappsol® Cyclo™. We also sell cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs with continuing growth in research and new product development. 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 which had been primarily reselling basic cyclodextrin products. (b) BASIS OF PRESENTATION –– The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three month period ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission on March 17, 2017. (c) CASH AND CASH EQUIVALENTS –– Cash and cash equivalents consist of cash and any highly liquid investments with an original maturity of three months or less. (d) ACCOUNTS RECEIVABLE –– Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Based on our assessment of the credit history with customers having outstanding balances and current relationships with them, we have concluded that losses on balances outstanding at March 31, 2017 and December 31, 2016 will be immaterial. (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-in, first-out) or market. Cost of products sold includes the acquisition cost of the products sold and does not include any allocation of inbound or outbound freight charges, indirect overhead expenses, warehouse and distribution expenses, or depreciation and amortization expense. (f) FURNITURE AND EQUIPMENT –– Furniture and equipment are recorded at cost. Depreciation on property and equipment is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three to five years for computers and vehicles, and seven to ten years for machinery and furniture). (g) REVENUE RECOGNITION –– We recognize revenue from product sales, royalties, and drying services rendered when the following four revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. Product sales and shipping revenues, net of any discounts or return allowances, are recorded when the products are shipped and title passes to customers. Sales to customers are made pursuant to a sales contract that provides for transfer of both title and risk of loss upon our delivery to the carrier. Return allowances, which reduce product revenue, have been historically infrequent, and are recorded when they become known. Amounts received in advance are deferred and recognized as revenue when all four revenue recognition criteria have been met. There is no deferred revenue at March 31, 2017 and December 31, 2016. (h) RESEARCH AND DEVELOPMENT COSTS –– Research and development costs are expensed as incurred. (i) 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 the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. (j) 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 15,085,787 and 577,500 common shares were antidilutive for the three months ended March 31, 2017 and 2016, respectively, and have been excluded from the calculation of loss per common share. (k) STOCK BASED COMPENSATION –– The Company periodically awards stock to employees, directors, 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. (l) CONCENTRATIONS OF CREDIT RISK –– Significant concentrations of credit risk for all financial instruments owned by the Company are as follows: (i) DEMAND AND CERTIFICATE OF DEPOSITS –– We maintain bank accounts in Federal credit unions and other financial institutions, which are insured up to the Federal Deposit Insurance Corporation limits. The bank accounts may exceed Federally insured levels; however, we have not experienced any losses in such accounts. (ii) ACCOUNTS RECEIVABLE –– Our accounts receivable consist of amounts due primarily from chemical supply and pharmaceutical companies located primarily in the United States. Two customers accounted for 73% of the accounts receivable balance at March 31, 2017. Two customers accounted for 81% of the accounts receivable balance at December 31, 2016. We have no policy requiring collateral or other security to support our accounts receivable. (m) LIQUIDITY––For the year ended December 31, 2016, the Company incurred a net loss of $4,223,841 and used $2,950,938 of cash flows in its operations. At December 31, 2016, the Company had a cash balance of $960,197 and its current assets less current liabilities were $1,292,991. For the three months ended March 31, 2017, the Company incurred a net loss of $987,473 and used net cash in operations in the amount of $1,184,666. At March 31, 2017, the Company had a cash balance of $1,638,097 and its current assets less current liabilities were $2,236,131. On February 23, 2017, the Company generated additional net proceeds of $1,851,055 from the sale of equity securities in a private placement. The Company has concluded that proceeds from the private placement of its securities are currently the primary source of its cash flows that will permit the Company to meet its financial obligations as they come due through May 2018 despite its history of net losses. The Company continues to actively seek additional capital through the sale of its common stock. In the event that the Company cannot raise sufficient capital, management may be required to reduce expenditures related to its operations. (n) 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 that affect the amounts reported in the consolidated financial statements and accompanying notes, including contingencies. 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. (o) NEW ACCOUNTING PRONOUNCEMENTS –– The Financial Accounting Standards Board (FASB) has issued various Accounting Standards Updates (ASUs), including ASU 2014-09, Revenue from Contracts with Customers, as subsequently amended; ASU 2014-15, Presentation of Financial Statements-Going Concern; ASU 2015-17, Income Taxes; and ASU 2016-02, Leases, which are effective in future fiscal years. We do not expect the adoption of these standards to have a material effect on our financial position or results of operations.

XML 16 R7.htm IDEA: XBRL DOCUMENT

Mortgage Note Receivable	3 Months Ended
Mortgage Note Receivable	Mar. 31, 2017
Mortgage Note Receivable [Abstract]
MORTGAGE NOTE RECEIVABLE	(2) MORTGAGE NOTE RECEIVABLE On January 21, 2016, we sold our real property located in High Springs, Florida to an unrelated party. Pursuant to the terms of the sale, at the closing, the buyer paid $10,000 in cash, less selling costs and settlement charges, and delivered to us a promissory note in the principal amount of $265,000, and a mortgage in our favor securing the buyer’s obligations under the promissory note. The promissory note provides for monthly payments of $3,653, including principal and interest at 4.25%, over a seven-year period that commenced March 1, 2016, with the unpaid balance due in February 2023.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

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Equity Transactions	3 Months Ended
Equity Transactions	Mar. 31, 2017
Equity Transactions [Abstract]
EQUITY TRANSACTIONS:	(3) EQUITY TRANSACTIONS: The Company expensed $21,500 in employee and board member stock compensation for the three months ended March 31, 2017. There was no stock compensation expense for the three months ended March 31, 2016. The Company accrues stock compensation expense over the period earned for employees and board members. On March 31, 2017, the Company issued 172,000 shares of common stock valued at $67,100 to eight board members and the Company’s secretary as settlement of accrued stock compensation for prior service. On February 23, 2017, the Company issued 5,754,832 units (“Units”) at a purchase price of $0.35 per Unit in a private placement, each Unit consisting of one share of its common stock, and a seven-year warrant to purchase an additional share of common stock at an exercise price of $0.35, for aggregate gross proceeds to the Company of $2 million. Scarsdale Equities LLC acted as financial advisor to the Company in connection with the private placement and was paid a cash fee of approximately $153,000, and it and its designees were issued seven-year warrants to purchase 273,455 Units at an exercise price of $0.35 per Unit. As of March 31, 2017, the Company had warrants outstanding to purchase 14,332,332 shares of common stock at exercise prices of $0.25 - $1.00 per share that expire in years until 2024. In addition, there are seven-year warrants outstanding at March 31, 2017 to purchase 753,455 Units at exercise prices of $0.25-$0.35 per Unit.

- 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.

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XML 18 R9.htm IDEA: XBRL DOCUMENT

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2017
Income Taxes [Abstract]
INCOME TAXES:	(4) INCOME TAXES: The Company reported a net loss for the three months ended March 31, 2017 and 2016, respectively. The Company increased its deferred tax asset valuation allowance rather than recognize an income tax benefit.

XML 19 R10.htm IDEA: XBRL DOCUMENT

Sales Concentrations	3 Months Ended
Sales Concentrations	Mar. 31, 2017
Sales Concentrations [Abstract]
SALES CONCENTRATIONS:	(5) SALES CONCENTRATIONS: Sales to one major customer accounted for 52% of total sales for the three months ended March 31, 2017. Sales to three major customers accounted for 80% of total sales for the three months ended March 31, 2016. A loss of one of these customers could have a significant adverse effect on the Company’s financial condition, results of operations and cash flows.

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Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
ORGANIZATION AND OPERATIONS	(a) ORGANIZATION AND OPERATIONS –– The Company was incorporated in August 1990, as a Florida corporation with operations beginning in July 1992. We are a 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”) for our lead drug candidate, Trappsol® Cyclo™ as a treatment for Niemann-Pick Type C disease (“NPC”). The FDA recently approved our Investigational New Drug application (IND) which describes our Phase I clinical plans in the US for Trappsol® Cyclo™. We have also filed Clinical Trial Applications with the United Kingdom's Medicines and Healthcare Products Regulatory Agency and other European regulators, and launched an International Clinical Program for Trappsol® Cyclo™. We also sell cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs with continuing growth in research and new product development. 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 which had been primarily reselling basic cyclodextrin products.
BASIS OF PRESENTATION	(b) BASIS OF PRESENTATION –– The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three month period ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission on March 17, 2017.
CASH AND CASH EQUIVALENTS	(c) CASH AND CASH EQUIVALENTS –– Cash and cash equivalents consist of cash and any highly liquid investments with an original maturity of three months or less.
ACCOUNTS RECEIVABLE	(d) ACCOUNTS RECEIVABLE –– Accounts receivable are unsecured and non-interest bearing and stated at the amount we expect to collect from outstanding balances. Based on our assessment of the credit history with customers having outstanding balances and current relationships with them, we have concluded that losses on balances outstanding at March 31, 2017 and December 31, 2016 will be immaterial.
INVENTORY AND COST OF PRODUCTS SOLD	(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-in, first-out) or market. Cost of products sold includes the acquisition cost of the products sold and does not include any allocation of inbound or outbound freight charges, indirect overhead expenses, warehouse and distribution expenses, or depreciation and amortization expense.
FURNITURE AND EQUIPMENT	(f) FURNITURE AND EQUIPMENT –– Furniture and equipment are recorded at cost. Depreciation on property and equipment is computed using primarily the straight-line method over the estimated useful lives of the assets (generally three to five years for computers and vehicles, and seven to ten years for machinery and furniture).
REVENUE RECOGNITION	(g) REVENUE RECOGNITION –– We recognize revenue from product sales, royalties, and drying services rendered when the following four revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. Product sales and shipping revenues, net of any discounts or return allowances, are recorded when the products are shipped and title passes to customers. Sales to customers are made pursuant to a sales contract that provides for transfer of both title and risk of loss upon our delivery to the carrier. Return allowances, which reduce product revenue, have been historically infrequent, and are recorded when they become known. Amounts received in advance are deferred and recognized as revenue when all four revenue recognition criteria have been met. There is no deferred revenue at March 31, 2017 and December 31, 2016.
RESEARCH AND DEVELOPMENT COSTS	(h) RESEARCH AND DEVELOPMENT COSTS –– Research and development costs are expensed as incurred.
INCOME TAXES	(i) 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 the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.
NET LOSS PER COMMON SHARE	(j) 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 15,085,787 and 577,500 common shares were antidilutive for the three months ended March 31, 2017 and 2016, respectively, and have been excluded from the calculation of loss per common share.
STOCK BASED COMPENSATION	(k) STOCK BASED COMPENSATION –– The Company periodically awards stock to employees, directors, 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.
CONCENTRATIONS OF CREDIT RISK	(l) CONCENTRATIONS OF CREDIT RISK –– Significant concentrations of credit risk for all financial instruments owned by the Company are as follows: (i) DEMAND AND CERTIFICATE OF DEPOSITS –– We maintain bank accounts in Federal credit unions and other financial institutions, which are insured up to the Federal Deposit Insurance Corporation limits. The bank accounts may exceed Federally insured levels; however, we have not experienced any losses in such accounts. (ii) ACCOUNTS RECEIVABLE –– Our accounts receivable consist of amounts due primarily from chemical supply and pharmaceutical companies located primarily in the United States. Two customers accounted for 73% of the accounts receivable balance at March 31, 2017. Two customers accounted for 81% of the accounts receivable balance at December 31, 2016. We have no policy requiring collateral or other security to support our accounts receivable.
LIQUIDITY	(m) LIQUIDITY––For the year ended December 31, 2016, the Company incurred a net loss of $4,223,841 and used $2,950,938 of cash flows in its operations. At December 31, 2016, the Company had a cash balance of $960,197 and its current assets less current liabilities were $1,292,991. For the three months ended March 31, 2017, the Company incurred a net loss of $987,473 and used net cash in operations in the amount of $1,184,666. At March 31, 2017, the Company had a cash balance of $1,638,097 and its current assets less current liabilities were $2,236,131. On February 23, 2017, the Company generated additional net proceeds of $1,851,055 from the sale of equity securities in a private placement. The Company has concluded that proceeds from the private placement of its securities are currently the primary source of its cash flows that will permit the Company to meet its financial obligations as they come due through May 2018 despite its history of net losses. The Company continues to actively seek additional capital through the sale of its common stock. In the event that the Company cannot raise sufficient capital, management may be required to reduce expenditures related to its operations.
USE OF ESTIMATES	(n) 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 that affect the amounts reported in the consolidated financial statements and accompanying notes, including contingencies. 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	(o) NEW ACCOUNTING PRONOUNCEMENTS –– The Financial Accounting Standards Board (FASB) has issued various Accounting Standards Updates (ASUs), including ASU 2014-09, Revenue from Contracts with Customers, as subsequently amended; ASU 2014-15, Presentation of Financial Statements-Going Concern; ASU 2015-17, Income Taxes; and ASU 2016-02, Leases, which are effective in future fiscal years. We do not expect the adoption of these standards to have a material effect on our financial position or results of operations.

XML 21 R12.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details)	1 Months Ended	3 Months Ended		12 Months Ended
Summary of Significant Accounting Policies (Details)	Feb. 23, 2017 USD ($)	Mar. 31, 2017 USD ($) Customers shares	Mar. 31, 2016 USD ($) shares	Dec. 31, 2016 USD ($) Customers	Dec. 31, 2015 USD ($)
Summary of Significant Accounting Policies (Textual)
Antidilutive common shares outstanding \| shares		15,085,787	577,500
Net loss		$ (987,473)	$ (705,771)	$ (4,223,841)
Net cash used in operating activities		(1,184,666)	(716,692)	(2,950,938)
Working capital		2,236,131		1,292,991
Proceeds from sale of securities	$ 1,851,055
Cash balance		$ 1,638,097	$ 1,078,961	$ 960,197	$ 1,842,233
Accounts Receivable [Member]
Summary of Significant Accounting Policies (Textual)
Number of customers accounted \| Customers		2		2
Percentage of customers accounted of the accounts receivable balance		73.00%		81.00%
Computers and Vehicles [Member] \| Minimum [Member]
Summary of Significant Accounting Policies (Textual)
Estimated useful lives of assets		3 years
Computers and Vehicles [Member] \| Maximum [Member]
Summary of Significant Accounting Policies (Textual)
Estimated useful lives of assets		5 years
Machinery and Furniture [Member] \| Minimum [Member]
Summary of Significant Accounting Policies (Textual)
Estimated useful lives of assets		7 years
Machinery and Furniture [Member] \| Maximum [Member]
Summary of Significant Accounting Policies (Textual)
Estimated useful lives of assets		10 years

XML 22 R13.htm IDEA: XBRL DOCUMENT

Mortgage Note Receivable (Details)	1 Months Ended
Mortgage Note Receivable (Details)	Jan. 21, 2016 USD ($)
Mortgage Note Receivable (Textual)
Selling costs and settlement charges	$ 10,000
Promissory note, principal amount	$ 265,000
promissory not, interest rate	4.25%
Promissory note monthly payments	$ 3,653
promissory note, maturity description	Over a seven-year period that commenced March 1, 2016, with the unpaid balance due in February 2023.

XML 23 R14.htm IDEA: XBRL DOCUMENT

Equity Transactions (Details)	1 Months Ended	3 Months Ended
Equity Transactions (Details)	Feb. 23, 2017 USD ($) $ / shares shares	Mar. 31, 2017 USD ($) BoardMembers $ / shares shares	Mar. 31, 2016 USD ($)
Private Placement [Member]
Equity Transactions (Textual)
Shares issued under common stock transaction \| shares	5,754,832
Exercise price per share	$ 0.35
Cash fee \| $	$ 153,000
Warrants issued to purchase common stock \| shares	273,455
Warrants [Member]
Equity Transactions (Textual)
Aggregate gross proceeds from common stock issued \| $	$ 2,000,000
Purchase price	$ 0.35
Outstanding warrants of common stock \| shares		14,332,332
Term of warrant	7 years	7 years
Warrant expiration		Expire in years until 2024.
Warrants [Member] \| Minimum [Member]
Equity Transactions (Textual)
Exercise price per share		$ 0.25
Warrants [Member] \| Maximum [Member]
Equity Transactions (Textual)
Exercise price per share		$ 1.00
Warrant One [Member]
Equity Transactions (Textual)
Outstanding warrants of common stock \| shares		753,455
Warrant One [Member] \| Minimum [Member]
Equity Transactions (Textual)
Exercise price per share		$ 0.25
Warrant One [Member] \| Maximum [Member]
Equity Transactions (Textual)
Exercise price per share		$ 0.35
Board [Member]
Equity Transactions (Textual)
Stock compensation \| $		$ 21,500
Shares issued under common stock transaction \| shares		172,000
Aggregate gross proceeds from common stock issued \| $		$ 67,100
Number of board member \| BoardMembers		8

XML 24 R15.htm IDEA: XBRL DOCUMENT

Sales Concentrations (Details) - Sales Concentrations [Member] - Customer accounted [Member] - Customers	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Sales Concentrations (Textual)
Number of major customer accounted for total sales	1	3
Percentage of major customer for total sales	52.00%	80.00%

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