ctdh20190930

0001437749-19-022919.txt : 20191114 0001437749-19-022919.hdr.sgml : 20191114 20191114160220 ACCESSION NUMBER: 0001437749-19-022919 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 39 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191114 DATE AS OF CHANGE: 20191114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cyclo Therapeutics, 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: 191219886 BUSINESS ADDRESS: STREET 1: 6714 NW 16TH STREET, SUITE B CITY: GAINSVILLE STATE: FL ZIP: 32653 BUSINESS PHONE: 386-418-8060 MAIL ADDRESS: STREET 1: PO BOX 1180 CITY: ALACHUA STATE: FL ZIP: 32616-1180 FORMER COMPANY: FORMER CONFORMED NAME: CTD HOLDINGS INC DATE OF NAME CHANGE: 20000913 FORMER COMPANY: FORMER CONFORMED NAME: CYCLODEXTRIN TECHNOLOGIES DEVELOPMENT INC DATE OF NAME CHANGE: 19941012 10-Q 1 ctdh20190930_10q.htm FORM 10-Q ctdh20190930_10q.htm

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: September 30, 2019

☐ 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

CYCLO THERAPEUTICS, INC.
(Formerly 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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

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 every Interactive Data File required to be submitted 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 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 November 14, 2019, the Company had outstanding 121,221,462 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 September 30, 2019 (Unaudited) and December 31, 2018.	1
	Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2019 and 2018.	2
	Consolidated Statement of Stockholders’ Equity (Unaudited) for the Three and Nine Months Ended September 30, 2018	3
	Consolidated Statement of Stockholders’ Equity (Unaudited) for the Three and Nine Months Ended September 30, 2019	4
	Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2019 and September 30, 2018.	5
	Notes to Consolidated Financial Statements.	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	12
Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	16
Item 4.	Controls and Procedures.	16
PART II	OTHER INFORMATION	17
Item 1A.	Risk Factors.	17
Item 6.	Exhibits.	17

SIGNATURES		18

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

CYCLO THERAPEUTICS, INC.

(Formerly CTD Holdings, Inc.)

CONSOLIDATED BALANCE SHEETS

	September 30, 2019			December 31, 2018
	(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	4,994,215		$	2,217,412
Accounts receivable		35,742			80,044
Inventory, net		384,111			416,531
Current portion of mortgage note receivable		37,439			37,439
Prepaid insurance		20,704			18,185
Prepaid expenses		217,395			-
Total current assets		5,689,606			2,769,611

FURNITURE AND EQUIPMENT, NET		15,634			18,571

RIGHT-TO-USE LEASE ASSET, NET		55,268			-

Mortgage note receivable, less current portion		101,731			129,674

TOTAL ASSETS	$	5,862,239		$	2,917,856

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES
Current portion of lease liability	$	14,182		$	-
Accounts payable and accrued expenses		2,322,516			1,925,332
Total current liabilities		2,336,698			1,925,332

LONG-TERM LEASE LIABILITY		42,294			-

STOCKHOLDERS' EQUITY
Common stock, par value $.0001 per share, 500,000,000 shares authorized, 121,114,990 and 90,759,324 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively		12,110			9,075
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized, 0 outstanding		-			-
Additional paid-in capital		25,956,355			18,701,211
Stock subscription receivable		-			(130,062	)
Accumulated deficit		(22,485,218	)		(17,587,700	)
Total stockholders' equity		3,483,247			992,524

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	5,862,239		$	2,917,856

See accompanying Notes to Consolidated Financial Statements.

CYCLO THERAPEUTICS, INC.

(Formerly CTD Holdings, Inc.)

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018

REVENUES
Product sales	$	285,914		$	224,480		$	779,835		$	771,964

EXPENSES
Personnel		520,666			294,620			1,241,742			859,963
Cost of products sold (exclusive of direct and indirect overhead and handling costs)		25,971			13,047			62,830			90,759
Research and development		941,539			485,715			3,071,113			1,739,289
Repairs and maintenance		1,232			1,203			4,215			2,474
Professional fees		151,749			132,308			613,000			663,592
Office and other		233,555			57,227			583,692			223,076
Board of Director fees and costs		37,008			26,549			101,704			69,565
Depreciation		1,292			2,527			4,261			7,553
Freight and shipping		1,527			1,036			3,977			4,561
Total operating expenses		1,914,539			1,014,232			5,686,534			3,670,832

LOSS FROM OPERATIONS		(1,628,625	)		(789,752	)		(4,906,699	)		(2,898,868	)

OTHER INCOME
Investment and other income		3,284			2,451			9,181			9,394

LOSS BEFORE INCOME TAXES		(1,625,341	)		(787,301	)		(4,897,518	)		(2,889,474	)

PROVISION FOR INCOME TAXES		-			-			-			-

NET LOSS	$	(1,625,341	)	$	(787,301	)	$	(4,897,518	)	$	(2,889,474	)

BASIC AND DILUTED NET LOSS PER COMMON SHARE	$	(.01	)	$	(.01	)	$	(.05	)	$	(.04	)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		121,086,101			87,239,361			104,286,287			79,697,435

See Accompanying Notes to Consolidated Financial Statements.

CYCLO THERAPEUTICS, INC.

(Formerly CTD Holdings, Inc.)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2018

(Unaudited)

	Common Stock				Preferred Stock						Additional								Total
	Shares		Par Value		Units			Par Value			Paid-In Capital			Subscription Receivable		Accumulated Deficit			Stockholders’ Equity

Balance, December 31, 2017		72,999,361	$	7,299		15,500		$	2		$	14,470,984		$	-	$	(13,332,667	)	$	1,145,618

Net loss		-		-		-			-			-			-		(812,944	)		(812,944	)

Balance, March 31, 2018		72,999,361		7,299		15,500			2			14,470,984			-		(14,145,611	)		332,674

Sale of preferred stock, net of issuance fees		-		-		20,100			2			1,959,998			-		-			1,960,000

Conversion of preferred stock to common stock		14,240,000		1,424		(35,600	)		(4	)		(1,420	)		-		-			-

Net loss		-		-		-			-			-			-		(1,289,229	)		(1,289,229	)

Balance, June 30, 2018		87,239,361		8,723		-			-			16,429,562			-		(15,434,840	)		1,003,445

Net loss		-		-		-			-			-			-		(787,301	)		(787,301	)

Balance, September 30, 2018		87,239,361	$	8,723		-		$	-		$	16,429,562		$	-	$	(16,222,141	)	$	216,144

See accompanying Notes to Consolidated Financial Statements.

CYCLO THERAPEUTICS, INC.

(Formerly CTD Holdings, Inc.)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019

(Unaudited)

	Common Stock				Preferred Stock				Additional								Total
	Shares		Par Value		Units		Par Value		Paid-In Capital		Subscription Receivable			Accumulated Deficit			Stockholders’ Equity (Deficit)

Balance, December 31, 2018		90,759,324	$	9,075		-	$	-	$	18,701,211	$	(130,062	)	$	(17,587,700	)	$	992,524

Collection of subscription receivable		-		-		-		-		-		130,062			-			130,062

Net loss		-		-		-		-		-		-			(1,904,166	)		(1,904,166	)

Balance, March 31, 2019		90,759,324		9,075		-		-		18,701,211		-			(19,491,866	)		(781,580	)

Sale of common stock, net of issuance fees		29,770,000		2,977		-		-		6,986,623		-			-			6,989,600

Net loss		-		-		-		-		-		-			(1,368,011	)		(1,368,011	)

Balance, June 30, 2019		120,529,324		12,052		-		-		25,687,834		-			(20,859,877	)		4,840,009

Issuance of shares of stock based compensation		585,666		58		-		-		268,521		-			-			268,579

Net loss		-		-		-		-		-		-			(1,625,341	)		(1,625,341	)

Balance, September 30, 2019		121,114,990	$	12,110		-	$	-	$	25,956,355	$	-		$	(22,485,218	)	$	3,483,247

See accompanying Notes to Consolidated Financial Statements.

CYCLO THERAPEUTICS, INC.

(Formerly CTD Holdings, Inc.)
CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended
	September 30,
	2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(4,897,518	)	$	(2,889,474	)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		4,261			7,553
Accrued stock compensation to employees		104,100			11,700
Accrued stock compensation to non-employees		55,280			38,610
Issuance of stock-based compensation		268,579			-
Increase or decrease in:
Accounts receivable		44,302			(14,410	)
Inventory		32,420			34,636
Prepaid expenses		(217,395	)		-
Other current assets		(2,519	)		16,023
Other		1,208			-
Accounts payable and accrued expenses		237,804			661,582
Total adjustments		528,040			755,694
NET CASH USED IN OPERATING ACTIVITIES		(4,369,478	)		(2,133,780	)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment		(1,324	)		(1,634	)
Proceeds from mortgage note receivable		27,943			26,781
NET CASH PROVIDED BY INVESTING ACTIVITIES		26,619			25,147

CASH FLOWS FROM FINANCING ACTIVITIES
Collection of stock subscription receivable		130,062			-
Net proceeds from sale of common and preferred stock and warrants, net of issue costs		6,989,600			1,960,000
NET CASH PROVIDED BY FINANCING ACTIVITIES		7,119,662			1,960,000

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,776,803			(148,633	)

CASH AND CASH EQUIVALENTS, beginning of period		2,217,412			1,270,973

CASH AND CASH EQUIVALENTS, end of period	$	4,994,215		$	1,122,340

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	$	-		$	-

Cash paid for income taxes	$	-		$	-
NON-CASH INVESTING AND FINANCING ACTIVITIES
Capitalization of right-to-use asset and lease liability	$	56,476		$	-

See Accompanying Notes to Consolidated Financial Statements.

CYCLO THERAPEUTICS, INC.

(Formerly CTD Holdings, Inc.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2019

The information presented herein as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 is unaudited.

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

The following is a summary of the more significant accounting policies of Cyclo Therapeutics, Inc. and subsidiaries (“we”, “our”, “us” or the “Company”) that affect the accompanying consolidated financial statements.

(a) ORGANIZATION AND OPERATIONS––The Company was incorporated in August 1990 as a Florida corporation, under the name Cyclodextrin Technologies Development, Inc. with operations beginning in July 1992. In conjunction with a restructuring in 2000, we changed our name to CTD Holdings, Inc. We changed our name to Cyclo Therapeutics, Inc. in September 2019 to better reflect our current business. 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”), a rare and fatal cholesterol metabolism disease that impacts the brain, lungs, liver, spleen, and other organs. The FDA approved our Investigational New Drug application (IND) which describes our Phase I clinical plans in the U.S. for Trappsol® Cyclo™ and in January 2017 the FDA granted Fast Track designation to Trappsol® Cyclo™ for the treatment of NPC. Initial patient enrollment in the U.S. Phase I study commenced in September 2017. We have also filed Clinical Trial Applications with several European regulatory bodies, including those in the United Kingdom, Sweden and Italy, and in Israel, all of which have approved our applications. The first patient was dosed in our European study in July 2017. More recently, we began exploring the use of cyclodextrins in the treatment of Alzheimer's disease, and in October 2019 entered into an agreement with a Contract Research Organization to conduct a clinical trial to evaluate the safety and efficacy of Trappsol® Cyclo™ for the treatment of this disease.

We also sell cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs. 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 and nine month periods ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. 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, 2018, as filed with the Securities and Exchange Commission on March 15, 2019.

(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 are 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, an allowance for uncollectible accounts was not deemed necessary at September 30, 2019 and December 31, 2018.

(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 net realizable value. 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. The Company records a specific reserve for inventory items that are determined to be obsolete. The reserve for obsolete inventory was $39,700 at September 30, 2019 and December 31, 2018.

CYCLO THERAPEUTICS, INC.

(Formerly CTD Holdings, Inc.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2019

(f) PREPAID EXPENSES––Prepaid expenses consist of our pharmaceutical drug Trappsol® Cyclo™ expected to be used in our clinical trial program recorded at cost.

(g) EQUIPMENT––Equipment is recorded at cost, less accumulated depreciation. Depreciation on 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 seven to ten years for equipment and office furniture).

(h) REVENUE RECOGNITION–– Effective January 1, 2018, the Company adopted the provisions of ASC 606 using the modified retrospective method. The adoption of the new revenue standards as of January 1, 2018 did not change our revenue recognition as the majority of our revenues continue to be recognized when the customer takes control of our product. As we did not identify any accounting changes that impacted the amount of reported revenues with respect to our product revenues, no adjustment to retained earnings was required upon adoption.

Under the new revenue standards, revenues are recognized when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. We recognize revenues following the five step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation.

Product revenues

In the U.S. we sell our products to the end user or wholesale distributors. In other countries, we sell our products primarily to wholesale distributors and other third-party distribution partners. These customers subsequently resell our products to health care providers and patients.

Revenues from product sales are recognized when the customer obtains control of our product, which occurs at a point in time, typically upon delivery to the customer. We expense incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that we would have recognized is one year or less or the amount is immaterial. We treat shipping and handling costs performed after a customer obtains control of the product as a fulfillment cost. We have identified one performance obligation in our contracts with customers which is the delivery of product to our customers. The transaction price is recognized in full when we deliver the product to our customer, which is the point at which we have satisfied our performance obligation.

Reserves for Discounts and Allowances

Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with our customers, health care providers or payors, including those associated with the implementation of pricing actions in certain of the international markets in which we operate. Our process for estimating reserves established for these variable consideration components do not differ materially from our historical practices.

Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts, contractual adjustments and returns.

These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to our customer) or a liability (if the amount is payable to a party other than our customer). Our estimates of reserves established for variable consideration typically utilize the most likely method and reflect our historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, may be subject to constraint and is included in the net sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenues recognized will not occur in a future period. Actual amounts may ultimately differ from our estimates. If actual results vary, we adjust these estimates, which could have an effect on earnings in the period of adjustment.

For additional information on our revenues, please read Note 6, Revenues, to these condensed consolidated financial statements.

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

CYCLO THERAPEUTICS, INC.

(Formerly CTD Holdings, Inc.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2019

(j) 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.

(k) 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; outstanding warrants to purchase 63,321,294 and 30,440,478 common shares were antidilutive for the three and nine months ended September 30, 2019 and 2018, respectively, and 1,768,147 common shares that may be issued under warrants to purchase units sold in the Company’s private placements, were antidilutive for the three and nine months ended September 30, 2019 and 2018, and have been excluded from the calculation of loss per common share

(l) 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.

(m) LIQUIDITY––For the nine month period ended September 30, 2019, the Company had a net loss of $(4,898,000) and utilized cash from operating activities of approximately $4.4 million, and at September 30, 2019, the Company had an accumulated deficit of approximately $22.5 million. The Company will need to raise additional capital to support ongoing operations and continue its clinical trials.. While the Company presently believes it has sufficient cash to meet its anticipated operating costs and capital expenditure requirements through November 2020, the Company will continue its efforts to raise additional capital through the sale of securities from time to time for the foreseeable future to fund the development of its drug product candidates through clinical development, manufacturing and commercialization. The Company’s ability to obtain such capital will likely be subject to various factors, including its overall business performance and market conditions. There can be no guarantee that the Company will be successful in its ability to raise capital to fund future operational and development initiatives when needed.

(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. 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) FAIR VALUE MEASUREMENTS AND DISCLOSURES––The Fair Value Measurements and Disclosures topic of the Accounting Standards Codification (“ASC”) requires companies to determine fair value based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. The Fair Value Measurements and Disclosures topic emphasizes that fair value is a market-based measurement, not an entity-specific measurement.

The guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following categories:

●	Level 1: Quoted market prices in active markets for identical assets or liabilities.

●	Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

●	Level 3: Unobservable inputs that are not corroborated by market data.

We have no assets or liabilities that are required to have their fair value measured on a recurring basis at September 30, 2019 or December 31, 2018. Long-lived assets are measured at fair value on a non-recurring basis and are subject to fair value adjustments when there is evidence of impairment.

For short-term classes of our financial instruments which are not reported at fair value, the carrying amounts approximate fair value due to their short-term nature. The fair value of the mortgage note receivable is estimated based on the present value of the underlying cash flows discounted at current rates. At September 30, 2019 and December 31, 2018, the carrying value of the mortgage note receivable approximates fair value.

CYCLO THERAPEUTICS, INC.

(Formerly CTD Holdings, Inc.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2019

(p) ACCOUNTING STANDARDS ADOPTED––

●

Leases – In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” (“ASU 2016-02”), which amends leasing guidance by requiring companies to recognize a right-of-use asset and a lease liability for all operating and financing leases with lease terms greater than twelve months. The lease liability is equal to the present value of lease payments. The lease asset is based on the lease liability, subject to adjustment for prepaid and deferred rent and tenant incentives. For income statement purposes, leases will continue to be classified as operating or financing with lease expense in both cases calculated substantially the same as under the prior leasing guidance. The Company adopted Topic 842 as of January 1, 2019 (the first day of fiscal 2019). See Note 7.

(q) ACCOUNTING STANDARDS TO BE ADOPTED IN FUTURE PERIODS––There are no outstanding accounting standards to be adopted that will have a material effect on the Company’s financial position and 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 $97,250 and $159,380 in employee and board member stock compensation for the three and nine months ended September 30, 2019, respectively, which included $87,750 in compensation expense related to 450,000 shares of common stock awarded to employees in September 2019 that will be issued in November 2019 and fully vested at time of issuance. The Company expensed $22,360 and $50,310 in employee and board member stock compensation for the three and nine months ended September 30, 2018, respectively. The Company accrues stock compensation expense over the period earned for employees and board members. During the quarter ended September 30, 2019, the Company issued 585,666 shares of common stock to service providers for which it had accrued compensation expense of $268,579 in prior periods.

On May 31, 2019, the Company completed a private placement of its securities to a group of accredited investors that included several directors of the Company and members of management, pursuant to a Securities Purchase Agreement between the Company and the investors, dated as of May 30, 2019. Investors in the private placement purchased a total of 29,770,000 units at a price per unit of $0.25, each unit consisting of one share of common stock and one warrant to purchase a share of common stock, resulting in gross proceeds to the Company of $7,442,500, before deducting placement agent fees and offering expenses. The warrants are exercisable immediately upon issuance at an exercise price of $0.30 per share and expire on the 66^th month anniversary of the issuance date. The Company paid a cash fee to its placement agent of $452,900 and issued warrants to its placement agent and its designees to purchase an aggregate of 1,359,000 shares of common stock with the same terms as the warrants issued to the investors. The Company filed a registration statement with the Securities and Exchange Commission to register the resale of the outstanding common stock and the shares of common stock underlying the warrants and the warrants issued to the placement agent which was declared effective on July 12, 2019. In addition, the Company’s directors and officers entered into Lock-Up Agreements at the closing under which they have agreed not to sell any of their securities of the Company until the earliest of (i) 270 days after the effective date of the Registration Statement, (ii) 365 days after the closing, and (iii) 120 days after the listing of Company’s common stock on a national securities exchange.

In April 2018, the Company completed a private placement resulting in gross proceeds to the Company of $2,010,000. Prior to March 31, 2018, the Company received $74,983 in advance from these investors, which has been recorded as an advance -- private placement in the accompanying statement of cash flows.

As of September 30, 2019, the Company had warrants outstanding to purchase 63,321,294 shares of common stock at exercise prices of $0.25 - $1.00 per share that expire in various years until 2025. In addition, at September 30, 2019, there are warrants outstanding to purchase 480,000 Units sold in the Company’s May 2016 private placement at an exercise price of $0.25 per Unit, 164,074 Units sold in the Company’s February 2017 private placement at an exercise price of $0.35 per Unit, and 600 Units sold in the Company’s October 2017 private placement at an exercise price of $100 per Unit.

CYCLO THERAPEUTICS, INC.

(Formerly CTD Holdings, Inc.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2019

(4) INCOME TAXES:

The Company reported a net loss for the three and nine months ended September 30, 2019 and 2018, respectively. The Company increased its deferred tax asset valuation allowance rather than recognize an income tax benefit.

(5) SALES CONCENTRATIONS:

Sales to five major customers accounted for 75% of total sales for the nine months ended September 30, 2019. Sales to four major customers accounted for 66% of total sales for the nine months ended September 30, 2018. 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.

(6) REVENUES:

The Company operates in one business segment, which primarily focuses on the development and commercialization of innovative cyclodextrin-based products for the treatment of people with serious and life threatening rare diseases and medical conditions. The Company considers there to be revenue concentration risks for regions where net product revenues exceed 10% of consolidated net product revenues. The concentration of the Company’s net product revenues within the regions below may have a material adverse effect on the Company’s revenues and results of operations if sales in the respective regions experience difficulties. The Company adopted the requirements of ASC 606 on January 1, 2018 using the modified retrospective method. See Note 1(h) – Revenue Recognition for additional discussion.

Revenues by product are summarized as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Trappsol Cyclo	$	73,500	$	-	$	103,596	$	166,596
Trappsol HPB		152,784		125,944		359,530		305,706
Trappsol research		57,620		57,798		162,572		175,200
Aquaplex		-		37,486		149,690		116,081
Other		2,010		3,252		4,447		8,381
Total revenues	$	285,914	$	224,480	$	779,835	$	771,964

Substantially all of our sales of Trappsol® Cyclo™ for the nine months ended September 30, 2019 and September 30, 2018 were to a particular customer who exports the drug to South America. Substantially all of our Aquaplex sales are also to one customer.

(7) LEASES:

The Company adopted ASU 2016-02 “Leases (Topic 842)” along with related clarifications and improvements effective at the beginning of fiscal 2019, using the modified retrospective transition method. There was no cumulative-effect adjustment to the Company's consolidated balance sheet as of December 31, 2018. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods, as the Company has elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carryforward our prior lease classifications under ASC 840, “Leases.”

CYCLO THERAPEUTICS, INC.

(Formerly CTD Holdings, Inc.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2019

Under the new guidance, right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease terms at the commencement dates. The Company uses its incremental borrowing rates as the discount rate for its leases, which is equal to the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The incremental borrowing rate for all existing leases as of the opening balance sheet date was based upon the remaining terms of the leases; the incremental borrowing rate for all new or amended leases is based upon the lease terms. The lease terms for all the Company’s leases include the contractually obligated period of the leases, plus any additional periods covered by a Company options to extend the leases that the Company is reasonably certain to exercise

The Company has elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carryforward our prior lease classifications under ASC 840, “Leases.”

Adoption of Topic 842 did not have a material impact on our annual operating results or cash flows. Operating lease expense is recognized on a straight-line basis over the lease term and is included in operating costs or General and administrative expense. Variable lease payments are expensed as incurred.

The effects of the changes made to the Company’s consolidated balance sheet as of December 31, 2018 for the adoption of Topic 842 are as follows:

The Company determines if an arrangement is or contains a lease at contract inception and recognizes a right-of-use asset and a lease liability at the lease commencement date. Leases with an initial term of 12 months or less but greater than one month are not recorded on the balance sheet for select asset classes. The lease liability is measured at the present value of future lease payments as of the lease commencement date, or the opening balance sheet date for leases existing at adoption of Topic 842. The right-of-use asset recognized is based on the lease liability adjusted for prepaid and deferred rent and unamortized lease incentives.

Certain leases provide that the lease payments may be increased annually based on the fixed rate terms or adjustable terms such as the Consumer Price Index. Future base rent escalations that are not contractually quantifiable as of the lease commencement date are not included in our lease liability.

The Company has one office lease, which is as an operating lease and included in the right-of-use asset, current portion of lease liability, and long-term lease liability captions on the Company’s consolidated balance sheet.

Operating lease assets are recorded net of accumulated amortization of $12,754 as of September 30, 2019.

Lease expense for lease payments are recognized on a straight-line basis over the lease term. Lease expense for the three and nine months ending September 30, 2019 was $5,466 and $16,842 respectively.

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, 2018. 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

Cyclo Therapeutics, Inc. (“we” “our” “us” or “the Company”) was organized as a Florida corporation on August 9, 1990 under the name Cyclodextrin Technologies Development, Inc., with operations beginning in July 1992. In conjunction with a restructuring in 2000, we changed our name from Cyclodextrin Technologies Development, Inc., to CTD Holdings, Inc. We changed our name to Cyclo Therapeutics, Inc. in September 2019 to better reflect our current business.

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 that impacts the brain, lungs, liver, spleen, and other organs. 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 in the U.S. The Phase I study will evaluate the safety of Trappsol® Cyclo™ along with markers of cholesterol metabolism and markers of NPC during a 14-week treatment period of intravenous administration of Trappsol ® Cyclo ™ every two weeks to participants 18 years of age and older. 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. Initial patient enrollment in the U.S. Phase I study commenced in September 2017. Enrollment in this study was completed in October 2019, with initial results expected in the first quarter of 2020.

We have also filed Clinical Trial Applications with several European regulatory bodies, including those in the United Kingdom, Sweden and Italy, and in Israel, all of which have approved our applications. The European Phase I/II study will evaluate the safety of Trappsol® Cyclo™ along with a range of clinical outcomes, including neurologic, hepatic, and respiratory, in addition to measurements of cholesterol metabolism and markers of NPC. The European study is similar to the U.S. study, providing for the administration of Trappsol® Cyclo™ intravenously to NPC patients every two weeks in a double-blind, randomized trial. The first patient was dosed in this study in July 2017, with patient enrollment still in progress.

Preliminary data from our clinical studies suggests that Trappsol® Cyclo™ crosses the blood-brain-barrier in individuals suffering from NPC. Following intravenous administration of Trappsol® Cyclo™ to study subjects, it was detected in subjects’ cerebrospinal fluid. The clinical significance of these findings will be determined as part of the final analysis of both clinical trials.

We are also exploring the use of cyclodextrins in the treatment of Alzheimer’s disease. In January 2018, the FDA authorized a single patient IND expanded access program using Trappsol® Cyclo™ for the treatment of this disease, and in October 2018, we filed a patent application with respect to the use of hydroxypropyl beta cyclodextrins in the treatment of Alzheimer’s disease. In October 2019, we entered into an agreement with Worldwide Clinical Trials, a Contract Research Organization, to conduct a clinical trial to evaluate the safety and efficacy of Trappsol® Cyclo™ for the treatment of Alzheimer’s disease.

We also continue to operate our legacy fine chemical business, consisting of the sale of cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs. 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.

Trappsol® Cyclo™

At the end of 2009, we provided Trappsol® Cyclo™ (our first generation product) 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. Trappsol® Cyclo™ (first and second generation product) has been administered to more than 20 NPC patients in compassionate use programs around the world, including in the U.S., Brazil, and Spain. In 2012, we began to offer 100ml vials of Trappsol® Cyclo™ in a liquid form from a contract manufacturer (second generation product). In 2014, we completed validation of our proprietary 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. Our third generation product of Trappsol® Cyclo™ in liquid form is in clinical trials. We hold Orphan Drug Designation for Trappsol® Cyclo™ in both the U.S. and Europe.

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 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 have five 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 $4,994,000 as of September 30, 2019, compared to $2,217,000 as of December 31, 2018, primarily as the result of net proceeds of approximately $6,990,000 generated by the sale of our equity securities in the private placement we closed in May 2019. Our current assets less current liabilities were $3,353,000 as of September 30, 2019, compared to $844,000 as of December 31, 2018. Cash used in operations was $4,638,000 for the nine months ended September 30, 2019, compared to $2,134,000 for the same period in 2018.

We plan to use the proceeds of the sale of our securities primarily for the development of our Trappsol® Cyclo™ orphan drug product, including in connection with our continuing International Clinical Program and U.S. clinical trials, and other general corporate purposes.

While we presently believe we have sufficient cash to meet our anticipated operating costs and capital expenditure requirements through November 2020, 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 September 30, 2019.

Results of Operations – Three and Nine Months Ended September 30, 2019 Compared to Three and Nine Months Ended September 30, 2018

We reported net losses of $(1,625,000) and $(4,898,000) for the three and nine months ended September 30, 2019, respectively, compared to net losses of $(787,000) and $(2,889,000) for the three and nine months ended September 30, 2018, respectively.

Total revenues for the three month period ended September 30, 2019 increased 27% to $286,000 compared to $224,000 for the same period in 2018. Total revenues for the nine month period ended September 30, 2019 increased 1% to $780,000 compared to $772,000 for the same period in 2018.

Our change in the mix of our product sales for the three and nine months ended September 30, 2019 and 2018 is as follows:

Trappsol® Cyclo

Sales of Trappsol® Cyclo™ for the three month period ended September 30, 2019 were $74,000. There were no sales of this product for the three month period ended September 30, 2018. Our sales of Trappsol® Cyclo™ decreased by 38% for the nine month period ended September 30, 2019, to $104,000 from $167,000 for the nine month period ended September 30, 2018. Substantially all of our sales of Trappsol® Cyclo™ for the three and nine months ended September 30, 2019 and 2018 were to a particular customer who exports the drug to South America. Our annual 2018 sales to this customer were $167,000 (100% of total 2018 sales of Trappsol® Cyclo™). This product is designated as an orphan drug; the population of patients who use the product on a compassionate basis is small.

Trappsol® HPB

Our sales of Trappsol® HPB increased by 21% for the three month period ended September 30, 2019, to $153,000 from $126,000 for the three months ended September 30, 2018. Our sales of Trappsol® HPB increased by 18% for the nine month period ended September 30, 2019, to $360,000 from $306,000 for the nine month period ended September 30, 2018.

Trappsol® other products

Our sales of other Trappsol® products remained consistent at $58,000 for the three month periods ended September 30, 2019 and 2018. Our sales of other Trappsol® products decreased by 7% for the nine month period ended September 30, 2019, to $163,000 from $175,000 for the nine month period ended September 30, 2018.

Aquaplex®

There were no sales of Aquaplex® for the three month period ended September 30, 2019, compared to $37,000 for the three month period ended September 30, 2018. Our sales of Aquaplex® were $150,000 for the nine month period ended September 30, 2019 compared to $116,000 for the nine month period ended September 30, 2018.

The largest customers for our legacy fine chemical business continue to follow historical product ordering trends by placing periodic large orders that represent a significant share of our annual sales volume. During the nine months ended September 30, 2019, our five largest customers accounted for 75% of our sales; the largest accounted for 18% of sales. During the nine months ended September 30, 2018, our four largest customers accounted for 66% of our sales; the largest accounted for 21% 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) as a percentage of sales for the nine month period ended September 30, 2019 was 8% ($63,000) compared to 12% ($91,000) for the same period in 2018. Our cost of products sold (excluding any allocation of direct and indirect overhead and handling costs) as a percentage of sales was 9% ($26,000) for the three months ended September 30, 2019 compared to 6% ($13,000) for the same period in 2018. 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 2018 or the first nine months of 2019.

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. Our employees provide receiving, inspection, warehousing and shipping operations for us. The cost of our employees is included in personnel expense. Our other costs of warehousing and shipping functions are included in office and other expense.

As we buy inventory from foreign suppliers, the change in the value of the U.S. dollar in relation to the Euro, Yen and Yuan has 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. The cost of our bulk inventory often changes due to fluctuations in the U.S. dollar. The cost of shipping from outside the U.S. also has a significant effect on our inventory acquisition costs. When we experience short-term increases in currency fluctuation or supplier price increases, we are often not able to raise our prices sufficiently to maintain our historical margins. Therefore, our margins on these sales may decline.

Personnel expenses increased 77% to $521,000 for the three months ended September 30, 2019 from $295,000 for the three months ended September 30, 2018. Personnel expenses increased 44% to $1,242,000 for the nine months ended September 30, 2019 from $860,000 for the nine months ended September 30, 2018. During the quarter ended June 30, 2019 we hired a Chief Financial Officer on a part-time basis, and during the quarter ended September 30, 2019, we hired a Global Head of Regulatory Affairs. Increased personnel expenses in the three and nine month periods ended September 30, 2019 reflect compensation expense related to stock awards during such periods.

Research and development expenses increased 94% to $942,000 for the three months ended September 30, 2019, from $486,000 for the three months ended September 30, 2018. Research and development expenses increased 77% to $3,071,000 for the nine months ended September 30, 2019, from $1,739,000 for the nine months ended September 30, 2018. Research and development expenses as a percentage of our total operating expenses increased to 54% for the nine months ended September 30, 2019 from 47% for the nine months ended September 30, 2018. The increase in research and development expense is due to increased activity in our International Clinical Program and U.S. clinical trials. We expect future research and development costs to further increase as we continue to seek regulatory approval for the use of Trappsol® Cyclo™ in the treatment of NPC and Alzheimer’s disease.

Professional fees increased 15% to $152,000 for the three months ended September 30, 2019, compared to $132,000 for the three months ended September 30, 2018. Professional fees decreased 8% to $613,000 for the nine months ended September 30, 2019, compared to $664,000 for the nine months ended September 30, 2018. Professional fees may increase in the future due to new initiatives in raising capital and the continuation of product development.

Office and other expenses increased 308% to $234,000 for the three months ended September 30, 2019 compared to $57,000 for the three months ended September 30, 2018. Office and other expenses increased 150% to $584,000 for the nine months ended September 30, 2019 compared to $233,000 for the nine months ended September 30, 2018. Office and other expenses include costs for travel to, and participation in, industry conferences and similar events, which vary from period to period. The increase in office and other expense in the three and nine month periods ended September 30, 2019 reflect $160,000 in stock promotion and travel expenses incurred during such periods.

Board of Directors fees and costs increased to $37,000 for the three months ended September 30, 2019, compared to $27,000 for the three months ended September 30, 2018. Board of Directors fee and costs increased to $102,000 for the nine months ended September 30, 2019, compared to $70,000 for the nine months ended September 30, 2018. Board of Directors fees and costs include fees (generally in the form of stock compensation) paid to our non-employee directors and scientific advisory board members, reimbursement of expenses of our board members, and related expenses.

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 and nine months ended September 30, 2019, and 2018, 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 quarterly report (the “Evaluation Date”). Based on such evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective as of September 30, 2019.

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, 2018. 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

3.1		Amended and Restated Articles of Incorporation filed June 29, 2018 (incorporated by reference to the Company’s Form 10-Q filed with the Securities and Exchange Commission on August 14, 2018).

3.2		Articles of Amendment to the Articles of Incorporation filed September 18, 2019

31.1		Rule 13a-14(a)/15d-14a(a) Certification of Chief Executive Officer

31.2		Rule 13a-14(a)/15d-14a(a) Certification of Chief Financial Officer

32.1		Section 1350 Certification of Chief Executive Officer

32.2		Section 1350 Certification of Chief Financial Officer

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.

	CYCLO THERAPEUTICS, INC.

Date: November 14, 2019	By:	/s/ N. Scott Fine
		N. Scott Fine
		Chief Executive Officer

Date: November 14, 2019	By:	/s/ Joshua M. Fine
		Joshua M. Fine
		Chief Financial Officer

EX-3.2 2 ex_164759.htm EXHIBIT 3.2 ex_164759.htm

Exhibit 3.2

ARTICLES OF AMENDMENT
TO THE ARTICLES OF INCORPORATION
OF
CTD HOLDINGS, INC.

The Amended and Restated Articles of Incorporation, as amended, of CTD HOLDINGS, INC., a Florida corporation (the “Corporation”), are hereby amended pursuant to the provisions of Section 607.1003 of the Florida Business Corporation Act, and such amendments are set forth below:

FIRST: The name of the Corporation is “CTD Holdings, Inc.”

SECOND: Article I of the Corporation’s Amended and Restated Articles of Incorporation is hereby amended and restated in its entirety to read as follows:

“The name of this corporation shall be Cyclo Therapeutics, Inc.”

THIRD: The undersigned hereby certifies that the only voting group entitled to vote on the amendments contained in these Articles of Amendment was the holders of shares of the Corporation’s common stock. These Articles of Amendment were duly adopted by the shareholders on August 27, 2019 at the Corporation’s special meeting of shareholders. The number of vote cast for the amendment above by the shareholders was sufficient for its approval.

FOURTH: These Article of Amendment shall become effective on September 23, 2019.

IN WITNESS WHEREOF, the undersigned has executed these Articles of Amendment, effective as of this 17^th day of September, 2019.

CTD HOLDINGS, INC.

By:/s/ N. Scott Fine
Name: N. Scott Fine
Title: Chief Executive Officer

EX-31.1 3 ex_164619.htm EXHIBIT 31.1 ex_164619.htm

EXHIBIT 31.1

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934

I, N. Scott Fine, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Cyclo Therapeutics, 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;

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:

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;

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

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: November 14, 2019	By:	/s/ N. Scott Fine
		N. Scott Fine
		Chief Executive Officer

EX-31.2 4 ex_164620.htm EXHIBIT 31.2 ex_164620.htm

EXHIBIT 31.2

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934

I, Joshua M. Scott Fine, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Cyclo Therapeutics, 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;

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

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: November 14, 2019	By:	/s/ Joshua M. Fine
		Joshua M. Fine
		Chief Financial Officer

EX-32.1 5 ex_164621.htm EXHIBIT 32.1 ex_164621.htm

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 Cyclo Therapeutics, Inc. (the “Company”) for the fiscal quarter ended September 30, 2019, 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: November 14, 2019	/s/ N. Scott Fine
	N. Scott Fine
	Chief Executive Officer

EX-32.2 6 ex_164622.htm EXHIBIT 32.2 ex_164622.htm

EXHIBIT 32.2

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 Cyclo Therapeutics, Inc. (the “Company”) for the fiscal quarter ended September 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Joshua M. 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: November 14, 2019	/s/ Joshua M. Fine
	Joshua M. Fine
	Chief Financial Officer

EX-101.INS 7 ctdh-20190930.xml XBRL INSTANCE DOCUMENT 130062 130062 29770000 1 1 1527 1036 3977 4561 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">(m) LIQUIDITY––For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company had a net loss of $(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,898,000</div>) and utilized cash from operating activities of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.4</div> million, and at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019,  </div>the Company had an accumulated deficit of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22.5</div> million.  The Company will need to raise additional capital to support ongoing operations and continue its clinical trials.. While the Company presently believes it has sufficient cash to meet its anticipated operating costs and capital expenditure requirements through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2020, </div>the Company will continue its efforts to raise additional capital through the sale of securities from time to time for the foreseeable future to fund the development of its drug product candidates through clinical development, manufacturing and commercialization. The Company’s ability to obtain such capital will likely be subject to various factors, including its overall business performance and market conditions. There can be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> guarantee that the Company will be successful in its ability to raise capital to fund future operational and development initiatives when needed.</div></div></div></div></div></div></div></div></div> 3653 5 4 1 1 1 12754 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(a) ORGANIZATION AND OPERATIONS––The Company was incorporated in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 1990 </div>as a Florida corporation, under the name Cyclodextrin Technologies Development, Inc. with operations beginning in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1992. </div>In conjunction with a restructuring in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2000,</div> we changed our name to CTD Holdings, Inc. We changed our name to Cyclo Therapeutics, Inc. in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2019 </div>to better reflect our current business. 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”), a rare and fatal cholesterol metabolism disease that impacts the brain, lungs, liver, spleen, and other organs. The FDA approved our Investigational New Drug application (IND) which describes our Phase I clinical plans in the U.S. for Trappsol® Cyclo™ and in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2017 </div>the FDA granted Fast Track designation to Trappsol® Cyclo™ for the treatment of NPC. Initial patient enrollment in the U.S. Phase I study commenced in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2017. </div>We have also filed Clinical Trial Applications with several European regulatory bodies, including those in the United Kingdom, Sweden and Italy, and in Israel, all of which have approved our applications. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> patient was dosed in our European study in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2017. </div>More recently, we began exploring the use of cyclodextrins in the treatment of Alzheimer's disease, and in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2019 </div>entered into an agreement with a Contract Research Organization to conduct a clinical trial to evaluate the safety and efficacy of Trappsol® Cyclo™ for the treatment of this disease.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We also sell cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs. 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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Three Months Ended</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Nine</div><div style="display: inline; font-weight: bold;"> Months Ended</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">September 30, </div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">September</div><div style="display: inline; font-weight: bold;"> 30,</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2019</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2019</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 52%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Trappsol Cyclo</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">73,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">103,596</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">166,596</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Trappsol HPB</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">152,784</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125,944</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">359,530</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">305,706</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Trappsol research</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57,620</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57,798</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">162,572</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">175,200</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Aquaplex</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,486</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">149,690</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">116,081</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Other</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,010</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,252</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,447</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,381</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total revenues</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">285,914</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">224,480</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 36pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 36pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">779,835</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 36pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 36pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">771,964</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>

-0.01

-0.05

-0.04

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(o) FAIR VALUE MEASUREMENTS AND DISCLOSURES––The Fair Value Measurements and Disclosures topic of the Accounting Standards Codification (“ASC”) requires companies to determine fair value based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. The Fair Value Measurements and Disclosures topic emphasizes that fair value is a market-based measurement, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> an entity-specific measurement.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The guidance requires that assets and liabilities carried at fair value be classified and disclosed in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the following categories:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;"> </div> <table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align: top; width: 5%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">●</div> </td> <td style="vertical-align: top; width: 95%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1:</div> Quoted market prices in active markets for identical assets or liabilities.</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">                            </div> <table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align: top; width: 5%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">●</div> </td> <td style="vertical-align: top; width: 95%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2:</div> Observable market based inputs or unobservable inputs that are corroborated by market data.</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">                            </div> <table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align: top; width: 5%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">●</div> </td> <td style="vertical-align: top; width: 95%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3:</div> Unobservable inputs that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> corroborated by market data.</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> </div></div></div>assets or liabilities that are required to have their fair value measured on a recurring basis at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.  </div>Long-lived assets are measured at fair value on a non-recurring basis and are subject to fair value adjustments when there is evidence of impairment. </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">For short-term classes of our financial instruments which are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reported at fair value, the carrying amounts approximate fair value due to their short-term nature.  The fair value of the mortgage note receivable is estimated based on the present value of the underlying cash flows discounted at current rates. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the carrying value of the mortgage note receivable approximates fair value. </div></div></div></div></div></div></div></div></div>

-1625341

-787301

-4897518

-2889474

237804

661582

-44302

14410

-32420

-34636

2519

-16023

-1208

217395

384111

416531

39700

3284

2451

9181

9394

268579

5862239

2917856

2336698

1925332

101731

129674

7119662

1960000

26619

25147

-4369478

-2133780

-4897518

-2889474

-812944

-1289229

-787301

-1904166

-1368011

-1625341

37008

26549

101704

69565

37439

-1628625

-789752

-4906699

-2898868

5466

16842

14182

42294

55268

233555

57227

583692

223076

-27943

-26781

452900

1324

1634

0.0001

5000000

20704

18185

7442500

2010000

74983

10000

151749

132308

613000

663592

15634

18571

P3Y

P5Y

P7Y

P10Y

941539

485715

3071113

1739289

-22485218

-17587700

73500

103596

166596

152784

125944

359530

305706

57620

57798

162572

175200

37486

149690

116081

2010

3252

4447

8381

285914

224480

779835

771964

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(h) REVENUE RECOGNITION–– Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the Company adopted the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> using the modified retrospective method. The adoption of the new revenue standards as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> change our revenue recognition as the majority of our revenues continue to be recognized when the customer takes control of our product. As we did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identify any accounting changes that impacted the amount of reported revenues with respect to our product revenues, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> adjustment to retained earnings was required upon adoption.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Under the new revenue standards, revenues are recognized when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. We recognize revenues following the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> step model prescribed under ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09:</div> (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Product revenues</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In the U.S. we sell our products to the end user or wholesale distributors. In other countries, we sell our products primarily to wholesale distributors and other <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party distribution partners. These customers subsequently resell our products to health care providers and patients.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Revenues from product sales are recognized when the customer obtains control of our product, which occurs at a point in time, typically upon delivery to the customer. We expense incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that we would have recognized is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year or less or the amount is immaterial.  We treat shipping and handling costs performed after a customer obtains control of the product as a fulfillment cost. We have identified <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> performance obligation in our contracts with customers which is the delivery of product to our customers.  The transaction price is recognized in full when we deliver the product to our customer, which is the point at which we have satisfied our performance obligation.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Reserves for Discounts and Allowances</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with our customers, health care providers or payors, including those associated with the implementation of pricing actions in certain of the international markets in which we operate. Our process for estimating reserves established for these variable consideration components do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> differ materially from our historical practices.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts, contractual adjustments and returns.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to our customer) or a liability (if the amount is payable to a party other than our customer). Our estimates of reserves established for variable consideration typically utilize the most likely method and reflect our historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be subject to constraint and is included in the net sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenues recognized will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> occur in a future period. Actual amounts <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>ultimately differ from our estimates. If actual results vary, we adjust these estimates, which could have an effect on earnings in the period of adjustment.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">For additional information on our revenues, please read Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,</div> Revenues, to these condensed consolidated financial statements.</div></div></div></div></div></div></div></div></div>

520666

294620

1241742

859963

0.25

72999361

15500

72999361

15500

87239361

90759324

120529324

121114990

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The following is a summary of the more significant accounting policies of Cyclo Therapeutics, Inc. and subsidiaries (“we”, “our”, “us” or the “Company”) that affect the accompanying consolidated financial statements.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(a) ORGANIZATION AND OPERATIONS––The Company was incorporated in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 1990 </div>as a Florida corporation, under the name Cyclodextrin Technologies Development, Inc. with operations beginning in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1992. </div>In conjunction with a restructuring in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2000,</div> we changed our name to CTD Holdings, Inc. We changed our name to Cyclo Therapeutics, Inc. in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2019 </div>to better reflect our current business. 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”), a rare and fatal cholesterol metabolism disease that impacts the brain, lungs, liver, spleen, and other organs. The FDA approved our Investigational New Drug application (IND) which describes our Phase I clinical plans in the U.S. for Trappsol® Cyclo™ and in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2017 </div>the FDA granted Fast Track designation to Trappsol® Cyclo™ for the treatment of NPC. Initial patient enrollment in the U.S. Phase I study commenced in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2017. </div>We have also filed Clinical Trial Applications with several European regulatory bodies, including those in the United Kingdom, Sweden and Italy, and in Israel, all of which have approved our applications. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> patient was dosed in our European study in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2017. </div>More recently, we began exploring the use of cyclodextrins in the treatment of Alzheimer's disease, and in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2019 </div>entered into an agreement with a Contract Research Organization to conduct a clinical trial to evaluate the safety and efficacy of Trappsol® Cyclo™ for the treatment of this disease.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We also sell cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs. 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. </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and Rule <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> of Regulation S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">X.</div> Accordingly, they do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Operating results for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the results that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be expected for the year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019. </div>For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> as filed with the Securities and Exchange Commission on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 15, 2019.</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(c) CASH AND CASH EQUIVALENTS––Cash and cash equivalents consist of cash and any highly liquid investments with an original maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(d) ACCOUNTS RECEIVABLE––Accounts receivable are unsecured and non-interest bearing and are 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, an allowance for uncollectible accounts was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> deemed necessary at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(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 (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out) or net realizable value. Cost of products sold includes the acquisition cost of the products sold and does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any allocation of inbound or outbound freight charges, indirect overhead expenses, warehouse and distribution expenses, or depreciation and amortization expense. The Company records a specific reserve for inventory items that are determined to be obsolete. The reserve for obsolete inventory was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$39,700</div></div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(f) PREPAID EXPENSES––Prepaid expenses consist of our pharmaceutical drug Trappsol® Cyclo™ expected to be used in our clinical trial program recorded at cost.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(g) EQUIPMENT––Equipment is recorded at cost, less accumulated depreciation. Depreciation on equipment is computed using primarily the straight-line method over the estimated useful lives of the assets (generally <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years for computers, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> years for equipment and office furniture).</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(h) REVENUE RECOGNITION–– Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the Company adopted the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> using the modified retrospective method. The adoption of the new revenue standards as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> change our revenue recognition as the majority of our revenues continue to be recognized when the customer takes control of our product. As we did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identify any accounting changes that impacted the amount of reported revenues with respect to our product revenues, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> adjustment to retained earnings was required upon adoption.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Under the new revenue standards, revenues are recognized when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. We recognize revenues following the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> step model prescribed under ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09:</div> (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Product revenues</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In the U.S. we sell our products to the end user or wholesale distributors. In other countries, we sell our products primarily to wholesale distributors and other <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party distribution partners. These customers subsequently resell our products to health care providers and patients.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Revenues from product sales are recognized when the customer obtains control of our product, which occurs at a point in time, typically upon delivery to the customer. We expense incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that we would have recognized is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year or less or the amount is immaterial.  We treat shipping and handling costs performed after a customer obtains control of the product as a fulfillment cost. We have identified <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> performance obligation in our contracts with customers which is the delivery of product to our customers.  The transaction price is recognized in full when we deliver the product to our customer, which is the point at which we have satisfied our performance obligation.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Reserves for Discounts and Allowances</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with our customers, health care providers or payors, including those associated with the implementation of pricing actions in certain of the international markets in which we operate. Our process for estimating reserves established for these variable consideration components do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> differ materially from our historical practices.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts, contractual adjustments and returns.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to our customer) or a liability (if the amount is payable to a party other than our customer). Our estimates of reserves established for variable consideration typically utilize the most likely method and reflect our historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be subject to constraint and is included in the net sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenues recognized will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> occur in a future period. Actual amounts <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>ultimately differ from our estimates. If actual results vary, we adjust these estimates, which could have an effect on earnings in the period of adjustment.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">For additional information on our revenues, please read Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,</div> Revenues, to these condensed consolidated financial statements.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(i) RESEARCH AND DEVELOPMENT COSTS––Research and development costs are expensed as incurred.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(j) 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(k) 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; outstanding warrants to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,321,294</div></div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,440,478</div></div> common shares were antidilutive for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,768,147</div></div></div></div> common shares that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be issued under warrants to purchase units sold in the Company’s private placements, were antidilutive for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> and have been excluded from the calculation of loss per common share</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(l) 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 style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">(m) LIQUIDITY––For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company had a net loss of $(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,898,000</div>) and utilized cash from operating activities of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.4</div> million, and at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019,  </div>the Company had an accumulated deficit of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22.5</div> million.  The Company will need to raise additional capital to support ongoing operations and continue its clinical trials.. While the Company presently believes it has sufficient cash to meet its anticipated operating costs and capital expenditure requirements through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2020, </div>the Company will continue its efforts to raise additional capital through the sale of securities from time to time for the foreseeable future to fund the development of its drug product candidates through clinical development, manufacturing and commercialization. The Company’s ability to obtain such capital will likely be subject to various factors, including its overall business performance and market conditions. There can be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> guarantee that the Company will be successful in its ability to raise capital to fund future operational and development initiatives when needed.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(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. 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 style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(o) FAIR VALUE MEASUREMENTS AND DISCLOSURES––The Fair Value Measurements and Disclosures topic of the Accounting Standards Codification (“ASC”) requires companies to determine fair value based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. The Fair Value Measurements and Disclosures topic emphasizes that fair value is a market-based measurement, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> an entity-specific measurement.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The guidance requires that assets and liabilities carried at fair value be classified and disclosed in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the following categories:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;"> </div> <table style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="vertical-align: top; width: 5%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">●</div> </td> <td style="vertical-align: top; width: 95%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1:</div> Quoted market prices in active markets for identical assets or liabilities.</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">                            </div> <table style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="vertical-align: top; width: 5%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">●</div> </td> <td style="vertical-align: top; width: 95%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2:</div> Observable market based inputs or unobservable inputs that are corroborated by market data.</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;">                            </div> <table style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="vertical-align: top; width: 5%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">●</div> </td> <td style="vertical-align: top; width: 95%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3:</div> Unobservable inputs that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> corroborated by market data.</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 22.5pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> </div></div></div>assets or liabilities that are required to have their fair value measured on a recurring basis at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.  </div>Long-lived assets are measured at fair value on a non-recurring basis and are subject to fair value adjustments when there is evidence of impairment. </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">For short-term classes of our financial instruments which are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reported at fair value, the carrying amounts approximate fair value due to their short-term nature.  The fair value of the mortgage note receivable is estimated based on the present value of the underlying cash flows discounted at current rates. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the carrying value of the mortgage note receivable approximates fair value. </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(p) ACCOUNTING STANDARDS ADOPTED––</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <table style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="width:18pt;"> </td> <td style="width:18pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">●</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Leases – In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> <div style="display: inline; font-style: italic;">“Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>),”</div> (“ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02”</div>), which amends leasing guidance by requiring companies to recognize a right-of-use asset and a lease liability for all operating and financing leases with lease terms greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> months.  The lease liability is equal to the present value of lease payments. The lease asset is based on the lease liability, subject to adjustment for prepaid and deferred rent and tenant incentives.  For income statement purposes, leases will continue to be classified as operating or financing with lease expense in both cases calculated substantially the same as under the prior leasing guidance. The Company adopted Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019 (</div>the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> day of fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div>).  See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(q) ACCOUNTING STANDARDS TO BE ADOPTED IN FUTURE PERIODS––There are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> outstanding accounting standards to be adopted that will have a material effect on the Company’s financial position and operations.</div></div>

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Note 5 - Sales Concentrations	9 Months Ended
Note 5 - Sales Concentrations	Sep. 30, 2019
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	( 5 ) SALES CONCENTRATIONS: Sales to five major customers accounted for 75% of total sales for the nine months ended September 30, 2019. Sales to four major customers accounted for 66% of total sales for the nine months ended September 30, 2018. 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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Note 6 - Revenues (Tables)

9 Months Ended

Sep. 30, 2019

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Trappsol Cyclo	$	73,500	$	-	$	103,596	$	166,596
Trappsol HPB		152,784		125,944		359,530		305,706
Trappsol research		57,620		57,798		162,572		175,200
Aquaplex		-		37,486		149,690		116,081
Other		2,010		3,252		4,447		8,381
Total revenues	$	285,914	$	224,480	$	779,835	$	771,964

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Note 5 - Sales Concentrations (Details Textual) - Customer Concentration Risk [Member]	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Revenue Benchmark [Member]
Number of Major Customers	5	4
Accounts Receivable [Member] \| Five Major Customers [Member]
Concentration Risk, Percentage	75.00%
Accounts Receivable [Member] \| Four Major Customer [Member]
Concentration Risk, Percentage		66.00%

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Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Receivables from Stockholder [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2017	72,999,361	15,500
Balance at Dec. 31, 2017	$ 7,299	$ 2	$ 14,470,984		$ (13,332,667)	$ 1,145,618
Net loss					(812,944)	(812,944)
Balance (in shares) at Mar. 31, 2018	72,999,361	15,500
Balance at Mar. 31, 2018	$ 7,299	$ 2	14,470,984		(14,145,611)	332,674
Balance (in shares) at Dec. 31, 2017	72,999,361	15,500
Balance at Dec. 31, 2017	$ 7,299	$ 2	14,470,984		(13,332,667)	1,145,618
Net loss						(2,889,474)
Balance (in shares) at Sep. 30, 2018	87,239,361
Balance at Sep. 30, 2018	$ 8,723		16,429,562		(16,222,141)	216,144
Balance (in shares) at Mar. 31, 2018	72,999,361	15,500
Balance at Mar. 31, 2018	$ 7,299	$ 2	14,470,984		(14,145,611)	332,674
Net loss					(1,289,229)	(1,289,229)
Sale of stock, net of issuance fees (in shares)		20,100
Sale of stock, net of issuance fees		$ 2	1,959,998			1,960,000
Conversion of preferred stock to common stock (in shares)	14,240,000	(35,600)
Conversion of preferred stock to common stock	$ 1,424	$ (4)	(1,420)
Balance (in shares) at Jun. 30, 2018	87,239,361
Balance at Jun. 30, 2018	$ 8,723		16,429,562		(15,434,840)	1,003,445
Net loss					(787,301)	(787,301)
Balance (in shares) at Sep. 30, 2018	87,239,361
Balance at Sep. 30, 2018	$ 8,723		16,429,562		(16,222,141)	216,144
Balance (in shares) at Dec. 31, 2018	90,759,324
Balance at Dec. 31, 2018	$ 9,075		18,701,211	(130,062)	(17,587,700)	992,524
Net loss					(1,904,166)	(1,904,166)
Collection of subscription receivable				130,062		130,062
Balance (in shares) at Mar. 31, 2019	90,759,324
Balance at Mar. 31, 2019	$ 9,075		18,701,211		(19,491,866)	(781,580)
Balance (in shares) at Dec. 31, 2018	90,759,324
Balance at Dec. 31, 2018	$ 9,075		18,701,211	(130,062)	(17,587,700)	992,524
Net loss						(4,897,518)
Balance (in shares) at Sep. 30, 2019	121,114,990
Balance at Sep. 30, 2019	$ 12,110		25,956,355		(22,485,218)	3,483,247
Balance (in shares) at Mar. 31, 2019	90,759,324
Balance at Mar. 31, 2019	$ 9,075		18,701,211		(19,491,866)	(781,580)
Net loss					(1,368,011)	(1,368,011)
Sale of stock, net of issuance fees (in shares)	29,770,000
Sale of stock, net of issuance fees	$ 2,977		6,986,623			6,989,600
Balance (in shares) at Jun. 30, 2019	120,529,324
Balance at Jun. 30, 2019	$ 12,052		25,687,834		(20,859,877)	4,840,009
Net loss					(1,625,341)	(1,625,341)
Issuance of shares of stock based compensation (in shares)	585,666
Issuance of shares of stock based compensation	$ 58		268,521			268,579
Balance (in shares) at Sep. 30, 2019	121,114,990
Balance at Sep. 30, 2019	$ 12,110		$ 25,956,355		$ (22,485,218)	$ 3,483,247

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2019	Nov. 14, 2019
Document Information [Line Items]
Entity Registrant Name	Cyclo Therapeutics, Inc.
Entity Central Index Key	0000922247
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		121,221,462
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

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Note 3 - Equity Transactions	9 Months Ended
Note 3 - Equity Transactions	Sep. 30, 2019
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	( 3 ) EQUITY TRANSACTIONS: The Company expensed $97,250 and $159,380 in employee and board member stock compensation for the three and nine months ended September 30, 2019, respectively, which included $87,750 in compensation expense related to 450,000 shares of common stock awarded to employees in September 2019 that will be issued in November 2019 and fully vested at time of issuance. The Company expensed $22,360 and $50,310 in employee and board member stock compensation for the three and nine months ended September 30, 2018, respectively. The Company accrues stock compensation expense over the period earned for employees and board members. During the quarter ended September 30, 2019, the Company issued 585,666 shares of common stock to service providers for which it had accrued compensation expense of $268,579 in prior periods. On May 31, 2019, the Company completed a private placement of its securities to a group of accredited investors that included several directors of the Company and members of management, pursuant to a Securities Purchase Agreement between the Company and the investors, dated as of May 30, 2019. Investors in the private placement purchased a total of 29,770,000 units at a price per unit of $0.25, each unit consisting of one share of common stock and one warrant to purchase a share of common stock, resulting in gross proceeds to the Company of $7,442,500, before deducting placement agent fees and offering expenses. The warrants are exercisable immediately upon issuance at an exercise price of $0.30 per share and expire on the 66 th month anniversary of the issuance date. The Company paid a cash fee to its placement agent of $452,900 and issued warrants to its placement agent and its designees to purchase an aggregate of 1,359,000 shares of common stock with the same terms as the warrants issued to the investors. The Company filed a registration statement with the Securities and Exchange Commission to register the resale of the outstanding common stock and the shares of common stock underlying the warrants and the warrants issued to the placement agent which was declared effective on July 12, 2019. In addition, the Company’s directors and officers entered into Lock-Up Agreements at the closing under which they have agreed not to sell any of their securities of the Company until the earliest of (i) 270 days after the effective date of the Registration Statement, (ii) 365 days after the closing, and (iii) 120 days after the listing of Company’s common stock on a national securities exchange. In April 2018, the Company completed a private placement resulting in gross proceeds to the Company of $2,010,000. Prior to March 31, 2018, the Company received $74,983 in advance from these investors, which has been recorded as an advance -- private placement in the accompanying statement of cash flows. As of September 30, 2019, the Company had warrants outstanding to purchase 63,321,294 shares of common stock at exercise prices of $0.25 - $1.00 per share that expire in various years until 2025. In addition, at September 30, 2019, there are warrants outstanding to purchase 480,000 Units sold in the Company’s May 2016 private placement at an exercise price of $0.25 per Unit, 164,074 Units sold in the Company’s February 2017 private placement at an exercise price of $0.35 per Unit, and 600 Units sold in the Company’s October 2017 private placement at an exercise price of $100 per Unit.

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Note 2 - Mortgage Note Receivable	9 Months Ended
Note 2 - Mortgage Note Receivable	Sep. 30, 2019
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	( 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.

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Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUES
Product sales	$ 285,914	$ 224,480	$ 779,835	$ 771,964
EXPENSES
Personnel	520,666	294,620	1,241,742	859,963
Cost of products sold (exclusive of direct and indirect overhead and handling costs)	25,971	13,047	62,830	90,759
Research and development	941,539	485,715	3,071,113	1,739,289
Repairs and maintenance	1,232	1,203	4,215	2,474
Professional fees	151,749	132,308	613,000	663,592
Office and other	233,555	57,227	583,692	223,076
Board of Director fees and costs	37,008	26,549	101,704	69,565
Depreciation	1,292	2,527	4,261	7,553
Freight and shipping	1,527	1,036	3,977	4,561
Total operating expenses	1,914,539	1,014,232	5,686,534	3,670,832
LOSS FROM OPERATIONS	(1,628,625)	(789,752)	(4,906,699)	(2,898,868)
OTHER INCOME
Investment and other income	3,284	2,451	9,181	9,394
LOSS BEFORE INCOME TAXES	(1,625,341)	(787,301)	(4,897,518)	(2,889,474)
PROVISION FOR INCOME TAXES
NET LOSS	$ (1,625,341)	$ (787,301)	$ (4,897,518)	$ (2,889,474)
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollars per share)	$ (0.01)	$ (0.01)	$ (0.05)	$ (0.04)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares)	121,086,101	87,239,361	104,286,287	79,697,435

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Note 7 - Leases (Details Textual)	3 Months Ended	9 Months Ended
Note 7 - Leases (Details Textual)	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)
Operating Lease, Right-of-Use Asset, Amortization	$ 12,754	$ 12,754
Operating Lease, Expense	$ 5,466	$ 16,842
Office Building [Member]
Number of Operating Leases		1

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Note 3 - Equity Transactions (Details Textual)		1 Months Ended		3 Months Ended			9 Months Ended
Note 3 - Equity Transactions (Details Textual)	May 31, 2019 USD ($) $ / shares shares	Sep. 30, 2019 USD ($) $ / shares shares	Apr. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 30, 2018 USD ($)	Mar. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 30, 2018 USD ($)
Share-based Payment Arrangement, Expense \| $				$ 97,250	$ 22,360		$ 159,380	$ 50,310
Shares Issued, Value, Share-based Payment Arrangement, before Forfeiture \| $		$ 87,750
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture		450,000
Stock Issued During Period, Shares, Issued for Services				585,666
Stock Issued During Period, Value, Issued for Services \| $				$ 268,579
Proceeds from Issuance of Private Placement \| $						$ 74,983
Warrants Issued with Units [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 0.30
Warrants Issued to Placement Agent in Connection with Private Placement [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	1,359,000
Warrants To Purchase Common Stock [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		63,321,294		63,321,294			63,321,294
Warrants To Purchase Common Stock [Member] \| Minimum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 0.25		$ 0.25			$ 0.25
Warrants To Purchase Common Stock [Member] \| Maximum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		1		1			1
Warrants to Purchase Units Sold in May 2016 Private Placement [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 0.25		$ 0.25			$ 0.25
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		480,000		480,000			480,000
Warrants to Purchase Units Sold in February 2017 Private Placement [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 0.35		$ 0.35			$ 0.35
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		164,074		164,074			164,074
Warrants to Purchase Units Sold in October 2017 Private Placement [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 100		$ 100			$ 100
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		600		600			600
Private Placement [Member]
Equity Units Issued During Period, Shares, New Issues	29,770,000
Shares Issued, Price Per Share \| $ / shares	$ 0.25
Equity Units, Number of Common Shares in Each Unit	1
Equity Units, Number of Warrants in Each Unit	1
Proceeds from Issuance of Private Placement \| $	$ 7,442,500		$ 2,010,000
Payments of Stock Issuance Costs \| $	$ 452,900

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Note 4 - Income Taxes	9 Months Ended
Note 4 - Income Taxes	Sep. 30, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 4 ) INCOME TAXES: The Company reported a net loss for the three and nine months ended September 30, 2019 and 2018, respectively. The Company increased its deferred tax asset valuation allowance rather than recognize an income tax benefit.

XML 26 R14.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Organization and Operations [Policy Text Block]

(a) ORGANIZATION AND OPERATIONS––The Company was incorporated in

August 1990

as a Florida corporation, under the name Cyclodextrin Technologies Development, Inc. with operations beginning in

July 1992.

In conjunction with a restructuring in

2000,

we changed our name to CTD Holdings, Inc. We changed our name to Cyclo Therapeutics, Inc. in

September 2019

to better reflect our current business. 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”), a rare and fatal cholesterol metabolism disease that impacts the brain, lungs, liver, spleen, and other organs. The FDA approved our Investigational New Drug application (IND) which describes our Phase I clinical plans in the U.S. for Trappsol® Cyclo™ and in

January 2017

the FDA granted Fast Track designation to Trappsol® Cyclo™ for the treatment of NPC. Initial patient enrollment in the U.S. Phase I study commenced in

September 2017.

first

patient was dosed in our European study in

July 2017.

More recently, we began exploring the use of cyclodextrins in the treatment of Alzheimer's disease, and in

October 2019

entered into an agreement with a Contract Research Organization to conduct a clinical trial to evaluate the safety and efficacy of Trappsol® Cyclo™ for the treatment of this disease.

Basis of Accounting, Policy [Policy Text Block]

-Q and Rule

of Regulation S-

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

and

nine

month periods ended

September

30,

2019

are

not

necessarily indicative of the results that

may

be expected for the year ending

December 31, 2019.

For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form

-K for the year ended

December

31,

2018,

as filed with the Securities and Exchange Commission on

March 15, 2019.

Cash and Cash Equivalents, Policy [Policy Text Block]

(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.

Receivable [Policy Text Block]

not

deemed necessary at

September

30,

2019

and

December 31, 2018.

Inventory, Cash Flow Policy [Policy Text Block]

first

-in,

first

-out) or net realizable value. 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. The Company records a specific reserve for inventory items that are determined to be obsolete. The reserve for obsolete inventory was

39,700

September 30, 2019

and

December 31, 2018.

Prepaid Expenses [Policy Text Block]

(f) PREPAID EXPENSES––Prepaid expenses consist of our pharmaceutical drug Trappsol® Cyclo™ expected to be used in our clinical trial program recorded at cost.

Property, Plant and Equipment, Policy [Policy Text Block]

three

five

years for computers, and

seven

ten

years for equipment and office furniture).

Revenue [Policy Text Block]

(h) REVENUE RECOGNITION–– Effective

January 1, 2018,

the Company adopted the provisions of ASC

606

using the modified retrospective method. The adoption of the new revenue standards as of

January 1, 2018

did

not

change our revenue recognition as the majority of our revenues continue to be recognized when the customer takes control of our product. As we did

not

identify any accounting changes that impacted the amount of reported revenues with respect to our product revenues,

adjustment to retained earnings was required upon adoption.

five

step model prescribed under ASU

No.

2014

09:

(i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation.

Product revenues

In the U.S. we sell our products to the end user or wholesale distributors. In other countries, we sell our products primarily to wholesale distributors and other

third

-party distribution partners. These customers subsequently resell our products to health care providers and patients.

one

year or less or the amount is immaterial. We treat shipping and handling costs performed after a customer obtains control of the product as a fulfillment cost. We have identified

one

performance obligation in our contracts with customers which is the delivery of product to our customers. The transaction price is recognized in full when we deliver the product to our customer, which is the point at which we have satisfied our performance obligation.

Reserves for Discounts and Allowances

not

differ materially from our historical practices.

Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts, contractual adjustments and returns.

may

be subject to constraint and is included in the net sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenues recognized will

not

occur in a future period. Actual amounts

may

ultimately differ from our estimates. If actual results vary, we adjust these estimates, which could have an effect on earnings in the period of adjustment.

For additional information on our revenues, please read Note

Revenues, to these condensed consolidated financial statements.

Research and Development Expense, Policy [Policy Text Block]

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

Income Tax, Policy [Policy Text Block]

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.

Earnings Per Share, Policy [Policy Text Block]

63,321,294

and

30,440,478

common shares were antidilutive for the

three

and

nine

months ended

September 30, 2019

and

2018,

respectively, and

1,768,147

common shares that

may

be issued under warrants to purchase units sold in the Company’s private placements, were antidilutive for the

three

and

nine

months ended

September 30, 2019

and

2018,

and have been excluded from the calculation of loss per common share

Share-based Payment Arrangement [Policy Text Block]

Liquidity [Policy Text Block]

(m) LIQUIDITY––For the

nine

month period ended

September 30, 2019,

the Company had a net loss of $(

4,898,000

) and utilized cash from operating activities of approximately

$4.4

million, and at

September 30, 2019,

the Company had an accumulated deficit of approximately

$22.5

million. The Company will need to raise additional capital to support ongoing operations and continue its clinical trials.. While the Company presently believes it has sufficient cash to meet its anticipated operating costs and capital expenditure requirements through

November 2020,

the Company will continue its efforts to raise additional capital through the sale of securities from time to time for the foreseeable future to fund the development of its drug product candidates through clinical development, manufacturing and commercialization. The Company’s ability to obtain such capital will likely be subject to various factors, including its overall business performance and market conditions. There can be

guarantee that the Company will be successful in its ability to raise capital to fund future operational and development initiatives when needed.

Use of Estimates, Policy [Policy Text Block]

Fair Value Measurement, Policy [Policy Text Block]

not

an entity-specific measurement.

The guidance requires that assets and liabilities carried at fair value be classified and disclosed in

one

of the following categories:

●	Level 1: Quoted market prices in active markets for identical assets or liabilities.

●	Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

●	Level 3: Unobservable inputs that are not corroborated by market data.

We have

assets or liabilities that are required to have their fair value measured on a recurring basis at

September 30, 2019

December 31, 2018.

Long-lived assets are measured at fair value on a non-recurring basis and are subject to fair value adjustments when there is evidence of impairment.

For short-term classes of our financial instruments which are

not

reported at fair value, the carrying amounts approximate fair value due to their short-term nature. The fair value of the mortgage note receivable is estimated based on the present value of the underlying cash flows discounted at current rates. At

September 30, 2019

and

December 31, 2018,

the carrying value of the mortgage note receivable approximates fair value.

New Accounting Pronouncements, Policy [Policy Text Block]

(p) ACCOUNTING STANDARDS ADOPTED––

●

Leases – In

February 2016,

the FASB issued ASU

2016

02,

“Leases (Topic

842

),”

(“ASU

2016

02”

), which amends leasing guidance by requiring companies to recognize a right-of-use asset and a lease liability for all operating and financing leases with lease terms greater than

twelve

months. The lease liability is equal to the present value of lease payments. The lease asset is based on the lease liability, subject to adjustment for prepaid and deferred rent and tenant incentives. For income statement purposes, leases will continue to be classified as operating or financing with lease expense in both cases calculated substantially the same as under the prior leasing guidance. The Company adopted Topic

842

as of

January 1, 2019 (

the

first

day of fiscal

2019

). See Note

(q) ACCOUNTING STANDARDS TO BE ADOPTED IN FUTURE PERIODS––There are

outstanding accounting standards to be adopted that will have a material effect on the Company’s financial position and operations.

XML 27 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (4,897,518)	$ (2,889,474)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	4,261	7,553
Accrued stock compensation to employees	104,100	11,700
Accrued stock compensation to non-employees	55,280	38,610
Issuance of stock-based compensation	268,579
Increase or decrease in:
Accounts receivable	44,302	(14,410)
Inventory	32,420	34,636
Prepaid expenses	(217,395)
Other current assets	(2,519)	16,023
Other	1,208
Accounts payable and accrued expenses	237,804	661,582
Total adjustments	528,040	755,694
NET CASH USED IN OPERATING ACTIVITIES	(4,369,478)	(2,133,780)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment	(1,324)	(1,634)
Proceeds from mortgage note receivable	27,943	26,781
NET CASH PROVIDED BY INVESTING ACTIVITIES	26,619	25,147
CASH FLOWS FROM FINANCING ACTIVITIES
Collection of stock subscription receivable	130,062
Net proceeds from sale of common and preferred stock and warrants, net of issue costs	6,989,600	1,960,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	7,119,662	1,960,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	2,776,803	(148,633)
CASH AND CASH EQUIVALENTS, beginning of period	2,217,412	1,270,973
CASH AND CASH EQUIVALENTS, end of period	4,994,215	1,122,340
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest
Cash paid for income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES
Capitalization of right-to-use asset and lease liability	$ 56,476

XML 28 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 4,994,215	$ 2,217,412
Accounts receivable	35,742	80,044
Inventory, net	384,111	416,531
Current portion of mortgage note receivable	37,439	37,439
Prepaid insurance	20,704	18,185
Prepaid expenses	217,395
Total current assets	5,689,606	2,769,611
FURNITURE AND EQUIPMENT, NET	15,634	18,571
RIGHT-TO-USE LEASE ASSET, NET	55,268
Mortgage note receivable, less current portion	101,731	129,674
TOTAL ASSETS	5,862,239	2,917,856
CURRENT LIABILITIES
Current portion of lease liability	14,182
Accounts payable and accrued expenses	2,322,516	1,925,332
Total current liabilities	2,336,698	1,925,332
LONG-TERM LEASE LIABILITY	42,294
STOCKHOLDERS' EQUITY
Common stock, par value $.0001 per share, 500,000,000 shares authorized, 121,114,990 and 90,759,324 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	12,110	9,075
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized, 0 outstanding
Additional paid-in capital	25,956,355	18,701,211
Stock subscription receivable		(130,062)
Accumulated deficit	(22,485,218)	(17,587,700)
Total stockholders' equity	3,483,247	992,524
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 5,862,239	$ 2,917,856

XML 30 R20.htm IDEA: XBRL DOCUMENT

Note 6 - Revenues (Details Textual)	9 Months Ended
Note 6 - Revenues (Details Textual)	Sep. 30, 2019	Sep. 30, 2018
Number of Operating Segments	1
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Number of Major Customers	5	4
Aquaplex [Member] \| Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Number of Major Customers	1	1

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A0#% @ 28!N3]-KUUQ%(P M*M8" !4 ( !+XD &-T9&@M,C Q.3 Y,S!?9&5F+GAM;%!+ M 0(4 Q0 ( $F ;D\_B93*9#( &Z4 @ 5 " :>L !C M=&1H+3(P,3DP.3,P7VQA8BYX;6Q02P$"% ,4 " !)@&Y/J =XWMXC "^ M_P( %0 @ $^WP 8W1D:"TR,#$Y,#DS,%]P&UL4$L% 3!@ & 8 B@$ $\# 0 $! end XML 32 R12.htm IDEA: XBRL DOCUMENT v3.19.3

Note 6 - Revenues
9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]
(
6
) REVENUES:

The Company operates in
one
business segment, which primarily focuses on the development and commercialization of innovative cyclodextrin-based products for the treatment of people with serious and life threatening rare diseases and medical conditions. The Company considers there to be revenue concentration risks for regions where net product revenues exceed
10%
of consolidated net product revenues. The concentration of the Company’s net product revenues within the regions below
may
have a material adverse effect on the Company’s revenues and results of operations if sales in the respective regions experience difficulties. The Company adopted the requirements of ASC
606
on
January 1, 2018
using the modified retrospective method. See Note
1
(h) – Revenue Recognition for additional discussion.

Revenues by product are summarized as follows:

Three Months Ended

Nine
Months Ended

September 30,

September
30,

2019

2018

2019

2018

Trappsol Cyclo
$
73,500
$
-
$
103,596
$
166,596

Trappsol HPB

152,784

125,944

359,530

305,706

Trappsol research

57,620

57,798

162,572

175,200

Aquaplex

-

37,486

149,690

116,081

Other

2,010

3,252

4,447

8,381

Total revenues
$
285,914
$
224,480
$
779,835
$
771,964

Substantially all of our sales of Trappsol® Cyclo™ for the
nine
months ended
September 30, 2019
and
September 30, 2018
were to a particular customer who exports the drug to South America. Substantially all of our Aquaplex sales are also to
one

customer.

XML 33 R16.htm IDEA: XBRL DOCUMENT v3.19.3

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Sep. 30, 2019

Sep. 30, 2018

Dec. 31, 2018

Inventory Valuation Reserves, Ending Balance $ 39,700 $ 39,700 $ 39,700

Net Income (Loss) Attributable to Parent, Total (1,625,341) $ (1,368,011) $ (1,904,166) $ (787,301) $ (1,289,229) $ (812,944) (4,897,518) $ (2,889,474)

Net Cash Provided by (Used in) Operating Activities, Total (4,369,478) $ (2,133,780)

Retained Earnings (Accumulated Deficit), Ending Balance (22,485,218) (22,485,218) (17,587,700)

Fair Value, Recurring [Member]

Financial and Nonfinancial Liabilities, Fair Value Disclosure 0 0 0

Assets, Fair Value Disclosure $ 0 $ 0 $ 0

Warrants To Purchase Common Stock [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 63,321,294 30,440,478 63,321,294 30,440,478

Warrants To Purchase Units [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 1,768,147 1,768,147 1,768,147 1,768,147

Computers and Vehicles [Member] | Minimum [Member]

Property, Plant and Equipment, Useful Life 3 years

Computers and Vehicles [Member] | Maximum [Member]

Property, Plant and Equipment, Useful Life 5 years

Machinery and Furniture [Member] | Minimum [Member]

Property, Plant and Equipment, Useful Life 7 years

Machinery and Furniture [Member] | Maximum [Member]

Property, Plant and Equipment, Useful Life 10 years

X

- Definition
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Note 7 - Leases
9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

(
7
)
LEASES
:

The Company adopted ASU
2016
-
02
“
Leases
(Topic
842
)” along with related clarifications and improvements effective at the beginning of fiscal
2019,
using the modified retrospective transition method.  There was
no
cumulative-effect adjustment to the Company's consolidated balance sheet as of
December 31, 2018.
Comparative information has
not
been restated and continues to be reported under the accounting standards in effect for those periods, as the Company has elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carryforward our prior lease classifications under ASC
840,
“Leases.”

Under the new guidance, right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease terms at the commencement dates.  The Company uses its incremental borrowing rates as the discount rate for its leases, which is equal to the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The incremental borrowing rate for all existing leases as of the opening balance sheet date was based upon the remaining terms of the leases; the incremental borrowing rate for all new or amended leases is based upon the lease terms.  The lease terms for all the Company’s leases include the contractually obligated period of the leases, plus any additional periods covered by a Company options to extend the leases that the Company is reasonably certain to exercise

The Company has elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carryforward our prior lease classifications under ASC
840,
“Leases.”

Adoption of Topic
842
did
not
have a material impact on our annual operating results or cash flows. Operating lease expense is recognized on a straight-line basis over the lease term and is included in operating costs or General and administrative expense.  Variable lease payments are expensed as incurred.

The effects of the changes made to the Company’s consolidated balance sheet as of
December 31, 2018
for the adoption of Topic
842
are as follows:

The Company determines if an arrangement is or contains a lease at contract inception and recognizes a right-of-use asset and a lease liability at the lease commencement date.  Leases with an initial term of
12
months or less but greater than
one
month are
not
recorded on the balance sheet for select asset classes.  The lease liability is measured at the present value of future lease payments as of the lease commencement date, or the opening balance sheet date for leases existing at adoption of Topic
842.
  The right-of-use asset recognized is based on the lease liability adjusted for prepaid and deferred rent and unamortized lease incentives.

Certain leases provide that the lease payments
may
be increased annually based on the fixed rate terms or adjustable terms such as the Consumer Price Index.  Future base rent escalations that are
not
contractually quantifiable as of the lease commencement date are
not
included in our lease liability.

The Company has
one
office lease, which is as an operating lease and included in the right-of-use asset, current portion of lease liability, and long-term lease liability captions on the Company’s consolidated balance sheet.

Operating lease assets are recorded net of accumulated amortization of
$12,754
as of
September 30, 2019.

Lease expense for lease payments are recognized on a straight-line basis over the lease term.   Lease expense for the
three
and
nine
months ending
September 30, 2019
was
$5,466
and
$16,842
respectively.

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Note 2 - Mortgage Note Receivable (Details Textual)

Jan. 21, 2016

USD ($)

Proceeds from Sale of Property Held-for-sale $ 10,000

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages 265,000

Mortgage Loans on Real Estate, Monthly Payment $ 3,653

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate 4.25%

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Note 1 - Summary of Significant Accounting Policies
9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Significant Accounting Policies [Text Block]
(
1
) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

The following is a summary of the more significant accounting policies of Cyclo Therapeutics, Inc. and subsidiaries (“we”, “our”, “us” or the “Company”) that affect the accompanying consolidated financial statements.

(a) ORGANIZATION AND OPERATIONS––The Company was incorporated in
August 1990
as a Florida corporation, under the name Cyclodextrin Technologies Development, Inc. with operations beginning in
July 1992.
In conjunction with a restructuring in
2000,
we changed our name to CTD Holdings, Inc. We changed our name to Cyclo Therapeutics, Inc. in
September 2019
to better reflect our current business. 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”), a rare and fatal cholesterol metabolism disease that impacts the brain, lungs, liver, spleen, and other organs. The FDA approved our Investigational New Drug application (IND) which describes our Phase I clinical plans in the U.S. for Trappsol® Cyclo™ and in
January 2017
the FDA granted Fast Track designation to Trappsol® Cyclo™ for the treatment of NPC. Initial patient enrollment in the U.S. Phase I study commenced in
September 2017.
We have also filed Clinical Trial Applications with several European regulatory bodies, including those in the United Kingdom, Sweden and Italy, and in Israel, all of which have approved our applications. The
first
patient was dosed in our European study in
July 2017.
More recently, we began exploring the use of cyclodextrins in the treatment of Alzheimer's disease, and in
October 2019
entered into an agreement with a Contract Research Organization to conduct a clinical trial to evaluate the safety and efficacy of Trappsol® Cyclo™ for the treatment of this disease.

We also sell cyclodextrins and related products to the pharmaceutical, nutritional, and other industries, primarily for use in diagnostics and specialty drugs. 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
and
nine
month periods ended
September
30,

2019
are
not
necessarily indicative of the results that
may
be expected for the year ending
December 31, 2019.
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,

2018,
as filed with the Securities and Exchange Commission on
March 15, 2019.

(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 are 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, an allowance for uncollectible accounts was
not
deemed necessary at
September
30,

2019
and
December 31, 2018.

(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 net realizable value. 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. The Company records a specific reserve for inventory items that are determined to be obsolete. The reserve for obsolete inventory was
$39,700
at
September 30, 2019
and
December 31, 2018.

(f) PREPAID EXPENSES––Prepaid expenses consist of our pharmaceutical drug Trappsol® Cyclo™ expected to be used in our clinical trial program recorded at cost.

(g) EQUIPMENT––Equipment is recorded at cost, less accumulated depreciation. Depreciation on 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
seven
to
ten
years for equipment and office furniture).

(h) REVENUE RECOGNITION–– Effective
January 1, 2018,
the Company adopted the provisions of ASC
606
using the modified retrospective method. The adoption of the new revenue standards as of
January 1, 2018
did
not
change our revenue recognition as the majority of our revenues continue to be recognized when the customer takes control of our product. As we did
not
identify any accounting changes that impacted the amount of reported revenues with respect to our product revenues,
no
adjustment to retained earnings was required upon adoption.

Under the new revenue standards, revenues are recognized when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. We recognize revenues following the
five
step model prescribed under ASU
No.

2014
-
09:
(i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation.

Product revenues

In the U.S. we sell our products to the end user or wholesale distributors. In other countries, we sell our products primarily to wholesale distributors and other
third
-party distribution partners. These customers subsequently resell our products to health care providers and patients.

Revenues from product sales are recognized when the customer obtains control of our product, which occurs at a point in time, typically upon delivery to the customer. We expense incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that we would have recognized is
one
year or less or the amount is immaterial. We treat shipping and handling costs performed after a customer obtains control of the product as a fulfillment cost. We have identified
one
performance obligation in our contracts with customers which is the delivery of product to our customers. The transaction price is recognized in full when we deliver the product to our customer, which is the point at which we have satisfied our performance obligation.

Reserves for Discounts and Allowances

Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with our customers, health care providers or payors, including those associated with the implementation of pricing actions in certain of the international markets in which we operate. Our process for estimating reserves established for these variable consideration components do
not
differ materially from our historical practices.

Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts, contractual adjustments and returns.

These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to our customer) or a liability (if the amount is payable to a party other than our customer). Our estimates of reserves established for variable consideration typically utilize the most likely method and reflect our historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances,
may
be subject to constraint and is included in the net sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenues recognized will
not
occur in a future period. Actual amounts
may
ultimately differ from our estimates. If actual results vary, we adjust these estimates, which could have an effect on earnings in the period of adjustment.

For additional information on our revenues, please read Note
6,
Revenues, to these condensed consolidated financial statements.

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

(j) 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.

(k) 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; outstanding warrants to purchase
63,321,294
and
30,440,478
common shares were antidilutive for the
three
and
nine
months ended
September 30, 2019
and
2018,
respectively, and
1,768,147
common shares that
may
be issued under warrants to purchase units sold in the Company’s private placements, were antidilutive for the
three
and
nine
months ended
September 30, 2019
and
2018,
and have been excluded from the calculation of loss per common share

(l) 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.

(m) LIQUIDITY––For the
nine
month period ended
September 30, 2019,
the Company had a net loss of $(
4,898,000
) and utilized cash from operating activities of approximately
$4.4
million, and at
September 30, 2019,
the Company had an accumulated deficit of approximately
$22.5
million. The Company will need to raise additional capital to support ongoing operations and continue its clinical trials.. While the Company presently believes it has sufficient cash to meet its anticipated operating costs and capital expenditure requirements through
November 2020,
the Company will continue its efforts to raise additional capital through the sale of securities from time to time for the foreseeable future to fund the development of its drug product candidates through clinical development, manufacturing and commercialization. The Company’s ability to obtain such capital will likely be subject to various factors, including its overall business performance and market conditions. There can be
no
guarantee that the Company will be successful in its ability to raise capital to fund future operational and development initiatives when needed.

(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. 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) FAIR VALUE MEASUREMENTS AND DISCLOSURES––The Fair Value Measurements and Disclosures topic of the Accounting Standards Codification (“ASC”) requires companies to determine fair value based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. The Fair Value Measurements and Disclosures topic emphasizes that fair value is a market-based measurement,
not
an entity-specific measurement.

The guidance requires that assets and liabilities carried at fair value be classified and disclosed in
one
of the following categories:

●

Level
1:
Quoted market prices in active markets for identical assets or liabilities.



●

Level
2:
Observable market based inputs or unobservable inputs that are corroborated by market data.



●

Level
3:
Unobservable inputs that are
not
corroborated by market data.

We have
no

assets or liabilities that are required to have their fair value measured on a recurring basis at
September 30, 2019
or
December 31, 2018.
Long-lived assets are measured at fair value on a non-recurring basis and are subject to fair value adjustments when there is evidence of impairment.

For short-term classes of our financial instruments which are
not
reported at fair value, the carrying amounts approximate fair value due to their short-term nature. The fair value of the mortgage note receivable is estimated based on the present value of the underlying cash flows discounted at current rates. At
September 30, 2019
and
December 31, 2018,
the carrying value of the mortgage note receivable approximates fair value.

(p) ACCOUNTING STANDARDS ADOPTED––

●

Leases – In
February 2016,
the FASB issued ASU
2016
-
02,

“Leases (Topic
842
),”
(“ASU
2016
-
02”
), which amends leasing guidance by requiring companies to recognize a right-of-use asset and a lease liability for all operating and financing leases with lease terms greater than
twelve
months.  The lease liability is equal to the present value of lease payments. The lease asset is based on the lease liability, subject to adjustment for prepaid and deferred rent and tenant incentives.  For income statement purposes, leases will continue to be classified as operating or financing with lease expense in both cases calculated substantially the same as under the prior leasing guidance. The Company adopted Topic
842
as of
January 1, 2019 (
the
first
day of fiscal
2019
).  See Note
7.

(q) ACCOUNTING STANDARDS TO BE ADOPTED IN FUTURE PERIODS––There are
no
outstanding accounting standards to be adopted that will have a material effect on the Company’s financial position and operations.

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Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares

Sep. 30, 2019

Dec. 31, 2018

Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001

Common stock, shares authorized (in shares) 500,000,000 500,000,000

Common stock, shares issued (in shares) 121,114,990 90,759,324

Common stock, shares outstanding (in shares) 121,114,990 90,759,324

Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001

Preferred stock, shares authorized (in shares) 5,000,000 5,000,000

Preferred stock, shares outstanding (in shares) 0 0

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Note 6 - Revenues - Revenues by Product (Details) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Revenues $ 285,914 $ 224,480 $ 779,835 $ 771,964

Trappsol Cyclo [Member]

Revenues 73,500 103,596 166,596

Trappsol HPB [Member]

Revenues 152,784 125,944 359,530 305,706

Trappsol Research [Member]

Revenues 57,620 57,798 162,572 175,200

Aquaplex [Member]

Revenues 37,486 149,690 116,081

Product and Service, Other [Member]

Revenues $ 2,010 $ 3,252 $ 4,447 $ 8,381

X

- Definition
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Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Inventory Valuation Reserves, Ending Balance	$ 39,700						$ 39,700		$ 39,700
Net Income (Loss) Attributable to Parent, Total	(1,625,341)	$ (1,368,011)	$ (1,904,166)	$ (787,301)	$ (1,289,229)	$ (812,944)	(4,897,518)	$ (2,889,474)
Net Cash Provided by (Used in) Operating Activities, Total							(4,369,478)	$ (2,133,780)
Retained Earnings (Accumulated Deficit), Ending Balance	(22,485,218)						(22,485,218)		(17,587,700)
Fair Value, Recurring [Member]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0						0		0
Assets, Fair Value Disclosure	$ 0						$ 0		$ 0
Warrants To Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	63,321,294			30,440,478			63,321,294	30,440,478
Warrants To Purchase Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,768,147			1,768,147			1,768,147	1,768,147
Computers and Vehicles [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life							3 years
Computers and Vehicles [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life							5 years
Machinery and Furniture [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life							7 years
Machinery and Furniture [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life							10 years

Note 7 - Leases	9 Months Ended
Note 7 - Leases	Sep. 30, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	( 7 ) LEASES : The Company adopted ASU 2016 - 02 “ Leases (Topic 842 )” along with related clarifications and improvements effective at the beginning of fiscal 2019, using the modified retrospective transition method. There was no cumulative-effect adjustment to the Company's consolidated balance sheet as of December 31, 2018. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods, as the Company has elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carryforward our prior lease classifications under ASC 840, “Leases.” Under the new guidance, right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease terms at the commencement dates. The Company uses its incremental borrowing rates as the discount rate for its leases, which is equal to the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The incremental borrowing rate for all existing leases as of the opening balance sheet date was based upon the remaining terms of the leases; the incremental borrowing rate for all new or amended leases is based upon the lease terms. The lease terms for all the Company’s leases include the contractually obligated period of the leases, plus any additional periods covered by a Company options to extend the leases that the Company is reasonably certain to exercise The Company has elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carryforward our prior lease classifications under ASC 840, “Leases.” Adoption of Topic 842 did not have a material impact on our annual operating results or cash flows. Operating lease expense is recognized on a straight-line basis over the lease term and is included in operating costs or General and administrative expense. Variable lease payments are expensed as incurred. The effects of the changes made to the Company’s consolidated balance sheet as of December 31, 2018 for the adoption of Topic 842 are as follows: The Company determines if an arrangement is or contains a lease at contract inception and recognizes a right-of-use asset and a lease liability at the lease commencement date. Leases with an initial term of 12 months or less but greater than one month are not recorded on the balance sheet for select asset classes. The lease liability is measured at the present value of future lease payments as of the lease commencement date, or the opening balance sheet date for leases existing at adoption of Topic 842. The right-of-use asset recognized is based on the lease liability adjusted for prepaid and deferred rent and unamortized lease incentives. Certain leases provide that the lease payments may be increased annually based on the fixed rate terms or adjustable terms such as the Consumer Price Index. Future base rent escalations that are not contractually quantifiable as of the lease commencement date are not included in our lease liability. The Company has one office lease, which is as an operating lease and included in the right-of-use asset, current portion of lease liability, and long-term lease liability captions on the Company’s consolidated balance sheet. Operating lease assets are recorded net of accumulated amortization of $12,754 as of September 30, 2019. Lease expense for lease payments are recognized on a straight-line basis over the lease term. Lease expense for the three and nine months ending September 30, 2019 was $5,466 and $16,842 respectively.

Note 2 - Mortgage Note Receivable (Details Textual)	Jan. 21, 2016 USD ($)
Proceeds from Sale of Property Held-for-sale	$ 10,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages	265,000
Mortgage Loans on Real Estate, Monthly Payment	$ 3,653
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	4.25%

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	121,114,990	90,759,324
Common stock, shares outstanding (in shares)	121,114,990	90,759,324
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	0	0