0001171843-21-005844 | 10-Q | XBRL Viewer

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2021	Aug. 06, 2021
Document Information [Line Items]
Entity Central Index Key	0001446159
Entity Registrant Name	Predictive Oncology Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-36790
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-1007393
Entity Address, Address Line One	2915 Commers Drive, Suite 900
Entity Address, City or Town	Eagan
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55121
City Area Code	651
Local Phone Number	389-4800
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	POAI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		65,402,845

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 44,881,034	$ 678,332
Accounts Receivable	196,520	256,878
Inventories	317,826	289,535
Prepaid Expense and Other Assets	241,799	289,490
Total Current Assets	45,637,179	1,514,235
Fixed Assets, net	3,950,613	3,822,700
Intangibles, net	3,254,838	3,398,101
Lease Right-of-Use Assets	1,131,795	1,395,351
Other Long-Term Assets	124,096	116,257
Goodwill	2,813,792	2,813,792
Total Assets	56,912,313	13,060,436
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts Payable	941,960	1,372,070
Notes Payable – Net of Discounts of $0 and $244,830	0	4,431,925
Accrued Expenses and other liabilities	1,256,087	2,588,047
Derivative Liability	229,620	294,382
Deferred Revenue	154,345	53,028
Lease Liability	640,353	597,469
Total Current Liabilities	3,222,365	9,336,921
Lease Liability – Net of current portion	554,716	845,129
Other long-term liabilities	47,146	235,705
Total Liabilities	3,824,227	10,417,755
Stockholders’ Equity:
Common Stock, $.01 par value, 100,000,000 shares authorized, 65,335,159 and 19,804,787 outstanding	653,352	198,048
Additional paid-in capital	167,279,695	110,826,949
Accumulated Deficit	(114,845,753)	(108,383,108)
Total Stockholders’ Equity	53,088,086	2,642,681
Total Liabilities and Stockholders’ Equity	56,912,313	13,060,436
Series B Convertible Preferred Stock [Member]
Stockholders’ Equity:
Series B Convertible Preferred Stock, $.01 par value, 2,300,000 shares authorized, 79,246 and 79,246 shares outstanding	$ 792	$ 792

Condensed Consolidated Statements of Net Loss (Unaudited) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Revenue

$ 350,207

$ 182,784

$ 630,524

$ 477,727

Cost of goods sold

142,877

85,261

240,635

177,918

Gross profit

207,330

97,523

389,889

299,809

General and administrative expense

2,077,973

3,211,817

5,348,750

6,040,293

Operations expense

567,796

521,116

1,142,608

1,069,869

Sales and marketing expense

159,788

133,015

274,429

397,424

Total operating loss

(2,598,227)

(3,768,425)

(6,375,898)

(7,207,777)

Other income

57,033

52,965

85,292

52,968

Other expense

(1,829)

(729,837)

(236,801)

(1,846,912)

Gain (loss) on derivative instruments

(30,909)

(422,081)

64,762

(394,974)

Gain on notes receivables associated with asset purchase

1,290,000

Net loss

(2,573,932)

(3,577,378)

(6,462,645)

(8,106,695)

Net loss attributable to common shareholders per common shares-basic and diluted

$ (2,573,932)

$ (3,577,378)

$ (6,462,645)

$ (8,106,695)

Loss per common share basic (in dollars per share)

$ (0.05)

$ (0.36)

$ (0.15)

$ (1.10)

Loss per common share diluted (in dollars per share)

$ (0.05)

$ (0.36)

$ (0.15)

$ (1.10)

Weighted average shared used in computation - basic (in shares)

^[1]

51,581,762

9,838,152

44,089,157

7,362,240

Weighted average shared used in computation - diluted (in shares)

51,581,762

9,838,152

44,089,157

7,362,240

[1]	The following is a summary of the number of underlying shares outstanding at the end of the respective periods that have been excluded from the diluted calculations because the effect on loss per common share would have been anti-dilutive:

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member] Series B Convertible Preferred Stock [Member]	Preferred Stock [Member] Series D Convertible Preferred Stock [Member] Conversion of Series D Preferred Stock to Common Stock [Member]	Preferred Stock [Member] Series D Convertible Preferred Stock [Member]	Preferred Stock [Member] Series E Convertible Preferred Stock [Member] Series E Preferred Stock Conversions [Member]	Preferred Stock [Member] Series E Convertible Preferred Stock [Member] Conversion of Series E Preferred Stock [Member]	Preferred Stock [Member] Series E Convertible Preferred Stock [Member]	Common Stock [Member] Registered Direct Offerings [Member]	Common Stock [Member] Private Placement [Member]	Common Stock [Member] Registered Direct Offering [Member]	Common Stock [Member] May 2020 Offering [Member]	Common Stock [Member] Bridge Notes [Member]	Common Stock [Member] Series E Preferred Stock Conversions [Member]	Common Stock [Member] Conversion of Series E Preferred Stock [Member]	Common Stock [Member] Conversion of Series D Preferred Stock to Common Stock [Member]	Common Stock [Member] Prefunded Warrants [Member]	Common Stock [Member] New Warrants From Exercise of Warrants [Member]	Common Stock [Member]	Additional Paid-in Capital [Member] Registered Direct Offerings [Member]	Additional Paid-in Capital [Member] Private Placement [Member]	Additional Paid-in Capital [Member] Registered Direct Offering [Member]	Additional Paid-in Capital [Member] May 2020 Offering [Member]	Additional Paid-in Capital [Member] Bridge Notes [Member]	Additional Paid-in Capital [Member] Series E Preferred Stock Conversions [Member]	Additional Paid-in Capital [Member] Conversion of Series E Preferred Stock [Member]	Additional Paid-in Capital [Member] Conversion of Series D Preferred Stock to Common Stock [Member]	Additional Paid-in Capital [Member] Prefunded Warrants [Member]	Additional Paid-in Capital [Member] New Warrants From Exercise of Warrants [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Registered Direct Offerings [Member]	Private Placement [Member]	Registered Direct Offering [Member]	May 2020 Offering [Member]	Bridge Notes [Member]	Series E Preferred Stock Conversions [Member]	Conversion of Series E Preferred Stock [Member]	Conversion of Series D Preferred Stock to Common Stock [Member]	Prefunded Warrants [Member]	New Warrants From Exercise of Warrants [Member]	Total
Balance (in shares) at Dec. 31, 2019	79,246		3,500,000			258											4,056,652
Balance at Dec. 31, 2019	$ 792		$ 35,000			$ 3											$ 40,567											$ 93,653,667	$ (82,498,711)											$ 11,231,318
Shares issued pursuant to agreement with former CEO related to accrued interest (in shares)																	50,000
Shares issued pursuant to agreement with former CEO related to accrued interest																	$ 500											129,500												130,000
Stock issued, conversions (in shares)				(50)							170,000	141,191
Stock issued, conversions				$ (1)							$ 1,700	$ 1,412										$ 265,628	$ (1,411)											$ 267,328	$ 0
Vesting expense																												287,838												287,838
Net loss																													(4,529,317)											(4,529,317)
Shares issued pursuant to Equity Line (in shares)																	943,000
Shares issued pursuant to Equity Line																	$ 9,430											1,860,469												1,869,899
Inducement shares issued pursuant to promissory note extension (in shares)																	30,000
Inducement shares issued pursuant to promissory note extension																	$ 300											40,950												41,250
Issuance of shares and prefunded warrants pursuant to March 2020 private placement (in shares)																	260,000
Issuance of shares and prefunded warrants pursuant to March 2020 private placement																	$ 2,600											455,223												457,823
Inducement shares issued pursuant to 2020 convertible debt and warrants (in shares)																	46,875
Inducement shares issued pursuant to 2020 convertible debt and warrants																	$ 468											119,532												120,000
Warrants issued pursuant to 2020 convertible debt																												116,951												116,951
Shares issued to consultant and other (in shares)																	155,000
Shares issued to consultant and other																	$ 1,550											360,750												362,300
Balance (in shares) at Mar. 31, 2020	79,246		3,500,000			208											5,852,718
Balance at Mar. 31, 2020	$ 792		$ 35,000			$ 2											$ 58,527											97,289,097	(87,028,028)											10,355,390
Balance (in shares) at Dec. 31, 2019	79,246		3,500,000			258											4,056,652
Balance at Dec. 31, 2019	$ 792		$ 35,000			$ 3											$ 40,567											93,653,667	(82,498,711)											11,231,318
Net loss																																								(8,106,695)
Balance (in shares) at Jun. 30, 2020	79,246		0			0											13,190,787
Balance at Jun. 30, 2020	$ 792		$ 0			$ 0											$ 131,908											102,163,864	(90,605,406)											11,691,158
Balance (in shares) at Mar. 31, 2020	79,246		3,500,000			208											5,852,718
Balance at Mar. 31, 2020	$ 792		$ 35,000			$ 2											$ 58,527											97,289,097	(87,028,028)											10,355,390
Shares issued pursuant to agreement with former CEO related to accrued interest (in shares)																	1,533,481
Shares issued pursuant to agreement with former CEO related to accrued interest																	$ 15,335											2,177,543												2,192,878
Issuance of shares and warrants (in shares)										1,396,826
Issuance of shares and warrants										$ 13,968											$ 591,949												$ 605,917
Exercise of warrants (in shares)															1,390,166	1,274,826
Exercise of warrants															$ 13,902	$ 12,748										$ (13,148)	$ 1,682,237											$ 754	$ 1,694,985
Stock issued, conversions (in shares)		(3,500,000)			(208)								1,257,416	350,004
Stock issued, conversions		$ (35,000)			$ (2)								$ 12,574	$ 3,500										$ (12,572)	$ 31,500											$ 0	$ 0
Vesting expense																												134,939												134,939
Net loss																													(3,577,378)											(3,577,378)
Warrants issued pursuant to 2020 convertible debt																												62,373												62,373
Shares issued in connection with Asset Purchase Agreement (in shares)																	115,000
Shares issued in connection with Asset Purchase Agreement																	$ 1,150											185,150												186,300
Director compensation (in shares)																	20,350
Director compensation																	$ 204											34,796												35,000
Balance (in shares) at Jun. 30, 2020	79,246		0			0											13,190,787
Balance at Jun. 30, 2020	$ 792		$ 0			$ 0											$ 131,908											102,163,864	(90,605,406)											11,691,158
Balance (in shares) at Dec. 31, 2020	79,246																19,804,787
Balance at Dec. 31, 2020	$ 792																$ 198,048											110,826,949	(108,383,108)											2,642,681
Shares issued pursuant to agreement with former CEO related to accrued interest (in shares)																	100,401
Shares issued pursuant to agreement with former CEO related to accrued interest																	$ 1,004											142,569												143,573
Issuance of shares and warrants (in shares)							13,488,098	9,043,766
Issuance of shares and warrants							$ 134,881	$ 90,438										$ 14,877,611	$ 15,974,301											$ 15,012,492	$ 16,064,739
Exercise of warrants (in shares)																	5,247,059
Exercise of warrants																	$ 52,471											4,442,799												4,495,270
Stock issued, conversions (in shares)																	1,107,544
Stock issued, conversions																	$ 11,075											502,936												514,011
Shares issued to consultant & other (in shares)																	2,665
Shares issued to consultant & other																	$ 27											(4,075)												(4,048)
Vesting expense																												565,082												565,082
Net loss																													(3,888,713)											(3,888,713)
Balance (in shares) at Mar. 31, 2021	79,246																48,794,320
Balance at Mar. 31, 2021	$ 792																$ 487,944											147,328,172	(112,271,821)											35,545,087
Balance (in shares) at Dec. 31, 2020	79,246																19,804,787
Balance at Dec. 31, 2020	$ 792																$ 198,048											110,826,949	(108,383,108)											2,642,681
Net loss																																								(6,462,645)
Balance (in shares) at Jun. 30, 2021	79,246																65,335,159
Balance at Jun. 30, 2021	$ 792																$ 653,352											167,279,695	(114,845,753)											53,088,086
Balance (in shares) at Mar. 31, 2021	79,246																48,794,320
Balance at Mar. 31, 2021	$ 792																$ 487,944											147,328,172	(112,271,821)											35,545,087
Shares issued pursuant to agreement with former CEO related to accrued interest (in shares)																	400,000
Shares issued pursuant to agreement with former CEO related to accrued interest																	$ 4,000											(4,000)												0
Issuance of shares and warrants (in shares)									15,520,911
Issuance of shares and warrants									$ 155,209											$ 19,291,087												$ 19,446,296
Shares issued to consultant & other (in shares)																	47,424
Shares issued to consultant & other																	$ 474											48,238												48,802
Vesting expense																												33,243												33,243
Net loss																													(2,573,932)											(2,573,932)
Shares issued pursuant to Equity Line (in shares)																	572,504
Shares issued pursuant to Equity Line																	$ 5,725											582,865												588,590
Balance (in shares) at Jun. 30, 2021	79,246																65,335,159
Balance at Jun. 30, 2021	$ 792																$ 653,352											$ 167,279,695	$ (114,845,753)											$ 53,088,086

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flow from operating activities:
Net loss	$ (6,462,645)	$ (8,106,695)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	649,126	402,738
Vesting expense	598,325	422,777
Amortization of debt discount	244,830	858,353
(Gain) loss on valuation of equity-linked instruments and derivative liability	(64,762)	394,974
Debt extinguishment costs	0	300,000
Equity instruments issued in connection with 2020 convertible debt	0	20,695
Equity instruments issued for management, consultant, and other	52,471	397,300
Gain on note receivable in connection with asset purchase	0	(1,290,000)
Loss on fixed asset disposal	0	118,472
Changes in assets and liabilities:
Accounts receivable	60,358	113,769
Inventories	(28,291)	(45,212)
Prepaid expense and other assets	39,852	(197,182)
Accounts payable	(430,110)	(614,651)
Accrued expenses	(198,890)	505,380
Deferred revenue	101,317	(1,802)
Other long-term liabilities	(88,559)	0
Net cash used in operating activities	(5,526,978)	(6,721,084)
Cash flow from investing activities:
Purchase of fixed assets	(610,906)	0
Proceeds from asset sales	0	133,850
Acquisition of intangibles	(22,870)	(43,874)
Net cash provided by (used in) investing activities:	(633,776)	89,976
Cash flow from financing activities:
Proceeds from issuance of common stock and warrants, net	50,515,810	5,057,919
Proceeds from debt issuance	0	2,761,867
Proceeds from exercise of warrants into common stock	4,495,270	1,866,554
Repayment of debt	(4,162,744)	(1,459,973)
Proceeds from issuance of common stock pursuant to equity line	588,590	1,869,899
Payment penalties	(1,073,470)	(247,327)
Other financing (security deposit)	0	25,416
Net cash provided by financing activities	50,363,456	9,874,355
Net increase in cash and cash equivalents	44,202,702	3,243,247
Cash and cash equivalents at beginning of period	678,332	150,831
Cash and cash equivalents at end of period	44,881,034	3,394,078
Non-cash transactions:
Bridge loan conversion into common stock	$ 0	$ 267,328
Shares issued pursuant to former CEO note conversion and accrued interest and exchange agreement (in shares)	0	2,322,878
Shares issued to former CEO per agreement related to accrued interest	$ 143,573	$ 0
Put and conversion derivative from debt issuance	0	141,463
Inducement shares issued pursuant to convertible debt	514,011	99,305
Inducement shares issued for debt extension	0	41,250
Increase to operating lease right of use asset and lease liability due to lease modification	0	995,571
Warrants issued pursuant to debt issuance	0	179,324
Asset purchase acquired for notes receivable and common stock	0	1,492,500
Interest paid on debt	694,435	0
Conversion of Series E Preferred Stock [Member]
Non-cash transactions:
Preferred stock conversions	0	3
Preferred stock conversions	0	3
Conversion of Series D Preferred Stock to Common Stock [Member]
Non-cash transactions:
Preferred stock conversions	0	35,000
Preferred stock conversions	$ 0	$ 35,000

Note 1 - Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Significant Accounting Policies [Text Block]

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations and Continuance of Operations

Predictive Oncology Inc. (the “Company”) was originally incorporated on April 23, 2002 in Minnesota as BioDrain Medical, Inc. Effective August 6, 2013, the Company changed its name to Skyline Medical Inc. Pursuant to an Agreement and Plan of Merger effective December 16, 2013, the Company merged with and into a Delaware corporation with the same name that was its wholly owned subsidiary, with such Delaware corporation as the surviving corporation of the merger. On August 31, 2015, the Company completed a successful offering and concurrent uplisting to the NASDAQ Capital Market. On February 1, 2018, the Company filed with the Secretary of State of Delaware a Certificate of Amendment to its Certificate of Incorporation to change the corporate name from Skyline Medical Inc. to Precision Therapeutics Inc., effective February 1, 2018. Because of this change, the Company’s common stock traded under the ticker symbol “AIPT,” effective February 2, 2018. On June 10, 2019, the Company filed with the Secretary of State of Delaware a Certificate of Amendment to its Certificate of Incorporation to change the corporate name from Precision Therapeutics Inc. to Predictive Oncology Inc., trading under the new ticker symbol “POAI,” effective June 13, 2019. Skyline Medical (“Skyline”) remains as an incorporated division of Predictive Oncology Inc.

The Company operates in three primary business areas: first, application of artificial intelligence (“AI”) in our precision medicine business, to provide AI-driven predictive models of tumor drug response to improve clinical outcomes for patients and to assist pharmaceutical, diagnostic, and biotech industries in the development of new personalized drugs and diagnostics primarily through its wholly owned subsidiary Helomics Holding Corporation (“Helomics”); second, production of the United States Food and Drug Administration (“FDA”)-cleared STREAMWAY® System for automated, direct-to-drain medical fluid disposal and associated products through its incorporated division Skyline and; third, contract services and research focused on solubility improvements, stability studies, and protein production, primarily with our Soluble Biotech subsidiary.

In addition, the Company’s wholly owned subsidiary, TumorGenesis Inc. (“TumorGenesis”), is developing the next generation, patient-derived tumor models for precision cancer therapy and drug development. TumorGenesis is presented as part of the condensed consolidated financial statements and is included in corporate in the Company’s segment reporting.

During the first quarter of 2018, the Company acquired 25% of the capital stock of Helomics Holding Corporation (“Helomics”). On April 4, 2019, the Company completed a forward triangular merger with Helomics Acquisition Inc., a wholly owned subsidiary of the Company and Helomics, acquiring the remaining 75% of the capital stock of Helomics.

The Company had cash and cash equivalents of $44,881,034 as of June 30, 2021. As of June 30, 2021, there was no outstanding debt. In October 2019, the Company entered into a purchase agreement for an equity line under which it can raise up to $15,000,000 over a three-year period, subject to market conditions including trading volume and stock price. As of June 30, 2021, there was $9,200,829 remaining in available balance under the equity line which requires additional shareholder approval under rule Nasdaq Listing Rule 5635(d) prior to use. Additional needs to access this line will be dilutive. See – Recent Developments below for additional discussion.

In June 2021, the Company completed a direct offering under its shelf registration statement of 15,520,911 shares of common stock and warrants to purchase up to 15,520,911 shares of common stock at a combined offering price of $1.375 per share, for gross proceeds of $21,341,253. The net proceeds have been or will be used for working capital. See Note 6 – Stockholders’ Equity, Stock Options and Warrants.

In January and February 2021, the Company received aggregate net proceeds of $31,077,231 in a series of registered direct offerings and a private placement of equity securities. On March 1, 2021, the Company used $5,906,802 of the net proceeds from the private placement to pay the remaining principal and interest on the loans originally issued in September 2018, September 2019, and February 2020 and to pay premium due upon such repayment. The remaining net proceeds of the 2021 transactions have been or will be used for working capital. See Note 6 – Stockholders’ Equity, Stock Options and Warrants.

The Company believes that its existing capital resources will be sufficient to support its operating plan for the next twelve months and beyond. However, the Company may also seek to raise additional capital to support its growth through additional debt, equity or other alternatives or a combination thereof. The Company currently expects to use cash on hand to fund capital and equipment investments, research and development, potential acquisitions and its operations, over the next twelve months and beyond, and expects such sources to be sufficient to fund its requirements over that time.

Coronavirus Outbreak

In March 2020, the World Health Organization declared the recent spread of COVID-19 to be a global pandemic. In response to the crisis, emergency measures have been imposed by governments worldwide, including mandatory social distancing and the shutdown of non-essential businesses. These measures adversely impacted the global economy, disrupted global supply chains, and had created significant volatility and disruption of financial markets. While it is not currently possible to estimate the duration and severity of the COVID-19 pandemic or the adverse economic impact resulting therefrom, our business and operations have been and will likely continue to be materially and adversely affected. For example, our contract manufacturer for the STREAMWAY® System has been forced to change locations, thereby delaying our order fulfillment for parts. We have also reduced on-site staff at several of our facilities, resulting in delayed production, less efficiency, and our sales staff is unable to visit with hospital administrators who are our customers and potential customers. In addition, COVID-19 has impacted the Company’s capital and financial resources, including our overall liquidity position during 2020 and may impact us in the future. For instance, our accounts receivable has slowed while our suppliers continue to ask for pre-delivery deposits. We received a Paycheck Protection Program (“PPP”) Loan pursuant to the CARES Act which helped fund some payroll costs in 2020. During the fourth quarter of 2020, we received forgiveness of the amounts outstanding from the PPP. If COVID-19 continues to spread or the response to contain the virus is unsuccessful, we may continue to experience a material adverse effect on our business, financial condition, results of operations, cash flows and stock price.

Interim Financial Statements

The Company has prepared the condensed consolidated financial statements and related unaudited financial information in the footnotes in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim condensed consolidated financial statements. These interim condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals, which in the opinion of management, are necessary to present fairly the Company’s position, the results of its operations, and its cash flows for the interim periods. These interim condensed consolidated financial statements reflect all intercompany eliminations. These interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and the notes thereto contained in the Annual Report on Form 10-K filed with the SEC on March 15, 2021. The nature of the Company’s business is such that the results of any interim period may not be indicative of the results to be expected for the entire year.

Accounting Policies and Estimates

The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and during the reporting period. Actual results could materially differ from those estimates.

Reclassifications

Certain reclassifications have been made to the prior years’ condensed consolidated financial statements to conform to the current year presentation. The reclassifications had no effect on previously reported results of operations, cash flows or stockholders’ equity.

Cash and cash equivalents

The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company places its cash with high quality financial institutions and believes its risk of loss is limited to amounts in excess of that which is insured by the Federal Deposit Insurance Corporation.

Receivables

Receivables are reported at the amount the Company expects to collect on balances outstanding. The Company provides for probable uncollectible amounts through charges to earnings and credits to the valuation allowance based on management’s assessment of the status of individual accounts.

Amounts recorded in accounts receivable on the condensed consolidated balance sheet include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. An allowance for doubtful accounts is maintained to provide for the estimated amount of receivables that will not be collected. The Company reviews customers’ credit history before extending unsecured credit and establishes an allowance for uncollectible accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Invoices are generally due 30 days after presentation. Accounts receivable over 30 days is generally considered past due. The Company does not accrue interest on past due accounts receivables. Receivables are written off once all collection attempts have failed and are based on individual credit evaluation and specific circumstances of the customer. The allowance for doubtful accounts balance was $0 as of both June 30, 2021 and December 31, 2020.

Fair Value Measurements

As outlined in Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The accounting standards ASC 820 establishes a three-level fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability as follows:

Level 1 – Observable inputs such as quoted prices in active markets;

Level 2 – Inputs other than quoted prices in active markets, that are observable either directly or indirectly; and

Level 3 – Unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions.

The Company uses observable market data, when available, in making fair value measurements. Fair value measurements are classified according to the lowest level input that is significant to the valuation.

The fair value of the Company’s investment securities, which consist of cash and cash equivalents, was determined based on Level 1 inputs. The fair value of the Company’s derivative liabilities and debt were determined based on Level 3 inputs. The Company generally uses the Black Scholes method for determining the fair value of warrants classified as liabilities on a recurring basis. In addition, the Company uses the Monte Carlo method and other acceptable valuation methodologies when valuing the conversion feature and other embedded features classified as derivatives on a recurring basis. See Note 7 – Derivatives.

Inventories

Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis.

Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. Depreciation of fixed assets is computed using the straight-line method over the estimated useful lives of the respective assets. Estimated useful asset life by classification is as follows:

Years

Computers, software and office equipment

3

-

10

Leasehold improvements (1)

2

-

5

Manufacturing tooling

3

-

7

Laboratory equipment

4

-

6

Demo equipment

3

(1)

Leasehold improvements are amortized over the shorter of the useful life or the remaining lease term.

Upon retirement or sale of fixed assets, the cost and related accumulated depreciation or amortization are removed from the condensed consolidated balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repairs are charged to operations expense as incurred.

Long-lived Assets

Finite-lived intangible assets consist of patents and trademarks, licensing fees, developed technology, and customer relationships, and are amortized over their estimated useful life. Accumulated amortization is included in intangibles, net in the accompanying condensed consolidated balance sheets.

The Company reviews finite-lived identifiable intangible assets for impairment in accordance with ASC 360, Property, Plant and Equipment, whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Events or changes in circumstances that indicate the carrying amount may not be recoverable include, but are not limited to, a significant change in the medical device marketplace and a significant adverse change in the business climate in which the Company operates.

The Company concluded there was no impairment of its intangible assets as of December 31, 2020. As a part of the Company’s review of the tradename intangible asset associated with its Helomics reportable segment, the Company determined the asset is a finite-lived asset beginning September 30, 2020.

The Company concluded there was no impairment of its finite-lived assets as of December 31, 2020. The Company prepared the undiscounted cash flows per ASC 360. The Company concluded that the undiscounted cash flows of the long-lived assets exceeded the carrying values. As of June 30, 2021, there were no qualitative or quantitative factors indicating an impairment of its finite-lived assets.

Goodwill

In accordance with ASC 350, Intangibles – Goodwill and Other, goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of net assets acquired. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination. Goodwill is not amortized but is tested on an annual basis for impairment at the reporting unit level as of December 31, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable.

To determine whether goodwill is impaired, annually or more frequently if needed, the Company performs a multi-step impairment test. The Company first has the option to assess qualitative factors to determine if it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value. The Company may also elect to skip the qualitative testing and proceed directly to the quantitative testing. When performing quantitative testing, the Company first estimates the fair values of its reporting units using discounted cash flows. To determine fair values, the Company is required to make assumptions about a wide variety of internal and external factors. Significant assumptions used in the impairment analysis include financial projections of free cash flow (including significant assumptions about operations including the rate of future revenue growth, capital requirements, and income taxes), long-term growth rates for determining terminal value and discount rates. Comparative market multiples are used to corroborate the results of the discounted cash flow test. These assumptions require significant judgement. Pursuant to ASU 2017-04, Simplifying the Test for Goodwill Impairment, the single step is to determine the estimated fair value of the reporting unit and compare it to the carrying value of the reporting unit, including goodwill. To the extent the carrying amount of goodwill exceeds the implied goodwill, the difference is the amount of the goodwill impairment. The Company also completes a reconciliation between the implied equity valuation prepared and the Company’s market capitalization. The majority of the inputs used in the discounted cash flow model are unobservable and thus are considered to be Level 3 inputs. The inputs for the market capitalization calculation are considered Level 1 inputs.

The Company recognized loss on impairment goodwill during the year ended December 31, 2020 of $12,876,498. As of June 30, 2021, there were no qualitative or quantitative factors indicating it was more likely than not that the carrying value of a reporting unit exceeds its estimated fair value.

The Company will continue to monitor its reporting units to determine whether events and circumstances warrant further interim impairment testing. Impairment of goodwill is not expected to be deductible for tax purposes. The Company can make no assurances that its goodwill will not be impaired in the future.

Leases – At inception of a contract, a determination is made whether an arrangement meets the definition of a lease. A contract contains a lease if there is an identified asset, and the Company has the right to control the asset. Operating leases are recorded as right-of-use (“ROU”) assets with corresponding current and noncurrent operating lease liabilities on our condensed consolidated balance sheets. Financing leases are included within fixed assets with corresponding current within other current liabilities and noncurrent within other long-term liabilities on our condensed consolidated balance sheets.

ROU assets represent our right to use an underlying asset for the duration of the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Recognition on the commencement date is based on the present value of lease payments over the lease term using an incremental borrowing rate. Leases with a term of 12 months or less at the commencement date are not recognized on the condensed consolidated balance sheet and are expensed as incurred.

The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. Leases are accounted for at a portfolio level when similar in nature with identical or nearly identical provisions and similar effective dates and lease terms.

Revenue Recognition

The Company recognizes revenue when it satisfies a performance obligation by transferring control of the promised goods or services to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales taxes are imposed on the Company’s sales to nonexempt customers. The Company collects the taxes from the customers and remits the entire amounts to the governmental authorities. Sales taxes are excluded from revenue and expenses.

Revenue from Product Sales

The Company has medical device revenue consisting primarily of sales of the STREAMWAY System, as well as sales of the proprietary cleaning fluid and filters for use with the STREAMWAY System. This revenue stream is reported within the Skyline segment. The Company sells its medical device products directly to hospitals and other medical facilities using employed sales representatives and independent contractors. Purchase orders, which are governed by sales agreements in all cases, state the final terms for unit price, quantity, shipping, and payment terms. The unit price is considered the observable stand-alone selling price for the arrangements. The Company sales agreement, and Terms and Conditions, is a dually executed contract providing explicit criteria supporting the sale of the STREAMWAY System. The Company considers the combination of a purchase order and acceptance of its Terms and Conditions to be a customer’s contract in all cases.

Product sales for medical devices consist of a single performance obligation that the Company satisfies at a point in time. The Company recognizes product revenue when the following events have occurred: (1) the Company has transferred physical possession of the products, (2) the Company has a present right to payment, (3) the customer has legal title to the products, and (4) the customer bears significant risks and rewards of ownership of the products. Based on the shipping terms specified in the sales agreements and purchase orders, these criteria are generally met when the products are shipped from the Company’s facilities (“FOB origin,” which is the Company’s standard shipping terms). As a result, the Company determined that the customer can direct the use of, and obtain substantially all of the benefits from, the products at the time the products are shipped. The Company may, at its discretion, negotiate different shipping terms with customers which may affect the timing of revenue recognition. The Company’s standard payment terms for its customers are generally 30 to 60 days after the Company transfers control of the product to its customer. The Company allows returns of defective disposable merchandise if the customer requests a return merchandise authorization from the Company.

Customers may also purchase a maintenance plan for the medical devices from the Company, which requires the Company to service the STREAMWAY System for a period of one year after the one-year anniversary date of the original STREAMWAY System invoice. The maintenance plan is considered a separate performance obligation from the product sale, is charged separately from the product sale, and is recognized over time (ratably over the one-year period) as maintenance services are provided. A time-elapsed output method is used to measure progress because the Company transfers control evenly by providing a stand-ready service. The Company has determined that this method provides a faithful depiction of the transfer of services to its customers.

All amounts billed to a customer in a sales transaction for medical devices related to shipping and handling, if any, represent revenues earned for the goods provided, and these amounts have been included in revenue. Costs related to such shipping and handling billing are classified as cost of goods sold. This revenue stream is reported under the Skyline reportable segment.

Revenue from Clinical Testing

The Precision Oncology Insights are clinic diagnostic testing comprised of the Company’s Tumor Drug Response Testing (formerly ChemoFx) and Genomic Profiling (formerly BioSpeciFx) tests. The Tumor Drug Response test determines how a patient’s tumor specimen reacts to a panel of various chemotherapy drugs, while the Genomic Profiling test evaluates the expression of a particular gene related to a patient’s tumor specimen. Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The estimated uncollectible amounts are generally considered implicit price concessions that are a reduction in revenue. Helomics payment terms vary by the agreements reached with insurance carriers and Medicare. The Company’s performance obligations are satisfied at one point in time when test reports are delivered.

For service revenues, the Company estimates the transaction price which is the amount of consideration it expects to be entitled to receive in exchange for providing services based on its historical collection experience using a portfolio approach as a practical expedient to account for patient contracts as collective groups rather than individually. The Company monitors its estimates of transaction price to depict conditions that exist at each reporting date. If the Company subsequently determines that it will collect less consideration than it originally estimated for a contract with a patient, it will account for the change as a decrease to the estimate of the transaction price, provided that such downward adjustment does not result in a significant reversal of cumulative revenue recognized.

The Company recognizes revenue from these patients when contracts as defined in ASC 606, Revenue from Contracts with Customers are established at the amount of consideration to which it expects to be entitled or when the Company receives substantially all the consideration subsequent to the performance obligations being satisfied. The Company’s standard payment terms for hospital and patient direct bill are 30 days after invoice date. This revenue stream is reported under the Helomics segment.

CRO Revenue

Contract revenues are generally derived from studies conducted with biopharmaceutical and pharmaceutical companies. The specific methodology for revenue recognition is determined on a case-by-case basis according to the facts and circumstances applicable to a given contract. The Company typically uses an input method that recognizes revenue based on the Company’s efforts to satisfy the performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation on the basis of the standalone-selling price of each distinct good or service in the contract. Advance payments received in excess of revenues recognized are classified as deferred revenue until such time as the revenue recognition criteria have been met. Payment terms are net 30 from the invoice date, which is sent to the customer as the Company satisfies the performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. This revenue stream is reported under the Helomics segment.

Variable Consideration

The Company records revenue from distributors and direct end customers in an amount that reflects the transaction price it expects to be entitled to after transferring control of those goods or services. The Company’s current contracts do not contain any features that create variability in the amount or timing of revenue to be earned.

Warranty

The Company generally provides one-year warranties against defects in materials and workmanship on product sales and will either repair the products or provide replacements at no charge to customers. As they are considered assurance-type warranties, the Company does not account for them as separate performance obligations. Warranty reserve requirements are based on a specific assessment of the products sold with warranties where a customer asserts a claim for warranty or a product defect.

Contract Balances

The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. Accounts receivable totaled $196,520 and $256,878 as of June 30, 2021 and December 31, 2020, respectively.

The Company’s deferred revenues related primarily to maintenance plans of $154,345 and $53,028 as of June 30, 2021 and December 31, 2020, respectively.

Practical Expedients

The Company has elected the practical expedient not to determine whether contracts with customers contain significant financing components as well as the practical expedient to recognize shipping and handling costs at point of sale.

Valuation and accounting for stock options and warrants

The Company determines the grant date fair value of options and warrants using a Black-Scholes option valuation model based upon assumptions regarding risk-free interest rate, expected dividend rate, volatility, and estimated term.

The fair value of each option and warrant grant is estimated on the grant date using the Black-Scholes option valuation model with the following assumptions:

For the six months ended June 30,

2021

2020

Stock Options

Expected dividend yield
0.0% 0.0%

Expected stock price volatility
84.8% - 89.6% 82.6% - 86.8%

Risk-free interest rate
0.93% - 1.45% 0.62% - 1.78%

Expected life (in years)
10 10

Warrants

Expected dividend yield
0.0% 0.0%

Expected stock price volatility
84.8% - 89.6% 82.6% - 86.8%

Risk-free interest rate
0.42% - 1.04% 0.33% - 0.79%

Expected life (in years)
3 - 5.5
2
- 5.5

Research and Development

Research and development costs are charged to operations as incurred. Research and development costs were $143,322 and $191,223 for the six months ended June 30, 2021 and 2020, respectively.

Other Expense

Other expense consisted primarily of interest expense, payment premium, amortization of original issue discounts, and loss on debt extinguishment associated to the Company’s notes payable.

Offering Costs

Costs incurred which are direct and incremental to an offering of the Company’s securities are deferred and charged against the proceeds of the offering unless such costs are deemed to be insignificant in which case they are expensed as incurred.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to impact taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized.

There is no income tax provision in the accompanying condensed consolidated statements of net loss due to the cumulative operating losses that indicate a 100% valuation allowance for the deferred tax assets is appropriate.

The Company reviews income tax positions expected to be taken in income tax returns to determine if there are any income tax uncertainties. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax positions will be sustained on examination by taxing authorities, based on technical merits of the positions. The Company has identified no income tax uncertainties.

Under Internal Revenue Code Section 382, certain stock transactions which significantly change ownership could limit the amount of net operating carryforwards that may be utilized on an annual basis to offset taxable income in future periods. The Company has not yet performed an analysis of the annual net operating loss carryforwards and limitations that are available to be used against taxable income. Consequently, the limitation, if any, could result in the expiration of the Company’s loss carryforwards before they can be utilized. The Company has not analyzed net operating loss carryforwards under Section 382 to date. As a result of the Helomics acquisition, there may be significant limitations to the net operating loss. In addition, the current NOL carryforwards might be further limited by future issuances of our common stock.

Tax years subsequent to 2017 remain open to examination by federal and state tax authorities.

Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions and, by policy, generally limits the amount of credit exposure to any one financial institution. The Company has a credit risk of $119,857 for cash amounts held in a single institution that are in excess of amounts issued by the Federal Deposit Insurance Corporation.

Risks and Uncertainties

The Company is subject to risks common to companies in the medical device and biopharmaceutical industries, including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with regulations of the Food and Drug Administration, Clinical Laboratory Improvement Amendments, and other governmental agencies.

Subsequent Events

The Company has evaluated all of its activities and concluded that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes to the condensed consolidated financial statements.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (the “FASB”). Recently issued ASUs not listed below either were assessed and determined to be not applicable or are currently expected to have no impact on the condensed consolidated financial statements of the Company.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses.” This ASU added a new impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The CECL model applies to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit losses on assets that have a low risk of loss. As a smaller reporting company pursuant to Rule 12b-2 of the Securities Exchange Act of 1934, as amended, these changes become effective for the Company on January 1, 2023. Management is currently evaluating the potential impact of these changes on the condensed consolidated financial statements of the Company.

Recent Developments

The Company held a Special Meeting of Stockholders (the “Special Meeting”) on August 10, 2021 to consider and vote upon the following proposals:

●

To approve an amendment to the Company’s certificate of incorporation to increase the number of authorized shares of Company common stock from 100,000,000, to 200,000,000;

●

To approve an amendment to the Amended and Restated 2012 Stock Incentive Plan to increase the reserve of shares of common stock authorized for issuance thereunder by 1,500,000, to 3,250,000;

●

To approve, pursuant to Nasdaq Listing Rule 5635(d), the issuance of additional shares of common stock of the Company pursuant to a previously approved equity line of credit arrangement;

●

To ratify the appointment of Baker Tilly US, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2021; and

●

To approve a proposal to adjourn the Special Meeting, if necessary, to solicit additional proxies for any of the above proposals, in the event that there are not sufficient votes at the time of the Special Meeting to approve any such proposal.

On March 19, 2021, the Company appointed J. Melville Engle, age 71, as its Chief Executive Officer, effective immediately. In addition to being named CEO, Mr. Engle retained his role of Chairman of the Board. Mr. Engle joined POAI’s Board of Directors in October 2016 and was appointed Chairman of the Board in January 2020.

Dr. Carl Schwartz retired through his resignation as the Chief Executive Officer of the Company effective on March 19, 2021. In connection with the resignation, Dr. Schwartz and the Company simultaneously entered into a Transition and Separation Agreement pursuant to which, among other things, Dr. Schwartz agreed to retire from his employment and resign as a member of the board of directors and to provide certain transition services to the Company in exchange for the issuance to Dr. Schwartz of 100,000 shares of the Company’s common stock on April 1, 2021. In addition, the Company agreed to provide Dr. Schwartz with certain separation benefits and the vesting of 300,000 restricted stock units previously granted to Dr. Schwartz.

Effective April 21, 2021, the Board of Directors (“Board”) the Company elected Dr. Christina Jenkins, M.D., to the Board, as well as to the Board’s Merger & Acquisition Committee. She was chosen to fill the vacancy created by the retirement of Dr. Carl I. Schwartz. As a Class III Director, Dr. Jenkins’ term will expire at the 2021 annual meeting of the Company’s stockholders. In recognition of the services Dr. Jenkins will provide to the Company as a member of the Board, she was issued 5,000 shares of common stock from the Company’s Amended and Restated 2012 Stock Incentive Plan simultaneously with her election.

Note 6 - Stockholders' Equity, Stock Options and Warrants

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE 6 – STOCKHOLDERS’ EQUITY, STOCK OPTIONS AND WARRANTS

Equity Line

On October 24, 2019, the Company entered into an equity purchase agreement with an investor, providing for an equity financing facility. Upon the terms and subject to the conditions in the purchase agreement, the investor is committed to purchase shares having an aggregate value of up to $15,000,000 of the Company’s common stock for a period of up to three years. The Company issued to the investor 104,651 commitment shares at a fair market value of $450,000 for entering into the agreement. From time to time during the three-year commitment period, provided that the closing conditions are satisfied, the Company may provide the investor with put notices to purchase a specified number of shares subject to certain limitations and conditions and at specified prices, which generally represent discounts to the market price of the common stock. As of June 30, 2021, there was $9,200,829 of remaining available balance under the equity line, subject to shareholder approval required for additional purchases, as well as requirements for market conditions including trading volume and stock price, and subject to other limitations. During the second quarter of 2021, the Company issued 572,504 shares of its common stock valued at $588,590 pursuant to the equity line.

2021 Offerings

In June 2021, the Company completed a direct offering under its shelf registration statement of 15,520,911 shares of common stock and warrants to purchase up to 15,520,911 shares of common stock at a combined offering price of $1.375 per share, for gross proceeds of $21,341,253 and net proceeds of $19,446,296. The offering was priced at-the-market under applicable NASDAQ rules. The warrants have an exercise price equal to $1.25 per share, are exercisable on the effective date of an increase in the number of shares of the Company’s authorized common stock and will expire three years after the initial exercise date. The purchase agreement contained customary representations and warranties and agreements of the Company and the purchasers and customary indemnification rights and obligations of the parties. The Company agreed to hold a special meeting of shareholders on or prior to August 15, 2021 for the purpose of obtaining the approval to increase the number of authorized shares.

The Company paid to the placement agent a fee equal to 7.5% of the gross proceeds received by the Company in the offering and a management fee equal to 1% of the gross proceeds received by the Company in the offering and reimbursed the placement agent for $65,000 of non-accountable and out-of-pocket expenses. The Company also agreed to pay the placement agent $15,950 for clearing fees. Also, in connection with the Offering, the Company agreed to grant the placement agent, or its designees warrants to purchase an aggregate of up to of 1,164,068 shares of its common stock (which represents 7.5% of the shares sold to investors in the Offering) at an exercise price equal to 125% of the offering price of the shares in the offering, or $1.71875. These agent warrants are exercisable on the date of the increase to the authorized shares discussed above (the “Authorized Share Increase Date”) and will expire on the earlier of (i) the date that is the 3-year anniversary of the Authorized Share Increase Date and (ii) June 14, 2026. The investor warrants and the agent warrants can be exercised by the holder paying cash or pursuant to a cashless exercise as defined in the warrant agreement.

In January and February 2021, the Company completed a series of five offerings, all of which were priced at-the-market under applicable NASDAQ rules. The first four offerings were registered direct offerings of common stock under its shelf registration statement, and in each such case, in a concurrent private placement, the Company also issued such investors one warrant to purchase common stock for each two shares purchased in the transaction. Following those four offerings, the Company completed a private placement of common stock, with each investor receiving one warrant to purchase common stock for each two shares purchased in the transaction. In each case, each such investor warrant is exercisable immediately upon issuance and will expire five and one-half years from the issue date. In each case, the Company paid to the placement agent an aggregate fee equal to 7.5% of the aggregate gross proceeds received by the Company in the offering and a management fee equal to 1% of the aggregate gross proceeds received by the Company in the offering and reimbursed the placement agent for certain non-accountable and out-of-pocket expenses. In addition, the Company granted to the placement agent, or its assigns warrants to purchase 7.5% of the shares sold to investors in the offering at an exercise price equal to 125% of the price of the shares in the transaction, with a term of five years for the registered direct offerings or five and one-half years for the private placement. These offerings were as follows:

Offering Closing Date	Shares		Sale Price per Share*		Investor Warrants		Exercise Price per Share – Investor Warrants		Placement Agent Warrants		Exercise Price per Share – Placement Agent Warrants		Gross Proceeds of Offering		Net Proceeds of Offering
January 12, 2021 (registered direct)		3,650,840	$	0.842		1,825,420	$	0.80		273,813	$	1.0525	$	3,074,007	$	2,731,766
January 21, 2021 (registered direct)		2,200,000	$	1.00		1,100,000	$	1.00		165,000	$	1.25	$	2,200,000	$	1,932,050
January 26, 2021 (registered direct)		3,414,970	$	1.20		1,707,485	$	1.37		256,123	$	1.50	$	4,097,964	$	3,668,687
February 16, 2021 (registered direct)		4,222,288	$	1.75		2,111,144	$	2.00		316,672	$	2.1875	$	7,389,004	$	6,679,989
February 23, 2021 (private placement)		9,043,766	$	1.95		4,521,883	$	2.00		678,282	$	2.4375	$	17,635,344	$	16,064,739
Total		22,531,864				11,265,932				1,689,890			$	34,396,319	$	31,077,231

* Sale price includes one share and a warrant to purchase one-half share.

2021 Warrant Exercises

During the six months ended June 30, 2021, the holders of outstanding investor warrants have exercised such warrants for the total purchase of 5,247,059 shares at a weighted average exercise price of $0.86 per share, for total proceeds of $4,495,270.

Equity Incentive Plan

The Company has an equity incentive plan, which allows issuance of incentive and non-qualified stock options to employees, directors, and consultants of the Company, where permitted under the plan. The exercise price for each stock option is determined by the Board of Directors. Vesting requirements are determined by the Board of Directors when granted and currently range from immediate to three years. Options under this plan have terms ranging from three to ten years.

The following summarizes transactions for stock options and warrants for the periods indicated:

	Stock Options					Warrants
	Number of Shares			Average Exercise Price		Number of Shares			Average Exercise Price
Outstanding at December 31, 2019		766,424		$	11.34		2,171,610		$	15.26

Issued		319,851			1.03		8,097,468			1.547
Forfeited		(72,728	)		10.58		(128,710	)		95.11
Exercised		-			-		(2,786,992	)		0.79

Outstanding at December 31, 2020		1,013,547		$	5.41		7,353,376		$	3.76

Issued		60,680			1.08		29,640,801			1.44
Forfeited		(60,447	)		8.39		-			-
Exercised		-			-		(5,247,059	)		0.86

Outstanding at June 30, 2021		1,013,780		$	5.07		31,747,118		$	2.077

Under the equity incentive plan, the Company is also authorized to issue restricted stock, restricted stock units (“RSUs”) and other awards specified under the plan. During the six months ended June 30, 2021, the Company issued 450,000 RSUs under the plan which have market, performance and service vesting conditions through January 1, 2024. During the six months ended June 30, 2021, 300,000 RSUs became vested, resulting in the issuance of the same number of shares of common stock. At June 30, 2021, there were 550,000 RSUs outstanding under the plan.

Stock-based compensation expense recognized for three months ended June 30, 2021 and June 30, 2020 was $33,243 and $134,939, respectively. Stock-based compensation expense recognized for six months ended June 30, 2021 and June 30, 2020 was $598,325 and $422,777, respectively. The Company has $41,402 of unrecognized compensation expense related to non-vested stock options that are expected to be recognized over the next 23 months and $174,027 of unrecognized compensation expense related to non-vested restricted stock units that are expected to be recognized over the next 30 months.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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+ Details

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Nature of Operations and Continuance of Operations

Predictive Oncology Inc. (the “Company”) was originally incorporated on April 23, 2002 in Minnesota as BioDrain Medical, Inc. Effective August 6, 2013, the Company changed its name to Skyline Medical Inc. Pursuant to an Agreement and Plan of Merger effective December 16, 2013, the Company merged with and into a Delaware corporation with the same name that was its wholly owned subsidiary, with such Delaware corporation as the surviving corporation of the merger. On August 31, 2015, the Company completed a successful offering and concurrent uplisting to the NASDAQ Capital Market. On February 1, 2018, the Company filed with the Secretary of State of Delaware a Certificate of Amendment to its Certificate of Incorporation to change the corporate name from Skyline Medical Inc. to Precision Therapeutics Inc., effective February 1, 2018. Because of this change, the Company’s common stock traded under the ticker symbol “AIPT,” effective February 2, 2018. On June 10, 2019, the Company filed with the Secretary of State of Delaware a Certificate of Amendment to its Certificate of Incorporation to change the corporate name from Precision Therapeutics Inc. to Predictive Oncology Inc., trading under the new ticker symbol “POAI,” effective June 13, 2019. Skyline Medical (“Skyline”) remains as an incorporated division of Predictive Oncology Inc.

The Company operates in three primary business areas: first, application of artificial intelligence (“AI”) in our precision medicine business, to provide AI-driven predictive models of tumor drug response to improve clinical outcomes for patients and to assist pharmaceutical, diagnostic, and biotech industries in the development of new personalized drugs and diagnostics primarily through its wholly owned subsidiary Helomics Holding Corporation (“Helomics”); second, production of the United States Food and Drug Administration (“FDA”)-cleared STREAMWAY® System for automated, direct-to-drain medical fluid disposal and associated products through its incorporated division Skyline and; third, contract services and research focused on solubility improvements, stability studies, and protein production, primarily with our Soluble Biotech subsidiary.

In addition, the Company’s wholly owned subsidiary, TumorGenesis Inc. (“TumorGenesis”), is developing the next generation, patient-derived tumor models for precision cancer therapy and drug development. TumorGenesis is presented as part of the condensed consolidated financial statements and is included in corporate in the Company’s segment reporting.

During the first quarter of 2018, the Company acquired 25% of the capital stock of Helomics Holding Corporation (“Helomics”). On April 4, 2019, the Company completed a forward triangular merger with Helomics Acquisition Inc., a wholly owned subsidiary of the Company and Helomics, acquiring the remaining 75% of the capital stock of Helomics.

The Company had cash and cash equivalents of $44,881,034 as of June 30, 2021. As of June 30, 2021, there was no outstanding debt. In October 2019, the Company entered into a purchase agreement for an equity line under which it can raise up to $15,000,000 over a three-year period, subject to market conditions including trading volume and stock price. As of June 30, 2021, there was $9,200,829 remaining in available balance under the equity line which requires additional shareholder approval under rule Nasdaq Listing Rule 5635(d) prior to use. Additional needs to access this line will be dilutive. See – Recent Developments below for additional discussion.

In January and February 2021, the Company received aggregate net proceeds of $31,077,231 in a series of registered direct offerings and a private placement of equity securities. On March 1, 2021, the Company used $5,906,802 of the net proceeds from the private placement to pay the remaining principal and interest on the loans originally issued in September 2018, September 2019, and February 2020 and to pay premium due upon such repayment. The remaining net proceeds of the 2021 transactions have been or will be used for working capital. See Note 6 – Stockholders’ Equity, Stock Options and Warrants.

The Company believes that its existing capital resources will be sufficient to support its operating plan for the next twelve months and beyond. However, the Company may also seek to raise additional capital to support its growth through additional debt, equity or other alternatives or a combination thereof. The Company currently expects to use cash on hand to fund capital and equipment investments, research and development, potential acquisitions and its operations, over the next twelve months and beyond, and expects such sources to be sufficient to fund its requirements over that time.

Effect of Covid-19 Pandemic [Policy Text Block]

Coronavirus Outbreak

In March 2020, the World Health Organization declared the recent spread of COVID-19 to be a global pandemic. In response to the crisis, emergency measures have been imposed by governments worldwide, including mandatory social distancing and the shutdown of non-essential businesses. These measures adversely impacted the global economy, disrupted global supply chains, and had created significant volatility and disruption of financial markets. While it is not currently possible to estimate the duration and severity of the COVID-19 pandemic or the adverse economic impact resulting therefrom, our business and operations have been and will likely continue to be materially and adversely affected. For example, our contract manufacturer for the STREAMWAY® System has been forced to change locations, thereby delaying our order fulfillment for parts. We have also reduced on-site staff at several of our facilities, resulting in delayed production, less efficiency, and our sales staff is unable to visit with hospital administrators who are our customers and potential customers. In addition, COVID-19 has impacted the Company’s capital and financial resources, including our overall liquidity position during 2020 and may impact us in the future. For instance, our accounts receivable has slowed while our suppliers continue to ask for pre-delivery deposits. We received a Paycheck Protection Program (“PPP”) Loan pursuant to the CARES Act which helped fund some payroll costs in 2020. During the fourth quarter of 2020, we received forgiveness of the amounts outstanding from the PPP. If COVID-19 continues to spread or the response to contain the virus is unsuccessful, we may continue to experience a material adverse effect on our business, financial condition, results of operations, cash flows and stock price.

Reclassification, Comparability Adjustment [Policy Text Block]

Reclassifications

Certain reclassifications have been made to the prior years’ condensed consolidated financial statements to conform to the current year presentation. The reclassifications had no effect on previously reported results of operations, cash flows or stockholders’ equity.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and cash equivalents

The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company places its cash with high quality financial institutions and believes its risk of loss is limited to amounts in excess of that which is insured by the Federal Deposit Insurance Corporation.

Receivable [Policy Text Block]

Receivables

Receivables are reported at the amount the Company expects to collect on balances outstanding. The Company provides for probable uncollectible amounts through charges to earnings and credits to the valuation allowance based on management’s assessment of the status of individual accounts.

Amounts recorded in accounts receivable on the condensed consolidated balance sheet include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. An allowance for doubtful accounts is maintained to provide for the estimated amount of receivables that will not be collected. The Company reviews customers’ credit history before extending unsecured credit and establishes an allowance for uncollectible accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Invoices are generally due 30 days after presentation. Accounts receivable over 30 days is generally considered past due. The Company does not accrue interest on past due accounts receivables. Receivables are written off once all collection attempts have failed and are based on individual credit evaluation and specific circumstances of the customer. The allowance for doubtful accounts balance was $0 as of both June 30, 2021 and December 31, 2020.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements

As outlined in Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The accounting standards ASC 820 establishes a three-level fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability as follows:

Level 1 – Observable inputs such as quoted prices in active markets;

Level 2 – Inputs other than quoted prices in active markets, that are observable either directly or indirectly; and

Level 3 – Unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions.

The Company uses observable market data, when available, in making fair value measurements. Fair value measurements are classified according to the lowest level input that is significant to the valuation.

The fair value of the Company’s investment securities, which consist of cash and cash equivalents, was determined based on Level 1 inputs. The fair value of the Company’s derivative liabilities and debt were determined based on Level 3 inputs. The Company generally uses the Black Scholes method for determining the fair value of warrants classified as liabilities on a recurring basis. In addition, the Company uses the Monte Carlo method and other acceptable valuation methodologies when valuing the conversion feature and other embedded features classified as derivatives on a recurring basis. See Note 7 – Derivatives.

Inventory, Policy [Policy Text Block]

Inventories

Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis.

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

Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. Depreciation of fixed assets is computed using the straight-line method over the estimated useful lives of the respective assets. Estimated useful asset life by classification is as follows:

	Years
Computers, software and office equipment	3	-	10
Leasehold improvements (1)	2	-	5
Manufacturing tooling	3	-	7
Laboratory equipment	4	-	6
Demo equipment		3

(1)

Leasehold improvements are amortized over the shorter of the useful life or the remaining lease term.

Upon retirement or sale of fixed assets, the cost and related accumulated depreciation or amortization are removed from the condensed consolidated balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repairs are charged to operations expense as incurred.

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Long-lived Assets

Finite-lived intangible assets consist of patents and trademarks, licensing fees, developed technology, and customer relationships, and are amortized over their estimated useful life. Accumulated amortization is included in intangibles, net in the accompanying condensed consolidated balance sheets.

The Company reviews finite-lived identifiable intangible assets for impairment in accordance with ASC 360, Property, Plant and Equipment, whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Events or changes in circumstances that indicate the carrying amount may not be recoverable include, but are not limited to, a significant change in the medical device marketplace and a significant adverse change in the business climate in which the Company operates.

The Company concluded there was no impairment of its intangible assets as of December 31, 2020. As a part of the Company’s review of the tradename intangible asset associated with its Helomics reportable segment, the Company determined the asset is a finite-lived asset beginning September 30, 2020.

The Company concluded there was no impairment of its finite-lived assets as of December 31, 2020. The Company prepared the undiscounted cash flows per ASC 360. The Company concluded that the undiscounted cash flows of the long-lived assets exceeded the carrying values. As of June 30, 2021, there were no qualitative or quantitative factors indicating an impairment of its finite-lived assets.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill

In accordance with ASC 350, Intangibles – Goodwill and Other, goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of net assets acquired. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination. Goodwill is not amortized but is tested on an annual basis for impairment at the reporting unit level as of December 31, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable.

To determine whether goodwill is impaired, annually or more frequently if needed, the Company performs a multi-step impairment test. The Company first has the option to assess qualitative factors to determine if it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value. The Company may also elect to skip the qualitative testing and proceed directly to the quantitative testing. When performing quantitative testing, the Company first estimates the fair values of its reporting units using discounted cash flows. To determine fair values, the Company is required to make assumptions about a wide variety of internal and external factors. Significant assumptions used in the impairment analysis include financial projections of free cash flow (including significant assumptions about operations including the rate of future revenue growth, capital requirements, and income taxes), long-term growth rates for determining terminal value and discount rates. Comparative market multiples are used to corroborate the results of the discounted cash flow test. These assumptions require significant judgement. Pursuant to ASU 2017-04, Simplifying the Test for Goodwill Impairment, the single step is to determine the estimated fair value of the reporting unit and compare it to the carrying value of the reporting unit, including goodwill. To the extent the carrying amount of goodwill exceeds the implied goodwill, the difference is the amount of the goodwill impairment. The Company also completes a reconciliation between the implied equity valuation prepared and the Company’s market capitalization. The majority of the inputs used in the discounted cash flow model are unobservable and thus are considered to be Level 3 inputs. The inputs for the market capitalization calculation are considered Level 1 inputs.

The Company recognized loss on impairment goodwill during the year ended December 31, 2020 of $12,876,498. As of June 30, 2021, there were no qualitative or quantitative factors indicating it was more likely than not that the carrying value of a reporting unit exceeds its estimated fair value.

The Company will continue to monitor its reporting units to determine whether events and circumstances warrant further interim impairment testing. Impairment of goodwill is not expected to be deductible for tax purposes. The Company can make no assurances that its goodwill will not be impaired in the future.

Lessee, Leases [Policy Text Block]

Leases – At inception of a contract, a determination is made whether an arrangement meets the definition of a lease. A contract contains a lease if there is an identified asset, and the Company has the right to control the asset. Operating leases are recorded as right-of-use (“ROU”) assets with corresponding current and noncurrent operating lease liabilities on our condensed consolidated balance sheets. Financing leases are included within fixed assets with corresponding current within other current liabilities and noncurrent within other long-term liabilities on our condensed consolidated balance sheets.

ROU assets represent our right to use an underlying asset for the duration of the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Recognition on the commencement date is based on the present value of lease payments over the lease term using an incremental borrowing rate. Leases with a term of 12 months or less at the commencement date are not recognized on the condensed consolidated balance sheet and are expensed as incurred.

The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. Leases are accounted for at a portfolio level when similar in nature with identical or nearly identical provisions and similar effective dates and lease terms.

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

The Company recognizes revenue when it satisfies a performance obligation by transferring control of the promised goods or services to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales taxes are imposed on the Company’s sales to nonexempt customers. The Company collects the taxes from the customers and remits the entire amounts to the governmental authorities. Sales taxes are excluded from revenue and expenses.

Revenue from Product Sales

The Company has medical device revenue consisting primarily of sales of the STREAMWAY System, as well as sales of the proprietary cleaning fluid and filters for use with the STREAMWAY System. This revenue stream is reported within the Skyline segment. The Company sells its medical device products directly to hospitals and other medical facilities using employed sales representatives and independent contractors. Purchase orders, which are governed by sales agreements in all cases, state the final terms for unit price, quantity, shipping, and payment terms. The unit price is considered the observable stand-alone selling price for the arrangements. The Company sales agreement, and Terms and Conditions, is a dually executed contract providing explicit criteria supporting the sale of the STREAMWAY System. The Company considers the combination of a purchase order and acceptance of its Terms and Conditions to be a customer’s contract in all cases.

Product sales for medical devices consist of a single performance obligation that the Company satisfies at a point in time. The Company recognizes product revenue when the following events have occurred: (1) the Company has transferred physical possession of the products, (2) the Company has a present right to payment, (3) the customer has legal title to the products, and (4) the customer bears significant risks and rewards of ownership of the products. Based on the shipping terms specified in the sales agreements and purchase orders, these criteria are generally met when the products are shipped from the Company’s facilities (“FOB origin,” which is the Company’s standard shipping terms). As a result, the Company determined that the customer can direct the use of, and obtain substantially all of the benefits from, the products at the time the products are shipped. The Company may, at its discretion, negotiate different shipping terms with customers which may affect the timing of revenue recognition. The Company’s standard payment terms for its customers are generally 30 to 60 days after the Company transfers control of the product to its customer. The Company allows returns of defective disposable merchandise if the customer requests a return merchandise authorization from the Company.

Customers may also purchase a maintenance plan for the medical devices from the Company, which requires the Company to service the STREAMWAY System for a period of one year after the one-year anniversary date of the original STREAMWAY System invoice. The maintenance plan is considered a separate performance obligation from the product sale, is charged separately from the product sale, and is recognized over time (ratably over the one-year period) as maintenance services are provided. A time-elapsed output method is used to measure progress because the Company transfers control evenly by providing a stand-ready service. The Company has determined that this method provides a faithful depiction of the transfer of services to its customers.

All amounts billed to a customer in a sales transaction for medical devices related to shipping and handling, if any, represent revenues earned for the goods provided, and these amounts have been included in revenue. Costs related to such shipping and handling billing are classified as cost of goods sold. This revenue stream is reported under the Skyline reportable segment.

Revenue from Clinical Testing

The Precision Oncology Insights are clinic diagnostic testing comprised of the Company’s Tumor Drug Response Testing (formerly ChemoFx) and Genomic Profiling (formerly BioSpeciFx) tests. The Tumor Drug Response test determines how a patient’s tumor specimen reacts to a panel of various chemotherapy drugs, while the Genomic Profiling test evaluates the expression of a particular gene related to a patient’s tumor specimen. Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The estimated uncollectible amounts are generally considered implicit price concessions that are a reduction in revenue. Helomics payment terms vary by the agreements reached with insurance carriers and Medicare. The Company’s performance obligations are satisfied at one point in time when test reports are delivered.

For service revenues, the Company estimates the transaction price which is the amount of consideration it expects to be entitled to receive in exchange for providing services based on its historical collection experience using a portfolio approach as a practical expedient to account for patient contracts as collective groups rather than individually. The Company monitors its estimates of transaction price to depict conditions that exist at each reporting date. If the Company subsequently determines that it will collect less consideration than it originally estimated for a contract with a patient, it will account for the change as a decrease to the estimate of the transaction price, provided that such downward adjustment does not result in a significant reversal of cumulative revenue recognized.

The Company recognizes revenue from these patients when contracts as defined in ASC 606, Revenue from Contracts with Customers are established at the amount of consideration to which it expects to be entitled or when the Company receives substantially all the consideration subsequent to the performance obligations being satisfied. The Company’s standard payment terms for hospital and patient direct bill are 30 days after invoice date. This revenue stream is reported under the Helomics segment.

CRO Revenue

Contract revenues are generally derived from studies conducted with biopharmaceutical and pharmaceutical companies. The specific methodology for revenue recognition is determined on a case-by-case basis according to the facts and circumstances applicable to a given contract. The Company typically uses an input method that recognizes revenue based on the Company’s efforts to satisfy the performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation on the basis of the standalone-selling price of each distinct good or service in the contract. Advance payments received in excess of revenues recognized are classified as deferred revenue until such time as the revenue recognition criteria have been met. Payment terms are net 30 from the invoice date, which is sent to the customer as the Company satisfies the performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. This revenue stream is reported under the Helomics segment.

Variable Consideration

The Company records revenue from distributors and direct end customers in an amount that reflects the transaction price it expects to be entitled to after transferring control of those goods or services. The Company’s current contracts do not contain any features that create variability in the amount or timing of revenue to be earned.

Warranty

The Company generally provides one-year warranties against defects in materials and workmanship on product sales and will either repair the products or provide replacements at no charge to customers. As they are considered assurance-type warranties, the Company does not account for them as separate performance obligations. Warranty reserve requirements are based on a specific assessment of the products sold with warranties where a customer asserts a claim for warranty or a product defect.

Contract Balances

The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. Accounts receivable totaled $196,520 and $256,878 as of June 30, 2021 and December 31, 2020, respectively.

The Company’s deferred revenues related primarily to maintenance plans of $154,345 and $53,028 as of June 30, 2021 and December 31, 2020, respectively.

Practical Expedients

The Company has elected the practical expedient not to determine whether contracts with customers contain significant financing components as well as the practical expedient to recognize shipping and handling costs at point of sale.

Valuation and Accounting for Stock Options and Warrants, Policy [Policy Text Block]

Valuation and accounting for stock options and warrants

The Company determines the grant date fair value of options and warrants using a Black-Scholes option valuation model based upon assumptions regarding risk-free interest rate, expected dividend rate, volatility, and estimated term.

The fair value of each option and warrant grant is estimated on the grant date using the Black-Scholes option valuation model with the following assumptions:

	For the six months ended June 30,
	2021			2020
	Stock Options
Expected dividend yield		0.0%			0.0%
Expected stock price volatility	84.8%	-	89.6%	82.6%	-	86.8%
Risk-free interest rate	0.93%	-	1.45%	0.62%	-	1.78%
Expected life (in years)		10			10
	*Warrants*
Expected dividend yield		0.0%			0.0%
Expected stock price volatility	84.8%	-	89.6%	82.6%	-	86.8%
Risk-free interest rate	0.42%	-	1.04%	0.33%	-	0.79%
Expected life (in years)	3	-	5.5	2	-	5.5

Research and Development Expense, Policy [Policy Text Block]

Research and Development

Research and development costs are charged to operations as incurred. Research and development costs were $143,322 and $191,223 for the six months ended June 30, 2021 and 2020, respectively.

Other Expense Policy [Policy Text Block]

Other Expense

Other expense consisted primarily of interest expense, payment premium, amortization of original issue discounts, and loss on debt extinguishment associated to the Company’s notes payable.

Offering Costs [Policy Text Block]

Offering Costs

Costs incurred which are direct and incremental to an offering of the Company’s securities are deferred and charged against the proceeds of the offering unless such costs are deemed to be insignificant in which case they are expensed as incurred.

Income Tax, Policy [Policy Text Block]

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to impact taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized.

There is no income tax provision in the accompanying condensed consolidated statements of net loss due to the cumulative operating losses that indicate a 100% valuation allowance for the deferred tax assets is appropriate.

The Company reviews income tax positions expected to be taken in income tax returns to determine if there are any income tax uncertainties. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax positions will be sustained on examination by taxing authorities, based on technical merits of the positions. The Company has identified no income tax uncertainties.

Under Internal Revenue Code Section 382, certain stock transactions which significantly change ownership could limit the amount of net operating carryforwards that may be utilized on an annual basis to offset taxable income in future periods. The Company has not yet performed an analysis of the annual net operating loss carryforwards and limitations that are available to be used against taxable income. Consequently, the limitation, if any, could result in the expiration of the Company’s loss carryforwards before they can be utilized. The Company has not analyzed net operating loss carryforwards under Section 382 to date. As a result of the Helomics acquisition, there may be significant limitations to the net operating loss. In addition, the current NOL carryforwards might be further limited by future issuances of our common stock.

Tax years subsequent to 2017 remain open to examination by federal and state tax authorities.

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

Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions and, by policy, generally limits the amount of credit exposure to any one financial institution. The Company has a credit risk of $119,857 for cash amounts held in a single institution that are in excess of amounts issued by the Federal Deposit Insurance Corporation.

Risks and Uncertainties Policy [Policy Text Block]

Risks and Uncertainties

The Company is subject to risks common to companies in the medical device and biopharmaceutical industries, including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with regulations of the Food and Drug Administration, Clinical Laboratory Improvement Amendments, and other governmental agencies.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (the “FASB”). Recently issued ASUs not listed below either were assessed and determined to be not applicable or are currently expected to have no impact on the condensed consolidated financial statements of the Company.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses.” This ASU added a new impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The CECL model applies to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit losses on assets that have a low risk of loss. As a smaller reporting company pursuant to Rule 12b-2 of the Securities Exchange Act of 1934, as amended, these changes become effective for the Company on January 1, 2023. Management is currently evaluating the potential impact of these changes on the condensed consolidated financial statements of the Company.

Recent Developments

The Company held a Special Meeting of Stockholders (the “Special Meeting”) on August 10, 2021 to consider and vote upon the following proposals:

●

To approve an amendment to the Company’s certificate of incorporation to increase the number of authorized shares of Company common stock from 100,000,000, to 200,000,000;

●

To approve an amendment to the Amended and Restated 2012 Stock Incentive Plan to increase the reserve of shares of common stock authorized for issuance thereunder by 1,500,000, to 3,250,000;

●

To approve, pursuant to Nasdaq Listing Rule 5635(d), the issuance of additional shares of common stock of the Company pursuant to a previously approved equity line of credit arrangement;

●

To ratify the appointment of Baker Tilly US, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2021; and

●

To approve a proposal to adjourn the Special Meeting, if necessary, to solicit additional proxies for any of the above proposals, in the event that there are not sufficient votes at the time of the Special Meeting to approve any such proposal.

On March 19, 2021, the Company appointed J. Melville Engle, age 71, as its Chief Executive Officer, effective immediately. In addition to being named CEO, Mr. Engle retained his role of Chairman of the Board. Mr. Engle joined POAI’s Board of Directors in October 2016 and was appointed Chairman of the Board in January 2020.

Dr. Carl Schwartz retired through his resignation as the Chief Executive Officer of the Company effective on March 19, 2021. In connection with the resignation, Dr. Schwartz and the Company simultaneously entered into a Transition and Separation Agreement pursuant to which, among other things, Dr. Schwartz agreed to retire from his employment and resign as a member of the board of directors and to provide certain transition services to the Company in exchange for the issuance to Dr. Schwartz of 100,000 shares of the Company’s common stock on April 1, 2021. In addition, the Company agreed to provide Dr. Schwartz with certain separation benefits and the vesting of 300,000 restricted stock units previously granted to Dr. Schwartz.

Effective April 21, 2021, the Board of Directors (“Board”) the Company elected Dr. Christina Jenkins, M.D., to the Board, as well as to the Board’s Merger & Acquisition Committee. She was chosen to fill the vacancy created by the retirement of Dr. Carl I. Schwartz. As a Class III Director, Dr. Jenkins’ term will expire at the 2021 annual meeting of the Company’s stockholders. In recognition of the services Dr. Jenkins will provide to the Company as a member of the Board, she was issued 5,000 shares of common stock from the Company’s Amended and Restated 2012 Stock Incentive Plan simultaneously with her election.

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)					1 Months Ended		2 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Apr. 21, 2021	Apr. 01, 2021	Mar. 01, 2021	Oct. 24, 2019	Jun. 30, 2021	Oct. 31, 2019	Feb. 28, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Aug. 10, 2021	Apr. 04, 2019	Mar. 31, 2018
Cash and Cash Equivalents, at Carrying Value, Ending Balance					$ 44,881,034			$ 44,881,034	$ 44,881,034		$ 678,332
Long-term Debt, Total					0			0	0
Stock Issued During Period, Shares, New Issues (in shares)							22,531,864
Proceeds from Issuance or Sale of Equity, Total							$ 34,396,319
Proceeds from Issuance or Sale of Equity, Net of Stock Issuance Costs							$ 31,077,231		50,515,810	$ 5,057,919
Repayments of Debt									4,162,744	1,459,973
Accounts Receivable, Allowance for Credit Loss, Current					0			0	0
Goodwill, Impairment Loss											12,876,498
Accounts Receivable, after Allowance for Credit Loss, Total					196,520			196,520	196,520		256,878
Contract with Customer, Liability, Total					154,345			154,345	154,345		$ 53,028
Research and Development Expense, Total									143,322	$ 191,223
Income Tax Expense (Benefit), Total									0
Unrecognized Tax Benefits, Ending Balance					0			0	0
Cash, Uninsured Amount					$ 119,857			$ 119,857	$ 119,857
Common Stock, Shares Authorized (in shares)					100,000,000			100,000,000	100,000,000		100,000,000
Dr. Carl Schwartz [Member]
Stock Issued During Period, Shares, Issued for Services (in shares)		100,000
Dr. Carl Schwartz [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)		300,000
Stock Incentive Plan 2012 [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)					1,500,000			1,500,000	1,500,000
Amended and Restated 2012 Stock Incentive Plan [Member] \| Board of Directors Chairman [Member]
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares)	5,000
Subsequent Event [Member]
Common Stock, Shares Authorized (in shares)												200,000,000
Subsequent Event [Member] \| Stock Incentive Plan 2012 [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)												3,250,000
Licensing Agreements [Member]
Impairment of Intangible Assets (Excluding Goodwill), Total											$ 0
Debt Issued in September 2018, September, 2019, and February 2020 [Member]
Repayments of Debt			$ 5,906,802
June 2021 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)					15,520,911			15,520,911	15,520,911
Equity Line Purchase Agreement [Member]
Issuance or Sale of Equity, Can Be Raised				$ 15,000,000
Sale of Stock, Remaining Available Balance					$ 9,200,829			$ 9,200,829	$ 9,200,829
Stock Issued During Period, Shares, New Issues (in shares)				104,651				572,504
Equity Line Purchase Agreement [Member] \| Investor [Member]
Issuance or Sale of Equity, Can Be Raised						$ 15,000,000
Sale of Equity, Term (Year)						3 years
June 2021 Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)					15,520,911
Shares Issued, Price Per Share (in dollars per share)					$ 1.375			$ 1.375	$ 1.375
Proceeds from Issuance or Sale of Equity, Total					$ 21,341,253
Proceeds from Issuance or Sale of Equity, Net of Stock Issuance Costs					$ 19,446,296
Helomics Holding Corp. [Member]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage														25.00%
Business Acquisition, Percentage of Voting Interests Acquired													75.00%

Note 6 - Stockholders' Equity, Stock Options and Warrants (Details Textual) - USD ($)		1 Months Ended	2 Months Ended	3 Months Ended			6 Months Ended
	Oct. 24, 2019	Jun. 30, 2021	Feb. 28, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock Issued During Period, Shares, New Issues (in shares)			22,531,864
Proceeds from Issuance or Sale of Equity, Total			$ 34,396,319
Proceeds from Issuance or Sale of Equity, Net of Stock Issuance Costs			$ 31,077,231				$ 50,515,810	$ 5,057,919
Sale of Stock, Agent Placement Fee, Percent of Gross Proceeds			7.50%
Sale of Stock, Management Fee, Percent of Gross Proceeds			1.00%
Proceeds from Warrant Exercises							4,495,270	1,866,554
Share-based Payment Arrangement, Expense				$ 33,243		$ 134,939	598,325	$ 422,777
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 41,402		$ 41,402			$ 41,402
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month)							23 months
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)							450,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)							300,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares)		550,000		550,000			550,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month)							30 months
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount		$ 174,027		$ 174,027			$ 174,027
Maximum [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)							3 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)							10 years
Equity Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)							3 years
June 2021 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		15,520,911		15,520,911			15,520,911
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 1.25		$ 1.25			$ 1.25
Warrants and Rights Outstanding, Term (Year)		3 years		3 years			3 years
Placement Agent Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		1,164,068		1,164,068			1,164,068
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 1.71875		$ 1.71875			$ 1.71875
Warrants and Rights Outstanding, Term (Year)		3 years		3 years			3 years
Warrant Exercise Price, Percentage of Public Offering Price Per Share		125.00%
Sale of Stock, Placement Agent, Warrants Assigned, Number of Securities Called by Warrants, Percent of Shares Sold			7.50%
Class of Warrant or Right, Exercise Price of Warrants or Rights, Percent of Stock Price			125.00%
Investor Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 0.86		$ 0.86			$ 0.86
Stock Issued During Period, Shares, Warrant Exercises (in shares)							5,247,059
Proceeds from Warrant Exercises							$ 4,495,270
Equity Line Purchase Agreement [Member]
Issuance or Sale of Equity, Can Be Raised	$ 15,000,000
Stock Issued During Period, Shares, New Issues (in shares)	104,651			572,504
Stock Issued During Period, Value, New Issues	$ 450,000			$ 588,590
Sale of Stock, Remaining Available Balance		$ 9,200,829		$ 9,200,829			$ 9,200,829
June 2021 Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)		15,520,911
Shares Issued, Price Per Share (in dollars per share)		$ 1.375		$ 1.375			$ 1.375
Proceeds from Issuance or Sale of Equity, Total		$ 21,341,253
Proceeds from Issuance or Sale of Equity, Net of Stock Issuance Costs		$ 19,446,296
Sale of Stock, Agent Placement Fee, Percent of Gross Proceeds		7.50%		7.50%			7.50%
Sale of Stock, Management Fee, Percent of Gross Proceeds		1.00%		1.00%			1.00%
Placement Agent Offering Fees		$ 65,000
Placement Agent, Clearing Fees		$ 15,950
Registered Direct Offerings [Member]
Stock Issued During Period, Value, New Issues					$ 15,012,492
Number of Warrants Issued to Each Investor, Per Two Shares of Stock Purchased (in shares)			1
Registered Direct Offerings [Member] \| Placement Agent Warrants [Member]
Warrants and Rights Outstanding, Term (Year)			5 years
Registered Direct Offerings [Member] \| Investor Warrants [Member]
Warrants and Rights Outstanding, Term (Year)			5 years 6 months
Private Placement [Member]
Stock Issued During Period, Value, New Issues					$ 16,064,739
Number of Warrants Issued to Each Investor, Per Two Shares of Stock Purchased (in shares)			1
Private Placement [Member] \| Placement Agent Warrants [Member]
Warrants and Rights Outstanding, Term (Year)			5 years 6 months

Note 6 - Stockholders' Equity, Stock Options and Warrants - Summary of Transactions for Stock Options and Warrants (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Warrant [Member]
Number of Shares Outstanding (in shares)	7,353,376	2,171,610
Average Exercise Price Outstanding (in dollars per share)	$ 3.76	$ 15.26
Number of Shares Issued (in shares)	29,640,801	8,097,468
Average Exercise Price Issued (in dollars per share)	$ 1.44	$ 1.547
Number of Shares Forfeited (in shares)	0	(128,710)
Average Exercise Price Forfeited (in dollars per share)	$ 0	$ 95.11
Number of Shares Exercised (in shares)	(5,247,059)	(2,786,992)
Average Exercise Price Exercised (in dollars per share)	$ 0.86	$ 0.79
Number of Shares Outstanding (in shares)	31,747,118	7,353,376
Average Exercise Price Outstanding (in dollars per share)	$ 2.077	$ 3.76
Share-based Payment Arrangement, Option [Member]
Number of Shares Outstanding (in shares)	1,013,547	766,424
Average Exercise Price Outstanding (in dollars per share)	$ 5.41	$ 11.34
Number of Shares Issued (in shares)	60,680	319,851
Average Exercise Price Issued (in dollars per share)	$ 1.08	$ 1.03
Number of Shares Forfeited (in shares)	(60,447)	(72,728)
Average Exercise Price Forfeited (in dollars per share)	$ 8.39	$ 10.58
Number of Shares Exercised (in shares)	0	0
Average Exercise Price Exercised (in dollars per share)	$ 0	$ 0
Average Exercise Price Exercised (in dollars per share)	$ 0	$ 0
Number of Shares Outstanding (in shares)	1,013,780	1,013,547
Average Exercise Price Outstanding (in dollars per share)	$ 5.07	$ 5.41

Note 8 - Loss Per Share - Shares Used in Basic and Diluted Loss Per Common Share Computations (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Net loss attributable to common shareholders per common share: basic and diluted calculation

$ (2,573,932)

$ (3,577,378)

$ (6,462,645)

$ (8,106,695)

Weighted average shared used in computation - basic (in shares)

^[1]

51,581,762

9,838,152

44,089,157

7,362,240

Effect of diluted stock options, warrants, and preferred stock (2) (in shares)

Weighted average common shares outstanding - diluted (in shares)

51,581,762

9,838,152

44,089,157

7,362,240

Loss per common share basic (in dollars per share)

$ (0.05)

$ (0.36)

$ (0.15)

$ (1.10)

Loss per common share diluted (in dollars per share)

$ (0.05)

$ (0.36)

$ (0.15)

$ (1.10)

[1]	The following is a summary of the number of underlying shares outstanding at the end of the respective periods that have been excluded from the diluted calculations because the effect on loss per common share would have been anti-dilutive:

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Note 9 - Segments - Segments (Details) - USD ($)	3 Months Ended				6 Months Ended
Note 9 - Segments - Segments (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenue	$ 350,207		$ 182,784		$ 630,524	$ 477,727
Net loss	(2,573,932)	$ (3,888,713)	(3,577,378)	$ (4,529,317)	(6,462,645)	(8,106,695)
Assets	56,912,313				56,912,313		$ 13,060,436
Corporate, Non-Segment [Member]
Revenue	2,000		0		2,000	0
Net loss	(1,144,735)		(1,093,662)		(3,413,685)	(3,800,671)
Assets	47,534,797				47,534,797		211,510
Skyline [Member] \| Operating Segments [Member]
Revenue	306,136		173,738		570,388	453,551
Net loss	(133,082)		(572,667)		(275,640)	(982,510)
Assets	1,048,150				1,048,150		1,191,439
Helomics Segment [Member] \| Operating Segments [Member]
Revenue	7,161		9,046		9,151	24,176
Net loss	(1,057,177)		(1,795,312)		(2,284,853)	(3,207,777)
Assets	6,547,916				6,547,916		9,773,902
Soluble [Member] \| Operating Segments [Member]
Revenue	34,910		0		48,985	0
Net loss	(238,938)		$ (115,737)		(488,467)	$ (115,737)
Assets	$ 1,781,450				$ 1,781,450		$ 1,883,585

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Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Discount of note payable	$ 0	$ 244,830
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares outstanding (in shares)	65,335,159	19,804,787
Series B Convertible Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,300,000	2,300,000
Preferred stock, shares outstanding (in shares)	79,246	79,246

Note 1 - Summary of Significant Accounting Policies - Valuation Assumptions (Details)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Expected dividend yield	0.00%	0.00%
Expected life (in years) (Year)	10 years	10 years
Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0.000	0.000
Minimum [Member]
Expected stock price volatility	84.80%	82.60%
Risk-free interest rate	0.93%	0.62%
Minimum [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	0.848	0.826
Minimum [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0.0042	0.0033
Minimum [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input	3	2
Maximum [Member]
Expected stock price volatility	89.60%	86.80%
Risk-free interest rate	1.45%	1.78%
Maximum [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	0.896	0.868
Maximum [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0.0104	0.0079
Maximum [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input	5.5	5.5

Note 2 - Inventories - Schedule of Inventory (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Finished goods	$ 197,212	$ 95,898
Raw materials	86,284	151,366
Work-In-Process	34,330	42,271
Total	$ 317,826	$ 289,535

Note 3 - Fixed Assets (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Note 3 - Fixed Assets (Details Textual) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Depreciation, Total	$ 244,062	$ 118,974	$ 482,993	$ 249,049

Note 3 - Fixed Assets - Schedule of Property, Plant and Equipment (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Property, Plant, and Equipment Gross	$ 5,765,453	$ 5,154,547
Less: Accumulated depreciation	(1,814,840)	(1,331,847)
Total Fixed Assets, Net	3,950,613	3,822,700
Office Equipment [Member]
Property, Plant, and Equipment Gross	1,949,468	1,862,669
Leasehold Improvements [Member]
Property, Plant, and Equipment Gross	315,297	315,297
Laboratory Equipment [Member]
Property, Plant, and Equipment Gross	3,335,119	2,811,012
Manufacturing Tooling [Member]
Property, Plant, and Equipment Gross	108,955	108,955
Demo Equipment [Member]
Property, Plant, and Equipment Gross	$ 56,614	$ 56,614

Note 4 - Intangible Assets (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Note 4 - Intangible Assets (Details Textual) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Amortization of Intangible Assets, Total	$ 83,086	$ 77,184	$ 166,133	$ 153,689

Note 4 - Intangible Assets - Components of Intangible Assets (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Accumulated Amortization	$ (894,453)	$ (728,320)
Net Carrying Amount	3,254,838
Total, Gross Carrying Costs	4,149,291	4,126,421
Total, Net Carrying Amount	3,254,838	3,398,101
Trade Names 1 [Member]
Tradename		398,000
Tradename		(5,452)
Tradename		392,548
Patents and Trademarks [Member]
Gross Carrying Costs	424,291	401,421
Accumulated Amortization	(220,122)	(211,110)
Net Carrying Amount	204,169	190,311
Developed Technology Rights [Member]
Gross Carrying Costs	2,882,000	2,882,000
Accumulated Amortization	(324,225)	(252,175)
Net Carrying Amount	2,557,775	2,629,825
Customer Relationships [Member]
Gross Carrying Costs	445,000	445,000
Accumulated Amortization	(333,750)	(259,583)
Net Carrying Amount	111,250	$ 185,417
Trade Names [Member]
Tradename	398,000
Tradename	(16,356)
Tradename	$ 381,644

Note 4 - Intangible Assets - Estimated Future Amortization Expense (Details)	Jun. 30, 2021 USD ($)
2021	$ 249,182
2022	220,993
2023	183,910
2024	183,910
2025	183,910
Thereafter	2,232,933
Total	$ 3,254,838

Note 5 - Notes Payable (Details Textual) - USD ($)		3 Months Ended		6 Months Ended
Note 5 - Notes Payable (Details Textual) - USD ($)	Mar. 01, 2021	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Repayments of Debt				$ 4,162,744	$ 1,459,973
Debt Issued in September 2018, September, 2019, and February 2020 [Member]
Repayments of Debt	$ 5,906,802
Conversion of 2018 Investor Loan into Common Stock [Member]
Debt Conversion, Original Debt, Amount			$ 267,328
Debt Conversion, Converted Instrument, Shares Issued (in shares)			170,000
Conversion of 2019 and 2020 Investor Promissory Notes into Common Stock [Member]
Debt Conversion, Original Debt, Amount		$ 514,011
Debt Conversion, Converted Instrument, Shares Issued (in shares)		1,107,544

Note 5 - Notes Payable - Notes Payable (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Notes Payable, Gross	$ 0	$ 4,676,755
Less: Unamortized discount	0	(244,830)
Notes Payable	0	4,431,925
Promissory Note, One [Member]
Notes Payable, Gross	0	1,490,833
Promissory Note, Two [Member]
Notes Payable, Gross	0	1,464,146
Convertible Promissory Note [Member]
Notes Payable, Gross	$ 0	$ 1,721,776

Note 7 - Derivatives (Details Textual) - USD ($)	6 Months Ended
Note 7 - Derivatives (Details Textual) - USD ($)	Jun. 30, 2021	Mar. 01, 2021	Dec. 31, 2020
Agent Warrants In Connection With March 2020 Private Placement [Member]
Derivative Liability, Total	$ 76,903		$ 33,654
Derivative, Gain (Loss) on Derivative, Net, Total	(43,249)
Agent Warrants Issued In connection With May 2020 Offering [Member]
Derivative Liability, Total	33,819		74,873
Derivative, Gain (Loss) on Derivative, Net, Total	(41,054)
Agent Warrants In Connection With June 2020 Warrant [Member]
Derivative Liability, Total	32,701		77,844
Derivative, Gain (Loss) on Derivative, Net, Total	(45,143)
Promissory Note 2020 Conversion Feature [Member]
Derivative Liability, Total		$ 0	104,529
Derivative, Gain (Loss) on Derivative, Net, Total	104,529
Promissory Note 2019 Conversion Feature Agent Warrants [Member]
Derivative Liability, Total		$ 0	$ 89,680
Derivative, Gain (Loss) on Derivative, Net, Total	$ 89,680

Note 9 - Segments (Details Textual)	6 Months Ended
Note 9 - Segments (Details Textual)	Jun. 30, 2021
Number of Operating Segments	3

Note 10 - Related Party Transactions (Details Textual) - USD ($)	May 01, 2019	Apr. 01, 2019
Director [Member]
Related Party Transaction, Monthly Cash Payment	$ 13,500	$ 12,000