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Note 6 - Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Commitments and Contingencies Disclosure [Text Block] | 6. Commitments and Contingencies Office Space Lease Commitment The Company has a non-cancelable operating lease for office and laboratory space in Charlottesville, Virginia, which began in April 2017 and, as of December 31, 2019, has a remaining lease term of approximately 2.3 years. As disclosed in Note 3, the Company adopted ASC 842 in the first quarter of 2019 and as a result of the adoption, the Company recognized a current operating lease liability of $0.1 million and a noncurrent operating lease liability of $0.2 million with a corresponding ROU asset of the combined amounts, which is based on the present value of the minimum rental payments of the lease. The discount rate used to account for the Company's operating lease under ASC 842 is the Company’s estimated incremental borrowing rate of 10%. The original term of the lease ends in the second quarter of 2022 and the Company has an option to extend for another 5 years. This option to extend was not recognized as part of the Company's measurement of the ROU asset and operating lease liability as of December 31, 2019. Rent expense related to the Company's operating lease for both the years ended December 31, 2019 and 2018 was approximately $0.1 million. Future minimum rental payments under the Company's non-cancelable operating lease at December 31, 2019 were as follows:
|  | Rental Commitments |
2020 |  | $ | 116,464 |
2021 |  |  | 118,519 |
2022 |  |  | 39,735 |
Total |  |  | 274,718 |
Less: imputed interest |  |  | (27,675 | )
|  | $ | 247,043 |
Future minimum rental payments under the Company's non-cancelable operating lease was as follows as of December 31, 2018:
|  | Rental Commitments |
2019 |  | $ | 114,409 |
2020 |  |  | 116,464 |
2021 |  |  | 118,519 |
2022 |  |  | 39,735 |
Total |  | $ | 389,127 |
Research and Development Arrangements In the course of normal business operations, the Company enters into agreements with universities and contract research organizations, or CROs, to assist in the performance of research and development activities and contract manufacturers to assist with chemistry, manufacturing, and controls related expenses. Expenditures to CROs represent a significant cost in clinical development for the Company. The Company could also enter into additional collaborative research, contract research, manufacturing, and supplier agreements in the future, which may require upfront payments and long-term commitments of cash. Defined Contribution Retirement Plan The Company has established a 401 (k) defined contribution plan (the 401 (k) Plan) that covers all employees who qualify under the terms of the plan. Eligible employees may elect to contribute to the 401 (k) Plan up to 90% of their compensation, limited by the IRS-imposed maximum. The Company provides a safe harbor match with a maximum amount of 4% of the participant’s compensation. The Company made matching contributions under the 401 (k) Plan of approximately $68,000 for both the years ended December 31, 2019 and 2018. Legal Proceedings On August 7, 2014, a complaint was filed in the Superior Court of Los Angeles County, California by Paul Feller, the Company’s former Chief Executive Officer under the caption Paul Feller v. RestorGenex Corporation, Pro Sports & Entertainment, Inc., ProElite, Inc. and Stratus Media Group, GmbH (Case No. BC553996 ). The complaint asserts various causes of action, including, among other things, promissory fraud, negligent misrepresentation, breach of contract, breach of employment agreement, breach of the covenant of good faith and fair dealing, violations of the California Labor Code and common counts. The plaintiff is seeking, among other things, compensatory damages in an undetermined amount, punitive damages, accrued interest and an award of attorneys’ fees and costs. On December 30, 2014, the Company filed a petition to compel arbitration and a motion to stay the action. On April 1, 2015, the plaintiff filed a petition in opposition to the Company’s petition to compel arbitration and a motion to stay the action. After a hearing for the petition and motion on April 14, 2015, the Court granted the Company’s petition to compel arbitration and a motion to stay the action. On January 8, 2016, the plaintiff filed an arbitration demand with the American Arbitration Association. On November 19, 2018 at an Order to Show Cause Re Dismissal Hearing, the Court found sufficient grounds not to dismiss the case, and an arbitration hearing has been scheduled for November 2020. The Company believes this matter is without merit and intends to defend the arbitration vigorously. Because this matter is in an early stage, the Company is unable to predict its outcome and the possible loss or range of loss, if any, associated with its resolution or any potential effect the matter may have on the Company’s financial position. Depending on the outcome or resolution of this matter, it could have a material effect on the Company’s financial position.

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