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Note 9 - Collaborative Agreements
12 Months Ended
Dec. 31, 2016
In Process Research and Development [Member]  
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]
NOTE
9
- COLLABORATIVE AGREEMENTS
 
The Company and the University of Toronto, a stockholder of the Company (the “University”) entered into an agreement effective
December
14,
2004
(the “Research Agreement”) for the performance of a research project titled “Evidence for existence of TCAP receptors in neurons” (the “Project”). The Research Agreement expired on
March
31,
2013.
 
The Company and the University entered into an agreement effective
April
1,
2014
(the “New Research Agreement”) for the performance of a research project titled “Teneurin C-terminal Associated Peptide (“TCAP”) mediated stress attenuation in vertebrates: Establishing the role of organismal and intracellular energy and glucose regulation and metabolism" (the “New Project”). The New Project is to perform research related to work done by a professor at the University and stockholder of the Company (the “Professor”) in regard to TCAP mediated stress attenuation in vertebrates: Establishing the role of organismal and intracellular energy and glucose regulation and metabolism. In addition to the New Research Agreement, the Professor entered into an agreement with the University in order to commercialize certain technologies. The New Research Agreement expired on
March
30,
2016.
In
February
2017,
the New Research Agreement was extended to
December
31,
2016
which allows for further development of the technologies and use of their applications. Upon expiration of the agreement, payments to the University and research support from the University will suspend until an agreement can be made.
 
Prior to
January
1,
2016,
the University has been granted
25,000
stock options which are fully vested at the exercise price of
$1.00
exercisable over a
10
year period which ends on
April
1,
2022.
As of
December
31,
2016,
the Professor has been granted
483,299
stock options, of which
297,190
are fully vested, at an exercise price of
$1.00
exercisable over
10
or
13
year periods which end either on
March
30,
2021,
December
1,
2022,
April
15,
2026
or on
March
1,
2027.
 
The sponsorship research and development expenses pertaining to the Research Agreements were
$65,252
and
$10,584
for the year ended
December
31,
2016
and
2015,
respectively.