Note 8 - Licensing Agreements	6 Months Ended
Jun. 30, 2017
Licensing Agreements [Member]
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	NOTE 8 - LICENSING AGREEMENTS On July 31, 2005, the Company had entered into a Technology License Agreement (“License Agreement”) with the University pursuant to which the University agreed to license to the Company patent rights and other intellectual property, among other things (the “Technologies”). The License Agreement was amended on February 18, 2015 and currently does not provide for an expiration date. Pursuant to the License Agreement and its amendment, the Company obtained an exclusive worldwide license to make, have made, use, sell and import products based upon the Technologies, or to sublicense the Technologies in accordance with the terms of the License Agreement and amendment. In consideration, the Company agreed to pay to the University a royalty payment of 2.5% of net sales of any product based on the Technologies. If the Company elects to sublicense any rights under the License Agreement and amendment, the Company agrees to pay to the University 10% of any up-front sub-license fees for any sub-licenses that occurred on or after September 9, 2006, and, on behalf of the sub-licensee, 2.5% of net sales by the sub-licensee of all products based on the Technologies. The Company had no sales revenue for the six months ended June 30, 2017 and 2016 and therefore was not subject to paying any royalties. In the event the Company fails to provide the University with semi-annual reports on the progress or fails to continue to make reasonable commercial efforts towards obtaining regulatory approval for products based on the Technologies, and the Company fails to respond to notice of such failure from the University within the Cure period, the University may convert our exclusive license into a non-exclusive arrangement. As of June 30, 2017, based on its communication with the University, the Company believes it is in compliance with its reporting obligations to the University. The Company has agreed to pay all out-of-pocket filing, prosecution and maintenance expenses in connection with any patents relating to the Technologies. In the case of infringement upon any patents relating to the Technologies, the Company may elect, at its own expense, to bring a cause of action asserting such infringement. In such a case, after deducting any legal expenses the Company may incur, any settlement proceeds will be subject to the 2.5% royalty payment owed to the University under the License Agreement and amendment. The patent applications were made in the name of the Professor and other inventors, but the Company’s exclusive, worldwide rights to such patent applications are included in the License Agreement and its amendment with the University. The Company maintains exclusive licensing agreements and it currently controls the six intellectual patent properties.

NOTE

LICENSING AGREEMENTS

July 31, 2005,

the Company had entered into a Technology License Agreement (“License Agreement”) with the University pursuant to which the University agreed to license to the Company patent rights and other intellectual property, among other things (the “Technologies”). The License Agreement was amended on

February 18, 2015

and currently does

not

provide for an expiration date.

Pursuant to the License Agreement and its amendment, the Company obtained an exclusive worldwide license to make, have made, use, sell and import products based upon the Technologies, or to sublicense the Technologies in accordance with the terms of the License Agreement and amendment. In consideration, the Company agreed to pay to the University a royalty payment of

2.5%

of net sales of any product based on the Technologies. If the Company elects to sublicense any rights under the License Agreement and amendment, the Company agrees to pay to the University

10%

of any up-front sub-license fees for any sub-licenses that occurred on or after

September 9, 2006,

and, on behalf of the sub-licensee,

2.5%

of net sales by the sub-licensee of all products based on the Technologies. The Company had

sales revenue for the

six

months ended

June 30, 2017

and

2016

and therefore was

not

subject to paying any royalties.

In the event the Company fails to provide the University with semi-annual reports on the progress or fails to continue to make reasonable commercial efforts towards obtaining regulatory approval for products based on the Technologies, and the Company fails to respond to notice of such failure from the University within the Cure period, the University

may

convert our exclusive license into a non-exclusive arrangement. As of

June 30, 2017,

based on its communication with the University, the Company believes it is in compliance with its reporting obligations to the University. The Company has agreed to pay all out-of-pocket filing, prosecution and maintenance expenses in connection with any patents relating to the Technologies. In the case of infringement upon any patents relating to the Technologies, the Company

may

elect, at its own expense, to bring a cause of action asserting such infringement. In such a case, after deducting any legal expenses the Company

may

incur, any settlement proceeds will be subject to the

2.5%

royalty payment owed to the University under the License Agreement and amendment.

The patent applications were made in the name of the Professor and other inventors, but the Company’s exclusive, worldwide rights to such patent applications are included in the License Agreement and its amendment with the University. The Company maintains exclusive licensing agreements and it currently controls the

six

intellectual patent properties.