Note 9 - Commitments and Contingencies	6 Months Ended
Jun. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 9 - COMMITMENTS AND CONTINGENCIES Consulting Agreement s The Company had an employment agreement with a former officer (the “Former Officer”) which expired on December 31, 2015. The employment agreement indicated a salary of $6,489 per month plus a bonus, including healthcare benefits. The Former Officer was also granted 75,000 stock options, valued at $64,223 using the Black-Scholes calculation of which $53,519 was expensed in 2015. Upon the expiration of the employment agreement, the Company and Former Officer entered into a consulting agreement in its place, which provides that the Company may retain the Former Officer as a consultant on an as-needed basis. As a consultant, the Former Officer is responsible for Canadian financial reporting, data compilation, and document retrieval services, reporting to the Chief Financial Officer, and to endeavor to secure Canadian non-dilutive grant funding for the Company. The Former Officer has been granted 250,000 stock options in total, 25,000 of which expired unexercised. The remaining 225,000 are fully vested, at exercise prices of $1.00 and $1.25, with certain options expiring on March 30, 2021, March 1, 2024 and March 9, 2025. Either party may terminate the agreement either (a) immediately at any time upon written notice to the other party in the event of a breach of the agreement by the other party which cannot be cured (i.e. breach of the confidentiality obligations) or (b) at any time without cause upon not less than fifteen ( 15 ) days’ prior written notice to the other party. Upon expiration or termination, neither the Company nor Former Officer will have any further obligations under the consulting agreement. The Company has accrued $0 to the Former Officer for research and development projects and paid $12,800 during the six months ended June 30, 2017. PTI Canada entered into a consulting agreement with a stockholder of the Company (the “Consultant”) which, which as amended, expires on December 31, 2017. Pursuant to the consulting agreement, the Consultant is responsible for overseeing i) design and development of enzyme-linked immunosorbent assay (“ELISA”), assays for measuring TCAP, ii) evaluation of TCAP exposure biomarker assay, iii) development of pipeline peptides, and iv) development of clinically compatible formulations for TCAP, as well as all of the bench research and development of formulation and extraction methods. The Consultant has been granted 150,000 stock options, which are fully vested at exercise prices of $1.00 and $1.25, exercisable over 10 year periods which end either on March 30, 2021 or March 1, 2025. The Consultant is paid the Canadian equivalent of approximately US$2,370 per month. Either party may terminate the consulting agreement either (a) immediately at any time upon written notice to the other party in the event of a breach of the agreement by the other party which cannot be cured (i.e. breach of the confidentiality obligations) or (b) at any time without cause upon not less than fifteen ( 15 ) days’ prior written notice to the other party. Upon expiration or termination, neither the Company nor Consultant will have any further obligations under the consulting agreement. The Company has accrued $0 to pay the Consultant for research and development projects and paid US$13,493 during the six months ended June 30, 2017. Legal Proceedings From time to time we may be named in claims arising in the ordinary course of business. Currently, no legal proceedings, government actions, administrative actions, investigations or claims are pending against us or involve us that, in the opinion of our management, could reasonably be expected to have a material adverse effect on our business and financial condition.

NOTE

- COMMITMENTS AND CONTINGENCIES

Consulting Agreement

The Company had an employment agreement with a former officer (the “Former Officer”) which expired on

December 31, 2015.

The employment agreement indicated a salary of

$6,489

per month plus a bonus, including healthcare benefits. The Former Officer was also granted

75,000

stock options, valued at

$64,223

using the Black-Scholes calculation of which

$53,519

was expensed in

2015.

Upon the expiration of the employment agreement, the Company and Former Officer entered into a consulting agreement in its place, which provides that the Company

may

retain the Former Officer as a consultant on an as-needed basis. As a consultant, the Former Officer is responsible for Canadian financial reporting, data compilation, and document retrieval services, reporting to the Chief Financial Officer, and to endeavor to secure Canadian non-dilutive grant funding for the Company. The Former Officer has been granted

250,000

stock options in total,

25,000

of which expired unexercised. The remaining

225,000

are fully vested, at exercise prices of

$1.00

and

$1.25,

with certain options expiring on

March 30, 2021,

March 1, 2024

and

March 9, 2025.

Either party

may

terminate the agreement either (a) immediately at any time upon written notice to the other party in the event of a breach of the agreement by the other party which cannot be cured (i.e. breach of the confidentiality obligations) or (b) at any time without cause upon

not

less than

fifteen

(

) days’ prior written notice to the other party. Upon expiration or termination, neither the Company nor Former Officer will have any further obligations under the consulting agreement.

The Company has accrued

to the Former Officer for research and development projects and paid

$12,800

during the

six

months ended

June 30, 2017.

PTI Canada entered into a consulting agreement with a stockholder of the Company (the “Consultant”) which, which as amended, expires on

December 31, 2017.

Pursuant to the consulting agreement, the Consultant is responsible for overseeing i) design and development of enzyme-linked immunosorbent assay (“ELISA”), assays for measuring TCAP, ii) evaluation of TCAP exposure biomarker assay, iii) development of pipeline peptides, and iv) development of clinically compatible formulations for TCAP, as well as all of the bench research and development of formulation and extraction methods. The Consultant has been granted

150,000

stock options, which are fully vested at exercise prices of

$1.00

and

$1.25,

exercisable over

year periods which end either on

March 30, 2021

March 1, 2025.

The Consultant is paid the Canadian equivalent of approximately

US$2,370

per month. Either party

may

terminate the consulting agreement either (a) immediately at any time upon written notice to the other party in the event of a breach of the agreement by the other party which cannot be cured (i.e. breach of the confidentiality obligations) or (b) at any time without cause upon

not

less than

fifteen

(

) days’ prior written notice to the other party. Upon expiration or termination, neither the Company nor Consultant will have any further obligations under the consulting agreement.

The Company has accrued

to pay the Consultant for research and development projects and paid

US$13,493

during the

six

months ended

June 30, 2017.

Legal Proceedings

From time to time we

may

be named in claims arising in the ordinary course of business. Currently,

legal proceedings, government actions, administrative actions, investigations or claims are pending against us or involve us that, in the opinion of our management, could reasonably be expected to have a material adverse effect on our business and financial condition.