0001437749-22-006291 | 10-K | XBRL Viewer

Debt Disclosure [Text Block]

NOTE 4 – DEBT AND LIABILITIES

Accrued Liabilities

A summary of accrued liabilities for the years ended December 31, 2021 and 2020 is as follows:

	*2021*		*2020*
Accrued payables	$	1,737,473	$	747,361
Insurance premium		333,493		3,243,509
Driver deposits		336,787		168,855
Deferred rent		—		46,261
Payroll liabilities		417,493		77,303
Other accrued liabilities		52,192		76,059
Accrued liabilities	$	2,877,438	$	4,359,348

Notes Payable

On April 13, 2020, the Company entered into a loan with JPMorgan Chase Bank, N.A. as the lender (“Lender”) in an aggregate principal amount of $2,004,175 pursuant to the Paycheck Protection Program ("PPP") under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. On October 28, 2021, the full amount of the PPP Loan was forgiven by the Small Business Administration.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Consolidated Statement of Stockholder's Equity (Deficit) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Subscription Receivable [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2019	0	16,393,171
Balance at Dec. 31, 2019	$ 0	$ 164	$ 35,857,835	$ (7,447)	$ (29,015,134)	$ 6,835,418
Stock option compensation	$ 0	$ 0	329,092	0	0	329,092
Stock option compensation modification (in shares)		822,500
Stock option compensation modification		$ 8	1,434,124			1,434,132
Restricted stock unit compensation	$ 0	$ 0	1,053,698	0	0	1,053,698
Stock options exercised for cash (in shares)	0	82,894
Stock options exercised for cash	$ 0	$ 1	104,034	0	0	$ 104,035
Stock option exercised - cashless (in shares)	0	2,645				85,939
Shares issued for vested restricted stock units (in shares)	0	38,925
Shares issued for vested restricted stock units	$ 0	$ 0	0	0	0	$ 0
Shares issued for legal services and settlement of payables and accrued liabilities (in shares)	0	254,535
Shares issued for legal services and settlement of payables and accrued liabilities	$ 0	$ 2	567,611	0	0	567,613
Shares issued for settlements (in shares)	0	84,431
Shares issued for settlements	$ 0	$ 1	233,852	0	0	233,853
Warrants exercised – cashless (in shares)	0	2,612
Warrants exercised – cashless	$ 0	$ 0	0	0	0	0
Shares issued for services (in shares)		60,000
Shares issued for services		$ 1	145,199	0	0	145,200
Subscription receivable relieved	0	0	0	7,447	0	7,447
Net loss	$ 0	$ 0	0	0	(15,220,901)	$ (15,220,901)
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)						794,325
Balance (in shares) at Dec. 31, 2020	0	17,741,713
Balance at Dec. 31, 2020	$ 0	$ 177	39,725,445	0	(44,236,035)	$ (4,510,413)
Stock option compensation	0	0	11,402	0	0	11,402
Restricted stock unit compensation	$ 0	$ 0	7,820,709	0	0	$ 7,820,709
Stock option exercised - cashless (in shares)	0	148,872				148,872
Shares issued for vested restricted stock units (in shares)	0	996,245
Shares issued for vested restricted stock units	$ 0	$ 10	(10)	0	0	$ 0
Shares issued for services (in shares)	0	22,665
Shares issued for services	$ 0	$ 1	344,829	0	0	344,830
Net loss	$ 0	$ 0	0	0	(25,953,717)	$ (25,953,717)
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)	0	0				769,486
Stock options exercised	$ 0	$ 1	178,771	0	0	$ 178,772
Warrants exercised for cash (in shares)	0	48,803
Warrants exercised for cash	$ 0	$ 1	124,539	0	0	$ 124,540
Warrants exercised - cashless (in shares)	0	121,111				309,252
Warrants exercised - cashless	$ 0	$ 1	(1)	0	0	$ 0
Common stock issued for cash (in shares)	0	2,530,000
Common stock issued for cash	$ 0	$ 25	29,727,475	0	0	29,727,500
Offering costs	$ 0	$ 0	(2,126,306)	0	0	(2,126,306)
Balance (in shares) at Dec. 31, 2021	0	21,609,409
Balance at Dec. 31, 2021	$ 0	$ 216	$ 75,806,853	$ 0	$ (70,189,752)	$ 5,617,317

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current Income Tax Expense (Benefit), Total	$ 0	$ 0
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	6,300
Operating Loss Carryforwards, Total	$ 51,300	$ 32,100

Note 4 - Debt and Liabilities (Details Textual)	Apr. 13, 2020 USD ($)
JPMorgan Chase Bank N.A [Member] \| Paycheck Protection Program CARES Act [Member]
Debt Instrument, Face Amount	$ 2,004,175

Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues	$ 35,716,031	$ 25,231,741
Incentives and rebates	(358,870)	(419,518)
Net revenue	35,716,031	25,231,741
Insurance and Administration Fees [Member]
Revenues	18,603,759	12,819,157
Transaction Fees [Member]
Revenues	15,808,972	11,391,090
Other Fees [Member]
Revenues	$ 1,662,170	$ 1,441,012

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Note 5 - Stockholders' Equity (Deficit) (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement, Option, Activity [Table Text Block]

	Number of shares			Weighted average exercise price		Weighted average remaining contractual life (years)		Aggregate Intrinsic value
Outstanding as of December 31, 2019		2,253,206		$	2.60		8.19
Granted		—			—		—
Exercised		(85,939	)		1.28		—
Forfeited or expired		(1,514,627	)		3.38		—
Outstanding as of December 31, 2020		652,640		$	0.91		6.38
Granted		—			—		—
Exercised		(148,872	)		1.20		—
Forfeited or expired		—			—		—
Outstanding as of December 31, 2021		503,768		$	0.83		5.33	$	1,954,882
Vested and expected to vest at December 31, 2021		503,768		$	0.83		5.33	$	1,954,882
Exercisable as of December 31, 2021		503,768		$	0.83		5.33	$	1,954,882

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Number of shares			Weighted average grant date fair value per share
Outstanding as of December 31, 2019		303,150		$	3.58
Granted		606,500			5.94
Exercised		(284,648	)		3.64
Forfeited or expired		(109,650	)		3.05
Unvested as of December 31, 2020		515,352		$	6.12
Granted		1,119,323			11.68
Vested		(756,846	)		9.71
Forfeited		(108,343	)		8.03
Unvested as of December 31, 2021		769,486		$	10.46

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

	Number of shares			Weighted average exercise price		Weighted average remaining contractual life (years)
Outstanding as of December 31, 2019		500,739		$	3.71		2.68
Granted		—			—		—
Exercised		(15,000	)		—		—
Forfeited or expired		—			—		—
Outstanding as of December 31, 2020		485,739		$	3.63		1.65
Granted		—			—		—
Exercised		(309,252	)		—		—
Forfeited or expired		—			—		—
Outstanding as of December 31, 2021		176,487		$	2.13		0.35

Note 3 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Text Block]

NOTE 3 – COMMITMENTS AND CONTINGENCIES

Settlement and Legal

Except as may be set forth below, we are not a party to any legal proceedings, and we are not aware of any claims or actions pending or threatened against us. In the future, we might from time to time become involved in litigation relating to claims arising from our ordinary course of business, the resolution of which we do not anticipate would have a material adverse impact on our financial position, results of operations or cash flows.

On August 27, 2021, a putative securities class action complaint captioned Baron v. HyreCar Inc. et al., Case No. 21-cv-06918, was filed in the United States District Court for the Central District of California against the Company; its Chief Executive Officer, Joseph Furnari; and its former Chief Financial Officer, Robert Scott Brogi. The proposed class period is May 14, 2021 to August 10, 2021, inclusive. The complaint asserts claims and seeks damages for alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, alleging that the defendants made material misrepresentations or failed to disclose material facts that (1) the Company had materially understated its insurance reserves; (2) the Company had failed to pay valid insurance claims incurred prior to the class period; (3) the Company had incurred significant expense transitioning its new third-party insurance claims administrator and processing claims incurred from prior periods; (4) the Company did not appropriately price risk in its insurance products and was experiencing elevated claims incidence as a result; (5) the Company reformed its claims underwriting, policies and procedures in response to high claims severity and customer complaints; and (6) as a result, the Company’s operations and prospects were misrepresented. On December 27, 2021, the Company and the individual defendants moved to dismiss the First Amended Complaint on behalf of defendants, arguing that Lead Plaintiff failed to adequately plead that any of the Company’s public statements were materially false or misleading, or that defendants acted with scienter– meaning defendants either knew those statements were false or were deliberately reckless to their truth or falsity at the time they were made. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be reasonably estimated. We refer to the subsequent events section for updates past fiscal year 2021.

Other

In November 2021, the Company entered into a lease in Los Angeles, California commencing January 1, 2022, with the ability to occupy the facility in January 2022. The lease term is 48 months from the commencement date. The lease required a deposit of $25,563. Per the lease agreement, the monthly rate will range from $23,394 to $25,563 a month prior to discounts and abatements that may apply. The Company also rents office furniture and incurs ancillary fees for building services and shared expenses. In accordance with ASC 842 mentioned above, the Company will record a Right to Use asset account and Lease Liability account for $997,109 as of January 1, 2022 (the present value of the lease payments) and those accounts will be amortized over the 48 month period of the lease agreement. Rent expense for the years ended December 31, 2021 and 2020 was $177,786 and $274,280, respectively. As of December 31, 2021, future lease payments under the non-cancellable operating lease are as follows:

Year Ending December 31,	Payment (in $1,000s)
2022	$ 281
2023	289
2024	298
2025	230
Total	$ 1,098

We connect drivers and vehicle owners in many tax jurisdictions throughout the United States. After the Supreme Court of the United States decision in South Dakota v. Wayfair Inc. (Wayfair) in June 2018, states commenced enacting laws that would require certain online sellers to collect sales and use tax despite not having a physical presence in the buyer’s state. In response to Wayfair, or otherwise, states or local governments may adopt, or begin to enforce, laws requiring us to calculate, collect, and remit taxes on sales in their jurisdictions. A successful assertion by one or more states requiring us to collect taxes could result in tax liabilities, including taxes on past sales, as well as penalties and interest. Based on our analysis of certain state regulations on peer-to-peer activities, we do not believe risk of loss is probable on historical revenue activities. We continuously monitor state regulations as it relates to peer-to-peer vehicle rental activities and will implement required collection and remittance procedures if and when we believe we would become subject to such regulations.

Note 3 - Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2022
Lease Deposit Liability	$ 25,563
Operating Leases, Rent Expense, Minimum Rentals	23,394	$ 25,563
Operating Leases, Rent Expense, Total	$ 177,786	$ 274,280
Subsequent Event [Member]
Operating Lease, Right-of-Use Asset			$ 997,109
Operating Lease, Liability, Total			$ 997,109

Note 5 - Stockholders' Equity (Deficit) - Schedule of Black Pricing Model With Range of Inputs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Granted, shares (in shares)	0	0
Restricted Stock Units (RSUs) [Member]
Unvested, shares (in shares)	515,352	303,150
Unvested, Weighted average grant date fair value per share (in dollars per share)	$ 6.12	$ 3.58
Granted, shares (in shares)	1,119,323	606,500
Granted, Weighted average grant date fair value per share (in dollars per share)	$ 11.68	$ 5.94
Exercised (in shares)		(284,648)
Exercised (in shares)		3.64
Forfeited or expired, shares (in shares)	(108,343)	(109,650)
Forfeited or expired, Weighted average grant date fair value per share (in dollars per share)	$ 8.03	$ 3.05
Vested (in shares)	(756,846)
Vested, Weighted average grant date fair value per share (in dollars per share)	$ 9.71
Unvested, shares (in shares)	769,486	515,352
Unvested, Weighted average grant date fair value per share (in dollars per share)	$ 10.46	$ 6.12

Note 8 - Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Text Block]

NOTE 8 – SUBSEQUENT EVENTS

On August 27, 2021, a putative securities class action complaint captioned Baron v. Hyrecar Inc. et al., Case No. 21-cv-06918, was filed in the United States District Court for the Central District of California against the Company; its Chief Executive Officer, Joseph Furnari; and its former Chief Financial Officer, Robert Scott Brogi. This action is described in Note 3. Subsequent to December 31, 2021, Lead Plaintiff filed an opposition on January 10, 2022 and the Defendants filed a reply on January 18, 2022. On February 16, 2022, the Court granted defendants’ motion to dismiss on the basis that Lead Plaintiff failed to adequately plead any of defendants’ statements were materially false or misleading. Because the Court ruled that Plaintiff did not sufficiently plead falsity, the Court did not address the additional arguments regarding scienter at the time. The Court permitted Lead Plaintiff leave to amend its complaint. The next amended complaint, if any, must be filed no later than March 21, 2022. Should Lead Plaintiff file another amended complaint, the Company and individual defendants anticipate filing another motion to dismiss the claims. The Company believes that the allegations in this lawsuit are without merit and will continue to vigorously defend against them.

Note 3 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Year Ending December 31,	Payment (in $1,000s)
2022	$ 281
2023	289
2024	298
2025	230
Total	$ 1,098

Note 4 - Debt and Liabilities - Accrued Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accrued payables	$ 1,737,473	$ 747,361
Insurance premium	333,493	3,243,509
Driver deposits	336,787	168,855
Deferred rent	0	46,261
Payroll liabilities	417,493	77,303
Other accrued liabilities	52,192	76,059
Accrued liabilities	$ 2,877,438	$ 4,359,348

Note 6 - Related Party Transactions

12 Months Ended

Dec. 31, 2021

NOTE 6 – RELATED PARTY TRANSACTIONS

Insurance

The president of the Company’s primary insurance broker through June 2020 is also a minority stockholder and holder of warrants. As of December 31, 2021 and 2020, the Company had outstanding balances to the insurer totaling $0 and $0, included in accounts payable or accrued liabilities, respectively. During the year ended December 31, 2021 and 2020, the Company paid the insurer approximately $0 and $2,514,743, respectively. On June 15, 2020, the Company completed moving its primary and excess automobile insurance liability programs over to an insurance provider and is no longer using the related party broker.

Note 7 - Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Text Block]

NOTE 7 – INCOME TAXES

For the years ended December 31, 2021 and 2020, the Company did not record a current or deferred income tax expense or benefit due to current and historical losses incurred by the Company. The Company’s losses before income taxes consist solely of losses from domestic operations.

On March 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The Cares Act includes provisions relating to refundable payroll tax credits, deferment of the employer portion of certain payroll taxes, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The CARES Act also established a Paycheck Protection Program whereby certain small businesses are eligible for a loan to fund payroll expenses, rent, and related costs.

The Company considered the provisions under the CARES Act and elected not to take advantage of the provisions of CARES Act as the effect of such provisions was not expected to have a material impact on the Company’s results of operations, cash flows and financial statements.

A reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows:

	2021			2020
Statutory US Federal tax rate		21.0	%		21.0	%
Permanent differences:
State income taxes, net of Federal benefit		8.8	%		7.0	%
Stock compensation		-0.4	%		-0.3	%
Other		-0.1	%		-0.1	%
Temporary differences		-7.9	%		-8.1	%
Valuation allowance		-21.4	%		-19.6	%
Total		0.0	%		0.0	%

The components of our deferred tax assets (liabilities) for federal and state income taxes consisted of the following as of December 31, 2021 and 2020:

	2021			2020
Deferred tax asset attributable to:
Net operating loss carryover	$	15,321,000		$	8,990,000
Stock-based compensation		2,193,000			1,395,000
Other		(279,000	)		501,000
Valuation allowance		(17,235,000	)		(10,886,000	)
Net deferred tax asset	$	—		$	—

Management has considered the Company’s history of cumulative net losses and estimated future operating activity and has concluded that it is more likely than not that the Company will not realize the benefits of its U.S. federal and state deferred tax assets. Accordingly, a full valuation allowance has been established against deferred tax assets as of December 31, 2021 and 2020, respectively. The Company reevaluates the positive and negative evidence at each reporting period. The Company’s valuation allowance increased during 2021 by approximately $6.3 million primarily due to the generation of net operating loss carryforwards and stock based compensation.

As of December 31, 2021 and 2020, the Company had U.S. federal net operating loss carryforwards of $51.3 million and $32.1 million, respectively, which may be available to offset future income tax liabilities. The 2017 Tax Cuts and Jobs Act (“ TCJA”) will generally allow losses incurred after 2017 to be carried over indefinitely, but will generally limit the net operating loss deduction to the lesser of the net operating loss carryover or 80% of a corporation’s taxable income (subject to Section 382 of the Internal Revenue Code of 1986, as amended). Also, there will be no carryback for losses incurred after 2017. Losses incurred prior to 2018 will generally be deductible to the extent of the lesser of a corporation’s net operating loss carryover or 100% of a corporation’s taxable income and be available for twenty years from the period the loss was generated. As of December 31, 2021 and 2020, the Company also had similar amounts of U.S. state net operating loss carryforwards, which may be available to offset future income tax liabilities and expire at various dates through 2040.

Utilization of the U.S. federal and state net operating loss carryforwards may be subject to a substantial annual limitation under Section 382 and Section 383 of the Internal Revenue Code of 1986, as amended, and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of net operating loss and research and development credit carryforwards that can be utilized annually to offset future taxable income and tax liabilities, respectively. The Company has not completed a study to assess whether a change of ownership has occurred, or whether there have been multiple ownership changes since its formation. Any limitation may result in expiration of a portion of the net operating loss carryforwards or research and development tax credit carryforwards before utilization.

The Company is subject to U.S. federal and state tax examinations by tax authorities for years 2017 through present. As of December 31, 2021 , there are no pending tax examinations.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalent	$ 11,499,136	$ 4,923,515
Restricted cash	3,248,271	0
Accounts receivable	162,586	109,366
Deferred offering costs	0	33,164
Insurance and security deposits	95,000	749,454
Other current assets	1,061,520	313,812
Total current assets	16,066,513	6,129,311
Property and equipment, net	5,265	8,425
Intangible assets, net	372,592	80,031
Other assets	0	95,000
Total assets	16,444,370	6,312,767
Liabilities and Stockholders’ Equity (Deficit)
Accounts payable	5,567,233	2,275,559
Accrued liabilities	2,877,438	4,359,348
Insurance reserve	2,330,190	2,113,039
Note payable, current portion	0	1,554,548
Deferred revenue	52,192	76,059
Total current liabilities	10,827,053	10,378,553
Note payable, net of current portion	0	444,627
Total liabilities	10,827,053	10,823,180
Commitments and contingencies (Note 3)	0	0
Stockholders’ equity (deficit):
Preferred stock, 15,000,000 shares authorized, par value $0.00001, 0 shares issued and outstanding as of December 31, 2021 and 2020, respectively	0	0
Common stock, 50,000,000 shares authorized, par value $0.00001, 21,609,409 and 17,741,713 shares issued and outstanding as of December 31, 2021 and 2020, respectively	216	177
Additional paid-in capital	75,806,853	39,725,445
Accumulated deficit	(70,189,752)	(44,236,035)
Total stockholders’ equity (deficit)	5,617,317	(4,510,413)
Total liabilities and stockholders’ equity (deficit)	$ 16,444,370	$ 6,312,767

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Preferred stock, authorized (in shares)	15,000,000	15,000,000
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, issued (in shares)	21,609,409	17,741,713
Common stock, outstanding (in shares)	21,609,409	17,741,713

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Revenue	$ 35,716,031	$ 25,231,741
Cost of revenue	25,942,684	16,961,450
Gross profit	9,773,347	8,270,291
Operating Expenses:
General and administrative	21,944,369	12,332,147
Sales and marketing	10,012,937	8,141,675
Research and development	5,793,280	3,049,158
Total operating expenses	37,750,586	23,522,980
Operating loss	(27,977,239)	(15,252,689)
Other (income) expense
Interest (income) expense	(12,139)	24,299
Other (income) expense	(2,011,909)	(56,887)
Total other (income) expense	(2,024,048)	(32,588)
Loss before provision for income taxes	(25,953,191)	(15,220,101)
Provision for income taxes	526	800
Net loss	$ (25,953,717)	$ (15,220,901)
Weighted average shares outstanding - basic and diluted (in shares)	20,635,940	17,557,868
Weighted average net loss per share - basic and diluted (in dollars per share)	$ (1.26)	$ (0.87)

Note 4 - Debt and Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Accrued Liabilities [Table Text Block]

	*2021*		*2020*
Accrued payables	$	1,737,473	$	747,361
Insurance premium		333,493		3,243,509
Driver deposits		336,787		168,855
Deferred rent		—		46,261
Payroll liabilities		417,493		77,303
Other accrued liabilities		52,192		76,059
Accrued liabilities	$	2,877,438	$	4,359,348

Note 7 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2021			2020
Statutory US Federal tax rate		21.0	%		21.0	%
Permanent differences:
State income taxes, net of Federal benefit		8.8	%		7.0	%
Stock compensation		-0.4	%		-0.3	%
Other		-0.1	%		-0.1	%
Temporary differences		-7.9	%		-8.1	%
Valuation allowance		-21.4	%		-19.6	%
Total		0.0	%		0.0	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	2021			2020
Deferred tax asset attributable to:
Net operating loss carryover	$	15,321,000		$	8,990,000
Stock-based compensation		2,193,000			1,395,000
Other		(279,000	)		501,000
Valuation allowance		(17,235,000	)		(10,886,000	)
Net deferred tax asset	$	—		$	—

Note 6 - Related Party Transactions (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Due to Related Parties, Current, Total	$ 0	$ 0
Repayments of Related Party Debt	$ 0	$ 2,514,743

Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).

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