RenovaCare (RCAR) 10-Q 31 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 29, 2019
Document And Entity Information
Entity Registrant Name	RenovaCare, Inc.
Entity Central Index Key	0001016708
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity File Number	000-30156
Is Entity's Reporting Status Current?	Yes
Is Entity Emerging Growth Company?	false
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Incorporation, State or Country Code	NV
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		87,175,522
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 14,272,582	$ 15,397,524
Prepaid expenses and deposits	193,121	168,707
Total current assets	14,465,703	15,566,231
Equipment, net of accumulated depreciation of $845 and $687, respectively	106	264
Intangible assets	152,854	152,854
Total assets	14,618,663	15,719,349
Current liabilities
Accounts payable and accrued liabilities	178,341	222,163
Accounts payable - related parties	12,074	3,000
Interest payable to related parties	167,497	167,497
Total current liabilities	357,912	392,660
Total liabilities	357,912	392,660
Stockholders' equity (deficit)
Preferred stock: $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding
Common stock: $0.00001 par value; 500,000,000 shares authorized, 87,175,522 shares issued and outstanding at June 30, 2019 and December 31, 2018	872	872
Additional paid-in capital	32,188,412	32,187,580
Retained deficit	(17,928,533)	(16,861,763)
Total stockholders' equity	14,260,751	15,326,689
Total liabilities and stockholders' equity	$ 14,618,663	$ 15,719,349

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 845	$ 687
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, Authorized	10,000,000	10,000,000
Preferred stock, shares Issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, Authorized	500,000,000	500,000,000
Common stock, shares Issued	87,175,522	87,175,522
Common stock, shares outstanding	87,175,522	87,175,522

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenue
Operating expense
Research and development	179,193	108,207	373,702	233,318
General and administrative	464,335	341,223	873,797	790,781
Total operating expense	643,528	449,430	1,247,499	1,024,099
Loss from operations	(643,528)	(449,430)	(1,247,499)	(1,024,099)
Other income (expense)
Interest income	96,024	5,001	180,729	9,426
Interest expense		(21,050)		(41,515)
Accretion of debt discount				(58,438)
Total other income (expense)	96,024	(16,049)	180,729	(90,527)
Net loss	$ (547,504)	$ (465,479)	$ (1,066,770)	$ (1,114,626)
Basic and Diluted Loss per Common Share	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.01)
Weighted average number of common shares outstanding - basic and diluted	87,175,522	76,840,522	87,175,522	76,668,585

Consolidated Statements Of Stoc

Consolidated Statements Of Stockholders' Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Retained Deficit	Total
Beginning Balance at Dec. 31, 2017	$ 762	$ 16,404,673	$ (14,740,922)	$ 1,664,513
Beginning Balance, Shares at Dec. 31, 2017	76,145,418
Issuance of common stock from the exercise of warrants	$ 6	109,994		110,000
Issuance of common stock from the exercise of warrants, shares	569,797
Issuance of common stock from the exercise of stock options	$ 1	(1)
Issuance of common stock from the exercise of stock options, shares	125,307
Stock based compensation due to common stock purchase options		122,497		122,497
Net loss			(649,147)	(649,147)
Ending Balance at Mar. 31, 2018	$ 769	16,637,163	(15,390,069)	1,247,863
Ending Balance, Shares at Mar. 31, 2018	76,840,522
Beginning Balance at Dec. 31, 2017	$ 762	16,404,673	(14,740,922)	1,664,513
Beginning Balance, Shares at Dec. 31, 2017	76,145,418
Net loss				(1,114,626)
Ending Balance at Jun. 30, 2018	$ 769	16,684,812	(15,855,548)	830,033
Ending Balance, Shares at Jun. 30, 2018	76,840,522
Beginning Balance at Mar. 31, 2018	$ 769	16,637,163	(15,390,069)	1,247,863
Beginning Balance, Shares at Mar. 31, 2018	76,840,522
Stock based compensation due to common stock purchase options		47,649		47,649
Net loss			(465,479)	(465,479)
Ending Balance at Jun. 30, 2018	$ 769	16,684,812	(15,855,548)	830,033
Ending Balance, Shares at Jun. 30, 2018	76,840,522
Beginning Balance at Dec. 31, 2018	$ 872	32,187,580	(16,861,763)	15,326,689
Beginning Balance, Shares at Dec. 31, 2018	87,175,522
Stock based compensation due to common stock purchase options		832		832
Net loss			(519,266)	(519,266)
Ending Balance at Mar. 31, 2019	$ 872	32,188,412	(17,381,029)	14,808,255
Ending Balance, Shares at Mar. 31, 2019	87,175,522
Beginning Balance at Dec. 31, 2018	$ 872	32,187,580	(16,861,763)	15,326,689
Beginning Balance, Shares at Dec. 31, 2018	87,175,522
Net loss				(1,066,770)
Ending Balance at Jun. 30, 2019	$ 872	32,188,412	(17,928,533)	14,260,751
Ending Balance, Shares at Jun. 30, 2019	87,175,522
Beginning Balance at Mar. 31, 2019	$ 872	32,188,412	(17,381,029)	14,808,255
Beginning Balance, Shares at Mar. 31, 2019	87,175,522
Net loss			(547,504)	(547,504)
Ending Balance at Jun. 30, 2019	$ 872	$ 32,188,412	$ (17,928,533)	$ 14,260,751
Ending Balance, Shares at Jun. 30, 2019	87,175,522

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows used in operating activities
Net loss	$ (1,066,770)	$ (1,114,626)
Adjustments to reconcile net loss to net cash flows used in operating activities
Depreciation	158	159
Stock based compensation expense	832	170,146
Accretion of debt discount		58,438
Changes in operating assets and liabilities:
Decrease (increase) in prepaid expenses	(24,414)	(31,818)
Increase (decrease) in accounts payable	(43,822)	(95,895)
Increase (decrease) in accounts payable - related parties	9,074	9,334
Increase (decrease) in interest payable - related parties		41,515
Increase (decrease) in contract payable		(100,000)
Net cash flows used in operating activities	(1,124,942)	(1,062,747)
Cash flows from financing activities
Proceeds from exercise of warrants and issuance of common stock		110,000
Net cash flows from financing activities		110,000
Decrease in cash and cash equivalents	(1,124,942)	(952,747)
Cash and cash equivalents at beginning of period	15,397,524	2,906,237
Cash and cash equivalents at end of period	14,272,582	1,953,490
Supplemental disclosure of cash flow information:
Interest paid in cash
Income taxes paid in cash

Basis of Presentation, Organiza

Basis of Presentation, Organization, Nature and Continuance of Operations, Recent Accounting Standards and Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation, Organization, Nature and Continuance of Operations, Recent Accounting Standards and Earnings (Loss) Per Share	Note 1. Basis of Presentation, Organization, Nature and Continuance of Operations, Recent Accounting Standards and Earnings (Loss) Per Share Basis of Presentation The accompanying unaudited interim consolidated financial statements of RenovaCare, Inc. and Subsidiary (the “ Company The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Actual results may differ from those estimates. The interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. In the opinion of management, the accompanying unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments (including normal recurring adjustments) necessary for the fair presentation of the Company’s financial position as of June 30, 2019, results of operations for the three and six months ended June 30, 2019 and 2018, and stockholders equity and cash flows for the six months ended June 30, 2019 and 2018. The Company did not record an income tax provision during the periods presented due to net taxable losses. The results of operations for any interim period are not necessarily indicative of the results of operations for the entire year. Organization RenovaCare, Inc., together with its wholly owned subsidiary, focuses on the acquisition, research, development and, if warranted, commercialization of autologous (using a patient's own cells) cellular therapies that can be used for medical and aesthetic applications. On July 12, 2013, the Company, through its wholly owned subsidiary, RenovaCare Sciences Corp., completed the acquisition of its flagship technologies (collectively, the “ CellMist TM The CellMist TM CellMist TM SkinGun TM TM TM Nature and Continuance of Operations The Company does not have any commercialized products. The Company's activities have consisted principally of performing research and development activities and raising capital. These development activities are subject to significant risks and uncertainties, including possible failure of preclinical testing. The Company has not generated any revenue since inception and has sustained recurring losses and negative cash flows from operations since inception. The Company expects to incur losses as it continues development of its products and technologies and expects that it will need to raise additional capital through the sale of its securities to accomplish its business plan and failing to secure such additional funding before achieving sustainable revenue and profit from operations poses a significant risk. The Company's ability to fund the development of its cellular therapies will depend on the amount and timing of cash receipts from future financing activities. There can be no assurance as to the availability or terms upon which such financing and capital might be available. As of June 30, 2019, the Company had $14,272,582 of cash on hand. As a result of the cash on hand, the Company believes it currently has sufficient cash to meet its funding requirements over the next twelve months following the issuance of this Quarterly Report on Form 10-Q. However, the Company has experienced and continues to experience negative cash flows from operations, as well as an ongoing requirement for substantial additional capital investment. The Company expects that it may need to raise additional capital to accomplish its business plan over the next several years. If additional funding is required, the Company expects to seek to obtain that funding through private equity or convertible debt. There can be no assurance as to the availability or terms upon which such financing and capital might be available. The accompanying unaudited consolidated financial statements have been prepared in conformity with US GAAP, which contemplates continuation of the Company as a going concern, which is dependent upon the Company’s ability to establish itself as a profitable business. Recent Accounting Standards Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board's Accounting Standards Codification. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which supersedes ASC Topic 840, Leases, and creates a new topic, ASC Topic 842, Leases. ASU 2016-02 requires lessees to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. ASU 2016-02 also expands the required quantitative and qualitative disclosures surrounding leases. ASU 2016-02 is effective for the Company beginning January 1, 2019. Early adoption is permitted. The Company has determined that the adoption of ASU 2016-02 did not have an impact on its consolidated financial statements. The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable, the Company has not identified any standards that the Company believes merit further discussion other than as discussed above. The Company believes that none of the new standards will have a significant impact on the financial statements. Earnings (Loss) Per Share The Company presents both basic and diluted earnings per share ("EPS") amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. The Company has not included the effects of warrants, stock options and convertible debt on net loss per share because to do so would be antidilutive. Following is the computation of basic and diluted net loss per share for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders' $ (547,504 ) $ (465,479 ) $ (1,066,770 ) $ (1,114,626 ) Denominator: Weighted average number of common shares outstanding 87,175,522 76,840,522 87,175,522 76,668,585 Basic and diluted EPS $ (0.01 ) $ (0.01 ) $ (0.01 ) $ (0.01 ) The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented: Stock options 317,500 357,500 317,500 357,500 Warrants 13,346,912 3,011,912 13,346,912 3,011,912 Convertible debt – 670,757 – 670,757 Total shares not included in the computation of diluted losses per share 13,664,412 4,040,169 13,664,412 4,040,169

Assets - Intellectual Property

Assets - Intellectual Property	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Assets - Intellectual Property	Note 2. Assets – Intellectual Property On July 12, 2013, the Company, together with its wholly owned subsidiary, RenovaCare Sciences, entered into an asset purchase agreement (“APA”) with Dr. Jörg Gerlach, MD, PhD, pursuant to which RenovaCare Sciences purchased all of Dr. Gerlach’s rights, title and interest in the CellMist TM

Common Stock and Warrants

Common Stock and Warrants	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Common Stock and Warrants	Note 3. Common Stock and Warrants Common Stock At June 30, 2019, the Company had 500,000,000 authorized shares of common stock with a par value of $0.00001 per share, 87,175,522 shares of common stock outstanding and 19,440,765 shares reserved for issuance under the Company’s 2013 Long-Term Incentive Plan (the “2013 Plan”) as adopted and approved by the Company’s Board of Directors (the “Board”) on June 20, 2013 that provides for the grant of stock options to employees, directors, officers and consultants. No stock awards were made during the six months ended June 30, 2019. See “Note 4. Stock Options” for further discussion. Warrants The following table summarizes information about warrants outstanding at June 30, 2019 and December 31, 2018: Shares of Common Stock Issuable Weighted June 30, December 31, Average Description 2019 2018 Exercise Price Expiration Series A 240,000 240,000 $ 0.35 July 12, 2019 Series D 810,000 810,000 $ 1.10 June 5, 2020 Series E 584,416 584,416 $ 1.54 September 8, 2021 Series F 7,246 7,246 $ 3.45 February 23, 2022 & March 9, 2022 Series G 460,250 460,250 $ 2.68 July 21, 2022 Series H 910,000 910,000 $ 2.75 October 16, 2022 Series I 10,335,000 10,335,000 $ 2.00 November 26, 2025 Total 13,346,912 13,346,912

Stock Options

Stock Options	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock Options	Note 4. Stock Options The following table summarizes stock option activity for the period ended June 30, 2019: Number of Weighted Weighted Aggregate Outstanding at December 31, 2018 317,500 3.41 Outstanding at June 30, 2019 317,500 3.41 7.18 16,625 Exercisable at June 30, 2019 317,500 3.41 7.18 16,625 There were no options granted during the six months ended June 30, 2019. The share-based compensation cost resulting from stock option grants, including those previously granted and vesting over time is expensed ratably over the respective vesting periods. During the three months ended June 30, 2019 and 2018, the Company recognized $0 and $47,649, respectively, in share-based compensation related to stock options. During the six months ended June 30, 2018 and 2017, the Company recognized $832 and $170,146, respectively, in share-based compensation related to stock options. As of June 30, 2019, the Company had no unrecognized compensation cost related to unvested stock options. Stock-based compensation has been included in the unaudited consolidated statement of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ – $ 7,091 $ – $ 27,966 General and administrative – 40,558 832 142,180 Total $ – $ 47,649 $ 832 $ 170,146 The following table summarizes information about stock options outstanding and exercisable at June 30, 2019: Stock Options Outstanding Stock Options Exercisable Range of Number of Weighted Weighted Number Weighted Weighted 1.05 55,000 4.76 1.05 55,000 4.76 1.05 1.25 7,500 5.96 1.25 7,500 5.96 1.25 1.34 7,500 6.01 1.34 7,500 6.01 1.34 1.70 7,500 6.30 1.70 7,500 6.30 1.70 2.28 7,500 7.06 2.28 7,500 7.06 2.28 4.20 232,500 7.87 4.20 232,500 7.87 4.20 Total 317,500 7.18 $ 3.41 317,500 7.18 $ 3.41

Commitments

Commitments	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments	Note 5. Commitments In connection with the Company’s anticipated regulatory filings and ongoing investigations of new product development and expanded clinical indications, the Company has engaged StemCell Systems GmbH (“StemCell Systems”) to provide design and engineering services, prototypes, testing, and documentation under various agreements. Pursuant to these engagements the Company incurred expenses of $85,175 and $13,169 in during the three months ended June 30, 2019 and 2018, respectively, and $161,775 and $25,184 during the six months ended June 30, 2019 and 2018, respectively. Dr. Gerlach, from whom the Company purchased the CellMist TM On June 3, 2019, the Company entered into a Charitable Gift Agreement with the University of Pittsburgh (the " University Grant TM technology, is a professor at the University. See also “Note 6. Related Party Transactions.”

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 6. Related Party Transactions As compensation for his service on the Board, Dr. Kirkland receives an annual retainer of $6,000, payable in equal quarterly installments in arrears. Additionally, on March 15, 2016, the Company granted to Dr. Kirkland an incentive stock option to purchase up to 50,000 shares of the Company’s common stock at an exercise price of $1.91 per share; and on May 11, 2017, the Company granted to Dr. Kirkland an incentive stock option to purchase up to 75,000 shares of the Company’s common stock at an exercise price of $4.20 per share. The 50,000 options granted on March 15, 2016 became fully vested upon grant and the 75,000 options granted on May 11, 2017 vested 50% on the date of grant and 50% one year hence. The options may be exercised on a “cashless basis”. On February 22, 2018, Dr. Kirkland exercised all 50,000 of the March 15, 2016 option grant on a cashless basis and received 41,033 shares of common stock. He has not exercised his May 11, 2017 options. Compensation expense of $13,509 and $43,163 was recorded with respect to the May 11, 2017 grant during the three and six months ended June 30, 2018, respectively. No compensation costs were recorded in 2019 due to completion of vesting on May 11, 2018. In connection with the Company’s anticipated FDA and other regulatory filings, the Company engaged StemCell Systems to provide it with prototypes and related documents. Pursuant to these engagements the Company incurred expenses of $85,175 and $13,169 in during the three months ended June 30, 2019 and 2018, respectively, and $161,775 and $25,184 during the six months ended June 30, 2019 and 2018, respectively. Dr. Gerlach, from whom the Company purchased the CellMist TM Dr. Gerlach is entitled to payments for consulting services. During the three months ended June 30, 2019 and 2018, the Company recognized expenses related to Dr. Gerlach services of $0 and $8,000, respectively, and $0 and $15,020 during the six months ended June 30, 2019 and 2018, respectively. Accounts payable to Dr. Gerlach amounted to $0 at June 30, 2019 and December 31, 2018. On August 1, 2013, the Company entered into a consulting agreement, as amended on May 1, 2016, with Jatinder Bhogal, an individual owning in excess of 5% of our issued and outstanding shares of common stock, to provide consulting services to the Company through his wholly owned company, Vector Asset Management, Inc. (“VAM”). Pursuant to the consulting agreement Vector assisted the Company with identifying subject matter experts in the medical device and biotechnology industries and assisted the Company with the ongoing research, development, patents, and strategic positioning of its technologies. Pursuant to an amendment dated May 1, 2016, the VAM monthly consulting fee was increased from $5,000 to $6,800. On June 22, 2018, the Company and VAM entered into an Executive Consulting Agreement (“ECA”) whereby Mr. Bhogal will serve as the Company’s Chief Operating Officer. The ECA supersedes the prior consulting agreement. Pursuant to the ECA, VAM will receive compensation of $120,000 per year. During the three months ended June 30, 2019 and 2018, the Company recognized expenses of $30,000 and $23,067, respectively, and $60,000 and $43,467 during the six months ended June 30, 2019 and 2018, respectively, for consulting services provided by VAM. During the year ended December 31, 2018, the Company was offered executive office space located at 9375 E. Shea Blvd., Suite 107-A, Scottsdale, AZ 85260 for consideration of $1 per year. The executive office space is owned indirectly by Harmel S. Rayat, the Company’s majority shareholder and Chairman and CEO. On November 26, 2018, the Company entered into Subscription Agreements with KCC for the purchase and sale of 10,335,000 Units of the Company's equity securities at a price of $1.50 per Unit, pursuant to a private placement offering conducted by the Company for (i) aggregate cash proceeds of $14,407,500 and (ii) conversion of $1,095,000 principal amount of outstanding loan indebtedness. The unpaid interest related to the loan indebtedness totaled $167,497 and is reflected on our balance sheet as a non-interest bearing liability. Each Unit consisted of: (i) one (1) share of common stock; and (ii) one (1) Series I Stock Purchase Warrant to purchase one (1) share of common stock at a price of $2.00 per share for a period of seven (7) years commencing on the date the Warrants were first issued. The Series I Warrants do not have a cashless exercise provision. KCC does not have any registration rights with respect to the shares comprising a part of the Units or issuable upon exercise of the Series I Warrants. On June 3, 2019, the Company entered into a Charitable Gift Agreement with the University of Pittsburgh (the " University Grant TM technology, is a professor at the University.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 7. Subsequent Events Management has reviewed material events subsequent of the period ended June 30, 2019 and prior to the filing of financial statements in accordance with FASB ASC 855 “Subsequent Events”.

Basis of Presentation, Organi_2

Basis of Presentation, Organization, Nature and Continuance of Operations, Recent Accounting Standards and Earnings (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements of RenovaCare, Inc. and Subsidiary (the “ Company The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Actual results may differ from those estimates. The interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. In the opinion of management, the accompanying unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments (including normal recurring adjustments) necessary for the fair presentation of the Company’s financial position as of June 30, 2019, results of operations for the three and six months ended June 30, 2019 and 2018, and stockholders equity and cash flows for the six months ended June 30, 2019 and 2018. The Company did not record an income tax provision during the periods presented due to net taxable losses. The results of operations for any interim period are not necessarily indicative of the results of operations for the entire year.
Organization	Organization RenovaCare, Inc., together with its wholly owned subsidiary, focuses on the acquisition, research, development and, if warranted, commercialization of autologous (using a patient's own cells) cellular therapies that can be used for medical and aesthetic applications. On July 12, 2013, the Company, through its wholly owned subsidiary, RenovaCare Sciences Corp., completed the acquisition of its flagship technologies (collectively, the “ CellMist TM The CellMist TM CellMist TM SkinGun TM TM TM
Nature and Continuance of Operations	Nature and Continuance of Operations The Company does not have any commercialized products. The Company's activities have consisted principally of performing research and development activities and raising capital. These development activities are subject to significant risks and uncertainties, including possible failure of preclinical testing. The Company has not generated any revenue since inception and has sustained recurring losses and negative cash flows from operations since inception. The Company expects to incur losses as it continues development of its products and technologies and expects that it will need to raise additional capital through the sale of its securities to accomplish its business plan and failing to secure such additional funding before achieving sustainable revenue and profit from operations poses a significant risk. The Company's ability to fund the development of its cellular therapies will depend on the amount and timing of cash receipts from future financing activities. There can be no assurance as to the availability or terms upon which such financing and capital might be available. As of June 30, 2019, the Company had $14,272,582 of cash on hand. As a result of the cash on hand, the Company believes it currently has sufficient cash to meet its funding requirements over the next twelve months following the issuance of this Quarterly Report on Form 10-Q. However, the Company has experienced and continues to experience negative cash flows from operations, as well as an ongoing requirement for substantial additional capital investment. The Company expects that it may need to raise additional capital to accomplish its business plan over the next several years. If additional funding is required, the Company expects to seek to obtain that funding through private equity or convertible debt. There can be no assurance as to the availability or terms upon which such financing and capital might be available. The accompanying unaudited consolidated financial statements have been prepared in conformity with US GAAP, which contemplates continuation of the Company as a going concern, which is dependent upon the Company’s ability to establish itself as a profitable business.
Recent Accounting Standards	Recent Accounting Standards Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board's Accounting Standards Codification. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which supersedes ASC Topic 840, Leases, and creates a new topic, ASC Topic 842, Leases. ASU 2016-02 requires lessees to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. ASU 2016-02 also expands the required quantitative and qualitative disclosures surrounding leases. ASU 2016-02 is effective for the Company beginning January 1, 2019. Early adoption is permitted. The Company has determined that the adoption of ASU 2016-02 did not have an impact on its consolidated financial statements. The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable, the Company has not identified any standards that the Company believes merit further discussion other than as discussed above. The Company believes that none of the new standards will have a significant impact on the financial statements.
Earnings (Loss) Per Share	Earnings (Loss) Per Share The Company presents both basic and diluted earnings per share ("EPS") amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. The Company has not included the effects of warrants, stock options and convertible debt on net loss per share because to do so would be antidilutive. Following is the computation of basic and diluted net loss per share for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders' $ (547,504 ) $ (465,479 ) $ (1,066,770 ) $ (1,114,626 ) Denominator: Weighted average number of common shares outstanding 87,175,522 76,840,522 87,175,522 76,668,585 Basic and diluted EPS $ (0.01 ) $ (0.01 ) $ (0.01 ) $ (0.01 ) The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented: Stock options 317,500 357,500 317,500 357,500 Warrants 13,346,912 3,011,912 13,346,912 3,011,912 Convertible debt – 670,757 – 670,757 Total shares not included in the computation of diluted losses per share 13,664,412 4,040,169 13,664,412 4,040,169

Basis of Presentation, Organi_3

Basis of Presentation, Organization, Nature and Continuance of Operations, Recent Accounting Standards and Earnings (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of computation of basic and diluted net loss per share	Following is the computation of basic and diluted net loss per share for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders' $ (547,504 ) $ (465,479 ) $ (1,066,770 ) $ (1,114,626 ) Denominator: Weighted average number of common shares outstanding 87,175,522 76,840,522 87,175,522 76,668,585 Basic and diluted EPS $ (0.01 ) $ (0.01 ) $ (0.01 ) $ (0.01 ) The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented: Stock options 317,500 357,500 317,500 357,500 Warrants 13,346,912 3,011,912 13,346,912 3,011,912 Convertible debt – 670,757 – 670,757 Total shares not included in the computation of diluted losses per share 13,664,412 4,040,169 13,664,412 4,040,169

Common Stock and Warrants (Tabl

Common Stock and Warrants (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Summary of warrants outstanding	The following table summarizes information about warrants outstanding at June 30, 2019 and December 31, 2018: Shares of Common Stock Issuable Weighted June 30, December 31, Average Description 2019 2018 Exercise Price Expiration Series A 240,000 240,000 $ 0.35 July 12, 2019 Series D 810,000 810,000 $ 1.10 June 5, 2020 Series E 584,416 584,416 $ 1.54 September 8, 2021 Series F 7,246 7,246 $ 3.45 February 23, 2022 & March 9, 2022 Series G 460,250 460,250 $ 2.68 July 21, 2022 Series H 910,000 910,000 $ 2.75 October 16, 2022 Series I 10,335,000 10,335,000 $ 2.00 November 26, 2025 Total 13,346,912 13,346,912

Stock Options (Tables)

Stock Options (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Summary of stock option activity	The following table summarizes stock option activity for the period ended June 30, 2019: Number of Weighted Weighted Aggregate Outstanding at December 31, 2018 317,500 3.41 Outstanding at June 30, 2019 317,500 3.41 7.18 16,625 Exercisable at June 30, 2019 317,500 3.41 7.18 16,625
Summary of consolidated statement of operations	Stock-based compensation has been included in the unaudited consolidated statement of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ – $ 7,091 $ – $ 27,966 General and administrative – 40,558 832 142,180 Total $ – $ 47,649 $ 832 $ 170,146
Summary of stock options outstanding and exercisable	The following table summarizes information about stock options outstanding and exercisable at June 30, 2019: Stock Options Outstanding Stock Options Exercisable Range of Number of Weighted Weighted Number Weighted Weighted 1.05 55,000 4.76 1.05 55,000 4.76 1.05 1.25 7,500 5.96 1.25 7,500 5.96 1.25 1.34 7,500 6.01 1.34 7,500 6.01 1.34 1.70 7,500 6.30 1.70 7,500 6.30 1.70 2.28 7,500 7.06 2.28 7,500 7.06 2.28 4.20 232,500 7.87 4.20 232,500 7.87 4.20 Total 317,500 7.18 $ 3.41 317,500 7.18 $ 3.41

Basis of Presentation, Organi_4

Basis of Presentation, Organization, Nature and Continuance of Operations, Recent Accounting Standards and Earnings (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Loss available to common stockholders'	$ (547,504)	$ (519,266)	$ (465,479)	$ (649,147)	$ (1,066,770)	$ (1,114,626)
Denominator:
Weighted average number of common shares outstanding	87,175,522		76,840,522		87,175,522	76,668,585
Basic and diluted EPS	$ (0.01)		$ (0.01)		$ (0.01)	$ (0.01)
The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented:
Total shares not included in the computation of diluted losses per share	13,664,412		4,040,169		13,664,412	4,040,169
Stock options [Member]
The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented:
Total shares not included in the computation of diluted losses per share	317,500		357,500		317,500	357,500
Warrants [Member]
The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented:
Total shares not included in the computation of diluted losses per share	13,346,912		3,011,912		13,346,912	3,011,912
Convertible debt [Member]
The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented:
Total shares not included in the computation of diluted losses per share			670,757			670,757

Basis of Presentation, Organi_5

Basis of Presentation, Organization, Nature and Continuance of Operations, Recent Accounting Standards (Details Narrative) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 14,272,582	$ 15,397,524	$ 1,953,490	$ 2,906,237

Assets - Intellectual Property

Assets - Intellectual Property (Details Narrative) - USD ($)	1 Months Ended
	Jul. 31, 2013	Jun. 30, 2019	Dec. 31, 2018
Intangible Assets		$ 152,854	$ 152,854
Asset purchase agreement [Member] | Dr. Gerlach [Member]
Acquisition related costs	$ 52,852
Closing cash payment	$ 100,002

Common Stock and Warrants (Deta

Common Stock and Warrants (Details) - $ / shares	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Series A [Member]
Shares of Common Stock Issuable from Warrants Outstanding	240,000	240,000
Weighted Average Exercise Price	$ 0.35	$ 0.35
Expiration	Jul. 12, 2019
Series D [Member]
Shares of Common Stock Issuable from Warrants Outstanding	810,000	810,000
Weighted Average Exercise Price	$ 1.1	$ 1.1
Expiration	Jun. 5, 2020
Series E [Member]
Shares of Common Stock Issuable from Warrants Outstanding	584,416	584,416
Weighted Average Exercise Price	$ 1.54	$ 1.54
Expiration	Sep. 8, 2021
Series F [Member]
Shares of Common Stock Issuable from Warrants Outstanding	7,246	7,246
Weighted Average Exercise Price	$ 3.45	$ 3.45
Series G [Member]
Shares of Common Stock Issuable from Warrants Outstanding	460,250	460,250
Weighted Average Exercise Price	$ 2.68	$ 2.68
Expiration	Jul. 21, 2022
Series H [Member]
Shares of Common Stock Issuable from Warrants Outstanding	910,000	910,000
Weighted Average Exercise Price	$ 2.75	$ 2.75
Expiration	Oct. 16, 2022
Series I [Member]
Shares of Common Stock Issuable from Warrants Outstanding	10,335,000	10,335,000
Weighted Average Exercise Price	$ 2	$ 2
Expiration	Nov. 26, 2025
Warrants [Member]
Shares of Common Stock Issuable from Warrants Outstanding	13,346,912	13,346,912
Minimum [Member] | Series F [Member]
Expiration	Feb. 23, 2022
Maximum [Member] | Series F [Member]
Expiration	Mar. 9, 2022

Common Stock and Warrants (De_2

Common Stock and Warrants (Details Narrative) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Equity [Abstract]
Common stock, Authorized	500,000,000	500,000,000
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares outstanding	87,175,522	87,175,522
Number of shares available for grant under incentive plan	19,440,765

Stock Options (Details )

Stock Options (Details )	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares
Share-based Payment Arrangement [Abstract]
Number of Options outstanding - beginning balance | shares	317,500
Number of Options oustanding - ending balance | shares	317,500
Number of Options Exercisable | shares	317,500
Weighted average exercise price, Outstanding - beginning balance | $ / shares	$ 3.41
Weighted average exercise price, Outstanding - ending balance | $ / shares	3.41
Weighted average exercise price, Exercisable | $ / shares	$ 3.41
Weighted Average Remaining Contractual Term, Oustanding	7 years 2 months 5 days
Weighted Average Remaining Contractual Term, Exercisable	7 years 2 months 5 days
Aggregate intrinsic value, Oustanding | $	$ 16,625
Aggregate intrinsic value, Exercisable | $	$ 16,625

Stock Options (Details 1)

Stock Options (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Total		$ 47,649	$ 832	$ 170,146
Stock Option [Member] | Research and development[Member]
Total		7,091		27,966
Stock Option [Member] | General and administrative [Member]
Total		$ 40,558	$ 832	$ 142,180

Stock Options (Details 2)

Stock Options (Details 2)	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Number of Shares Subject to Outstanding Options | shares	317,500
Weighted Average Contractual Life (years)	7 years 2 months 5 days
Weighted Average Exercise Price	$ 3.41
Number of Shares Subject To Options Exercise | shares	317,500
Weighted Average Remaining Contractual Life (Years)	7 years 2 months 5 days
Weighted Average Exercise Price	$ 3.41
Exercise Price Range One [Member]
Range of Exercise Prices	$ 1.05
Number of Shares Subject to Outstanding Options | shares	55,000
Weighted Average Contractual Life (years)	4 years 9 months 3 days
Weighted Average Exercise Price	$ 1.05
Number of Shares Subject To Options Exercise | shares	55,000
Weighted Average Remaining Contractual Life (Years)	4 years 9 months 3 days
Weighted Average Exercise Price	$ 1.05
Exercise Price Range Two [Member]
Range of Exercise Prices	$ 1.25
Number of Shares Subject to Outstanding Options | shares	7,500
Weighted Average Contractual Life (years)	5 years 11 months 15 days
Weighted Average Exercise Price	$ 1.25
Number of Shares Subject To Options Exercise | shares	7,500
Weighted Average Remaining Contractual Life (Years)	5 years 11 months 15 days
Weighted Average Exercise Price	$ 1.25
Exercise Price Range Three [Member]
Range of Exercise Prices	$ 1.34
Number of Shares Subject to Outstanding Options | shares	7,500
Weighted Average Contractual Life (years)	6 years 4 days
Weighted Average Exercise Price	$ 1.34
Number of Shares Subject To Options Exercise | shares	7,500
Weighted Average Remaining Contractual Life (Years)	6 years 4 days
Weighted Average Exercise Price	$ 1.34
Exercise Price Range Four [Member]
Range of Exercise Prices	$ 1.70
Number of Shares Subject to Outstanding Options | shares	7,500
Weighted Average Contractual Life (years)	6 years 3 months 19 days
Weighted Average Exercise Price	$ 1.70
Number of Shares Subject To Options Exercise | shares	7,500
Weighted Average Remaining Contractual Life (Years)	6 years 3 months 19 days
Weighted Average Exercise Price	$ 1.70
Exercise Price Range Five [Member]
Range of Exercise Prices	$ 2.28
Number of Shares Subject to Outstanding Options | shares	7,500
Weighted Average Contractual Life (years)	7 years 22 days
Weighted Average Exercise Price	$ 2.28
Number of Shares Subject To Options Exercise | shares	7,500
Weighted Average Remaining Contractual Life (Years)	7 years 22 days
Weighted Average Exercise Price	$ 2.28
Exercise Price Range Six [Member]
Range of Exercise Prices	$ 4.20
Number of Shares Subject to Outstanding Options | shares	232,500
Weighted Average Contractual Life (years)	7 years 10 months 14 days
Weighted Average Exercise Price	$ 4.20
Number of Shares Subject To Options Exercise | shares	232,500
Weighted Average Remaining Contractual Life (Years)	7 years 10 months 14 days
Weighted Average Exercise Price	$ 4.20

Stock Options (Details Narrativ

Stock Options (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Payment Arrangement [Abstract]
Stock based compensation expense	$ 0	$ 47,649	$ 832	$ 170,146

Commitments (Details Narrative)

Commitments (Details Narrative) - USD ($)	Jun. 03, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Company agreement expense		$ 85,175	$ 13,169	$ 161,775	$ 25,184
Charitable Gift Agreement | University of Pittsburgh
Donation	$ 250,000
Payment of donations				62,500
Gifts remaining		$ 187,500		$ 187,500

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Jun. 03, 2019	Nov. 26, 2018	Jun. 22, 2018	Feb. 22, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	May 11, 2017	Mar. 15, 2016
Number of option exercised							317,500
Company agreement expense					$ 85,175	$ 13,169	$ 161,775	$ 25,184
Dr. Kirkland [Member]
Annual retainer payable										$ 6,000
Common stock shares reserved under stock option plan									75,000	50,000
Exercise price									$ 4.20	$ 1.91
Number of stock option granted									75,000	50,000
Number of option exercised				50,000
Number of common stock issued				41,033
Compensation expense					0	13,509	0	43,163
Gerlach [Member]
Consulting services, expense					0	8,000	0	15,020
Accounts payable to related parties					0	0	0	0
Vector Asset Management, Inc [Member]
Compensation expense			$ 120,000
Consulting services, expense					30,000	$ 23,067	60,000	$ 43,467
Kalen Capital Corporation [Member]
Number of equity security for sale		10,335,000
Proceeds from sale of stock		$ 14,407,500
Sale price per share		$ 1.50
Shares issued for convertible debt, amount		$ 1,095,000
Loan interest unpaid		$ 167,497
University of Pittsburgh | Charitable Gift Agreement
Donation	$ 250,000
Payment of donations							62,500
Gifts remaining					$ 187,500		$ 187,500