RenovaCare (RCAR) 10-K 31 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 30, 2021	Jun. 30, 2020
Document And Entity Information
Entity Registrant Name	Renovacare, Inc.
Entity Central Index Key	0001016708
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity File Number	000-30156
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	NV
Entity Public Float			$ 41,964,279
Entity Common Stock, Shares Outstanding		87,352,364
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 7,412,969	$ 12,185,248
Other current assets	566,275	102,500
Total current assets	7,979,244	12,287,748
Fixed assets, net	38,640	0
Intangible assets	152,854	152,854
Security deposit	7,995	0
Right of use asset	79,462	0
Other assets	137,749	0
Total assets	8,395,944	12,440,602
Current liabilities
Accounts payable and accrued expenses	1,237,437	169,044
Accounts payable - related parties	0	111,696
Operating lease liability	51,125	0
Total current liabilities	1,288,562	280,740
Operating lease liability	28,607	0
Total liabilities	1,317,169	280,740
Stockholders' equity
Preferred stock: $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock: $0.00001 par value; 500,000,000 shares authorized, 87,352,364 shares issued and outstanding at December 31, 2020 and 2019	874	874
Additional paid-in capital	36,846,082	32,378,833
Retained deficit	(29,768,181)	(20,219,845)
Total stockholders' equity	7,078,775	12,159,862
Total liabilities and stockholders' equity	$ 8,395,944	$ 12,440,602

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
STOCKHOLDERS' EQUITY
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, Authorized	10,000,000	10,000,000
Preferred stock, shares Issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, Authorized	500,000,000	500,000,000
Common stock, shares Issued	87,352,364	87,352,364
Common stock, shares outstanding	87,352,364	87,352,364

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue	$ 0	$ 0
Operating expense
Research and development	4,133,925	745,945
General and administrative	5,543,173	2,944,377
Total operating expenses	9,677,098	3,690,322
Loss from operations	(9,677,098)	(3,690,322)
Other income (expense)
Interest income	128,762	332,240
Total other income (expense)	128,762	332,240
Net loss	$ (9,548,336)	$ (3,358,082)
Basic and Diluted Loss per Common Share	$ (0.11)	$ (0.04)
Weighted average number of common shares outstanding - basic and diluted	87,352,364	87,237,053

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings	Total
Beginning Balance, Shares at Dec. 31, 2018	87,175,522
Beginning Balance, Amount at Dec. 31, 2018	$ 872	$ 32,187,580	$ (16,861,763)	$ 15,326,689
Issuance of common stock from the cashless exercise of warrants, Shares	176,842
Issuance of common stock from the cashless exercise of warrants, Amount	$ 2	(2)
Stock based compensation		191,255		191,255
Net loss			(3,358,082)	(3,358,082)
Ending Balance, Shares at Dec. 31, 2019	87,352,364
Ending Balance, Amount at Dec. 31, 2019	$ 874	32,378,833	(20,219,845)	12,159,862
Stock based compensation		4,206,252		4,206,252
Stock based compensation issued for prepaid services		260,997		260,997
Net loss			(9,548,336)	(9,548,336)
Ending Balance, Shares at Dec. 31, 2020	87,352,364
Ending Balance, Amount at Dec. 31, 2020	$ 874	$ 36,846,082	$ (29,768,181)	$ 7,078,775

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (9,548,336)	$ (3,358,082)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	2,633	264
Stock based compensation expense	4,206,252	191,255
Amortization of right of use asset	19,389	0
Changes in operating assets and liabilities:
(Increase) decrease in other current assets	(340,528)	66,207
Increase (Decrease) in accounts payable	1,068,394	(53,119)
Increase (decrease) in accounts payable - related parties	(111,696)	108,696
(Decrease) in interest payable - related parties	0	(167,497)
(Decrease) in lease liability	(19,119)	0
Net cash flows used in operating activities	(4,723,011)	(3,212,276)
Cash flows from investing activity
Payment for security deposit	(7,995)
Purchase of equipment	(41,273)	0
Net cash flows used in investing activities	(49,268)	0
Decrease in cash and cash equivalents	(4,772,279)	(3,212,276)
Cash and cash equivalents at beginning of year	12,185,248	15,397,524
Cash and cash equivalents at end of year	7,412,969	12,185,248
Supplemental disclosure of cash flow information:
Interest paid in cash	0	167,497
Supplemental disclosure of non-cash transactions:
Stock based compensation issued for prepaid services	$ 260,997	$ 0

Nature of operations

Nature of operations	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Note 1. Nature of operations	Note 1. Nature of operations RenovaCare, Inc., through its wholly owned subsidiary, RenovaCare Sciences Corp. (collectively, the “Company”) is a development-stage company focusing on the research, development and commercialization of autologous (using a patient’s own cells) cellular therapies that can be used for medical and aesthetic applications. RenovaCare, Inc. was incorporated on July 14, 1983 in the State of Utah under the name Far West Gold, Inc., and changed its domicile to Nevada in 1997. On January 7, 2014, the Company changed its name at the time from “Janus Resources, Inc.” to “RenovaCare, Inc.” so as to more fully reflect its current operations and business, and changed its trading symbol from “JANI” to “RCAR” effective as of January 9, 2014. On July 12, 2013, the Company completed the acquisition of its flagship technologies (collectively, the “ CellMist TM SkinGun TM encompassing improvements to the SkinGun™, expanding its potential application beyond the surgical setting into the field, and allowing the use of liquid suspension solutions to include drugs, hormones, and other useful agents. The CellMist TM CellMist TM SkinGun TM The CellMist™ System facilitates rapid healing of wounds or other afflicted tissues when applied topically as a gentle cell mist using the patented RenovaCare SkinGun™. The Company’s SkinGun™ is used to spray a liquid suspension of a patient’s stem cells – the CellMist™ Solution – on to wounds. As of December 31, 2020, the Company had a cash balance of $7,412,969. The Company anticipates that it will remain engaged in research and product development activities through at least December 31, 2022. Based on the Company’s current level of operations and expenditures, we believe that absent any modification or expansion of our existing research, development and testing activities, cash on hand as of December 31, 2020 will be sufficient to enable the Company to continue operation through the twelve months following the issuance of this Annual Report on Form 10-K. 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. The Company expects to seek to obtain funding through the sale of its equity or convertible debt. There can be no assurance as to the availability or terms upon which such financing and capital might be available. Additionally, there is significant uncertainty relating to the full impact of the COVID-19 pandemic on the Company’s operations and capital requirements. Should financing when needed be unavailable or prohibitively expensive or the COVID-19 pandemic continue, it may adversely affect the Company’s ability to (i) retain employees and consultants; (ii) obtain additional financing on terms acceptable to the Company, if at all; (iii) delay regulatory submissions and approvals; (iv) delay, limit or preclude the Company from the operation of clinical study sites and testing laboratories; (v) delay, limit or preclude the Company from achieving technology or product development goals, milestones, or objectives; and (vi) preclude or delay entry into joint venture or partnership arrangements. The occurrence of any one or more of such events may affect the Company’s ability to continue on its pathway to commercialization of its technology or products.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Note 2. Significant Accounting Policies	Note 2. Significant Accounting Policies Principles of Consolidation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences Corp. All intercompany transactions and balances have been eliminated. RenovaCare Sciences Corp. was incorporated under the laws of the State of Nevada on June 12, 2013. New 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 December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning in fiscal 2021. The Company does not expect ASU 2019-12 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. 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. Accounting Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates. Management utilizes various other estimates, including but not limited to, determining the estimated lives of long-lived assets, determining the potential impairment of intangibles, the fair value of warrants issued, the fair value of stock options and other legal claims and contingencies. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits. The Company did not have any cash equivalents as of December 31, 2020 and 2019. Fair Value of Financial Instruments The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820, “Fair Value Measurements”. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability. As of December 31, 2020 and 2019, the Company did not have any assets or liabilities that were measured at fair value on a recurring basis. The Company’s financial statements include cash and accounts payable which are short term in nature and, accordingly, approximate fair value. It is the Company’s policy to measure non-financial assets and liabilities at fair value on a nonrecurring basis. The instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (such as evidence of impairment), which if material, are disclosed in the accompanying notes. Research and Development Expenses The Company expenses research and development expenses to operations as incurred. Research and development expenses consist of (i) regulatory compliance, (ii) pilot-scale manufacturing of the Company’s cell isolations and SkinGun ™ The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development as expenses when the services have been performed or when the goods have been received rather than when the payment is made. Equipment Equipment is carried at cost, less accumulated depreciation and amortization. Major improvements are capitalized, while repair and maintenance are expensed when incurred. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period. Depreciation is computed on a straight-line basis over estimated useful lives of the related assets. The estimated useful lives of depreciable assets are: Estimated Useful Lives Office equipment 3 - 5 years Furniture & equipment 5 - 7 years Intangible Assets The Company’s intangible asset consists primarily of the CellMist TM The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technology's current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is more likely than not that the intangible asset related to the CellMist TM Stock-Based Compensation The Company grants options to purchase common stock to its employees, directors and consultants under its stock option plan. The Company values these share-based awards using the Black-Scholes option valuation model (the “Black-Sholes model”). The determination of fair value of share-based payment awards on the date of grant using the Black-Scholes model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. The variables include, expected term of the award, expected stock price volatility over the expected term of the awards and the risk-free interest rate. The Company accounts for forfeitures of share-based payment awards as they occur. Income Taxes The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credits and loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry-forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred tax assets to amounts expected to be realized. The Company reports a liability for unrecognized tax benefits resulting from uncertain income tax positions, if any, taken or expected to be taken in an income tax return. Estimated interest and penalties are recorded as a component of interest expense or other expense, respectively. Net 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 years ended December 31, 2020 and 2019: Years Ended 2020 2019 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders $ (9,548,336 ) $ (3,358,082 ) Denominator: Weighted average number of common shares outstanding 87,352,364 87,237,053 Basic and diluted EPS $ (0.11 ) $ (0.04 ) 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 5,895,570 2,317,500 Warrants 12,296,912 13,106,912 Total shares not included in the computation of diluted losses per share 18,192,482 15,424,412 Related Party Transactions A related party is generally defined as (i) any person who holds 10% or more of the Company's securities and their immediate families; (ii) the Company's management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is a related party transaction when there is a transfer of resources or obligations between related parties. See “Note 9. Related Party Transactions” for further discussion. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company maintains deposits in an accredited financial institution in excess of federally insured limits. The Company deposits its cash in a financial institution that it believes has high credit quality and has not experienced any losses on such account and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

Assets - Intellectual Property

Assets - Intellectual Property	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Note 3. Assets - Intellectual Property	Note 3. 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

Other Current Assets

Other Current Assets	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Note 4. Other Current Assets	Note 4. Other Current Assets Other current assets consist of the following: December 31, December 31, 2020 2019 Prepaid insurance $ 54,180 $ - Prepaid stock options for services 86,999 - Prepaid professional fees 65,000 90,000 Prepaid research and development expense 289,746 - Other prepaid costs 70,350 12,500 Total prepaid expenses $ 566,275 $ 102,500

Common Stock and Warrants

Common Stock and Warrants	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Note 5. Common Stock and Warrants	Note 5. Common Stock and Warrants Common Stock At December 31, 2020, the Company had 500,000,000 authorized shares of common stock with a par value of $0.00001 per share, 87,352,364 shares of common stock outstanding and 13,962,695 shares reserved for future issuances 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. See “Note 7. Stock Options” for further discussion. During the year ended December 31, 2020, the Company did not have any common stock transactions. During the year ended December 31, 2019 a consultant exercised Series A Warrants to purchase up to 240,000 shares of common stock, in a cashless exercise resulting in the issuance of 176,842 shares of common stock. Warrants The Company has issued warrants to purchase common stock at various exercise prices in connection with loan agreements and private placements. The following table summarizes information about warrants outstanding at December 31, 2020 and 2019: 44 Shares of Common Stock Issuable from Warrants Outstanding as of December 31, December 31, Description 2020 2019 Exercise Price Expiration Series D - 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 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 12,296,912 13,106,912

Stock Options

Stock Options	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Note 6. Stock Options	Note 6. Stock Options On June 20, 2013, the Company’s Board adopted the 2013 Long-Term Incentive Plan and on November 15, 2013, a stockholder owning a majority of the Company’s issued and outstanding stock approved adoption to the 2013 Plan. Pursuant to the terms of the 2013 Plan, an aggregate of 20,000,000 shares of the Company’s common stock have been reserved for issuance to the Company’s officers, directors, employees and consultants in order to attract and hire key technical personnel and management. Options granted to employees under the 2013 Plan, including directors and officers who are employees, may be incentive stock options or non-qualified stock options; options granted to others under the 2013 Plan are limited to non-qualified stock options. As of December 31, 2020, there were 13,962,695 shares available for future grants. The 2013 Plan is administered by the Board or a committee designated by the Board. Subject to the provisions of the 2013 Plan, the Board has the authority to determine the officers, employees and consultants to whom options will be granted, the number of shares covered by each option, vesting rights and the terms and conditions of each option that is granted to them; however, no person may be granted options to purchase more than 2,000,000 shares in any one fiscal year under the 2013 Plan, and the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000. Options granted pursuant to the 2013 Plan are exercisable no later than ten years after the date of grant. The exercise price per share of common stock for options granted under the 2013 Plan will be the fair market value of the Company's common stock on the date of grant, using the closing price of the Company's common stock on the last trading day prior to the date of grant, except for incentive stock options granted to a holder of ten percent or more of the Company's common stock, for whom the exercise price per share will not be less than 110% of the fair market value. No option can be granted under the 2013 Plan after June 20, 2023. The following table summarizes stock option activity for the year ended December 31, 2020: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value Outstanding at December 31, 2019 2,317,500 $ 3.41 5.68 $ 1,460,507 Grants 3,615,570 $ 2.31 Forfeited (37,500 ) $ 4.20 Outstanding at December 31, 2020 5,895,570 $ 2.45 5.14 $ 3,376,267 Vested and Exercisable at December 31, 2020 2,095,299 $ 2.06 5.06 $ 1,920,571 Unvested at December 31, 2020 3,800,271 $ 2.66 5.18 $ 1,455,696 46 The valuation methodology used to determine the fair value of stock options is the Black-Scholes Model. The Black Scholes Model requires the use of a number of assumptions including volatility of the stock price, the risk-free interest rate, and the expected term of the stock options. The ranges of assumptions used in the Black-Scholes Model during the years ended December 31, 2020 and 2019 are set forth in the table below: Years Ended December 31, 2020 2019 Risk-free interest rate 0.21- 1.67% 1.65 % Expected term in years 3.25 - 6.00 3.33 Weighted Avg. Expected Volatility 97.20 – 110.71% 102 % Expected dividend yield 0% 0 % The risk-free interest rate assumption is based upon observed interest rates on zero coupon U.S. Treasury bonds whose maturity period is appropriate for the expected term. Estimated volatility is a measure of the amount by which the stock price is expected to fluctuate each year during the term of an award. Our calculation of estimated volatility is based on historical stock prices over a period equal to the term of the awards. The average expected life is based on the contractual terms of the stock option using the simplified method. We utilize a dividend yield of zero based on the fact that we have never paid cash dividends and have no current intention to pay cash dividends. Future stock-based compensation may significantly differ based on changes in the fair value of our Common Stock and our estimates of expected volatility and the other relevant assumptions. The share-based compensation cost resulting from stock option grants, including those previously granted and vesting over time is expensed over the respective vesting periods. During the years December 31, 2020 and 2019, the Company recognized $4,206,252 and $191,255, respectively, in share-based compensation. As of December 31, 2020, the Company had $3,782,426 unrecognized compensation cost related to unvested stock options to be amortized through 2023. Stock-based compensation has been included in the consolidated statement of operations as follows: Years Ended December 31, 2020 2019 Research and development $ 1,536,168 $ - General and administrative 2,670,084 191,255 Total $ 4,206,252 $ 191,255

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Note 7. Leases	Note 7. Leases The Company determines if an arrangement is a lease, or contains a lease, at the inception of an arrangement. If the Company determines that the arrangement is a lease, or contains a lease, at lease inception, it then determines whether the lease is an operating lease or finance lease. Operating and finance leases result in recording a right-of-use (“ROU”) asset and lease liability on the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For purposes of calculating operating lease ROU assets and operating lease liabilities, the Company uses the non-cancellable lease term plus options to extend that it is reasonably certain to exercise. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. The Company’s leases generally do not provide an implicit rate. As such, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. The Company has elected not to separate lease and non-lease components for any class of underlying asset. In February 2020, the Company entered into a two-year lease for office premises located at 4 Becker Farm Road, Suite 105, Roseland, New Jersey. Monthly base rent in year one of the lease is $4,356; and $4,459 in year 2 of the lease. The term (and payment of the monthly rent) commences upon substantial completion of the landlord’s work, which was expected to occur on or before May 31, 2020. Due to the COVID-19 pandemic the lease term commenced on August 1, 2020. Supplemental lease information as of December 31, 2020: Right-of-use asset $ 79,462 Short-term operating lease liability $ 51,125 Long-term operating lease liability $ 28,607 Remaining term 1.6 years Discount rate 7 % The Company does not have any finance leases. Supplemental cash flow information for the nine months ended December 31, 2020: Cash paid for amount included in the measurement of lease liabilities for operating lease $ 26,134 Right-of-use asset obtained in exchange for lease obligation $ 98,402 The Company leases office space under a non-cancellable operating lease expiring in 2022. Future lease payments included in the measurement of lease liabilities on the balance sheet at December 31, 2020 for future periods are as follows: Years ending December 31, 2020, 2021 $ 52,787 2022 $ 31,213 Total future minimum lease payments $ 84,000 Less imputed interest $ 4,538 Total $ 79,462

Commitments

Commitments	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Note 8. Commitments	Note 8. Commitments In connection with the Company’s anticipated regulatory filings, the Company has engaged StemCell Systems GmbH (“StemCell Systems”) to provide it with prototypes and related documents under various agreements. On July 1, 2020, the Company and StemCell Systems entered into a Strategic R&D Agreement (“Strategic Agreement”) having an initial term of three years with successive one-year extensions unless earlier terminated. The Strategic Agreement includes a $25,000 monthly fee to paid to SCS along with any additional expenses incurred. The Company, StemCell Systems and certain affiliates of StemCells entered into a Rights of First Refusal and Corporate Opportunities Agreement (“the “ROFR Agreement”). Pursuant to the ROFR Agreement, (i) in the event a StemCell Systems stockholder receives an offer fro a third party to acquire the StemCell Systems stockholders ownership interest, the Company shall have ten business days to purchase such ownership, and (ii) if during the terms of the Strategic Agreement, any StemCell Systems inventions, with respect to skin, burns and wounds, designs, inventions and among other things, whether or not patentable, copyrightable or otherwise legally protectable are discovered by StemCell Systems, the Company shall have the first option to negotiate mutually agreeable terms for the Company’s acquisition or licensing of the StemCell Systems invenstions. Pursuant to these engagements the Company incurred expenses of approximately $480,000 and $310,000 during the years ended December 31, 2020 and 2019, respectively. On June 3, 2019, the Company entered into a Charitable Gift Agreement with the University of Pittsburgh (“University”), pursuant to which the Company committed to provide a charitable donation to the University in the agreement amount of $250,000 (the “Grant”). The Company will pay the Grant in four quarterly installments with the first payment made on or before July 1, 2019. During the years ended December 31, 2020 and 2019, the Company made payments totaling $125,000 and $125,000, respectively. As of December 31, 2020 the Company’s obligation under the Grant has been satisfied.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Note 9. Related Party Transactions	Note 9. Related Party Transactions During the year ended December 31, 2020, Talia Jevan Properties, Inc. made payments totaling $10,811 to Stephen Yan-Klassen, former CFO, for his salary on behalf of the Company. Talia Jevan Properties, Inc. is a related party of Harmel Rayat, former Chairman of the Board. The total compensation Talia Jevan Properties, Inc. made to Stephen Yan-Klassen during the years ended December 30, 2020 and 2019 was $10,811 and $22,583, respectively. 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 the Company’s 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 VAM assisted the Company with identifying subject matter experts in the medical device and biotechnology industries and assisted the Company with its ongoing research, development and eventual commercialization of its Regeneration Technology. 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”) pursuant to which Mr. Bhogal served 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. On July 1, 2020 the Company amended the agreement and paid VAM $4,000 monthly through November 30, 2020 and $200 per month thereafter until May 31, 2021 at which time the agreement will expire. During the years ended December 31, 2020 and 2019, the Company recognized expenses of $84,000 and $120,000 for consulting services provided by VAM. Jatinder Bhogal resigned as the Company’s COO effective June 30, 2020. Kalen Capital Corporation (“KCC”) is wholly owned by Mr. Harmel Rayat, the former Chairman of the Board. On April 1, 2020 KCC provided a short-term advance of $50,000 to the Company. The short-term advance was repaid by the Company to KCC in July 2020. The Company paid KCC $65,156 for reimbursable expenses in October 2020.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Note 10. Income Taxes	Note 10. Income Taxes Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. There is no current or deferred tax expense for 2020 and 2019, due to the Company’s loss position. Realization of the future tax benefits related to the deferred tax assets is dependent on many factors, including the Company’s ability to generate taxable income within the net operating loss carryforward period. Management has considered these factors in reaching its conclusion as to the valuation allowance for financial reporting purposes and has recorded a full valuation allowance against the deferred tax asset. The income tax effect of temporary differences comprising the deferred tax assets and deferred tax liabilities is a result of the following at December 31: 2020 2019 Deferred tax assets (liability): Net operating loss and contribution carryforwards $ 4,677,000 $ 3,838,000 Fixed asset 1,000 — Intangible asset (16,000 ) (14,000 ) Capital loss carryforward — — Charitable contributions 53,000 — Stock-based compensation 696,000 248,000 5,411,000 4,072,000 Valuation allowance (5,411,000 ) (4,072,000 ) Net deferred tax assets $ — $ — The 2020 increase in the valuation allowance was $1,339,000 compared to an increase of $711,000 in 2019. The Company has available net operating loss and contribution carryforwards of approximately $22,272,000 for tax purposes to offset future taxable income which $10,003,000 incurred prior to 2018 expire through the year 2037 while $12,269,000 incurred subsequent do not expire. Pursuant to the Tax Reform Act of 1986, annual utilization of the Company’s net operating loss and contribution carryforwards may be limited if a cumulative change in ownership of more than 50% is deemed to occur within any three-year period. The tax years 2017 through 2020 remain open to examination by federal agencies and other jurisdictions in which it operates. A reconciliation between the statutory federal income tax rate and the effective rate of income tax expense for the years ended December 31 follows: 2020 2019 Statutory federal income tax rate 21 % 21 % Permanent differences and other (3.91 )% 0 % NOL expirations (3.10 ) True-up 0.03 Valuation allowance (14.02 )% (21 )% Total 0 % 0 %

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Note 11. Subsequent Events	Note 11. Subsequent Events Management has reviewed material events subsequent of the period ended December 31, 2020 and prior to the filing of financial statements in accordance with FASB ASC 855 “Subsequent Events.” On March 25, 2020, Mr. Alan L. Rubino, notified the Board of Directors of his decision to resign as the Company’s Chairman, President and Chief Executive Officer effective immediately due to his desire to retire from full-time employment. On March 26, 2021, the Board of Directors appointed Kaiyo Nedd, M.D. as the Company’s President and Chief Executive Officer and Mr. Harmel S. Rayat as the Company’s Chairman. On March 26, 2020, Mr. Rubino and the Company entered into a Separation and Release of Claims Agreement (the “Separation Agreement”). Pursuant to the Separation Agreement, Mr. Rubino will provide transitional consulting and advisory services for a period of six months. As consideration for the entering into the Separation Agreement, Mr. Rubino will (i) receive an amount equal to his base salary through September 26, 2021 and (ii) the Company will provide health insurance coverage through June 30, 2021. Additionally, pursuant to the Separation Agreement, Mr. Rubino has forfeited his rights to any and all vested and unvested stock options.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Significant Accounting Policies Policies
Principles of Consolidation	Principles of Consolidation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences Corp. All intercompany transactions and balances have been eliminated. RenovaCare Sciences Corp. was incorporated under the laws of the State of Nevada on June 12, 2013.
New Accounting Standards	New 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 December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning in fiscal 2021. The Company does not expect ASU 2019-12 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. 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.
Accounting Estimates	Accounting Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates. Management utilizes various other estimates, including but not limited to, determining the estimated lives of long-lived assets, determining the potential impairment of intangibles, the fair value of warrants issued, the fair value of stock options and other legal claims and contingencies.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits. The Company did not have any cash equivalents as of December 31, 2020 and 2019.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820, “Fair Value Measurements”. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability. As of December 31, 2020 and 2019, the Company did not have any assets or liabilities that were measured at fair value on a recurring basis. The Company’s financial statements include cash and accounts payable which are short term in nature and, accordingly, approximate fair value. It is the Company’s policy to measure non-financial assets and liabilities at fair value on a nonrecurring basis. The instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (such as evidence of impairment), which if material, are disclosed in the accompanying notes.
Research and Development Expenses	Research and Development Expenses The Company expenses research and development expenses to operations as incurred. Research and development expenses consist of (i) regulatory compliance, (ii) pilot-scale manufacturing of the Company’s cell isolations and SkinGun ™ The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development as expenses when the services have been performed or when the goods have been received rather than when the payment is made.
Equipment	Equipment Equipment is carried at cost, less accumulated depreciation and amortization. Major improvements are capitalized, while repair and maintenance are expensed when incurred. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period. Depreciation is computed on a straight-line basis over estimated useful lives of the related assets. The estimated useful lives of depreciable assets are: Estimated Useful Lives Office equipment 3 - 5 years Furniture & equipment 5 - 7 years
Intangible Assets	Intangible Assets The Company’s intangible asset consists primarily of the CellMist TM The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technology's current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is more likely than not that the intangible asset related to the CellMist TM
Stock-Based Compensation	Stock-Based Compensation The Company grants options to purchase common stock to its employees, directors and consultants under its stock option plan. The Company values these share-based awards using the Black-Scholes option valuation model (the “Black-Sholes model”). The determination of fair value of share-based payment awards on the date of grant using the Black-Scholes model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. The variables include, expected term of the award, expected stock price volatility over the expected term of the awards and the risk-free interest rate. The Company accounts for forfeitures of share-based payment awards as they occur.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credits and loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry-forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred tax assets to amounts expected to be realized. The Company reports a liability for unrecognized tax benefits resulting from uncertain income tax positions, if any, taken or expected to be taken in an income tax return. Estimated interest and penalties are recorded as a component of interest expense or other expense, respectively.
Net Loss Per Share	Net 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 years ended December 31, 2020 and 2019: Years Ended 2020 2019 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders $ (9,548,336 ) $ (3,358,082 ) Denominator: Weighted average number of common shares outstanding 87,352,364 87,237,053 Basic and diluted EPS $ (0.11 ) $ (0.04 ) 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 5,895,570 2,317,500 Warrants 12,296,912 13,106,912 Total shares not included in the computation of diluted losses per share 18,192,482 15,424,412
Related Party Transactions	Related Party Transactions A related party is generally defined as (i) any person who holds 10% or more of the Company's securities and their immediate families; (ii) the Company's management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is a related party transaction when there is a transfer of resources or obligations between related parties. See “Note 9. Related Party Transactions” for further discussion.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company maintains deposits in an accredited financial institution in excess of federally insured limits. The Company deposits its cash in a financial institution that it believes has high credit quality and has not experienced any losses on such account and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Significant Accounting Policies Tables
Summary of estimated useful lives of depreciable assets	The estimated useful lives of depreciable assets are: Estimated Useful Lives Office equipment 3 - 5 years Furniture & equipment 5 - 7 years
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 years ended December 31, 2020 and 2019: Years Ended 2020 2019 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders $ (9,548,336 ) $ (3,358,082 ) Denominator: Weighted average number of common shares outstanding 87,352,364 87,237,053 Basic and diluted EPS $ (0.11 ) $ (0.04 ) 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 5,895,570 2,317,500 Warrants 12,296,912 13,106,912 Total shares not included in the computation of diluted losses per share 18,192,482 15,424,412

Other Current Assets (Tables)

Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Other Current Assets	Other current assets consist of the following: December 31, December 31, 2020 2019 Prepaid insurance $ 54,180 $ - Prepaid stock options for services 86,999 - Prepaid professional fees 65,000 90,000 Prepaid research and development expense 289,746 - Other prepaid costs 70,350 12,500 Total prepaid expenses $ 566,275 $ 102,500

Common Stock and Warrants (Tabl

Common Stock and Warrants (Tables)	12 Months Ended
	Dec. 31, 2020
Common Stock And Warrants Tables
Summary of warrants outstanding	The following table summarizes information about warrants outstanding at December 31, 2020 and 2019: Shares of Common Stock Issuable from Warrants Outstanding as of December 31, December 31, Description 2020 2019 Exercise Price Expiration Series D - 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 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 12,296,912 13,106,912

Stock Options (Tables)

Stock Options (Tables)	12 Months Ended
	Dec. 31, 2020
Stock Options Tables
Summary of stock option activity	The following table summarizes stock option activity for the year ended December 31, 2020: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value Outstanding at December 31, 2019 2,317,500 $ 3.41 5.68 $ 1,460,507 Grants 3,615,570 $ 2.31 Forfeited (37,500 ) $ 4.20 Outstanding at December 31, 2020 5,895,570 $ 2.45 5.14 $ 3,376,267 Vested and Exercisable at December 31, 2020 2,095,299 $ 2.06 5.06 $ 1,920,571 Unvested at December 31, 2020 3,800,271 $ 2.66 5.18 $ 1,455,696
Summary of assumption of stock option activity	The ranges of assumptions used in the Black-Scholes Model during the years ended December 31, 2020 and 2019 are set forth in the table below: Years Ended December 31, 2020 2019 Risk-free interest rate 0.21- 1.67% 1.65 % Expected term in years 3.25 - 6.00 3.33 Weighted Avg. Expected Volatility 97.20 – 110.71% 102 % Expected dividend yield 0% 0 %
Summary of consolidated statement of operations	Stock-based compensation has been included in the consolidated statement of operations as follows: Years Ended December 31, 2020 2019 Research and development $ 1,536,168 $ - General and administrative 2,670,084 191,255 Total $ 4,206,252 $ 191,255

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of supplemental lease information	Supplemental lease information as of December 31, 2020: Right-of-use asset $ 79,462 Short-term operating lease liability $ 51,125 Long-term operating lease liability $ 28,607 Remaining term 1.6 years Discount rate 7 % Supplemental cash flow information for the nine months ended December 31, 2020: Cash paid for amount included in the measurement of lease liabilities for operating lease $ 26,134 Right-of-use asset obtained in exchange for lease obligation $ 98,402
Schedule of future lease payments	Future lease payments included in the measurement of lease liabilities on the balance sheet at December 31, 2020 for future periods are as follows: Years ending December 31, 2020, 2021 $ 52,787 2022 $ 31,213 Total future minimum lease payments $ 84,000 Less imputed interest $ 4,538 Total $ 79,462

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes Tables
Schedule of deferred tax assets and liabilities	The income tax effect of temporary differences comprising the deferred tax assets and deferred tax liabilities is a result of the following at December 31: 2020 2019 Deferred tax assets (liability): Net operating loss and contribution carryforwards $ 4,677,000 $ 3,838,000 Fixed asset 1,000 — Intangible asset (16,000 ) (14,000 ) Capital loss carryforward — — Charitable contributions 53,000 — Stock-based compensation 696,000 248,000 5,411,000 4,072,000 Valuation allowance (5,411,000 ) (4,072,000 ) Net deferred tax assets $ — $ —
Reconciliation of the statutory federal income tax expense (benefit)	A reconciliation between the statutory federal income tax rate and the effective rate of income tax expense for the years ended December 31 follows: 2020 2019 Statutory federal income tax rate 21 % 21 % Permanent differences and other (3.91 )% 0 % NOL expirations (3.10 ) True-up 0.03 Valuation allowance (14.02 )% (21 )% Total 0 % 0 %

Nature of operations (Details N

Nature of operations (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Warrant vest five equal installments
Cash and cash equivalents	$ 7,412,969	$ 12,185,248	$ 15,397,524

Significant Accounting Polici_4

Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2020
Office equipment [Member] | Minimum [Member]
Estimated Useful Lives	3 years
Office equipment [Member] | Maximum [Member]
Estimated Useful Lives	5 years
Furniture & equipment [Member] | Minimum [Member]
Estimated Useful Lives	5 years
Furniture & equipment [Member] | Maximum [Member]
Estimated Useful Lives	7 years

Significant Accounting Polici_5

Significant Accounting Policies (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Loss available to common stockholders'	$ (9,548,336)	$ (3,358,082)
Denominator:
Weighted average number of common shares outstanding	87,352,364	87,237,053
Basic and diluted EPS	$ (0.11)	$ (0.04)
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	18,192,482	15,424,412
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	5,895,570	2,317,500
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	12,296,912	13,106,912

Significant Accounting Polici_6

Significant Accounting Policies (Details Narrative)	12 Months Ended
	Dec. 31, 2020
Significant Accounting Policies Details Narrative
State Country Name	NV
Date of Incorporation	Jun. 12, 2013

Assets - Intellectual Property

Assets - Intellectual Property (Details Narrative) - USD ($)	1 Months Ended
	Jul. 31, 2013	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets		$ 152,854	$ 152,854
Asset purchase agreement [Member] | Dr. Gerlach [Member]
Acquisition related costs	$ 52,852
Closing cash payment	$ 100,002

Other Current Assets (Details)

Other Current Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Notes to Financial Statements
Prepaid insurance	$ 54,180	$ 0
Prepaid stock options for services	86,999	0
Prepaid professional fees	65,000	90,000
Prepaid research and development expense	289,746	0
Other prepaid costs	70,350	12,500
Total prepaid expenses	$ 566,275	$ 102,500

Common Stock and Warrants (Deta

Common Stock and Warrants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Series D [Member]
Shares of Common Stock Issuable from Warrants Outstanding	0	810,000
Weighted Average Exercise Price	$ 1.10	$ 1.10
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
Expiration	Feb. 23, 2022
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	12,296,912	13,106,912

Common Stock and Warrants (De_2

Common Stock and Warrants (Details Narrative) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, Authorized	500,000,000	500,000,000
Common stock, shares Issued	87,352,364	87,352,364
Common stock, shares outstanding	87,352,364	87,352,364
Common stock shares reserved under stock option plan		13,962,695
Series A [Member]
Number of warrants exercised	240,000
Debt conversion converted instrument shares issued	176,842

Stock Options (Details)

Stock Options (Details)	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Number of Options
Options outstanding - beginning balance | shares	2,317,500
Options granted | shares	3,615,570
Options forfeited | shares	(37,500)
Options oustanding - ending balance | shares	5,895,570
Options Vested and Exercisable | shares	2,095,299
Options Unvested | shares	3,800,271
Weighted average exercise price
Options outstanding - beginning balance | $ / shares	$ 3.41
Options granted | $ / shares	2.31
Options forfeited | $ / shares	4.20
Options outstanding - ending balance | $ / shares	2.45
Options Vested and Exercisable | $ / shares	2.06
Options Unvested | $ / shares	$ 2.66
Weighted average remaining contracted term
Options outstanding - beginning balance	5 years 8 months 5 days
Options outstanding - ending balance	5 years 1 month 20 days
Options Vested and Exercisable	5 years 22 days
Options Unvested	5 years 2 months 5 days
Aggregate intrinsic value
Options outstanding - beginning balance | $	$ 1,460,507
Options outstanding - ending balance | $	3,376,267
Options Vested and Exercisable | $	1,920,571
Options Unvested | $	$ 1,455,696

Stock Options (Details 1)

Stock Options (Details 1)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Risk-free interest rate		1.65%
Expected life in years		3 years 3 months 29 days
Weighted Avg. Expected Volatility		102.00%
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Risk-free interest rate	0.21%
Expected life in years	3 years 2 months 30 days
Weighted Avg. Expected Volatility	97.20%
Minimum [Member]
Risk-free interest rate	1.67%
Expected life in years	6 years
Weighted Avg. Expected Volatility	110.71%

Stock Options (Details 2)

Stock Options (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Total	$ 4,206,252	$ 191,255
Stock Option [Member] | Research and development[Member]
Total	1,536,168	0
Stock Option [Member] | General and administrative [Member]
Total	$ 2,670,084	$ 191,255

Stock Options (Details Narrativ

Stock Options (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Common shares reserved for issuance	13,962,695
Stock based compensation expense	$ 4,206,252	$ 191,255
Unrecognized compensation cost	$ 3,782,426
2013 Plan [Member]
Common shares reserved for issuance	20,000,000
Stock options grant description	The 2013 Plan is administered by the Board or a committee designated by the Board. Subject to the provisions of the 2013 Plan, the Board has the authority to determine the officers, employees and consultants to whom options will be granted, the number of shares covered by each option, vesting rights and the terms and conditions of each option that is granted to them; however, no person may be granted options to purchase more than 2,000,000 shares in any one fiscal year under the 2013 Plan, and the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000. Options granted pursuant to the 2013 Plan are exercisable no later than ten years after the date of grant.
Excecise price per share limit	Not be less than 110% of the fair market value

Leases (Details)

Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Right-of-use asset	$ 79,462	$ 0
Short-term operating lease liability	51,125	0
Long-term operating lease liability	$ 28,607	$ 0
Remaining term (years)	1 year 7 months 6 days
Discount rate	7.00%
Cash paid for amount included in the measurement of lease liabilities for operating lease	$ 26,134
Right-of-use asset obtained in exchange for lease obligation	$ 98,402

Leases (Details 1)

Leases (Details 1)	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 52,787
2022	31,213
Total future minimum lease payments	84,000
Less imputed interest	4,538
Total	$ 79,462

Leases (Details Narrative)

Leases (Details Narrative)	12 Months Ended
	Dec. 31, 2020USD ($)
Leases [Abstract]
Lease term	2 years
Base rent for First year	$ 4,356
Base rent for Second year	$ 4,459

Commitments (Details Narrative)

Commitments (Details Narrative) - USD ($)	Jun. 03, 2019	Dec. 31, 2020	Dec. 31, 2019
Charitable Gift Agreement [Member] | University of Pittsburgh
Donation	$ 250,000
Payment of donations		$ 125,000	$ 125,000
StemCell Systems [Member]
Incurred expenses		$ 480,000	$ 310,000

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	1 Months Ended		12 Months Ended
	Oct. 31, 2020	Jun. 22, 2018	Dec. 31, 2020	Dec. 31, 2019	Apr. 02, 2020
Vector Asset Management, Inc [Member]
Compensation expense		$ 120,000
Payment of compensation, description		On July 1, 2020 the Company amended the agreement and paid VAM $4,000 monthly through November 30, 2020 and $200 per month thereafter until May 31, 2021 at which time the agreement will expire.
Consulting services, expense			$ 84,000	$ 120,000
Stephen Yan-Klesson
Related Party expenses			10,811
Compensation expense			$ 10,811	$ 22,583
Kalen Capital Corp [Member]
Short-term advance					$ 50,000
Payment to related party	$ 65,156

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets: (liability):
Net operating loss carryforwards	$ 4,677,000	$ 3,838,000
Fixed asset	1,000
Intangible asset	(16,000)	(14,000)
Capital loss carryforward
Charitable contributions	53,000
Stock-based compensation	696,000	248,000
Deferred tax assets gross	5,411,000	4,072,000
Valuation allowance	(5,411,000)	(4,072,000)
Net deferred tax assets

Income Taxes (Details 1)

Income Taxes (Details 1)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Taxes Details 1
Statutory federal income tax rate	21.00%	21.00%
Permanent differences and other	(3.91%)	0.00%
NOL expirations	(3.10%)
True-up	0.03%
Valuation allowance	(14.02%)	(21.00%)
Income tax provision (benefit)	0.00%	0.00%

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Taxes Details Narrative
Increase in the valuation allowance	$ 1,339,000	$ 711,000
Net operating loss and contribution carryforwards	$ 22,272,000
Net operating loss and contribution carryforwards expiry	$10,003,000incurred prior to 2018 expire through the year 2037 while $12,269,000 incurred subsequent do not expire.
Capital loss carryforward expiration period	During 2018
Tax Reform description	Pursuant to the Tax Reform Act of 1986, annual utilization of the Company’s net operating loss and contribution carryforwards may be limited if a cumulative change in ownership of more than 50% is deemed to occur within any three-year period. The tax years 2017 through 2020 remain open to examination by federal agencies and other jurisdictions in which it operates.