Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 10, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-30156 | |
Entity Registrant Name | RENOVACARE, INC. | |
Entity Central Index Key | 0001016708 | |
Entity Tax Identification Number | 98-0384030 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 9375 E. Shea Blvd. | |
Entity Address, Address Line Two | Suite 107-A | |
Entity Address, City or Town | Scottsdale | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85260 | |
City Area Code | 888 | |
Local Phone Number | 398-0202 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 87,352,364 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 3,421,765 | $ 7,412,969 |
Prepaid expenses | 464,315 | 566,275 |
Total current assets | 3,886,080 | 7,979,244 |
Equipment, net of accumulated depreciation of $10,630 and $3,584, respectively | 31,594 | 38,640 |
Intangible assets | 152,854 | 152,854 |
Security Deposit | 7,995 | 7,995 |
Right of Use Asset | 41,171 | 79,462 |
Other Assets | 72,497 | 137,749 |
Total assets | 4,192,191 | 8,395,944 |
Current liabilities | ||
Accounts payable and accrued liabilities | 670,125 | 1,237,437 |
Lease liability - current | 43,192 | 51,125 |
Total current liabilities | 713,317 | 1,288,562 |
Lease Liability - long term | 28,607 | |
Total liabilities | 713,317 | 1,317,169 |
Commitments and contingencies | ||
Stockholders' equity | ||
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, 87,352,364 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 874 | 874 |
Additional paid-in capital | 36,373,669 | 36,846,082 |
Retained deficit | (32,895,669) | (29,768,181) |
Total stockholders' equity | 3,478,874 | 7,078,775 |
Total liabilities and stockholders' equity | $ 4,192,191 | $ 8,395,944 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares 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, Shares 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 (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Operating expenses | ||||
Research and development | 744,625 | 1,551,989 | 2,503,487 | 3,091,383 |
General and administrative | 955,899 | 1,290,890 | 819,665 | 4,024,317 |
Total operating expenses, net | 1,700,524 | 2,842,879 | 3,323,152 | 7,115,700 |
Loss from operations | (1,700,524) | (2,842,879) | (3,323,152) | (7,115,700) |
Other income | ||||
Interest income | 2,239 | 24,915 | 4,861 | 111,390 |
Other income | 190,803 | |||
Total other income | 2,239 | 24,915 | 195,664 | 111,390 |
Net loss | $ (1,698,285) | $ (2,817,964) | $ (3,127,488) | $ (7,004,310) |
Basic and Diluted Loss per Common Share | $ (0.02) | $ (0.03) | $ (0.04) | $ (0.08) |
Weighted average number of common shares outstanding - basic and diluted | 87,352,364 | 87,352,364 | 87,352,364 | 87,352,364 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY (UNAUDITED) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 874 | $ 32,378,833 | $ (20,219,845) | $ 12,159,862 |
Beginning balnce, shares at Dec. 31, 2019 | 87,352,364 | |||
Stock based compensation due to common stock purchase options | 465,763 | 465,763 | ||
Net loss | (1,174,753) | (1,174,753) | ||
Ending balance, value at Mar. 31, 2020 | $ 874 | 32,844,596 | (21,394,598) | 11,450,872 |
Ending balance, shares at Mar. 31, 2020 | 87,352,364 | |||
Stock based compensation due to common stock purchase options | 1,586,522 | 1,586,522 | ||
Net loss | (3,011,593) | (3,011,593) | ||
Ending balance, value at Jun. 30, 2020 | $ 874 | 34,431,118 | (24,406,191) | 10,025,801 |
Ending balance, shares at Jun. 30, 2020 | 87,352,364 | |||
Stock based compensation due to common stock purchase options | 1,119,815 | 1,119,815 | ||
Stock based compensation issued for prepaid services | 260,997 | 260,997 | ||
Net loss | (2,817,964) | (2,817,964) | ||
Ending balance, value at Sep. 30, 2020 | $ 874 | 35,811,930 | (27,224,155) | 8,588,649 |
Ending balance, shares at Sep. 30, 2020 | 87,352,364 | |||
Beginning balance, value at Dec. 31, 2020 | $ 874 | 36,846,082 | (29,768,181) | 7,078,775 |
Beginning balnce, shares at Dec. 31, 2020 | 87,352,364 | |||
Stock based compensation due to common stock purchase options | 352,063 | 352,063 | ||
Reversal of stock based compensation due to common stock purchase option cancellations | (1,248,575) | (1,248,575) | ||
Net loss | (517,242) | (517,242) | ||
Ending balance, value at Mar. 31, 2021 | $ 874 | 35,949,570 | (30,285,423) | 5,665,021 |
Ending balance, shares at Mar. 31, 2021 | 87,352,364 | |||
Stock based compensation due to common stock purchase options | 243,979 | 243,979 | ||
Reversal of stock based compensation due to common stock purchase option cancellations | (66,130) | (66,130) | ||
Net loss | (911,961) | (911,961) | ||
Ending balance, value at Jun. 30, 2021 | $ 874 | 36,127,419 | (31,197,384) | 4,930,909 |
Ending balance, shares at Jun. 30, 2021 | 87,352,364 | |||
Stock based compensation due to common stock purchase options | 246,250 | 246,250 | ||
Net loss | (1,698,285) | (1,698,285) | ||
Ending balance, value at Sep. 30, 2021 | $ 874 | $ 36,373,669 | $ (32,895,669) | $ 3,478,874 |
Ending balance, shares at Sep. 30, 2021 | 87,352,364 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows used in operating activities | ||
Net loss | $ (3,127,488) | $ (7,004,310) |
Adjustments to reconcile net loss to net cash flows used in operating activities | ||
Depreciation expense | 7,046 | 309 |
Stock based compensation expense | (407,163) | 3,172,100 |
Amortization of right of use asset | 38,291 | 6,978 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in prepaid expenses and other assets | 101,960 | (69,608) |
Increase (decrease) in accounts payable | (567,312) | 416,045 |
Increase (decrease) in accounts payable - related parties | 20,675 | |
Increase (decrease) in lease liability | (36,538) | (6,874) |
Net cash flows used in operating activities | (3,991,204) | (3,464,685) |
Cash flows from investing activity | ||
Decrease (increase) in security deposit | (7,995) | |
Purchase of fixed assets | (41,273) | |
Net cash flows from investing activity | (49,268) | |
Decrease in cash | (3,991,204) | (3,513,953) |
Cash at beginning of period | 7,412,969 | 12,185,248 |
Cash at end of period | 3,421,765 | 8,671,295 |
Supplemental disclosure of non cash financing activities | ||
Stock based compensation issued for prepaid services | $ 260,997 |
Basis of Presentation, Organiza
Basis of Presentation, Organization, Liquidity and Going Concern, Recent Accounting Standards and Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Organization, Liquidity and Going Concern, Recent Accounting Standards and Earnings (Loss) Per Share | Note 1. Basis of Presentation, Organization, Liquidity and Going Concern, Recent Accounting Standards and Earnings (Loss) Per Share Basis of Presentation The accompanying unaudited interim consolidated financial statements of RenovaCare, Inc. and Subsidiary (“RenovaCare” or the “ Company SEC U.S. GAAP The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Actual results may differ from those estimates. 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) that are, in the opinion of management, necessary for a fair presentation of the Company’s consolidated financial position as of September 30, 2021, results of operations and stockholders’ equity for the three and nine months ended September 30, 2021 and 2020, and cash flows for the nine months ended September 30, 2021 and 2020. 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., formerly Janus Resources, is a Nevada corporation. RenovaCare, Inc. was incorporated under the laws of the State of Utah on July 14, 1983 as Far West Gold, Inc.. The Company has an authorized capital of 500,000,000 0.00001 87,352,364 10,000,000 0.0001 none RenovaCare, Inc., through its wholly owned subsidiary, RenovaCare Sciences Corp. 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. On July 12, 2013, the Company completed the acquisition of its flagship technologies (collectively, the “ CellMist TM The CellMist™ System is a cell isolation procedure that enzymatically renders stem cells from the patient’s own skin or other tissues. The resulting stem cell suspension is administered topically from SkinGun TM as a cell therapy onto wounds including burns to facilitate healing. Currently, our proprietary technologies are the subject of and 43 U.S. and international patents or patent applications and 14 U.S. and international trademarks. Of the issued patents, five are U.S. patents and twelve have issued or are allowed in Australia, Canada, Europe, Germany, France, Italy, Japan, Korea, Netherlands, Spain, Switzerland/Lichenstein, and United Kingdom. On May 6, 2021 the Food and Drug Administration gave full-approval of the Company’s Investigational Device Exemption (IDE) application to proceed with initial clinical testing of the CellMist ™ ™ Improvements in the design and efficiency of the CellMist™ System including a closed, automated cell isolation device and the SkinGun™ spray device are in development with StemCell Systems (Berlin, Germany), the Company’s R&D innovation partner. The Company is adapting its core technologies for possible use in other clinical indications. The Company is also developing the cell isolation and spray gun devices as stand-alone 510(k)-cleared products for isolation of cells from other tissues and spraying other solutions of medical importance. The Company's activities have consisted principally of performing research and development activities and raising capital to support such activities. The Company has enlisted the assistance of several Contract Manufacturing Organizations (CMO) to manufacture clinical supplies including components of the CellMist System™ and the electronic SkinGun™ spray devices in compliance with FDA’s guidance for current Good Manufacturing Practices (cGMP) and Contract Research Organizations (CRO) to test and validate the Company’s products and processes and to conduct clinical trials that evaluate initially the safety and feasibility of an autologous skin cell therapy using the Company’s products to facilitate burn wound healing. These development activities are subject to significant risks and uncertainties, including possible failure of preclinical and clinical testing. The Company has not generated any revenue 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 partnerships or the sale of its securities to accomplish its business plan. 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 depends 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. Liquidity and Going Concern The Company has prepared its consolidated financial statements on a “going concern” basis, which presumes that it will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. Since Inception, the Company has incurred net operating losses and operating cash flow deficits. The Company does not currently generate revenues and will continue to incur losses from operations and operating cash flow deficits in the future. The Company's activities are subject to significant risks and uncertainties due to the stage of the development of the Company's cellular therapies. At September 30, 2021, the Company had approximately $ 3,400,000 The future of the Company will depend on its ability to successfully raise capital from external sources to fund operations. If the Company is unable to obtain adequate funds, or if such funds are not available to it on acceptable terms, the Company's ability to continue its business to develop its cellular therapies will be significantly impaired and it may cause the Company to curtail operations. The matters described above raise substantial doubt about the Company's ability to continue as a going concern within one year after the date these condensed consolidated financial statements were issued. 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. 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 Following is the computation of basic and diluted net loss per share for the three and nine months ended September 30, 2021 and 2020: Summary of computation of basic and diluted net loss per share Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders' $ (1,698,285 ) $ (2,817,964 ) $ (3,127,488 ) $ (7,004,310 ) Denominator: Weighted average number of common shares outstanding 87,352,364 87,352,364 87,352,364 87,352,364 Basic and diluted EPS $ (0.02 ) $ (0.03 ) $ (0.04 ) $ (0.08 ) 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 3,139,999 5,845,570 3,139,999 5,845,570 Warrants 11,712,496 12,296,912 11,712,496 12,296,912 Total shares not included in the computation of diluted losses per share 14,852,495 18,142,482 14,852,495 18,142,482 |
Prepaid Expenses
Prepaid Expenses | 9 Months Ended |
Sep. 30, 2021 | |
Prepaid Expenses | |
Prepaid Expenses | Note 2. Prepaid Expenses Prepaid expenses consist of the following: Prepaid Expenses September 30, December 31, 2021 2020 Prepaid insurance $ - $ 54,180 Prepaid stock options for services 87,001 86,999 Prepaid professional fees 65,000 65,000 Prepaid research and development expense 296,196 289,746 Other prepaid costs 16,118 70,350 Total prepaid expenses $ 464,315 $ 566,275 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity | Note 3. Equity 2013 Long-Term Incentive Plan On June 20, 2013, the Company’s Board of Directors (the “ Board 2013 Plan 20,000,000 16,618,266 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 is 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. Common Stock At September 30, 2021, the Company had 500,000,000 0.00001 87,352,364 During the three and nine months ended September 30, 2021 and 2020, the Company did not have any common stock transactions. 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 September 30, 2021 and December 31, 2020: Summary of warrants outstanding Shares of Common Stock Issuable from Warrants Outstanding as of Weighted September 30, December 31, Average Description 2021 2020 Exercise Price Expiration Series E - 584,416 $ 1.54 September 9, 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 11,712,496 12,296,912 During the three months ended September 30, 2021, all the Series E Warrants expired unexercised. Stock Options The following table summarizes stock option activity for the six months ended September 30, 2021: Summary of stock option activity Number of Options Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value ($) Outstanding at December 31, 2020 5,895,570 2.45 5.14 1,650 Granted 50,000 1.72 9.82 - Forfeited (2,805,571 ) 2.74 Outstanding at September 30, 2021 3,139,999 2.17 4.79 1,650 Vested and exercisable at September 30, 2021 2,564,999 1.95 4.73 1,650 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 nine months ended September 30, 2021 and 2020 is set forth in the table below: Summary of assumption of stock option activity Nine Months Ended September 30, 2021 2020 Risk-free interest rate 0.73 % 0.021 – 1.67 Expected term in years 5.38 3.25 – 6.00 Weighted Avg. Expected Volatility 102.07 103.56 – 110.71 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 following table sets forth the share-based compensation cost resulting from stock option grants, including those previously granted and vesting over time, that were recorded in the Company’s Statements of Operations for the three and nine months ended September 30, 2021 and 2020: Summary of consolidated statement of operations Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Research and development $ 224,000 $ 455,271 $ 731,438 $ 1,087,147 General and administrative 44,000 664,544 (1,138,601 ) 2,084,953 Total $ 268,000 $ 1,119,815 $ (407,163 ) $ 3,172,100 Nine Months Ended September 30, 2021 On July 26, 2021, in connection with an Executive Services Consulting Agreement of the same date, the Company granted Justin Frere, the Company’s Chief Financial Officer, an option to purchase up to 50,000 1.72 10 During the first half of 2021, certain individuals resigned from the Company resulting in the forfeiture and cancellation of 2,805,571 1,314,705 268,000 907,541 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 4. Leases 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 4,459 2 The Company’s existing Lease is not subject to any restrictions or covenants which preclude its ability to pay dividends, obtain financing, or enter into additional Lease’s. As of September 30, 2021, the Company has not entered into any leases which have not yet commenced which would entitle the Company to significant rights or create additional obligations. The Company does not have any finance leases. Supplemental lease information as of September 30, 2021: Schedule of supplemental lease information As of September 30, 2021 As of December 31, 2020 Operating lease right-of-use asset $ 41,171 $ 79,462 Current maturities of operating lease $ 43,192 $ 51,125 Non-current operating lease - 28,607 Total operating lease liabilities $ 43,192 $ 79,732 Weighted Average remaining lease term (in years): 0.84 1.6 Discount rate: 7.0 % 7.0 % Right-of-use asset obtained in exchange for lease obligation $ 98,402 Supplemental cash flow information for the nine months ended September 30, 2021: Cash paid for amount included in the measurement of lease liabilities for operating lease $ 39,410 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 September 30, 2021 for future periods are as follows: Leases (Details 1) Years ending December 31, 2021, 2021 (Remaining) $ 13,377 2022 31,213 Total future minimum lease payments 44,590 Less imputed interest (1,398 ) Total $ 43,192 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5. Commitments and Contingencies Stem Cell Systems In connection with the Company’s anticipated regulatory filings, the Company has engaged StemCell Systems GmbH (“ StemCell Systems Strategic Agreement 27,000 ROFR Agreement 142,000 133,000 391,000 401,000 SEC Complaint On May 28, 2021 the SEC filed a civil complaint (the “ Complaint Defendants The Company believes that the claims asserted in the Complaint are without merit and intends to defend this matter vigorously. However, because of the inherent uncertainty as to the outcome of this proceeding, the Company is unable, at this time, to estimate the possible impact of the outcome of this matter nor provide assurance that the available insurance coverage will be sufficient to see the Complaint through to resolution. Class Action Complaints On July 16 and July 21, 2021, two purported shareholders of the Company filed putative class actions in the United States District Court for the District of New Jersey against the Company and certain of its current and former executive officers (captioned Gabrielle A. Boller, Individually and On Behalf of All Others Similarly Situated v. RenovaCare, Inc., Harmel Rayat, and Thomas Bold, No. 2:21-cv-13766-SDW-ESK (“Boller”), and Michael Solakian, Individually and On Behalf of All Others Similarly Situated v. RenovaCare, Inc., Harmel Rayat, and Thomas Bold, No. 2:21-cv-13930 (“Solakian”), respectively)(the “ Class Action Complaints The Company believes that the claims asserted in Boller and Solakian and any other Class Actions derived from the SEC Complaint are without merit and intends to defend itself vigorously. Based on the early stages of these legal proceedings, and the inherent uncertainty as to their outcome, at this time, the Company is not able to reasonably estimate a possible range of loss, if any, that may result from the allegations set forth in the Class Action Complaints filed in the Class Actions. |
Transactions with Related Perso
Transactions with Related Persons | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with Related Persons | Note 6. Transactions with Related Persons During the three and nine months ended September 30, 2020, Talia Jevan Properties, Inc. made payments totaling $ 0 10,811 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. (“ VAMI ECA 120,000 per year. On July 1, 2020 the Company amended the ECA and paid VAMI $4,000 per month through November 30, 2020 and $200 per month thereafter until May 31, 2021 at which time the ECA as amended expired. 0 12,000 1,000 72,000 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 7. Subsequent Events Management has reviewed material events subsequent of the period ended September 30, 2021 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, Liquidity and Going Concern, Recent Accounting Standards and Earnings (Loss) Per Share (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements of RenovaCare, Inc. and Subsidiary (“RenovaCare” or the “ Company SEC U.S. GAAP The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Actual results may differ from those estimates. 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) that are, in the opinion of management, necessary for a fair presentation of the Company’s consolidated financial position as of September 30, 2021, results of operations and stockholders’ equity for the three and nine months ended September 30, 2021 and 2020, and cash flows for the nine months ended September 30, 2021 and 2020. 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., formerly Janus Resources, is a Nevada corporation. RenovaCare, Inc. was incorporated under the laws of the State of Utah on July 14, 1983 as Far West Gold, Inc.. The Company has an authorized capital of 500,000,000 0.00001 87,352,364 10,000,000 0.0001 none RenovaCare, Inc., through its wholly owned subsidiary, RenovaCare Sciences Corp. 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. On July 12, 2013, the Company completed the acquisition of its flagship technologies (collectively, the “ CellMist TM The CellMist™ System is a cell isolation procedure that enzymatically renders stem cells from the patient’s own skin or other tissues. The resulting stem cell suspension is administered topically from SkinGun TM as a cell therapy onto wounds including burns to facilitate healing. Currently, our proprietary technologies are the subject of and 43 U.S. and international patents or patent applications and 14 U.S. and international trademarks. Of the issued patents, five are U.S. patents and twelve have issued or are allowed in Australia, Canada, Europe, Germany, France, Italy, Japan, Korea, Netherlands, Spain, Switzerland/Lichenstein, and United Kingdom. On May 6, 2021 the Food and Drug Administration gave full-approval of the Company’s Investigational Device Exemption (IDE) application to proceed with initial clinical testing of the CellMist ™ ™ Improvements in the design and efficiency of the CellMist™ System including a closed, automated cell isolation device and the SkinGun™ spray device are in development with StemCell Systems (Berlin, Germany), the Company’s R&D innovation partner. The Company is adapting its core technologies for possible use in other clinical indications. The Company is also developing the cell isolation and spray gun devices as stand-alone 510(k)-cleared products for isolation of cells from other tissues and spraying other solutions of medical importance. The Company's activities have consisted principally of performing research and development activities and raising capital to support such activities. The Company has enlisted the assistance of several Contract Manufacturing Organizations (CMO) to manufacture clinical supplies including components of the CellMist System™ and the electronic SkinGun™ spray devices in compliance with FDA’s guidance for current Good Manufacturing Practices (cGMP) and Contract Research Organizations (CRO) to test and validate the Company’s products and processes and to conduct clinical trials that evaluate initially the safety and feasibility of an autologous skin cell therapy using the Company’s products to facilitate burn wound healing. These development activities are subject to significant risks and uncertainties, including possible failure of preclinical and clinical testing. The Company has not generated any revenue 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 partnerships or the sale of its securities to accomplish its business plan. 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 depends 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. |
Liquidity and Going Concern | Liquidity and Going Concern The Company has prepared its consolidated financial statements on a “going concern” basis, which presumes that it will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. Since Inception, the Company has incurred net operating losses and operating cash flow deficits. The Company does not currently generate revenues and will continue to incur losses from operations and operating cash flow deficits in the future. The Company's activities are subject to significant risks and uncertainties due to the stage of the development of the Company's cellular therapies. At September 30, 2021, the Company had approximately $ 3,400,000 The future of the Company will depend on its ability to successfully raise capital from external sources to fund operations. If the Company is unable to obtain adequate funds, or if such funds are not available to it on acceptable terms, the Company's ability to continue its business to develop its cellular therapies will be significantly impaired and it may cause the Company to curtail operations. The matters described above raise substantial doubt about the Company's ability to continue as a going concern within one year after the date these condensed consolidated financial statements were issued. |
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. 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 Following is the computation of basic and diluted net loss per share for the three and nine months ended September 30, 2021 and 2020: Summary of computation of basic and diluted net loss per share Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders' $ (1,698,285 ) $ (2,817,964 ) $ (3,127,488 ) $ (7,004,310 ) Denominator: Weighted average number of common shares outstanding 87,352,364 87,352,364 87,352,364 87,352,364 Basic and diluted EPS $ (0.02 ) $ (0.03 ) $ (0.04 ) $ (0.08 ) 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 3,139,999 5,845,570 3,139,999 5,845,570 Warrants 11,712,496 12,296,912 11,712,496 12,296,912 Total shares not included in the computation of diluted losses per share 14,852,495 18,142,482 14,852,495 18,142,482 |
Basis of Presentation, Organi_3
Basis of Presentation, Organization, Liquidity and Going Concern, Recent Accounting Standards and Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of computation of basic and diluted net loss per share | Summary of computation of basic and diluted net loss per share Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders' $ (1,698,285 ) $ (2,817,964 ) $ (3,127,488 ) $ (7,004,310 ) Denominator: Weighted average number of common shares outstanding 87,352,364 87,352,364 87,352,364 87,352,364 Basic and diluted EPS $ (0.02 ) $ (0.03 ) $ (0.04 ) $ (0.08 ) 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 3,139,999 5,845,570 3,139,999 5,845,570 Warrants 11,712,496 12,296,912 11,712,496 12,296,912 Total shares not included in the computation of diluted losses per share 14,852,495 18,142,482 14,852,495 18,142,482 |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Prepaid Expenses | |
Prepaid Expenses | Prepaid Expenses September 30, December 31, 2021 2020 Prepaid insurance $ - $ 54,180 Prepaid stock options for services 87,001 86,999 Prepaid professional fees 65,000 65,000 Prepaid research and development expense 296,196 289,746 Other prepaid costs 16,118 70,350 Total prepaid expenses $ 464,315 $ 566,275 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of warrants outstanding | Summary of warrants outstanding Shares of Common Stock Issuable from Warrants Outstanding as of Weighted September 30, December 31, Average Description 2021 2020 Exercise Price Expiration Series E - 584,416 $ 1.54 September 9, 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 11,712,496 12,296,912 |
Summary of stock option activity | Summary of stock option activity Number of Options Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value ($) Outstanding at December 31, 2020 5,895,570 2.45 5.14 1,650 Granted 50,000 1.72 9.82 - Forfeited (2,805,571 ) 2.74 Outstanding at September 30, 2021 3,139,999 2.17 4.79 1,650 Vested and exercisable at September 30, 2021 2,564,999 1.95 4.73 1,650 |
Summary of assumption of stock option activity | Summary of assumption of stock option activity Nine Months Ended September 30, 2021 2020 Risk-free interest rate 0.73 % 0.021 – 1.67 Expected term in years 5.38 3.25 – 6.00 Weighted Avg. Expected Volatility 102.07 103.56 – 110.71 Expected dividend yield 0 % 0 |
Summary of consolidated statement of operations | Summary of consolidated statement of operations Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Research and development $ 224,000 $ 455,271 $ 731,438 $ 1,087,147 General and administrative 44,000 664,544 (1,138,601 ) 2,084,953 Total $ 268,000 $ 1,119,815 $ (407,163 ) $ 3,172,100 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of supplemental lease information | Schedule of supplemental lease information As of September 30, 2021 As of December 31, 2020 Operating lease right-of-use asset $ 41,171 $ 79,462 Current maturities of operating lease $ 43,192 $ 51,125 Non-current operating lease - 28,607 Total operating lease liabilities $ 43,192 $ 79,732 Weighted Average remaining lease term (in years): 0.84 1.6 Discount rate: 7.0 % 7.0 % Right-of-use asset obtained in exchange for lease obligation $ 98,402 Supplemental cash flow information for the nine months ended September 30, 2021: Cash paid for amount included in the measurement of lease liabilities for operating lease $ 39,410 |
Leases (Details 1) | Leases (Details 1) Years ending December 31, 2021, 2021 (Remaining) $ 13,377 2022 31,213 Total future minimum lease payments 44,590 Less imputed interest (1,398 ) Total $ 43,192 |
Basis of Presentation, Organi_4
Basis of Presentation, Organization, Liquidity and Going Concern, Recent Accounting Standards and Earnings (Loss) Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||
Loss available to common stockholders' | $ (1,698,285) | $ (2,817,964) | $ (3,127,488) | $ (7,004,310) |
Denominator: | ||||
Weighted average number of common shares outstanding | 87,352,364 | 87,352,364 | 87,352,364 | 87,352,364 |
Basic and diluted EPS | $ (0.02) | $ (0.03) | $ (0.04) | $ (0.08) |
The shares listed below were not included in the computation of diluted losses | ||||
Total shares not included in the computation of diluted losses per share | 14,852,495 | 18,142,482 | 14,852,495 | 18,142,482 |
Share-based Payment Arrangement [Member] | ||||
The shares listed below were not included in the computation of diluted losses | ||||
Total shares not included in the computation of diluted losses per share | 3,139,999 | 5,845,570 | 3,139,999 | 5,845,570 |
Warrant [Member] | ||||
The shares listed below were not included in the computation of diluted losses | ||||
Total shares not included in the computation of diluted losses per share | 11,712,496 | 12,296,912 | 11,712,496 | 12,296,912 |
Basis of Presentation, Organi_5
Basis of Presentation, Organization, Liquidity and Going Concern, Recent Accounting Standards and Earnings (Loss) Per Share (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Common Stock, Shares, Outstanding | 87,352,364 | 87,352,364 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Cash | $ 3,400,000 |
Prepaid Expenses (Details)
Prepaid Expenses (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Prepaid Expenses | ||
Prepaid insurance | $ 54,180 | |
Prepaid stock options for services | 87,001 | 86,999 |
Prepaid professional fees | 65,000 | 65,000 |
Prepaid research and development expense | 296,196 | 289,746 |
Other prepaid costs | 16,118 | 70,350 |
Total prepaid expenses | $ 464,315 | $ 566,275 |
Equity (Details)
Equity (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Series E [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares of Common Stock Issuable from Warrants Outstanding | 584,416 | |
Weighted Average Exercise Price | $ 1.54 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Sep. 9, 2021 | |
Series F [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares of Common Stock Issuable from Warrants Outstanding | 7,246 | 7,246 |
Weighted Average Exercise Price | $ 3.45 | |
Series F [Member] | Minimum [Member] | ||
Class of Warrant or Right [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Feb. 23, 2022 | |
Series F [Member] | Maximum [Member] | ||
Class of Warrant or Right [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Mar. 9, 2022 | |
Series G [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares of Common Stock Issuable from Warrants Outstanding | 460,250 | 460,250 |
Weighted Average Exercise Price | $ 2.68 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Jul. 21, 2022 | |
Series H [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares of Common Stock Issuable from Warrants Outstanding | 910,000 | 910,000 |
Weighted Average Exercise Price | $ 2.75 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Oct. 16, 2022 | |
Series I [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares of Common Stock Issuable from Warrants Outstanding | 10,335,000 | 10,335,000 |
Weighted Average Exercise Price | $ 2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Nov. 26, 2025 | |
Warrant [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares of Common Stock Issuable from Warrants Outstanding | 11,712,496 | 12,296,912 |
Equity (Details 1)
Equity (Details 1) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Options outstanding - beginning balance | 5,895,570 | |
Weighted Average Exercise Price, Options outstanding - beginning balance | $ 2.45 | |
Options outstanding | 4 years 9 months 14 days | 5 years 1 month 20 days |
Aggregate intrinsic value, Options outstanding - beginning balance | $ 1,650 | |
Options granted | 50,000 | |
Weighted Average Exercise Price, Options granted | $ 1.72 | |
Options granted | 9 years 9 months 25 days | |
Aggregate intrinsic value, Options granted | ||
Options forfeited | (2,805,571) | |
Weighted Average Exercise Price, Options forfeited | $ 2.74 | |
Options oustanding - ending balance | 3,139,999 | 5,895,570 |
Weighted Average Exercise Price, Options outstanding - ending balance | $ 2.17 | $ 2.45 |
Aggregate intrinsic value, Options oustanding - ending balance | $ 1,650 | $ 1,650 |
Options Vested and Exercisable | 2,564,999 | |
Weighted Average Exercise Price, Options Vested and Exercisable | $ 1.95 | |
Options Vested and Exercisable | 4 years 8 months 23 days | |
Aggregate intrinsic value, Options Vested and Exercisable | $ 1,650 |
Equity (Details 2)
Equity (Details 2) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Risk-free interest rate | 0.73% | |
Expected life in years | 5 years 4 months 17 days | |
Expected Volatility | 102.07% | |
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Risk-free interest rate | 0.021% | |
Expected life in years | 3 years 3 months | |
Expected Volatility | 103.56% | |
Maximum [Member] | ||
Risk-free interest rate | 1.67% | |
Expected life in years | 6 years | |
Expected Volatility | 110.71% |
Equity (Details 3)
Equity (Details 3) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Total | $ 268,000 | $ 1,119,815 | $ (407,163) | $ 3,172,100 |
Research and Development Expense [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Total | 224,000 | 455,271 | 731,438 | 1,087,147 |
General and Administrative Expense [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Total | $ 44,000 | $ 664,544 | $ (1,138,601) | $ 2,084,953 |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jul. 26, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 16,618,266 | 16,618,266 | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 | $ 0.00001 | |
Common Stock, Shares, Outstanding | 87,352,364 | 87,352,364 | 87,352,364 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 2,805,571 | |||
Reversal of stock based compensation due | $ 1,314,705 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 268,000 | $ 907,541 | ||
Chief Financial Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted | 50,000 | |||
Exercise Price | $ 1.72 | |||
Option term | 10 years | |||
N 2013 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted | 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 $100,000. Options granted pursuant to the 2013 Plan are exercisable no later than ten years after the date of grant. | |||
Excecise price per share limit | not be less than 110% of the fair market value. |
Leases (Details)
Leases (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease right-of-use asset | $ 41,171 | $ 79,462 |
Current maturities of operating lease | 43,192 | 51,125 |
Non-current operating lease | 28,607 | |
Total operating lease liabilities | $ 43,192 | $ 79,732 |
Weighted Average remaining lease term (in years): | 10 months 2 days | 1 year 7 months 6 days |
Discount rate | 7.00% | 7.00% |
Right-of-use asset obtained in exchange for lease obligation | $ 98,402 |
Leases (Details 1)
Leases (Details 1) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 (Remaining) | $ 13,377 | |
2022 | 31,213 | |
Total future minimum lease payments | 44,590 | |
Less imputed interest | (1,398) | |
Total | $ 43,192 | $ 79,732 |
Leases (Details Narrative)
Leases (Details Narrative) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Leases [Abstract] | |
Base rent for First year | $ 4,356 |
Base rent for Second year | $ 4,459 |
Lessee, Operating Lease, Term of Contract | 2 years |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Litigation Settlement, Expense | $ 142,000 | $ 133,000 | $ 391,000 | $ 401,000 |
Stem Cell Systems [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Debt Instrument, Periodic Payment | $ 27,000 |
Transactions with Related Per_2
Transactions with Related Persons (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 22, 2018 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Vector Asset Management, Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 120,000 | ||||
Payment Of Compensation Description | per year. On July 1, 2020 the Company amended the ECA and paid VAMI $4,000 per month through November 30, 2020 and $200 per month thereafter until May 31, 2021 at which time the ECA as amended expired. | ||||
Costs and Expenses, Related Party | $ 0 | $ 12,000 | $ 1,000 | $ 72,000 | |
Stephen Yan-Klesson | |||||
Related Party Transaction [Line Items] | |||||
Related Party Costs | $ 0 | $ 10,811 |