Cover
Cover | 3 Months Ended |
Mar. 31, 2023 | |
Cover [Abstract] | |
Entity Registrant Name | Nymox Pharmaceutical Corporation |
Entity Central Index Key | 0001018735 |
Document Type | 6-K |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2023 |
Entity File Number | 001-12033 |
Entity Address Postal Zip Code | 20549 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | ||
Sales of goods | $ 0 | $ 0 |
Total revenues | 0 | 0 |
Cost of goods sold and operating Expenses | ||
Cost of goods sold | 0 | 0 |
Research and development | 720 | 4,334 |
General and administrative | 665 | 740 |
Total operating expenses | 1,385 | 5,074 |
Loss from operations | (1,385) | (5,074) |
Other Income (expense) | ||
Finance expense | 2 | (3) |
Finance costs | (2) | (3) |
Operating lease interest expense | (2) | (6) |
Loss before income tax | (1,387) | (5,086) |
Income tax provision (recovery) | 0 | 0 |
Net Loss | (1,387) | (5,086) |
Attributable to: | ||
Net loss attributable to Nymox shareholders | $ (1,387) | $ (5,086) |
Basic and diluted loss per share | $ (0.02) | $ (0.06) |
Weighted average number of common shares outstanding | 90,515 | 86,027 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Position - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash at bank | $ 351 | $ 1,403 |
Other receivables | 10 | 10 |
Security deposit | 28 | 28 |
Prepaid expenses and other current assets | 72 | 16 |
Total current assets | 461 | 1,457 |
Non-current assets | ||
Property and equipment | 10 | 10 |
Operating lease right-of-use asset, net | 104 | 158 |
Total assets | 575 | 1,625 |
Current liabilities | ||
Accounts payable and accrued liabilities | 2,260 | 1,934 |
Operating lease liability due within one year | 114 | 173 |
Total current liabilities | 2,374 | 2,107 |
Long term operating lease liability | 0 | 0 |
Total liabilities | 2,374 | 2,107 |
Shareholders' Deficit | ||
Share capital - unlimited authorized shares at no par value 90,515 and 90,515 shares outstanding at March 31, 2023 and December 31, 2022, respectively | 171,671 | 171,671 |
Share capital subscription receivable | 0 | 0 |
Additional paid-in capital | 27,055 | 26,985 |
Accumulated deficit | (200,525) | (199,138) |
Total Shareholders' deficit | (1,799) | (482) |
Total liabilities and shareholders' deficit | $ 575 | $ 1,625 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Financial Position (Parenthetical) - shares shares in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Condensed Consolidated Statements of Financial Position | ||
Share capital, shares outstanding | 90,515 | 90,515 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (1,387) | $ (5,086) |
Adjustments for: | ||
Stock-based compensation | 70 | 94 |
Depreciation | 3 | 3 |
Amortization and others | 56 | 61 |
Changes in non-cash operating balances: | ||
Accounts receivable and other receivables | 0 | 3 |
Prepaid expense | (56) | (14) |
Inventory | 0 | 0 |
Accounts payable and accrued liabilities | 326 | 732 |
Net cash used in operating activities | (988) | (4,207) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (3) | 0 |
Net cash flows used in investing activities | (3) | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of share capital | 0 | 4,108 |
Repayment of operating lease and financing obligation | (61) | (59) |
Net cash flows used in financing activities | (61) | 4,049 |
Net decrease in cash | (1,052) | (158) |
CASH AT BANK | ||
Beginning of the period | 1,403 | 830 |
End of the period | $ 351 | $ 672 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Shareholders Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Number of Common Shares | Share Capital Subscription | Accumulated Deficit | Additional Paid In Capital |
Balance, shares at Dec. 31, 2021 | 85,546 | ||||
Balance, amount at Dec. 31, 2021 | $ (506) | $ 165,061 | $ (589) | $ (192,562) | $ 27,584 |
Statement [Line Items] | |||||
Share issuance for cash and share subscription, shares | 3,984 | ||||
Share issuance for cash and share subscription, amount | 2,366 | $ 4,834 | (1,900) | 0 | (568) |
Warrant issued | 1,741 | 1,741 | |||
Stock-based compensation and service fee, shares | 750 | ||||
Stock-based compensation and service fee, amount | 95 | $ 1,020 | 0 | 0 | (925) |
Net loss | (5,086) | 0 | 0 | (5,086) | 0 |
Balance, amount at Mar. 31, 2022 | (1,390) | $ 170,915 | (2,489) | (197,648) | 27,832 |
Balance, Shares at Mar. 31, 2022 | 90,280 | ||||
Balance, shares at Dec. 31, 2022 | 90,515 | ||||
Balance, amount at Dec. 31, 2022 | (482) | $ 171,671 | 0 | (199,138) | 26,985 |
Statement [Line Items] | |||||
Warrant issued | 0 | 0 | |||
Stock-based compensation and service fee, amount | 70 | 0 | 0 | 0 | 70 |
Net loss | (1,387) | 0 | 0 | (1,387) | 0 |
Share issuance for cash and share subscription | 0 | 0 | 0 | 0 | 0 |
Balance, amount at Mar. 31, 2023 | $ (1,799) | $ 171,671 | $ 0 | $ (200,525) | $ 27,055 |
Balance, Shares at Mar. 31, 2023 | 90,515 |
Business Activities and Basis O
Business Activities and Basis Of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Business Activities and Basis Of Presentation | |
Business Activities and Basis Of Presentation | 1. Business Activities and Basis Of Presentation : Nymox Pharmaceutical Corporation is a company which re-domiciled from Canada to the Commonwealth of The Bahamas in 2015 and is incorporated under the International Business Companies Act of the Commonwealth of The Bahamas. (a) Statement of compliance: The consolidated condensed unaudited interim consolidated financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and its interpretations as issued by the International Accounting Standards Board (“IASB”) and in accordance with IAS 34, Interim Financial Reporting The consolidated condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on May 12, 2023. (b) Basis of measurement: The condensed unaudited interim consolidated financial statements have been prepared on a going concern and on the historical cost basis. The functional currency of the Corporation is the US dollar. (c) Use of estimates and judgments: The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Information about critical judgments in applying accounting policies and assumption and estimation uncertainties that have the most significant effect on the amounts recognized in the consolidated financial statements is noted below: Significant estimates include, but are not limited to, the estimation of useful lives of equipment for purposes of depreciation, useful life of lease for purpose of amortization and the valuation of common shares and stock option issued for services. |
Going concern considerations
Going concern considerations | 3 Months Ended |
Mar. 31, 2023 | |
Going concern considerations | |
Going concern considerations | 2. Going concern considerations Management believes that current cash balances as of March 31, 2023 and planned fund raising will be sufficient to finance the Company’s operations for at least the next 12 months. However, if necessary, the Company intends to seek additional equity or other financing, should the Company’s liquidity need change. Considering recent developments and the need for additional financing, there exists a material uncertainty that casts substantial doubt about the Corporation’s ability to continue as a going concern. These financial statements do not reflect adjustments that would be necessary. If the going concern assumption is not appropriate, then adjustments may be necessary to the carrying value and classification of assets and liabilities and reported results of operations and such an adjustment could be material. |
Share capital
Share capital | 3 Months Ended |
Mar. 31, 2023 | |
Share capital | |
Share capital | 3. Share capital: (a) The holders of common shares are entitled to receive dividends as declared, which is at the discretion of the Corporation, and are entitled to one vote per share at the annual general meeting of the Corporation. The Corporation has never paid any dividends. (b) Stock options: The Corporation has established a stock option plan (the “Plan”) for its key employees, its officers and directors, and certain consultants. The Plan is administered by the Board of Directors of the Corporation. The Board may from time to time designate individuals to whom options to purchase common shares of the Corporation may be granted, the number of shares to be optioned to each, and the option price per share. The option price per share cannot involve a discount to the market price at the time the option is granted. The maximum number of shares which may be optioned under the stock option plan is 15,000,000. The maximum number of shares which may be optioned to any one individual is 15% of the total issued and outstanding common shares. Options under the Plan expire ten years after the grant date and vest either immediately or over periods up to six years, and are equity-settled. As of March 31, 2023, 8,820,000 options could still be granted by the Corporation. The following table provides the activity of stock option awards during the three-month period ended March 31, 2023 and for options outstanding and exercisable at the end of the three-month period ended March 31, 2023, the weighted average exercise price and the weighted average years to expiration. Options outstanding Weighted Weighted average average remaining exercise contractual Number Price life (in years) Outstanding, December 31, 2022 6,080,000 $ 1.76 2.92 Expired – – – Cancelled – – – Granted 100,000 0.30 6.90 Outstanding, March 31, 2023 6,180,000 $ 1.74 2.74 Options exercisable 6,163,333 $ 1.73 2.73 (c) Stock-based compensation: Stock -based compensation includes stock and stock option granted to employees and contractors for their service. Three months ended March 31, Employee expense 2023 2022 Stock and stock option compensation granted in 2015 - 62,267 2020 32,369 32,369 2023 37,096 - Total stock-based compensation expense recognized $ 69,465 $ 94,636 The stock and stock option -based compensation expense is disaggregated in the statements of operations and comprehensive loss as follows: Three months ended March 31, 2023 2022 Stock-based compensation pertaining to general and administrative expenses $ 37,096 $ 31,133 Stock-based compensation pertaining to research and development expenses 32,369 63,503 Total $ 69,465 $ 94,636 (d) Warrants: In the first quarter of 2022, the Corporation issued 3,878,789 investor warrants in connection with one private placement. Each warrant entitles the holder to acquire one common share of the Corporation at an exercise price of $2.00 with a five year term. In addition, the Company issued Placement Agent (or its assigns) warrants to purchase up to 193,939 shares of common stock at an exercise price of $2.06 per share, The Placement Agent Warrants are immediately exercisable and will expire on the five-year anniversary of the Effective Date, The warrants were recorded as part of additional paid in capital at a total of $1,877,608. |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings per share | |
Earnings per share: | 4. Earnings per share : Weighted average number of common shares outstanding: Three months ended March 31, 2023 2022 Issued common shares at beginning of period 90,515,140 85,545,875 Effect of shares issued - 480,798 Weighted average number of common shares outstanding – basic 90,515,140 86,026,673 Weighted average number of shares outstanding – diluted 90,515,140 86,026,673 There is no difference in diluted as compared to basic earnings per share as the impact would be antidilutive as a result of the net loss. |
Operating lease and other commi
Operating lease and other commitments | 3 Months Ended |
Mar. 31, 2023 | |
Operating lease and other commitments | |
Operating lease and other commitments | 5. Operating lease and other commitments The following table provides the changes in the Corporation’s operating lease right-of-use assets for the three months ended March 31, 2023 and 2022 respectively: (amounts in dollars) Total Balances as of January 1, 2023 $ 158,384 Renewed office lease - Amortization (54,719 ) Balances as of March 31, 2023 $ 103,665 (amounts in dollars) Total Balances as of January 1, 2022 $ 383,969 Renewed office lease - Amortization (55,499 ) Balances as of March 31, 2022 $ 328,470 The following table provides the changes in the Corporation’s operating lease liability for the three months ended March 31, 2023 and 2022 respectively: (amounts in dollars) Total Balances as of January 1, 2023 $ 172,942 Renewed office lease - Repayments of lease liability (60,434 ) Interest expense 1,639 Balances as of March 31, 2023 $ 114,147 Lease liability due within one year $ 114,147 Lease liability long term $ - (amounts in dollars) Total Balances as of January 1, 2022 $ 391,459 Renewed office lease - Repayments of lease liability (58,520 ) Interest expense 5,962 Balances as of March 31, 2022 $ 338,901 Lease liability due within one year $ 231,231 Lease liability long term $ 107,670 We used an incremental borrowing rate as a discount rate for our operating leases. The discount rate ranges from 4.75% to 5.00% and the average remaining years for our lease are 0.46 years as of March 31, 2023. The total future commitment payment amount for above lease is $115,476 comparing an outstanding lease liability of $114,147 as of March 31, 2023. The difference is due to interest expense. The total future commitment payment amount for above lease is $344,863 comparing an outstanding lease liability of $338,901 as of March 31, 2022. The difference is due to interest expense. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | 6. Commitments and Contingencies The Company is subject to periodic legal or administrative proceedings in the ordinary course of business. The Company does not have any pending legal or administrative proceeding to which the Company is a party that will have a material effect on its business or financial condition other than the matters discussed below. Currently the Canadian Revenue Authorities (“CRA”) is asserting that the Company owes additional taxes for the domicile move from Canada to the Bahamas. The Company disputes this allegation and is currently contesting the matter with the CRA. No resolution has been reached as of today’s date; however the Company is confident that its position will prevail. In addition, the corporation has a future insurance premium payment of $368,414 as of March 31, 2023. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions | |
Related Party Transaction | 7. Related Party Transactions: The transactions we have with related parties include compensation arrangements for current compensation, share based compensation , and compensation under options, and share purchase as investor. Executive officers and directors participate in the Corporation’s stock option plan. Certain Executive officers are covered under the Corporation’s health plan. Key management personnel compensation is comprised of: Three months ended March 31, 2023 2022 Salaries and bonus $ 100,000 $ 300,000 Short-term employee benefits 492 584 Stock-based compensation 37,096 62,267 $ 137,588 $ 362,851 Total honorariums to the independent directors of the Corporation for participating in Board and Committee meetings were nil for the period ended March 31, 2023 and 2022, respectively. Our Chief Financial Officer receives no salary compensation as an individual and receives no deferred or incentive compensation. We do make payments based on contract for services rendered to a corporation controlled by him. Amounts paid under this arrangement were $46,066 for the period ended March 31, 2023 Our Corporate Legal Counsel receives no salary compensation as an individual and receives no deferred or incentive compensation. We do make payments based on contract for services rendered to a corporation controlled by him. Amounts paid under this arrangement were $98,118 for the period ended March 31, 2023 and $97,500 for the period ended March 31, 2022, respectively. |
Subsequent events
Subsequent events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent events | |
Subsequent events | 7. Subsequent events : On April 17, 2023, a short-term loan agreement was signed with a related party for $1,000,000 of which $500,000 has been received as of the date these financial statements were available to be issued. On April 19, 2023, the company issued 750,000 shares to its Chief Executive Officer in fulfilment of his 2022 contract. Subsequent events have been evaluated through May 12, 2023, the date these financial statements were available to be released and noted no other events requiring disclosure. |
Business Activities and Basis_2
Business Activities and Basis Of Presentatio (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Statement of compliance | The consolidated condensed unaudited interim consolidated financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and its interpretations as issued by the International Accounting Standards Board (“IASB”) and in accordance with IAS 34, Interim Financial Reporting The consolidated condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on May 12, 2023. |
Basis of measurement | The condensed unaudited interim consolidated financial statements have been prepared on a going concern and on the historical cost basis. The functional currency of the Corporation is the US dollar. |
Use of estimates and judgments | The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Information about critical judgments in applying accounting policies and assumption and estimation uncertainties that have the most significant effect on the amounts recognized in the consolidated financial statements is noted below: Significant estimates include, but are not limited to, the estimation of useful lives of equipment for purposes of depreciation, useful life of lease for purpose of amortization and the valuation of common shares and stock option issued for services. |
Share capital (Tables)
Share capital (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share capital | |
Summary of Stock option award | Options outstanding Weighted Weighted average average remaining exercise contractual Number Price life (in years) Outstanding, December 31, 2022 6,080,000 $ 1.76 2.92 Expired – – – Cancelled – – – Granted 100,000 0.30 6.90 Outstanding, March 31, 2023 6,180,000 $ 1.74 2.74 Options exercisable 6,163,333 $ 1.73 2.73 |
Summary of stock option-based compensation | Three months ended March 31, Employee expense 2023 2022 Stock and stock option compensation granted in 2015 - 62,267 2020 32,369 32,369 2023 37,096 - Total stock-based compensation expense recognized $ 69,465 $ 94,636 |
Summary of stock option-based compensation expense | Three months ended March 31, 2023 2022 Stock-based compensation pertaining to general and administrative expenses $ 37,096 $ 31,133 Stock-based compensation pertaining to research and development expenses 32,369 63,503 Total $ 69,465 $ 94,636 |
Earning Per Share (Tables)
Earning Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Summary of weighted average number of common shares outstanding | Three months ended March 31, 2023 2022 Issued common shares at beginning of period 90,515,140 85,545,875 Effect of shares issued - 480,798 Weighted average number of common shares outstanding – basic 90,515,140 86,026,673 Weighted average number of shares outstanding – diluted 90,515,140 86,026,673 |
Operating leases and other comm
Operating leases and other commitment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Operating lease right-of-use assets | (amounts in dollars) Total Balances as of January 1, 2023 $ 158,384 Renewed office lease - Amortization (54,719 ) Balances as of March 31, 2023 $ 103,665 (amounts in dollars) Total Balances as of January 1, 2022 $ 383,969 Renewed office lease - Amortization (55,499 ) Balances as of March 31, 2022 $ 328,470 |
Summary of operating lease liability | (amounts in dollars) Total Balances as of January 1, 2023 $ 172,942 Renewed office lease - Repayments of lease liability (60,434 ) Interest expense 1,639 Balances as of March 31, 2023 $ 114,147 Lease liability due within one year $ 114,147 Lease liability long term $ - (amounts in dollars) Total Balances as of January 1, 2022 $ 391,459 Renewed office lease - Repayments of lease liability (58,520 ) Interest expense 5,962 Balances as of March 31, 2022 $ 338,901 Lease liability due within one year $ 231,231 Lease liability long term $ 107,670 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions | |
Schedule of key management personnel compensation | Three months ended March 31, 2023 2022 Salaries and bonus $ 100,000 $ 300,000 Short-term employee benefits 492 584 Stock-based compensation 37,096 62,267 $ 137,588 $ 362,851 |
Share capital (Details)
Share capital (Details) - Equity Option [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Statement [Line Items] | |
Number of outstanding balance, Beginning | shares | 6,080,000 |
Granted | shares | 100,000 |
Number of outstanding balance, Ending | shares | 6,180,000 |
Options exercisable | shares | 6,163,333 |
Weighted average exercise price, Beginning | $ / shares | $ 1.76 |
Weighted average exercise price, Ending | $ / shares | 1.74 |
Weighted average exercise price, Granted | $ / shares | 0.30 |
Weighted average exercise price, Options exercisable | $ / shares | $ 1.73 |
Weighted average remaining contractual life (in years), Beginning | 2 years 11 months 1 day |
Weighted average remaining contractual life (in years), Ending | 2 years 8 months 26 days |
Weighted average remaining contractual life options Granted | 6 years 10 months 24 days |
Weighted average remaining contractual life options exercisable (in years) | 2 years 8 months 23 days |
Share capital (Details 1)
Share capital (Details 1) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
2015 [Member] | ||
Statement [Line Items] | ||
Shares based compensation recognized expense | $ 0 | $ 62,267 |
2020 [Member] | ||
Statement [Line Items] | ||
Shares based compensation recognized expense | 32,369 | 32,369 |
Total [Member] | ||
Statement [Line Items] | ||
Shares based compensation recognized expense | 69,465 | 94,636 |
2023 [Member] | ||
Statement [Line Items] | ||
Shares based compensation recognized expense | $ 37,096 | $ 0 |
Share capital (Details 2)
Share capital (Details 2) - Equity Option [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement [Line Items] | ||
Stock-based compensation pertaining to general and administrative expenses | $ 37,096 | $ 31,133 |
Stock-based compensation pertaining to research and development expenses | 32,369 | 63,503 |
Total | $ 69,465 | $ 94,636 |
Share capital (Details Narrativ
Share capital (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Private Placements [Member] | ||
Statement [Line Items] | ||
Warrants issued for private placement | 3,878,789 | |
Common stock shares issued | 193,939 | |
Common stock exercise price | $ 2.06 | |
Warrants of additional paid in capital | $ 1,877,608 | |
Stock Option [Member] | ||
Statement [Line Items] | ||
Options available for granting | 8,820,000 | |
Shares issuable upon exercise of warrants, maximum | 15,000,000 | |
Percentage of issued and outstanding shares issuable maximum to one individual | 15% |
Earnings per share (Details)
Earnings per share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings per share | ||
Issued common shares | 90,515,140 | 85,545,875 |
Effect of shares issued | 480,798 | |
Weighted average number of common shares outstanding basic | 90,515,140 | 86,026,673 |
Weighted average number of shares outstanding - diluted | 90,515,140 | 86,026,673 |
Operating lease and other com_2
Operating lease and other commitments (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating lease and other commitments | ||
Begininng balance | $ 158,384 | $ 383,969 |
Renewed office lease | 0 | 0 |
Accumulated amortization | (54,719) | (55,499) |
Ending balance | $ 103,665 | $ 328,470 |
Operating lease and other com_3
Operating lease and other commitments (Details 1) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating lease and other commitments | ||
Beginning balance | $ 172,942 | $ 391,459 |
Renewed office lease | 0 | 0 |
Repayments of lease liability | (60,434) | (58,520) |
Interest expenser | 1,639 | 5,962 |
Ending balance | 114,147 | 338,901 |
Lease liability due within one year | 114,147 | 231,231 |
Lease liability long term | $ 0 | $ 107,670 |
Operating lease and other com_4
Operating lease and other commitments (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Statement [Line Items] | ||
Operating lease liability | $ 114,147 | $ 344,863 |
Future payment amount | $ 115,476 | $ 338,901 |
Average remaining years | 5 months 15 days | |
January 1, 2019 [Member] | ||
Statement [Line Items] | ||
Discount rate description | ranges from 4.75% to 5.00% |
Commitments and Contingenciesl
Commitments and Contingenciesl (Details Narrative) | Mar. 31, 2023 USD ($) |
Future insurance premium payment | $ 368,414 |
Related Party Transactions (Det
Related Party Transactions (Details) - Director [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement [Line Items] | ||
Salaries and bonus | $ 100,000 | $ 300,000 |
Short-term employee benefits | 492 | 584 |
Stock-based compensation | 37,096 | 62,267 |
Total | $ 137,588 | $ 362,851 |
Related Party Transactions (D_2
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Chief Financial Officers [Member] | ||
Statement [Line Items] | ||
Amounts paid contract for services | $ 46,066 | |
Corporate Legal Counsel [Member] | ||
Statement [Line Items] | ||
Amounts paid contract for services | $ 98,118 | $ 97,500 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) | Apr. 17, 2023 USD ($) |
Subsequent events | |
Short term loan agreement | $ 1,000,000 |
Loan amount recieved from related party | $ 500,000 |