Cover
Cover | 6 Months Ended |
Jun. 30, 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 | Jun. 30, 2023 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2023 |
Entity File Number | 001-12033 |
Entity Address Postal Zip Code | 20549 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | ||||
Sales of goods | $ 0 | $ 0 | $ 0 | $ 0 |
Total revenues | 0 | 0 | ||
Operating expenses | ||||
Research and development | 594 | 810 | 1,313 | 5,144 |
General and administrative | 505 | 963 | 1,170 | 1,703 |
Marketing | 0 | 0 | 0 | 0 |
Cost of goods sold | 0 | 0 | 0 | 0 |
Total operating expenses | 1,099 | 1,773 | 2,483 | 6,847 |
Loss from operations | (1,099) | (1,773) | (2,483) | (6,847) |
Other Income/Expense | ||||
Other income | 0 | 3,117 | 0 | 3,117 |
Operating lease interest expense | (1) | (3) | (3) | (10) |
Interest income (cost) | (10) | (1) | (11) | (6) |
Loss before income tax | (1,110) | 1,340 | (2,497) | (3,746) |
Income tax provision (recovery) | 0 | 0 | 0 | 0 |
Net Loss | $ (1,110) | $ 1,340 | $ (2,497) | $ (3,746) |
Net income(loss) per share Basic | $ (0.01) | $ 0.01 | $ (0.03) | $ (0.04) |
Weighted average number of common shares outstanding | $ 91,265 | $ 90,420 | $ 91,265 | $ 88,235 |
Net income(loss) per share Diluted | $ (0.01) | $ 0.01 | $ (0.03) | $ (0.04) |
Weighted average number of diluted shares outstanding | 91,265 | 105,439 | 91,265 | 88,235 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash at bank | $ 132 | $ 1,403 |
Other receivables | 10 | 10 |
Security deposit | 28 | 28 |
Prepaid expenses and other current assets | 44 | 16 |
Total current assets | 214 | 1,457 |
Non-current assets | ||
Property and equipment | 8 | 10 |
Operating lease right-of-use asset, net | 49 | 158 |
Total assets | 271 | 1,625 |
Current liabilities | ||
Accounts payable and accrued liabilities | 2,343 | 1,934 |
Short term loan | 750 | 0 |
Operating lease liability due within one year | 55 | 173 |
Total current liabilities | 3,148 | 2,107 |
Long term operating lease liability | 0 | 0 |
Total liabilities | 3,148 | 2,107 |
Equity | ||
Share capital - unlimited authorized shares at no par value 91,265 and 90,515 shares outstanding at June 30, 2023 and December 31, 2022, respectively | 171,671 | 171,671 |
Share capital subscription receivable | 0 | 0 |
Additional paid-in capital | 27,087 | 26,985 |
Accumulated deficit | (201,635) | (199,138) |
Total Shareholders' equity | (2,877) | (482) |
Total liabilities and shareholders' equity | $ 271 | $ 1,625 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - shares shares in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Consolidated Statements of Financial Position | ||
Share capital, shares outstanding | 91,265 | 90,515 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (2,497) | $ (3,746) |
Adjustments for: | ||
Stock-based compensation | 102 | 476 |
Depreciation | 5 | 6 |
Amortization and others | 112 | 121 |
Changes in non-cash operating balances: | ||
Accounts receivable and other receivables | 0 | 4 |
Prepaid expenses and other current asset | (28) | 89 |
Accounts payable and accrued liabilities | 409 | 400 |
Net cash used in operating activities | (1,897) | (2,650) |
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 | 6,007 |
Proceeds from short term loan | 750 | |
Repayment of operating lease and financing obligation | (121) | (117) |
Net cash flows used in financing activities | 629 | 5,890 |
Net (decrease) increase in cash and cash equivalents | (1,271) | 3,240 |
CASH AT BANK | ||
Beginning of the period | 1,403 | 830 |
End of the period | 132 | 4,070 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Operating lease right-of-use asset and related liability | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Number of Common Shares | Share capital subscription | Retained Earnings (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 | 4,266 | $ 4,834 | 0 | 0 | (568) |
Warrants issued | 1,741 | 0 | 0 | 0 | 1,741 |
Stock-based compensation and service fee, amount | 477 | $ 2,365 | 0 | (1,888) | |
Stock-based compensation and service fee, shares | 1,735 | ||||
Net loss | (3,746) | $ 0 | 0 | (3,746) | 0 |
Balance, amount at Jun. 30, 2022 | 2,232 | $ 172,260 | (589) | (196,308) | 26,869 |
Balance, shares at Jun. 30, 2022 | 91,265 | ||||
Statement [Line Items] | |||||
Net loss | 1,340 | ||||
Balance, amount at Jun. 30, 2022 | 2,232 | $ 172,260 | (589) | (196,308) | 26,869 |
Balance, shares at Jun. 30, 2022 | 91,265 | ||||
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] | |||||
Warrants issued | 0 | 0 | 0 | 0 | 0 |
Stock-based compensation and service fee, amount | 102 | $ 0 | 0 | 0 | 102 |
Stock-based compensation and service fee, shares | 750 | ||||
Net loss | (2,497) | $ 0 | 0 | (2,497) | 0 |
Share issuance for cash and share subscription | 0 | 0 | 0 | 0 | 0 |
Balance, amount at Jun. 30, 2023 | $ (2,877) | $ 171,671 | $ 0 | $ (201,635) | $ 27,087 |
Balance, shares at Jun. 30, 2023 | 91,265 |
Business Activities and Basis O
Business Activities and Basis Of Presentation | 6 Months Ended |
Jun. 30, 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 August 14, 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 | 6 Months Ended |
Jun. 30, 2023 | |
Going concern considerations | |
Going concern considerations | 2. Going concern considerations: Management believes that current cash balances as of June 30, 2023 and planed 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2023, 9,400,000 options could still be granted by the Corporation. The following table provides the activity of stock option awards during the six-month period ended June 30, 2023 and for options outstanding and exercisable at the end of the six-month period ended June 30, 2023, the weighted average exercise price and the weighted average years to expiration. 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 (580,000 ) 1.33 - Granted 100,000 0.30 - Outstanding, June 30, 2023 5,600,000 $ 1.78 2.19 Options exercisable 5,595,833 $ 1.78 2.19 (c) Stock-based compensation: Stock -based compensation includes stock and stock option granted to employees and contractors for their service. Three months Six months ended June 30, ended June 30, Employee expenses 2023 2022 2023 2022 Stock and stock option compensation granted in: 2015 - 24,482 - 86,749 2020 32,369 32,369 64,738 64,738 2022 324,777 324,777 2023 - - 37,096 - Total stock-based compensation expense recognized $ 32,369 $ 381,628 $ 101,834 $ 476,264 The stock and stock option-based compensation expense is disaggregated in the statements of operations and comprehensive loss as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Stock-based compensation pertaining to general and administrative $ - $ 337,018 $ 37,096 $ 368,151 Stock-based compensation pertaining to research and development 32,369 44,610 64,738 108,113 Total $ 32,369 $ 381,628 $ 101,834 $ 476,264 (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 | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share | |
Earnings per share: | 4. Earnings per Share: Weighted average number of common shares outstanding: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Issued common shares at beginning of period 90,515,140 90,279,794 90,515,140 85,545,875 Effect of shares issued 750,000 140,139 750,000 2,689,564 Weighted average number of common shares outstanding - basic 91,265,140 90,419,933 91,265,140 88,235,439 Weighted average number of shares outstanding - diluted 91,265,140 105,439,009 91,265,140 88,235,439 There is no difference in diluted as compared to basic earnings per share for the period when the company has a net loss as the impact would be antidilutive . |
Operating lease and other commi
Operating lease and other commitments | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2023 and year end of December 31, 2022 respectively: (amounts in dollars) Total Balances as of January 1, 2023 $ 158,384 Renewed office lease - Accumulated amortization (109,438 ) Balances as of June 30, 2023 $ 48,946 (amounts in dollars) Total Balances as of January 1, 2022 $ 383,969 Adjustment office lease (4,040 ) Accumulated amortization (221,545 ) Balances as of December 31, 2022 $ 158,384 The following table provides the changes in the Corporation’s operating lease liability for the six months ended June 30, 2023 and year end of 2022 respectively: (amounts in dollars) Total Balances as of January 1, 2023 $ 172,942 Renewed office lease - Repayments of lease liability (120,868 ) Other 2,557 Balances as of June 30, 2023 $ 54,631 Lease liability due within one year $ 54,631 Lease liability long term $ - (amounts in dollars) Total Balances as of January 1, 2022 $ 391,459 Adjustment office lease (4,040 ) Repayments of lease liability (229,503 ) Other 15,026 Balances as of December 31, 2022 $ 172,942 Lease liability due within one year $ 172,942 Lease liability long term $ - 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 0.21 years as of June 30, 2023. The total future commitment payment amount for above lease is $55,042 comparing an outstanding lease liability of $54,631 as of June 30, 2023. The difference is due to interest expense. The total future commitment payment amount for above lease is $175,910 comparing an outstanding lease liability of $172,942 as of December 31, 2022. The difference is due to interest expense. |
Short term loan
Short term loan | 6 Months Ended |
Jun. 30, 2023 | |
Short term loan | |
Short term loan | 6. Short term loan On April 17, 2023, the company signed a short-term loan agreement with the company’s director, James G, Robinson. The principal amount of the loan is $1,000,000. The loan amount shall be delivered in two or more payment. The loan bear interest, compound annually, at 10%. The principal amount of the loan and any accrued but unpaid interest shall be due and payable in full due on or before April 16, 2024. The company received the first loan payment of $500,000 on April 25, 2023, and received $250,000 on June 5, 2023. As a result, the company has a outstanding short term loan balance of $750,000 as of June 30,2023. A total of $10,989 interest expense has been accrued for the loan by the end of June 30,2023 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | 7. 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 $241,869 as of June 30, 2023. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions | |
Related Party Transaction | 8. Related Party Transactions: The transactions we have with related parties include compensation arrangements for current compensation, share based compensation, compensation under options, share purchase as investor and short term loan from the company director. 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 Six months ended June 30, ended June 30, 2023 2022 2023 2022 Salaries and bonus 20,000 60,000 120,000 360,000 Short-term employee benefits 495 598 987 1,181 Stock-based compensation - 349,259 - 411,526 $ 20,495 $ 409,857 $ 120,987 772,707 Total honorariums to the independent directors of the Corporation for participating in Board and Committee meetings were nil for the period ended June 30, 2023 and 2022, respectively. The former Chief Financial Officer received salary compensation as an individual in the amount of $62,500 for the period ended June 30, 2023. We also made 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 June 30, 2023 The former Corporate Legal Counsel receives no salary compensation as an individual and receives no deferred or incentive compensation. We made payments based on contract for services rendered to a corporation controlled by him. Amounts paid under this arrangement were $141,717 for the period ended June 30, 2023 and $242,500 for the period ended June 30, 2022, respectively. On April 17, 2023, we signed a short-term loan agreement with the company’s director, James G, Robinson. The principal amount of the loan is $1,000,000 of which $500,000 was received on April 25, 2023, $250,000 was received on June 5, 2023. The loan bear interest, compound annually, at 10%. Total of $10,989 interest expense has been accrued for the loan by the end of June 30,2023. |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent events | |
Subsequent events | 8. Subsequent events: The Corporation has evaluated subsequent events through August 14, 2023, the date the financial statements were authorized for issuance by the Audit Committee of the Board of Directors. The Corporation has determined there are no subsequent events except the following. On July 3, the company received $250,000 as the remaining portion of $1 million short-term loan from the company ‘s director, James G, Robinson. On August 2,2023, the company announced a private placement of US $2.0 million for 2 million shares at the price of $1.00 per share with 500,000 warrants priced at $2.00. The investment comes from James Robinson, a long-term shareholder of Nymox and a distinguished member of the Board of Directors of the Company. The funds will be used for general corporate purposes. The investment will close in the upcoming days after the customary formalities are completed. |
Business Activities and Basis_2
Business Activities and Basis Of Presentation (Policies) | 6 Months Ended |
Jun. 30, 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 August 14, 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) | 6 Months Ended |
Jun. 30, 2023 | |
Share capital | |
Summary of Stock option award | 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 (580,000 ) 1.33 - Granted 100,000 0.30 - Outstanding, June 30, 2023 5,600,000 $ 1.78 2.19 Options exercisable 5,595,833 $ 1.78 2.19 |
Summary of stock option-based compensation | Three months Six months ended June 30, ended June 30, Employee expenses 2023 2022 2023 2022 Stock and stock option compensation granted in: 2015 - 24,482 - 86,749 2020 32,369 32,369 64,738 64,738 2022 324,777 324,777 2023 - - 37,096 - Total stock-based compensation expense recognized $ 32,369 $ 381,628 $ 101,834 $ 476,264 |
Summary of stock option-based compensation expense | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Stock-based compensation pertaining to general and administrative $ - $ 337,018 $ 37,096 $ 368,151 Stock-based compensation pertaining to research and development 32,369 44,610 64,738 108,113 Total $ 32,369 $ 381,628 $ 101,834 $ 476,264 |
Earning Per Share (Tables)
Earning Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of weighted average number of common shares outstanding | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Issued common shares at beginning of period 90,515,140 90,279,794 90,515,140 85,545,875 Effect of shares issued 750,000 140,139 750,000 2,689,564 Weighted average number of common shares outstanding - basic 91,265,140 90,419,933 91,265,140 88,235,439 Weighted average number of shares outstanding - diluted 91,265,140 105,439,009 91,265,140 88,235,439 |
Operating leases and other comm
Operating leases and other commitment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Operating lease right-of-use assets | (amounts in dollars) Total Balances as of January 1, 2023 $ 158,384 Renewed office lease - Accumulated amortization (109,438 ) Balances as of June 30, 2023 $ 48,946 (amounts in dollars) Total Balances as of January 1, 2022 $ 383,969 Adjustment office lease (4,040 ) Accumulated amortization (221,545 ) Balances as of December 31, 2022 $ 158,384 |
Summary of operating lease liability | (amounts in dollars) Total Balances as of January 1, 2023 $ 172,942 Renewed office lease - Repayments of lease liability (120,868 ) Other 2,557 Balances as of June 30, 2023 $ 54,631 Lease liability due within one year $ 54,631 Lease liability long term $ - (amounts in dollars) Total Balances as of January 1, 2022 $ 391,459 Adjustment office lease (4,040 ) Repayments of lease liability (229,503 ) Other 15,026 Balances as of December 31, 2022 $ 172,942 Lease liability due within one year $ 172,942 Lease liability long term $ - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions | |
Schedule of key management personnel compensation | Three months Six months ended June 30, ended June 30, 2023 2022 2023 2022 Salaries and bonus 20,000 60,000 120,000 360,000 Short-term employee benefits 495 598 987 1,181 Stock-based compensation - 349,259 - 411,526 $ 20,495 $ 409,857 $ 120,987 772,707 |
Share capital (Details)
Share capital (Details) - Equity Option [Member] | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Statement [Line Items] | |
Number of outstanding balance, Beginning | shares | 6,080,000 |
Granted | shares | 100,000 |
Expired / Cancelled | shares | (580,000) |
Number of outstanding balance, Ending | shares | 5,600,000 |
Options exercisable | shares | 5,595,833 |
Weighted average exercise price, Beginning | $ / shares | $ 1.76 |
Weighted average exercise price, Granted | $ / shares | 0.30 |
Weighted average exercise price, Expired / Cancelled | $ / shares | 1.33 |
Weighted average exercise price, Ending | $ / shares | 1.78 |
Weighted average exercise price, Options exercisable | $ / shares | $ 1.78 |
Weighted average remaining contractual life (in years), Beginning | 2 years 11 months 1 day |
Weighted average remaining contractual life (in years), Ending | 2 years 2 months 8 days |
Weighted average remaining contractual life options exercisable (in years) | 2 years 2 months 8 days |
Share capital (Details 1)
Share capital (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
2015 [Member] | ||||
Statement [Line Items] | ||||
Shares based compensation recognized expense | $ 0 | $ 24,482 | $ 0 | $ 86,749 |
2020 [Member] | ||||
Statement [Line Items] | ||||
Shares based compensation recognized expense | 32,369 | 32,369 | 64,738 | 64,738 |
2022 [Member] | ||||
Statement [Line Items] | ||||
Shares based compensation recognized expense | 324,777 | 324,777 | ||
Total [Member] | ||||
Statement [Line Items] | ||||
Shares based compensation recognized expense | 32,369 | 381,628 | 101,834 | 476,264 |
2023 [Member] | ||||
Statement [Line Items] | ||||
Shares based compensation recognized expense | $ 0 | $ 0 | $ 37,096 | $ 0 |
Share capital (Details 2)
Share capital (Details 2) - Equity Option [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement [Line Items] | ||||
Stock-based compensation pertaining to general and administrative expenses | $ 0 | $ 337,018 | $ 37,096 | $ 368,151 |
Stock-based compensation pertaining to research and development expenses | 32,369 | 44,610 | 64,738 | 108,113 |
Total | $ 32,369 | $ 381,628 | $ 101,834 | $ 476,264 |
Share capital (Details Narrativ
Share capital (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2022 | Jun. 30, 2023 | |
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 | 9,400,000 | |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings per share | ||||
Issued common shares | 90,515,140 | 90,279,794 | 90,515,140 | 85,545,875 |
Effect of shares issued | 750,000 | 140,139 | 750,000 | 2,689,564 |
Weighted average number of common shares outstanding basic | 91,265,140 | 90,419,933 | 91,265,140 | 88,235,439 |
Weighted average number of shares outstanding - diluted | 91,265,140 | 105,439,009 | 91,265,140 | 88,235,439 |
Operating lease and other com_2
Operating lease and other commitments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating lease and other commitments | ||
Begininng balance | $ 158,384 | $ 383,969 |
Renewed office lease | 0 | (4,040) |
Accumulated amortization | (109,438) | (221,545) |
Ending balance | $ 48,946 | $ 158,384 |
Operating lease and other com_3
Operating lease and other commitments (Details 1) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating lease and other commitments | ||
Beginning balance | $ 172,942 | $ 391,459 |
Renewed office lease | 0 | |
Adjustment office lease | (4,040) | |
Repayments of lease liability | (120,868) | (229,503) |
Other | 2,557 | 15,026 |
Ending balance | 54,631 | 172,942 |
Lease liability due within one year | 54,631 | 172,942 |
Lease liability long term | $ 0 | $ 0 |
Operating lease and other com_4
Operating lease and other commitments (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Statement [Line Items] | ||
Operating lease liability | $ 54,631 | $ 172,942 |
Future payment amount | $ 55,042 | $ 175,910 |
Average remaining years | 2 months 15 days | |
January 1, 2019 [Member] | ||
Statement [Line Items] | ||
Discount rate description | ranges from 4.75% to 5.00% |
Short term loan (Details Narrat
Short term loan (Details Narrative) - USD ($) | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 05, 2023 | Apr. 25, 2023 | Apr. 17, 2023 | |
Short term loan | ||||
Principal from loan amount | $ 500,000 | $ 1,000,000 | ||
Loan amount recieved from related party | $ 250,000 | |||
Accural Interest expense | $ 10,989 | |||
Outstanding Short term loan | $ 750,000 |
Commitments and Contingenciesl
Commitments and Contingenciesl (Details Narrative) | Jun. 30, 2023 USD ($) |
Future insurance premium payment | $ 241,869 |
Related Party Transactions (Det
Related Party Transactions (Details) - Directors [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement [Line Items] | ||||
Salaries and bonus | $ 20,000 | $ 60,000 | $ 120,000 | $ 360,000 |
Short-term employee benefits | 495 | 598 | 987 | 1,181 |
Stock-based compensation | 0 | 349,259 | 0 | 411,526 |
Total | $ 20,495 | $ 409,857 | $ 120,987 | $ 772,707 |
Related Party Transactions (D_2
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement [Line Items] | ||||
Interest expense | $ 10,000 | $ 1,000 | $ 11,000 | $ 6,000 |
Chief Financial Officers [Member] | ||||
Statement [Line Items] | ||||
Amounts paid contract for services | 46,066 | |||
Salary compensation | 62,500 | |||
Corporate Legal Counsel [Member] | ||||
Statement [Line Items] | ||||
Amounts paid contract for services | $ 141,717 | $ 242,500 | ||
James G. Robinson [Member] | ||||
Statement [Line Items] | ||||
Short-term loan agreement, Description | The principal amount of the loan is $1,000,000 of which $500,000 was received on April 25, 2023, $250,000 was received on June 5, 2023. | |||
Interest expense | $ 10,989 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) - USD ($) | Aug. 02, 2023 | Jul. 03, 2023 | Jun. 05, 2023 |
Statement [Line Items] | |||
Loan amount recieved from related party | $ 250,000 | ||
Events after reporting period [member] | |||
Statement [Line Items] | |||
Short term loan agreement | $ 1,000,000 | ||
Loan amount recieved from related party | $ 250,000 | ||
Events after reporting period [member] | Board of Directors [Member] | |||
Statement [Line Items] | |||
Private Placement, Description | a private placement of US $2.0 million for 2 million shares at the price of $1.00 per share with 500,000 warrants priced at $2.00 |