Cover
Cover | 9 Months Ended |
Sep. 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 | Sep. 30, 2023 |
Document Fiscal Period Focus | Q3 |
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 ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | ||||
Sales of goods | $ 0 | $ 0 | $ 0 | $ 5 |
Total revenues | 0 | 0 | 0 | 5 |
Operating expenses | ||||
Research and development | 661 | 892 | 1,974 | 6,036 |
General and administrative | 353 | 586 | 1,523 | 2,289 |
Marketing | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Total expenses | 1,014 | 1,478 | 3,497 | 8,325 |
Loss from operations | (1,014) | (1,478) | (3,497) | (8,325) |
Other Income/Expense | ||||
Other income | 3,117 | |||
Operating lease and financial obligations | 0 | (3) | (3) | (13) |
Interest income (cost) | 22 | 10 | 33 | 16 |
Loss before income tax | (1,036) | (1,491) | (3,533) | (5,237) |
Income tax provision (recovery) | 0 | 0 | 0 | 0 |
Net loss | $ (1,036) | $ (1,491) | $ (3,533) | $ (5,237) |
Net income(loss) per share Basic and dully diluted | $ (0.01) | $ (0.02) | $ (0.04) | $ (0.06) |
Weighted average number of common shares outstanding | $ 92,156 | $ 91,265 | $ 91,653 | $ 89,256 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash at bank | $ 76 | $ 1,403 |
Other receivables | 7 | 10 |
Security deposit | 28 | 28 |
Prepaid expenses and other current assets | 543 | 16 |
Total current assets | 654 | 1,457 |
Non-current assets | ||
Property and equipment | 5 | 10 |
Operating lease right-of-use asset, net | 10 | 158 |
Total assets | 669 | 1,625 |
Current liabilities | ||
Accounts payable and accrued liabilities | 2,560 | 1,934 |
Short term loan | 0 | 0 |
Operating lease liability due within one year | 11 | 173 |
Total current liability | 2,571 | 2,107 |
Long term operating lease liability | 0 | 0 |
Total liabilities | 2,571 | 2,107 |
Equity | ||
Share capital - unlimited authorized shares at no par value 93,265 and 90,515 shares outstanding at September 30, 2023 and December 31, 2022, respectively | 173,353 | 171,671 |
Additional paid-in capital | 27,416 | 26,985 |
Accumulated deficit | (202,671) | (199,138) |
Total stockholders' equity | (1,902) | (482) |
Total liabilities and stockholders' equity | $ 669 | $ 1,625 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - shares shares in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Consolidated Statements of Financial Position | ||
Share capital, shares outstanding | 93,265 | 90,515 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (3,533) | $ (5,237) |
Adjustments for: | ||
Stock-based compensation | 113 | 509 |
Depreciation | 8 | 9 |
Amortization and others | 150 | 179 |
Changes in non-cash operating balances: | ||
Accounts receivable and other receivables | 3 | 3 |
Prepaid expenses and other current assets | (527) | (3) |
Accounts payable and accrued liabilities | 626 | 584 |
Net cash flows used in operating activities | (3,160) | (3,956) |
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 issuance of share capital | 2,000 | 6,007 |
Proceeds from short term loan | 1,000 | 0 |
Repayment of short term loan | (1,000) | |
Repayment of operating lease and financing obligation | (164) | (177) |
Net cash flows provided by financing activities | 1,836 | 5,830 |
Net increase (decrease) in cash and cash equivalents | (1,327) | 1,874 |
CASH AT BANK | ||
Beginning of the period | 1,403 | 830 |
End of the period | 76 | 2,704 |
Supplemental Disclosure | 0 | 0 |
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 | 1,741 | |||
Stock-based compensation and service fee, amount | 509 | $ 2,365 | 0 | 0 | (1,856) |
Stock-based compensation and service fee, shares | 1,735 | ||||
Net loss | (5,237) | $ 0 | 0 | (5,237) | 0 |
Balance, amount at Sep. 30, 2022 | 773 | $ 172,260 | (589) | (197,799) | 26,901 |
Balance, shares at Sep. 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] | |||||
Stock-based compensation and service fee, amount | 113 | $ 0 | 0 | 0 | 113 |
Stock-based compensation and service fee, shares | 750 | ||||
Net loss | (3,533) | $ 0 | 0 | (3,533) | 0 |
Share and warrants issuance for cash, shares | 2,000 | ||||
Share and warrants issuance for cash, amount | 2,000 | $ 1,682 | 0 | 0 | 318 |
Balance, amount at Sep. 30, 2023 | $ (1,902) | $ 173,353 | $ 0 | $ (202,671) | $ 27,416 |
Balance, shares at Sep. 30, 2023 | 93,265 |
Business Activities and Basis O
Business Activities and Basis Of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Business Activities and Basis Of Presentation | 1. : 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 November 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, stock option, and warrant issued for private placement or services. |
Going concern considerations
Going concern considerations | 9 Months Ended |
Sep. 30, 2023 | |
Going concern considerations | |
Going concern considerations | 2. Going concern considerations: Management believes that current cash balances as of September 30, 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 | 9 Months Ended |
Sep. 30, 2023 | |
Share capital | |
Share capital | 3. Share Capital: 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. (a) Private placements: On August 9, 2023, the company entered into an agreement with an investor in a private placement of US $2.0 million for 2 million shares at a combined purchase price of $1.00 per share with 500,000 warrants. The investor warrants have an excise price of $2.00 per share, are immediately excisable and will expire 6 years from the effective date. 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 private placement was completed on August 29, 2023, and the company raised $2,000,000. (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 September 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 nine-month period ended September 30, 2023 and for options outstanding and exercisable at the end of the nine-month period ended September 30, 2023, the weighted average exercise price and the weighted average years to expiration. Weighted Range average of 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, September 30, 2023 5,600,000 $ 1.78 1.94 Options exercisable 5,600,000 $ 1.78 1.94 (c) Stock-based compensation: Stock -based compensation includes stock and stock option granted to employees and contractors for their service. Three months Nine months ended September 30, ended September 30, Employee expenses 2023 2022 2023 2022 Stock options and stock compensation granted in: 2015 - - - 86,749 2020 10,790 32,369 75,528 97,107 2022 - - - 324,777 2023 - - 37,096 - Total stock-based compensation expense recognized $ 10,790 $ 32,369 $ 112,624 $ 508,633 The stock-based compensation expense is disaggregated in the statements of consolidated Statements of Operations as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Stock-based compensation pertaining to general and administrative $ - $ - $ 37,096 $ 368,151 Stock-based compensation pertaining to research and development 10,790 32,369 75,528 140,482 Total $ 10,790 $ 32,369 $ 112,624 $ 508,633 (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. On August 9, 2023, the company issued 500,000 warrants to an accredited investor 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. The warrant is immediately excisable and will expire 6 years from the effective date. The warrants were recorded as part of additional paid in capital at a total of $317,302. |
Earnings per share
Earnings per share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings per share | |
Earnings per share: | 4. Earnings per Share: Weighted average number of common shares outstanding: Three months Nine months ended September 30, ended September 30, 2023 2022 2023 2022 Issued common shares at beginning of period 91,265,140 91,265,140 90,515,140 85,545,875 Effect of shares issued 891,304 - 1,138,278 3,710,562 Weighted average number of common shares outstanding – basic 92,156,444 91,265,140 91,653,418 89,256,437 Weighted average number of shares outstanding – diluted 92,156,444 91,265,140 91,653,418 89,256,437 There is no difference in diluted earning per share as compared to basic earnings per share for the all periods when the company has a net loss as the impact would be antidilutive. |
Operating lease and other commi
Operating lease and other commitments | 9 Months Ended |
Sep. 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 nine months ended September 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 (148,699 ) Balances as of September 30, 2023 $ 9,685 (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 nine months ended September 30, 2023 and year end of December 31, 2022 respectively: (amounts in dollars) Total Balances as of January 1, 2023 $ 172,942 Renewed office lease - Repayments of lease liability (164,706 ) Other 2,846 Balances as of September 30, 2023 $ 11,082 Lease liability due within one year $ 11,082 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 is 5.00% and the average remaining years for our lease are 0.08 years as of September 30, 2023. The total future commitment payment amount for above lease is $11,082. No difference comparing an outstanding lease liability of 11,082 as of September 30,2023 due to extremely short remaining lease expiration time . 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 | 9 Months Ended |
Sep. 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, received $250,000 on June 5, 2023 and received $250,000 on July 3, 2023. The short-term Loan was paid and settled in full on August 28, 2023 when the completed the private placement with Mr. Robinson. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 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. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 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 Nine months ended September 30, ended September 30, Description 2023 2022 2023 2022 Salaries and bonus $ 12,000 $ 150,000 $ 132,000 $ 510,000 Short-term employee benefits 531 584 1,518 1,766 Stock-based compensation - - - 411,526 Total $ 12,531 $ 150,584 $ 133,518 923,292 Total honorariums to the independent directors of the Corporation for participating in Board and Committee meetings were nil for the period ended September 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 September 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 September 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 September 30, 2023 and $383,850 for the period ended September 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 and $250,000 was received on July 3, 2023. The Loan was paid off and settled in full on August 28, 2023. As a result , the short-term loan balance is zero as of September 30,2023. On August 9, 2023, the company entered into an agreement its director James G, Robinson in a private placement of US $2.0 million for 2 million shares at a combined purchase price of $1.00 per share with 500,000 warrants. The investor warrants have an excise price of $2.00 per share, are immediately excisable and will expire 6 years from the effective date. The funds will be used for general corporate purposes. The private placement was completed on August 29, 2023. |
Subsequent events
Subsequent events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent events | |
Subsequent events | 9. Subsequent events: The Corporation has evaluated subsequent events through November 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. The April 17 Loan Agreement is re-issued as the “October 2, 2023 Loan Agreement” with the company’s director, James G, Robinson. The company received the first loan payment of $500,000 on October 11, 2023 per the agreement. On October 3, 2023, third-party claimants filed in the Bahamas an Ex-Parte Notice of Application seeking temporary injunctive relief, and a separate Standard Claim Form seeking permanent relief and damages against the Corporation. The Bahamian Court issued an Injunction Order on October 5, 2023 pursuant to the Ex-Parte Notice of Application, and subsequently granted Nymox’s Application to Stay the Order on November 3, 2023. The Corporation is confident it will prevail in dismissing the Order, and in dismissing the permanent relief and damages sought in the Standard Claim Form. On October 31, 2023, the Corporation filed in the Superior Court of California, Orange County, an Ex Parte Application for a Temporary Restraining Order (TRO) to preclude the defendants, Randall Lanham, Richard Cutler, Christoper Riley, and CRNSV, from relying on and disclosing confidential and privileged information of Nymox, and to return all Nymox documents and things that they have still refused to return. On November 2, 2023, the Court granted the TRO in amended form, and an Order to Show Cause why a preliminary injunction should not be granted. The Corporation is confident it will prevail on the Order to Show Cause. On November 8, 2023, the Corporation filed in the Superior Court of California, Orange County, a Complaint against AscellaHealth, LLC, for unfair competition, tortious interference with prospective business interests, and declaratory relief. |
Business Activities and Basis_2
Business Activities and Basis Of Presentation (Policies) | 9 Months Ended |
Sep. 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 November 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, stock option, and warrant issued for private placement or services. |
Share capital (Tables)
Share capital (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share capital | |
Summary of Stock option award | Weighted Range average of 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, September 30, 2023 5,600,000 $ 1.78 1.94 Options exercisable 5,600,000 $ 1.78 1.94 |
Summary of stock option-based compensation | Three months Nine months ended September 30, ended September 30, Employee expenses 2023 2022 2023 2022 Stock options and stock compensation granted in: 2015 - - - 86,749 2020 10,790 32,369 75,528 97,107 2022 - - - 324,777 2023 - - 37,096 - Total stock-based compensation expense recognized $ 10,790 $ 32,369 $ 112,624 $ 508,633 |
Summary of stock option-based compensation expense | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Stock-based compensation pertaining to general and administrative $ - $ - $ 37,096 $ 368,151 Stock-based compensation pertaining to research and development 10,790 32,369 75,528 140,482 Total $ 10,790 $ 32,369 $ 112,624 $ 508,633 |
Earning Per Share (Tables)
Earning Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Summary of weighted average number of common shares outstanding | Three months Nine months ended September 30, ended September 30, 2023 2022 2023 2022 Issued common shares at beginning of period 91,265,140 91,265,140 90,515,140 85,545,875 Effect of shares issued 891,304 - 1,138,278 3,710,562 Weighted average number of common shares outstanding – basic 92,156,444 91,265,140 91,653,418 89,256,437 Weighted average number of shares outstanding – diluted 92,156,444 91,265,140 91,653,418 89,256,437 |
Operating leases and other comm
Operating leases and other commitment (Tables) | 9 Months Ended |
Sep. 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 (148,699 ) Balances as of September 30, 2023 $ 9,685 (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 (164,706 ) Other 2,846 Balances as of September 30, 2023 $ 11,082 Lease liability due within one year $ 11,082 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) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions | |
Schedule of key management personnel compensation | Three months Nine months ended September 30, ended September 30, Description 2023 2022 2023 2022 Salaries and bonus $ 12,000 $ 150,000 $ 132,000 $ 510,000 Short-term employee benefits 531 584 1,518 1,766 Stock-based compensation - - - 411,526 Total $ 12,531 $ 150,584 $ 133,518 923,292 |
Share capital (Details)
Share capital (Details) - Equity Option [Member] | 9 Months Ended |
Sep. 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 | 5,600,000 |
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 | 1 year 11 months 8 days |
Weighted average remaining contractual life options exercisable (in years) | 1 year 11 months 8 days |
Share capital (Details 1)
Share capital (Details 1) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
2015 [Member] | ||||
Statement [Line Items] | ||||
Shares based compensation recognized expense | $ 0 | $ 0 | $ 0 | $ 86,749 |
2020 [Member] | ||||
Statement [Line Items] | ||||
Shares based compensation recognized expense | 10,790 | 32,369 | 75,528 | 97,107 |
2022 [Member] | ||||
Statement [Line Items] | ||||
Shares based compensation recognized expense | 0 | 0 | 0 | 324,777 |
Total [Member] | ||||
Statement [Line Items] | ||||
Shares based compensation recognized expense | 10,790 | 32,369 | 112,624 | 508,633 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement [Line Items] | ||||
Stock-based compensation pertaining to general and administrative expenses | $ 0 | $ 0 | $ 37,096 | $ 368,151 |
Stock-based compensation pertaining to research and development expenses | 10,790 | 32,369 | 75,528 | 140,482 |
Total | $ 10,790 | $ 32,369 | $ 112,624 | $ 508,633 |
Share capital (Details Narrativ
Share capital (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 09, 2023 | Aug. 29, 2023 | Mar. 31, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | |
Statement [Line Items] | |||||
Additional paid in capital | $ 27,416,000 | $ 26,985,000 | |||
Private Placements [Member] | |||||
Statement [Line Items] | |||||
Warrants issued for private placement | 3,878,789 | ||||
Common stock shares issued | 193,939 | ||||
Private placement agreement description | company entered into an agreement with an investor in a private placement of US $2.0 million for 2 million shares at a combined purchase price of $1.00 per share with 500,000 warrants | ||||
Common stock exercise price | $ 2 | $ 2.06 | $ 2 | ||
Warrants of additional paid in capital | $ 1,877,608 | ||||
Warrant issued | 500,000 | ||||
Warrant expiry description | excisable and will expire 6 years from the effective date | warrant is immediately excisable and will expire 6 years from the effective date | |||
Additional paid in capital | $ 317,302 | ||||
Company raise fund for general corporate purposes | $ 2,000,000 | ||||
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings per share | ||||
Issued common shares | 91,265,140,000 | 91,265,140,000 | 90,515,140,000 | 85,545,875,000 |
Effect of shares issued | 891,304,000 | 0 | 1,138,278,000 | 3,710,562,000 |
Weighted average number of common shares outstanding basic | 92,156,444,000 | 91,265,140,000 | 91,653,418,000 | 89,256,437,000 |
Weighted average number of shares outstanding - diluted | 92,156,444,000 | 91,265,140,000 | 91,653,418,000 | 89,256,437,000 |
Operating lease and other com_2
Operating lease and other commitments (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Operating lease and other commitments | ||
Begininng balance | $ 158,384 | $ 383,969 |
Renewed office lease | 0 | (4,040) |
Accumulated amortization | (148,699) | (221,545) |
Ending balance | $ 9,685 | $ 158,384 |
Operating lease and other com_3
Operating lease and other commitments (Details 1) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 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 | (164,706) | (229,503) |
Other | 2,846 | 15,026 |
Ending balance | 11,082 | 172,942 |
Lease liability due within one year | 11,082 | 172,942 |
Lease liability long term | $ 0 | $ 0 |
Operating lease and other com_4
Operating lease and other commitments (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Operating lease and other commitments | ||
Operating lease liability | $ 11,082 | $ 172,942 |
Future payment amount | $ 11,082 | $ 175,910 |
Average remaining years | 29 days | |
Discount rate | 5% |
Short term loan (Details Narrat
Short term loan (Details Narrative) - USD ($) | 1 Months Ended | |||
Apr. 17, 2023 | Jul. 03, 2023 | Jun. 05, 2023 | Apr. 25, 2023 | |
Short term loan | ||||
Principal from loan amount | $ 1,000,000 | $ 500,000 | ||
Loan amount recieved from related party | $ 250,000 | $ 250,000 | ||
Loan interest rate | 10% | |||
Interest payable date | Apr. 16, 2024 |
Related Party Transactions (Det
Related Party Transactions (Details) - Directors [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement [Line Items] | ||||
Salaries and bonus | $ 12,000 | $ 150,000 | $ 132,000 | $ 510,000 |
Short-term employee benefits | 531 | 584 | 1,518 | 1,766 |
Stock-based compensation | 0 | 0 | 0 | 411,526 |
Total | $ 12,531 | $ 150,584 | $ 133,518 | $ 923,292 |
Related Party Transactions (D_2
Related Party Transactions (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Chief Financial Officers [Member] | ||
Statement [Line Items] | ||
Salary compensation | $ 62,500 | |
Amounts paid contract for services | 46,066 | |
Corporate Legal Counsel [Member] | ||
Statement [Line Items] | ||
Amounts paid contract for services | $ 141,717 | $ 383,850 |
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 and $250,000 was received on July 3, 2023 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) - USD ($) | Oct. 02, 2023 | Jul. 03, 2023 | Jun. 05, 2023 |
Statement [Line Items] | |||
Loan amount recieved from related party | $ 250,000 | $ 250,000 | |
Events after reporting period [member] | Board of Directors [Member] | |||
Statement [Line Items] | |||
Loan amount recieved from related party | $ 500,000 |