Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 14, 2018 | |
FIXED ASSETS [Abstract] | ||
Entity Registrant Name | ANGIOGENEX, INC. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 29,386,667 | |
Amendment Flag | false | |
Entity Central Index Key | 1,085,596 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash | $ 380,882 | $ 493,676 |
Prepaid expenses | 12,864 | 21,634 |
TOTAL CURRENT ASSETS | 393,746 | 515,310 |
TOTAL ASSETS | 393,746 | 515,310 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 441,941 | 383,695 |
Accounts payable and accrued expenses - related parties | 512,082 | 495,536 |
Notes payable | 11,000 | 11,000 |
Notes payable - related parties | 127,750 | 127,750 |
Accrued interest | 45,073 | 51,081 |
Accrued interest - related parties | 74,444 | 73,321 |
TOTAL CURRENT LIABILITIES | 1,212,290 | 1,142,383 |
LONG-TERM LIABILITIES | ||
Notes payable, related parties | 27,450 | 27,450 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, 5,000,000 shares authorized, $0.001 par value, no shares issued and outstanding | 0 | 0 |
Common stock, 150,000,000 shares authorized, $0.001 par value, 29,386,667 and 25,366,667 shares issued and outstanding, respectively | 29,387 | 29,387 |
Additional paid-in capital | 5,881,829 | 5,892,359 |
Accumulated deficit | (6,757,210) | (6,576,269) |
TOTAL STOCKHOLDERS' DEFICIT | (845,994) | (654,523) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 303,746 | $ 515,310 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Preferred Stock | ||
Preferred stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in Shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in Shares) | 0 | 0 |
Preferred stock, shares outstanding (in Shares) | 0 | 0 |
Common Stock | ||
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in Shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in Shares) | 29,386,667 | 29,386,667 |
Common stock, shares outstanding (in Shares) | 29,386,667 | 29,386,667 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
EXPENSES | ||
Research and development | $ (10,372) | $ 30,042 |
General and administrative | 188,436 | 56,978 |
TOTAL OPERATING EXPENSES | 178,064 | 87,020 |
LOSS FROM OPERATIONS | (178,064) | (87,020) |
OTHER EXPENSE | ||
Other expense | (154) | (69) |
Interest expense, net | (2,723) | (2,698) |
TOTAL OTHER EXPENSE | (2,877) | (2,767) |
LOSS BEFORE INCOME TAXES | (180,941) | (89,787) |
INCOME TAXES | 0 | 0 |
NET LOSS | $ (180,941) | $ (89,787) |
NET LOSS PER COMMON SHARE - BASIC AND DILUTED | $ (.01) | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON STOCK SHARES OUTSTANDING - BASIC AND DILUTED | 29,386,667 | 29,386,667 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (180,941) | $ (89,787) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Stock-based compensation issuance of common stock options | (10,530) | 25,316 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 0 | (15,000) |
Decrease in accrued expenses | 67,016 | 13,091 |
Increase/(decrease) in accrued expenses - related party | 16,546 | 7,999 |
Increase in accrued interest | (6,008) | 631 |
Increase in accrued interest - related parties | 1,123 | 2,013 |
Net cash used by operating activities | (112,794) | (55,737) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net decrease in cash | (112,794) | (55,737) |
Cash, beginning of period | 493,676 | 272,471 |
Cash, end of period | 380,882 | 216,734 |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||
Cash paid for interest and income taxes: Interest expense | 7,868 | 0 |
Cash paid for interest and income taxes: Income taxes | $ 0 | $ 0 |
NOTE 1 - ORGANIZATION AND DESCR
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS The condensed consolidated financial statements include AngioGenex, Inc. (“AngioGenex” or the “Company”) and its wholly owned subsidiary AngioGenex Therapeutics, Inc. AngioGenex was incorporated in the State of New York on March 31, 1999. AngioGenex is a bio-pharmaceutical company dedicated to the development and commercialization of a novel, inexpensive treatment for vascular diseases including many forms of cancer, and macular degeneration. |
NOTE 2 - LIQUIDITY AND BASIS OF
NOTE 2 - LIQUIDITY AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2018 | |
Note 2 - Liquidity And Basis Of Presentation | |
NOTE 2 - LIQUIDITY AND BASIS OF PRESENTATION | NOTE 2 – LIQUIDITY AND BASIS OF PRESENTATION The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the accompanying financial statements, the Company has incurred substantial net losses since inception. The future of the Company is dependent upon obtaining additional financing and generating revenue to fund research and development activities and to support operations. However, there is no assurance that the Company will be able to obtain additional financing. Furthermore, there is no assurance that the United Stated Food and Drug Administration (“the “FDA”) will grant future approval of the Company’s prospective products or that profitable operations can be attained as a result thereof. The financial statements do not include any recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue as a going concern. The Company anticipates that its principal source of funds for the next year will be the issuance of additional equity or debt instruments for cash. Management plans to seek additional capital from new equity securities issuances that will provide funds needed to increase liquidity, fund internal growth and fully implement its business plan. Based on the Company's current cash usage expectations, management believes it will not have sufficient liquidity to fund its operations through June 2018. Further, management cannot provide any assurance that it is probable that the Company will be successful in accomplishing any of its plans to raise debt or equity financing. Collectively, these factors raise substantial doubt regarding the Company's ability to continue as a going concern. |
NOTE 3 - BASIS OF REPORTING AND
NOTE 3 - BASIS OF REPORTING AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
NOTE 3 - BASIS OF REPORTING AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – BASIS OF REPORTING AND SIGNIFICANT ACCOUNTING POLICIES The accompanying condensed consolidated financial statements reflect the accounts of the Company and its wholly-owned subsidiary and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). All significant intercompany balances and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, these interim unaudited condensed consolidated financial statements contain all of the adjustments of a normal and recurring nature which are considered necessary for a fair presentation of the financial position of the Company and the results of its operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2018, are not necessarily indicative of the operating results for the entire year. These financial statements should be read in conjunction with the annual financial statements and related disclosures included in the audited financial statements for the year ended December 31, 2017. The accompanying interim unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes. As of March 31, 2018, the Company’s significant accounting policies and estimates remain unchanged from those detailed in the audited financial statements for the year ended December 31, 2017. Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The new standard requires that all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about its leasing arrangements. The new standard will be effective for us on January 1, 2019. The adoption of this standard is not expected to have a material impact on the Company's financial position or results of operations. |
NOTE 4 - AGREEMENT WITH MEMORIA
NOTE 4 - AGREEMENT WITH MEMORIAL SLOAN KETTERING CANCER CENTER (“MSKCC”) | 3 Months Ended |
Mar. 31, 2018 | |
Note 4 - Agreement With Memorial Sloan Kettering Cancer Center Mskcc | |
NOTE 4 - AGREEMENT WITH MEMORIAL SLOAN KETTERING CANCER CENTER ("MSKCC") | NOTE 4 – AGREEMENT WITH MEMORIAL SLOAN KETTERING CANCER CENTER (“MSKCC”) In March 2000, in exchange for $30,000, the Company obtained from MSKCC, a related party, an exclusive worldwide right and license in the field of use, including to make, have made, use, lease, commercialize and sell licensed products and to use licensed processes derived from the invention. In 2014, the Company issued 810,000 shares of common stock in exchange for previously agreed milestone, royalty and sub-license payments. The aforementioned issuance of shares of common stock released the Company from any future obligations and there are no remaining obligations under the agreement. In July 2017 the Company executed a service agreement with MSKCC, a related party, to provide pre-clinical research services in connection with the development and Investigational New Drug (IND) Application for the Company’s lead compound and its derivatives. The effective date of the agreement is February 2, 2017, and $250,000 of fees and costs have been incurred as of March 31, 2018. |
NOTE 5 - RELATED PARTY TRANSACT
NOTE 5 - RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2018 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
NOTE 5 - RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS An officer of the Company allows the Company to use space in his offices for file keeping and other business purposes. The Company pays no rent for this space. This same officer also provides services to the Company in the form of accounting, bookkeeping and tax preparation, for which the Company is billed. As of March 31, 2018 and 2017, the Company owed the officer’s business $179,920 and $156,329, respectively, which is included in accounts payable and accrued expenses – related parties in the financial statements. At March 31, 2018 and 2017, the Company owed a former officer $95,000 for unpaid salary pursuant to an agreement. A shareholder provides legal services to the Company, for which the Company is billed. As of March 31, 2018 the Company owed the shareholder’s business $15,007, which is included in accounts payable and accrued expenses – related parties in the financial statements. |
NOTE 6 - NOTES PAYABLE
NOTE 6 - NOTES PAYABLE | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
NOTE 6 - NOTES PAYABLE | NOTE 6 – NOTES PAYABLE At March 31, 2018, the Company’s loans from related parties total $155,200 of principle and accrued interest of $74,444. The interest rate on these notes vary from 0% to 6%. Related parties include directors, officers, stockholders and stock option holders. At March 31, 2018, the Company’s loans from unrelated parties total $11,000 in principle and $792 of accrued interest. The interest rate on these notes is 6%, and the principal and accrued interest is due on demand. The principal maturity on all of these notes payable (including related parties and non-related parties) is as follows: March 31, 2019 $ 138,750 March 31, 2020 - March 31, 2021 4,700 March 31, 2022 - Thereafter 22,750 $ 166,200 |
NOTE 7 - CAPITAL STOCK
NOTE 7 - CAPITAL STOCK | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
NOTE 7 - CAPITAL STOCK | NOTE 7 – CAPITAL STOCK Common Stock The Company is authorized to issue 150,000,000 shares of $0.001 par value common stock In July 2017 the Company sold 3,000,000 shares of common stock to related parties at $0.25 per share for proceeds of $750,000. |
NOTE 8 - STOCK OPTIONS
NOTE 8 - STOCK OPTIONS | 3 Months Ended |
Mar. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
NOTE 8 - STOCK OPTIONS | NOTE 8 – STOCK OPTIONS The Company did not grant any options during the three months ended March 31, 2018. As of March 31, 2018, 3,890,000 options are available under the 2012 Plan. The following table summarizes information regarding outstanding stock option grants as of March 31, 2018: Outstanding Exercisable Range of Exercise Prices Granted Stock Options Outstanding Weighted- Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Granted Stock Options Exercisable Weighted- Average Exercise Price $ 0.01-0.05 6,659,999 2.60 $ 0.04 6,659,999 0.04 0.08-0.10 3,570,000 3.13 0.08 3,070,000 0.08 0.17-0.20 2,060,000 1.30 0.18 2,060,000 0.18 $ 0.01-0.20 12,289,999 2.54 $ 0.07 11,789,999 $ 0.07 Compensation expense of ($10,530) and $25,316 has been recognized for stock options for the three months ended March 31, 2018 and 2017. The aggregate intrinsic value of the outstanding and exercisable options at March 31, 2018 was $1,569,380 and $1,508,380 respectively. At March 31, 2018, $34,032 of unamortized compensation expense for unvested options is expected to be recognized over the next year. During 2016, the Company granted 200,000 stock options to a consultant, 100,000 that will vest upon obtaining certain regulatory approval and submission of an IND application to the FDA, and 100,000 upon the commencement of the Phase I human clinical trial. The first stock option is accounted for as variable performance based option awards, as the performance is probable of occurring, and will be adjusted each reporting period to reflect the estimated fair value until such approvals and filings are obtained. The second award is contingent upon an event (initiation of a clinical trial) in the future and the management cannot determine if this event is probable at this time. The fair value of these options as of March 31, 2018 and 2017 was $13,950 and $28,876, respectively. The change in value of ($19,041) and $16,805 has been included with stock based compensation in research and development for the three months ended March 31, 2018 and 2017. |
NOTE 9 - COMMITMENTS AND CONTIN
NOTE 9 - COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
NOTE 9 - COMMITMENTS AND CONTINGENCIES | NOTE 9 — COMMITMENTS AND CONTINGENCIES In July 2006, Comparative Biosciences Inc. (“CompBio”) , a company that AngioGenex hired to breed and house a colony of its proprietary “Id-Knockout” mice, sued the Company claiming approximately $200,000 in unpaid invoices. AngioGenex’s response included counter-claims for CompBio’s breaches of contract, as well as a number of business torts. On November 6, 2007 the parties agreed to a disposition of the suit under a stipulated judgment and settlement agreement pursuant to which: CompBio must return the laboratory mice and all scientific data from the research, CompBio agreed to forego all intellectual property rights in the mice and in the research that it acknowledged belong to AngioGenex, and AngioGenex agreed to pay the CompBio $55,000 in installments over a 5-year period, plus accumulated interest at 5% per annum. The stipulated judgment and settlement agreement was filed with the court in November 2007. The Company has not made the required payments since the fourth quarter of 2008, and is in default of this settlement agreement. Under the terms of the agreement, upon receipt of written notification of default from CompBio the Company has five days to cure. Failure by the Company to cure the default results in an increase in the settlement amount to $75,000 plus retroactive interest of 5% on the balance. The Company has not received any notification of default from CompBio as of report date. In November 2007 and various dates in 2008 the Company has made $17,500 payments to CompBio pursuant to the settlement agreement, and had accrued interest of $44,281. Since those dates, no payments have been made. |
NOTE 10 - NET LOSS PER SHARE
NOTE 10 - NET LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
NOTE 10 - NET LOSS PER SHARE | NOTE 10 — NET LOSS PER SHARE Basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding and issuable during the periods presented. The computation of diluted loss per share is similar to the computation of basic loss per share, except that the denominator is increased for the assumed exercise of dilutive options and other potentially dilutive securities using the treasury stock method unless the effect is antidilutive. The Company has 12,289,999 common stock options outstanding as of March 31, 2018 and 2017. These options are excluded from the calculation as they are antidilutive. |
NOTE 3 - BASIS OF REPORTING A16
NOTE 3 - BASIS OF REPORTING AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The new standard requires that all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about its leasing arrangements. The new standard will be effective for us on January 1, 2019. The adoption of this standard is not expected to have a material impact on the Company's financial position or results of operations. |
NOTE 6 - NOTES PAYABLE (Tables)
NOTE 6 - NOTES PAYABLE (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Principle maturity on notes payable | March 31, 2019 $ 138,750 March 31, 2020 - March 31, 2021 4,700 March 31, 2022 - Thereafter 22,750 $ 166,200 |
NOTE 2 - LIQUIDITY AND BASIS 18
NOTE 2 - LIQUIDITY AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Note 2 - Liquidity And Basis Of Presentation | |||
Net loss | $ (180,941) | $ (89,787) | |
Accumulated deficit | $ (6,757,210) | $ (6,576,269) |
NOTE 4 - AGREEMENT WITH MEMOR19
NOTE 4 - AGREEMENT WITH MEMORIAL SLOAN KETTERING CANCER CENTER (“MSKCC”) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 14 Months Ended |
Mar. 31, 2000 | Dec. 31, 2014 | Mar. 31, 2018 | |
Note 4 - Agreement With Memorial Sloan Kettering Cancer Center Mskcc | |||
MSKCC right and license fee | $ 30,000 | ||
MSKCC service agreement fees and costs | $ 250,000 | ||
Shares of common stock issued to MSKCC in exchange for previously agreed milestone, royalty and sub-license payments | 810,000 |
NOTE 5 - RELATED PARTY TRANSA20
NOTE 5 - RELATED PARTY TRANSACTIONS (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Owed to related party business | $ 179,920 | $ 156,239 |
Unpaid salary owed to former officer | 95,000 | $ 95,000 |
Legal service fees owed to related party | $ 15,007 |
NOTE 6 - NOTES PAYABLE - PRINCI
NOTE 6 - NOTES PAYABLE - PRINCIPLE MATURITY ON NOTES PAYABLE (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Debt Disclosure [Abstract] | |||||
Principle maturity | $ 22,750 | $ 0 | $ 4,700 | $ 0 | $ 138,750 |
NOTE 6 - NOTES PAYABLE (Details
NOTE 6 - NOTES PAYABLE (Details Narrative) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Debt Disclosure [Abstract] | |
Loans from related parties- principle | $ 155,200 |
Loans from related parties- interest | $ 74,444 |
Max interest rate on related party loans | 6.00% |
Min interest rate on related party loans | 0.00% |
Unrelated Party Note total | $ 11,000 |
Interest accrued on unrelated party advance | 792 |
Interest expense on promissory note | $ 6 |
NOTE 7 - CAPITAL STOCK (Details
NOTE 7 - CAPITAL STOCK (Details Narrative) - USD ($) | 1 Months Ended | ||
Jul. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Common stock, Authorized | 150,000,000 | 150,000,000 | |
Shares issued for cash, duration | 3,000,000 | ||
Price per share, duration | $ .025 | ||
Cash paid for shares, duration | $ 750,000 |
NOTE 8 - STOCK OPTIONS (Details
NOTE 8 - STOCK OPTIONS (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
NOTE 8 - STOCK OPTIONS | NOTE 8 – STOCK OPTIONS The Company did not grant any options during the three months ended March 31, 2018. As of March 31, 2018, 3,890,000 options are available under the 2012 Plan. The following table summarizes information regarding outstanding stock option grants as of March 31, 2018: Outstanding Exercisable Range of Exercise Prices Granted Stock Options Outstanding Weighted- Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Granted Stock Options Exercisable Weighted- Average Exercise Price $ 0.01-0.05 6,659,999 2.60 $ 0.04 6,659,999 0.04 0.08-0.10 3,570,000 3.13 0.08 3,070,000 0.08 0.17-0.20 2,060,000 1.30 0.18 2,060,000 0.18 $ 0.01-0.20 12,289,999 2.54 $ 0.07 11,789,999 $ 0.07 Compensation expense of ($10,530) and $25,316 has been recognized for stock options for the three months ended March 31, 2018 and 2017. The aggregate intrinsic value of the outstanding and exercisable options at March 31, 2018 was $1,569,380 and $1,508,380 respectively. At March 31, 2018, $34,032 of unamortized compensation expense for unvested options is expected to be recognized over the next year. During 2016, the Company granted 200,000 stock options to a consultant, 100,000 that will vest upon obtaining certain regulatory approval and submission of an IND application to the FDA, and 100,000 upon the commencement of the Phase I human clinical trial. The first stock option is accounted for as variable performance based option awards, as the performance is probable of occurring, and will be adjusted each reporting period to reflect the estimated fair value until such approvals and filings are obtained. The second award is contingent upon an event (initiation of a clinical trial) in the future and the management cannot determine if this event is probable at this time. The fair value of these options as of March 31, 2018 and 2017 was $13,950 and $28,876, respectively. The change in value of ($19,041) and $16,805 has been included with stock based compensation in research and development for the three months ended March 31, 2018 and 2017. |
NOTE 8 - STOCK OPTIONS (Detai25
NOTE 8 - STOCK OPTIONS (Details Narrative) | 3 Months Ended |
Mar. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
NOTE 8 - STOCK OPTIONS | NOTE 8 – STOCK OPTIONS The Company did not grant any options during the three months ended March 31, 2018. As of March 31, 2018, 3,890,000 options are available under the 2012 Plan. The following table summarizes information regarding outstanding stock option grants as of March 31, 2018: Outstanding Exercisable Range of Exercise Prices Granted Stock Options Outstanding Weighted- Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Granted Stock Options Exercisable Weighted- Average Exercise Price $ 0.01-0.05 6,659,999 2.60 $ 0.04 6,659,999 0.04 0.08-0.10 3,570,000 3.13 0.08 3,070,000 0.08 0.17-0.20 2,060,000 1.30 0.18 2,060,000 0.18 $ 0.01-0.20 12,289,999 2.54 $ 0.07 11,789,999 $ 0.07 Compensation expense of ($10,530) and $25,316 has been recognized for stock options for the three months ended March 31, 2018 and 2017. The aggregate intrinsic value of the outstanding and exercisable options at March 31, 2018 was $1,569,380 and $1,508,380 respectively. At March 31, 2018, $34,032 of unamortized compensation expense for unvested options is expected to be recognized over the next year. During 2016, the Company granted 200,000 stock options to a consultant, 100,000 that will vest upon obtaining certain regulatory approval and submission of an IND application to the FDA, and 100,000 upon the commencement of the Phase I human clinical trial. The first stock option is accounted for as variable performance based option awards, as the performance is probable of occurring, and will be adjusted each reporting period to reflect the estimated fair value until such approvals and filings are obtained. The second award is contingent upon an event (initiation of a clinical trial) in the future and the management cannot determine if this event is probable at this time. The fair value of these options as of March 31, 2018 and 2017 was $13,950 and $28,876, respectively. The change in value of ($19,041) and $16,805 has been included with stock based compensation in research and development for the three months ended March 31, 2018 and 2017. |