Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 14, 2014 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Trading Symbol | 'pktx | ' |
Entity Registrant Name | 'ProtoKinetix, Inc. | ' |
Entity Central Index Key | '0001128189 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 175,662,433 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current Assets | ' | ' |
Cash | $10,858 | $3,065 |
Prepaid expenses and deposits | 1,920 | 21,461 |
Accounts receivable | 2,187 | 119 |
Total current assets and total assets | 14,965 | 24,645 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 140,219 | 173,962 |
Short-term loans | 103,500 | 143,833 |
Deposit on sale | 0 | 25,000 |
Convertible notes payable | 391,750 | 300,000 |
Total current liabilities | 635,469 | 642,795 |
Stockholders' Deficiency | ' | ' |
Common stock, $0.0000053 par value; 400,000,000 common shares authorized; 175,662,433 and 142,312,433 common shares issued and outstanding as at September 30, 2014 and December 31, 2013 respectively | 939 | 763 |
Common stock issuable nil and 25,550,000 common shares as at September 30, 2014 and December 31, 2013 respectively | 0 | 135 |
Share subscriptions received in advance | 0 | 25,000 |
Additional paid-in capital | 25,219,570 | 25,028,311 |
Accumulated deficit | -25,841,013 | -25,672,359 |
Total stockholders' deficiency | -620,504 | -618,150 |
Total liabilities and stockholders' deficiency | $14,965 | $24,645 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 |
Common Stock, Shares, Issued | 175,662,433 | 142,312,433 |
Common Stock, Shares, Outstanding | 175,662,433 | 142,312,433 |
Common stock issuable shares | 0 | 25,550,000 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues | $0 | $0 | $0 | $0 |
Expenses | ' | ' | ' | ' |
Professional fees | 42,661 | 5,913 | 52,930 | 11,991 |
Consulting fees (recovery) | -2,312 | 44,375 | 46,966 | 126,458 |
Research and development | 2,115 | 18,250 | 14,990 | 54,750 |
General and administrative | 20,977 | 23,326 | 84,049 | 70,160 |
Gain on settlement of short-term loans | -3,116 | 0 | -3,116 | 0 |
Write off of deposit on sale | -55,000 | 0 | -55,000 | 0 |
Interest | 8,635 | 6,000 | 27,835 | 18,000 |
Net loss for the period | ($13,960) | ($97,864) | ($168,654) | ($281,359) |
Net loss per common share (basic and diluted) | $0 | $0 | $0 | $0 |
Weighted average number of common shares outstanding (basic and diluted) | 175,662,433 | 137,948,303 | 171,302,543 | 136,067,378 |
STATEMENTS_OF_STOCKHOLDERS_EQU
STATEMENTS OF STOCKHOLDERS EQUITY (USD $) | Common Stock [Member] | Issuable Shares [Member] | Additional Paid-in Capital [Member] | Stock Subscriptions Received in advance [Member] | Accumulated Deficit [Member] | Total |
Beginning Balance at Dec. 31, 2013 | $763 | $135 | $25,028,311 | $25,000 | ($25,672,359) | ($618,150) |
Beginning Balance (Shares) at Dec. 31, 2013 | 142,312,433 | 25,550,000 | ' | ' | ' | ' |
Issuance of common stock to settle short-term loans | 13 | ' | 24,987 | ' | ' | 25,000 |
Issuance of common stock to settle short-term loans (Shares) | 2,500,000 | ' | ' | ' | ' | ' |
Issuance of common stock for services | 136 | -135 | 999 | ' | ' | 1,000 |
Issuance of common stock for services (Shares) | 25,600,000 | -25,550,000 | ' | ' | ' | 25,550,000 |
Issuance of common stock from private placement | 27 | ' | 124,973 | -25,000 | ' | 100,000 |
Issuance of common stock from private placement (Shares) | 5,250,000 | ' | ' | ' | ' | ' |
Fair value of compensatory warrants issued | ' | ' | 40,300 | ' | ' | 40,300 |
Net loss for the period | ' | ' | ' | ' | -168,654 | -168,654 |
Ending Balance at Sep. 30, 2014 | $939 | ' | $25,219,570 | ' | ($25,841,013) | ($620,504) |
Ending Balance (Shares) at Sep. 30, 2014 | 175,662,433 | ' | ' | ' | ' | ' |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash Flows used in Operating Activities | ' | ' |
Net loss for the period | ($168,654) | ($281,359) |
Issuance and amortization of common stock for services | 8,667 | 8,333 |
Issuance and amortization of warrants for services | 40,300 | 0 |
Accretion on short-term loans | 2,630 | 0 |
Gain on settlement of short-term loans | -3,116 | 0 |
Write off of deposit on sale | -55,000 | 0 |
Commitment to issue common stock for services | 0 | 191,625 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -2,068 | 6,020 |
Prepaid expenses and deposits | 12,874 | -1,919 |
Accounts payable and accrued liabilities | -26,090 | 45,424 |
Net cash used in operating activities | -190,457 | -31,876 |
Cash Flows from (used in) Investing Activities | ' | ' |
Deposit on sale | 30,000 | 25,000 |
Net cash from investing activities | 30,000 | 25,000 |
Cash Flows from (used in) Financing Activities | ' | ' |
Short-term loan proceeds (repayments), net | 68,250 | 7,000 |
Issuance of common stock for cash | 100,000 | 0 |
Net cash from (used in) financing activities | 168,250 | 7,000 |
Net change in cash | 7,793 | 124 |
Cash, beginning of period | 3,065 | 2,406 |
Cash, end of period | 10,858 | 2,530 |
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | 0 | 0 |
Supplementary information - non-cash transactions: | ' | ' |
Common stock issued for prepaid consulting services | 0 | 20,000 |
Common stock issued to settle short-term loans | 25,000 | 23,000 |
Commitment to issue common stock for services | 0 | 191,625 |
Accounts payable converted to short-term loan | $0 | $90,000 |
Basis_of_Presentation_Going_Co
Basis of Presentation, Going Concern Uncertainties and Significant Accounting Policies | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Basis of Presentation, Going Concern Uncertainties and Significant Accounting Policies [Text Block] | ' | ||||||||||||
Note 1. Basis of Presentation, Going Concern Uncertainties and Significant Accounting Policies | |||||||||||||
ProtoKinetix, Inc. (the "Company") was incorporated under the laws of the State of Nevada on December 23, 1999. The Company is a medical research company whose mission is the advancement of human health care. | |||||||||||||
A Cease Trade Order (“CTO”) was issued in respect of the Company’s securities by the British Columbia Securities Commission (“BCSC”) on May 9, 2013 based on the Company’s failure to file annual consolidated financial statements for the year ended December 31, 2012 by the deadline of April 1, 2013. The Company is currently up-to-date on its filing requirements and is in continued correspondence with the BCSC regarding their ability to have the CTO removed. | |||||||||||||
In 2003, the Company entered into an assignment of license agreement (the "Agreement") with BioKinetix, Inc., a Canadian corporation. The Agreement provided the Company with an exclusive assignment of all of the rights (the "Rights") that BioKinetix possessed relating to two proprietary technologies that are being developed for the creation and commercialization of "superantibodies," an enhancement of antibody technology that makes ordinary antibodies much more lethal. In consideration, the Company's Board of Directors authorized the Company to issue 16,000,000 shares of its common stock to the shareholders of BioKinetix. | |||||||||||||
The Company is also currently researching the benefits and feasibility of proprietary synthesized Antifreeze Glycoproteins ("AFGP"). | |||||||||||||
Basis of Presentation | |||||||||||||
The accompanying unaudited financial statements have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) applicable to interim financial information and with the rules and regulations of the United States Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed, or omitted, pursuant to such rules and regulations. In the opinion of management, the unaudited interim financial statements include all adjustments necessary for the fair presentation of the results of the interim periods presented. All adjustments are of a normal recurring nature, except as otherwise noted below. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2013, included in the Company’s Annual Report on Form 10-K, filed May 27, 2014, with the Securities and Exchange Commission. The results of operations for the interim periods are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year. | |||||||||||||
Going Concern | |||||||||||||
As shown in the financial statements, the Company has not developed a commercially viable product, has not generated any revenues to date and has incurred losses since inception, resulting in a net accumulated deficit at September 30, 2014. These factors raise substantial doubt about the Company's ability to continue as a going concern. | |||||||||||||
The Company needs additional working capital to continue its medical research or to be successful in any future business activities and continue to pay its liabilities. Therefore, continuation of the Company as a going concern is dependent upon obtaining the additional working capital necessary to accomplish its objective. Management is presently engaged in seeking additional working capital. | |||||||||||||
The accompanying financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company fail in any of the above objectives and is unable to operate for the coming year. | |||||||||||||
Use of Estimates | |||||||||||||
Preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The more significant accounting estimates inherent in the preparation of the Company's financial statements include estimates as to valuation of equity related instruments issued. | |||||||||||||
Earnings per Share and Potentially Dilutive Securities | |||||||||||||
Basic loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding in the period. Diluted loss per share takes into consideration common shares outstanding (computed under basic earnings per share) and potentially dilutive securities. The effect of 11,000,000 (September 30, 2013: 17,300,000) outstanding warrants and debt convertible into 12,000,000 (September 30, 2013: 12,000,000) common shares was not included in the computation of diluted loss per share for all periods presented because it was anti-dilutive due to the Company's losses. Common stock issuable is considered outstanding as of the original approval date for purposes of loss per share computations. | |||||||||||||
Share-Based Compensation | |||||||||||||
The Company has granted warrants and options to purchase shares of the Company's common stock to various parties for consulting services. The fair values of the warrants and options issued have been estimated using the Black-Scholes option-pricing model. | |||||||||||||
The Company accounts for stock-based compensation under "Share-Based Payment," which recognizes awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The fair value of stock options is determined using the Black-Scholes option-pricing model. | |||||||||||||
The Company accounts for stock compensation arrangements with non-employees in accordance with FASB Codification 505 – 50 “Equity-Based Payments to Non-Employees”, which requires that such equity instruments are recorded at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying instruments vest. The fair value of stock options is estimated using the Black-Scholes valuation model and the compensation charges are amortized over the vesting period. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
Financial instruments, including cash, accounts payable and accrued liabilities, short-term loans, deposit on sale and convertible notes payable are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments. | |||||||||||||
The Company measures the fair value of financial assets and liabilities pursuant to ASC 820 “Fair Value Measurements and Disclosures” which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The policy describes three levels of inputs that may be used to measure fair value: | |||||||||||||
Level 1 – quoted prices in active markets for identical assets or liabilities Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions) | |||||||||||||
Financial instruments measured at fair value on the balance sheet are summarized in levels of fair value hierarchy as follows: | |||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash | $ | 10,858 | $ | - | $ | - | $ | 10,858 | |||||
Recent Accounting Pronouncements | |||||||||||||
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. This ASU does the following, among other things: a) eliminates the requirement to present inception-to-date information on the statements of income, cash flows, and shareholders' equity, b) eliminates the need to label the financial statements as those of a development stage entity, c) eliminates the need to disclose a description of the development stage activities in which the entity is engaged, and d) amends FASB ASC 275, “Risks and Uncertainties”, to clarify that information on risks and uncertainties for entities that have not commenced planned principal operations is required. The amendments in ASU No. 2014-10 related to the elimination of Topic 915 disclosures and the additional disclosure for Topic 275 are effective for public companies for annual and interim reporting periods beginning after December 15, 2014. Early adoption is permitted. The Company has evaluated this ASU and early adopted during the nine period ended September 30, 2014. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended |
Sep. 30, 2014 | |
Accounts Receivable [Text Block] | ' |
Note 2. Accounts Receivable | |
The accounts receivable is refundable sales tax paid on purchases. |
Sales_Agreement_with_Intrepid_
Sales Agreement with Intrepid Innovations Corporation | 9 Months Ended |
Sep. 30, 2014 | |
Sales Agreement with Intrepid Innovations Corporation [Text Block] | ' |
Note 3. Sales Agreement with Intrepid Innovations Corporation | |
The Company entered into an agreement with Intrepid Innovations Corporation (“Intrepid”) to sell the exclusive rights for the application of the AAGP molecule. The total purchase price for the exclusive rights to the application was $2,500,000 and was to be paid as follows: | |
$25,000 cash deposit (received); | |
$25,000 paid by cash on or before April 22, 2014 as a balance of the transaction deposit (received); | |
Six monthly payments of $25,000 on or before May 22, June 22, July 22, August 22, September 22 and October 22, 2014 ($5,000 received); | |
$2,300,000 paid by the issuance of 3,500,000 restricted shares of the buyer as payment of the outstanding balance. These shares can be redeemed by a cash payment at any time within the first 6 months of the effective date of this agreement. | |
Once the Company had received $2,500,000 in total through payment, sale of the shares and through the redemption of the shares, any surplus shares would have been returned to Intrepid. In the event that the total payment had not totaled $2,500,000, Intrepid would pay the difference to the Company no later than 13 months after the effective date of this agreement. The agreement was terminated during the nine month period ended September 30, 2014 due to non-payment of the agreed to amounts. The amounts advanced are non-refundable in accordance with the agreement and as at September 30, 2014, the Company has written off the deposit on sale to the statement of operations. |
ShortTerm_Loans
Short-Term Loans | 9 Months Ended |
Sep. 30, 2014 | |
Short-Term Loans [Text Block] | ' |
Note 4. Short-Term Loans | |
During the year ended December 31, 2013, the Company received a loan of $20,000. The loan is to be repaid by November 8, 2014, along with $10,000 in interest. In addition, the Company issued 500,000 warrants to the lender, exercisable at $0.25 for a period of 5 years. The proceeds of the loan were allocated between the debt and warrants based on a relative fair value approach, which bifurcates between the values of the two securities at the time of issuance. Using this approach, the fair value of the warrants was estimated at $4,400, with the remaining $15,600 being allocated to the debt portion; to be accreted to its settlement value over the term of the loan. | |
The loan was settled in August 2014, and total accretion for the nine month period ended September 30, 2014 was $2,630 (2013 - $nil), while accrued interest on the loan principal totaled 7,653 as at the settlement date. A gain on settlement of $3,116 was recognized based on a settlement payment made totaling $23,500 (Note 5). | |
During the Nine month period ended September 30, 2014, the Company issued a total of 2,500,000 units to settle $25,000 in short-term loans (Note 8). | |
The remainder of the short-term loans in the amount of $103,500 (December 31, 2013 - $127,500) are unsecured, non-interest bearing and are repayable on demand. |
Convertible_Notes_Payable
Convertible Notes Payable | 9 Months Ended |
Sep. 30, 2014 | |
Convertible Notes Payable [Text Block] | ' |
Note 5. Convertible Notes Payable | |
On July 1, 2011, the Company executed a loan agreement under which the Company issued to a corporation an 8% convertible promissory note in exchange for $300,000. The note holder has the right to demand payment of outstanding principal and interest at any time with a 30 -day grace period. The note is due and payable no later than June 30, 2016, and is convertible into shares of the Company's common stock at $0.025 per share. No beneficial conversion feature was applicable to this convertible note. | |
On June 17, 2014, the Company executed a loan agreement under which the Company issued to a related party an 8% convertible promissory note in exchange for an initial amount of $10,000, with the ability to be increased to $100,000. During the three month period ended September 30, 2014, additional amounts totaling $81,750 were advanced, $23,500 of which was paid directly to settle certain short-term loans outstanding (Note 4). The note holder has the right to demand payment of outstanding principal and interest at any time with a 30 -day grace period. The note is due and payable no later than December 31, 2015, and is convertible into shares of the Company's common stock at $0.25 per share. No beneficial conversion feature was applicable to this convertible note. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2014 | |
Share-Based Compensation [Text Block] | ' |
Note 6. Share-Based Compensation | |
The Company has 2003 and 2004 Stock Incentive Plans. Each plan provides for the issuance of incentive and non-qualified shares of the Company's stock to officers, directors, employees, and non-employees. The Board of Directors determines the terms of the shares or options to be granted, including the number of shares or options, the exercise price, and the vesting schedule, if applicable. | |
During the nine month period ended September 30, 2014, the Company issued a total of 25,550,000 common shares for services performed during the year ended December 31, 2013. An additional 50,000 shares of common stock were issued during the period for consulting services. | |
At September 30, 2014 and December 31, 2013, there were no stock options outstanding. |
Warrants
Warrants | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Warrants [Text Block] | ' | ||||||
Note 7. Warrants | |||||||
Warrant transactions are summarized as follows: | |||||||
Weighted | |||||||
Number of | Average Exercise | ||||||
Warrants | Price | ||||||
Balance, December 31, 2013 | 21,300,000 | $ | 0.03 | ||||
Issued | 4,700,000 | 0.07 | |||||
Expired | (15,000,000 | ) | 0.03 | ||||
Balance (outstanding and exercisable), September 30, 2014 | 11,000,000 | $ | 0.05 | ||||
At September 30, 2014, the following warrants were outstanding: | |||||||
Number of Warrants | Exercise price | Expiry Date | |||||
5,800,000 | 0.01 | 1-Oct-14 | |||||
2,500,000 | 0.05 | 18-Feb-15 | |||||
1,600,000 | 0.1 | 1-Jan-16 | |||||
300,000 | 0.05 | 1-Jan-16 | |||||
300,000 | 0.15 | 1-Jan-16 | |||||
500,000 | 0.25 | 8-Nov-18 | |||||
11,000,000 | |||||||
During the nine month period ended September 30, 2014, the Company issued a total of 4,700,000 warrants, of which 2,200,000 warrants were compensatory for consulting services provided to the Company by arm's length parties. The value of these warrants was estimated at $40,300 using the Black-Scholes option pricing model with the following assumptions: | |||||||
Risk-free interest rate | 2.36% | ||||||
Annual dividends | - | ||||||
Expected stock price volatility | 125.00% | ||||||
Expected life | 2 years | ||||||
The relative fair value of 500,000 warrants issued in connection with a loan advanced to the Company during the year ended December 31, 2013 (Note 4) was estimated using the Black-Scholes option pricing model with the following assumptions: | |||||||
Risk-free interest rate | 1.83% | ||||||
Annual dividends | - | ||||||
Expected stock price volatility | 125.00% | ||||||
Expected life | 5 years |
Stockholders_Deficiency
Stockholders Deficiency | 9 Months Ended | ||
Sep. 30, 2014 | |||
Stockholders Deficiency [Text Block] | ' | ||
Note 8. Stockholders’ Deficiency | |||
The Company is authorized to issue 400,000,000 shares of $0.0000053 par value common stock. The authorized share capital was increased from 200,000,000 during the nine month period ended September 30, 2014. Each holder of common stock has the right to one vote but does not have cumulative voting rights. | |||
Shares of common stock are not subject to any redemption or sinking fund provisions, nor do they have any preemptive, subscription or conversion rights. Holders of common stock are entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding having priority rights as to dividends. No dividends have been declared or paid as of September 30, 2014. | |||
During the nine month period ended September 30, 2014, the Company: | |||
1 | Issued 25,550,000 shares of restricted common stock for consulting, research and investor relations services provided during the year ended December 31, 2013. The value of these shares was $255,500 and had been accrued as common stock issuable as at December 31, 2013. | ||
2 | Issued 50,000 shares of common stock to an individual for website services provided during the nine month period ended September 30, 2014. The value of these shares was $1,000 and was recorded as general and administrative expense. | ||
3 | Issued 2,500,000 units to settle a portion of the short-term loans totaling $25,000. Each unit consists of one share of common stock and one warrant exercisable at a price of $0.05 for a period of 1 year expiring on February 18, 2015. | ||
4 | Issued 2,200,000 compensatory warrants with a fair value of $40,300 (Note 7). | ||
5 | Issued 5,000,000 units at $0.02 per unit to a related party for gross proceeds of $100,000. | ||
6 | Issued 250,000 shares of common stock pursuant to share subscriptions previously received. In accordance with the original subscription agreement, the Company issued the shares at $0.10 for a total value of $25,000. | ||
As at December 31, 2013, the Company was committed to issue a total of 25,550,000 shares of common stock to arm`s length and related parties for consulting, research and investor relations services provided. For the nine month period ended September 30, 2013, related party consulting fees totaled $22,500, representing the fair value of 2,250,000 shares of common stock. No amounts were recognized for related party services during the nine month period ended September 30, 2014. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Use of Estimates [Policy Text Block] | ' | ||||||||||||
Use of Estimates | |||||||||||||
Preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The more significant accounting estimates inherent in the preparation of the Company's financial statements include estimates as to valuation of equity related instruments issued. | |||||||||||||
Earnings per Share and Potentially Dilutive Securities [Policy Text Block] | ' | ||||||||||||
Earnings per Share and Potentially Dilutive Securities | |||||||||||||
Basic loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding in the period. Diluted loss per share takes into consideration common shares outstanding (computed under basic earnings per share) and potentially dilutive securities. The effect of 11,000,000 (September 30, 2013: 17,300,000) outstanding warrants and debt convertible into 12,000,000 (September 30, 2013: 12,000,000) common shares was not included in the computation of diluted loss per share for all periods presented because it was anti-dilutive due to the Company's losses. Common stock issuable is considered outstanding as of the original approval date for purposes of loss per share computations. | |||||||||||||
Share-Based Compensation [Policy Text Block] | ' | ||||||||||||
Share-Based Compensation | |||||||||||||
The Company has granted warrants and options to purchase shares of the Company's common stock to various parties for consulting services. The fair values of the warrants and options issued have been estimated using the Black-Scholes option-pricing model. | |||||||||||||
The Company accounts for stock-based compensation under "Share-Based Payment," which recognizes awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The fair value of stock options is determined using the Black-Scholes option-pricing model. | |||||||||||||
The Company accounts for stock compensation arrangements with non-employees in accordance with FASB Codification 505 – 50 “Equity-Based Payments to Non-Employees”, which requires that such equity instruments are recorded at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying instruments vest. The fair value of stock options is estimated using the Black-Scholes valuation model and the compensation charges are amortized over the vesting period. | |||||||||||||
Fair Value of Financial Instruments [Policy Text Block] | ' | ||||||||||||
Fair Value of Financial Instruments | |||||||||||||
Financial instruments, including cash, accounts payable and accrued liabilities, short-term loans, deposit on sale and convertible notes payable are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments. | |||||||||||||
The Company measures the fair value of financial assets and liabilities pursuant to ASC 820 “Fair Value Measurements and Disclosures” which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The policy describes three levels of inputs that may be used to measure fair value: | |||||||||||||
Level 1 – quoted prices in active markets for identical assets or liabilities Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions) | |||||||||||||
Financial instruments measured at fair value on the balance sheet are summarized in levels of fair value hierarchy as follows: | |||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash | $ | 10,858 | $ | - | $ | - | $ | 10,858 | |||||
Recent Accounting Pronouncements [Policy Text Block] | ' | ||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. This ASU does the following, among other things: a) eliminates the requirement to present inception-to-date information on the statements of income, cash flows, and shareholders' equity, b) eliminates the need to label the financial statements as those of a development stage entity, c) eliminates the need to disclose a description of the development stage activities in which the entity is engaged, and d) amends FASB ASC 275, “Risks and Uncertainties”, to clarify that information on risks and uncertainties for entities that have not commenced planned principal operations is required. The amendments in ASU No. 2014-10 related to the elimination of Topic 915 disclosures and the additional disclosure for Topic 275 are effective for public companies for annual and interim reporting periods beginning after December 15, 2014. Early adoption is permitted. The Company has evaluated this ASU and early adopted during the nine period ended September 30, 2014. |
Basis_of_Presentation_Going_Co1
Basis of Presentation, Going Concern Uncertainties and Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Schedule of Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||
Cash | $ | 10,858 | $ | - | $ | - | $ | 10,858 |
Warrants_Tables
Warrants (Tables) | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||
Schedule of Warrant Activity [Table Text Block] | ' | ' | |||||||
Weighted | |||||||||
Number of | Average Exercise | ||||||||
Warrants | Price | ||||||||
Balance, December 31, 2013 | 21,300,000 | $ | 0.03 | ||||||
Issued | 4,700,000 | 0.07 | |||||||
Expired | (15,000,000 | ) | 0.03 | ||||||
Balance (outstanding and exercisable), September 30, 2014 | 11,000,000 | $ | 0.05 | ||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | ' | ' | |||||||
Number of Warrants | Exercise price | Expiry Date | |||||||
5,800,000 | 0.01 | 1-Oct-14 | |||||||
2,500,000 | 0.05 | 18-Feb-15 | |||||||
1,600,000 | 0.1 | 1-Jan-16 | |||||||
300,000 | 0.05 | 1-Jan-16 | |||||||
300,000 | 0.15 | 1-Jan-16 | |||||||
500,000 | 0.25 | 8-Nov-18 | |||||||
11,000,000 | |||||||||
Schedule of Share Based Payment Award Warrants Valuation Assumptions [Table Text Block] | ' | ' | |||||||
Risk-free interest rate | 2.36% | Risk-free interest rate | 1.83% | ||||||
Annual dividends | - | Annual dividends | - | ||||||
Expected stock price volatility | 125.00% | Expected stock price volatility | 125.00% | ||||||
Expected life | 2 years | Expected life | 5 years |
Basis_of_Presentation_Going_Co2
Basis of Presentation, Going Concern Uncertainties and Significant Accounting Policies (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Stock issued to shareholders of BioKinetix | 16,000,000 | ' |
Warrant [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | 11,000,000 | 17,300,000 |
Convertible Debt Securities [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | 12,000,000 | 12,000,000 |
Sales_Agreement_with_Intrepid_1
Sales Agreement with Intrepid Innovations Corporation (Narrative) (Details) (Intrepid [Member], USD $) | 6 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Intrepid [Member] | ' | ' |
Proceeds from rights agreement | ' | $2,500,000 |
Cash deposit received | 5,000 | 25,000 |
Cash to be received | ' | 25,000 |
Monthly payments | ' | 25,000 |
Restricted shares received as payment,, shares | ' | 3,500,000 |
Restriced shares, value | ' | $2,300,000 |
ShortTerm_Loans_Narrative_Deta
Short-Term Loans (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Warrants issued during period | ' | ' | 4,700,000 | ' | 500,000 |
Accretion of short-term loan | ' | ' | $2,630 | $0 | ' |
Accrued interest | 7,653 | ' | 7,653 | ' | ' |
Gain on settlement of short-term loan | 3,116 | 0 | 3,116 | 0 | ' |
Extinguishment of Debt, Amount | ' | ' | 23,500 | ' | ' |
Units issued to settle short-term loans | ' | ' | 2,500,000 | ' | ' |
Value of units issued to settle short-term loans | ' | ' | 25,000 | ' | ' |
Short-term unsecured loans | 103,500 | ' | 103,500 | ' | 127,500 |
Short-term loan [Member] | ' | ' | ' | ' | ' |
Short-term loans | ' | ' | ' | ' | 20,000 |
Interest expense | ' | ' | ' | ' | 10,000 |
Warrants issued during period | ' | ' | ' | ' | 500,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | $0.25 |
Warrants, Contractual Term | ' | ' | ' | ' | '5 years |
Warrant [Member] | ' | ' | ' | ' | ' |
Fair value | ' | ' | ' | ' | 4,400 |
Debt [Member] | ' | ' | ' | ' | ' |
Short-term loans | ' | ' | ' | ' | $15,600 |
Convertible_Notes_Payable_Narr
Convertible Notes Payable (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | ||
Sep. 30, 2014 | Jun. 17, 2014 | Jul. 01, 2011 | Sep. 30, 2014 | Jun. 17, 2014 | Jun. 17, 2014 | |
Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | ||
Minimum [Member] | Maximum [Member] | |||||
Convertible debt interest rate | ' | 8.00% | 8.00% | ' | ' | ' |
Convertible notes payable | ' | ' | $300,000 | ' | $10,000 | $100,000 |
Grace period | ' | '30 days | '30 days | ' | ' | ' |
Convertible debt conversion price | ' | $0.25 | $0.03 | ' | ' | ' |
Advance payment | ' | ' | ' | 81,750 | ' | ' |
Extinguishment of Debt, Amount | $23,500 | ' | ' | $23,500 | ' | ' |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Issuance of common stock for services (Shares) | 25,550,000 |
Consulting Services Provided [Member] | ' |
Issuance of common stock for services (Shares) | 50,000 |
Warrants_Narrative_Details
Warrants (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Warrants issued during period | 4,700,000 | 500,000 |
Consulting Services Provided [Member] | ' | ' |
Warrants issued during period | 2,200,000 | ' |
Fair value | 40,300 | ' |
Stockholders_Deficiency_Narrat
Stockholders Deficiency (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | |
Minimum [Member] | Maximum [Member] | Consulting Services Provided [Member] | Website Service [Member] | Related party [Member] | Consulting, Research and Investor Relations [Member] | Consulting, Research and Investor Relations [Member] | Related Party Consulting Fees [Member] | Subscription Arrangement [Member] | |||
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 | 200,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | ' | ' | ' | ' | $0.02 | ' | ' | ' | $0.10 |
Issuance of common stock for services (Shares) | 25,550,000 | ' | ' | ' | 50,000 | 50,000 | 5,000,000 | 25,550,000 | 25,550,000 | 2,250,000 | 250,000 |
Issuance of common stock for services | $1,000 | ' | ' | ' | ' | $1,000 | $100,000 | $255,500 | ' | $22,500 | $25,000 |
Units issued during period to settle debt | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued to settle debt | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercise price | $0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Weighted Average Remaining Contractual Term | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value | ' | ' | ' | ' | $40,300 | ' | ' | ' | ' | ' | ' |
Warrants issued during period | 4,700,000 | 500,000 | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' |
Schedule_of_Fair_Value_by_Bala
Schedule of Fair Value, by Balance Sheet Grouping (Details) (USD $) | Sep. 30, 2014 |
Cash | $10,858 |
Level 1 [Member] | ' |
Cash | 10,858 |
Level 2 [Member] | ' |
Cash | 0 |
Level 3 [Member] | ' |
Cash | $0 |
Schedule_of_Warrant_Activity_D
Schedule of Warrant Activity (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Warrants beginning balance | 21,300,000 | ' |
Weighted average exercise price beginning balance | $0.03 | ' |
Warrants issued during period | 4,700,000 | 500,000 |
Weighted average exercise price warrants issued | $0.07 | ' |
Warrants expired/cancelled | -15,000,000 | ' |
Weighted average exercise price warrants expired/cancelled | $0.03 | ' |
Warrants ending balance | 11,000,000 | 21,300,000 |
Weighed average exercise price ending balance | $0.05 | $0.03 |
Schedule_of_Stockholders_Equit
Schedule of Stockholders' Equity Note, Warrants or Rights (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Number of Warrants | 11,000,000 | 21,300,000 |
Warrants at $0.05 expiring February 18, 2015 [Member] | ' | ' |
Number of Warrants | 2,500,000 | ' |
Warrant Exercise Price | 0.05 | ' |
Warrants at $0.05 expiring January 1, 2016 [Member] | ' | ' |
Number of Warrants | 300,000 | ' |
Warrant Exercise Price | 0.05 | ' |
Warrants at $0.10 expiring January 1, 2016 [Member] | ' | ' |
Number of Warrants | 1,600,000 | ' |
Warrant Exercise Price | 0.1 | ' |
Warrants at $0.15 expiring January 1, 2016 [Member] | ' | ' |
Number of Warrants | 300,000 | ' |
Warrant Exercise Price | 0.15 | ' |
Warrants at $0.01 expiring October 1, 2014 [Member] | ' | ' |
Number of Warrants | 5,800,000 | ' |
Warrant Exercise Price | 0.01 | ' |
Warrants at $0.25 expiring November 8, 2018 [Member] | ' | ' |
Number of Warrants | 500,000 | ' |
Warrant Exercise Price | 0.25 | ' |
Schedule_of_Share_Based_Paymen
Schedule of Share Based Payment Award Warrants Valuation Assumptions (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Risk-free interest rate | 2.36% | 1.83% |
Annual dividends | 0.00% | 0.00% |
Expected stock price volatility | 125.00% | 125.00% |
Expected life | '2 years | '5 years |