Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 23, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-32917 | |
Entity Registrant Name | PROTOKINETIX, INCORPORATED | |
Entity Central Index Key | 0001128189 | |
Entity Tax Identification Number | 94-3355026 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 109 W Main St. | |
Entity Address, City or Town | Dalton | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44618 | |
City Area Code | 740 | |
Local Phone Number | 434-5041 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 364,980,152 |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash | $ 2,200 | $ 20,408 |
Prepaid expenses (Note 3) | 1,050 | 1,050 |
Total current assets | 3,250 | 21,458 |
Intangible assets (Note 4) | 470,275 | 459,099 |
Total assets | 473,525 | 480,557 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 58,767 | 44,696 |
Total liabilities | 58,767 | 44,696 |
Stockholders’ Equity | ||
Common stock, $0.0000053 par value; 500,000,000 common shares authorized; 360,980,152 and 346,213,485 shares issued and outstanding as at June 30, 2024 and December 31, 2023 respectively (Note 7) | 1,930 | 1,850 |
Additional paid-in capital | 48,453,889 | 48,297,969 |
Accumulated deficit | (48,041,061) | (47,863,958) |
Total stockholders’ equity | 414,758 | 435,861 |
Total liabilities and stockholders’ equity | $ 473,525 | $ 480,557 |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0000053 | $ 0.0000053 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 360,980,152 | 346,213,485 |
Common stock, shares outstanding | 360,980,152 | 346,213,485 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
EXPENSES | ||||
Amortization – intangible assets (Note 4) | $ 13,023 | $ 11,563 | $ 24,341 | $ 22,266 |
General and administrative | 13,210 | 35,715 | 27,335 | 68,477 |
Professional fees | 37,843 | 36,318 | 67,802 | 77,211 |
Research and development | 21,000 | 31,981 | 57,625 | 54,661 |
Operating income (expenses) | (85,076) | (115,577) | (177,103) | (222,615) |
Net loss for the period | $ (85,076) | $ (115,577) | $ (177,103) | $ (222,615) |
Net loss per common share (basic) | $ 0 | $ (0.01) | $ 0 | $ (0.01) |
Net loss per common share (diluted) | $ 0 | $ (0.01) | $ 0 | $ (0.01) |
Weighted average number of common shares outstanding (basic) | 353,972,460 | 335,630,151 | 350,278,870 | 328,025,179 |
Weighted average number of common shares outstanding (diluted) | 353,972,460 | 335,630,151 | 350,278,870 | 328,025,179 |
STATEMENT OF STOCKHOLDERS' EQUI
STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2022 | $ 1,726 | $ 47,868,093 | $ (47,448,479) | $ 421,340 |
Beginning balance, Shares at Dec. 31, 2022 | 322,880,151 | |||
Issuance of common stock pursuant to private placement offering | $ 69 | 254,931 | 255,000 | |
Issuance of common stock pursuant to private placement offering, shares | 12,750,000 | |||
Net loss for the period | (222,615) | (222,615) | ||
Ending balance, value at Jun. 30, 2023 | $ 1,795 | 48,123,024 | (47,671,094) | 453,725 |
Ending balance, Shares at Jun. 30, 2023 | 335,630,151 | |||
Beginning balance, value at Mar. 31, 2023 | $ 1,747 | 47,948,072 | (47,555,517) | 394,302 |
Beginning balance, Shares at Mar. 31, 2023 | 326,880,151 | |||
Issuance of common stock pursuant to private placement offering | $ 48 | 174,952 | 175,000 | |
Issuance of common stock pursuant to private placement offering, shares | 8,750,000 | |||
Net loss for the period | (115,577) | (115,577) | ||
Ending balance, value at Jun. 30, 2023 | $ 1,795 | 48,123,024 | (47,671,094) | 453,725 |
Ending balance, Shares at Jun. 30, 2023 | 335,630,151 | |||
Beginning balance, value at Dec. 31, 2023 | $ 1,850 | 48,297,969 | (47,863,958) | 435,861 |
Beginning balance, Shares at Dec. 31, 2023 | 346,213,485 | |||
Issuance of common stock pursuant to private placement offering | $ 80 | 155,920 | 156,000 | |
Issuance of common stock pursuant to private placement offering, shares | 14,766,667 | |||
Net loss for the period | (177,103) | (177,103) | ||
Ending balance, value at Jun. 30, 2024 | $ 1,930 | 48,453,889 | (48,041,061) | 414,758 |
Ending balance, Shares at Jun. 30, 2024 | 360,980,152 | |||
Beginning balance, value at Mar. 31, 2024 | $ 1,874 | 48,347,945 | (47,955,984) | 393,835 |
Beginning balance, Shares at Mar. 31, 2024 | 350,380,152 | |||
Issuance of common stock pursuant to private placement offering | $ 56 | 105,944 | 106,000 | |
Issuance of common stock pursuant to private placement offering, shares | 10,600,000 | |||
Net loss for the period | (85,076) | (85,076) | ||
Ending balance, value at Jun. 30, 2024 | $ 1,930 | $ 48,453,889 | $ (48,041,061) | $ 414,758 |
Ending balance, Shares at Jun. 30, 2024 | 360,980,152 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS USED IN OPERATING ACTIVITIES | ||
Net loss for the period | $ (177,103) | $ (222,615) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Amortization – intangible assets | 24,341 | 22,266 |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 14,071 | (28,275) |
Net cash used in operating activities | (138,691) | (228,624) |
CASH FLOWS USED IN INVESTING ACTIVITIES | ||
Purchase of intangible assets | (35,517) | (33,271) |
Net cash used in investing activities | (35,517) | (33,271) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuance of common stock for cash | 156,000 | 255,000 |
Net cash from financing activities | 156,000 | 255,000 |
Net change in cash | (18,208) | (6,895) |
Cash, beginning of period | 20,408 | 25,550 |
Cash, end of period | 2,200 | 18,655 |
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure [Table] | ||||
Net Income (Loss) | $ (85,076) | $ (115,577) | $ (177,103) | $ (222,615) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation _ Going C
Basis of Presentation – Going Concern Uncertainties | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation – Going Concern Uncertainties | Note 1. Basis of Presentation – Going Concern Uncertainties ProtoKinetix, Incorporated (the “Company”), a development stage 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. The Company is currently researching the benefits and feasibility of synthesized Antifreeze Glycoproteins (“AFGP”) or anti-aging glycoproteins, trademarked AAGP. During the year ended December 31, 2015, the Company acquired certain patents and rights for cash consideration of $ 30,000 10,000 6,000,000 25,000 The Company’s financial statements are prepared consistent with accounting principles generally accepted in the United States applicable to a going concern. The Company has not developed a commercially viable product, has not generated any significant revenue to date, and has incurred losses since inception, resulting in a net accumulated deficit at June 30, 2024. 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 through equity financing or related party loans. In addition, any significant disruption of global financial markets, reducing our ability to access capital, could negatively affect our liquidity and ability to continue operations. The exact impact is and will remain unknown and largely dependent upon future developments, including but not limited to restrictions on the activities of our domestic and international suppliers and shipment of goods. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies 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 financial statements and notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K, filed March 20, 2024, 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. Use of Estimates Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and 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, deferred income taxes, and the useful life and impairment of intangible assets. Cash Cash consists of funds held in checking accounts. Cash balances may exceed federally insured limits from time to time. Fair Value of Financial Instruments Financial instruments, which includes cash, accounts payable and accrued liabilities are carried at amortized 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). At June 30, 2024, there were no other assets or liabilities subject to additional disclosure. Income Taxes The Company accounts for income taxes following the assets and liability method in accordance with the ASC 740 "Income Taxes." Under such method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company applies the accounting guidance issued to address the accounting for uncertain tax positions. This guidance clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements as well as provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years that the asset is expected to be recovered or the liability settled. Intangible assets – patent and patent application costs The Company owns intangible assets consisting of certain patents and patent applications. Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. As at June 30, 2024, the Company does not hold any intangible assets with indefinite lives. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization method and amortization period of an intangible asset with a finite life is reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of the Company's patents, whereas no amortization has been recognized on the not yet approved patent application costs at June 30, 2024. Research and Development Costs Research and development costs are expensed as incurred. This includes all research consultant’s fees and costs of contract research organizations. Loss 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 94,290,000 94,290,000 6,000,000 13,300,000 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 compensation with persons classified as employees for accounting purposes in accordance with ASC 718 “Compensation – Stock Compensation”, which recognizes awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. Cliff Vesting is used and awards vest on the last day of the vesting period. The fair value of stock options is determined using the Black-Scholes Option Pricing Model. The fair value of common shares issued for services is determined based on the Company’s stock price on the date of issuance. Share-based compensation for non-employees in exchange for goods and services used or consumed in an entity’s own operations are also recorded at fair value on the measurement date and accounted for in accordance with ASC 718. The measurement of share-based compensation is subject to periodic adjustment as the underlying instruments vest. The fair value of stock options is estimated using the Black-Scholes Option Pricing Model and the compensation charges are amortized over the vesting period. Common stock Common stock issued for non-monetary consideration are recorded at their fair value on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty’s performance is complete. Transaction costs directly attributable to the issuance of common stock, units and stock options are recognized as a deduction from equity, net of any tax effects. Related Party Transactions A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Recent Accounting Pronouncements Certain new accounting pronouncements that have been issued are not expected to have a material effect on the Company’s financial statements. |
Prepaid Expenses
Prepaid Expenses | 6 Months Ended |
Jun. 30, 2024 | |
Prepaid Expenses | |
Prepaid Expenses | Note 3. Prepaid Expenses The following summarizes the Company’s prepaid expenses outstanding as at June 30, 2024 and December 31, 2023: Schedule of prepaid expenses June 30, December 31, Rental deposit $ 1,050 $ 1,050 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 4. Intangible Assets Intangible asset transactions are summarized as follows: Schedule of intangible asset transactions Patent Rights Patent Application Total Cost Balance, December 31, 2022 $ 30,000 $ 484,220 $ 514,220 Additions — 71,088 71,088 Balance, December 31, 2023 $ 30,000 $ 555,308 $ 585,308 Additions — 35,517 35,517 Balance, June 30, 2024 $ 30,000 $ 590,825 $ 620,825 Accumulated amortization Balance, December 31, 2022 $ 22,500 $ 55,450 $ 77,950 Amortization 3,000 45,259 48,259 Balance, December 31, 2023 $ 25,500 $ 100,709 $ 126,209 Amortization 1,500 22,841 24,341 Balance, June 30, 2024 $ 27,000 $ 123,550 $ 150,550 Net carrying amounts December 31, 2023 $ 4,500 $ 454,599 $ 459,099 Balance, June 30, 2024 $ 3,000 $ 467,275 $ 470,275 During the year ended December 31, 2015, the Company entered into an Assignment of Patents and Patent Application (effective January 1, 2015) (the “Patent Assignment”) with the Institut National des Sciences Appliquees de Rouen (“INSA”) for the assignment of certain patents and all rights associated therewith (the “Patents”). The Company and INSA had previously entered into a licensing agreement for the Patents in August 2004. The Patent Assignment transfers all of the Patents and rights associated therewith to the Company upon payment to INSA in the sum of $ 30,000 24,341 22,266 During the year ended December 31, 2015, the Company entered into a Technology Transfer Agreement with Grant Young for the assignment of his 50% ownership of certain patents and all rights associated therewith (the “Patent Application Rights”). In exchange for the Patent Application Rights, the Company agreed to pay $ 10,000 6,000,000 35,517 The remaining 50% ownership of the Patent Application Rights was acquired from the Governors of the University of Alberta in exchange for a future gross revenue royalty from any product developed as a result of research done at the University. During the year ended December 31, 2016, the Company entered into a Universal Assignment with Grant Young for the assignment of his ownership of certain new and useful improvements in an invention entitled “Use of Anti-Aging Glycoprotein for Enhancing Survival of Neurosensory Precursor Cells” (the “New Patent Application Rights”). In exchange for the New Patent Application Rights, the Company agreed to pay $1 (paid). The Company incurred $ 2,415 The Company amortizes patents and licenses that have been filed over their useful lives which range between 18.5 20 |
Stock Options
Stock Options | 6 Months Ended |
Jun. 30, 2024 | |
Stock Options | |
Stock Options | Note 5. Stock Options Pursuant to an amendment on March 15, 2022, the aggregate number of shares that may be issued under the 2017 Stock Option and Stock Bonus Plan (the “2017 Plan”) is 97,700,000 shares, subject to adjustment as provided therein. The 2017 Plan is administered by the Company’s Board of Directors, or a committee appointed by the Board of Directors, and includes two types of options. Options intended to qualify as incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended, are referred to as incentive options. Options that are not intended to qualify as incentive options are referred to as non-qualified options. The exercise price of an option may be paid in cash, in shares of the Company's common stock or other property having a fair market value equal to the exercise price of the option, or in a combination of cash, shares, other securities and property. As of June 30, 2024, there are 94,290,000 Total share-based compensation for stock options granted during the six-month period ended June 30, 2024 was $Nil 0 0 Stock option transactions are summarized as follows: Schedule of stock option transactions Number of Weighted Average Exercise Price Weighted Average Remaining Life $ (Years) Outstanding, December 31, 2023, and June 30, 2024 94,290,000 0.03 4.67 The following non-qualified stock options were outstanding and exercisable at June 30, 2024: Schedule of non-qualified stock options were outstanding and exercisable Expiry date Exercise Price Number of Options Number of $ October 24, 2026 0.10 500,000 500,000 November 27, 2026 0.10 250,000 250,000 December 6, 2028 0.028 93,540,000 93,540,000 94,290,000 94,290,000 As at June 30, 2024, the aggregate intrinsic value of the Company’s stock options is $Nil 0 0 0 0 |
Warrants
Warrants | 6 Months Ended |
Jun. 30, 2024 | |
Warrants | |
Warrants | Note 6. Warrants Warrant transactions for the six-months ended June 30, 2024 are summarized as follows: Schedule of warrant transactions Number of Weighted Average Exercise Price $ Outstanding, December 31, 2023 13,300,000 0.04 Warrants expired (7,300,000 ) 0.09 Outstanding at June 30, 2024 6,000,000 0.028 The following warrants were outstanding and exercisable as at June 30, 2024: Schedule of warrants were outstanding and exercisable Number of Warrants Exercise Price Expiry Date 6,000,000 0.028 December 12, 2028 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 7. Stockholders’ Equity The Company is authorized to issue 500,000,000 500,000,000 0.0000053 No During the six-month period ended June 30, 2024, the Company: a) Issued 1,666,667 1,666,667 0.015 25,000 b) Issued 13,100,000 13,100,000 0.01 131,000 During the six-month period ended June 30, 2023, the Company: a) Issued 12,750,000 12,750,000 0.02 255,000 |
Related Party Transactions and
Related Party Transactions and Balances | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Balances | Note 8. Related Party Transactions and Balances During the six-month periods ended June 30, 2024 and 2023, the Company entered into the following related party transactions: a) Pursuant to a consulting agreement with an effective date of November 14, 2017, a total of $ 30,000 30,000 3,000 3,000 As at June 30, 2024, there were $ 3,500 0 |
Commitments and Contingency
Commitments and Contingency | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingency | Note 9. Commitments and Contingency As at June 30, 2024, the Company has the following commitments: a) Entered into a consulting agreement with an effective date of January 1, 2017 whereby the Company would pay the consultant $ 7,000 b) Entered into a consulting agreement effective April 1, 2019, whereby the Company would pay the consultant $ 1,500 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 financial statements and notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K, filed March 20, 2024, 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. |
Use of Estimates | Use of Estimates Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and 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, deferred income taxes, and the useful life and impairment of intangible assets. |
Cash | Cash Cash consists of funds held in checking accounts. Cash balances may exceed federally insured limits from time to time. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments, which includes cash, accounts payable and accrued liabilities are carried at amortized 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). At June 30, 2024, there were no other assets or liabilities subject to additional disclosure. |
Income Taxes | Income Taxes The Company accounts for income taxes following the assets and liability method in accordance with the ASC 740 "Income Taxes." Under such method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company applies the accounting guidance issued to address the accounting for uncertain tax positions. This guidance clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements as well as provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years that the asset is expected to be recovered or the liability settled. |
Intangible assets – patent and patent application costs | Intangible assets – patent and patent application costs The Company owns intangible assets consisting of certain patents and patent applications. Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. As at June 30, 2024, the Company does not hold any intangible assets with indefinite lives. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization method and amortization period of an intangible asset with a finite life is reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of the Company's patents, whereas no amortization has been recognized on the not yet approved patent application costs at June 30, 2024. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred. This includes all research consultant’s fees and costs of contract research organizations. |
Loss per Share and Potentially Dilutive Securities | Loss 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 94,290,000 94,290,000 6,000,000 13,300,000 |
Share-Based Compensation | 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 compensation with persons classified as employees for accounting purposes in accordance with ASC 718 “Compensation – Stock Compensation”, which recognizes awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. Cliff Vesting is used and awards vest on the last day of the vesting period. The fair value of stock options is determined using the Black-Scholes Option Pricing Model. The fair value of common shares issued for services is determined based on the Company’s stock price on the date of issuance. Share-based compensation for non-employees in exchange for goods and services used or consumed in an entity’s own operations are also recorded at fair value on the measurement date and accounted for in accordance with ASC 718. The measurement of share-based compensation is subject to periodic adjustment as the underlying instruments vest. The fair value of stock options is estimated using the Black-Scholes Option Pricing Model and the compensation charges are amortized over the vesting period. |
Common stock | Common stock Common stock issued for non-monetary consideration are recorded at their fair value on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty’s performance is complete. Transaction costs directly attributable to the issuance of common stock, units and stock options are recognized as a deduction from equity, net of any tax effects. |
Related Party Transactions | Related Party Transactions A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Certain new accounting pronouncements that have been issued are not expected to have a material effect on the Company’s financial statements. |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Prepaid Expenses | |
Schedule of prepaid expenses | Schedule of prepaid expenses June 30, December 31, Rental deposit $ 1,050 $ 1,050 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible asset transactions | Schedule of intangible asset transactions Patent Rights Patent Application Total Cost Balance, December 31, 2022 $ 30,000 $ 484,220 $ 514,220 Additions — 71,088 71,088 Balance, December 31, 2023 $ 30,000 $ 555,308 $ 585,308 Additions — 35,517 35,517 Balance, June 30, 2024 $ 30,000 $ 590,825 $ 620,825 Accumulated amortization Balance, December 31, 2022 $ 22,500 $ 55,450 $ 77,950 Amortization 3,000 45,259 48,259 Balance, December 31, 2023 $ 25,500 $ 100,709 $ 126,209 Amortization 1,500 22,841 24,341 Balance, June 30, 2024 $ 27,000 $ 123,550 $ 150,550 Net carrying amounts December 31, 2023 $ 4,500 $ 454,599 $ 459,099 Balance, June 30, 2024 $ 3,000 $ 467,275 $ 470,275 |
Stock Options (Tables)
Stock Options (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Stock Options | |
Schedule of stock option transactions | Schedule of stock option transactions Number of Weighted Average Exercise Price Weighted Average Remaining Life $ (Years) Outstanding, December 31, 2023, and June 30, 2024 94,290,000 0.03 4.67 |
Schedule of non-qualified stock options were outstanding and exercisable | Schedule of non-qualified stock options were outstanding and exercisable Expiry date Exercise Price Number of Options Number of $ October 24, 2026 0.10 500,000 500,000 November 27, 2026 0.10 250,000 250,000 December 6, 2028 0.028 93,540,000 93,540,000 94,290,000 94,290,000 |
Warrants (Tables)
Warrants (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Warrants | |
Schedule of warrant transactions | Schedule of warrant transactions Number of Weighted Average Exercise Price $ Outstanding, December 31, 2023 13,300,000 0.04 Warrants expired (7,300,000 ) 0.09 Outstanding at June 30, 2024 6,000,000 0.028 |
Schedule of warrants were outstanding and exercisable | Schedule of warrants were outstanding and exercisable Number of Warrants Exercise Price Expiry Date 6,000,000 0.028 December 12, 2028 |
Basis of Presentation _ Going_2
Basis of Presentation – Going Concern Uncertainties (Details Narrative) | 12 Months Ended |
Dec. 31, 2015 USD ($) shares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash consideration | $ 30,000 |
Additional patent applications | $ 10,000 |
Warrant issued | shares | 6,000,000 |
Fair value adjustment of warrants | $ 25,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 94,290,000 | 94,290,000 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 6,000,000 | 13,300,000 |
Prepaid Expenses (Details)
Prepaid Expenses (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Prepaid Expenses | ||
Rental deposit | $ 1,050 | $ 1,050 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Cost of beginning balance | $ 585,308 | $ 514,220 |
Additions | 35,517 | 71,088 |
Cost of ending balance | 620,825 | 585,308 |
Accumulated amortization of beginning balance | 126,209 | 77,950 |
Amortization | 24,341 | 48,259 |
Accumulated amortization of ending balance | 150,550 | 126,209 |
Net carrying amounts | 470,275 | 459,099 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost of beginning balance | 30,000 | 30,000 |
Additions | 0 | 0 |
Cost of ending balance | 30,000 | 30,000 |
Accumulated amortization of beginning balance | 25,500 | 22,500 |
Amortization | 1,500 | 3,000 |
Accumulated amortization of ending balance | 27,000 | 25,500 |
Net carrying amounts | 3,000 | 4,500 |
Patent Application Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost of beginning balance | 555,308 | 484,220 |
Additions | 35,517 | 71,088 |
Cost of ending balance | 590,825 | 555,308 |
Accumulated amortization of beginning balance | 100,709 | 55,450 |
Amortization | 22,841 | 45,259 |
Accumulated amortization of ending balance | 123,550 | 100,709 |
Net carrying amounts | $ 467,275 | $ 454,599 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets | $ 35,517 | $ 33,271 | ||||
Amortization expenses | $ 13,023 | $ 11,563 | 24,341 | $ 22,266 | ||
Additional patent applications | $ 10,000 | |||||
Warrant issued | 6,000,000 | |||||
Costs relating to intangible assets | $ 35,517 | |||||
Minimum [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets useful lives | 18 years 6 months | 18 years 6 months | ||||
Maximum [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets useful lives | 20 years | 20 years | ||||
Patent Application Rights [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets | $ 30,000 | |||||
Direct operating costs | $ 2,415 |
Stock Options (Details)
Stock Options (Details) - Equity Option [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Stock Options | 94,290,000 | 94,290,000 |
Weighted Average Exercise Price | $ 0.03 | $ 0.03 |
Weighted Average Remaining Life | 4 years 8 months 1 day | 4 years 8 months 1 day |
Stock Options (Details 1)
Stock Options (Details 1) | Jun. 30, 2024 $ / shares shares |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options Outstanding | 94,290,000 |
Number of Options Exercisable | 94,290,000 |
October 24, 2026 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise Price | $ / shares | $ 0.10 |
Number of Options Outstanding | 500,000 |
Number of Options Exercisable | 500,000 |
November 27, 2026 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise Price | $ / shares | $ 0.10 |
Number of Options Outstanding | 250,000 |
Number of Options Exercisable | 250,000 |
December 6, 2028 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise Price | $ / shares | $ 0.028 |
Number of Options Outstanding | 93,540,000 |
Number of Options Exercisable | 93,540,000 |
Stock Options (Details Narrativ
Stock Options (Details Narrative) - Equity Option [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options granted | 94,290,000 | |
Options outstanding | 94,290,000 | |
Share-based compensation for stock options granted | $ 0 | $ 0 |
Aggregate intrinsic value | $ 0 | $ 0 |
Weighted average fair value of stock options granted | $ 0 | $ 0 |
Warrants (Details)
Warrants (Details) - Warrant [Member] | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Warrants Outstanding, Beginning | shares | 13,300,000 |
Weighted Average Exercise Price, Beginning | $ / shares | $ 0.04 |
Number of Warrants, expired | shares | (7,300,000) |
Weighted Average Exercise Price, Warrants expired | $ / shares | $ 0.09 |
Number of Warrants Outstanding, Ending | shares | 6,000,000 |
Weighted Average Exercise Price, Ending | $ / shares | $ 0.028 |
Warrants (Details 1)
Warrants (Details 1) - Warrant 1 [Member] | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Warrants | shares | 6,000,000 |
Exercise Price | $ / shares | $ 0.028 |
Expiry Date | December 12, 2028 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Subsidiary, Sale of Stock [Line Items] | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, par value | $ 0.0000053 | $ 0.0000053 | |
Dividends declared | $ 0 | $ 0 | |
Private Placement [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares issued | 1,666,667 | 12,750,000 | |
Share price | $ 0.015 | $ 0.02 | |
Total proceeds | $ 25,000 | $ 255,000 | |
Private Placement 1 [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares issued | 13,100,000 | ||
Share price | $ 0.01 | ||
Total proceeds | $ 131,000 |
Related Party Transactions an_2
Related Party Transactions and Balances (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Related Party Transaction [Line Items] | ||
Due to related parties, current | $ 3,500 | $ 0 |
Chief Financial Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction, amounts of transaction | 30,000 | 30,000 |
Due from officers and stockholders | $ 3,000 | $ 3,000 |
Commitments and Contingency (De
Commitments and Contingency (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2019 | Jan. 31, 2017 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Research and development services | $ 21,000 | $ 31,981 | $ 57,625 | $ 54,661 | ||
Consultant [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Research and development services | $ 7,000 | |||||
Travel expenses | $ 1,500 |