Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 15, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | BIOSIG TECHNOLOGIES, INC. | |
Trading Symbol | BSGM | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 35,310,627 | |
Amendment Flag | false | |
Entity Central Index Key | 0001530766 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-38659 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-4333375 | |
Entity Address, Address Line One | 55 Greens Farms Road, 1st Floor | |
Entity Address, City or Town | Westport | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06880 | |
City Area Code | 203 | |
Local Phone Number | 409-5444 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 17,535,000 | $ 28,268,000 |
Accounts receivable, net | 100,000 | 0 |
Employee advances | 50,000 | 0 |
Inventory | 1,881,007 | 768,319 |
Prepaid expenses and vendor deposits | 433,000 | 301,000 |
Total current assets | 19,999,000 | 29,337,000 |
Property and equipment, net | 557,000 | 289,000 |
Right-to-use assets, net | 693,000 | 306,000 |
Other assets: | ||
Patents, net | 331,000 | 346,000 |
Trademarks | 1,000 | 1,000 |
Prepaid expenses, long term | 0 | 5,000 |
Deposits | 92,000 | 102,000 |
Total assets | 21,673,000 | 30,386,000 |
Current liabilities: | ||
Accounts payable and accrued expenses, including $80 and $317 to related parties as of September 30, 2021 and December 31, 2020, respectively | 2,169,000 | 4,722,000 |
Deferred revenue, short term | 32,000 | 0 |
Dividends payable | 79,000 | 73,000 |
Lease liability, short term | 291,000 | 313,000 |
Total current liabilities | 2,571,000 | 5,108,000 |
Deferred revenue, long term | 13,000 | 0 |
Lease liability, long term | 409,000 | 1,000 |
Total long-term debt | 422,000 | 1,000 |
Total liabilities | 2,993,000 | 5,109,000 |
Series C 9% Convertible Preferred Stock, $0.001 par value, $1,000 stated value, authorized 4,200 shares, 105 shares issued and outstanding; liquidation preference of $105 as of September 30, 2021 and December 31, 2020 | 105,000 | 105,000 |
Equity: | ||
Preferred stock, | 0 | 0 |
Common stock, $0.001 par value, authorized 200,000,000 shares, 35,254,860 and 30,764,792 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 35,000 | 31,000 |
Additional paid in capital | 198,380,000 | 181,344,000 |
Accumulated deficit | (180,278,000) | (157,005,000) |
Total stockholders' equity (deficit) | 18,137,000 | 24,370,000 |
Non-controlling interest | 438,000 | 802,000 |
Total equity | 18,575,000 | 25,172,000 |
Total liabilities and stockholders' equity (deficit) | $ 21,673,000 | $ 30,386,000 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts payable and accrued expenses, related parties (in Dollars) | $ 80 | $ 317 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 35,254,860 | 30,764,792 |
Common stock, shares outstanding | 35,254,860 | 30,764,792 |
Series C Preferred Stock [Member] | ||
Preferred stock, shares issued | 105 | 105 |
Preferred stock, shares outstanding | 105 | 105 |
Preferred stock, liquidation preference (in Dollars) | $ 105 | $ 105 |
Preferred stock, shares authorized | 4,200 | 4,200 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 200 | 200 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized | 600 | 600 |
Series D Preferred Stock [Member] | ||
Preferred stock, shares authorized | 1,400 | 1,400 |
Series E Preferred Stock [Member] | ||
Preferred stock, shares authorized | 1,000 | 1,000 |
Series F Preferred Stock [Member] | ||
Preferred stock, shares authorized | 200,000 | 200,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | $ 108 | $ 0 | $ 433 | $ 0 |
Cost of goods sold | 38 | 0 | 199 | 0 |
Gross profit | 70 | 0 | 234 | 0 |
Operating expenses: | ||||
Research and development | 1,315 | 4,911 | 4,248 | 15,556 |
General and administrative | 6,505 | 8,165 | 20,256 | 32,629 |
Depreciation and amortization | 51 | 24 | 142 | 67 |
Total operating expenses | 7,871 | 13,100 | 24,646 | 48,252 |
Loss from operations | (7,801) | (13,100) | (24,412) | (48,252) |
Other income (expense): | ||||
Interest income, net | 1 | 2 | 2 | 45 |
Gain on settlement of debt | 553 | 0 | 553 | 0 |
Loss on foreign currency translation | 0 | 0 | 0 | (1) |
Loss before income taxes | (7,247) | (13,098) | (23,857) | (48,208) |
Income taxes (benefit) | 0 | 0 | 0 | 0 |
Net loss | (7,247) | (13,098) | (23,857) | (48,208) |
Non-controlling interest | (6) | 1,696 | 584 | 6,282 |
Net loss attributable to BioSig Technologies, Inc. | (7,253) | (11,402) | (23,273) | (41,926) |
Preferred stock dividend | (2) | (2) | (7) | (11) |
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (7,255) | $ (11,404) | $ (23,280) | $ (41,937) |
Net loss per common share, basic and diluted (in Dollars per share) | $ (0.21) | $ (0.38) | $ (0.71) | $ (1.56) |
Weighted average number of common shares outstanding, basic and diluted (in Shares) | 34,856,502 | 29,750,378 | 32,881,932 | 26,900,383 |
Product [Member] | ||||
Revenue | $ 100 | $ 0 | $ 414 | $ 0 |
Service [Member] | ||||
Revenue | $ 8 | $ 0 | $ 19 | $ 0 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Series D Preferred Stock [Member]Common Stock [Member]At-the-Market Offering [Member] | Series D Preferred Stock [Member]Common Stock [Member]Settlement of Preferred Stock [Member] | Series D Preferred Stock [Member]Common Stock [Member]Cashless Exercise of Warrants [Member] | Series D Preferred Stock [Member]Common Stock [Member]Exercise of Warrants [Member] | Series D Preferred Stock [Member]Common Stock [Member]Cashless Exercise of Options [Member] | Series D Preferred Stock [Member]Common Stock [Member] | Series E Preferred Stock [Member]Additional Paid-in Capital [Member]At-the-Market Offering [Member] | Series E Preferred Stock [Member]Additional Paid-in Capital [Member]Settlement of Preferred Stock [Member] | Series E Preferred Stock [Member]Additional Paid-in Capital [Member]Exercise of Warrants [Member] | Series E Preferred Stock [Member]Additional Paid-in Capital [Member]Trek Therapeutics, PBC [Member] | Series E Preferred Stock [Member]Additional Paid-in Capital [Member] | Series E Preferred Stock [Member]Retained Earnings [Member] | Series C Preferred Stock [Member]Settlement of Preferred Stock [Member] | Series C Preferred Stock [Member] | Noncontrolling Interest [Member]Trek Therapeutics, PBC [Member] | Noncontrolling Interest [Member] | At-the-Market Offering [Member] | Exercise of Warrants [Member] | Trek Therapeutics, PBC [Member] | Total |
Balance at Dec. 31, 2019 | $ 23,000 | $ 115,910,000 | $ (104,786,000) | $ 515,000 | $ 11,662,000 | |||||||||||||||
Balance (in Shares) at Dec. 31, 2019 | 23,323,087 | |||||||||||||||||||
Common stock issued upon exercise of options (in Shares) | 11,141 | |||||||||||||||||||
Sale of common stock | $ 2,000 | 9,050,000 | 9,052,000 | |||||||||||||||||
Sale of common stock (in Shares) | 2,500,000 | |||||||||||||||||||
Common stock issued upon conversion of preferred stock and accrued dividends | $ 6,000 | 10,000 | $ 6,000 | $ 10,000 | ||||||||||||||||
Common stock issued upon conversion of preferred stock and accrued dividends (in Shares) | 1,083 | 2,667 | ||||||||||||||||||
Common stock issued upon exercise of warrants | $ 1,000 | $ 301,000 | $ 302,000 | |||||||||||||||||
Common stock issued upon exercise of warrants (in Shares) | 10,574 | 80,432 | ||||||||||||||||||
Fair value of subsidiary shares issued to acquire research and development | $ 2,440,000 | $ 735,000 | $ 3,175,000 | |||||||||||||||||
Stock based compensation | 3,628,000 | 785,000 | 4,413,000 | |||||||||||||||||
Stock based compensation (in Shares) | 81,334 | |||||||||||||||||||
Preferred Stock dividend | (5,000) | (5,000) | ||||||||||||||||||
Net loss | (11,336,000) | (1,428,000) | (12,764,000) | |||||||||||||||||
Balance at Mar. 31, 2020 | $ 26,000 | 131,340,000 | (116,122,000) | 607,000 | 15,851,000 | |||||||||||||||
Balance (in Shares) at Mar. 31, 2020 | 26,010,318 | |||||||||||||||||||
Balance at Dec. 31, 2019 | $ 23,000 | 115,910,000 | (104,786,000) | 515,000 | 11,662,000 | |||||||||||||||
Balance (in Shares) at Dec. 31, 2019 | 23,323,087 | |||||||||||||||||||
Preferred Stock dividend | (11,000) | |||||||||||||||||||
Net loss | (48,208,000) | |||||||||||||||||||
Balance at Sep. 30, 2020 | $ 30,000 | 175,228,000 | (146,712,000) | 1,320,000 | 29,866,000 | |||||||||||||||
Balance (in Shares) at Sep. 30, 2020 | 30,118,196 | |||||||||||||||||||
Balance at Mar. 31, 2020 | $ 26,000 | 131,340,000 | (116,122,000) | 607,000 | 15,851,000 | |||||||||||||||
Balance (in Shares) at Mar. 31, 2020 | 26,010,318 | |||||||||||||||||||
Common stock issued for services | 108,000 | 108,000 | ||||||||||||||||||
Common stock issued for services (in Shares) | 15,038 | |||||||||||||||||||
Common stock issued upon exercise of options | $ 1,000 | 2,228,000 | 2,229,000 | |||||||||||||||||
Common stock issued upon exercise of options (in Shares) | 149,602 | 478,451 | ||||||||||||||||||
Sale of common stock | $ 2,000 | 16,160,000 | 16,162,000 | |||||||||||||||||
Sale of common stock (in Shares) | 2,187,500 | |||||||||||||||||||
Sale of subsidiary shares to non-controlling interest | 7,124,000 | 3,468,000 | 10,592,000 | |||||||||||||||||
Common stock issued upon conversion of preferred stock and accrued dividends | $ 65,000 | 100,000 | $ 65,000 | $ 100,000 | ||||||||||||||||
Common stock issued upon conversion of preferred stock and accrued dividends (in Shares) | 14,433 | 26,667 | ||||||||||||||||||
Common stock issued upon exercise of warrants | $ 733,000 | $ 733,000 | ||||||||||||||||||
Common stock issued upon exercise of warrants (in Shares) | 2,266 | 189,388 | ||||||||||||||||||
Fair value of subsidiary shares issued to acquire research and development | 1,051,000 | 249,000 | 1,300,000 | |||||||||||||||||
Stock based compensation | 9,595,000 | 1,628,000 | 11,223,000 | |||||||||||||||||
Stock based compensation (in Shares) | 53,000 | |||||||||||||||||||
Preferred Stock dividend | (5,000) | (5,000) | ||||||||||||||||||
Net loss | (19,188,000) | (3,158,000) | (22,346,000) | |||||||||||||||||
Balance at Jun. 30, 2020 | $ 29,000 | 168,499,000 | (135,310,000) | 2,794,000 | 36,012,000 | |||||||||||||||
Balance (in Shares) at Jun. 30, 2020 | 29,126,663 | |||||||||||||||||||
Common stock issued for services | $ 1,000 | 3,442,000 | 3,443,000 | |||||||||||||||||
Common stock issued for services (in Shares) | 488,000 | |||||||||||||||||||
Common stock issued upon exercise of options | 492,000 | 492,000 | ||||||||||||||||||
Common stock issued upon exercise of options (in Shares) | 108,374 | |||||||||||||||||||
Sale of common stock | 1,002,000 | 1,002,000 | ||||||||||||||||||
Sale of common stock (in Shares) | 150,000 | |||||||||||||||||||
Common stock issued upon exercise of warrants | 632,000 | 632,000 | ||||||||||||||||||
Common stock issued upon exercise of warrants (in Shares) | 160,159 | |||||||||||||||||||
Stock based compensation | 1,163,000 | 222,000 | 1,385,000 | |||||||||||||||||
Stock based compensation (in Shares) | 85,000 | |||||||||||||||||||
Preferred Stock dividend | (2,000) | (2,000) | ||||||||||||||||||
Net loss | (11,402,000) | (1,696,000) | (13,098,000) | |||||||||||||||||
Balance at Sep. 30, 2020 | $ 30,000 | 175,228,000 | (146,712,000) | 1,320,000 | 29,866,000 | |||||||||||||||
Balance (in Shares) at Sep. 30, 2020 | 30,118,196 | |||||||||||||||||||
Balance at Dec. 31, 2020 | $ 31,000 | 181,344,000 | (157,005,000) | 802,000 | $ 25,172,000 | |||||||||||||||
Balance (in Shares) at Dec. 31, 2020 | 30,764,792 | 30,764,792 | ||||||||||||||||||
Common stock issued for services | 1,777,000 | $ 1,777,000 | ||||||||||||||||||
Common stock issued for services (in Shares) | 406,692 | |||||||||||||||||||
Common stock issued upon exercise of options | 28,000 | 28,000 | ||||||||||||||||||
Common stock issued upon exercise of options (in Shares) | 9,375 | |||||||||||||||||||
Sale of common stock | $ 1,300,000 | $ 1,300,000 | ||||||||||||||||||
Sale of common stock (in Shares) | 251,720 | |||||||||||||||||||
Stock based compensation | $ 1,000 | 721,000 | 20,000 | 742,000 | ||||||||||||||||
Stock based compensation (in Shares) | 682,202 | |||||||||||||||||||
Preferred Stock dividend | (2,000) | (2,000) | ||||||||||||||||||
Net loss | (8,319,000) | (240,000) | (8,559,000) | |||||||||||||||||
Balance at Mar. 31, 2021 | $ 32,000 | 185,168,000 | (165,324,000) | 582,000 | 20,458,000 | |||||||||||||||
Balance (in Shares) at Mar. 31, 2021 | 32,114,781 | |||||||||||||||||||
Balance at Dec. 31, 2020 | $ 31,000 | 181,344,000 | (157,005,000) | 802,000 | $ 25,172,000 | |||||||||||||||
Balance (in Shares) at Dec. 31, 2020 | 30,764,792 | 30,764,792 | ||||||||||||||||||
Common stock issued for services | $ 3,271,340 | |||||||||||||||||||
Common stock issued for services (in Shares) | 853,271 | |||||||||||||||||||
Common stock issued upon exercise of options (in Shares) | 9,375 | |||||||||||||||||||
Preferred Stock dividend | $ (7,000) | |||||||||||||||||||
Net loss | (23,857,000) | |||||||||||||||||||
Balance at Sep. 30, 2021 | $ 35,000 | 198,380,000 | (180,278,000) | 438,000 | $ 18,575,000 | |||||||||||||||
Balance (in Shares) at Sep. 30, 2021 | 35,254,860 | 35,254,860 | ||||||||||||||||||
Balance at Mar. 31, 2021 | $ 32,000 | 185,168,000 | (165,324,000) | 582,000 | $ 20,458,000 | |||||||||||||||
Balance (in Shares) at Mar. 31, 2021 | 32,114,781 | |||||||||||||||||||
Common stock issued for services | 140,000 | 140,000 | ||||||||||||||||||
Common stock issued for services (in Shares) | 36,948 | |||||||||||||||||||
Change in fair value of modified options | 313,000 | 8,000 | 321,000 | |||||||||||||||||
Stock based compensation | 1,518,000 | 134,000 | 1,652,000 | |||||||||||||||||
Stock based compensation (in Shares) | 53,750 | |||||||||||||||||||
Preferred Stock dividend | (3,000) | (3,000) | ||||||||||||||||||
Net loss | (7,701,000) | (350,000) | (8,051,000) | |||||||||||||||||
Balance at Jun. 30, 2021 | $ 32,000 | 187,136,000 | (173,025,000) | 374,000 | 14,517,000 | |||||||||||||||
Balance (in Shares) at Jun. 30, 2021 | 32,205,479 | |||||||||||||||||||
Common stock issued for services | 1,354,000 | 1,354,000 | ||||||||||||||||||
Common stock issued for services (in Shares) | 409,631 | |||||||||||||||||||
Sale of common stock | $ 3,000 | 9,002,000 | 9,005,000 | |||||||||||||||||
Sale of common stock (in Shares) | 2,500,000 | |||||||||||||||||||
Stock based compensation | 890,000 | 58,000 | 948,000 | |||||||||||||||||
Stock based compensation (in Shares) | 139,750 | |||||||||||||||||||
Preferred Stock dividend | (2,000) | (2,000) | ||||||||||||||||||
Net loss | (7,253,000) | 6,000 | (7,247,000) | |||||||||||||||||
Balance at Sep. 30, 2021 | $ 35,000 | $ 198,380,000 | $ (180,278,000) | $ 438,000 | $ 18,575,000 | |||||||||||||||
Balance (in Shares) at Sep. 30, 2021 | 35,254,860 | 35,254,860 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (Parentheticals) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
At-the-Market Offering [Member] | |||
Sale of common stock, net transactional costs (in Dollars) | $ 40,000 | ||
Series D Preferred Stock [Member] | Common Stock [Member] | |||
Options, per share | $ 2.96 | $ 4.66 | |
Preferred Stock, per share | 3.75 | $ 3.75 | |
Series D Preferred Stock [Member] | Common Stock [Member] | Settlement of Preferred Stock [Member] | |||
Preferred Stock, per share | 4.47 | 5.39 | |
Series D Preferred Stock [Member] | Common Stock [Member] | Exercise of Warrants [Member] | |||
Warrants, per share | $ 3.87 | $ 3.75 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (23,857,000) | $ (48,208,000) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 142,000 | 67,000 |
Amortization of right to use assets | 334,000 | 342,000 |
Equity based compensation | 6,613,000 | 20,573,000 |
Gain on settlement of debt | (553,000) | 0 |
Change in fair value of modified options | 321,000 | 0 |
Fair value of subsidiary stock issued to acquire research and development from Trek Therapeutics, PBC | 0 | 3,175,000 |
Fair value of subsidiary stock issued to acquire research and development | 1,300,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (100,000) | 0 |
Employee advances | (50,000) | 0 |
Inventory | (1,113,000) | (229,000) |
Prepaid expenses | (117,000) | (180,000) |
Payment of long term deposit | 45,000 | 0 |
Accounts payable | (1,999,000) | 3,005,000 |
Operating lease liabilities | (334,000) | (342,000) |
Net cash used in operating activities | (20,668,000) | (20,497,000) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (398,000) | (60,000) |
Net cash used in investing activity | (398,000) | (60,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of common stock | 9,005,000 | 25,214,000 |
Proceeds from sale subsidiary stock to non-controlling interest, net of issuance costs | 0 | 10,592,000 |
Proceeds from sale of common stock under a At-the-market offering, net of issuance costs | 1,300,000 | 1,002,000 |
Proceeds from exercise of options | 28,000 | 2,722,000 |
Proceeds from exercise of warrants | 0 | 1,667,000 |
Net cash provided by financing activities | 10,333,000 | 41,197,000 |
Net increase in cash and cash equivalents | (10,733,000) | 20,640,000 |
Cash and cash equivalents, beginning of the period | 28,268,000 | 12,108,000 |
Cash and cash equivalents, end of the period | 17,535,000 | 32,748,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 0 | 0 |
Cash paid during the period for income taxes | 0 | 0 |
Noncash investing and financing activities: | ||
Dividend payable on preferred stock charged to additional paid in capital | 7,000 | 12,000 |
Record right-to-use assets and related lease liability | 800,000 | 0 |
Series C Preferred Stock [Member] | ||
Noncash investing and financing activities: | ||
Common stock issued upon conversion preferred stock and accrued dividends | $ 0 | $ 180,000 |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 NATURE OF OPERATIONS AND BASIS OF PRESENTATION BioSig Technologies, Inc. was initially incorporated on February 24, 2009 under the laws of the State of Nevada and subsequently re-incorporated in the state of Delaware in 2011. The Company is principally devoted to improving the standard of care in electrophysiology with its initial product offering, the PURE EP™ System, designed for enhanced cardiac signal acquisition, digital signal processing, and analysis during ablation of cardiac arrhythmias. The Company has generated minimal revenue to date and consequently its operations are subject to all risks inherent in business enterprises in early commercialization stage. On November 7, 2018, the Company formed a subsidiary under the laws of the State of Delaware originally under the name of NeuroClear Technologies, Inc. which was renamed to ViralClear Pharmaceuticals, Inc. (“ViralClear”) in March 2020. The subsidiary was established to pursue additional applications of the PURE EP™ signal processing technology outside of cardiac electrophysiology, and subsequently in 2020, was repurposed to develop merimepodib, a broad-spectrum anti-viral agent that showed potential for the treatment of COVID-19. Since late 2020, ViralClear has been realigned with its original objective of pursuing additional applications of the PURE EP™ signal processing technology outside of cardiac electrophysiology. In 2019 and 2020, ViralClear sold an aggregate of 1,965,240 shares of its common stock to investors for net proceeds of $15.6 million and issued an aggregate of 894,869 shares of its common stock in connection with acquiring assets and with know-how agreements. As of September 30, 2021, the Company had a majority interest in ViralClear of 68.44%. On July 2, 2020, the Company formed an additional subsidiary, NeuroClear Technologies, Inc., a Delaware corporation. The unaudited condensed consolidated financial statements include the accounts of BioSig Technologies, Inc., its wholly owned subsidiary, NeuroClear Technologies, Inc. and its majority owned subsidiary, ViralClear Pharmaceuticals, Inc. as the “Company” or “BioSig”. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December 31, 2020 has been derived from audited financial statements. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of results that may be expected for the year ending December 31, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2020 filed with the Company’s Form 10-K with the Securities and Exchange Commission on March 15, 2021. COVID-19 On March 11, 2020, the World Health Organization declared a pandemic related to the rapidly spreading coronavirus (COVID-19) outbreak, which has led to a global health emergency. The full public-health impact of the ongoing pandemic is currently indeterminable and rapidly evolving, and the related health crisis has adversely affected and may continue to adversely affect the global economy, resulting in delaying to our commercialization objectives of the PURE EP Systems into 2022. |
MANAGEMENT_S LIQUIDITY PLANS
MANAGEMENT’S LIQUIDITY PLANS | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2 MANAGEMENT S LIQUIDITY PLANS BioSig Technologies, Inc.’s primary efforts are principally devoted to improving the standard care of electrophysiology with its PURE EP System’s enhanced signal acquisition, digital signal processing, and analysis during ablation of cardiac arrhythmias; NeuroClear’s and ViralClear’s efforts are in developing additional applications of the PURE EP™ signal processing technology outside of cardiac electrophysiology. The Company has experienced net losses and negative cash flows from operations since inception and expects these conditions to continue for the foreseeable future. Further, the Company has generated minimal revenues and there is no assurance that the Company will be able to generate cash flow to fund operations. In addition, there can be no assurance that the Company's ongoing research and development will be successfully completed or that any product will be commercially viable. We expect to incur losses from operations for the near future. Additionally, we expect to incur increasing marketing and commercialization expenses related to our PURE EP system in addition to research and development costs relating to PURE EP and other product candidates, including expenses related to clinical trials. We expect that our general and administrative expenses will increase in the future as we expand our business development, add infrastructure and incur additional costs related to being a public company, including incremental audit fees, investor relations programs and increased professional services. If additional financing is not available or is not available on acceptable terms, we may be required to delay, reduce the scope of or eliminate our research and development programs, reduce our commercialization efforts or obtain funds through arrangements with collaborative partners or others that may require us to relinquish rights to certain product candidates that we might otherwise seek to develop or commercialize independently. At September 30, 2021, the Company had working capital of approximately $17.4 million. During the nine months ended September 30, 2021, the Company raised approximately $9.0 million, net of expenses, through the sale of common stock and $1.3 million, net of expenses, through an At-the-market offering. The Company has begun its commercial operations generating revenues with the sale of the PURE EP device. At September 30, 2021 the Company has effective Forms S-3, shelf registration statements for an aggregate of $107.0 million. At September 30, 2021, the Company had cash of approximately $17.5 million through the date of the filing of this report and with the expected commercial growth, constitutes sufficient funds for the Company to meet its commercialization efforts, research and development and other funding requirements for at least the next 12 months from the date of issuance of these unaudited financial statements. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the recoverability and useful lives of long-lived assets, the fair value of long-term operating leases, patent capitalization, fair value of acquired assets, the fair value of the Company’s stock, stock-based compensation, fair values relating to warrant and other derivative liabilities and the valuation allowance related to deferred tax assets. Actual results may differ from these estimates. Revenue Recognition The Company derives its revenue primarily from the sale of its medical device, the PURE EP™ System, and well as related support and maintenance services and software upgrades in connection with the system. The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company determines revenue recognition through the following five steps: ● Identify the contract with the customer; ● Identify the performance obligations in the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligation in the contract; and ● Recognize revenue when, or as, the performance obligations are satisfied. Performance obligations are the unit of accounting for revenue recognition and generally represent the distinct goods or services that are promised to the customer. If the Company determines that it has not satisfied a performance obligation, it will defer recognition of the revenue until the performance obligation is deemed to be satisfied. Support, maintenance, and software upgrades are performance obligations over a defined period and are recognized ratably over the contractual service period. Customers typically purchase these services with the initial sale of the PURE EP System and do not have the right to terminate their contracts unless we fail to perform material obligations. The Company may execute more than one contract with a single customer. If so, it is evaluated whether the agreements were negotiated as a package with a single objective, whether the amount of consideration to be paid in one agreement depends on the price and/or performance of another agreement, or whether the goods or services promised in the agreements represent a single performance obligation. The conclusions reached can impact the allocation of the transaction price to each performance obligation and the timing of revenue recognition related to those arrangements. The Company records accounts receivable for amounts invoiced to customers for which the Company has an unconditional right to consideration as provided under the contractual arrangement. Unbilled receivables, if any, include amounts related to the Company’s contractual right to consideration for completed performance obligations not yet invoiced. Deferred revenue includes payments received in advance of performance under the contract. Our unbilled receivables and deferred revenue are reported on an individual contract basis at the end of each reporting period. Unbilled receivables are classified as current or noncurrent based on the timing of when we expect to bill the customer. Deferred revenue is classified as current or noncurrent based on the timing of when we expect to recognize revenue. The Company’s unconditional right to consideration for goods and services transferred to the customer is included in accounts receivable, net (if any) in the Company’s unaudited condensed consolidated balance sheet. A reconciliation of contract liabilities with customers is presented below: Balance at December 31, 2020 (000’s) Consideration Received (000’s) Recognized in Revenue (000’s) Balance at September 30, 2021 (000’s) Product revenue $ - $ 414 $ (414 ) $ - Service revenue - 64 (19 ) 45 Total $ - $ 478 $ (433 ) $ 45 The table below summarizes our deferred revenue as of September 30, 2021 and December 31, 2020: September 30, 2021 (000’s) December 31, 2020 (000’s) Deferred revenue-current $ 32 $ - Deferred revenue-noncurrent 13 - Total deferred revenue $ 45 $ - We had one customer which accounted for approximately 93% of our revenue in the three months ended September 30, 2021 and two customers which accounted for approximately 69% and 31% of our revenue in the nine months ended September 30, 2021. At September 30, 2021, the Company had one customer representing 100% of the outstanding accounts receivable. Cost of Goods Sold Cost of goods sold consists primarily of the delivered cost of our medical device(s) sold. Allowance for Doubtful Accounts The Company adjusts accounts receivable down to net realizable value with its allowance methodology. In determining the allowance for doubtful accounts for estimated losses, aged receivables are analyzed periodically by management. Each identified receivable is reviewed based upon historical collection experience, financial condition of the client and the status of any open or unresolved issues with the client preventing the payment thereof. Corrective action, if necessary, is taken by the Company to resolve open issues related to unpaid receivables. The allowance for doubtful accounts was $0 at September 30, 2021. The Company believes that its reserve is adequate, however results may differ in future periods. For the nine months ended September 30, 2021 and 2020, bad debt expense totaled $0. Fair Value of Financial Instruments Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”) requires disclosure of the fair value of certain financial instruments. The carrying value of cash and cash equivalents, accounts payable and accrued liabilities as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed. The Company follows Accounting Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”) and ASC 825-10, which permits entities to choose to measure many financial instruments and certain other items at fair value. Concentrations of Credit Risk Financial instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments with credit quality institutions. At times, such amounts may be in excess of the FDIC insurance limit. At September 30, 2021 and December 31, 2020, deposits in excess of FDIC limits were $17.0 million and $27.8 million, respectively. Inventory The inventory is comprised of work in process and finished goods available for sale and are stated at the lower of cost or net realizable value using specific identification method for serial numbered inventory and first-in, first-out method for all other inventory for valuation. The inventory at September 30, 2021 and December 31, 2020 were $1,881,007 and $768,319, respectively, comprised of finished goods. Prepaid Expenses and Vendor Deposits Prepaid expenses and vendor deposits are comprised of prepaid insurance, operating expenses and other prepayments. Leases The Company determines if a contractual arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and noncurrent operating lease liabilities on the Company’s unaudited condensed consolidated balance sheet. The Company evaluates and classifies leases as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which result in an economic penalty. All the Company’s real estate leases are classified as operating leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The lease payments included in the present value are fixed lease payments. As most of the Company’s leases do not provide an implicit rate, the Company estimates its collateralized incremental borrowing rate, based on information available at the commencement date, in determining the present value of lease payments. The Company applies the portfolio approach in applying discount rates to its classes of leases. The operating lease ROU assets include any payments made before the commencement date. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company does not currently have subleases. The Company does not currently have residual value guarantees or restrictive covenants in its leases. Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over their estimated useful lives of 3 to 5 years. When retired or otherwise disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition, is reflected in earnings. Impairment of Long-lived Assets The Company recognizes an impairment of long-lived assets used in operations, other than goodwill, when events or circumstances indicate that the asset might be impaired and the estimated undiscounted cash flows to be generated by those assets over their remaining lives are less than the carrying amount of those items. The net carrying value of assets not recoverable is reduced to fair value, which is typically calculated using the discounted cash flow method. The Company did not recognize and record any impairments of long-lived assets used in operations during the three and nine months ended September 30, 2021 and 2020. Research and Development Costs The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. The Company incurred research and development expenses of $1.3 million and $4.2 million for the three and nine months ended September 30, 2021, and $4.9 million and $15.6 million for the three and nine months ended September 30, 2020, respectively. Net Income (loss) Per Common Share The Company computes earnings (loss) per share under Accounting Standards Codification subtopic 260-10, Earnings Per Share (“ASC 260-10”). Net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into common stock using the “treasury stock” and/or “if converted” methods as applicable. The computation of basic and diluted loss per share as of September 30, 2021 and 2020 excludes potentially dilutive securities when their inclusion would be anti-dilutive, or if their exercise prices were greater than the average market price of the common stock during the period. Potentially dilutive securities excluded from the computation of basic and diluted net income (loss) per share are as follows: September 30, 2021 September 30, 2020 Series C convertible preferred stock 64,292 44,194 Options to purchase common stock 4,037,122 3,509,956 Warrants to purchase common stock 818,910 1,604,668 Restricted stock units to acquire common stock 182,500 168,334 Totals 5,102,824 5,327,152 Stock Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award as measured on the grant date. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Income Taxes The Company follows Accounting Standards Codification subtopic 740-10, Income Taxes (“ASC 740-10”) for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability during each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Patents, Net The Company capitalizes certain initial asset costs in connection with patent applications including registration, documentation and other professional fees associated with the application. Patent costs incurred prior to the Company’s U.S. Food and Drug Administration (“FDA”) 510(k) application on March 28, 2018 were charged to research and development expense as incurred. Commencing upon first in-man trials on February 18 and 19, 2019, capitalized costs are amortized to expense using the straight-line method over the lesser of the legal patent term or the estimated life of the product of 20 years. During the three and nine months ended September 30, 2021, the Company recorded amortization of $4,751 and $14,254; and $4,752 and $14,254 for the three and nine months ended September 30, 2020 to current period operations, respectively. Warranty The Company generally warrants its products to be free from material defects and to conform to material specifications for a period of up to two (2) years. Warranty expense is estimated based primarily on historical experience and is reflected in the financial statements. Non-controlling Interest The Company’s non-controlling interest represents the non-controlling shareholders ownership interests related to the Company’s subsidiary, ViralClear. The Company reports its non-controlling interest in subsidiaries as a separate component of equity in the unaudited condensed consolidated balance sheets and reports both net loss attributable to the non-controlling interest and net loss attributable to the Company’s common shareholders on the face of the unaudited condensed consolidated statements of operations. The Company’s equity interest in ViralClear is 68.44% and the non-controlling stockholders’ interest is 31.56% as of September 30, 2021. This is reflected in the unaudited condensed consolidated statements of changes in equity. Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. The information disclosed herein represents all of the material financial information related to the Company’s principal operating segments. (See Note 12 – Segment Reporting). Reclassifications Certain reclassifications have been made to prior periods’ data to conform with the current year’s presentation. These reclassifications had no effect on reported income or losses. Recent Accounting Pronouncements There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company’s financial position, results of operations or cash flows. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 PROPERTY AND EQUIPMENT Property and equipment as of September 30, 2021 and December 31, 2020 is summarized as follows: September 30, 2021 (000’s) December 31, 2020 (000’s) Computer equipment $ 377 $ 234 Furniture and fixtures 83 75 Manufacturing equipment 153 34 Testing/Demo equipment 145 96 Leasehold improvements 77 - Total 835 439 Less accumulated depreciation (278 ) (150 ) Property and equipment, net $ 557 $ 289 Property and equipment are stated at cost and depreciated using the straight-line method over their estimated useful lives of 3 to 5 years. Leasehold improvements are depreciated over the related expected lease term. When retired or otherwise disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition, is reflected in earnings. Depreciation expense was $46,205 and $128,152 for three and nine months ended September 30, 2021 and $19,117 and $52,838 for the three and nine months ended September 30, 2020, respectively. |
RIGHT TO USE ASSETS AND LEASE L
RIGHT TO USE ASSETS AND LEASE LIABILITY | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE 5 RIGHT TO USE ASSETS AND LEASE LIABILITY Operating leases: On February 10, 2021 the Company entered into a Sixth Amendment to the Office Lease at 12424 Wilshire Blvd in Los Angeles dated August 9, 2011 – it is the Fourth Extended Term with respect to Suite 745 and the Expansion Term with respect to Suite 740 which is from July 1, 2021 until June 30, 2022 with a fixed monthly rent equal to $13,702 (down from $16,289); and the security deposit will be reduced by $5,448 so that the balance remaining shall be $27,404. The Company determined that the Sixth Amendment was a lease modification and accordingly reassessed the lease classification, remeasured the lease liability and adjusted the right-to-use asset. At February 10, 2021 the Company removed the remaining right-to-use net assets of $60,881 and related lease liability of $63,076 and recorded right-to-use assets and related lease liability of $217,903. On August 2, 2021, the Company exercised its option to extend its Rochester, Minnesota lease of approximately 1,400 square feet of office space for two additional years expiring on October 31, 2023 with a fixed monthly rate of $3,513, increasing to $3,618 for the second year. The Company determined that the lease option exercised was a lease modification and accordingly reassessed the lease classification, remeasured the lease liability and adjusted the right-to-use asset. On August 2, 2021 the Company removed the remaining right-to-use net assets of $10,247 and related lease liability of $10,400 and recorded right-to-use assets and related lease liability of $89,629. At the lease modification date, the Company estimated the lease liability and the right of use assets at present value using the Company’s estimated incremental borrowing rate of 6.5%. On August 3, 2021, the Company entered into a sublease agreement whereby the Company leased approximately 6,590 square feet of office space at 55 Greens Farms Road, Westport, Connecticut commencing September 1, 2021 and expiring December 31, 2024 (40 months) at the initial rate beginning January 1, 2022 of $14,828 with escalating payments. In connection with the lease, the Company paid a security deposit of $14,232. There is no option to extend the lease past its initial term. At the lease commencement date, the Company estimated the lease liability and right-to-use assets at present value using the Company’s incremental borrowing rate of 6.5% and determined their initial present values, at inception, of $492,876. In conjunction with the lease, the Company terminated, without penalty, the sublease at 54 Wilton Road, Westport, CT effective September 4, 2021 and removed the remaining right-to-use assets of $36,756 and related lease liability of $37,625 with a credit to rent expense of $868 relating to the lease termination. As of September 30, 2021, the Company had outstanding five leases with aggregate payments of $17,315 per month, expiring through December 31, 2024. Right to use assets is summarized below: September 30, 2021 (000’s) December 31, 2020 (000’s) Right to use assets, net $ 803 $ 1,087 Less accumulated amortization (110 ) (781 ) Right to use assets, net $ 693 $ 306 During the three and nine months ended September 30, 2021, the Company recorded $120,127 and $365,366 and $124,437 and $370,656 for the three and nine months ended September 30, 2020 as lease expense to current period operations, respectively. Lease liability is summarized below: September 30, 2021 (000’s) December 31, 2020 (000’s) Total lease liability $ 700 $ 314 Less: short term portion (291 ) (313 ) Long term portion $ 409 $ 1 Maturity analysis under these lease agreements are as follows (000’s): Remainder of 2021 $ 52 Year ended December 31, 2022 304 Year ended December 31, 2023 220 Year ended December 31, 2024 191 Total 767 Less: Present value discount (67 ) Lease liability $ 700 Lease expense for the three months ended September 30, 2021 and 2020 was comprised of the following: September 30, 2021 (000’s) September 30, 2020 (000’s) Operating lease expense $ 105 $ 115 Short-term lease expense 15 9 Total $ 120 $ 124 Lease expense for the nine months ended September 30, 2021 and 2020 was comprised of the following: September 30, 2021 (000’s) September 30, 2020 (000’s) Operating lease expense $ 334 $ 342 Short-term lease expense 31 28 Variable lease expense - 1 Total $ 365 $ 371 |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 6 ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses at September 30, 2021 and December 31, 2020 consist of the following: September 30, 2021 (000’s) December 31, 2020 (000’s) Accrued accounting and legal $ 163 $ 177 Accrued reimbursements and travel 47 56 Accrued consulting 84 256 Accrued research and development expenses 221 3,127 Accrued product purchases 68 30 Accrued marketing 49 - Accrued office and other 25 127 Accrued payroll 499 936 Accrued settlement related to arbitration 1,013 13 $ 2,169 $ 4,722 |
SERIES C 9% CONVERTIBLE PREFERR
SERIES C 9% CONVERTIBLE PREFERRED STOCK | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Preferred Stock [Text Block] | NOTE 7 SERIES C 9% CONVERTIBLE PREFERRED STOCK Series C 9% Convertible Preferred Stock On January 9, 2013, the Board of Directors authorized the issuance of up to 4,200 shares of 9% Series C Convertible Preferred Stock (the “Series C Preferred Stock”). The Series C Preferred Stock is entitled to preference over holders of junior stock upon liquidation in the amount of $1,000 plus any accrued and unpaid dividends; entitled to dividends as a preference to holders of junior stock at a rate of 9% per annum of the stated value of $1,000 per share, payable quarterly beginning on September 30, 2013 and are cumulative. The holders of the Series C Preferred Stock vote together with the holders of our common stock on an as-converted basis but may not vote the Series C Preferred Stock in excess of the beneficial ownership limitation of the Series C Preferred Stock. The beneficial ownership limitation is 4.99% of our then outstanding shares of common stock following such conversion or exercise, which may be increased to up to 9.99% of our then outstanding shares of common stock following such conversion or exercise upon the request of an individual holder. The beneficial ownership limitation is determined on an individual holder basis, such that the as-converted number of shares of one holder is not included in the shares outstanding when calculating the limitation for a different holder. As a result of an amendment to the conversion price of our Series C Preferred Stock, the conversion price effective as of December 31, 2020 was $3.75 per share, subject to certain reset provisions. On August 17, 2021, the conversion price was reset to $2.98 per share. The effect was de minimis. The Series C Preferred Stock contains triggering events which would, among other things, require redemption (i) in cash, at the greater of (a) 120% of the stated value of $1,000 or (b) the product of (I) the variable weighted average price of our common stock on the trading day immediately preceding the date of the triggering event and (II) the stated value divided by the then conversion price or (ii) in shares of our common stock, equal to a number of shares equal to the amount set forth in (i) above divided by 75%. As of September 30, 2021, the aggregate stated value of our Series C Preferred Stock was $105,000. The triggering events include our being subject to a judgment of greater than $100,000 or our initiation of bankruptcy proceedings. If any of the triggering events contained in our Series C Preferred Stock occur, the holders of our Series C Preferred Stock may demand redemption, an obligation the Company may not have the ability to meet at the time of such demand. The Company will be required to pay interest on any amounts remaining unpaid after the required redemption of our Series C Preferred Stock, at a rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law. Accordingly, the Company has classified the Series C Preferred Stock as a mezzanine obligation in the accompanying consolidated balance sheets. Series C Preferred Stock issued and outstanding totaled 105 as of September 30, 2021 and December 31, 2020. As of September 30, 2021 and December 31, 2020, the Company has accrued $79,285 and $72,517 dividends payable on the Series C Preferred Stock. |
STOCKHOLDER EQUITY
STOCKHOLDER EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 8 STOCKHOLDER EQUITY Shareholder rights plan On July 14, 2020, our board of directors adopted a stockholder rights plan (the “Rights Plan”) and declared a dividend of one preferred share purchase right for each outstanding share of BioSig’s common stock to stockholders of record on July 27, 2020, and one right will be issued for each new share of common stock issued thereafter. Each right will initially trade with common stock, and will allow its holder to purchase from BioSig one one-thousandth of a share of Series F Junior Participating Preferred stock, par value $0.001 per share, for an exercise price of $50.00, once the rights become exercisable. In the event that a person or group acquires beneficial ownership of 12% or more of BioSig’s then outstanding common stock, subject to certain exceptions, each right would entitle its holder (other than such person or members of such group) to purchase additional shares of BioSig’s common stock having a market value of two times the exercise price of the right. In addition, at any time after a person or group acquires 12% or more of BioSig’s outstanding common stock (unless such person or group acquires 50% or more), the Board may exchange one share of BioSig’s common stock for each outstanding right (other than rights owned by such person or group, which would have become void). The Rights Plan could make it more difficult for a third party to acquire control of BioSig or a large block of our common stock without the approval of our board of directors. The rights expired on July 13, 2021, unless terminated earlier by our board of directors. Preferred stock The Company is authorized to issue 1,000,000 shares of $0.001 par value preferred stock. As of September 30, 2021, and December 31, 2020, the Company has designated 200 shares of Series A preferred stock, 600 shares of Series B preferred stock, 4,200 shares of Series C Preferred Stock, 1,400 shares of Series D Preferred Stock, 1,000 shares of Series E Preferred Stock and 200,000 shares of Series F Preferred Stock. As of September 30, 2021, and December 31, 2020, there were no outstanding shares of Series A, Series B, Series D, Series E and Series F preferred stock. Common stock BioSig Technologies, Inc. The Company is authorized to issue 200,000,000 shares of $0.001 par value common stock. As of September 30, 2021 and December 31, 2020, the Company had 35,254,860 and 30,764,792 shares issued and outstanding, respectively. In January 2021, the Company issued an aggregate of 658,868 shares of its common stock for services at a fair value previously recorded in 2020 of $2,658,224. During the nine months ended September 30, 2021, the Company issued 853,271 shares of common stock for services at a fair value of $3,271,340. During the nine months ended September 30, 2021, the Company issued 9,375 shares of common stock in exchange for proceeds of $27,750 from the exercise of options. During the nine months ended September 30, 2021, the Company issued an aggregate of 216,834 shares of its common stock for vested restricted stock units. Sale of common stock On July 2, 2021, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Laidlaw & Company (UK) Ltd. (the “Underwriter”), relating to an underwritten public offering of 2,500,000 shares of the Company’s common stock, $0.001 par value per share. All of the shares were sold by the Company. The public offering price of the shares was $4.00 per share, and the Underwriter agreed to purchase the shares from the Company pursuant to the Underwriting Agreement at a price of $3.68 per share. After the underwriting discount, offering and other related expenses, the Company received net proceeds from the offering of approximately $9.0 million. Pursuant to the Underwriting Agreement, the Company also granted the Underwriter an option to purchase up to 375,000 additional shares of common stock, or 15% of the number of shares sold in the offering, at a price of $3.68 per share, for a period of 30 days from the date of the Underwriting Agreement, of which none were exercised. Pursuant to the Underwriting Agreement, the Company issued to the Underwriter or its designees warrants to purchase up to an aggregate 125,000 shares of common stock, or 5% of the number of shares sold in the offering (the “Underwriter Warrants”). The Underwriter Warrants are exercisable following the date of issuance, July 7, 2021 and ending five years from the date of the execution of the Underwriting Agreement, July 2, 2026, at a price per share equal to $4.80 per share (120% of the public offering price per share) and are exercisable on a “cashless” basis. Open Market Sale Agreement On August 28, 2020, the Company entered into an Open Market Sale Agreement (the “Sales Agreement”) with Jefferies LLC to act as the Company’s sales agent and/or principal (“Jefferies” or the “Agent”), with respect to the issuance and sale of up to $45.0 million of the Company’s shares of common stock from time to time in an at-the-market offering. Upon delivery of a placement notice and subject to the terms and conditions of the Sales Agreement, Jefferies may sell the Shares by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended. The Company may sell the common stock in amounts and at times to be determined by the Company from time to time subject to the terms and conditions of the Sales Agreement, but it has no obligation to sell any of the shares under the Sales Agreement. The Company or Jefferies may suspend or terminate the offering of shares upon notice to the other party and subject to other conditions. Jefferies will act as sales agent on a commercially reasonable efforts basis consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of Nasdaq. The Company paid Agent a commission equal to 3.0% of the gross proceeds from the sale of the shares pursuant to the Sales Agreement. The Company has also agreed to provide Jefferies with customary indemnification and contribution rights. The offering of shares pursuant to the Sales Agreement will terminate upon the earlier of (i) the sale of all common stock subject to the Sales Agreement or (ii) termination of the Sales Agreement in accordance with its terms. The common stock was sold and issued pursuant the Company’s shelf registration statement on Form S-3 (File No. 333-230448), which was previously declared effective by the Securities and Exchange Commission, and a related prospectus. From January 15, 2021 through February 16, 2021, the Company sold 251,720 shares of its common stock through the Open Market Sales Agreement for net proceeds of $1,300,135, after transactional costs of $40,365. On March 25, 2021, the Company delivered written notice to Jefferies to terminate the Sales Agreement effective as of April 8, 2021, pursuant to Section 7(b)(i) thereof. The Company was not subject to any termination penalties related to the termination of the Sales Agreement. |
OPTIONS, RESTRICTED STOCK UNITS
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 9 OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS BioSig Technologies, Inc. 2012 Equity Incentive Plan On October 19, 2012, the Board of Directors of BioSig Technologies, Inc. approved the 2012 Equity Incentive Plan (the “Plan”) and terminated the Long-Term Incentive Plan (the “2011 Plan”). The Plan (as amended) provides for the issuance of options, stock appreciation rights, restricted stock and restricted stock units to purchase up to 14,474,450 shares of the Company’s common stock to officers, directors, employees and consultants of the Company. Under the terms of the Plan the Company may issue Incentive Stock Options as defined by the Internal Revenue Code to employees of the Company only and nonstatutory options. The Board of Directors of the Company or a committee thereof administers the Plan and determines the exercise price, vesting and expiration period of the grants under the Plan. However, the exercise price of an Incentive Stock Option should not be less than 110% of fair value of the common stock at the date of the grant for a 10% or more stockholder and 100% of fair value for a grantee who is not 10% stockholder. The fair value of the common stock is determined based on the quoted market price or in absence of such quoted market price, by the administrator in good faith. Additionally, the vesting period of the grants under the Plan will be determined by the administrator, in its sole discretion, with an expiration period of not more than ten years. There are 3,606,901 shares remaining available for future issuance of awards under the terms of the Plan as of September 30, 2021. Options Option valuation models require the input of highly subjective assumptions. The fair value of stock-based payment awards was estimated using the Black-Scholes option model with a volatility figure derived from an index of historical stock prices of comparable entities until sufficient data exists to estimate the volatility using the Company’s own historical stock prices. Management determined this assumption to be a more accurate indicator of value. The Company accounts for the expected life of options based on the contractual life of options for non-employees. For employees, the Company accounts for the expected life of options in accordance with the “simplified” method, which is used for “plain-vanilla” options, as defined in the accounting standards codification. The risk-free interest rate was determined from the implied yields of U.S. Treasury zero-coupon bonds with a remaining life consistent with the expected term of the options. The fair value of stock-based payment awards during the three and nine months ended September 30, 2021 was estimated using the Black-Scholes pricing model. During the nine months ended September 30, 2021, the Company granted an aggregate of 917,000 options to officers, directors and key consultants. The following table presents information related to stock options at September 30, 2021: Options Outstanding Options Exercisable Weighted Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 2.51-5.00 2,539,757 7.2 1,579,427 5.01-7.50 1,229,032 4.7 997,757 7.51-10.00 203,333 8.0 138,326 10.01-12.50 65,000 8.6 50,415 4,037,122 6.5 2,765,925 A summary of the stock option activity and related information for the Plan for the nine months ended September 30, 2021 is as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2020 3,568,497 $ 5.59 7.0 $ 110,961 Grants 917,000 3.39 10.0 $ - Exercised (9,375 ) $ 2.96 - Forfeited/expired (439,000 ) $ 6.68 - Outstanding at September 30, 2021 4,037,122 $ 5.20 6.5 $ 938 Exercisable at September 30, 2021 2,765,925 $ 5.35 5.3 $ 563 The aggregate intrinsic value in the preceding tables represents the total pretax intrinsic value, based on options with an exercise price less than the stock price of BioSig Technologies, Inc. of $2.98 as of September 30, 2021, which would have been received by the option holders had those option holders exercised their options as of that date. On January 12, 2021, BioSig Technologies, Inc. granted 387,500 options to purchase the company stock in connection with the services rendered at the exercise price of $4.23 per share for a term of ten years with one-third vesting on the one-year anniversary and two-thirds vesting quarterly thereafter beginning January 12, 2022 for two years. On February 16, 2021, BioSig Technologies, Inc. granted 102,000 options to purchase the company stock in connection with the services rendered at the exercise price of $4.97 per share for a term of ten years with one-third vesting on the one year anniversary and two-thirds vesting quarterly thereafter beginning February 16, 2022 for two years. On April 9, 2021, BioSig Technologies, Inc. granted 90,000 options to purchase the company stock in connection with the services rendered at the exercise price of $4.38 per share for a term of ten years with one-third vesting on the one-year anniversary and two-thirds vesting quarterly thereafter beginning April 9, 2022 for two years. On April 13, 2021, BioSig Technologies, Inc. granted 25,000 options to purchase the company stock in connection with the services rendered at the exercise price of $4.42 per share for a term of ten years with one-third vesting on the one-year anniversary and two-thirds vesting quarterly thereafter beginning April 13, 2022 for two years. On May 18, 2021, BioSig Technologies, Inc. granted 150,000 options to purchase the company stock in connection with the services rendered at the exercise price of $3.20 per share for a term of ten years with one-third vesting on the one year anniversary and two-thirds vesting quarterly thereafter beginning May 18, 2022 for two years. On August 3, 2021, BioSig Technologies, Inc. granted an aggregated of 75,000 options to purchase shares of its common stock to three employees. The options are exercisable at $3.61 per share for ten years with one-third vesting on the first anniversary of the date of grant, and the remaining two-thirds vesting in substantially equal quarterly installments over the following two years. On August 31, 2021, BioSig Technologies, Inc. granted an aggregated of 47,500 options to purchase shares of its common stock to three employees. The options are exercisable at $2.98 per share for ten years with immediate vesting. On September 17, 2021, BioSig Technologies, Inc. granted an aggregated of 40,000 options to purchase shares of its common stock to two employees. The options are exercisable at $2.99 per share for ten years with one-third vesting on the first anniversary of the date of grant, and the remaining two-thirds vesting in substantially equal quarterly installments over the following two years. The following assumptions were used in determining the fair value of options during the nine months ended September 30, 2021: Risk-free interest rate 0.77% - 1.30 % Dividend yield 0 % Stock price volatility 83.70% to 95.98 % Expected life 5 to 6 years Weighted average grant date fair value $ 3.39 On June 28, 2021, in connection with the exit of two members of the Company’s board of directors, the Company extended the life of 145,000 previously issued director options from the contractual 90 days from termination of service to the earlier of the initial life or June 28, 2023. The change in estimated fair value of the modified options of $182,514 was charged to current period operations. The following assumptions were used in determining the change in fair value of the modified options at June 28, 2021: Risk-free interest rate 0.05% - 0.25 % Dividend yield 0 % Stock price volatility 88.57 % Expected life 0.25 – 2 years On June 30, 2021, in connection with the resignation of a member of the Company’s board of directors, the Company entered into a one-year consulting contract and extended the life of 221,240 previously issued director options from the contractual 90 days from termination of service to the earlier of the initial life or two years after service contract completion. The change in estimated fair value of the modified options of $111,402 was charged to current period operations. The following assumptions were used in determining the change in fair value of the modified options on June 30, 2021: Risk-free interest rate 0.06% - 0.46 % Dividend yield 0 % Stock price volatility 88.59 % Expected life 0.59 – 3 years The fair value of all options vesting during the three and nine months ended September 30, 2021 of $759,931 and $1,950,623 and $483,110 and $4,734,983 for the three and nine months ended September 30, 2020, respectively, was charged to current period operations. Unrecognized compensation expense of $3,720,260 at September 30, 2021 will be expensed in future periods. Warrants The following table summarizes information with respect to outstanding warrants to purchase common stock of BioSig Technologies, Inc. at September 30, 2021: Exercise Number Expiration Price Outstanding Date $ 4.80 250,000 February 2025 to July 2026 $ 6.16 568,910 November 2027 818,910 On July 7, 2021, BioSig Technologies, Inc. issued warrants to purchase 125,000 shares of its common stock at $4.80 per share, expiring on July 2, 2026, for placement agent services in connection with the sale of the company’s common stock. A summary of the warrant activity for the nine months ended September 30, 2021 is as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2020 1,446,200 $ 5.44 3.3 $ 1,500 Grants 125,000 $ 4.80 5.0 Expired (752,290 ) $ 5.00 - - Outstanding at September 30, 2021 818,910 $ 5.74 5.5 $ - Vested and expected to vest at September 30, 2021 818,910 $ 5.74 5.5 $ - Exercisable at September 30, 2021 818,910 $ 5.74 5.5 $ - The aggregate intrinsic value in the preceding tables represents the total pretax intrinsic value, based on options with an exercise price less than the company’s stock price of $2.98 of September 30, 2021, which would have been received by the option holders had those option holders exercised their options as of that date. Restricted Stock Units The following table summarizes the restricted stock activity for the nine months ended September 30, 2021: Restricted shares issued as of December 31, 2020 218,334 Granted 301,000 Vested and issued (216,834 ) Forfeited (120,000 ) Total 182,500 Comprised of: Vested restricted shares as of September 30, 2021 - Unvested restricted shares as of September 30, 2021 182,500 Total 182,500 On January 4, 2021, the Company granted 220,000 restricted stock units for services with 105,000 vesting one-third on the one-year anniversary and two-thirds vesting quarterly thereafter beginning January 4, 2022 for two years and with 115,000 vesting quarterly for one year. On March 8, 2021 the Company granted 31,000 restricted stock units for services vesting on August 31, 2021. On June 1, 2021, in connection with the termination of an employee, the Company accelerated vesting of 30,000 previously granted restricted stock units from a three-year period to fully vested. The change in vesting of the modified restricted stock unit resulted in a $109,725 charge to current period operations. On June 30, 2021, in connection with the resignation of a member of the Company’s board of directors, the Company accelerated vesting of 50,000 previously granted restricted stock units from a three-year period to fully vested. The change in vesting of the modified restricted stock unit resulted in a $232,375 charge to current period operations. On August 14, 2021 the Company granted 50,000 restricted stock units for services vesting quarterly for one year. Stock based compensation expense related to restricted stock grants was $63,266 and $773,381 for the three and nine months ended September 30, 2021 and $174,945 and $1,005,243 for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021, the stock-based compensation relating to restricted stock of $463,317 remains unamortized. ViralClear Pharmaceuticals, Inc. 2019 Long-Term Incentive Plan On September 24, 2019, ViralClear’s Board of Directors approved the 2019 Long-Term Incentive Plan (as subsequently amended, the “ViralClear Plan”). The ViralClear Plan was approved by BioSig as ViralClear’s majority stockholder. The ViralClear Plan provides for the issuance of options, stock appreciation rights, restricted stock and restricted stock units to purchase up to 4,000,000 shares of ViralClear’s common stock to officers, directors, employees and consultants of the ViralClear. Under the terms of the ViralClear Plan, ViralClear may issue Incentive Stock Options as defined by the Internal Revenue Code to employees of ViralClear only and nonstatutory options. The Board of Directors of ViralClear or a committee thereof administers the ViralClear Plan and determines the exercise price, vesting and expiration period of the grants under the ViralClear Plan. However, the exercise price of an Incentive Stock Option should not be less than 110% of fair market value of the common stock at the date of the grant for a 10% or more stockholder and 100% of fair market value for a grantee who is not 10% stockholder. The fair market value of the common stock is determined based on the quoted market price or in absence of such quoted market price, by the administrator in good faith. Additionally, the vesting period of the grants under the ViralClear Plan will be determined by the administrator, in its sole discretion, with an expiration period of not more than ten years. There are 2,330,750 shares remaining available for future issuance of awards under the terms of the ViralClear Plan. ViralClear Options A summary of the stock option activity and related information for the ViralClear Plan for the nine months ended September 30, 2021 is as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Outstanding at December 31, 2020 1,527,666 $ 5.00 3.96 Grants - Exercised (550,000 ) $ 5.00 Forfeited/expired (852,666 ) $ 5.00 Outstanding at September 30, 2021 125,000 $ 5.00 7.40 Exercisable at September 30, 2021 74,998 $ 5.00 6.62 The following table presents information related to stock options at September 30, 2021: Options Outstanding Options Exercisable Weighted Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 5.00 125,000 6.12 74,998 The fair value of the stock-based payment awards was estimated using the Black-Scholes option model with a volatility figure derived from an index of historical stock prices of comparable entities with the market value of stock price based on recent sales. The Company accounts for the expected life of options in accordance with the “simplified” method, which is used for “plain-vanilla” options, as defined in the accounting standards codification. The risk-free interest rate was determined from the implied yields of U.S. Treasury zero-coupon bonds with a remaining life consistent with the expected term of the options. On July 1, 2021, ViralClear issued 206,250 shares of its common stock in exchange for the cashless exercise of 550,000 options previously granted on October 16, 2019. On June 30, 2021, in connection with the resignation of a member of the Company’s board of directors, the Company entered into a one-year consulting contract and extended the life of 25,000 previously issued director options from the contractual 90 days from termination of service to the earlier of the initial life or two years after service contract completion. The change in estimated fair value of the modified options of $26,577 was charged to current period operations. The following assumptions were used in determining the change in fair value of the modified options at June 30, 2021: Risk-free interest rate 0.07% - 0.46 % Dividend yield 0 % Stock price volatility 88.59 % Expected life 1.25 - 3 years The fair value of all options vesting during the three and nine months ended September 30, 2021 of $36,521 and $109,562 and $242,703 and $5,836,855 for the three and nine months ended September 30, 2020, respectively, was charged to current period operations. Unrecognized compensation expense of $219,124 at September 30, 2021 will be expensed in future periods. Warrants (ViralClear) The following table presents information related to warrants (ViralClear) at September 30, 2021: Exercise Number Expiration Price Outstanding Date $ 5.00 473,772 November 2027 10.00 6,575 May 2025 480,347 Restricted stock units (ViralClear) The following table summarizes the restricted stock activity for the nine months ended September 30, 2021: Restricted shares issued as of December 31, 2020 1,420,716 Granted - Issued (40,000 ) Forfeited (82,716 ) Total 1,298,000 Comprised of: Vested restricted shares as of September 30, 2021 658,000 Unvested restricted shares as of September 30, 2021 640,000 Total 1,298,000 Stock based compensation expense related to restricted stock unit grants of ViralClear was $87,865 and $508,896 for the three and nine months ended September 30, 2021 and $485,352 and $5,445,346 for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021, the stock-based compensation relating to restricted stock of $372,093 remains unamortized. |
NON-CONTROLLING INTEREST
NON-CONTROLLING INTEREST | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | NOTE 10 NON-CONTROLLING INTEREST On November 7, 2018, the Company formed a subsidiary, now known as ViralClear, to pursue additional applications of the PURE EP™ signal processing technology outside of cardiac electrophysiology, and subsequently in 2020, was repurposed to develop merimepodib, a broad-spectrum anti-viral agent that showed potential for the treatment of COVID-19. Since late 2020, ViralClear has been realigned with its original objective of pursuing additional applications of the PURE EP™ signal processing technology outside of cardiac electrophysiology. As of September 30, 2021 and December 31, 2020, the Company had a majority interest in ViralClear of 68.44% and 70.21%, respectively. A reconciliation of the ViralClear Pharmaceuticals, Inc. non-controlling loss attributable to the Company: Net profit attributable to the non-controlling interest for the three months ended September 30, 2021 (000’s): Net Income $ 19 Average Non-controlling interest percentage of profit/losses 31.6 % Net income attributable to the non-controlling interest $ 6 Net loss attributable to the non-controlling interest for the three months ended September 30, 2020 (000’s): Net loss $ (5,540 ) Average Non-controlling interest percentage of profit/losses 30.6 % Net loss attributable to the non-controlling interest $ (1,696 ) Net loss attributable to the non-controlling interest for the nine months ended September 30, 2021 (000’s): Net loss $ (1,953 ) Average Non-controlling interest percentage of profit/losses 29.9 % Net loss attributable to the non-controlling interest $ (584 ) Net loss attributable to the non-controlling interest for the nine months ended September 30, 2020 (000’s): Net loss $ (26,272 ) Average Non-controlling interest percentage of profit/losses 23.9 % Net loss attributable to the non-controlling interest $ (6,282 ) The following table summarizes the changes in non-controlling interest for the nine months ended September 30, 2021 (000’s): Balance, December 31, 2020 $ 802 Allocation of equity to non-controlling interest due to equity-based compensation issued 220 Net loss attributable to non-controlling interest (584 ) Balance, September 30, 2021 $ 438 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 COMMITMENTS AND CONTINGENCIES Licensing agreements 2017 Know-How License Agreement On March 15, 2017, the Company entered into a know-how license agreement with Mayo Foundation for Medical Education and Research whereby the Company was granted an exclusive license, with the right to sublicense, certain know how and patent applications in the field of signal processing, physiologic recording, electrophysiology recording, electrophysiology software and autonomics to develop, make and offer for sale. The agreement expires in ten years from the effective date. The Company is obligated to pay to Mayo Foundation a 1% or 2% royalty payment on net sales of licensed products, as defined. Patent and Know-How License Agreement EP Software Agreement On November 20, 2019, the Company entered into a patent and know-how license agreement (the “EP Software Agreement”) with Mayo Foundation for Medical Education and Research (“Mayo”). The EP Software Agreement grants to the Company an exclusive worldwide license, with the right to sublicense, within the field of electrophysiology software and under certain patent rights as described in the EP Software Agreement (the “Patent Rights”), to make, have made, use, offer for sale, sell and import licensed products and a non-exclusive license to the Company to use the research and development information, materials, technical data, unpatented inventions, trade secrets, know-how and supportive information of Mayo to develop, make, have made, use, offer for sale, sell, and import licensed products. The EP Software Agreement will expire upon the later of either (a) the expiration of the Patent Rights or (b) the 10th anniversary of the date of the first commercial sale of a licensed product, unless earlier terminated by Mayo for the Company’s failure to cure a material breach of the EP Software Agreement, the Company’s or a sublicensee’s commencement of any action or proceedings against Mayo or its affiliates other than for an uncured material breach of the EP Software Agreement by Mayo, or insolvency of the Company. In connection with the EP Software Agreement, the Company issued to Mayo an 8-year warrant (the “EP Software Warrant”) to purchase 284,455 shares of the Company’s common stock at an exercise price of $6.16. The EP Software Warrant is immediately exercisable and may be exercised on a cashless basis if there is no effective registration statement registering or a current prospectus available for the resale of the shares underlying the EP Software Warrant. The Company agreed to pay Mayo an upfront consideration of $25,000. The Company also agreed to make earned royalty payments to Mayo in connection with the Company’s sales of the licensed products to third parties and sublicense income received by the Company and to make milestone payments of up to $625,000 in aggregate. Amended and Restated Patent and Know-How License Agreement Tools Agreement On November 20, 2019, the Company entered into an amended and restated patent and know-how license agreement (the “Tools Agreement”) with Mayo. The Tools Agreement contains terms of license grant substantially identical to the EP Software Agreement, although it is for different patent rights and covers the field of electrophysiology systems. In connection with the Tools Agreement, the Company issued to Mayo an 8-year warrant (the “Tools Warrant”) to purchase 284,455 shares of the Company’s common stock at an exercise price of $6.16. The Tools Warrant is immediately exercisable and may be exercised on a cashless basis if there is no effective registration statement registering or a current prospectus available for the resale of the shares underlying the Tools Warrant. The Company agreed to pay Mayo an upfront consideration of $100,000. The Company also agreed to make earned royalty payments to Mayo in connection with the Company’s sales of the licensed products to third parties and sublicense income received by the Company and to make milestone payments of up to $550,000 in aggregate. In June 2021, patent rights were issued (“Valid Claim”) as defined whereby the Company paid milestone one of $75,000. ViralClear Patent and Know-How License Agreement On November 20, 2019, the Company’s majority-owned subsidiary, ViralClear, entered into a patent and know-how license agreement (the “ViralClear Agreement”) with Mayo. The ViralClear Agreement contains terms of license grant substantially identical to the EP Software Agreement and the Tools Agreement, although it is for different patent rights and covers the field of stimulation and electroporation for hypotension/syncope management, renal and non-renal denervation for hypertension treatment, and for use in treatment of arrhythmias in the autonomic nervous system. In connection with the ViralClear Agreement, ViralClear issued to Mayo an 8-year warrant (the “ViralClear Warrant”) to purchase 473,772 shares of ViralClear’s common stock at an exercise price of $5.00 per share. The ViralClear Warrant is immediately exercisable and may be exercised on a cashless basis if there is no effective registration statement registering or a current prospectus available for the resale of the shares underlying the ViralClear Warrant. ViralClear agreed to pay Mayo an upfront consideration of $50,000. ViralClear also agreed to make earned royalty payments to Mayo in connection with ViralClear’s sales of the licensed products to third parties and sublicense income received by the Company and to make milestone payments of up to $700,000 in aggregate. In June 2021, patent rights were issued (“Valid Claim”) as defined whereby the Company paid milestone one of $75,000. Trek Therapeutics, PBC In the event of sublicensing, sale, transfer, assignment or similar transaction, ViralClear agreed to pay Trek 10% of the consideration received. As part of the acquired assets, ViralClear received an assignment and licensing rights agreement from Trek with a third-party vendor regarding certain formulas and compounds usage. The agreement calls for milestone payments upon marketing authorization (as amended and defined with respect of product in a particular jurisdiction in the territory, the receipt of all approvals from the relevant regulatory authority necessary to market and sell such product in any such jurisdiction, excluding any pricing approval or reimbursement authorization) in any first and second country of $10 million and $5 million, respectively, in addition to 6% royalty payments. Defined Contribution Plan Effective January 1, 2019, the Company established a qualified defined contribution plan (the “401(k) Plan”) pursuant to Section 401(k) of the Code, whereby all eligible employees may participate. Participants may elect to defer a percentage of their annual pretax compensation to the 401(k) plan, subject to defined limitations. The Company is required to make contributions to the 401(k) Plan equal to 3 percent of each participant’s eligible compensation, subject to limitations under the Code. For the three and nine months ended September 30, 2021, the Company charged operations $61,313 and $189,740 and $49,342 and $131,025 for the three and nine months ended September 30, 2020, respectively, for contributions under the 401(k) Plan. Purchase commitments As of September 30, 2021, the Company had aggregate purchase commitments of approximately $1,959,546 for future services or products, some of which are subject to modification or cancellations. Litigation Aurigene Pharmaceutical Services LTD vs. ViralClear Pharmaceuticals Inc. and BioSig Technologies, Inc. On January 8, 2021, Aurigene Pharmaceutical Services, LTD (“Aurigene”) filed a complaint with the United States District Court for the District of Connecticut claiming the Company is in default of certain milestone payments for manufacturing and services under contracts dated June 23, 2020 and July 16, 2020 in aggregate amount of $1,530,000. On September 23, 2021, the Company entered into a settlement agreement with Aurigene for a sum of $1,000,000 payable in three installments of $400,000, $300,000, and $300,000 on September 30, 2021, December 31, 2021 and March 31, 2022, respectively, with no admission or concession by either party. In connection with the settlement, the Company recognized $553,000 gain on settlement of debt in the current period operations as the full amount was previously accrued. The Company is subject at times to other legal proceedings and claims, which arise in the ordinary course of its business. Although occasional adverse decisions or settlements may occur, the Company believes that the final disposition of such matters should not have a material adverse effect on its financial position, results of operations or liquidity. |
SEGMENT REPORTING
SEGMENT REPORTING | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 12 SEGMENT REPORTING In accordance with ASC 280-10, the Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company has three reportable segments: BioSig Technologies, Inc. (parent), NeuroClear Technologies, Inc. and ViralClear Pharmaceuticals, Inc. Information concerning the operations of the Company’s reportable segments is as follows: Summary unaudited condensed consolidated Statement of Operations for the three months ended September 30, 2021 (000’s): BioSig Technologies, Inc. ViralClear Pharmaceuticals, Inc. NeuroClear Technologies, Inc. Total Revenue: Product sales $ 100 $ - $ - $ 100 Service 8 - - 8 Total revenue 108 - - 108 Cost of goods sold 38 - - 38 Gross profit 70 - - 70 Operating expenses: Research and development 1,311 4 - 1,315 General and administrative 5,975 529 1 6,505 Depreciation and amortization 50 1 - 51 Total operating expenses 7,336 534 1 7,871 Loss from operations (7,266 ) (534 ) (1 ) (7,801 ) Other income: Interest income and other income, net 1 - - 1 Gain on settlement of debt - 553 - 553 Net loss $ (7,265 ) $ 19 $ (1 ) $ (7,247 ) Summary unaudited condensed consolidated Statement of Operations for the three months ended September 30, 2020 (000’s): BioSig Technologies, Inc. ViralClear Pharmaceuticals, Inc. NeuroClear Technologies, Inc. Total Operating expenses: Research and development $ 698 $ 4,183 $ 30 $ 4,911 General and administrative 6,807 1,358 - 8,165 Depreciation and amortization 24 - - 24 Total operating expenses 7,529 5,541 30 13,100 Loss from operations (7,529 ) (5,541 ) (30 ) (13,100 ) Other income: Interest income and other income, net 2 - - 2 Net loss $ (7,527 ) $ (5,541 ) $ (30 ) $ (13,098 ) Summary unaudited condensed consolidated Statement of Operations for the nine months ended September 30, 2021 (000’s): BioSig Technologies, Inc. ViralClear Pharmaceuticals, Inc. NeuroClear Technologies, Inc. Total Revenue: Product sales $ 414 $ - $ - $ 414 Service 19 - - 19 Total revenue 433 - - 433 Cost of goods sold 199 - - 199 Gross profit 234 - - 234 Operating expenses: Research and development 4,042 206 - 4,248 General and administrative 17,954 2,297 5 20,256 Depreciation and amortization 139 3 - 142 Total operating expenses 22,135 2,506 5 24,646 Loss from operations (21,901 ) (2,506 ) (5 ) (24,412 ) Other income: Interest income and other income, net 2 - - 2 Gain on settlement of debt - 553 - 553 Net loss $ (21,899 ) $ (1,953 ) $ (5 ) $ (23,857 ) Summary unaudited condensed consolidated Statement of Operations for the nine months ended September 30, 2020 (000’s): BioSig Technologies, Inc. ViralClear Pharmaceuticals, Inc. NeuroClear Technologies, Inc. Total Operating expenses: Research and development $ 3,112 $ 12,414 $ 30 $ 15,556 General and administrative 18,756 13,873 - 32,629 Depreciation and amortization 66 - 1 67 Total operating expenses 21,934 26,287 31 48,252 Loss from operations (21,934 ) (26,287 ) (31 ) (48,252 ) Other income (expense): Interest income and other income, net 30 15 - 45 Loss on foreign currency translation - (1 ) - (1 ) Net loss $ (21,904 ) $ (26,273 ) $ (31 ) $ (48,208 ) Summary of assets at September 30, 2021 (000’s): BioSig Technologies, Inc. ViralClear Pharmaceuticals, Inc. NeuroClear Technologies, Inc. Total Cash $ 15,138 $ 2,397 $ - $ 17,535 Accounts receivable 100 - - 100 Inventory 1,881 - - 1,881 Employee advances 50 - - 50 Other current assets 431 2 - 433 Total operating assets 17,600 2,399 - 19,999 Property and equipment, net 551 6 - 557 Right-to-use assets, net 693 - - 693 Other assets 424 - - 424 Total assets $ 19,268 $ 2,405 $ - $ 21,673 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 13 RELATED PARTY TRANSACTIONS At September 30, 2021 and December 31, 2020, the Company had reimbursable travel, compensation and other related expenses due related parties of $80,000 and $317,000, respectively. On January 5, 2021, the Company issued an aggregate of 450,000 shares of common stock to officers of the Company as part of annual compensation. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 14 FAIR VALUE MEASUREMENT The Company adopted the provisions of Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”). ASC 825-10 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. ASC 825-10 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825-10 establishes three levels of inputs that may be used to measure fair value: Level 3 – Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. All items required to be recorded or measured on a recurring basis are based upon level 3 inputs. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined based on the lowest level input that is significant to the fair value measurement. The carrying value of the Company’s cash and cash equivalents, accounts payable and other current assets and liabilities approximate fair value because of their short-term maturity. As of September 30, 2021, and December 31, 2020, the Company did not have any items that would be classified as level 1, 2 or 3 disclosures. As of September 30, 2021, and December 31, 2020, the Company did not have any derivative instruments that were designated as hedges. There were no derivative and warrant liability as of September 30, 2021 and December 31, 2020. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 15 SUBSEQUENT EVENTS Equity issuances On October 4, 2021, the Company granted 50,000 options to purchase shares of its common stock to a new member of the board. The options are exercisable at $2.98 per share for ten years with 50% vesting at date of grant and 50% vesting on the first anniversary of his appointment date, September 20, 2022. On October 4, 2021, the Company issued 28,750 shares of its common stock for previously issued vested restricted stock units. On October 29, 2021, the Company issued an aggregate of 27,017 shares of its common stock for services. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the recoverability and useful lives of long-lived assets, the fair value of long-term operating leases, patent capitalization, fair value of acquired assets, the fair value of the Company’s stock, stock-based compensation, fair values relating to warrant and other derivative liabilities and the valuation allowance related to deferred tax assets. Actual results may differ from these estimates. |
Revenue [Policy Text Block] | Revenue Recognition The Company derives its revenue primarily from the sale of its medical device, the PURE EP™ System, and well as related support and maintenance services and software upgrades in connection with the system. The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company determines revenue recognition through the following five steps: ● Identify the contract with the customer; ● Identify the performance obligations in the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligation in the contract; and ● Recognize revenue when, or as, the performance obligations are satisfied. Performance obligations are the unit of accounting for revenue recognition and generally represent the distinct goods or services that are promised to the customer. If the Company determines that it has not satisfied a performance obligation, it will defer recognition of the revenue until the performance obligation is deemed to be satisfied. Support, maintenance, and software upgrades are performance obligations over a defined period and are recognized ratably over the contractual service period. Customers typically purchase these services with the initial sale of the PURE EP System and do not have the right to terminate their contracts unless we fail to perform material obligations. The Company may execute more than one contract with a single customer. If so, it is evaluated whether the agreements were negotiated as a package with a single objective, whether the amount of consideration to be paid in one agreement depends on the price and/or performance of another agreement, or whether the goods or services promised in the agreements represent a single performance obligation. The conclusions reached can impact the allocation of the transaction price to each performance obligation and the timing of revenue recognition related to those arrangements. The Company records accounts receivable for amounts invoiced to customers for which the Company has an unconditional right to consideration as provided under the contractual arrangement. Unbilled receivables, if any, include amounts related to the Company’s contractual right to consideration for completed performance obligations not yet invoiced. Deferred revenue includes payments received in advance of performance under the contract. Our unbilled receivables and deferred revenue are reported on an individual contract basis at the end of each reporting period. Unbilled receivables are classified as current or noncurrent based on the timing of when we expect to bill the customer. Deferred revenue is classified as current or noncurrent based on the timing of when we expect to recognize revenue. The Company’s unconditional right to consideration for goods and services transferred to the customer is included in accounts receivable, net (if any) in the Company’s unaudited condensed consolidated balance sheet. A reconciliation of contract liabilities with customers is presented below: Balance at December 31, 2020 (000’s) Consideration Received (000’s) Recognized in Revenue (000’s) Balance at September 30, 2021 (000’s) Product revenue $ - $ 414 $ (414 ) $ - Service revenue - 64 (19 ) 45 Total $ - $ 478 $ (433 ) $ 45 The table below summarizes our deferred revenue as of September 30, 2021 and December 31, 2020: September 30, 2021 (000’s) December 31, 2020 (000’s) Deferred revenue-current $ 32 $ - Deferred revenue-noncurrent 13 - Total deferred revenue $ 45 $ - We had one customer which accounted for approximately 93% of our revenue in the three months ended September 30, 2021 and two customers which accounted for approximately 69% and 31% of our revenue in the nine months ended September 30, 2021. At September 30, 2021, the Company had one customer representing 100% of the outstanding accounts receivable. |
Cost of Goods and Service [Policy Text Block] | Cost of Goods Sold Cost of goods sold consists primarily of the delivered cost of our medical device(s) sold. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts The Company adjusts accounts receivable down to net realizable value with its allowance methodology. In determining the allowance for doubtful accounts for estimated losses, aged receivables are analyzed periodically by management. Each identified receivable is reviewed based upon historical collection experience, financial condition of the client and the status of any open or unresolved issues with the client preventing the payment thereof. Corrective action, if necessary, is taken by the Company to resolve open issues related to unpaid receivables. The allowance for doubtful accounts was $0 at September 30, 2021. The Company believes that its reserve is adequate, however results may differ in future periods. For the nine months ended September 30, 2021 and 2020, bad debt expense totaled $0. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”) requires disclosure of the fair value of certain financial instruments. The carrying value of cash and cash equivalents, accounts payable and accrued liabilities as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments with credit quality institutions. At times, such amounts may be in excess of the FDIC insurance limit. At September 30, 2021 and December 31, 2020, deposits in excess of FDIC limits were $17.0 million and $27.8 million, respectively. |
Inventory, Policy [Policy Text Block] | Inventory The inventory is comprised of work in process and finished goods available for sale and are stated at the lower of cost or net realizable value using specific identification method for serial numbered inventory and first-in, first-out method for all other inventory for valuation. The inventory at September 30, 2021 and December 31, 2020 were $1,881,007 and $768,319, respectively, comprised of finished goods. |
Prepaid Expenses Policy [Policy Text Block] | Prepaid Expenses and Vendor Deposits Prepaid expenses and vendor deposits are comprised of prepaid insurance, operating expenses and other prepayments. |
Lessee, Leases [Policy Text Block] | Leases The Company determines if a contractual arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and noncurrent operating lease liabilities on the Company’s unaudited condensed consolidated balance sheet. The Company evaluates and classifies leases as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which result in an economic penalty. All the Company’s real estate leases are classified as operating leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The lease payments included in the present value are fixed lease payments. As most of the Company’s leases do not provide an implicit rate, the Company estimates its collateralized incremental borrowing rate, based on information available at the commencement date, in determining the present value of lease payments. The Company applies the portfolio approach in applying discount rates to its classes of leases. The operating lease ROU assets include any payments made before the commencement date. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company does not currently have subleases. The Company does not currently have residual value guarantees or restrictive covenants in its leases. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over their estimated useful lives of 3 to 5 years. When retired or otherwise disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition, is reflected in earnings. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets The Company recognizes an impairment of long-lived assets used in operations, other than goodwill, when events or circumstances indicate that the asset might be impaired and the estimated undiscounted cash flows to be generated by those assets over their remaining lives are less than the carrying amount of those items. The net carrying value of assets not recoverable is reduced to fair value, which is typically calculated using the discounted cash flow method. The Company did not recognize and record any impairments of long-lived assets used in operations during the three and nine months ended September 30, 2021 and 2020. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. The Company incurred research and development expenses of $1.3 million and $4.2 million for the three and nine months ended September 30, 2021, and $4.9 million and $15.6 million for the three and nine months ended September 30, 2020, respectively. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (loss) Per Common Share The Company computes earnings (loss) per share under Accounting Standards Codification subtopic 260-10, Earnings Per Share (“ASC 260-10”). Net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into common stock using the “treasury stock” and/or “if converted” methods as applicable. The computation of basic and diluted loss per share as of September 30, 2021 and 2020 excludes potentially dilutive securities when their inclusion would be anti-dilutive, or if their exercise prices were greater than the average market price of the common stock during the period. Potentially dilutive securities excluded from the computation of basic and diluted net income (loss) per share are as follows: September 30, 2021 September 30, 2020 Series C convertible preferred stock 64,292 44,194 Options to purchase common stock 4,037,122 3,509,956 Warrants to purchase common stock 818,910 1,604,668 Restricted stock units to acquire common stock 182,500 168,334 Totals 5,102,824 5,327,152 |
Share-based Payment Arrangement [Policy Text Block] | Stock Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award as measured on the grant date. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company follows Accounting Standards Codification subtopic 740-10, Income Taxes (“ASC 740-10”) for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability during each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Patents, Net The Company capitalizes certain initial asset costs in connection with patent applications including registration, documentation and other professional fees associated with the application. Patent costs incurred prior to the Company’s U.S. Food and Drug Administration (“FDA”) 510(k) application on March 28, 2018 were charged to research and development expense as incurred. Commencing upon first in-man trials on February 18 and 19, 2019, capitalized costs are amortized to expense using the straight-line method over the lesser of the legal patent term or the estimated life of the product of 20 years. During the three and nine months ended September 30, 2021, the Company recorded amortization of $4,751 and $14,254; and $4,752 and $14,254 for the three and nine months ended September 30, 2020 to current period operations, respectively. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty The Company generally warrants its products to be free from material defects and to conform to material specifications for a period of up to two (2) years. Warranty expense is estimated based primarily on historical experience and is reflected in the financial statements. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Non-controlling Interest The Company’s non-controlling interest represents the non-controlling shareholders ownership interests related to the Company’s subsidiary, ViralClear. The Company reports its non-controlling interest in subsidiaries as a separate component of equity in the unaudited condensed consolidated balance sheets and reports both net loss attributable to the non-controlling interest and net loss attributable to the Company’s common shareholders on the face of the unaudited condensed consolidated statements of operations. The Company’s equity interest in ViralClear is 68.44% and the non-controlling stockholders’ interest is 31.56% as of September 30, 2021. This is reflected in the unaudited condensed consolidated statements of changes in equity. |
Segment Reporting, Policy [Policy Text Block] | Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. The information disclosed herein represents all of the material financial information related to the Company’s principal operating segments. (See Note 12 – Segment Reporting). |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made to prior periods’ data to conform with the current year’s presentation. These reclassifications had no effect on reported income or losses. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company’s financial position, results of operations or cash flows. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue [Table Text Block] | A reconciliation of contract liabilities with customers is presented below: Balance at December 31, 2020 (000’s) Consideration Received (000’s) Recognized in Revenue (000’s) Balance at September 30, 2021 (000’s) Product revenue $ - $ 414 $ (414 ) $ - Service revenue - 64 (19 ) 45 Total $ - $ 478 $ (433 ) $ 45 |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | The table below summarizes our deferred revenue as of September 30, 2021 and December 31, 2020: September 30, 2021 (000’s) December 31, 2020 (000’s) Deferred revenue-current $ 32 $ - Deferred revenue-noncurrent 13 - Total deferred revenue $ 45 $ - |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Potentially dilutive securities excluded from the computation of basic and diluted net income (loss) per share are as follows: September 30, 2021 September 30, 2020 Series C convertible preferred stock 64,292 44,194 Options to purchase common stock 4,037,122 3,509,956 Warrants to purchase common stock 818,910 1,604,668 Restricted stock units to acquire common stock 182,500 168,334 Totals 5,102,824 5,327,152 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment as of September 30, 2021 and December 31, 2020 is summarized as follows: September 30, 2021 (000’s) December 31, 2020 (000’s) Computer equipment $ 377 $ 234 Furniture and fixtures 83 75 Manufacturing equipment 153 34 Testing/Demo equipment 145 96 Leasehold improvements 77 - Total 835 439 Less accumulated depreciation (278 ) (150 ) Property and equipment, net $ 557 $ 289 |
RIGHT TO USE ASSETS AND LEASE_2
RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables) [Line Items] | |
Right to Use Asset [Table Text Block] | Right to use assets is summarized below: September 30, 2021 (000’s) December 31, 2020 (000’s) Right to use assets, net $ 803 $ 1,087 Less accumulated amortization (110 ) (781 ) Right to use assets, net $ 693 $ 306 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturity analysis under these lease agreements are as follows (000’s): Remainder of 2021 $ 52 Year ended December 31, 2022 304 Year ended December 31, 2023 220 Year ended December 31, 2024 191 Total 767 Less: Present value discount (67 ) Lease liability $ 700 |
Operating Lease [Member] | |
RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables) [Line Items] | |
Lease, Cost [Table Text Block] | Lease liability is summarized below: September 30, 2021 (000’s) December 31, 2020 (000’s) Total lease liability $ 700 $ 314 Less: short term portion (291 ) (313 ) Long term portion $ 409 $ 1 |
Finance Lease [Member] | |
RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables) [Line Items] | |
Lease, Cost [Table Text Block] | Lease expense for the three months ended September 30, 2021 and 2020 was comprised of the following: September 30, 2021 (000’s) September 30, 2020 (000’s) Operating lease expense $ 105 $ 115 Short-term lease expense 15 9 Total $ 120 $ 124 September 30, 2021 (000’s) September 30, 2020 (000’s) Operating lease expense $ 334 $ 342 Short-term lease expense 31 28 Variable lease expense - 1 Total $ 365 $ 371 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts payable and accrued expenses at September 30, 2021 and December 31, 2020 consist of the following: September 30, 2021 (000’s) December 31, 2020 (000’s) Accrued accounting and legal $ 163 $ 177 Accrued reimbursements and travel 47 56 Accrued consulting 84 256 Accrued research and development expenses 221 3,127 Accrued product purchases 68 30 Accrued marketing 49 - Accrued office and other 25 127 Accrued payroll 499 936 Accrued settlement related to arbitration 1,013 13 $ 2,169 $ 4,722 |
OPTIONS, RESTRICTED STOCK UNI_2
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Tables) [Line Items] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | The following table presents information related to stock options at September 30, 2021: Options Outstanding Options Exercisable Weighted Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 2.51-5.00 2,539,757 7.2 1,579,427 5.01-7.50 1,229,032 4.7 997,757 7.51-10.00 203,333 8.0 138,326 10.01-12.50 65,000 8.6 50,415 4,037,122 6.5 2,765,925 Options Outstanding Options Exercisable Weighted Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 5.00 125,000 6.12 74,998 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | A summary of the stock option activity and related information for the Plan for the nine months ended September 30, 2021 is as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2020 3,568,497 $ 5.59 7.0 $ 110,961 Grants 917,000 3.39 10.0 $ - Exercised (9,375 ) $ 2.96 - Forfeited/expired (439,000 ) $ 6.68 - Outstanding at September 30, 2021 4,037,122 $ 5.20 6.5 $ 938 Exercisable at September 30, 2021 2,765,925 $ 5.35 5.3 $ 563 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following assumptions were used in determining the fair value of options during the nine months ended September 30, 2021: Risk-free interest rate 0.77% - 1.30 % Dividend yield 0 % Stock price volatility 83.70% to 95.98 % Expected life 5 to 6 years Weighted average grant date fair value $ 3.39 Risk-free interest rate 0.05% - 0.25 % Dividend yield 0 % Stock price volatility 88.57 % Expected life 0.25 – 2 years Risk-free interest rate 0.06% - 0.46 % Dividend yield 0 % Stock price volatility 88.59 % Expected life 0.59 – 3 years Risk-free interest rate 0.07% - 0.46 % Dividend yield 0 % Stock price volatility 88.59 % Expected life 1.25 - 3 years |
Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Table Text Block] | The following table summarizes information with respect to outstanding warrants to purchase common stock of BioSig Technologies, Inc. at September 30, 2021: Exercise Number Expiration Price Outstanding Date $ 4.80 250,000 February 2025 to July 2026 $ 6.16 568,910 November 2027 818,910 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | A summary of the warrant activity for the nine months ended September 30, 2021 is as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2020 1,446,200 $ 5.44 3.3 $ 1,500 Grants 125,000 $ 4.80 5.0 Expired (752,290 ) $ 5.00 - - Outstanding at September 30, 2021 818,910 $ 5.74 5.5 $ - Vested and expected to vest at September 30, 2021 818,910 $ 5.74 5.5 $ - Exercisable at September 30, 2021 818,910 $ 5.74 5.5 $ - |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The following table summarizes the restricted stock activity for the nine months ended September 30, 2021: Restricted shares issued as of December 31, 2020 218,334 Granted 301,000 Vested and issued (216,834 ) Forfeited (120,000 ) Total 182,500 Comprised of: Vested restricted shares as of September 30, 2021 - Unvested restricted shares as of September 30, 2021 182,500 Total 182,500 Restricted shares issued as of December 31, 2020 1,420,716 Granted - Issued (40,000 ) Forfeited (82,716 ) Total 1,298,000 Comprised of: Vested restricted shares as of September 30, 2021 658,000 Unvested restricted shares as of September 30, 2021 640,000 Total 1,298,000 |
Schedule of Warrants or Rights, Shares Authorized, Exercise Price Range [Table Text Block] | The following table presents information related to warrants (ViralClear) at September 30, 2021: Exercise Number Expiration Price Outstanding Date $ 5.00 473,772 November 2027 10.00 6,575 May 2025 480,347 |
Viral Clear [Member] | |
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Tables) [Line Items] | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | A summary of the stock option activity and related information for the ViralClear Plan for the nine months ended September 30, 2021 is as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Outstanding at December 31, 2020 1,527,666 $ 5.00 3.96 Grants - Exercised (550,000 ) $ 5.00 Forfeited/expired (852,666 ) $ 5.00 Outstanding at September 30, 2021 125,000 $ 5.00 7.40 Exercisable at September 30, 2021 74,998 $ 5.00 6.62 |
NON-CONTROLLING INTEREST (Table
NON-CONTROLLING INTEREST (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interest [Abstract] | |
Schedule of Non-Controlling Interest [Table Text Block] | Net Income $ 19 Average Non-controlling interest percentage of profit/losses 31.6 % Net income attributable to the non-controlling interest $ 6 Net loss $ (5,540 ) Average Non-controlling interest percentage of profit/losses 30.6 % Net loss attributable to the non-controlling interest $ (1,696 ) Net loss $ (1,953 ) Average Non-controlling interest percentage of profit/losses 29.9 % Net loss attributable to the non-controlling interest $ (584 ) Net loss $ (26,272 ) Average Non-controlling interest percentage of profit/losses 23.9 % Net loss attributable to the non-controlling interest $ (6,282 ) |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | The following table summarizes the changes in non-controlling interest for the nine months ended September 30, 2021 (000’s): Balance, December 31, 2020 $ 802 Allocation of equity to non-controlling interest due to equity-based compensation issued 220 Net loss attributable to non-controlling interest (584 ) Balance, September 30, 2021 $ 438 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Information concerning the operations of the Company’s reportable segments is as follows: BioSig Technologies, Inc. ViralClear Pharmaceuticals, Inc. NeuroClear Technologies, Inc. Total Revenue: Product sales $ 100 $ - $ - $ 100 Service 8 - - 8 Total revenue 108 - - 108 Cost of goods sold 38 - - 38 Gross profit 70 - - 70 Operating expenses: Research and development 1,311 4 - 1,315 General and administrative 5,975 529 1 6,505 Depreciation and amortization 50 1 - 51 Total operating expenses 7,336 534 1 7,871 Loss from operations (7,266 ) (534 ) (1 ) (7,801 ) Other income: Interest income and other income, net 1 - - 1 Gain on settlement of debt - 553 - 553 Net loss $ (7,265 ) $ 19 $ (1 ) $ (7,247 ) BioSig Technologies, Inc. ViralClear Pharmaceuticals, Inc. NeuroClear Technologies, Inc. Total Operating expenses: Research and development $ 698 $ 4,183 $ 30 $ 4,911 General and administrative 6,807 1,358 - 8,165 Depreciation and amortization 24 - - 24 Total operating expenses 7,529 5,541 30 13,100 Loss from operations (7,529 ) (5,541 ) (30 ) (13,100 ) Other income: Interest income and other income, net 2 - - 2 Net loss $ (7,527 ) $ (5,541 ) $ (30 ) $ (13,098 ) BioSig Technologies, Inc. ViralClear Pharmaceuticals, Inc. NeuroClear Technologies, Inc. Total Revenue: Product sales $ 414 $ - $ - $ 414 Service 19 - - 19 Total revenue 433 - - 433 Cost of goods sold 199 - - 199 Gross profit 234 - - 234 Operating expenses: Research and development 4,042 206 - 4,248 General and administrative 17,954 2,297 5 20,256 Depreciation and amortization 139 3 - 142 Total operating expenses 22,135 2,506 5 24,646 Loss from operations (21,901 ) (2,506 ) (5 ) (24,412 ) Other income: Interest income and other income, net 2 - - 2 Gain on settlement of debt - 553 - 553 Net loss $ (21,899 ) $ (1,953 ) $ (5 ) $ (23,857 ) BioSig Technologies, Inc. ViralClear Pharmaceuticals, Inc. NeuroClear Technologies, Inc. Total Operating expenses: Research and development $ 3,112 $ 12,414 $ 30 $ 15,556 General and administrative 18,756 13,873 - 32,629 Depreciation and amortization 66 - 1 67 Total operating expenses 21,934 26,287 31 48,252 Loss from operations (21,934 ) (26,287 ) (31 ) (48,252 ) Other income (expense): Interest income and other income, net 30 15 - 45 Loss on foreign currency translation - (1 ) - (1 ) Net loss $ (21,904 ) $ (26,273 ) $ (31 ) $ (48,208 ) BioSig Technologies, Inc. ViralClear Pharmaceuticals, Inc. NeuroClear Technologies, Inc. Total Cash $ 15,138 $ 2,397 $ - $ 17,535 Accounts receivable 100 - - 100 Inventory 1,881 - - 1,881 Employee advances 50 - - 50 Other current assets 431 2 - 433 Total operating assets 17,600 2,399 - 19,999 Property and equipment, net 551 6 - 557 Right-to-use assets, net 693 - - 693 Other assets 424 - - 424 Total assets $ 19,268 $ 2,405 $ - $ 21,673 |
NATURE OF OPERATIONS AND BASI_2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details) - Viral Clear [Member] $ in Millions | 24 Months Ended |
Dec. 31, 2020USD ($)shares | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details) [Line Items] | |
Stock Issued During Period, Shares, New Issues | 1,965,240 |
Stock Issued During Period, Value, New Issues (in Dollars) | $ | $ 15.6 |
Stockholders' Equity, Other Shares | 894,869 |
Equity Method Investment, Ownership Percentage | 68.44% |
MANAGEMENT_S LIQUIDITY PLANS (D
MANAGEMENT’S LIQUIDITY PLANS (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Working Capital (Deficit) | $ 17,400 | |||
Proceeds from Issuance or Sale of Equity | 9,000 | |||
Proceeds from the exercise options and warrants | 1,300 | |||
Cash and Cash Equivalents, at Carrying Value | $ 17,535 | $ 28,268 | $ 32,748 | $ 12,108 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 0 | $ 0 | |||
Cash, Uninsured Amount | $ 17,000,000 | 17,000,000 | $ 27,800,000 | ||
Inventory, Net | 1,881,007 | 1,881,007 | $ 768,319 | ||
Research and Development Expense | 1,315,000 | $ 4,911,000 | 4,248,000 | 15,556,000 | |
Amortization | $ 4,751 | $ 4,752 | $ 14,254 | $ 14,254 | |
Viral Clear [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 68.44% | 68.44% | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 31.56% | 31.56% | |||
Patents [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||
Minimum [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Maximum [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||||
Concentration Risk, Percentage | 93.00% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer One [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||||
Concentration Risk, Percentage | 69.00% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Two [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||||
Concentration Risk, Percentage | 31.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||||
Concentration Risk, Percentage | 100.00% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Disaggregation of Revenue - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Balance | $ 45 | $ 0 |
Consideration Received | 478 | |
Recognized in Revenue | (433) | |
Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Balance | 0 | 0 |
Consideration Received | 414 | |
Recognized in Revenue | (414) | |
Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Balance | 45 | $ 0 |
Consideration Received | 64 | |
Recognized in Revenue | $ (19) |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Deferred Revenue, by Arrangement, Disclosure - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred Revenue, by Arrangement, Disclosure [Abstract] | ||
Deferred revenue-current | $ 32 | $ 0 |
Deferred revenue-noncurrent | 13 | 0 |
Total deferred revenue | $ 45 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities | 5,102,824 | 5,327,152 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities | 4,037,122 | 3,509,956 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities | 818,910 | 1,604,668 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities | 182,500 | 168,334 |
Series C Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities | 64,292 | 44,194 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
PROPERTY AND EQUIPMENT (Details) [Line Items] | ||||
Depreciation | $ 46,205 | $ 19,117 | $ 128,152 | $ 52,838 |
Minimum [Member] | ||||
PROPERTY AND EQUIPMENT (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Maximum [Member] | ||||
PROPERTY AND EQUIPMENT (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 5 years |
PROPERTY AND EQUIPMENT (Detail
PROPERTY AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 835 | $ 439 |
Less accumulated depreciation | (278) | (150) |
Property and equipment, net | 557 | 289 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 377 | 234 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 83 | 75 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 153 | 34 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 145 | 96 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 77 | $ 0 |
RIGHT TO USE ASSETS AND LEASE_3
RIGHT TO USE ASSETS AND LEASE LIABILITY (Details) | Aug. 03, 2021USD ($)ft² | Aug. 02, 2021USD ($)ft² | Feb. 10, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
RIGHT TO USE ASSETS AND LEASE LIABILITY (Details) [Line Items] | ||||||||
Operating Lease, Expense | $ 37,625 | $ 63,076 | $ 120,127 | $ 124,437 | $ 365,366 | $ 370,656 | ||
Operating Lease, Decrease in Monthly Rental | 16,289 | |||||||
Increase (Decrease) in Security Deposits | (5,448) | |||||||
Security Deposit | 14,232 | 27,404 | ||||||
Operating Lease, Right-of-Use Asset, Amortization Expense | 36,756 | $ 10,247 | 60,881 | 334,000 | $ 342,000 | |||
Operating Lease, Right-of-Use Asset | $ 492,876 | 217,903 | 693,000 | 693,000 | $ 306,000 | |||
Operating Lease, Liability | $ 89,629 | 217,903 | $ 700,000 | $ 700,000 | $ 314,000 | |||
Area of Real Estate Property (in Square Feet) | ft² | 6,590 | 1,400 | ||||||
Lessee, Operating Lease, Renewal Term | 2 years | |||||||
Increase (Decrease) in Operating Lease Liability | $ 868 | $ (10,400) | ||||||
Lessee, Operating Lease, Discount Rate | 6.50% | 6.50% | ||||||
Building [Member] | ||||||||
RIGHT TO USE ASSETS AND LEASE LIABILITY (Details) [Line Items] | ||||||||
Number of Leases | 5 | |||||||
Lease Expiration Date | Dec. 31, 2024 | |||||||
Minimum [Member] | ||||||||
RIGHT TO USE ASSETS AND LEASE LIABILITY (Details) [Line Items] | ||||||||
Operating Lease, Expense | $ 14,828 | $ 3,513 | $ 13,702 | |||||
Minimum [Member] | Year Two [Member] | ||||||||
RIGHT TO USE ASSETS AND LEASE LIABILITY (Details) [Line Items] | ||||||||
Operating Lease, Expense | $ 3,618 | |||||||
Minimum [Member] | Building [Member] | ||||||||
RIGHT TO USE ASSETS AND LEASE LIABILITY (Details) [Line Items] | ||||||||
Operating Lease, Expense | $ 17,315 |
RIGHT TO USE ASSETS AND LEASE_4
RIGHT TO USE ASSETS AND LEASE LIABILITY (Details) - Right to Use Asset - USD ($) | Sep. 30, 2021 | Aug. 03, 2021 | Feb. 10, 2021 | Dec. 31, 2020 |
Right to Use Asset [Abstract] | ||||
Right to use assets, net | $ 803,000 | $ 1,087,000 | ||
Less accumulated depreciation | (110,000) | (781,000) | ||
Right to use assets, net | $ 693,000 | $ 492,876 | $ 217,903 | $ 306,000 |
RIGHT TO USE ASSETS AND LEASE_5
RIGHT TO USE ASSETS AND LEASE LIABILITY (Details) - Lease, Cost - USD ($) | Sep. 30, 2021 | Aug. 02, 2021 | Feb. 10, 2021 | Dec. 31, 2020 |
Lease, Cost [Abstract] | ||||
Lease liability | $ 700,000 | $ 89,629 | $ 217,903 | $ 314,000 |
Less: short term portion | (291,000) | (313,000) | ||
Long term portion | $ 409,000 | $ 1,000 |
RIGHT TO USE ASSETS AND LEASE_6
RIGHT TO USE ASSETS AND LEASE LIABILITY (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) | Sep. 30, 2021 | Aug. 02, 2021 | Feb. 10, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Liability, Maturity [Abstract] | ||||
Remainder of 2021 | $ 52,000 | |||
Year ended December 31, 2022 | 304,000 | |||
Year ended December 31, 2023 | 220,000 | |||
Year ended December 31, 2024 | 191,000 | |||
Total | 767,000 | |||
Less: Present value discount | (67,000) | |||
Lease liability | $ 700,000 | $ 89,629 | $ 217,903 | $ 314,000 |
RIGHT TO USE ASSETS AND LEASE_7
RIGHT TO USE ASSETS AND LEASE LIABILITY (Details) - Lease, Cost - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lease, Cost [Abstract] | ||||
Operating lease expense | $ 105 | $ 115 | $ 334 | $ 342 |
Short-term lease expense | 15 | 9 | 31 | 28 |
Variable lease expense | 0 | 1 | ||
Total | $ 120 | $ 124 | $ 365 | $ 371 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($) | Sep. 30, 2021 | Sep. 23, 2021 | Dec. 31, 2020 |
Schedule of Accounts Payable and Accrued Liabilities [Abstract] | |||
Accrued accounting and legal | $ 163,000 | $ 177,000 | |
Accrued reimbursements and travel | 47,000 | 56,000 | |
Accrued consulting | 84,000 | 256,000 | |
Accrued research and development expenses | 221,000 | 3,127,000 | |
Accrued product purchases | 68,000 | 30,000 | |
Accrued marketing | 49,000 | 0 | |
Accrued office and other | 25,000 | 127,000 | |
Accrued payroll | 499,000 | 936,000 | |
Accrued settlement related to arbitration | 1,013,000 | $ 1,000,000 | 13,000 |
$ 2,169,000 | $ 4,722,000 |
SERIES C 9% CONVERTIBLE PREFE_2
SERIES C 9% CONVERTIBLE PREFERRED STOCK (Details) - USD ($) | Jul. 14, 2020 | Jan. 09, 2013 | Sep. 30, 2021 | Jul. 07, 2021 | Jul. 02, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | Nov. 20, 2019 |
SERIES C 9% CONVERTIBLE PREFERRED STOCK (Details) [Line Items] | ||||||||
Preferred Stock, Dividend Payment Terms | declared a dividend of one preferred share purchase right for each outstanding share of BioSig’s common stock to stockholders of record on July 27, 2020, and one right will be issued for each new share of common stock issued thereafter. Each right will initially trade with common stock, and will allow its holder to purchase from BioSig one one-thousandth of a share of Series F Junior Participating Preferred stock | |||||||
Preferred Stock, Voting Rights | In the event that a person or group acquires beneficial ownership of 12% or more of BioSig’s then outstanding common stock, subject to certain exceptions, each right would entitle its holder (other than such person or members of such group) to purchase additional shares of BioSig’s common stock having a market value of two times the exercise price of the right. In addition, at any time after a person or group acquires 12% or more of BioSig’s outstanding common stock (unless such person or group acquires 50% or more), the Board may exchange one share of BioSig’s common stock for each outstanding right (other than rights owned by such person or group, which would have become void). The Rights Plan could make it more difficult for a third party to acquire control of BioSig or a large block of our common stock without the approval of our board of directors. The rights expired on July 13, 2021, unless terminated earlier by our board of directors | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.8 | $ 4.8 | $ 2.98 | $ 3.75 | $ 6.16 | |||
Series C Preferred Stock [Member] | ||||||||
SERIES C 9% CONVERTIBLE PREFERRED STOCK (Details) [Line Items] | ||||||||
Temporary Equity, Shares Authorized | 4,200 | |||||||
Preferred Stock, Dividend Rate, Percentage | 9.00% | |||||||
Temporary Equity, Par Value | $ 1,000 | |||||||
Preferred Stock, Dividend Payment Terms | payable quarterly | |||||||
Preferred Stock, Voting Rights | The holders of the Series C Preferred Stock vote together with the holders of our common stock on an as-converted basis but may not vote the Series C Preferred Stock in excess of the beneficial ownership limitation of the Series C Preferred Stock. The beneficial ownership limitation is 4.99% of our then outstanding shares of common stock following such conversion or exercise, which may be increased to up to 9.99% of our then outstanding shares of common stock following such conversion or exercise upon the request of an individual holder. | |||||||
Preferred Stock, Beneficial Ownership Limitation and Covenant, Description | The beneficial ownership limitation is determined on an individual holder basis, such that the as-converted number of shares of one holder is not included in the shares outstanding when calculating the limitation for a different holder. | |||||||
Temporary Equity, Shares Issued | 105 | 105 | ||||||
Temporary Equity, Shares Outstanding | 105 | 105 | ||||||
Dividends Payable | $ 79,285 | $ 72,517 |
STOCKHOLDER EQUITY (Details)
STOCKHOLDER EQUITY (Details) - USD ($) | Jul. 07, 2021 | Jul. 02, 2021 | Jul. 01, 2021 | Jan. 05, 2021 | Aug. 28, 2020 | Jul. 14, 2020 | Jan. 09, 2013 | Feb. 16, 2021 | Jan. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Apr. 30, 2021 | Dec. 31, 2019 | Nov. 20, 2019 |
STOCKHOLDER EQUITY (Details) [Line Items] | |||||||||||||||||||||
Preferred Stock, Dividend Payment Terms | declared a dividend of one preferred share purchase right for each outstanding share of BioSig’s common stock to stockholders of record on July 27, 2020, and one right will be issued for each new share of common stock issued thereafter. Each right will initially trade with common stock, and will allow its holder to purchase from BioSig one one-thousandth of a share of Series F Junior Participating Preferred stock | ||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||
Preferred Stock, Redemption Price Per Share (in Dollars per share) | $ 50 | ||||||||||||||||||||
Preferred Stock, Voting Rights | In the event that a person or group acquires beneficial ownership of 12% or more of BioSig’s then outstanding common stock, subject to certain exceptions, each right would entitle its holder (other than such person or members of such group) to purchase additional shares of BioSig’s common stock having a market value of two times the exercise price of the right. In addition, at any time after a person or group acquires 12% or more of BioSig’s outstanding common stock (unless such person or group acquires 50% or more), the Board may exchange one share of BioSig’s common stock for each outstanding right (other than rights owned by such person or group, which would have become void). The Rights Plan could make it more difficult for a third party to acquire control of BioSig or a large block of our common stock without the approval of our board of directors. The rights expired on July 13, 2021, unless terminated earlier by our board of directors | ||||||||||||||||||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||||||||||
Common Stock, Shares, Issued | 35,254,860 | 30,764,792 | 35,254,860 | ||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 658,868 | 853,271 | |||||||||||||||||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ 2,658,224 | $ 1,354,000 | $ 140,000 | $ 1,777,000 | $ 3,443,000 | $ 108,000 | $ 3,271,340 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 550,000 | 9,375 | |||||||||||||||||||
Proceeds from Stock Options Exercised (in Dollars) | $ 28,000 | $ 2,722,000 | |||||||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 450,000 | 216,834 | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 251,720 | ||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||
Proceeds from Issuance or Sale of Equity (in Dollars) | $ 9,000,000 | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 917,000 | ||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 3.39 | ||||||||||||||||||||
Class of Warrant or Rights, Granted | 125,000 | 125,000 | |||||||||||||||||||
Warrants and Rights Outstanding, Term | 5 years | 8 years | |||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 4.8 | $ 4.8 | $ 3.75 | $ 2.98 | $ 6.16 | ||||||||||||||||
At the Market Offering (in Dollars) | $ 45,000,000 | ||||||||||||||||||||
Commission Rate | 3.00% | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues (in Dollars) | $ 1,300,135 | $ 9,005,000 | 1,002,000 | $ 16,162,000 | $ 9,052,000 | ||||||||||||||||
Payments of Stock Issuance Costs (in Dollars) | $ 40,365 | $ 995,000 | $ 182,000 | ||||||||||||||||||
Exercise of Options [Member] | |||||||||||||||||||||
STOCKHOLDER EQUITY (Details) [Line Items] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 9,375 | ||||||||||||||||||||
Proceeds from Stock Options Exercised (in Dollars) | $ 27,750 | ||||||||||||||||||||
Underwriting Agreement [Member] | |||||||||||||||||||||
STOCKHOLDER EQUITY (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,500,000 | ||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.001 | ||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ 4 | ||||||||||||||||||||
Proceeds from Issuance or Sale of Equity (in Dollars) | $ 9,000,000 | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 375,000 | ||||||||||||||||||||
Offering, Option to Underwriters | 5.00% | ||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 3.68 | ||||||||||||||||||||
Class of Warrant or Rights, Granted | 125,000 | ||||||||||||||||||||
Underwriting Agreement [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||||||||||||||
STOCKHOLDER EQUITY (Details) [Line Items] | |||||||||||||||||||||
Offering, Option to Underwriters | 15.00% | ||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||
STOCKHOLDER EQUITY (Details) [Line Items] | |||||||||||||||||||||
Preferred Stock, Shares Authorized | 200 | 200 | 200 | ||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||
STOCKHOLDER EQUITY (Details) [Line Items] | |||||||||||||||||||||
Preferred Stock, Shares Authorized | 600 | 600 | 600 | ||||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||||||
STOCKHOLDER EQUITY (Details) [Line Items] | |||||||||||||||||||||
Preferred Stock, Dividend Payment Terms | payable quarterly | ||||||||||||||||||||
Preferred Stock, Voting Rights | The holders of the Series C Preferred Stock vote together with the holders of our common stock on an as-converted basis but may not vote the Series C Preferred Stock in excess of the beneficial ownership limitation of the Series C Preferred Stock. The beneficial ownership limitation is 4.99% of our then outstanding shares of common stock following such conversion or exercise, which may be increased to up to 9.99% of our then outstanding shares of common stock following such conversion or exercise upon the request of an individual holder. | ||||||||||||||||||||
Preferred Stock, Shares Authorized | 4,200 | 4,200 | 4,200 | ||||||||||||||||||
Series D Preferred Stock [Member] | |||||||||||||||||||||
STOCKHOLDER EQUITY (Details) [Line Items] | |||||||||||||||||||||
Preferred Stock, Shares Authorized | 1,400 | 1,400 | 1,400 | ||||||||||||||||||
Series E Preferred Stock [Member] | |||||||||||||||||||||
STOCKHOLDER EQUITY (Details) [Line Items] | |||||||||||||||||||||
Preferred Stock, Shares Authorized | 1,000 | 1,000 | 1,000 | ||||||||||||||||||
Series F Preferred Stock [Member] | |||||||||||||||||||||
STOCKHOLDER EQUITY (Details) [Line Items] | |||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.001 | ||||||||||||||||||||
Preferred Stock, Shares Authorized | 200,000,000 | 200,000 | 200,000 | 200,000 |
OPTIONS, RESTRICTED STOCK UNI_3
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) | Sep. 17, 2021$ / sharesshares | Aug. 31, 2021$ / sharesshares | Aug. 14, 2021shares | Aug. 03, 2021$ / sharesshares | Jul. 07, 2021$ / sharesshares | Jul. 01, 2021shares | Jun. 30, 2021USD ($)shares | Jun. 28, 2021USD ($)shares | Jun. 01, 2021USD ($)shares | May 18, 2021$ / sharesshares | Apr. 13, 2021$ / sharesshares | Apr. 09, 2021$ / sharesshares | Mar. 08, 2021shares | Feb. 16, 2021$ / sharesshares | Jan. 12, 2021$ / sharesshares | Jan. 04, 2021shares | Sep. 24, 2019 | Mar. 14, 2019shares | Oct. 19, 2012shares | Sep. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Jul. 02, 2021$ / shares | Apr. 30, 2021$ / shares | Dec. 31, 2020$ / shares | Nov. 20, 2019$ / shares |
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) [Line Items] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | the exercise price of an Incentive Stock Option should not be less than 110% of fair market value of the common stock at the date of the grant for a 10% or more stockholder and 100% of fair market value for a grantee who is not 10% stockholder | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 2,330,750 | 2,330,750 | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||||||||||||||||||
Options Modified (in Shares) | 221,240 | 145,000 | ||||||||||||||||||||||||||
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | $ | $ 111,402 | $ 182,514 | $ 321,000 | |||||||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense | $ | $ 1,300,000 | |||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | 125,000 | 125,000 | ||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 4.8 | $ 4.8 | $ 2.98 | $ 3.75 | $ 6.16 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | 50,000 | 30,000 | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 232,375 | $ 109,725 | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 50,000 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 917,000 | |||||||||||||||||||||||||||
Stock Issued During Period, Shares, Other (in Shares) | 206,250 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 550,000 | 9,375 | ||||||||||||||||||||||||||
Viral Clear [Member] | ||||||||||||||||||||||||||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) [Line Items] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 550,000 | |||||||||||||||||||||||||||
Director [Member] | ||||||||||||||||||||||||||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) [Line Items] | ||||||||||||||||||||||||||||
Options Modified (in Shares) | 25,000 | |||||||||||||||||||||||||||
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | $ | $ 26,577 | |||||||||||||||||||||||||||
Share-based Payment Arrangement, Option [Member] | ||||||||||||||||||||||||||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) [Line Items] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 3,606,901 | 3,606,901 | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures (in Shares) | 40,000 | 47,500 | 75,000 | 387,500 | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-basd Payment Award, Options, Exercise Price (in Dollars per share) | $ / shares | $ 2.99 | $ 2.98 | $ 3.61 | $ 4.23 | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | 10 years | 10 years | 10 years | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | one-third vesting on the first anniversary of the date of grant, and the remaining two-thirds vesting in substantially equal quarterly installments over the following two years | immediate vesting | one-third vesting on the first anniversary of the date of grant, and the remaining two-thirds vesting in substantially equal quarterly installments over the following two years | one-third vesting on the one year anniversary and two-thirds vesting quarterly thereafter beginning February 16, 2022 for two years | one-third vesting on the one-year anniversary and two-thirds vesting quarterly thereafter beginning January 12, 2022 for two years | |||||||||||||||||||||||
Number of Employees | 2 | 3 | 3 | |||||||||||||||||||||||||
Share-based Payment Arrangement, Option [Member] | Viral Clear [Member] | ||||||||||||||||||||||||||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) [Line Items] | ||||||||||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense | $ | $ 36,521 | $ 242,703 | $ 109,562 | 5,836,855 | ||||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | 219,124 | 219,124 | ||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||||||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) [Line Items] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | vesting quarterly for one year | 105,000 vesting one-third on the one-year anniversary and two-thirds vesting quarterly thereafter beginning January 4, 2022 for two years and with 115,000 vesting quarterly for one year | ||||||||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense | $ | 63,266 | 174,945 | $ 773,381 | 1,005,243 | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in Shares) | 31,000 | 220,000 | 301,000 | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | 216,834 | |||||||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | 463,317 | $ 463,317 | ||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Viral Clear [Member] | ||||||||||||||||||||||||||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) [Line Items] | ||||||||||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense | $ | 87,865 | 485,352 | 508,896 | 5,445,346 | ||||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 372,093 | $ 372,093 | ||||||||||||||||||||||||||
Services Provided [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||||||||||||||||||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) [Line Items] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures (in Shares) | 150,000 | 25,000 | 90,000 | 102,000 | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-basd Payment Award, Options, Exercise Price (in Dollars per share) | $ / shares | $ 3.2 | $ 4.42 | $ 4.38 | $ 4.97 | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | 10 years | 10 years | 10 years | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | one-third vesting on the one year anniversary and two-thirds vesting quarterly thereafter beginning May 18, 2022 for two years | one-third vesting on the one-year anniversary and two-thirds vesting quarterly thereafter beginning April 13, 2022 for two years | one-third vesting on the one-year anniversary and two-thirds vesting quarterly thereafter beginning April 9, 2022 for two years | |||||||||||||||||||||||||
2012 Equity Incentive Plan [Member] | Officers, Directors and Key Consultants [Member] | ||||||||||||||||||||||||||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) [Line Items] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures (in Shares) | 917,000 | |||||||||||||||||||||||||||
2012 Equity Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||||||||||||||||||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) [Line Items] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 14,474,450 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | the exercise price of an Incentive Stock Option should not be less than 110% of fair value of the common stock at the date of the grant for a 10% or more stockholder and 100% of fair value for a grantee who is not 10% stockholder | |||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 2.98 | $ 2.98 | ||||||||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense | $ | $ 759,931 | $ 483,110 | $ 1,950,623 | $ 4,734,983 | ||||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 3,720,260 | $ 3,720,260 | ||||||||||||||||||||||||||
2012 Equity Incentive Plan [Member] | Maximum [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||||||||||||||||||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) [Line Items] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | |||||||||||||||||||||||||||
Options at $5.66 [Member] | 2012 Equity Incentive Plan [Member] | Services Provided [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||||||||||||||||||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) [Line Items] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 4,000,000 |
OPTIONS, RESTRICTED STOCK UNI_4
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options Outstanding, Number of Options | 4,037,122 | 3,568,497 |
Options Outstanding, Weighted Average Remaining Life | 6 years 6 months | 7 years |
Options Exercisable, Number of Options | 2,765,925 | |
Options at $2.51-$5.00 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price, Lower Range Limit (in Dollars per share) | $ 2.51 | |
Options Outstanding, Exercise Price, Upper Range Limit (in Dollars per share) | $ 5 | |
Options Outstanding, Number of Options | 2,539,757 | |
Options Outstanding, Weighted Average Remaining Life | 7 years 2 months 12 days | |
Options Exercisable, Number of Options | 1,579,427 | |
Options at $5.01-$7.50 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price, Lower Range Limit (in Dollars per share) | $ 5.01 | |
Options Outstanding, Exercise Price, Upper Range Limit (in Dollars per share) | $ 7.5 | |
Options Outstanding, Number of Options | 1,229,032 | |
Options Outstanding, Weighted Average Remaining Life | 4 years 8 months 12 days | |
Options Exercisable, Number of Options | 997,757 | |
Options at $7.51-$10.00 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price, Lower Range Limit (in Dollars per share) | $ 7.51 | |
Options Outstanding, Exercise Price, Upper Range Limit (in Dollars per share) | $ 10 | |
Options Outstanding, Number of Options | 203,333 | |
Options Outstanding, Weighted Average Remaining Life | 8 years | |
Options Exercisable, Number of Options | 138,326 | |
Options at $10.01 - 12.50 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price, Lower Range Limit (in Dollars per share) | $ 10.01 | |
Options Outstanding, Exercise Price, Upper Range Limit (in Dollars per share) | $ 12.5 | |
Options Outstanding, Number of Options | 65,000 | |
Options Outstanding, Weighted Average Remaining Life | 8 years 7 months 6 days | |
Options Exercisable, Number of Options | 50,415 | |
Options at $5.00 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price, Lower Range Limit (in Dollars per share) | $ 5 | |
Options Outstanding, Exercise Price, Upper Range Limit (in Dollars per share) | $ 5 | |
Options Outstanding, Number of Options | 125,000 | |
Options Outstanding, Weighted Average Remaining Life | 6 years 1 month 13 days | |
Options Exercisable, Number of Options | 74,998 |
OPTIONS, RESTRICTED STOCK UNI_5
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Share-based Compensation, Stock Options, Activity - USD ($) | Jul. 01, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Share-based Compensation, Stock Options, Activity [Abstract] | |||
Outstanding, Shares (in Shares) | 4,037,122 | 3,568,497 | |
Options Outstanding, Weighted-Average Exercise Price | $ 5.2 | $ 5.59 | |
Options Outstanding, Weighted-Average Remaining Contractual Term | 6 years 6 months | 7 years | |
Options Outstanding, Aggregate Intrinsic Value | $ 938 | $ 110,961 | |
Options Exercisable, Shares (in Shares) | 2,765,925 | ||
Options Exercisable, Weighted-Average Exercise Price | $ 5.35 | ||
Options Exercisable, Weighted-Average Remaining Contractual Term | 5 years 3 months 18 days | ||
Options Exercisable, Aggregate Intrinsic Value (in Dollars) | $ 563 | ||
Options Granted, Shares (in Shares) | 917,000 | ||
Options Granted, Weighted-Average Exercise Price | $ 3.39 | ||
Options Granted, Weighted-Average Remaining Contractual Term | 10 years | ||
Options Exercised, Shares (in Shares) | (550,000) | (9,375) | |
Options Exercised, Weighted-Average Exercise Price | $ 2.96 | ||
Options Canceled, Shares (in Shares) | (439,000) | ||
Options Canceled, Weighted-Average Exercise Price | $ 6.68 |
OPTIONS, RESTRICTED STOCK UNI_6
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions - $ / shares | Jun. 28, 2021 | Sep. 30, 2021 |
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Dividend yield | 0.00% | |
Share-based Payment Arrangement, Option [Member] | ||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Dividend yield | 0.00% | |
Weighted average grant date fair value (in Dollars per share) | $ 3.39 | |
Modified Options [Member] | ||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Dividend yield | 0.00% | |
Stock price volatility | 88.57% | 88.59% |
Modified Options [Member] | Viral Clear [Member] | ||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Dividend yield | 0.00% | |
Stock price volatility | 88.59% | |
Minimum [Member] | Share-based Payment Arrangement, Option [Member] | ||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Stock price volatility | 83.70% | |
Expected life | 5 years | |
Minimum [Member] | Modified Options [Member] | ||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Expected life | 3 months | 7 months 2 days |
Minimum [Member] | Modified Options [Member] | Viral Clear [Member] | ||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Expected life | 1 year 3 months | |
Maximum [Member] | Share-based Payment Arrangement, Option [Member] | ||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Stock price volatility | 95.98% | |
Expected life | 6 years | |
Maximum [Member] | Modified Options [Member] | ||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Expected life | 2 years | 3 years |
Maximum [Member] | Modified Options [Member] | Viral Clear [Member] | ||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Expected life | 3 years |
OPTIONS, RESTRICTED STOCK UNI_7
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range - $ / shares | 9 Months Ended | |||||
Sep. 30, 2021 | Jul. 07, 2021 | Jul. 02, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | Nov. 20, 2019 | |
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Line Items] | ||||||
Exercise Price, Warrants (in Dollars per share) | $ 4.8 | $ 4.8 | $ 2.98 | $ 3.75 | $ 6.16 | |
Number of Warrants Outstanding | 818,910 | 1,446,200 | ||||
Warrants at $4.80 [Member] | ||||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Line Items] | ||||||
Exercise Price, Warrants (in Dollars per share) | $ 4.8 | |||||
Number of Warrants Outstanding | 250,000 | |||||
Expiration Date, Warrants | February 2025 to July 2026 | |||||
Warrants at $6.16 [Member] | ||||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Line Items] | ||||||
Exercise Price, Warrants (in Dollars per share) | $ 6.16 | $ 6.16 | ||||
Number of Warrants Outstanding | 568,910 | |||||
Expiration Date, Warrants | November 2027 |
OPTIONS, RESTRICTED STOCK UNI_8
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Stockholders' Equity Note, Warrants or Rights - USD ($) | Jul. 07, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Abstract] | |||
Warrants Outstanding, Shares | 818,910 | 1,446,200 | |
Warrants Outstanding, Weighted-Average Exercise Price | $ 5.74 | $ 5.44 | |
Warrants Outstanding, Weighted-Average Remaining Contractual Term | 5 years 6 months | 3 years 3 months 18 days | |
Warrants Outstanding, Aggregate Intrinsic Value | $ 1,500 | ||
Warrants Vested and expected to vest, Shares | 818,910 | ||
Warrants Vested and expected to vest, Weighted-Average Exercise Price | $ 5.74 | ||
Warrants Vested and expected to vest, Weighted-Average Remaining Contractual Term | 5 years 6 months | ||
Warrants Exercisable, Shares | 818,910 | ||
Warrants Exercisable, Weighted-Average Exercise Price | $ 5.74 | ||
Warrants Exercisable, Weighted-Average Remaining Contractual Term | 5 years 6 months | ||
Warrants Granted, Shares | 125,000 | 125,000 | |
Warrants Granted, Weighted-Average Exercise Price | $ 4.8 | ||
Warrants Granted, Weighted-Average Remaining Contractual Term | 5 years | ||
Warrants Canceled, Shares | (752,290) | ||
Warrants Canceled, Weighted-Average Exercise Price | $ 5 |
OPTIONS, RESTRICTED STOCK UNI_9
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Nonvested Restricted Stock Shares Activity - shares | Jun. 30, 2021 | Jun. 01, 2021 | Mar. 08, 2021 | Jan. 04, 2021 | Sep. 30, 2021 |
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Nonvested Restricted Stock Shares Activity [Line Items] | |||||
Restricted shares Vested | (50,000) | (30,000) | |||
Restricted shares issued | 1,298,000 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Nonvested Restricted Stock Shares Activity [Line Items] | |||||
Restricted shares issued | 218,334 | ||||
Unvested restricted shares | 182,500 | ||||
Restricted shares Granted | 31,000 | 220,000 | 301,000 | ||
Restricted shares Vested | (216,834) | ||||
(120,000) | |||||
Restricted shares issued | 182,500 | ||||
Restricted Stock [Member] | |||||
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Nonvested Restricted Stock Shares Activity [Line Items] | |||||
Restricted shares issued | 1,420,716 | ||||
Vested restricted shares | 658,000 | ||||
Unvested restricted shares | 640,000 | ||||
Restricted shares Vested | (40,000) | ||||
(82,716) | |||||
Restricted shares issued | 1,298,000 |
OPTIONS, RESTRICTED STOCK UN_10
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Share-based Payment Arrangement, Option, Activity - Viral Clear [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Share-based Payment Arrangement, Option, Activity [Line Items] | ||
Options Outstanding, Shares | 1,527,666 | |
Options Outstanding, Weighted-Average Exercise Price | $ 5 | |
Options Outstanding, Weighted-Average Remaining Contractual Term | 7 years 4 months 24 days | 3 years 11 months 15 days |
Exercisable at December 31, 2020 | 74,998 | |
Exercisable at December 31, 2020 | $ 5 | |
Exercisable at December 31, 2020 | 6 years 7 months 13 days | |
Exercised, Shares | (550,000) | |
Exercised | $ 5 | |
Forfeited/expired, Shares | (852,666) | |
Forfeited/expired, Weighted-Average Exercise Price | $ 5 | |
Options Outstanding, Shares | 125,000 | |
Options Outstanding, Weighted-Average Exercise Price | $ 5 |
OPTIONS, RESTRICTED STOCK UN_11
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, Exercise Price Range - Viral Clear [Member] | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, Exercise Price Range [Line Items] | |
Number Outstanding | 480,347 |
Warrants at $5.00 [Member] | |
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, Exercise Price Range [Line Items] | |
Exercise Price (in Dollars per share) | $ / shares | $ 5 |
Number Outstanding | 473,772 |
Expiration Date | November 2027 |
Warrants $10.00 [Member] | |
OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, Exercise Price Range [Line Items] | |
Exercise Price (in Dollars per share) | $ / shares | $ 10 |
Number Outstanding | 6,575 |
Expiration Date | May 2025 |
NON-CONTROLLING INTEREST (Detai
NON-CONTROLLING INTEREST (Details) | Sep. 30, 2021 | Dec. 31, 2020 |
Noncontrolling Interest [Abstract] | ||
Equity Method Investment, Ownership Percentage | 68.44% | 70.21% |
NON-CONTROLLING INTEREST (Det_2
NON-CONTROLLING INTEREST (Details) - Schedule of Non-Controlling Interest - Viral Clear [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
NON-CONTROLLING INTEREST (Details) - Schedule of Non-Controlling Interest [Line Items] | ||||
Net loss | $ 19 | $ (1,953) | $ (5,540) | $ (26,272) |
Average Non-controlling interest percentage of profit/losses | 31.60% | 29.90% | 30.60% | 23.90% |
Net loss attributable to the non-controlling interest | $ 6 | $ (584) | $ (1,696) | $ (6,282) |
NON-CONTROLLING INTEREST (Det_3
NON-CONTROLLING INTEREST (Details) - Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Abstract] | ||||
Balance | $ 802 | |||
Allocation of equity to non-controlling interest due to equity-based compensation issued | 220 | |||
Net loss attributable to non-controlling interest | $ 6 | $ (1,696) | (584) | $ (6,282) |
Balance | $ 438 | $ 438 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | Sep. 23, 2021 | Jul. 07, 2021 | Nov. 20, 2019 | Mar. 15, 2017 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jul. 02, 2021 | Apr. 30, 2021 | Dec. 31, 2020 |
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||||||||||
Agreement Term | 10 years | |||||||||||
Royalty Percentage of Net Sales | 10.00% | |||||||||||
Warrants and Rights Outstanding, Term | 8 years | 5 years | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 4.8 | $ 6.16 | $ 4.8 | $ 2.98 | $ 3.75 | |||||||
Other Commitment | $ 50,000 | |||||||||||
Royalty Guarantees, Commitments, Amount | $ 700,000 | |||||||||||
Payments for Royalties | $ 75,000 | |||||||||||
Class of Warrant or Rights, Granted (in Shares) | 125,000 | 125,000 | ||||||||||
Defined Contribution Plan, Cost | $ 61,313 | $ 49,342 | $ 189,740 | $ 131,025 | ||||||||
Long-term Purchase Commitment, Amount | 1,959,546 | |||||||||||
Settlement Liabilities, Current | $ 1,000,000 | $ 1,013,000 | $ 1,013,000 | $ 13,000 | ||||||||
Gain (Loss) Related to Litigation Settlement | 553,000 | |||||||||||
Payment Due September 30, 2021 [Member] | ||||||||||||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||||||||||
Payments for Legal Settlements | 400,000 | |||||||||||
Payment Due December 31, 2021 [Member] | ||||||||||||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||||||||||
Payments for Legal Settlements | 300,000 | |||||||||||
Payment Due March31, 2022 [Member] | ||||||||||||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||||||||||
Payments for Legal Settlements | $ 300,000 | |||||||||||
Warrants at $6.16 [Member] | ||||||||||||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 6.16 | $ 6.16 | $ 6.16 | |||||||||
Warrants at $5.00 [Member] | ||||||||||||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||||||||||
Warrants and Rights Outstanding, Term | 8 years | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 5 | |||||||||||
Class of Warrant or Rights, Granted (in Shares) | 473,772 | |||||||||||
Minimum [Member] | ||||||||||||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||||||||||
Royalty Percentage of Net Sales | 1.00% | |||||||||||
Minimum [Member] | Employee Agreement [Member] | Chief Executive Officer [Member] | ||||||||||||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||||||||||
Royalty Guarantees, Commitments, Amount | $ 625,000,000,000 | |||||||||||
Minimum [Member] | Employee Agreement [Member] | Chief Executive Officer [Member] | Annual Salary [Member] | ||||||||||||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||||||||||
Other Commitment | 25,000 | |||||||||||
Maximum [Member] | ||||||||||||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||||||||||
Royalty Percentage of Net Sales | 2.00% | |||||||||||
Tools Agreement [Member] | ||||||||||||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||||||||||
Other Commitment | $ 100,000 | |||||||||||
Payments for Royalties | $ 75,000 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
SEGMENT REPORTING (Details) - S
SEGMENT REPORTING (Details) - Schedule of Segment Reporting Information, by Segment - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Aug. 03, 2021 | Feb. 10, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||||
Revenue | $ 108,000 | $ 0 | $ 433,000 | $ 0 | |||
Cost of goods sold | 38,000 | 0 | 199,000 | 0 | |||
Gross profit | 70,000 | 0 | 234,000 | 0 | |||
Research and development | 1,315,000 | 4,911,000 | 4,248,000 | 15,556,000 | |||
General and administrative | 6,505,000 | 8,165,000 | 20,256,000 | 32,629,000 | |||
Depreciation and amortization | 51,000 | 24,000 | 142,000 | 67,000 | |||
Total operating expenses | 7,871,000 | 13,100,000 | 24,646,000 | 48,252,000 | |||
Loss from operations | (7,801,000) | (13,100,000) | (24,412,000) | (48,252,000) | |||
Interest income and other income, net | 1,000 | 2,000 | 2,000 | 45,000 | |||
Loss on foreign currency translation | 0 | 0 | 0 | (1,000) | |||
Gain on settlement of debt | 553,000 | 0 | 553,000 | 0 | |||
Net loss | (7,247,000) | (13,098,000) | (23,857,000) | (48,208,000) | |||
Cash | 17,535,000 | 17,535,000 | $ 28,268,000 | ||||
Accounts receivable | 100,000 | 100,000 | 0 | ||||
Inventory | 1,881,007 | 1,881,007 | 768,319 | ||||
Employee advances | 50,000 | 50,000 | 0 | ||||
Other current assets | 433,000 | 433,000 | |||||
Total current assets | 19,999,000 | 19,999,000 | 29,337,000 | ||||
Property and equipment, net | 557,000 | 557,000 | |||||
Right-to-use assets, net | 693,000 | 693,000 | $ 492,876 | $ 217,903 | 306,000 | ||
Other assets | 424,000 | 424,000 | |||||
Total assets | 21,673,000 | 21,673,000 | $ 30,386,000 | ||||
Corporate Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 108,000 | 433,000 | |||||
Cost of goods sold | 38,000 | 199,000 | |||||
Gross profit | 70,000 | 234,000 | |||||
Research and development | 1,311,000 | 698,000 | 4,042,000 | 3,112,000 | |||
General and administrative | 5,975,000 | 6,807,000 | 17,954,000 | 18,756,000 | |||
Depreciation and amortization | 50,000 | 24,000 | 139,000 | 66,000 | |||
Total operating expenses | 7,336,000 | 7,529,000 | 22,135,000 | 21,934,000 | |||
Loss from operations | (7,266,000) | (7,529,000) | (21,901,000) | (21,934,000) | |||
Interest income and other income, net | 1,000 | 2,000 | 2,000 | 30,000 | |||
Loss on foreign currency translation | 0 | ||||||
Gain on settlement of debt | 0 | 0 | |||||
Net loss | (7,265,000) | (7,527,000) | (21,899,000) | (21,904,000) | |||
Cash | 15,138,000 | 15,138,000 | |||||
Accounts receivable | 100,000 | 100,000 | |||||
Inventory | 1,881,000 | 1,881,000 | |||||
Employee advances | 50,000 | 50,000 | |||||
Other current assets | 431,000 | 431,000 | |||||
Total current assets | 17,600,000 | 17,600,000 | |||||
Property and equipment, net | 551,000 | 551,000 | |||||
Right-to-use assets, net | 693,000 | 693,000 | |||||
Other assets | 424,000 | 424,000 | |||||
Total assets | 19,268,000 | 19,268,000 | |||||
Viral Clear [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 0 | 0 | |||||
Cost of goods sold | 0 | 0 | |||||
Gross profit | 0 | 0 | |||||
Research and development | 4,000 | 4,183,000 | 206,000 | 12,414,000 | |||
General and administrative | 529,000 | 1,358,000 | 2,297,000 | 13,873,000 | |||
Depreciation and amortization | 1,000 | 0 | 3,000 | 0 | |||
Total operating expenses | 534,000 | 5,541,000 | 2,506,000 | 26,287,000 | |||
Loss from operations | (534,000) | (5,541,000) | (2,506,000) | (26,287,000) | |||
Interest income and other income, net | 0 | 0 | 0 | 15,000 | |||
Loss on foreign currency translation | (1,000) | ||||||
Gain on settlement of debt | 553,000 | 553,000 | |||||
Net loss | 19,000 | (5,541,000) | (1,953,000) | (26,273,000) | |||
Cash | 2,397,000 | 2,397,000 | |||||
Accounts receivable | 0 | 0 | |||||
Inventory | 0 | 0 | |||||
Employee advances | 0 | 0 | |||||
Other current assets | 2,000 | 2,000 | |||||
Total current assets | 2,399,000 | 2,399,000 | |||||
Property and equipment, net | 6,000 | 6,000 | |||||
Right-to-use assets, net | 0 | 0 | |||||
Other assets | 0 | 0 | |||||
Total assets | 2,405,000 | 2,405,000 | |||||
NeuroClear Technologies, Inc ("NeuroClear") [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 0 | 0 | |||||
Cost of goods sold | 0 | 0 | |||||
Gross profit | 0 | 0 | |||||
Research and development | 0 | 30,000 | 0 | 30,000 | |||
General and administrative | 1,000 | 0 | 5,000 | 0 | |||
Depreciation and amortization | 0 | 0 | 0 | 1,000 | |||
Total operating expenses | 1,000 | 30,000 | 5,000 | 31,000 | |||
Loss from operations | (1,000) | (30,000) | (5,000) | (31,000) | |||
Interest income and other income, net | 0 | 0 | 0 | 0 | |||
Loss on foreign currency translation | 0 | ||||||
Gain on settlement of debt | 0 | 0 | |||||
Net loss | (1,000) | (30,000) | (5,000) | (31,000) | |||
Cash | 0 | 0 | |||||
Accounts receivable | 0 | 0 | |||||
Inventory | 0 | 0 | |||||
Employee advances | 0 | 0 | |||||
Other current assets | 0 | 0 | |||||
Total current assets | 0 | 0 | |||||
Property and equipment, net | 0 | 0 | |||||
Right-to-use assets, net | 0 | 0 | |||||
Other assets | 0 | 0 | |||||
Total assets | 0 | 0 | |||||
Product [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 100,000 | 0 | 414,000 | 0 | |||
Product [Member] | Corporate Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 100,000 | 414,000 | |||||
Product [Member] | Viral Clear [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 0 | 0 | |||||
Product [Member] | NeuroClear Technologies, Inc ("NeuroClear") [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 0 | 0 | |||||
Service [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 8,000 | $ 0 | 19,000 | $ 0 | |||
Service [Member] | Corporate Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 8,000 | 19,000 | |||||
Service [Member] | Viral Clear [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 0 | 0 | |||||
Service [Member] | NeuroClear Technologies, Inc ("NeuroClear") [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Jan. 05, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | |||
Due to Related Parties, Current | $ 80,000 | $ 317,000 | |
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in Shares) | 450,000 | 216,834 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - $ / shares | Oct. 29, 2021 | Oct. 04, 2021 |
SUBSEQUENT EVENTS (Details) [Line Items] | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 28,750 | |
Stock Issued During Period, Shares, Issued for Services | 27,017 | |
Share-based Payment Arrangement, Option [Member] | ||
SUBSEQUENT EVENTS (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 50,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 2.98 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 50% vesting at date of grant and 50% vesting on the first anniversary of his appointment date, September 20, 2022 |