Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
May 31, 2019 | Jul. 12, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ARTELO BIOSCIENCES, INC. | |
Entity Central Index Key | 0001621221 | |
Trading Symbol | artl | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 3,401,987 | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | May 31, 2019 | Aug. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 286,439 | $ 337,424 |
Prepaid expenses | 26,427 | 35,384 |
Deferred offering costs | 291,670 | |
Deposits | 540,917 | 1,500 |
Other receivable | 6,942 | 22,127 |
Total Current Assets | 1,152,395 | 396,435 |
Equipment, net of accumulated depreciation of $646 and $282, respectively | 857 | 563 |
TOTAL ASSETS | 1,153,252 | 396,998 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 912,413 | 529,272 |
Due to related party | 6,282 | 2,700 |
Derivative liability | 100,178 | |
Total Current Liabilities | 1,018,873 | 531,972 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred Stock, par value $0.001, 6,250,000 shares authorized, 0 and 0 shares issued and outstanding as of May 31, 2019 and August 31, 2018, respectively | ||
Common Stock, par value $0.001, 18,750,000 shares authorized, 2,101,140 and 1,750,268 shares issued and outstanding as of May 31, 2019 and August 31, 2018, respectively | 2,101 | 1,750 |
Additional paid-in capital | 4,107,660 | 2,514,136 |
Accumulated deficit | (3,965,155) | (2,638,580) |
Accumulated other comprehensive loss | (10,227) | (12,280) |
Total Stockholders' Equity (Deficit) | 134,379 | (134,974) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 1,153,252 | $ 396,998 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | May 31, 2019 | Aug. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation on equipment (in dollars) | $ 646 | $ 282 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 6,250,000 | 6,250,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 18,750,000 | 18,750,000 |
Common stock, shares issued | 2,101,140 | 1,750,268 |
Common stock, shares outstanding | 2,101,140 | 1,750,268 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | |
OPERATING EXPENSES | ||||
General and administrative | $ 402,803 | $ 104,564 | $ 666,226 | $ 272,052 |
Professional fees | 354,038 | 236,375 | 731,277 | 463,719 |
Research and development | 184,204 | 236,845 | 858,224 | 917,388 |
Depreciation | 243 | 73 | 383 | 249 |
Total Operating Expenses | 941,288 | 577,857 | 2,256,110 | 1,653,378 |
Loss from Operations | (941,288) | (577,857) | (2,256,110) | (1,653,378) |
OTHER INCOME (EXPENSE) | ||||
Other income | 32,439 | 32,439 | ||
Change in fair value of derivative liabilities | 563,966 | 897,096 | ||
Total other income | (596,405) | (929,535) | ||
Provision for income taxes | 0 | 0 | 0 | 0 |
NET LOSS | (344,883) | (577,857) | (1,326,575) | (1,653,378) |
OTHER COMPREHENSIVE LOSS | ||||
Foreign currency translation adjustments | 771 | (10,062) | 2,053 | (12,341) |
Total Other Comprehensive Income Loss | 771 | (10,062) | 2,053 | (12,341) |
TOTAL COMPREHENSIVE LOSS | $ (344,112) | $ (587,919) | $ (1,324,522) | $ (1,665,719) |
Basic Loss per Common Share (in dollars per share) | $ (0.17) | $ (0.36) | $ (0.70) | $ (1.11) |
Diluted Loss per Common Share (in dollars per share) | $ (0.40) | $ (0.36) | $ (1.04) | $ (1.11) |
Basic Weighted Average Common Shares Outstanding (in shares) | 2,058,929 | 1,592,635 | 1,898,263 | 1,493,713 |
Diluted Weighted Average Common Shares Outstanding (in shares) | 2,267,655 | 1,592,635 | 2,142,959 | 1,493,713 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock | Additional Paid-in Capital (deficiency) | Accumulated Other Comprehensive Income | Accumulated Deficit | Total |
Balances at Aug. 31, 2017 | $ 1,416 | $ 837,853 | $ 657 | $ (295,089) | $ 544,837 |
Balances (in shares) at Aug. 31, 2017 | 1,415,908 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common shares issued for cash | $ 3 | 9,997 | 10,000 | ||
Common shares issued for cash (in shares) | 3,125 | ||||
Common shares issued for services - officers | 17,251 | 17,251 | |||
Net loss for the period | (277,057) | (277,057) | |||
Foreign currency translation adjustments | (1,025) | (1,025) | |||
Balances at Nov. 30, 2017 | $ 1,419 | 865,101 | (368) | (572,146) | 294,006 |
Balances (in shares) at Nov. 30, 2017 | 1,419,033 | ||||
Balances at Aug. 31, 2017 | $ 1,416 | 837,853 | 657 | (295,089) | 544,837 |
Balances (in shares) at Aug. 31, 2017 | 1,415,908 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss for the period | (1,653,378) | ||||
Foreign currency translation adjustments | (12,341) | ||||
Balances at May. 31, 2018 | $ 1,598 | 1,867,208 | (11,684) | (1,948,467) | (91,345) |
Balances (in shares) at May. 31, 2018 | 1,597,639 | ||||
Balances at Nov. 30, 2017 | $ 1,419 | 865,101 | (368) | (572,146) | 294,006 |
Balances (in shares) at Nov. 30, 2017 | 1,419,033 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common shares issued for cash | $ 112 | 582,025 | 582,137 | ||
Common shares issued for cash (in shares) | 111,944 | ||||
Common shares issued for services - officers | 12,750 | 12,750 | |||
Stock option granted for services | $ 15 | 125,985 | 126,000 | ||
Stock option granted for services (in shares) | 15,000 | ||||
Net loss for the period | (798,464) | (798,464) | |||
Foreign currency translation adjustments | (1,254) | (1,254) | |||
Balances at Feb. 28, 2018 | $ 1,546 | 1,585,861 | (1,622) | (1,370,610) | 215,175 |
Balances (in shares) at Feb. 28, 2018 | 1,545,977 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common shares issued for cash | $ 52 | 268,597 | 268,649 | ||
Common shares issued for cash (in shares) | 51,662 | ||||
Common shares issued for services - officers | 12,750 | 12,750 | |||
Net loss for the period | (577,857) | (577,857) | |||
Foreign currency translation adjustments | (10,062) | (10,062) | |||
Balances at May. 31, 2018 | $ 1,598 | 1,867,208 | (11,684) | (1,948,467) | (91,345) |
Balances (in shares) at May. 31, 2018 | 1,597,639 | ||||
Balances at Aug. 31, 2018 | $ 1,750 | 2,514,136 | (12,280) | (2,638,580) | $ (134,974) |
Balances (in shares) at Aug. 31, 2018 | 1,750,268 | 1,750,268 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common shares issued for cash | $ 29 | 170,745 | $ 170,774 | ||
Common shares issued for cash (in shares) | 29,290 | ||||
Common shares issued for services - officers | 13,000 | 13,000 | |||
Stock option granted for services | 28,051 | 28,051 | |||
Net loss for the period | (556,903) | (556,903) | |||
Foreign currency translation adjustments | 4,888 | 4,888 | |||
Balances at Nov. 30, 2018 | $ 1,779 | 2,725,932 | (7,392) | (3,195,483) | (475,164) |
Balances (in shares) at Nov. 30, 2018 | 1,779,558 | ||||
Balances at Aug. 31, 2018 | $ 1,750 | 2,514,136 | (12,280) | (2,638,580) | $ (134,974) |
Balances (in shares) at Aug. 31, 2018 | 1,750,268 | 1,750,268 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss for the period | $ (1,326,575) | ||||
Foreign currency translation adjustments | 2,053 | ||||
Balances at May. 31, 2019 | $ 2,101 | 4,107,660 | (10,227) | (3,965,155) | $ 134,379 |
Balances (in shares) at May. 31, 2019 | 2,101,140 | 2,101,140 | |||
Balances at Nov. 30, 2018 | $ 1,779 | 2,725,932 | (7,392) | (3,195,483) | $ (475,164) |
Balances (in shares) at Nov. 30, 2018 | 1,779,558 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common shares issued for cash | $ 181 | 1,086,950 | 1,087,131 | ||
Common shares issued for cash (in shares) | 180,345 | ||||
Common shares issued for services - officers | 13,000 | 13,000 | |||
Stock option granted for services | 29,304 | 29,304 | |||
Reclass of warrant derivative liability from equity | (918,050) | (918,050) | |||
Net loss for the period | (424,789) | (424,789) | |||
Foreign currency translation adjustments | (3,606) | (3,606) | |||
Balances at Feb. 28, 2019 | $ 1,960 | 2,937,136 | (10,998) | (3,620,272) | (692,174) |
Balances (in shares) at Feb. 28, 2019 | 1,959,903 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common shares issued for cash | $ 55 | 417,677 | 417,732 | ||
Common shares issued for cash (in shares) | 54,940 | ||||
Common shares issued for services - officers | 13,000 | 13,000 | |||
Common shares issued for services - related party | $ 25 | 239,975 | 240,000 | ||
Common shares issued for services - related party (in shares) | 25,000 | ||||
Reclass of warrant derivative liability from equity | (79,224) | (79,224) | |||
Common shares issued for deposit of exercise of the license | $ 61 | 539,356 | 539,417 | ||
Common shares issued for deposit of exercise of the license (in shares) | 61,297 | ||||
Common shares issued for services | 39,740 | 39,740 | |||
Net loss for the period | (344,883) | (344,883) | |||
Foreign currency translation adjustments | 771 | 771 | |||
Balances at May. 31, 2019 | $ 2,101 | $ 4,107,660 | $ (10,227) | $ (3,965,155) | $ 134,379 |
Balances (in shares) at May. 31, 2019 | 2,101,140 | 2,101,140 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
May 31, 2019 | May 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (1,326,575) | $ (1,653,378) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock based compensation | 376,095 | 168,751 |
Depreciation | 383 | 249 |
Change in fair value of derivative | (897,096) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 8,957 | (56,338) |
Other receivable | 15,185 | (16,484) |
Accounts payable and accrued liabilities | 91,471 | 461,052 |
Net cash used in operating activities | (1,731,580) | (1,096,148) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of equipment | (688) | (887) |
Net cash used in investing activities | (688) | (887) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuance of common shares for cash | 1,675,637 | 860,786 |
Advance from related party | 12,222 | 18,472 |
Repayment to related party | (8,087) | (16,602) |
Net cash provided by financing activities | 1,679,772 | 862,656 |
Effects on changes in foreign exchange rate | 1,511 | (12,373) |
Net decrease in cash and cash equivalents | (50,985) | (246,752) |
Cash and cash equivalents - beginning of period | 337,424 | 572,775 |
Cash and cash equivalents - end of period | 286,439 | 326,023 |
Supplemental Cash Flow | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | 0 | $ 0 |
Non-cash financing and investing activities: | ||
Common shares issued for deposit of exercise of the license | 539,417 | |
Reclass of warrant derivative liability from equity | 997,274 | |
Deferred offering costs incurred | $ 291,670 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
May 31, 2019 | |
Organization And Description Of Business [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS ARTELO BIOSCIENCES, INC. (the “Company”) is a Nevada corporation incorporated on May 2, 2011. It is based in San Diego County, California. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”), and the Company’s fiscal year end is August 31st. Effective on February 10, 2017, the Company changed its name from “KNIGHT KNOX DEVELOPMENT CORP.,” to “REACTIVE MEDICAL INC.” On April 14, 2017, the Company changed its name from “REACTIVE MEDICAL INC.” to “ARTELO BIOSCIENCES, INC.” The Company registered fully owned subsidiaries in Ireland, Trinity Reliant Ventures Limited, on November 11, 2016 and in the UK, Trinity Research & Development Limited, on June 2, 2017. Operations in the subsidiaries have been consolidated in the financial statements. The Company intends to license, develop and commercialize novel therapeutic treatments targeting the endocannabinoid system. To date, the Company’s activities have primarily been limited to its formation, business development activities, sponsored research, and the raising of equity capital. Reverse stock split The Company filed a Certificate of Change with the Secretary of State of Nevada, pursuant to which, effective on June 20, 2019, the Company effected a one-for-eight reverse split of its authorized and issued and outstanding common stock (the “Reverse Stock Split”). The number of authorized shares of common stock was reduced from 150,000,000 to 18,750,000. The Company’s authorized Preferred Stock was reduced from 50,000,000 to 6,250,000. All share and per share information in these financial statements retroactively reflect this reverse stock split. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
May 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company prepares its financial statements in accordance with rules and regulations of the Securities and Exchange Commission (the “SEC”) and GAAP. The accompanying interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the Company’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended May 31, 2019 are not necessarily indicative of the results for the full year. While management of the Company believes that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended August 31, 2018 contained in the Company’s Form 10-K filed on November 29, 2018. Basis of Consolidation The financial statements have been prepared on a consolidated basis, with the Company’s fully owned subsidiaries Trinity Reliant Ventures Limited and Trinity Research & Development Limited. All intercompany balances and transactions have been eliminated. Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. We evaluate all of our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company used a Monte Carlo valuation model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. Intangible Assets The Company capitalizes certain costs to acquire intangible assets; if such assets are determined to have a finite useful life they are amortized on a straight-line basis over the estimated useful life. The Company tests its intangible assets for impairment at least annually and whenever events or circumstances change that indicate impairment may have occurred. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others and without limitation: a significant decline in the Company’s expected future cash flows; a sustained, significant decline in the Company’s stock price and market capitalization; a significant adverse change in legal factors or in the business climate of the Company’s segments; unanticipated competition; and slower growth rates. Deferred Offering Costs Deferred offering costs were capitalized and consisted of fees and expenses incurred directly in connection with the Company’s offering that was completed subsequent to May 31, 2019. Refer to Note 9 for further details on the offering. Capitalized costs include legal and accounting costs. As of May 31, 2019, deferred offering costs of $291,670 have been capitalized, of which none have been paid. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
May 31, 2019 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3 - GOING CONCERN The Company’s financial statements are prepared using GAAP applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not established an ongoing source of revenues sufficient to cover its operating cost and requires additional capital to commence its operating plan. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These factors raise substantial doubt about its ability to continue as a going concern. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan to obtain such resources for the Company includes: sales of equity instruments; traditional financing, such as loans; and obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans. There is no assurance that the Company will be able to obtain sufficient additional funds when needed or that such funds, if available, will be obtainable on terms satisfactory to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations. However, there is no assurance that the Company will attain profitability. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. During the nine months ended May 31, 2019, the Company had a net loss of $1,324,522. As of May 31, 2019, the Company had an accumulated deficit of $3,965,155 and has earned no revenues. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for future periods. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
May 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 - RELATED PARTY TRANSACTIONS During the nine months ended May 31, 2019, the president of the Company incurred $1,230 of expenses on behalf of the Company. The amounts owed to the related party as of May 31, 2019 and August 31, 2018 are $3,432 and $2,202, respectively. The amounts are non-interest bearing and have no terms of repayment. During the nine months ended May 31, 2019, the former President, and current Senior Vice President, European Operations, who is a major stockholder of the Company, paid for expenses on behalf of the Company for a total of $10,992. The amount of $8,087 was repaid during the nine months ended May 31, 2019. The amounts owed to the related party as of May 31, 2019 and August 31, 2018 are $2,850 and $498, respectively. The amounts are non-interest bearing, and have no terms of repayment. During the nine months ended May 31, 2019, Blackrock Ventures, Ltd., an entity owned by the Senior Vice President, European Operations, who is a major stockholder of the Company, provided $30,000 worth of consulting services to the Company. On March 15, 2019, the Board approved the issuance of 25,000 shares of our common stock valued at $240,000 in exchange for its prior services to the Company. |
EQUITY
EQUITY | 9 Months Ended |
May 31, 2019 | |
Equity [Abstract] | |
EQUITY | NOTE 5 - EQUITY Preferred shares The Company has authorized 6,250,000 shares of preferred stock with a par value of $0.001 per share. During the nine months ended May 31, 2019, there were no issuances of preferred stock. Common Shares The Company has authorized 18,750,000 shares of common stock with a par value of $0.001 per share. Each share of common stock entitles the holder to one vote, in person or proxy, on any matter on which an action of the stockholders of the Company is sought. During the nine months ended May 31, 2019, the Company received cash of $1,257,905 for 209,635 units at a price of $6.00 per unit (a “Series D Unit”) pursuant to the Company’s Series D offering. Each Series D Unit consists of: (i) one (1) share of common stock; and (ii) one (1) Series D Stock Purchase Warrant to purchase one (1) share of common stock at a price of $14.00 per share, for a period of 5 years from the issue date. During the nine months ended May 31, 2019, the Company received cash of $417,732 for 54,940 units at a price of $7.60 per unit (a “Series E Unit”) pursuant to the Company’s Series E Offering. Each Series E Unit consists of: (i) one (1) share of common stock; and (ii) one (1) Series E Stock Purchase Warrant to purchase one-half (1/2) share of common stock at a price of $16.00 per share for a period of 3 years from the issue date. On March 15, 2019, the Board approved the issuance of 25,000 shares of our common stock valued at $240,000 to Blackrock Ventures, Ltd., a Company owned by a former director, in exchange for its prior services to the Company. During the nine months ended May 31, 2019, the Company issued 61,297 shares of common stock to NEOMED for exercise of the license valued at $539,417. The Company recorded this as a deposit. Warrants In connection with the common stock sold pursuant to subscription agreements in fiscal year 2019, 2018 and 2017, each individual investor received warrants to purchase additional shares of common stock. For each unit purchased in the Company’s Series A offering, Series B offering, Series C offering and Series D offering, each investor will receive one Series A, Series B, Series C and Series D Common Stock Purchase Warrant, respectively, to purchase one share of the Company’s common stock for a period of five years from the date of the subscription agreement at a price per share from $8.00 to $14.00, depending on the subscription round. For each unit purchased in the Company’s Series E offering, each investor will receive one Series E Common Stock Purchase Warrant to purchase one-half (1/2) share of the Company’s common stock for a period of three years from the date of the subscription agreement at a price per share of $16.00. Under the terms of the subscription agreements for the Company’s private placement offerings, following the closing date of such private offering until the earlier of (i) the date that the registration statement of the shares issued in such offering is declared effective by the SEC, or (ii) the date the shares otherwise become freely tradable, if the Company issues any common stock or common stock equivalent entitling the new investor to acquire common stock at a price below the purchase price for that particular prior subscription agreement, the Company will be required to issue the prior investor additional units, each consisting of one share of common stock and a warrant to purchase one share of common stock, equal to the difference between the units actually issued at such closing to the new investor, and the number of units we would have issued to the prior investor had the offering been completed at this new, lower price per share. Management reviewed the terms of the agreements and determined that in accordance with ASC 815, these cash subscription agreements entered into by the Company contain derivative features. As of May 31, 2019, a derivative liability of $100,178 has been recorded. A summary of activity during the nine months ended May 31, 2019 follows: Weighted Weighted Number of Average Average shares Exercise Price Life (years) Outstanding, August 31, 2018 495,268 $ 10.40 4.23 Granted 237,083 14.23 4.77 Forfeited - - - Exercised - - - Outstanding, May 31, 2019 732,351 $ 11.63 3.75 The intrinsic value of the warrants as of May 31, 2019 is $195,226. Stock Options On August 17, 2018, the Company granted options to consultants to purchase an aggregate of 50,000 shares of the Company’s common stock at a price of $10.80 per share with various vesting schedules. The options expire on August 17, 2028, unless such consultant ceases his or her service as a consultant prior the exercise or expiration of the option. One consultant also serves as a director of the Company. During the nine months ended May 31, 2019, $97,095 was expensed, and as of May 31, 2019, $332,431 remains unamortized. The intrinsic value of the 50,000 options as of May 31, 2019 is $0, and the weighted average value of the remaining life of the options is 9.22 years. During the nine months ended May 31, 2019, the Company recorded $39,000 of stock compensation expense for five members of the Company’s Board of Directors. The following is a summary of stock option activity during the nine months ended May 31, 2019: Options Outstanding Number of Weighted Average Fair Value Options Exercise Price on Grant Date Outstanding, August 31, 2018 50,000 $ 10.80 $ 536,688 Granted - - - Exercised - - - Forfeited/canceled - - - Outstanding, May 31, 2019 50,000 $ 10.80 $ 536,688 The following table summarizes information relating to exercisable stock options as of May 31, 2019: Options Outstanding Options Exercisable Number of Weighted Average Remaining Weighted Average Number of Weighted Average Options Contractual life (in years) Exercise Price Shares Exercise Price 50,000 9.22 $ 10.80 19,029 $ 10.80 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
May 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 – COMMITMENTS AND CONTINGENCIES The Company has certain financial commitments in relation to Research and Development contracts. As of May 31, 2019: · The Company is obligated to make one payment of $77,760 on March 1, 2019 for research and development. The March 1, 2019 payment has not yet been made by the Company. · The Company is obligated to make two semi-annual payments totaling 115,000 GBP over the next year. A payment of $57,500 GBP is due on October 5, 2018, and April 5, 2019, respectively. The October 5, 2018 and April 5, 2019 payments have not yet been paid by the Company. · The Company is invoiced monthly and quarterly in relation to several Research and Development contracts. · The Company may be obligated to make additional payments related to Research and Development contracts entered into, dependent on the progress and milestones achieved through the programs. |
DEPOSIT
DEPOSIT | 9 Months Ended |
May 31, 2019 | |
Deposits [Abstract] | |
DEPOSIT | NOTE 7 – DEPOSIT During the nine months ended May 31, 2019, the Company issued 61,297 shares of common stock to NEOMED for exercise of the license. The value of the common shares was $539,417 based on the stock price at agreement date. |
DERIVATIVE LIABILITY AND FAIR V
DERIVATIVE LIABILITY AND FAIR VALUE MEASUREMENTS | 9 Months Ended |
May 31, 2019 | |
Derivative Liability And Fair Value Measurements [Abstract] | |
DERIVATIVE LIABILITY AND FAIR VALUE MEASUREMENTS | NOTE 8 – DERIVATIVE LIABILITY AND FAIR VALUE MEASUREMENTS The Company recognized a derivative liability related to the purchase price protection clause associated with the Series D and Series E private offerings (Note 5). Additional units would be issued to the unit holder if the Company should issue common stock or the equivalent at a share price less than $6.00 per share (Series D) or a share price less than $7.60 (Series E). In accordance with ASC 815-10- Derivatives and Hedging Changes in the fair value of the warrant liability were as follows: Fair value – August 31, 2018 $ - Reclass of warrant derivative liability from equity (997,274 ) Change in fair value for the period of warrant derivative liability 897,096 Fair value – May 31, 2019 (100,178 ) The Monte Carlo pricing model was used to estimate the fair value of the derivative liability and reflected the following assumptions: Nine Months Ended May 31, 2019 Year Ended August 31, 2018 Assumptions for Pricing Model: Expected term in years 0.06 – 0.16 - Volatility 146% - Risk-free interest rate 2.35%-2.43 % - Expected annual dividends 0% - |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
May 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS On June 25, 2019, the Company sold an aggregate of 1,300,813 units with each unit consisting of one (1) share of the Company’s common stock, par value $0.001 per share and a warrant to purchase one (1) share of common stock at an exercise price equal to $6.4575 per share. The offering price to the public was $6.15 per unit. In addition, the Company granted the Underwriters a 45-day option to purchase up to 195,121 additional shares of common stock, or warrants, or any combination thereof, to cover over-allotments, if any. Simultaneously with the closing of the offering the Company sold 191,102 warrants at $0.01 per warrant for cash proceeds of $1,911 upon the partial exercise of the underwriters’ over-allotment option. The Company received gross proceeds of approximately $8,001,911, before deducting underwriting discounts and commissions of eight percent (8%) of the gross proceeds and estimated offering expenses. In relation to the offering described above, the Company also agreed to issue to the underwriters warrants to purchase up to a total of 104,065 shares of Common Stock (8% of the shares of Common Stock sold in the offering). The underwriter’s warrants are exercisable at $6.765 per share of common stock and have a term of three years. The warrants were issued for services provided by the underwriters. In July 2019, the Company completed a $1,500,000 payment to NEOMED for the exercise of the license. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
May 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company prepares its financial statements in accordance with rules and regulations of the Securities and Exchange Commission (the “SEC”) and GAAP. The accompanying interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the Company’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended May 31, 2019 are not necessarily indicative of the results for the full year. While management of the Company believes that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended August 31, 2018 contained in the Company’s Form 10-K filed on November 29, 2018. |
Basis of Consolidation | Basis of Consolidation The financial statements have been prepared on a consolidated basis, with the Company’s fully owned subsidiaries Trinity Reliant Ventures Limited and Trinity Research & Development Limited. All intercompany balances and transactions have been eliminated. Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. We evaluate all of our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company used a Monte Carlo valuation model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. |
Intangible Assets | Intangible Assets The Company capitalizes certain costs to acquire intangible assets; if such assets are determined to have a finite useful life they are amortized on a straight-line basis over the estimated useful life. The Company tests its intangible assets for impairment at least annually and whenever events or circumstances change that indicate impairment may have occurred. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others and without limitation: a significant decline in the Company’s expected future cash flows; a sustained, significant decline in the Company’s stock price and market capitalization; a significant adverse change in legal factors or in the business climate of the Company’s segments; unanticipated competition; and slower growth rates. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs were capitalized and consisted of fees and expenses incurred directly in connection with the Company’s offering that was completed subsequent to May 31, 2019. Refer to Note 9 for further details on the offering. Capitalized costs include legal and accounting costs. As of May 31, 2019, deferred offering costs of $291,670 have been capitalized, of which none have been paid. |
EQUITY (Tables)
EQUITY (Tables) | 9 Months Ended |
May 31, 2019 | |
Equity [Abstract] | |
Summary of activity warrants outstanding | Weighted Weighted Number of Average Average shares Exercise Price Life (years) Outstanding, August 31, 2018 495,268 $ 10.40 4.23 Granted 237,083 14.23 4.77 Forfeited - - - Exercised - - - Outstanding, May 31, 2019 732,351 $ 11.63 3.75 |
Summary of stock option activity | Options Outstanding Number of Weighted Average Fair Value Options Exercise Price on Grant Date Outstanding, August 31, 2018 50,000 $ 10.80 $ 536,688 Granted - - - Exercised - - - Forfeited/canceled - - - Outstanding, May 31, 2019 50,000 $ 10.80 $ 536,688 |
Summary of exercisable stock options outstanding | Options Outstanding Options Exercisable Number of Weighted Average Remaining Weighted Average Number of Weighted Average Options Contractual life (in years) Exercise Price Shares Exercise Price 50,000 9.22 $ 10.80 19,029 $ 10.80 |
DERIVATIVE LIABILITY AND FAIR_2
DERIVATIVE LIABILITY AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
May 31, 2019 | |
Derivative Liability And Fair Value Measurements [Abstract] | |
Summary of fair value of warrant liability | Fair value – August 31, 2018 $ - Reclass of warrant derivative liability from equity (997,274 ) Change in fair value for the period of warrant derivative liability 897,096 Fair value – May 31, 2019 (100,178 ) |
Summary of pricing model of estimate fair value of derivative liability | Nine Months Ended May 31, 2019 Year Ended August 31, 2018 Assumptions for Pricing Model: Expected term in years 0.06 – 0.16 - Volatility 146% - Risk-free interest rate 2.35%-2.43 % - Expected annual dividends 0% - |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Detail Textuals) - shares | Jun. 20, 2019 | Jun. 19, 2019 | May 31, 2019 | Aug. 31, 2018 |
Schedule Of Organization And Description Of Business [Line Items] | ||||
Common stock, shares authorized | 18,750,000 | 18,750,000 | ||
Preferred stock, shares authorized | 6,250,000 | 6,250,000 | ||
Subsequent event | ||||
Schedule Of Organization And Description Of Business [Line Items] | ||||
Common stock, shares authorized | 18,750,000 | 150,000,000 | ||
Preferred stock, shares authorized | 6,250,000 | 50,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) | May 31, 2019USD ($) |
Accounting Policies [Abstract] | |
Deferred offering costs capitalized | $ 291,670 |
GOING CONCERN (Detail Textuals)
GOING CONCERN (Detail Textuals) - USD ($) | 3 Months Ended | 9 Months Ended | |||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | Aug. 31, 2018 | |
Going Concern [Abstract] | |||||
Net loss | $ (344,112) | $ (587,919) | $ (1,324,522) | $ (1,665,719) | |
Accumulated deficit | $ 3,965,155 | $ 3,965,155 | $ 2,638,580 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($) | Mar. 15, 2019 | May 31, 2019 | May 31, 2019 | Aug. 31, 2018 |
Related Party Transaction [Line Items] | ||||
Due to related party | $ 6,282 | $ 6,282 | $ 2,700 | |
Value of number of shares issued for consulting services | 240,000 | |||
Former President, and current Senior Vice President, European Operations | ||||
Related Party Transaction [Line Items] | ||||
Expenses paid by related party | 10,992 | |||
Due to related party | 2,850 | 2,850 | 498 | |
Repayments to related party | 8,087 | |||
President | ||||
Related Party Transaction [Line Items] | ||||
Expenses paid by related party | 1,230 | |||
Due to related party | $ 3,432 | 3,432 | $ 2,202 | |
Senior Vice President, European Operations | ||||
Related Party Transaction [Line Items] | ||||
Consulting services | $ 30,000 | |||
Number of shares issued for consulting services (in shares) | 25,000 | |||
Value of number of shares issued for consulting services | $ 240,000 |
EQUITY (Details)
EQUITY (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
May 31, 2019 | Aug. 31, 2018 | |
Number of shares | ||
Number of shares Outstanding | 495,268 | |
Number of warrant granted | 237,083 | |
Number of warrant forfeited | 0 | |
Number of warrant exercised | 0 | |
Number of shares Outstanding | 732,351 | 495,268 |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price,Outstanding | $ 10.40 | |
Weighted Average Exercise Price Granted | 14.23 | |
Weighted Average Exercise Price Forfeited | 0 | |
Weighted Average Exercise Price Exercised | 0 | |
Weighted Average Exercise Price,Outstanding | $ 11.63 | $ 10.40 |
Weighted Average Life (years) | ||
Weighted Average Life (years), Outstanding | 3 years 9 months | 4 years 2 months 23 days |
Weighted Average Life (years), Granted | 4 years 9 months 7 days |
EQUITY (Details 1)
EQUITY (Details 1) - USD ($) | 9 Months Ended | 12 Months Ended |
May 31, 2019 | Aug. 31, 2018 | |
Number of Options Outstanding | ||
Number of Options Outstanding | 50,000 | |
Number of Options Granted | 0 | |
Number of Options Exercised | 0 | |
Number of Options Forfeited/canceled | 0 | |
Number of Options Outstanding | 50,000 | 50,000 |
Weighted Average Exercise Price Options Outstanding | ||
Weighted Average Exercise Price, Outstanding | $ 10.80 | |
Weighted Average Exercise Price, Granted | 0 | |
Weighted Average Exercise Price, Exercised | 0 | |
Weighted Average Exercise Price, Forfeited/canceled | 0 | |
Weighted Average Exercise Price, Outstanding | $ 10.80 | $ 10.80 |
Fair Value on Grant Date | $ 536,688 | $ 536,688 |
EQUITY (Details 2)
EQUITY (Details 2) | 9 Months Ended |
May 31, 2019$ / sharesshares | |
Equity [Abstract] | |
Number of Options exercisable | shares | 50,000 |
Weighted Average Remaining Contractual life (in years) | 9 years 2 months 19 days |
Weighted Average Exercise Price | $ / shares | $ 10.80 |
Number of Shares Warrants Exercisable | shares | 19,029 |
Warrants Exercisable Weighted Average Exercise Price | $ / shares | $ 10.80 |
EQUITY (Detail Textuals)
EQUITY (Detail Textuals) | Mar. 15, 2019USD ($)shares | May 31, 2019USD ($)$ / sharesshares | Feb. 28, 2019USD ($) | Nov. 30, 2018USD ($) | May 31, 2018USD ($) | Feb. 28, 2018USD ($) | Nov. 30, 2017USD ($) | May 31, 2019USD ($)Warrant$ / sharesshares | Aug. 31, 2018$ / sharesshares |
Related Party Transaction [Line Items] | |||||||||
Preferred stock, shares authorized | 6,250,000 | 6,250,000 | 6,250,000 | ||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Preferred stock, shares issued | 0 | 0 | 0 | ||||||
Common stock, shares authorized | 18,750,000 | 18,750,000 | 18,750,000 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Common stock holder voting rights | Each share of common stock entitles the holder to one vote, in person or proxy | ||||||||
Value for issuance of common shares | $ | $ 417,732 | $ 1,087,131 | $ 170,774 | $ 268,649 | $ 582,137 | $ 10,000 | |||
Derivative liability | $ | $ 100,178 | $ 100,178 | |||||||
Blackrock Ventures, Ltd | |||||||||
Related Party Transaction [Line Items] | |||||||||
Value for issuance of common shares | $ | $ 240,000 | ||||||||
Number of issuance of common shares | 25,000 | ||||||||
NEOMED | |||||||||
Related Party Transaction [Line Items] | |||||||||
Value for issuance of common shares | $ | $ 539,417 | ||||||||
Number of issuance of common shares | 61,297 | ||||||||
Series D Common Stock Purchase Warrant | |||||||||
Related Party Transaction [Line Items] | |||||||||
Value for issuance of common shares | $ | $ 1,257,905 | ||||||||
Number of issuance of common shares | 209,635 | ||||||||
Share price | $ / shares | $ 6 | $ 6 | |||||||
Exercise price of warrants | $ / shares | 14 | $ 14 | |||||||
Number of warrant to purchase common stock | 1 | ||||||||
Number of purchase common stock shares | Warrant | 1 | ||||||||
Term of common stock warrant | 5 years | ||||||||
Series E Common Stock Purchase Warrant | |||||||||
Related Party Transaction [Line Items] | |||||||||
Value for issuance of common shares | $ | $ 417,732 | ||||||||
Number of issuance of common shares | 54,940 | ||||||||
Share price | $ / shares | $ 7.60 | $ 7.60 | |||||||
Purchase warrants outstanding | $ | $ 16 | $ 16 | |||||||
Number of warrant to purchase common stock | 1 | ||||||||
Number of purchase common stock shares | Warrant | 1 | ||||||||
Term of common stock warrant | 3 years | ||||||||
Number of common stock called by each warrant | 0.5 | 0.5 | |||||||
Stock purchase agreement | Series A, B, C and D common stock purchase warrant | |||||||||
Related Party Transaction [Line Items] | |||||||||
Warrant intrinsic value | $ | $ 195,226 | $ 195,226 | |||||||
Stock purchase agreement | Series A, B, C and D common stock purchase warrant | Minimum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Exercise price of warrants | $ / shares | $ 8 | $ 8 | |||||||
Stock purchase agreement | Series A, B, C and D common stock purchase warrant | Maximum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Exercise price of warrants | $ / shares | $ 16 | $ 16 |
EQUITY (Detail Textuals 1)
EQUITY (Detail Textuals 1) - USD ($) | 1 Months Ended | 9 Months Ended |
Aug. 17, 2018 | May 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation | $ 39,000 | |
Number of shares granted during period | 0 | |
Value of the remaining life of the options | 9 years 2 months 19 days | |
Equity Incentive Plan 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation | $ 97,095 | |
Remains unamortized stock base expenses | $ 332,431 | |
Number of shares granted during period | 50,000 | |
Intrinsic value | $ 0 | |
Value of the remaining life of the options | 9 years 2 months 19 days | |
Equity Incentive Plan 2018 | Director and consultants | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price | $ 10.8 | |
Number of shares granted during period | 50,000 | |
Expiration date under plan | Aug. 17, 2028 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Detail Textuals) - 9 months ended May 31, 2019 - Research and Development Contracts | USD ($) | GBP (£) |
Long-term Purchase Commitment [Line Items] | ||
Total semi annual payments | £ 115,000 | |
March 1, 2019 | ||
Long-term Purchase Commitment [Line Items] | ||
Payment for research and development | $ | $ 77,760 | |
October 5, 2018 | ||
Long-term Purchase Commitment [Line Items] | ||
Total semi annual payments | 57,500 | |
April 5, 2019 | ||
Long-term Purchase Commitment [Line Items] | ||
Total semi annual payments | £ 57,500 |
DEPOSIT (Detail Textuals)
DEPOSIT (Detail Textuals) - USD ($) | 3 Months Ended | 9 Months Ended |
May 31, 2019 | May 31, 2019 | |
Schedule Of Deposits [Line Items] | ||
Value of common shares issued | $ 539,417 | |
NEOMED | ||
Schedule Of Deposits [Line Items] | ||
Value of common shares issued | $ 539,417 | |
Number of common shares issued | 61,297 |
DERIVATIVE LIABILITY AND FAIR_3
DERIVATIVE LIABILITY AND FAIR VALUE MEASUREMENTS (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
May 31, 2019 | May 31, 2019 | |
Fair Value Of Warrant Liability Roll Forward | ||
Reclass of warrant derivative liability from equity | $ (997,274) | |
Change in fair value for the period of warrant derivative liability | $ 563,966 | 897,096 |
Fair value - May 31, 2019 | 100,178 | 100,178 |
Warrant liability | ||
Fair Value Of Warrant Liability Roll Forward | ||
Fair value - August 31, 2018 | 0 | |
Reclass of warrant derivative liability from equity | (997,274) | |
Change in fair value for the period of warrant derivative liability | 897,096 | |
Fair value - May 31, 2019 | $ (100,178) | $ (100,178) |
DERIVATIVE LIABILITY AND FAIR_4
DERIVATIVE LIABILITY AND FAIR VALUE MEASUREMENTS (Details 1) - Warrant - Percent | 9 Months Ended | |
May 31, 2019 | Aug. 31, 2018 | |
Expected term in years | Minimum | ||
Derivative Liability And Fair Value Measurements [Line Items] | ||
Derivative liability, measurement input expected term | 22 days | |
Expected term in years | Maximum | ||
Derivative Liability And Fair Value Measurements [Line Items] | ||
Derivative liability, measurement input expected term | 1 month 28 days | |
Volatility | ||
Derivative Liability And Fair Value Measurements [Line Items] | ||
Derivative liability, measurement input | 146 | 0 |
Risk-free interest rate | ||
Derivative Liability And Fair Value Measurements [Line Items] | ||
Derivative liability, measurement input | 0 | |
Risk-free interest rate | Minimum | ||
Derivative Liability And Fair Value Measurements [Line Items] | ||
Derivative liability, measurement input | 2.35 | |
Risk-free interest rate | Maximum | ||
Derivative Liability And Fair Value Measurements [Line Items] | ||
Derivative liability, measurement input | 2.43 | |
Expected annual dividends | ||
Derivative Liability And Fair Value Measurements [Line Items] | ||
Derivative liability, measurement input | 0 | 0 |
DERIVATIVE LIABILITY AND FAIR_5
DERIVATIVE LIABILITY AND FAIR VALUE MEASUREMENTS (Detail Textuals) | May 31, 2019$ / shares |
Series D offering | |
Derivative Liability And Fair Value Measurements [Line Items] | |
Share price | $ 6 |
Series E offering | |
Derivative Liability And Fair Value Measurements [Line Items] | |
Share price | $ 7.60 |
SUBSEQUENT EVENTS (Detail Textu
SUBSEQUENT EVENTS (Detail Textuals) - USD ($) | 1 Months Ended | |||
Jul. 31, 2019 | Jun. 25, 2019 | May 31, 2019 | Aug. 31, 2018 | |
Subsequent Event [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Subsequent event | ||||
Subsequent Event [Line Items] | ||||
Exercise price of warrants | $ 6.4575 | |||
Number of warrant to purchase common stock | 1 | |||
Number of common stock called by each warrant | 1 | |||
Common stock, par value (in dollars per share) | $ 0.001 | |||
Number of units sold | 1,300,813 | |||
Subsequent event | NEOMED | ||||
Subsequent Event [Line Items] | ||||
Payment for purchase license | $ 1,500,000 | |||
Subsequent event | Over-allotment option | ||||
Subsequent Event [Line Items] | ||||
Exercise price of warrants | $ 6.765 | |||
Number of warrant to purchase common stock | 104,065 | |||
Term of common stock warrant | 3 years | |||
Offering price, per unit | $ 6.15 | |||
Number of additional shares purchased | 195,121 | |||
Gross proceeds before deducting underwriting discounts and commissions | $ 8,001,911 | |||
Percentage Of Underwriting Discounts And Commissions | 8.00% | |||
Number of warrants sold | 191,102 | |||
Share price | $ 0.01 | |||
Proceeds from warrant exercises | $ 1,911 |