Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 15, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | IASO BioMed, Inc. | |
Entity Central Index Key | 0001662907 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 37,248,744 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash | $ 11,100 | $ 140,234 |
Prepaid expenses | 4,522 | 1,451 |
Total current assets | 15,622 | 141,685 |
TOTAL ASSETS | 15,622 | 141,685 |
CURRENT LIABILITIES: | ||
Accounts payable | 150,633 | 92,901 |
Accounts payable, related party | 70,000 | 43,000 |
Note payable, related party | 60,000 | 60,000 |
Accrued salaries | 515,000 | 402,500 |
Accrued board fees | 170,000 | 140,000 |
Accrued interest, related party | 7,589 | 5,803 |
Total current liabilities | 973,222 | 744,204 |
TOTAL LIABILITIES | 973,222 | 744,204 |
COMMITMENTS AND CONTINGENCIES (Note 5) | ||
STOCKHOLDERS' DEFICIT: | ||
Preferred stock, $.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, $.0001 par value, 100,000,00 shares authorized; 37,248,744 and 35,952,632 shares issued and outstanding | 3,725 | 3,595 |
Additional paid-in capital | 2,437,432 | 2,435,051 |
Accumulated deficit | (3,398,757) | (3,041,165) |
Total shareholders' deficit | (957,600) | (602,519) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 15,622 | $ 141,685 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ .0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, Shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 37,248,744 | 35,952,632 |
Common stock, shares outstanding | 37,248,744 | 35,952,632 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating expenses: | ||||
General and administrative | 151,035 | 104,793 | 288,806 | 645,150 |
Professional and consulting expense, related party | 15,000 | 15,000 | 32,000 | 20,000 |
Research and development | 75,000 | 35,000 | 85,000 | |
Total operating expenses | 166,035 | 194,793 | 355,806 | 750,150 |
Loss From Operations | (166,035) | (194,793) | (355,806) | (750,150) |
Other Expenses: | ||||
Interest expense, related party | 898 | 898 | 1,786 | 1,786 |
Total other expenses | 898 | 898 | 1,786 | 1,786 |
Net Loss | $ (166,933) | $ (195,691) | $ (357,592) | $ (751,936) |
Earnings per Common Share: | ||||
Basic and diluted loss per share | $ 0.01 | $ (0.01) | $ (0.01) | $ (0.02) |
Weighted average number of common Shares outstanding: | ||||
Basic and diluted | 37,248,744 | 34,922,412 | 37,149,134 | 34,726,113 |
Condensed Statement of Stockhol
Condensed Statement of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2017 | $ 3,425 | $ 1,108,126 | $ (1,403,928) | $ (292,377) |
Balance, shares at Dec. 31, 2017 | 33,252,632 | |||
Sale of common stock | $ 25 | 99,975 | 100,000 | |
Sale of common stock, shares | 250,000 | |||
Warrant exercises | $ 43 | 4,207 | 4,250 | |
Warrant exercises, shares | 425,000 | |||
Share-based compensation | 357,428 | 357,428 | ||
Net loss | (751,936) | (751,936) | ||
Balance at Jun. 30, 2018 | $ 3,493 | 1,569,736 | (2,155,864) | (582,635) |
Balance, shares at Jun. 30, 2018 | 33,927,632 | |||
Balance at Mar. 31, 2018 | $ 3,490 | 1,569,489 | (1,960,173) | (387,194) |
Balance, shares at Mar. 31, 2018 | 34,902,632 | |||
Warrant exercises | $ 3 | 247 | 250 | |
Warrant exercises, shares | 25,000 | |||
Net loss | (195,691) | (195,691) | ||
Balance at Jun. 30, 2018 | $ 3,493 | 1,569,736 | (2,155,864) | (582,635) |
Balance, shares at Jun. 30, 2018 | 33,927,632 | |||
Balance at Dec. 31, 2018 | $ 3,595 | 2,435,051 | (3,041,165) | (602,519) |
Balance, shares at Dec. 31, 2018 | 35,952,632 | |||
Warrant exercises | $ 130 | 2,381 | 2,511 | |
Warrant exercises, shares | 1,296,112 | |||
Share-based compensation | ||||
Net loss | (357,592) | (357,592) | ||
Balance at Jun. 30, 2019 | $ 3,725 | 2,437,432 | (3,398,757) | (957,600) |
Balance, shares at Jun. 30, 2019 | 37,248,744 | |||
Balance at Mar. 31, 2019 | $ 3,725 | 2,437,432 | (3,231,824) | (790,667) |
Balance, shares at Mar. 31, 2019 | 37,248,744 | |||
Net loss | (166,933) | (166,933) | ||
Balance at Jun. 30, 2019 | $ 3,725 | $ 2,437,432 | $ (3,398,757) | $ (957,600) |
Balance, shares at Jun. 30, 2019 | 37,248,744 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (357,592) | $ (751,936) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 357,428 | |
Changes in assets and liabilities: | ||
Prepaid expenses | (3,071) | (2,792) |
Accounts payable | 84,732 | 64,760 |
Accrued salaries | 112,500 | 112,500 |
Accrued board fees | 30,000 | 120,000 |
Accrued interest, related party | 1,786 | 1,786 |
Net cash used in operating activities | (131,645) | (98,254) |
Cash Flows from Financing Activities: | ||
Proceeds from sale of common stock | 100,000 | |
Proceeds from the exercise of warrants | 2,511 | 4,250 |
Net cash provided by financing activities | 2,511 | 104,250 |
Net Increase (Decrease) in Cash | (129,134) | 5,996 |
Cash, beginning of period | 140,234 | 20,191 |
Cash, end of period | $ 11,100 | $ 26,187 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | 1. Nature of Operations and Summary of Significant Accounting Policies Nature of Operations rd Basis of presentation In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary to provide a fair presentation of operating results for the interim periods presented have been made. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the year. Reclassification Cash and Cash Equivalents Use of Estimates Research and Development Costs Share-based Compensation The Company uses the Black-Scholes option-pricing model to estimate the fair value of warrants and the market price of our common stock, or comparable public companies if our stock is not trading, on the date of grant for the fair value. Our determination of fair value of share-based awards is affected by those stock prices as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, our expected stock price volatility over the term of the awards, and certain other market variables such as the risk-free interest rate. Income Taxes Fair Value of Financial Instruments Earning (Loss) Per Share Recently Issued Accounting Pronouncements Leases In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. It is effective prospectively for the annual period ending September 30, 2019 and interim periods within that annual period. Early adoption is permitted. The Company does not expect ASU 2017-09 will have a significant impact on its financial statements upon adoption. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | 2. Going Concern At June 30, 2019 and December 31, 2018, the Company had cash of $11,100 and $140,234, respectively. It also had a working capital deficit of $957,600 and $602,519, respectively and an accumulated deficit of $3,398,757 and $3,041,165, respectively. This raises substantial doubt about the Company’s ability to continue as a going concern. Management is taking action to ensure the Company will continue as a going concern for at least one year beyond the date of the issuance of the Company’s financial statements. From March 11, 2015 (Inception) through June 30, 2019, the Company sold $971,842 in common stock. Common stock sales continue pursuant to private placement and other potential equity offerings. These fundraising efforts may not be successful. While there can be no assurances, management believes that these actions will enable the Company to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 3. Related Party Transactions Note Payable In October 2017, the Company executed an unsecured promissory note to Richard Schell for $35,000 bearing interest at 6% per annum, which remained outstanding at June 30, 2019 and December 31, 2018 with accrued interest payable of $3,647 and $2,606, respectively. A total of $1,786 of interest expense was accrued during each of the six-month periods ended June 30, 2019 and 2018, respectively. Employment Agreements In March 2017 the Company entered into an employment agreement with its CFO for a two-year term, which term was extended by our board of directors in January 2019 for an additional two-year term until March 2021. The CFO will assume his responsibilities on a part time basis until requested by the Board of Directors to become a full-time executive. The base salary of $75,000 per annum is payable to the CFO only upon the Company’s raising of an additional $750,000. When the CFO becomes a full-time executive, his salary will be increased to $125,000 per annum. The CFO also received warrants to purchase 500,000 shares of the Company’s common stock at $0.40 per share for a period of five years after issuance. 250,000 warrants vested upon signing the agreement and the remaining 250,000 vested in March 2018. The CFO will also be eligible to earn discretionary annual performance bonuses upon meeting certain objectives as determined by the Board of Directors, none of which have been granted to date. The agreement provides for severance payments. The Company accrued $112,500 in salaries related to these agreements in each of the six-month periods ended June 30, 2019 and 2018, respectively. Scientific Advisory Board Agreements Also, effective March 1, 2018, we entered into a Scientific Advisory Board Agreement with our director Dr. Karatzas (the “Karatzas Agreement”), through which Dr. Karatzas agreed to serve on our Scientific Advisory Board. The term of the Karatzas Agreement is one year from execution and may be renewed annually by mutual consent of both parties. The Karatzas Agreement provides for payments as follows: an annual fee of $25,000; a signing bonus of $50,000 payable after successful closing of any cumulative minimum $1,000,000 investment in the Company; a non-discretionary bonus of $40,000 payable following a successful financing round of a minimum of $2,000,000; and should the Karatzas Agreement be renewed after one year, a $90,000 bonus payable only after the signing bonus and non-discretionary bonus from year one have been earned. In order to receive the non-discretionary bonus payments Dr. Karatzas must be actively involved in the creation and execution of strategies necessary for the Company to achieve its strategic plan including the scientific, commercial and business objectives, as applicable and as agreed upon between the Dr. Karatzas and the Company’s Chief Executive Officer. In January 2019, this agreement was extended for an additional year under the same terms and conditions and will expire in February 2020. The Company accrued a total of $30,000 in fees related to these agreements for the six-month period ended June 30, 2019 and accrued $120,000 in fees related to these agreements in the six-month period ended June 30, 2018, which included $20,000 in fees and $100,000 in signing bonuses. Services Agreement he Company pays the Company’s Corporate Secretary’s company $400 per month for reimbursement of certain administrative charges such as computer, internet, phone and similar items. The agreement is on a month-to-month basis and may be terminated at any time by either party. Total expense for the six-months ended June 30, 2019 and 2018 was $2,400. Consulting Agreement and Other Payments Effective March 1, 2018, the Company entered into a Consulting Agreement with our Corporate Secretary through which he will be paid $5,000 per month for a term of two years and is automatically extended on an annual basis unless terminated by either party with thirty days written notice. A total of $30,000 and $20,000 was accrued under this agreement in the six-month periods ended June 30, 2019 and 2018, respectively. In addition, we paid a total of $2,000 to a company controlled by our Corporate Secretary for additional consulting services rendered during the six-month period ended June 30, 2019. Warrants In October 2018, our board of directors issued our corporate secretary a warrant to purchase up to 211,112 shares of our common stock for a period of three months at an exercise price of $0.001 per share. These warrants were exercised in January 2019. These warrants were determined by the Company to have a fair market value of $84,236 using the Black-Scholes option pricing model. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 4. Stockholders’ Equity The Company has the authority to issue 110,000,000 shares of $.0001 par value stock, of which 100,000,000 shares are common stock and 10,000,000 shares are preferred stock. As of June 30, 2019, and December 31, 2018 there were 37,248,744 and 35,952,632 common stock shares issued and outstanding. For the six-month period ended June 30, 2018, the Company sold $100,000 in its private placement, issuing 250,000 shares of our common stock at $0.40 per share that included warrants to purchase up to 250,000 shares of our common stock exercisable at $0.75 per share for a period of three years from issuance. During the six-month period ended June 30, 2018, the Company issued warrants to purchase up to 860,000 shares of common stock at an exercise price of $0.01 per share to business, legal and scientific consultants; 400,000 of which were to expire in December 2022 and 460,000 of which expire in February 2021. Subsequent to issuance, 425,000 of these warrants were exercised for proceeds to the Company of $4,250. We incurred stock compensation expense totaling $336,926 in connection with the issuance of these warrants as more fully explained in Note 6 – Share-based Compensation. On November 1, 2018, the Registrant’s Board approved the issuance of warrants to purchase shares of the Company’s common stock to two of its executive officers. Mr. Duane C. Knight, Chief Financial Officer of the Registrant, received a warrant to purchase up to 950,000 shares of common stock exercisable for period of three months at an exercise price of $0.001 per share. Mr. Thomas B. Olson, Corporate Secretary of the Registrant, received a warrant to purchase up to 211,112 shares of common stock exercisable for period of three months at an exercise price of $0.001 per share. Messrs. Knight and Olson exercised these warrants in January 2019 for total proceeds to the company of $1,161. In January 2019 we issued 135,000 shares upon the exercise of warrants to purchase 135,000 shares issued in September and October 2018 at an exercise price of $0.01 per share for total proceeds to the Company of $1,350. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Royalties ● CAD $5,000 on the issuance of the first US patent that accrued US$3,750 in the first quarter of 2019 ● CAD $25,000 on the filing of an investigational new drug application or regulatory filing ● CAD $50,000 on the initiation of the first Phase II clinical study ● CAD $100,000 on the initiation of the first Phase III clinical study ● CAD $300,000 on receipt of regulatory approval The Company must also pay milestone payments as follows for the out of body test to identify Alzheimer’s disease as follows: ● CAD $5,000 on the issuance of the first US patent ● CAD $50,000 on the filing of a 510(k) or PMA application ● CAD $200,000 on receipt of regulatory approval In addition, the Company issued 5% of the total number of issued and outstanding shares in the Company’s Series A financing to the same institution, or 1,652,632 shares in March 2016. This agreement, payable in Canadian dollars, exposes the Company to foreign exchange transaction gains and losses. In August 2016, the Company issued an additional 300,000 shares of the Company’s common stock to McGill in lieu of the pre-existing anti-dilution provision. As McGill owns more than 5% of the Company’s outstanding common stock, it is considered a related party. Research Agreement Scientific Advisory Board |
Share-based Compensation
Share-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation | 6. Share-based Compensation In March 2017, the Company issued 750,000 warrants to the Company’s officers to purchase shares of our common stock at $0.40 per share. Estimated fair values of warrants granted were determined using the Black-Scholes option pricing model with the following average assumptions: Risk-free interest rate 1.55 % Expected term 3 years Volatility 154 % Dividend yield - Fair value $ 0.33 Expected term represents the period that the Company’s stock-based awards are expected to be outstanding. The Company’s historical stock warrant exercise experience does not provide a reasonable basis upon which to estimate expected term. As such, the simplified method was used to calculate the expected term. The Company calculated volatility based on the volatilities of comparable public companies. Total share-based compensation related to these warrants was $20,502 for the six-months ended June 30, 2018. In February and March 2018, the Company issued warrants to purchase up to 860,000 shares of common stock at an exercise price of $0.01 per share to business, legal and scientific consultants; 400,000 of which were to expire in December 2022 and 460,000 of which expire in February 2021. Estimated fair values of warrants granted were determined using the Black-Scholes option pricing model with the following average assumptions: Risk-free interest rate 2.33 – 2.34 % Expected term 2.5 years Volatility 182 – 217 % Dividend yield - Fair value $ 0.39 Expected term represents the period that the Company’s stock-based awards are expected to be outstanding. The Company’s historical stock warrant exercise experience does not provide a reasonable basis upon which to estimate expected term. As such, the simplified method was used to calculate the expected term. The Company calculated volatility based on the volatilities of comparable public companies. Total share-based compensation related to these warrants was $336,926 for the six months ended June 30, 2018. We incurred no share-based compensation in the six-month period ended June 30, 2019. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 7. Subsequent Events Management has determined that there are no further events subsequent to the balance sheet date that should be disclosed in these financial statements. In July and August 2019 we issued notes payable to our president, Richard Schell, together totaling $9,000, which are due on demand and carry an interest rate of 6% per annum. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations rd |
Basis of Presentation | Basis of presentation In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary to provide a fair presentation of operating results for the interim periods presented have been made. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the year. |
Reclassification | Reclassification |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Use of Estimates | Use of Estimates |
Research and Development Costs | Research and Development Costs |
Share-based Compensation | Share-based Compensation The Company uses the Black-Scholes option-pricing model to estimate the fair value of warrants and the market price of our common stock, or comparable public companies if our stock is not trading, on the date of grant for the fair value. Our determination of fair value of share-based awards is affected by those stock prices as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, our expected stock price volatility over the term of the awards, and certain other market variables such as the risk-free interest rate. |
Income Taxes | Income Taxes |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Earning (Loss) Per Share | Earning (Loss) Per Share |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Leases In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. It is effective prospectively for the annual period ending September 30, 2019 and interim periods within that annual period. Early adoption is permitted. The Company does not expect ASU 2017-09 will have a significant impact on its financial statements upon adoption. |
Share-based Compensation (Table
Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Estimated Fair values of Warrants Granted Using the Black-Scholes Option Pricing Model | Estimated fair values of warrants granted were determined using the Black-Scholes option pricing model with the following average assumptions: Risk-free interest rate 1.55 % Expected term 3 years Volatility 154 % Dividend yield - Fair value $ 0.33 Estimated fair values of warrants granted were determined using the Black-Scholes option pricing model with the following average assumptions: Risk-free interest rate 2.33 – 2.34 % Expected term 2.5 years Volatility 182 – 217 % Dividend yield - Fair value $ 0.39 |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accounting Policies [Abstract] | ||||
Research and development costs | $ 75,000 | $ 35,000 | $ 85,000 | |
Antidilutive securities excluded from computation of earnings per share, amount | 11,100,000 | 9,595,000 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 52 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash | $ 11,100 | $ 140,234 |
Working capital deficit | 957,600 | 602,519 |
Accumulated deficit | (3,398,757) | $ (3,041,165) |
Sold common stock, value | $ 971,842 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Mar. 01, 2018 | Jan. 02, 2017 | Oct. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 31, 2019 | Dec. 31, 2018 | Jul. 02, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Related Party Transaction [Line Items] | ||||||||||||||
Interest expense | $ 898 | $ 898 | $ 1,786 | $ 1,786 | ||||||||||
Warrants to purchase common stock | 250,000 | 250,000 | 425,000 | |||||||||||
Warrants [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Warrants to purchase common stock | 135,000 | |||||||||||||
Papadopoulos Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Annual fees | $ 35,000 | $ 20,000 | ||||||||||||
Amount awarded to serve as scientific advisory board | 10,000 | |||||||||||||
Signing bonus payable on closing of cumulative minimum investment | 50,000 | 100,000 | ||||||||||||
Cumulative minimum investment | 1,000,000 | |||||||||||||
Non-discretionary bonus | 45,000 | |||||||||||||
Financing round of minimum payment | 2,000,000 | |||||||||||||
Bonus payable | 95,000 | |||||||||||||
Accrued fees | 30,000 | 120,000 | ||||||||||||
Karatzas Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Annual fees | 25,000 | |||||||||||||
Signing bonus payable on closing of cumulative minimum investment | 50,000 | |||||||||||||
Cumulative minimum investment | 1,000,000 | |||||||||||||
Non-discretionary bonus | 40,000 | |||||||||||||
Financing round of minimum payment | 2,000,000 | |||||||||||||
Bonus payable | 90,000 | |||||||||||||
Services Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Reimbursement charges per month | $ 400 | |||||||||||||
Reimbursement expense | 2,400 | 2,400 | ||||||||||||
Consulting Agreement and Other Payments [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Accrued fees | 30,000 | 20,000 | ||||||||||||
Agreement related fees | $ 5,000 | 5,000 | ||||||||||||
Additional consulting services fee paid | 2,000 | |||||||||||||
Richard Schell, CEO [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Note payable, related party | $ 25,000 | |||||||||||||
Notes payable, bearing interest percentage | 6.00% | |||||||||||||
Accrued interest payable | 3,941 | 3,941 | $ 3,197 | |||||||||||
Richard Schell, CEO [Member] | Employment Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Agreement term | 2 years | |||||||||||||
Base salary | $ 150,000 | |||||||||||||
Additional capital to be raised as target | $ 750,000 | |||||||||||||
Warrants to purchase common stock | 250,000 | |||||||||||||
Warrants, exercise price | $ 0.40 | |||||||||||||
Warrants term | 5 years | |||||||||||||
Richard Schell, CEO [Member] | Employment Agreement [Member] | Warrants [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Warrants, vested | 125,000 | 125,000 | ||||||||||||
Richard Schell, CEO [Member] | Unsecured Promissory Note [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Note payable, related party | $ 35,000 | |||||||||||||
Notes payable, bearing interest percentage | 6.00% | |||||||||||||
Accrued interest payable | $ 3,647 | 3,647 | $ 2,606 | |||||||||||
CFO [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Warrants to purchase common stock | 950,000 | |||||||||||||
Warrants, exercise price | $ .001 | |||||||||||||
Warrants fair market value | $ 379,062 | |||||||||||||
CFO [Member] | Employment Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Agreement term | 2 years | |||||||||||||
Base salary | $ 75,000 | |||||||||||||
Additional capital to be raised as target | $ 750,000 | |||||||||||||
Warrants to purchase common stock | 500,000 | |||||||||||||
Warrants, exercise price | $ 0.40 | |||||||||||||
Warrants term | 5 years | |||||||||||||
Increase salary per annum | $ 125,000 | |||||||||||||
CFO [Member] | Employment Agreement [Member] | Warrants [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Warrants, vested | 250,000 | 250,000 | ||||||||||||
CEO and CFO [Member] | Employment Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Compensation expenses | $ 112,500 | $ 112,500 | ||||||||||||
Board of Directors [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Warrants to purchase common stock | 211,112 | |||||||||||||
Warrants, exercise price | $ 0.001 | |||||||||||||
Warrants fair market value | $ 84,236 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | Jul. 02, 2018 | Jan. 31, 2019 | Oct. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Nov. 01, 2018 | Mar. 31, 2018 | Feb. 28, 2018 |
Class of Stock [Line Items] | |||||||||
Number of shares authorized to issue | 110,000,000 | 110,000,000 | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||||||
Common stock, shares issued | 37,248,744 | 35,952,632 | |||||||
Common stock, shares outstanding | 37,248,744 | 35,952,632 | |||||||
Stock price per share | $ 0.40 | ||||||||
Warrants issued to purchase common stock | 425,000 | 250,000 | |||||||
Warrants exercise price | $ 0.75 | ||||||||
Proceeds from the exercise of warrants | $ 4,250 | $ 2,511 | $ 4,250 | ||||||
Stock compensation expense | $ 336,926 | ||||||||
Business, Legal and Scientific Consultants [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrants issued to purchase common stock | 860,000 | 860,000 | |||||||
Warrants exercise price | $ 0.01 | $ 0.01 | |||||||
Stock compensation expense | $ 336,926 | ||||||||
Mr. Duane C. Knight [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrants issued to purchase common stock | 950,000 | ||||||||
Warrants exercise price | $ 0.001 | ||||||||
Warrants term period | 3 months | ||||||||
Mr. Thomas B. Olson [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrants issued to purchase common stock | 211,112 | ||||||||
Warrants exercise price | $ 0.001 | ||||||||
Warrants term period | 3 months | ||||||||
Mr. Duane C. Knight and Mr. Thomas B. Olson [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Proceeds from the exercise of warrants | $ 1,161 | ||||||||
Warrants [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrants issued to purchase common stock | 135,000 | ||||||||
Warrants exercise price | $ 0.01 | ||||||||
Proceeds from the exercise of warrants | $ 1,350 | ||||||||
Warrants exercised | 135,000 | ||||||||
Warrants [Member] | Business, Legal and Scientific Consultants [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrants issued to purchase common stock | 860,000 | ||||||||
Warrants exercise price | $ 0.01 | ||||||||
Warrants [Member] | Business, Legal and Scientific Consultants [Member] | December 2022 [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrants issued to purchase common stock | 400,000 | ||||||||
Warrants expiration date | Dec. 31, 2022 | ||||||||
Warrants [Member] | Business, Legal and Scientific Consultants [Member] | February 2021 [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrants issued to purchase common stock | 460,000 | ||||||||
Warrants expiration date | Feb. 28, 2021 | ||||||||
Private Placement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Proceeds from issuance of stock through private placements | $ 100,000 | ||||||||
Issuance of common stock | 250,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
Apr. 30, 2019USD ($) | Mar. 31, 2019shares | Sep. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Mar. 31, 2017USD ($) | Aug. 31, 2016shares | Jan. 31, 2016USD ($) | Jan. 31, 2016CAD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($)$ / sharesshares | Jul. 02, 2018shares | Mar. 31, 2016shares | Jan. 31, 2016CAD ($) | |
Loss Contingencies [Line Items] | |||||||||||||||
Research and development | $ 75,000 | $ 35,000 | $ 85,000 | ||||||||||||
Warrants issued to purchase common stock | shares | 250,000 | 250,000 | 250,000 | 425,000 | |||||||||||
Warrants exercise price | $ / shares | $ 0.75 | $ 0.75 | $ 0.75 | ||||||||||||
Research Institute of the McGill University Health Centre [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Research and development | $ 35,000 | ||||||||||||||
Four New Member Scientific Advisory Board [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Warrants issued to purchase common stock | shares | 35,000 | ||||||||||||||
Warrants exercise price | $ / shares | $ 0.01 | ||||||||||||||
Paid annual fee | $ 25,000 | ||||||||||||||
Warrants exercised | shares | 35,000 | ||||||||||||||
Amount of expense related to agreements | $ 50,000 | ||||||||||||||
Research Agreement [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Research and development | $ 65,000 | $ 130,000 | $ 130,000 | ||||||||||||
Agreement term | 1 year | 1 year | 1 year | ||||||||||||
Agreement term, description | The Company paid these installment payments in July and October 2017 leaving no balance due | ||||||||||||||
McGill [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Additional issuance of common stock | shares | 300,000 | ||||||||||||||
Equity method investment, ownership percentage | 5.00% | ||||||||||||||
Series A financing [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Percentage of issued and outstanding shares issued as milestone payments | 5.00% | ||||||||||||||
Common stock shares issued for milestone payment | shares | 1,652,632 | ||||||||||||||
CAD Currency [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Annual royalty expense | $ 5,000 | ||||||||||||||
Royalty [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Annual revenue from royalty, percentage | 3.00% | 3.00% | |||||||||||||
Androgen Replacement Treatment [Member] | First US Patent [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Accrued milestone payments | $ 3,750 | ||||||||||||||
Androgen Replacement Treatment [Member] | CAD Currency [Member] | First US Patent [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Milestone payments for treatment | $ 5,000 | ||||||||||||||
Androgen Replacement Treatment [Member] | CAD Currency [Member] | Investigational New Drug Application or Regulatory Filing [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Milestone payments for treatment | 25,000 | ||||||||||||||
Androgen Replacement Treatment [Member] | CAD Currency [Member] | First Phase II Clinical Study [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Milestone payments for treatment | 50,000 | ||||||||||||||
Androgen Replacement Treatment [Member] | CAD Currency [Member] | First Phase III Clinical Study [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Milestone payments for treatment | 100,000 | ||||||||||||||
Androgen Replacement Treatment [Member] | CAD Currency [Member] | Receipt of Regulatory Approval [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Milestone payments for treatment | 300,000 | ||||||||||||||
Alzheimer Disease [Member] | CAD Currency [Member] | First US Patent [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Milestone payments for treatment | 5,000 | ||||||||||||||
Alzheimer Disease [Member] | CAD Currency [Member] | Receipt of Regulatory Approval [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Milestone payments for treatment | 200,000 | ||||||||||||||
Alzheimer Disease [Member] | CAD Currency [Member] | Filing of a 510(K) or PMA Application [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Milestone payments for treatment | $ 50,000 |
Share-based Compensation (Detai
Share-based Compensation (Details Narrative) - USD ($) | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jul. 02, 2018 | Mar. 31, 2018 | Feb. 28, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Warrants issued to purchase common stock | 250,000 | 425,000 | ||||
Warrants exercise price | $ 0.75 | |||||
Share-based compensation | $ 336,926 | |||||
December 2022 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Warrants issued to purchase common stock | 400,000 | 400,000 | ||||
Warrant expired date | Dec. 31, 2022 | Dec. 31, 2022 | ||||
February 2021 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Warrants issued to purchase common stock | 460,000 | 460,000 | ||||
Warrant expired date | Feb. 28, 2021 | Feb. 28, 2021 | ||||
Officers [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Warrants issued to purchase common stock | 750,000 | |||||
Warrants exercise price | $ 0.40 | |||||
Share-based compensation | $ 20,502 | |||||
Business, Legal and Scientific Consultants [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Warrants issued to purchase common stock | 860,000 | 860,000 | ||||
Warrants exercise price | $ 0.01 | $ 0.01 | ||||
Share-based compensation | $ 336,926 |
Share-based Compensation - Sche
Share-based Compensation - Schedule of Estimated Fair values of Warrants Granted Using the Black-Scholes Option Pricing Model (Details) - $ / shares | 1 Months Ended | 2 Months Ended |
Mar. 31, 2017 | Feb. 28, 2018 | |
Warrant One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 1.55% | |
Expected term | 3 years | |
Volatility rate | 154.00% | |
Dividend yield | 0.00% | |
Fair value | $ 0.33 | |
Warrant Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate, minimum | 2.33% | |
Risk free interest rate, maximum | 2.34% | |
Expected term | 2 years 6 months | |
Volatility rate, minimum | 182.00% | |
Volatility rate, maximum | 217.00% | |
Dividend yield | 0.00% | |
Fair value | $ 0.39 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - Richard Schell [Member] | Aug. 31, 2019USD ($) |
Notes payable | $ 9,000 |
Interest rate | 6.00% |