Document and Entity Information
Document and Entity Information | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017shares | Sep. 30, 2017shares | |
Document and Entity Information: | ||
Entity Registrant Name | IASO BIOMED, INC. | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Trading Symbol | iaso | |
Entity Incorporation, State Country Name | Colorado | Colorado |
Entity Incorporation, Date of Incorporation | Mar. 11, 2015 | Mar. 11, 2015 |
Amendment Flag | false | |
Entity Central Index Key | 1,662,907 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 34,202,632 | 34,202,632 |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
IASO BIOMED, INC. - Condensed B
IASO BIOMED, INC. - Condensed Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | |
Current Assets: | |||
Cash | $ 34,347 | $ 13,191 | |
Prepaid expenses | 2,969 | 1,393 | |
Total Currents Assets | 37,316 | 14,584 | |
Total Assets | 37,316 | 14,584 | |
Current Liabilities: | |||
Accounts payable | 109,605 | 28,797 | |
Note payable, related party | 25,000 | 25,000 | |
Accrued salaries | 131,250 | ||
Accrued interest, related party | 1,315 | 197 | |
Total Current Liabilities | 267,170 | 53,994 | |
Total Liabilities | 267,170 | 53,994 | |
Commitments and Contingencies | [1] | ||
Stockholders' Deficit | |||
Preferred stock | [2] | ||
Common stock | [3] | 3,420 | 3,343 |
Additional paid-in capital | 1,057,378 | 644,762 | |
Accumulated deficit | (1,290,652) | (687,515) | |
Total Stockholders' Deficit | (229,854) | (39,410) | |
Total Liabilities and Stockholders' Deficit | $ 37,316 | $ 14,584 | |
[1] | See Note 5 | ||
[2] | $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding | ||
[3] | $0.0001 par value; 100,000,000 shares authorized; 334,202,632 and 33,427,632 shares issued and outstanding |
Statement of Financial Position
Statement of Financial Position - Parenthetical - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position | ||
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 34,202,632 | 33,427,632 |
Common Stock, Shares Outstanding | 34,202,632 | 33,427,632 |
IASO BIOMED, INC. - Condensed S
IASO BIOMED, INC. - Condensed Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement | ||||
Revenues | ||||
Operating Expenses: | ||||
General and administrative | 113,788 | 18,483 | 439,440 | 118,371 |
Research and development | 11,498 | 141,845 | 162,576 | 437,108 |
Total operating expenses | 125,286 | 160,328 | 602,016 | 555,479 |
Loss From Operations | (125,286) | (160,328) | (602,016) | (555,479) |
Other Expenses: | ||||
Interest expense, related party | 377 | 1,121 | ||
Total other expenses | 377 | 1,121 | ||
Net Loss | $ (125,663) | $ (160,328) | $ (603,137) | $ (555,479) |
Earnings per Common Share: | ||||
Basic and diluted loss per share | $ 0 | $ 0 | $ (0.02) | $ (0.02) |
Weighted average number of common shares outstanding: | ||||
Basic and diluted | 34,164,116 | 33,221,588 | 33,716,070 | 32,211,929 |
IASO BIOMED, INC. - Condensed 5
IASO BIOMED, INC. - Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows from Operating Activities: | ||||
Net Loss | $ (125,663) | $ (160,328) | $ (603,137) | $ (555,479) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Issuance of stock for license fees | 285,263 | |||
Share-based compensation | 193,693 | 0 | ||
Contributed services | 5,000 | |||
Changes in assets and liabilities: | ||||
Prepaid expenses, increase decrease | (1,576) | (2,678) | ||
Accounts payable, increase decrease | 80,808 | (723) | ||
Accrued salaries, increase decrease | 131,250 | |||
Accrued interest, related party, increase decrease | 1,118 | |||
Net cash used in operating activities | (192,844) | (273,617) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from issuance of notes payable, related party | 18,000 | |||
Payments on notes payable, related party | (18,000) | |||
Proceeds from the sale of common stock | 211,500 | 175,000 | ||
Proceeds from the exercise of warrants | 2,500 | |||
Net cash provided by financing activities | 214,000 | 175,000 | ||
Net Increase (Decrease) in Cash | 21,156 | (98,617) | ||
Cash, beginning of period | 13,191 | 113,313 | ||
Cash, end of period | $ 34,347 | $ 14,696 | 34,347 | $ 14,696 |
Supplemental Cash Flow Information | ||||
Cash paid for interest, note payable - officer | $ 3 |
1. Nature of Operations and Sum
1. Nature of Operations and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
1. Nature of Operations and Summary of Significant Accounting Policies: | 1. Nature of Operations and Summary of Significant Accounting Policies Nature of Operations IASO BioMed, Inc. (IASO or the Company) is a developmental stage biotechnology company focusing on researching and developing drugs and diagnostic tests for products with a large commercial market potential as well as drugs that may qualify for orphan drug status. The Company is developing a unique, first in class drug that it believes will be a safer alternative to currently available testosterone replacement therapy by stimulating the bodys own production rather than using synthetic hormones and steroids. It is also developing a process, or method, which the Company believes will be the basis for developing an early stage blood or fluid test for Alzheimers disease. There is no assurance that these research and development activities will result in products that can be sold. The Company was incorporated as a C-corporation in the state of Colorado on March 11, 2015. It has its primary place of business in Denver, Colorado. Basis of presentation The interim unaudited financial statements presented herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) as of and for the three and nine month periods ended September 30, 2017 and 2016. The December 31, 2016 Condensed Balance Sheet included herein was derived from the audited year-end financial statements of the Company. Certain information and footnote disclosures normally included in unaudited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The interim unaudited financial statements should be read in conjunction with the Companys annual financial statements for the year ended December 31, 2016, notes and accounting policies thereto included in the Companys Registration Statement on Form S-1. 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. Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of six months or less to be cash equivalents. Use of Estimates The preparation of the Companys financial statements, in conformity with generally accepted accounting principles, requires the Companys management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates. Significant items subject to such estimates include but are not limited to the valuation of share-based awards. Research and Development Costs Research and development costs are charged to operations in the period incurred. For the three months ended September 30, 2017 and 2016, the Company incurred $11,498 and $141,845 in research and development costs, respectively. For the nine months ended September 30, 2017 and 2016, the Company incurred $162,576 and $437,108 in research and development costs, respectively. Share-based Compensation Share-based payments are measured at their estimated fair value on the date of grant. Share-based awards to non-employees are re-measured at fair value each financial reporting date until performance is completed. Share-based compensation expense recognized during a period is based on the estimated number of awards that are ultimately expected to vest. For warrants that do not vest immediately but which contain only a service vesting feature, we recognize compensation cost on the unvested warrants on a straight-line basis over the remaining vesting period. The Company uses the Black-Scholes option-pricing model to estimate the fair value of warrants and the market price of our common stock on the date of grant for the fair value. Our determination of fair value of share-based awards is affected by our stock price 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 The Company accounts for income taxes under the liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Fair Value of Financial Instruments The carrying value of cash and cash equivalents and trade accounts payable are considered to approximate fair value due to the short-term nature of these instruments. Earnings Per Share Basic loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding, plus the impact of common shares, if dilutive, resulting from the exercise of outstanding stock options and warrants, plus the conversion of convertible notes, if any. There were 8,710,000 and 8,075,000, respectively, shares excluded as they were anti-dilutive at September 30, 2017 and 2016. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, 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 November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force), |
2. Going Concern
2. Going Concern | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
2. Going Concern: | 2. Going Concern At September 30, 2017 and December 31, 2016, the Company had cash of $34,347 and $13,191, respectively. It also had working capital deficit of $229,854 and $39,410, respectively and an accumulated deficit of $1,290,652 and $687,515, 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 Companys financial statements. From March 11, 2015 (Inception) through September 30, 2017, the Company has sold $541,502 in common stock. Common stock sales continue pursuant to the Companys private placement offering. Additionally, the Company received approval for its Form S-1 Registration Statement with the Securities and Exchange Commission, through which it intends to offer for sale additional shares of its common stock. 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. |
3. Related Party Transactions
3. Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
3. Related Party Transactions: | 3. Related Party Transactions Note Payable In July 2017, the Company executed an unsecured promissory note to Richard Schell for $18,000 bearing interest at 6% per annum. The principal amount of the note, together with $3.00 in accrued interest, was repaid by the Company a day after execution from the proceeds of the sale of common stock. In October 2017, the Company executed an unsecured promissory note to Richard Schell for $35,000 bearing interest at 6% per annum. 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 three and nine months ended September 30, 2017 were $ 1,200 and $ 3,600 , respectively. |
4. Stockholders' Equity
4. Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
4. 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 September 30, 2017, and December 31, 2016 there were 34,202,632 and 33,427,632 common stock shares issued and outstanding. For the nine months ended September 30, 2017, the Company sold $204,000 in its private placement, issuing 510,000 shares of our common stock at $0.40 per share that included warrants to purchase up to 260,000 shares of our common stock exercisable at $0.75 per share, as well as warrants to purchase up to 250,000 shares of our common stock at $0.01 per share, all for a period of three years from issuance. In July 2017 the Company issued 250,000 shares of its common stock at $0.01 per share upon exercise of a warrant for total proceeds of $2,500. For the nine months ended September 30, 2017, the Company issued 15,000 shares of commons stock for total proceeds of $7,500 through its S-1 Registration Statement at $0.50 per share. |
5. Commitments and Contingencie
5. Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
5. Commitments and Contingencies: | 5. Commitments and Contingencies Royalties · CAD $5,000 on the issuance of the first US patent · 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 Alzheimers 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 Companys 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 Companys common stock to McGill in lieu of the pre-existing anti-dilution provision. As McGill owns more than 5% of the Companys outstanding common stock, it is considered a related party. Research Agreement Employment Agreements In March 2017 the Company entered into an employment agreement with its CFO for a two-year term. 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 Companys 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 Companys 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 vest 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. The agreement provides for severance payments. The Company accrued $131,250 in salaries related to these agreements for the nine months ended September 30, 2017. Contributed Services |
6. Share-based Compensation
6. Share-based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
6. Share-based Compensation | 6. Share-based Compensation In March 2017, the Company issued 750,000 warrants to the Companys officers to purchase shares of our common stock at $0.40 per share. Estimated fair values of warrants granted have been 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 Companys stock-based awards are expected to be outstanding. The Companys 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 was $193,693 and $0 for the nine months ended September 30, 2017 and 2016, respectively. |
7. Subsequent Events
7. Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Notes | |
7. Subsequent Events: | 7. Subsequent Events In October 2017, the Company executed an unsecured promissory note to Richard Schell for $35,000 bearing interest at 6% per annum. In November 2017, the Company sold 25,000 units consisting of 25,000 shares of common stock and warrants to purchase 25,000 shares of common stock at an exercise price of $0.75 per share expiring in three years for a unit price of $0.40 per share, or a total of $10,000. Management has determined that there are no further events subsequent to the balance sheet date that should be disclosed in these financial statements. |
1. Nature of Operations and S13
1. Nature of Operations and Summary of Significant Accounting Policies: Nature of Operations (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Nature of Operations | Nature of Operations IASO BioMed, Inc. (IASO or the Company) is a developmental stage biotechnology company focusing on researching and developing drugs and diagnostic tests for products with a large commercial market potential as well as drugs that may qualify for orphan drug status. The Company is developing a unique, first in class drug that it believes will be a safer alternative to currently available testosterone replacement therapy by stimulating the bodys own production rather than using synthetic hormones and steroids. It is also developing a process, or method, which the Company believes will be the basis for developing an early stage blood or fluid test for Alzheimers disease. There is no assurance that these research and development activities will result in products that can be sold. The Company was incorporated as a C-corporation in the state of Colorado on March 11, 2015. It has its primary place of business in Denver, Colorado. |
1. Nature of Operations and S14
1. Nature of Operations and Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Basis of Presentation | Basis of presentation The interim unaudited financial statements presented herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) as of and for the three and nine month periods ended September 30, 2017 and 2016. The December 31, 2016 Condensed Balance Sheet included herein was derived from the audited year-end financial statements of the Company. Certain information and footnote disclosures normally included in unaudited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The interim unaudited financial statements should be read in conjunction with the Companys annual financial statements for the year ended December 31, 2016, notes and accounting policies thereto included in the Companys Registration Statement on Form S-1. 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. |
1. Nature of Operations and S15
1. Nature of Operations and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of six months or less to be cash equivalents. |
1. Nature of Operations and S16
1. Nature of Operations and Summary of Significant Accounting Policies: Use of Estimates (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of the Companys financial statements, in conformity with generally accepted accounting principles, requires the Companys management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates. Significant items subject to such estimates include but are not limited to the valuation of share-based awards. |
1. Nature of Operations and S17
1. Nature of Operations and Summary of Significant Accounting Policies: Research and Development Costs (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Research and Development Costs | Research and Development Costs Research and development costs are charged to operations in the period incurred. For the three months ended September 30, 2017 and 2016, the Company incurred $11,498 and $141,845 in research and development costs, respectively. For the nine months ended September 30, 2017 and 2016, the Company incurred $162,576 and $437,108 in research and development costs, respectively. |
1. Nature of Operations and S18
1. Nature of Operations and Summary of Significant Accounting Policies: Share-based Compensation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Share-based Compensation | Share-based Compensation Share-based payments are measured at their estimated fair value on the date of grant. Share-based awards to non-employees are re-measured at fair value each financial reporting date until performance is completed. Share-based compensation expense recognized during a period is based on the estimated number of awards that are ultimately expected to vest. For warrants that do not vest immediately but which contain only a service vesting feature, we recognize compensation cost on the unvested warrants on a straight-line basis over the remaining vesting period. The Company uses the Black-Scholes option-pricing model to estimate the fair value of warrants and the market price of our common stock on the date of grant for the fair value. Our determination of fair value of share-based awards is affected by our stock price 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. |
1. Nature of Operations and S19
1. Nature of Operations and Summary of Significant Accounting Policies: Income Taxes (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Income Taxes | Income Taxes The Company accounts for income taxes under the liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. |
1. Nature of Operations and S20
1. Nature of Operations and Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying value of cash and cash equivalents and trade accounts payable are considered to approximate fair value due to the short-term nature of these instruments. |
1. Nature of Operations and S21
1. Nature of Operations and Summary of Significant Accounting Policies: Earnings Per Share (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Earnings Per Share | Earnings Per Share Basic loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding, plus the impact of common shares, if dilutive, resulting from the exercise of outstanding stock options and warrants, plus the conversion of convertible notes, if any. There were 8,710,000 and 8,075,000, respectively, shares excluded as they were anti-dilutive at September 30, 2017 and 2016. |
1. Nature of Operations and S22
1. Nature of Operations and Summary of Significant Accounting Policies: Recently Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policies | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, 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 November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force), |
6. Share-based Compensation_ Sc
6. Share-based Compensation: Schedule of Assumptions Used (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Tables/Schedules | |
Schedule of Assumptions Used | Risk-free interest rate 1.55 % Expected term 3 years Volatility 154 % Dividend yield - Fair value $ 0.33 |
1. Nature of Operations and S24
1. Nature of Operations and Summary of Significant Accounting Policies: Nature of Operations (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Details | ||
Entity Incorporation, State Country Name | Colorado | Colorado |
Entity Incorporation, Date of Incorporation | Mar. 11, 2015 | Mar. 11, 2015 |
1. Nature of Operations and S25
1. Nature of Operations and Summary of Significant Accounting Policies: Research and Development Costs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Details | ||||
Research and development | $ 11,498 | $ 141,845 | $ 162,576 | $ 437,108 |
1. Nature of Operations and S26
1. Nature of Operations and Summary of Significant Accounting Policies: Earnings Per Share (Details) - shares | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Details | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,710,000 | 8,075,000 |
2. Going Concern (Details)
2. Going Concern (Details) - USD ($) | 31 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Cash | $ 34,347 | $ 13,191 |
Total Stockholders' Deficit | 229,854 | 39,410 |
Accumulated deficit | 1,290,652 | $ 687,515 |
Private Placement | ||
Sale of Stock, Consideration Received on Transaction | $ 541,502 |
3. Related Party Transactions (
3. Related Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2017 | Jul. 31, 2017 | Dec. 31, 2016 | |
Note payable, related party | $ 25,000 | $ 25,000 | $ 25,000 | |
Accrued interest, related party | 1,315 | 1,315 | 197 | |
Chief Executive Officer | ||||
Note payable, related party | $ 25,000 | $ 25,000 | $ 18,000 | |
Accounts Payable, Interest-bearing, Interest Rate | 6.00% | 6.00% | 6.00% | |
Accrued interest, related party | $ 1,315 | $ 1,315 | $ 197 | |
Corporate Secretary | ||||
Reimbursement Revenue | $ 1,200 | $ 3,600 |
4. Stockholders' Equity (Detail
4. Stockholders' Equity (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Excess Stock, Shares Authorized | 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 Outstanding | 34,202,632 | 33,427,632 |
Private Placement | ||
Stock Issued During Period, Value, New Issues | $ 204,000 | |
Stock Issued During Period, Shares, New Issues | 510,000 | |
Sale of Stock, Price Per Share | $ 0.40 | |
Private Placement | Warrant | ||
Common Stock, Capital Shares Reserved for Future Issuance | 260,000 |
5. Commitments and Contingenc30
5. Commitments and Contingencies (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
Mar. 31, 2018shares | Sep. 30, 2017USD ($) | Apr. 30, 2017USD ($) | Mar. 31, 2017USD ($)$ / sharesshares | May 31, 2016USD ($) | Jan. 31, 2016USD ($) | Jan. 31, 2016CAD | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Aug. 31, 2016shares | Mar. 31, 2016USD ($)shares | Jan. 30, 2016USD ($) | Jan. 02, 2016 | |
Percentage of Royalty | 3.00% | ||||||||||||||
Royalty Expense | CAD | CAD 5,000 | ||||||||||||||
Research and development | $ 11,498 | $ 141,845 | $ 162,576 | $ 437,108 | |||||||||||
Accrued Salaries, Current | $ 131,250 | $ 131,250 | 131,250 | ||||||||||||
Officers' Compensation | $ 5,000 | ||||||||||||||
Testosterone Replacement Therapy | Milestone One | |||||||||||||||
Milestone Payments | CAD | 5,000 | ||||||||||||||
Testosterone Replacement Therapy | Milestone Two | |||||||||||||||
Milestone Payments | CAD | 25,000 | ||||||||||||||
Testosterone Replacement Therapy | Milestone Three | |||||||||||||||
Milestone Payments | CAD | 50,000 | ||||||||||||||
Testosterone Replacement Therapy | Milestone Four | |||||||||||||||
Milestone Payments | CAD | 100,000 | ||||||||||||||
Testosterone Replacement Therapy | Milestone Five | |||||||||||||||
Milestone Payments | CAD | 300,000 | ||||||||||||||
Alzheimer Disease | Milestone One | |||||||||||||||
Milestone Payments | CAD | 5,000 | ||||||||||||||
Alzheimer Disease | Milestone Two | |||||||||||||||
Milestone Payments | CAD | 50,000 | ||||||||||||||
Alzheimer Disease | Milestone Three | |||||||||||||||
Milestone Payments | CAD | CAD 200,000 | ||||||||||||||
Series A financing | |||||||||||||||
Percentage of Issued and Outstanding Shares Issued As Milestone Payments | 5.00% | ||||||||||||||
Common Stock Shares Issued for Milestone Payment | shares | 1,652,632 | ||||||||||||||
McGill | |||||||||||||||
Shares, Issued | shares | 300,000 | ||||||||||||||
Equity Method Investment, Ownership Percentage | 5.00% | ||||||||||||||
Research Agreement | |||||||||||||||
Amount Payable Under Agreement | $ 130,000 | $ 130,000 | |||||||||||||
Research and development | $ 55,000 | $ 20,000 | |||||||||||||
Research Agreement | Transaction One | |||||||||||||||
Research and development | $ 65,000 | ||||||||||||||
Research Agreement | Transaction Two | |||||||||||||||
Research and development | $ 65,000 | ||||||||||||||
Employment Agreements | Chief Executive Officer | |||||||||||||||
Salaries, Wages and Officers' Compensation | $ 150,000 | ||||||||||||||
Additional Capital to be Raised as Target | $ 750,000 | ||||||||||||||
Warrants Issued | shares | 250,000 | ||||||||||||||
Investment Warrants, Exercise Price | $ / shares | $ 0.40 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares | 125,000 | 125,000 | |||||||||||||
Employment Agreements | CFO | |||||||||||||||
Salaries, Wages and Officers' Compensation | $ 75,000 | ||||||||||||||
Additional Capital to be Raised as Target | $ 750,000 | ||||||||||||||
Warrants Issued | shares | 500,000 | ||||||||||||||
Investment Warrants, Exercise Price | $ / shares | $ 0.40 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares | 250,000 | 250,000 |
6. Share-based Compensation (De
6. Share-based Compensation (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | |
Share-based compensation | $ 193,693 | $ 0 | |
Officer | |||
Class of Warrant or Right, Outstanding | 750,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.40 |
6. Share-based Compensation_ 32
6. Share-based Compensation: Schedule of Assumptions Used (Details) | 3 Months Ended |
Sep. 30, 2017$ / shares | |
Details | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.55% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 154.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 0.33 |
7. Subsequent Events (Details)
7. Subsequent Events (Details) - USD ($) | 1 Months Ended | |
Nov. 15, 2017 | Oct. 31, 2017 | |
Richard Schell | ||
Unsecured Promissory Note | $ 35,000 | |
Short-term Debt, Percentage Bearing Fixed Interest Rate | 6.00% | |
Subsequent Event | ||
Stock Issued During Period, Shares, New Issues | 25,000 | |
Sale of Common Stock Per Share | $ 0.40 | |
Stock Issued During Period, Value, New Issues | $ 10,000 |