Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 14, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Qrons Inc. | |
Entity Central Index Key | 0001689084 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity's Reporting Status Current? | Yes | |
Is Entity Emerging Growth Company? | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 13,054,809 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 66,705 | $ 143,862 |
Prepaid expenses | 24,886 | 51,985 |
Total current assets | 91,591 | 195,847 |
TOTAL ASSETS | 91,591 | 195,847 |
Current liabilities | ||
Accounts payable and accrued liabilities | 41,578 | 23,324 |
Accounts payable and accrued liabilities - related party | 5,065 | 3,421 |
Demand loans, related party | 50,000 | |
Unsecured short-term advances | 100,000 | |
Convertible note - related party, net of debt discount | 25,000 | 25,000 |
Derivative liabilities | 51,284 | 36,827 |
Total current liabilities | 272,927 | 88,572 |
Total liabilities | 272,927 | 88,572 |
Stockholders' equity (deficit) | ||
Series A Preferred Shares: $0.001 par value, authorized 10,000; 2,000 shares issued and outstanding | 2 | 2 |
Common stock, $0.0001 par value: shares authorized 100,000,000; 12,967,309 and 12,872,309 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 1,297 | 1,287 |
Additional Paid-in Capital | 5,820,117 | 5,629,694 |
Accumulated deficit | (6,002,752) | (5,523,708) |
Total stockholder's equity (deficit) | (181,336) | 107,275 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | $ 91,591 | $ 195,847 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Series A Preferred Shares, par value | $ 0.001 | $ 0.001 |
Series A Preferred Shares, authorized | 10,000 | 10,000 |
Series A Preferred Shares, shares issued | 2,000 | 2,000 |
Series A Preferred Shares, shares outstanding | 2,000 | 2,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 12,967,309 | 12,872,309 |
Common stock, shares outstanding | 12,967,309 | 12,872,309 |
Statements of Operations (Unaud
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] | ||||
Net sales | ||||
Operating expenses: | ||||
Research and development expenses | 138,374 | 140,733 | 303,528 | 210,117 |
Professional fees | 27,640 | 7,969 | 43,226 | 29,149 |
General and administrative expenses | 33,143 | 534,555 | 115,917 | 932,619 |
Total operating expenses | 199,157 | 683,257 | 462,671 | 1,171,885 |
Income (loss) from operations | (199,157) | (683,257) | (462,671) | (1,171,885) |
Other income (expense) | ||||
Interest expense | (1,420) | (6,933) | (1,916) | (13,791) |
Change in derivative liabilities | (17,006) | 1,547 | (14,457) | 3,563 |
Total other (expense) | (18,426) | (5,386) | (16,373) | (10,228) |
Net (loss) | $ (217,583) | $ (688,643) | $ (479,044) | $ (1,182,113) |
Net (loss) per common shares (basic and diluted) | $ (0.02) | $ (0.05) | $ (0.04) | $ (0.09) |
Weighted average shares outstanding (basic and diluted) | 12,966,485 | 12,785,169 | 12,938,828 | 12,712,527 |
Statement of Changes in Stockho
Statement of Changes in Stockholders Equity (Unaudited) - USD ($) | Series A Preferred Shares | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2017 | $ 2 | $ 1,240 | $ 1,611,711 | $ (1,592,680) | $ 20,273 |
Balance, shares at Dec. 31, 2017 | 2,000 | 12,404,910 | |||
Issuance of common stock for private placement | $ 32 | 499,968 | 500,000 | ||
Issuance of common stock for private placement, shares | 312,500 | ||||
Warrants exercised associated with private placement, shares | 1,715 | ||||
Shares issued for stock awards for business advisory services | 27,999 | 28,000 | |||
Shares issued for stock awards for business advisory services, shares | 10,000 | ||||
Stock option granted to officers | 353,430 | 353,430 | |||
Stock option granted to non-employees as research and development costs | 27,975 | 27,975 | |||
Net loss for the year | (493,470) | (493,470) | |||
Balance at Mar. 31, 2018 | $ 2 | $ 1,273 | 2,521,083 | (2,086,150) | 436,208 |
Balance, shares at Mar. 31, 2018 | 2,000 | 12,729,125 | |||
Balance at Dec. 31, 2017 | $ 2 | $ 1,240 | 1,611,711 | (1,592,680) | 20,273 |
Balance, shares at Dec. 31, 2017 | 2,000 | 12,404,910 | |||
Net loss for the year | (1,182,113) | ||||
Balance at Jun. 30, 2018 | $ 2 | $ 1,280 | 3,071,269 | (2,774,793) | 297,758 |
Balance, shares at Jun. 30, 2018 | 2,000 | 12,804,125 | |||
Balance at Mar. 31, 2018 | $ 2 | $ 1,273 | 2,521,083 | (2,086,150) | 436,208 |
Balance, shares at Mar. 31, 2018 | 2,000 | 12,729,125 | |||
Shares issued for services provided | $ 7 | 149,993 | 150,000 | ||
Shares issued for services provided, shares | 75,000 | ||||
Stock option granted to officers | 353,430 | 353,430 | |||
Stock option granted to non-employees as research and development costs | 46,763 | 46,763 | |||
Net loss for the year | (688,643) | (688,643) | |||
Balance at Jun. 30, 2018 | $ 2 | $ 1,280 | 3,071,269 | (2,774,793) | 297,758 |
Balance, shares at Jun. 30, 2018 | 2,000 | 12,804,125 | |||
Balance at Dec. 31, 2018 | $ 2 | $ 1,287 | 5,629,694 | (5,523,708) | 107,275 |
Balance, shares at Dec. 31, 2018 | 2,000 | 12,872,309 | |||
Issuance of common stock for private placement | $ 4 | 39,996 | 40,000 | ||
Issuance of common stock for private placement, shares | 40,000 | ||||
Shares issued for stock awards for business advisory services | $ 3 | 37,497 | 37,500 | ||
Shares issued for stock awards for business advisory services, shares | 30,000 | ||||
Stock option granted to non-employees as research and development costs | 45,442 | 45,442 | |||
Net loss for the year | (261,461) | (261,461) | |||
Balance at Mar. 31, 2019 | $ 2 | $ 1,294 | 5,752,629 | (5,785,169) | (31,244) |
Balance, shares at Mar. 31, 2019 | 2,000 | 12,942,309 | |||
Balance at Dec. 31, 2018 | $ 2 | $ 1,287 | 5,629,694 | (5,523,708) | 107,275 |
Balance, shares at Dec. 31, 2018 | 2,000 | 12,872,309 | |||
Net loss for the year | (479,044) | ||||
Balance at Jun. 30, 2019 | $ 1,297 | 5,820,117 | (6,002,752) | (181,336) | |
Balance, shares at Jun. 30, 2019 | 12,967,309 | ||||
Balance at Mar. 31, 2019 | $ 2 | $ 1,294 | 5,752,629 | (5,785,169) | (31,244) |
Balance, shares at Mar. 31, 2019 | 2,000 | 12,942,309 | |||
Issuance of common stock for private placement | $ 3 | 24,997 | 25,000 | ||
Issuance of common stock for private placement, shares | 25,000 | ||||
Stock option granted to non-employees as research and development costs | 42,491 | 42,491 | |||
Net loss for the year | (217,583) | (217,583) | |||
Balance at Jun. 30, 2019 | $ 1,297 | $ 5,820,117 | $ (6,002,752) | $ (181,336) | |
Balance, shares at Jun. 30, 2019 | 12,967,309 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows From Operating Activities | ||
Net loss | $ (479,044) | $ (1,182,113) |
Adjustments to reconcile net loss to net cash (used by) operating activities: | ||
Stock issued for advisory and consulting services | 37,500 | 178,000 |
Stock issued for research and development expense | 87,933 | 74,738 |
Stock options granted for administrative expenses and advisory services | 706,860 | |
Accretion of debt discount | 12,794 | |
Change in derivative liabilities | 14,457 | (3,563) |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 27,099 | (12,355) |
Accounts payable and accrued liabilities | 18,254 | 5,769 |
Accounts payable and accrued liabilities, related party | 1,644 | 998 |
Net cash (used by) operating activities | (292,157) | (218,872) |
Cash Flows From Investing Activities | ||
Net cash provided from (used by) investing activities | ||
Cash Flows From Financing Activities | ||
Proceeds from private placement | 65,000 | 500,000 |
Proceeds from short term advance | 100,000 | |
Proceeds from demand loan, related party | 50,000 | |
Net cash provided from financing activities | 215,000 | 500,000 |
Increase (decrease) in cash and cash equivalents | (77,157) | 281,128 |
Cash at beginning of period | 143,862 | 57,767 |
Cash at end of period | 66,705 | 338,895 |
SUPPLEMENTAL DISCLOSURES | ||
Interest paid | ||
Income taxes paid |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Note 1 – Description of Business and Basis of Presentation Organization and nature of business: Qrons Inc. ("Qrons" or the "Company") was incorporated under the laws of the State of Wyoming on August 22, 2016 under the name BioLabMart Inc. On July 6, 2017, the board of directors and a majority of the Company's shareholders approved an amendment to the Company's Articles of Incorporation to change the name of the Company from "BioLabMart Inc." to "Qrons Inc.". On August 8, 2017, the Company filed Amended Articles of Incorporation with the State of Wyoming to effectuate such name change. The Company's common stock was approved by the Financial Industry Regulatory Authority ("FINRA") for quotation on the OTC pink sheets under the symbol "BLMB" as of July 3, 2017. FINRA announced the Company's name change to Qrons Inc. on its Daily List on August 9, 2017. The new name and symbol change to "QRON" for the OTC Market was effective August 10, 2017. The Company is an emerging biotechnology company developing advanced stem cell-based solutions to combat neuronal injuries with a laser focus on traumatic brain injuries ("TBIs") and concussions, an unmet medical need. The Company has two product candidates for treating TBIs, both integrating proprietary, modified mesenchymal stem cells ("MSC"s) and smart synthetic material, QS100™ an injury specific, 3D printable, implantable MSCs-synthetic hydrogel, to treat penetrating brain injuries and QS200™ an injectable MSCs-synthetic hydrogel for the treatment of diffused injuries commonly referred to as concussions. We believe that our approach is The Company collaborates treatment that integrates proprietary, engineered MSCs, synthetic hydrogels, 3D printable implant and a novel delivery system. On March 15, 2019, the Company relocated its principal executive office from Miami, Florida to 50 Battery Place, #7T, New York, New York 10280. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Financial Statement Presentation: In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three and six-month periods have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. Reclassification: Fiscal year end: Use of Estimates: Cash Equivalents: Research and Development Costs: esearch and development costs were $140,733 and $210,117 . Advertising and Marketing Costs: The Company incurred $42,203 and $7,925 in advertising and marketing costs during the three months ended June 30, 2019 and 2018, respectively. The Company incurred $90,590 and $40,925 in advertising and marketing costs during the six months ended June 30, 2019 and 2018, respectively. Related parties: Stock-Based Compensation and Other Share-Based Payments: Stock Plan Fair Value of Financial Instruments FASB ASC 820, "Fair Value Measurements and Disclosures", defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. FASB ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 Level 2 Level 3 If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level of input that is significant to the fair value measurement of the instrument. The following table provides a summary of the fair value of the Company's derivative liabilities as of June 30, 2019 and December 31, 2018: Fair value measurements on a recurring basis Level 1 Level 2 Level 3 As of June 30, 2019: Liabilities Derivative liabilities $ - $ - $ 51,284 As of December 31, 2018: Liabilities Derivative liabilities $ - $ - $ 36,827 Warrants: "Derivatives and Hedging – Contracts in Entity's Own Equity" Income taxes: Basic and Diluted Loss Per Share Potential common stock consists of the incremental common stock issuable upon the exercise of common stock warrants (using the if-converted method), convertible notes, classes of shares with conversion features, and stock awards and stock options. The computation of basic loss per share for the periods ended June 30, 2019 and December 31, 2018 excludes potentially dilutive securities of underlying share purchase warrants, convertible notes, stock options and preferred shares, because their inclusion would be antidilutive. As a result, the computations of net loss per share for each period presented is the same for both basic and fully diluted. The table below reflects the potentially dilutive securities at each reporting period which have been excluded from the computation of diluted net loss per share: June 30, 2019 December 31, 2018 Stock purchase warrants 52,000 52,000 Research Warrants at 3% of issued and outstanding shares 389,019 386,170 Convertible Notes 47,070 27,864 Series A Preferred shares 700 700 Stock options vested 1,496,670 1,486,670 Stock options not yet vested 118,330 128,330 Total 2,103,789 2,081,734 New Accounting Pronouncements: In June 2018, an accounting update was issued by FASB to simplify the accounting for nonemployee share-based payment transactions resulting from expanding the scope of ASC Topic 718, "Compensation-Stock Compensation ASC Topic 718 ASC Topic 718 ASC Topic 718 ASC Topic 606, Revenue from Contracts with Customers |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 3 – Going Concern The Company has experienced net losses to date, and it has not generated revenue from operations. While the Company raised proceeds during 2018 and during the first six months of 2019, it does not believe its resources will be sufficient to meet its operating and capital needs beyond the third quarter of 2019. The Company expects it will require additional capital to fully implement the scope of its proposed business operations, which raises substantial doubt about its ability to continue as a going concern. The Company will have to continue to rely on equity and debt financing. There can be no assurance that financing, whether debt or equity, will always be available to the Company in the amount required at any particular time or for any particular period or, if available, that it can be obtained on favorable terms. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amount and classification of liabilities that might cause results from this uncertainty. |
Convertible Note - Related Part
Convertible Note - Related Party and Derivative Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Convertible Note - Related Party and Derivative Liabilities | Note 4 – Convertible Note – Related Party and Derivative Liabilities On September 1, 2016, the Company entered into a convertible debenture agreement with CubeSquare, LLC ("CubeSquare"), of which its Chief Executive Officer is the managing partner and its President is a 25% owner. The Company received proceeds of $10,000 during fiscal 2016 ("Note 1"). The note bears interest at 8% per annum and was due on September 1, 2017. Interest accrues from September 1, 2016 and is payable on maturity. Interest is payable, at the lender's option, in cash or common stock. Any portion of the loan and unpaid interest is convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of the greater of (i) $0.0625 per share if the Company's shares are not trading on a public market and; (ii) in the event the Company's shares are listed for trading on a public market, the conversion price shall be equal to a 50% discount to the average of the five lowest trading prices during the previous twenty trading days prior to the date of the notice of conversion from the lender. On September 28, 2017 the Company and CubeSquare amended Note 1 to extend the maturity date from September 1, 2017 to September 1, 2018 and on September 9, 2018, the Company further amended Note 1 to extend the maturity date to September 1, 2019, under the same terms and conditions. On September 27, 2017, the Company entered into a second convertible debenture agreement with CubeSquare under which the Company received proceeds of $15,000 (Note 2). Note 2 bears interest at 8% per annum and is due on September 27, 2018. Interest shall accrue from September 27, 2017 and shall be payable on maturity. Any portion of the principal and unpaid interest under the note is convertible at any time at the option of CubeSquare into shares of common stock of the Company at a conversion price equal to a 50% discount to the average of the five lowest trading prices during the previous twenty trading days prior to the date of the notice of conversion from CubeSquare. On September 9, 2018, Note 2 was amended to extend the maturity date until September 27, 2019. The Company analyzed the amendment to Note 1 and Note 2 under and concluded that these two convertible debentures We estimated the fair value of the derivative on the inception dates, and subsequently, using the Black-Scholes valuation technique, adjusted for the effect of dilution, because that technique embodies all of the assumptions (including, volatility, expected terms, and risk-free rates) that are necessary to fair value complex derivate instruments. The carrying value of these convertible notes is as follows: June 30, 2019 December 31, 2018 Face value of certain convertible notes $ 25,000 $ 25,000 Less: unamortized discount - - Carrying value $ 25,000 $ 25,000 As a result of the application of ASC No. 815 in the periods ended June 30, 2019 and December 31, 2018 the fair value of the conversion feature is summarized as follows: Balance at December 31, 2017 $ 31,090 Derivative addition associated with convertible notes - Change in fair value 5,737 Balance at December 31, 2018 36,827 Change in fair value 14,457 Balance at June 30, 2019 $ 51,284 The fair value at the commitment and re-measurement dates for the Company's derivative liabilities were based upon the following management assumptions as of June 30, 2019 and commitment date: Commitment Date June 30, 2019 December 31, 2018 Expected dividends 0 0 0 Expected volatility 101% ~103% 172.95% ~ 208.56% 64% ~ 65% Expected term 0.92 ~ 1 year 0.17 ~0.24 year 0.67 ~0.74 year Risk free interest rate 1.33% 2.12% 2.60% |
Unsecured Short-Term Advance fr
Unsecured Short-Term Advance from Third Party | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Unsecured Short-Term Advance from Third Party | Note 5 – Unsecured Short-Term Advance from Third Party On June 20, 2019, the Company received $100,000 from a third party in the form of an unsecured, demand, non-interest bearing, short term advance to meet its operating needs. |
Demand Loan from Related Party
Demand Loan from Related Party | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Demand Loan from Related Party | Note 6 – Demand Loan from Related Party On May 1, 2019, the Company issued a promissory note (the "Note") to CubeSquare in the principal amount of $50,000. The Note bears interest at the rate of 8% per annum and is due and payable by the Company upon demand from CubeSquare. |
License and Research Funding Ag
License and Research Funding Agreements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
License and Research Funding Agreements | Note 7 – License and Research Funding Agreements On December 14, 2016, the Company entered into the License Agreement with Ariel under which the Company paid Ariel $100,000 to fund research for 12 months (with an option to extend such research financing and research period). In consideration therefore, the Company received an exclusive worldwide royalty-bearing license in Ariel patents and know-how to develop and commercialize products based on or incorporating coral-based conditioned medium for neuronal tissue regeneration and/or repair, resulting from Ariel's research or technology or the Company's research funding in accordance with milestones set forth in the Agreement. In addition, upon the occurrence of an Exit Event (as defined in the License Agreement) of the Company or of any affiliate commercializing the products, the Company is obligated to issue to Ariel an immediately exercisable warrant for that number of shares equal to 4% of the issued and outstanding shares of the Company at the time of issuance. The Company and Ariel entered into Addendum #1 to the License Agreement, effective December 13, 2017 (the "Addendum") pursuant to which Ariel was permitted to exercise a portion of the warrant granted pursuant to the License Agreement. On December 13, 2017, the Company issued 119,950 shares of common stock to Ariel, representing 1% of the issued and outstanding shares of the Company on such date, and valued at $335,860. The right to the balance of the shares subject to the warrant remains subject to the terms of the License Agreement and the occurrence of an Exit Event (as described in the License Agreement). In addition, the Addendum provides that Ariel may not request a demand registration until the balance of the shares subject to the warrant is exercised. In addition to the other payments, the Company will pay Ariel upon the occurrence of the following milestone events, additional payments which shall be due within 6 months of completion of the milestone: - Upon successful clinical FDA Phase II completion - $130,000; and - Upon successful clinical FDA Phase III completion - $390,000 Upon successful development and commercialization and in recognition of the rights and licenses granted to the Company pursuant to the License Agreement, the Company will be subject to certain royalty payments as specified in the License Agreement. In lieu of extending the research financing and research period under the License Agreement with Ariel beyond the initial 12 months, on December 14, 2017, the Company entered into the Services Agreement pursuant to which a team at Ariel University under the direction of Professor Danny Baranes will conduct molecular biology research activities involving the testing of scaffold materials for the Company. As compensation for such services, the Company paid Ariel (i) $17,250 on December 19, 2017 and an additional $17,250 on April 26, 2018. On April 12, 2018, the Services Agreement was amended to provide for the payment by the Company of an additional monthly fee, commencing March 2018, of up to 8,000 Israeli shekels as compensation for additional costs which the Company may request. On March 6, 2018, the Company entered into an additional service agreement with Ariel for the services of Professor Gadi Turgeman and his neurobiology research team in their lab pursuant to which the Company paid Ariel $20,580 on each of March 19, 2018 and August 22, 2018. On December 12, 2018, the Company further amended the Services Agreement (the "Second Amendment") with Ariel to extend the term thereof for an additional twelve-month period until December 14, 2019. The Second Amendment also provides that the Company pay Ariel $17,250 within 30 days of the date of the Amendment and an additional $17,250 on or before May 1, 2019. All other terms and conditions of the Services Agreement not amended remain in effect. On July 12, 2018, the Company entered into the Sponsored Research Agreement with Dartmouth pursuant to which the Company will support and fund the cost of research conducted by Dartmouth of mutual interest to the parties in accordance with the Agreement. Intellectual property invented or developed solely by a party shall be owned by such party and intellectual property jointly invented or developed shall be jointly owned. Dartmouth shall retain an irrevocable worldwide right to use intellectual property owned by it resulting from its research under the Agreement on a non-exclusive royalty-free basis for research and education purposes. The Agreement may be terminated earlier than one year upon written agreement of the parties, a material breach which is not cured within 30 days of notice thereof, if Professor Ke no longer conducts the research under the Agreement and a successor acceptable to both parties is not available, or in the event of an unauthorized assignment of the Company's rights and obligations under the Agreement. The parties are in the process of preparing an extension to the Agreement, which expired on July 14, 2019, while continuing to advance the research. |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 8 – Commitments (1) Service Agreement with Ariel Scientific Innovations Ltd. On December 14, 2017, the Company entered into the Services Agreement pursuant to which a team at Ariel under the direction of Prof. Danny Baranes will conduct molecular biology research activities involving the testing of implant materials for the Company. As compensation for the services provided, the Company will pay Ariel (i) $17,250 within five business days of the execution of the Services Agreement, and (ii) $17,250 by May 1, 2018. The Services Agreement may be terminated by the non-breaching party upon a material breach that is not cured within 30 days or by the Company upon thirty days' prior written notice to Ariel. Ariel must keep confidential information of the Company confidential for five years after the term of the Services Agreement. During the year ended December 31, 2017, $17,250 was paid and on April 26, 2018, the remaining installment of $17,250 was paid. On April 12, 2018, the Services Agreement was amended to provide for the payment by the Company of an additional monthly fee, commencing March 2018, of up to $2,200 (8,000 Israeli shekels) as compensation for additional costs which the Company may request. During the year ended December 31, 2018, the Company paid $16,935 for these additional costs. On December 12, 2018, the Company further amended the Services Agreement with Ariel (the "Second Amendment") to extend the term thereof for an additional twelve-month period until December 14, 2019. The Second Amendment also provides that the Company pay Ariel $17,250 within 30 days of the date of the Amendment and an additional $17,250 on or before May 1, 2019. All other terms and conditions of the Services Agreement not amended remain in effect. (1) Service Agreement with Ariel Scientific Innovations Ltd. (continued) During the six months ended June 30, 2019 and 2018, $17,968 and $17,250 were expensed, respectively, and the remaining $15,813 (December 31, 2018 - $16,531), which amount is reflected on the Company's balance sheets as prepaid expenses, will be expensed in a subsequent period. (2) Service Agreement with Ariel - Dr. Gadi Turgeman On March 6, 2018, the Company entered into a service agreement for the services of Professor Gadi Turgeman and his neurobiology research team in their lab. As compensation for the services provided, the Company paid Ariel $20,580 on each of March 19, 2018 and August 22, 2018. The Services Agreement may be terminated by the non-breaching party upon a material breach that is not cured within 30 days or by the Company upon thirty days' prior written notice to Ariel. Ariel must keep confidential information of the Company confidential for six years after the term of the Services Agreement. On April 11, 2019, the Company amended its services agreement (the "First Amendment") with Ariel which it entered into on March 6, 2018, to extend the term thereof for an additional twelve months until March 6, 2020. Pursuant to the First Amendment, the Company will pay Ariel an aggregate of $41,160 in quarterly payments of $10,290 on each of April 11, 2019, June 1, 2019, September 1, 2019 and December 1, 2019 for the services of Professor Gadi Turgeman and his neurobiology research team and the use of his lab. During the six months ended June 30, 2019 and 2018, $17,150 and $13,720 were expensed, respectively, and the remaining $0 (December 31, 2018 - $6,860), which amount is reflected on the Company's balance sheets as prepaid expenses, will be expensed in a subsequent period. (3) Science Advisory Board Member Consulting Agreements (the "Agreements") As part of its ongoing program of research and development, the Company has retained distinguished scientists and other qualified individuals to advise the Company with respect to its technology and business strategy and to assist it in the research, development and analysis of the Company's technology and products. In furtherance thereof, the Company has retained certain Advisors as members of its Scientific Advisory Board as described below, and the Company and Advisors have entered into agreements with the following terms and conditions: ¾ Scientific Advisory Board and Consulting Services - Advisor shall provide general consulting services to Company (the "Services") as a member of its Scientific Advisory Board ("SAB"). As a member of the SAB, Advisor agrees to provide the Services as follows: (a) attending meetings of the Company's SAB; (b) performing the duties of a SAB member at such meetings, as established from time to time by the mutual agreement of the Company and the SAB members, including without limitation meeting with Company employees, consultants and other SAB members, reviewing goals of the Company and assisting in developing strategies for achieving such goals, and providing advice, support, theories, techniques and improvements in the Company's scientific research and product development activities; and (c) providing consulting services to Company at its request, including a reasonable amount of informal consultation over the telephone or otherwise as requested by Company. Advisor's consultation with Company will involve services as scientific, technical and business advisor to the Company and its management with respect to neuronal injuries and neuro degenerative diseases. ¾ SAB Consulting Compensation - the Company shall grant to Advisor the option to purchase certain number of shares of the common stock of the Company as per the stock option award grant. The options are subject to terms and provisions of the Company's 2016 Stock Option and Stock Award Plan. On November 15, 2017, the Company entered into Agreements with three Advisors under the terms of which two Advisors are granted an option to purchase 20,000 shares of common stock and one Advisor was granted an option to purchase 30,000 shares of common stock under the 2016 Stock Option and Award Plan subject to certain vesting terms. On April 16, 2018, the Company entered into a one-year advisory board member consulting agreement with an assistant Professor of Chemistry at Dartmouth College to serve on the Company's Scientific Advisory Board. In consideration for serving on the Scientific Advisory Board, the Company granted an option to purchase 30,000 shares of its common stock under certain vesting terms to the assistant Professor. On August 15, 2018, the Company entered into an Agreement with an Advisor under the terms of which the Company granted an option to purchase 20,000 shares of common stock under the 2016 Stock Option and Award Plan subject to certain vesting terms. (4) Business Advisory Board Agreement On January 23, 2018, the Company entered into a one-year advisory board member consulting agreement with Pavel Hilman, the controlling shareholder of Conventus Holdings SA, a BVI corporation ("Conventus"), under which Mr. Hilman will serve on the Company's Advisory Board as a business advisor. The Advisory Board Agreement will automatically renew for up to two additional one-year periods, unless earlier terminated by either party upon 30 days' prior written notice to the other party. In consideration for serving on the Advisory Board, the Company awarded 10,000 shares of its common stock to Mr. Hilman under its 2016 Stock Option and Stock Award Plan. On January 28, 2019, the Company issued 30,000 shares of common stock to Pavel Hilman for his continuing service on the Company's Advisory Board. (5) Investor Relations Agreement On April 23, 2018, the Company entered into a six-month investor relations agreement with an investor relations firm for a monthly consulting fee of $5,000 and the issuance of 75,000 shares of common stock payable on signing the agreement. On June 23, 2018, the Company gave notice of rescission of the agreement to such firm and requested the return of the consulting fee paid and the 75,000 shares of common stock. As a result, the Company has not recorded any fees for services rendered past June 23, 2018. A total of $10,000 representing April 2018 and May 2018 monthly consulting fees is reflected in the statement of operations and a total of $150,000, the fair market value of the issued shares, was expensed on issue. As at the date of this report no fees or shares have been recovered. (6) Sponsored Research Agreement On July 12, 2018, the Company entered into a one-year Sponsored Research Agreement with Dartmouth pursuant to which the Company will support and fund the cost of research conducted by Dartmouth of mutual interest to the parties in accordance with the Agreement. Intellectual property invented or developed solely by a party shall be owned by such party and intellectual property jointly invented or developed shall be jointly owned. Dartmouth shall retain an irrevocable worldwide right to use intellectual property owned by it resulting from its research under the Agreement on a non-exclusive royalty-free basis for research and education purposes. The Company funded $36,293 on August 20, 2018 and funded an additional $18,147 on December 17, 2018 and funded an additional $18,146 on June 20, 2019. The parties are in the process of preparing an extension to the Agreement, which expired on July 14, 2019, while continuing to advance the research. The Agreement may be terminated earlier than one year upon written agreement of the parties, a material breach which is not cured within 30 days of notice thereof, if Professor Ke no longer conducts the research under the Agreement and a successor acceptable to both parties is not available, or in the event of an unauthorized assignment of the Company's rights and obligations under the Agreement. During the six months ended June 30, 2019 and 2018, $36,293 and $0 were expensed, respectively, and the remaining $9,073 (December 31, 2018 - $27,220), which amount is reflected on the Company's balance sheets as prepaid expenses, will be expensed in a subsequent period. |
Stock Plan
Stock Plan | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plan | Note 9 – Stock Plan 2016 Stock Option and Stock Award On December 14, 2016, the Board adopted the Company's 2016 Stock Option and Stock Award Plan (the "Plan"). The Plan provides for the award of stock options (incentive and non-qualified), stock awards and stock appreciation rights to officers, directors, employees and consultants who provide services to the Company. The terms of awards under the Plan are made by the Administrator of the Plan appointed by the Company's Board of Directors (the "Board"), or in the absence of an Administrator, by the Board. The Company has reserved 10 million shares for issuance under the Plan. Stock Awards: On December 14, 2016, the Board awarded to each of Prof. Danny Baranes, a Science Advisor and Dr. Liat Hammer, a former Science Advisor, a total of 440,000 shares of common stock of which 150,000 shares vested on December 14, 2016 and 145,000 shares vested on December 14, 2017. The balance of 145,000 shares did not vest as the nature of such services in such capacities were no longer provided to the Company. The value of the vested awards had been recorded as research and development expenses in the respective periods. A total of 290,000 stock awards did not vest during the fourth quarter of fiscal 2018. On January 23, 2018, the Company awarded 10,000 shares of its common stock to Mr. Hilman under its 2016 Stock Option and Stock Award Plan, which shares were fully vested and recorded as advisory services on issuance. On January 28, 2019, the Company issued 30,000 shares of common stock to Pavel Hilman for his continuing service on the Company's Board of Advisors. June 30, June 30, 2019 2018 Number of shares vested in period 30,000 85,000 Weighted average fair market value per share $ 1.25 $ 2.13 Stock based compensation recognized $ 37,500 $ 178,000 Stock Options: (a) Stock Options granted to Science Advisors: On November 15, 2017, under the 2016 Stock Option and Award Plan, the Board awarded two of its Science Advisors the following three-year stock options: (i) an immediately exercisable option to purchase 6,667 shares of common stock at an exercise price of $2.00 per share, (ii) an option to purchase 6,667 shares of common stock exercisable on November 15, 2018 at an exercise price of $2.00 per share and (iii) an option to purchase 6,666 shares of common stock exercisable on November 15, 2019 at an exercise price of $2.00 per share, provided the advisors are still providing services to the Company. On November 15, 2017, under the 2016 Stock Option and Award Plan, the Board awarded a Science Advisor, the following three-year stock options: (i) an option to purchase 15,000 shares of common stock, exercisable on November 15, 2018 at an exercise price of $0.40 per share and (ii) an option to purchase 15,000 shares of common stock exercisable on November 15, 2019 at an exercise price of $0.40 per share, provided the advisor is still providing services to the Company. (a) Stock Options granted to Science Advisors: (continued) On April 16, 2018, under the 2016 Stock Option and Award Plan, the Board awarded a Science Advisor, the following three-year stock options: (i) an option to purchase 10,000 shares of common stock, exercisable on April 16, 2018 at an exercise price of $2.00 per share (ii) an option to purchase 10,000 shares of common stock exercisable on April 16, 2019 at an exercise price of $2.00 per share, and (iii) an option to purchase 10,000 shares of common stock exercisable on April 16, 2020 at an exercise price of $2.00 per share, provided the advisor is still providing services to the Company. On August 15, 2018, under the 2016 Stock Option and Award Plan, the Board awarded a Science Advisor, the following three-year stock options: (i) an option to purchase 6,667 shares of common stock, exercisable on August 15, 2018 at an exercise price of $2.00 per share (ii) an option to purchase 6,667 shares of common stock exercisable on August 15, 2019 at an exercise price of $2.00 per share, and (iii) an option to purchase 6,666 shares of common stock exercisable on August 15, 2020 at an exercise price of $2.00 per share, provided the advisor is still providing services to the Company. (b) Stock Options granted to Employees: On December 10, 2018, under the 2016 Stock Option and Award Plan, the Board granted an immediately exercisable five-year option purchase an aggregate of 145,000 shares of common stock at an exercise price of $2.00 per share to as a "replacement award" for the same number of shares which did not vest as described in Note 7-Stock Awards. Applying the On December 10, 2018, under the 2016 Stock Option and Award Plan, the Board awarded an employee the following three-year stock options: (i) an option to purchase 33,334 shares of common stock, exercisable on December 10, 2018 at an exercise price of $2.00 per share (ii) an option to purchase 33,333 shares of common stock exercisable on December 10, 2019 at an exercise price of $2.00 per share, and (iii) an option to purchase 33,333 shares of common stock exercisable on December 10, 2020 at an exercise price of $2.00 per share, provided the advisor is still providing services to the Company. The following table is the recognized compensation in respect of the above stock option compensation ((a) and (b)) which amount has been allocated as research and development expenses: Three Months ended Six Months ended June 30, June 30, 2019 2018 2019 2018 Research and development expenses $ 42,491 $ 46,763 $ 87,933 $ 74,738 A s of June 30, 2019, total unrecognized compensation remaining to be recognized in future periods totaled $110,156. (c) Stock Options granted to Officers: On December 4, 2017, the Board granted five-year options to each of its two officers . The options have an exercise price of $2.00 and vest and become exercisable on December 4, 2018. On December 10, 2018, the Board granted five-year options to each of its two officers . The options have an exercise price of $2.00 and are immediately exercisable. The following table is the recognized compensation in respect of the above stock option compensation, which amount has been allocated as general and administrative expenses Three Months ended Six Months ended June 30, June 30, 2019 2018 2019 2018 General and administrative expenses $ 0 $ 353,430 $ 0 $ 706,860 As of June 30, 2019 total unrecognized compensation remaining to be recognized in future periods totaled $0. The fair value of each option award referenced above is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions at the measurement date(s): Measurement date Dividend yield 0% Expected volatility 114.69 ~ 126.34% Risk-free interest rate 1.79% ~ 2.68% Expected life (years) 3 ~ 5 Stock Price $ 2.00 ~ 2.80 Exercise Price $ 0.40 ~ 2.00 A summary of the activity for the Company's stock options for the periods ended June 30, 2019 and December 31, 2018, is as follows: June 30, 2019 December 31, 2018 Weighted Average Weighted Average Shares Exercise Price Shares Exercise Price Outstanding, beginning of period 1,615,000 $ 1.97 670,000 $ 1.93 Granted - $ - 945,000 $ 2.00 Exercised - $ - - $ - Canceled - $ - - $ - Outstanding, end of period 1,615,000 $ 1.97 1,615,000 $ 1.97 Options exercisable, end of period 1,496,670 $ 1.98 1,486,670 $ 1.98 Options expected to vest, end of period 118,330 $ 1.80 128,330 $ 1.81 Weighted average fair value of options granted $ 1.94 $ 2.19 |
Capital Stock
Capital Stock | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Capital Stock | Note 10 – Capital Stock Authorized: The Company has authorized 100,000,000 shares of common stock, par value $0.0001 and 10,000 shares of preferred stock which is designated as Series A Preferred Stock, par value $0.001. Series A Preferred Stock: The Series A Preferred Stock is redeemable at the option of the Company at any time, in whole or in part, upon 10 trading days prior notice, at a price of $1.00 per share plus 4% per annum from the date of issuance (the "Stated Value"). The holders of the Series A Preferred Stock are entitled to a liquidation preference equal to the Stated Value, prior to the holders of other preferred stock or common stock. The holders of the Series A Preferred Stock have the right to convert such stock into common stock at a conversion rate equal to the Stated Value as of the conversion date divided by the average closing price of the common stock for the five previous trading days. The Company is required to reserve sufficient number of shares for the conversion of the Series A Preferred Stock. The holders of Class A Preferred Stock shall vote together as a single class with the holders of the Company's common stock and the holders of any other class or series of shares entitled to vote with the common stock, with the holders of Class A Preferred Stock being entitled to 66 2/3% of the total votes on There was a total of 2,000 shares of Series A Preferred Stock issued and outstanding as of June 30, 2019 and December 31, 2018. Common Stock Common Stock issuances during the six months ended June 30, 2019 During the six months ended June 30, 2019, the Company sold an aggregate of 65,000 shares of its common stock to investors and received aggregate proceeds of $65,000 pursuant to subscription agreements in private offerings. The proceeds will be used for research and general corporate purposes. On January 28, 2019, There was a total of 12,967,309 and 12,872,309 shares of common stock issued and outstanding as of June 30, 2019 and December 31, 2018, respectively. Share Purchase Warrants In accordance with authoritative accounting guidance, the fair value of the aforementioned warrants was calculated using the Black-Scholes option-pricing model with the following assumptions at the measurement date(s): Measurement date Dividend yield 0% Expected volatility 97.90~119.33% Risk-free interest rate 1.47~1.60% Expected life (years) 2.71~2.92 Stock Price $ 0.25 Exercise Price $ 0.40 As of June 30, 2019, and December 31, 2018, the following common stock purchase warrants were outstanding: Warrants (1) Weighted Average Exercise Price Outstanding – December 31, 2017 54,000 0.40 Granted - - Forfeited/Canceled - - Exercised (2,000) (2) 0.40 Outstanding – December 31, 2018 52,000 0.40 Granted - - Forfeited/Canceled - - Exercised - - Outstanding – June 30, 2019 52,000 $ 0.40 (1) Each two shares of common stock purchased under the private placement provides for one warrant to acquire an additional share of common stock together with the payment of $0.40. (2) During the year ended December 31, 2018, investors exercised warrants to purchase an aggregate of 2,000 shares of common stock and received 1,715 shares for exercises on a cashless basis. The weighted average remaining contractual term is 0.5 years. |
Other Events
Other Events | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Other Events | Note 11 – Other Events On March 15, 2019 the Company relocated its principal executive office from Miami, Florida to 50 Battery Place, #7T, New York, New York 10280. Jonah Meer, the Company's Chief Executive Officer and a director, provides the use of this office space at no cost. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 – Subsequent Events On June 25, 2019, the Company entered into a term sheet ("Term Sheet") with John N. Bonfiglio, PhD ("Bonfiglio") pursuant to which Dr. Bonfiglio will serve as the Company's chief operating officer, effective July 1, 2019. As compensation therefor, Dr. Bonfiglio was granted (i) 50,000 shares of common stock of the Company, 37,500 of which shares vested upon issuance on July 1, 2019 and 12,500 of which shares will vest on the earlier of (i) January 1, 2020 and (ii) the date the Company raises equity capital of $500,000 as described in the Term Sheet, provided Dr. Bonfiglio is in the employ of the Company on such date. The Term Sheet also provides for the grant of a stock option to purchase 100,000 shares of common stock at an exercise price of $2.00 per share, 50,000 of which shares will vest upon grant and 25,000 shares will vest on each of July 1, 2020 and July 1, 2021, provided Dr. Bonfiglio is in the employ of the Company on such dates and further provided that if the Company raises equity capital of $1.5 million before December 31, 2019, unvested shares subject to the option will immediately vest and become exercisable, so long as Dr. Bonfiglio is in the Company's employ on such date. If the Company raises equity capital of $1.5 million by April 1, 2020, Dr. Bonfiglio will be appointed to the Company's board of directors. In addition, Dr. Bonfiglio will be entitled to a salary of $12,000 per month which will be deferred and payable at the rate of 5% of equity capital raised by the Company up to $12,000 per month as described in the Term Sheet. The Term Sheet may be terminated by either party if by October 31, 2019, the Company has not raised equity capital of $750,000 and thereafter by either party upon 30 days' prior notice. The Company may also terminate the Term Sheet for willful misconduct. On August 1, 2019, the Company received $50,000 from Jonah Meer, its Chief Executive Officer, in the form of an unsecured, demand, short term advance to help meet its operating needs. On August 8, 2019, the Company entered into a six-month services agreement with PCG Advisory, Inc. ("PCG") under which PCG will provide investor relations and capital market advisory services to the Company. In consideration therefor, the Company will pay PCG a monthly cash fee of $5,000 ($2,500 of which will be deferred until the Company raises at least $300,000 in a financing) and issued 50,000 shares of its common stock upon execution of the agreement. After the initial six-month term, the agreement will automatically renew on a month-to-month basis unless either party notifies the other of its desire to terminate the agreement or by the Company if PCG fails to comply with securities laws, makes an untrue statement of material facts or omits to state any material fact in connection with an investment in the Company or breaches a representation, warranty or covenant in the agreement. The Company's common stock was upgraded from the Pink Market and commenced trading on the OTCQB Venture Market on August 12, 2019. The common stock will continue to be traded under the symbol "QRON". The Company has evaluated subsequent events from June 30, 2019 through the date these financial statements were issued and determined there are no additional events requiring disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Financial Statement Presentation | Financial Statement Presentation: In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three and six-month periods have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. |
Reclassification | Reclassification: |
Fiscal year end | Fiscal year end: |
Use of Estimates | Use of Estimates: |
Cash Equivalents | Cash Equivalents: |
Research and Development Costs | Research and Development Costs: esearch and development costs were $140,733 and $210,117 . |
Advertising and Marketing Costs | Advertising and Marketing Costs: The Company incurred $42,203 and $7,925 in advertising and marketing costs during the three months ended June 30, 2019 and 2018, respectively. The Company incurred $90,590 and $40,925 in advertising and marketing costs during the six months ended June 30, 2019 and 2018, respectively. |
Related parties | Related parties: |
Stock-Based Compensation and Other Share-Based Payments | Stock-Based Compensation and Other Share-Based Payments: Stock Plan |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 820, "Fair Value Measurements and Disclosures", defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. FASB ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 Level 2 Level 3 If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level of input that is significant to the fair value measurement of the instrument. The following table provides a summary of the fair value of the Company's derivative liabilities as of June 30, 2019 and December 31, 2018: Fair value measurements on a recurring basis Level 1 Level 2 Level 3 As of June 30, 2019: Liabilities Derivative liabilities $ - $ - $ 51,284 As of December 31, 2018: Liabilities Derivative liabilities $ - $ - $ 36,827 |
Warrants | Warrants: "Derivatives and Hedging – Contracts in Entity's Own Equity" |
Income taxes | Income taxes: |
Basic and Diluted Loss Per Share | Basic and Diluted Loss Per Share Potential common stock consists of the incremental common stock issuable upon the exercise of common stock warrants (using the if-converted method), convertible notes, classes of shares with conversion features, and stock awards and stock options. The computation of basic loss per share for the periods ended June 30, 2019 and December 31, 2018 excludes potentially dilutive securities of underlying share purchase warrants, convertible notes, stock options and preferred shares, because their inclusion would be antidilutive. As a result, the computations of net loss per share for each period presented is the same for both basic and fully diluted. The table below reflects the potentially dilutive securities at each reporting period which have been excluded from the computation of diluted net loss per share: June 30, 2019 December 31, 2018 Stock purchase warrants 52,000 52,000 Research Warrants at 3% of issued and outstanding shares 389,019 386,170 Convertible Notes 47,070 27,864 Series A Preferred shares 700 700 Stock options vested 1,496,670 1,486,670 Stock options not yet vested 118,330 128,330 Total 2,103,789 2,081,734 |
New Accounting Pronouncements | New Accounting Pronouncements: In June 2018, an accounting update was issued by FASB to simplify the accounting for nonemployee share-based payment transactions resulting from expanding the scope of ASC Topic 718, "Compensation-Stock Compensation ASC Topic 718 ASC Topic 718 ASC Topic 718 ASC Topic 606, Revenue from Contracts with Customers |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of the fair value of derivative liabilities | Fair value measurements on a recurring basis Level 1 Level 2 Level 3 As of June 30, 2019: Liabilities Derivative liabilities $ - $ - $ 51,284 As of December 31, 2018: Liabilities Derivative liabilities $ - $ - $ 36,827 |
Schedule of potentially dilutive securities | June 30, 2019 December 31, 2018 Stock purchase warrants 52,000 52,000 Research Warrants at 3% of issued and outstanding shares 389,019 386,170 Convertible Notes 47,070 27,864 Series A Preferred shares 700 700 Stock options vested 1,496,670 1,486,670 Stock options not yet vested 118,330 128,330 Total 2,103,789 2,081,734 |
Convertible Note - Related Pa_2
Convertible Note - Related Party and Derivative Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Schedule of convertible notes | June 30, 2019 December 31, 2018 Face value of certain convertible notes $ 25,000 $ 25,000 Less: unamortized discount - - Carrying value $ 25,000 $ 25,000 |
Schedule of fair value of conversion feature | Balance at December 31, 2017 $ 31,090 Derivative addition associated with convertible notes - Change in fair value 5,737 Balance at December 31, 2018 36,827 Change in fair value 14,457 Balance at June 30, 2019 $ 51,284 |
Schedule of fair value at commitment and re-measurement dates derivative liabilities | Commitment Date June 30, 2019 December 31, 2018 Expected dividends 0 0 0 Expected volatility 101% ~103% 172.95% ~ 208.56% 64% ~ 65% Expected term 0.92 ~ 1 year 0.17 ~0.24 year 0.67 ~0.74 year Risk free interest rate 1.33% 2.12% 2.60% |
Stock Plan (Tables)
Stock Plan (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock award | June 30, June 30, 2019 2018 Number of shares vested in period 30,000 85,000 Weighted average fair market value per share $ 1.25 $ 2.13 Stock based compensation recognized $ 37,500 $ 178,000 |
Stock option compensation allocated as research and development expenses | Three Months ended Six Months ended June 30, June 30, 2019 2018 2019 2018 Research and development expenses $ 42,491 $ 46,763 $ 87,933 $ 74,738 Three Months ended Six Months ended June 30, June 30, 2019 2018 2019 2018 General and administrative expenses $ 0 $ 353,430 $ 0 $ 706,860 |
Schedule of fair value options assumptions | Measurement date Dividend yield 0% Expected volatility 114.69 ~ 126.34% Risk-free interest rate 1.79% ~ 2.68% Expected life (years) 3 ~ 5 Stock Price $ 2.00 ~ 2.80 Exercise Price $ 0.40 ~ 2.00 |
Schedule of stock options | June 30, 2019 December 31, 2018 Weighted Average Weighted Average Shares Exercise Price Shares Exercise Price Outstanding, beginning of period 1,615,000 $ 1.97 670,000 $ 1.93 Granted - $ - 945,000 $ 2.00 Exercised - $ - - $ - Canceled - $ - - $ - Outstanding, end of period 1,615,000 $ 1.97 1,615,000 $ 1.97 Options exercisable, end of period 1,496,670 $ 1.98 1,486,670 $ 1.98 Options expected to vest, end of period 118,330 $ 1.80 128,330 $ 1.81 Weighted average fair value of options granted $ 1.94 $ 2.19 |
Capital Stock (Tables)
Capital Stock (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of fair value warrants assumptions | Measurement date Dividend yield 0% Expected volatility 97.90~119.33% Risk-free interest rate 1.47~1.60% Expected life (years) 2.71~2.92 Stock Price $ 0.25 Exercise Price $ 0.40 |
Schedule of common stock purchase warrants were outstanding | Warrants (1) Weighted Average Exercise Price Outstanding – December 31, 2017 54,000 0.40 Granted - - Forfeited/Canceled - - Exercised (2,000) (2) 0.40 Outstanding – December 31, 2018 52,000 0.40 Granted - - Forfeited/Canceled - - Exercised - - Outstanding – June 30, 2019 52,000 $ 0.40 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Level 2 [Member] | ||
Liabilities | ||
Derivative liabilities | ||
Level 3 [Member] | ||
Liabilities | ||
Derivative liabilities | 51,284 | 36,827 |
Level 1 [Member] | ||
Liabilities | ||
Derivative liabilities |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Potentially dilutive securities net loss per share | 2,103,789 | 2,081,734 |
Warrant [Member] | ||
Potentially dilutive securities net loss per share | 52,000 | 52,000 |
Research Warrants at 3% of issued and outstanding shares [Member] | ||
Potentially dilutive securities net loss per share | 389,019 | 386,170 |
Convertible Notes [Member] | ||
Potentially dilutive securities net loss per share | 47,070 | 27,864 |
Series A Preferred shares [Member] | ||
Potentially dilutive securities net loss per share | 700 | 700 |
Stock options vested [Member] | ||
Potentially dilutive securities net loss per share | 1,496,670 | 1,486,670 |
Stock options not yet vested [Member] | ||
Potentially dilutive securities net loss per share | 118,330 | 128,330 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accounting Policies [Abstract] | ||||
Reclassified research and development expense | $ 48,688 | $ 77,145 | ||
Research and development costs | $ 138,374 | 140,733 | $ 303,528 | 210,117 |
Advertising or marketing costs | $ 42,203 | $ 7,925 | $ 90,590 | $ 40,925 |
Research warrants issued and outstanding, percentage | 3.00% |
Convertible Note - Related Pa_3
Convertible Note - Related Party and Derivative Liabilities (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Notes to Financial Statements | ||
Face value of certain convertible notes | $ 25,000 | $ 25,000 |
Less: unamortized discount | ||
Carrying value | $ 25,000 | $ 25,000 |
Convertible Note - Related Pa_4
Convertible Note - Related Party and Derivative Liabilities (Details 1) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Notes to Financial Statements | ||
Balance | $ 36,827 | |
Derivative addition associated with convertible notes | ||
Change in fair value | 14,457 | 5,737 |
Balance | $ 51,284 | $ 36,827 |
Convertible Note - Related Pa_5
Convertible Note - Related Party and Derivative Liabilities (Details 2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Expected dividends | 0.00% | 0.00% |
Risk free interest rate | 2.12% | 2.60% |
Commitment Date [Member] | ||
Expected dividends | 0.00% | |
Risk free interest rate | 1.33% | |
Minimum [Member] | ||
Expected volatility | 172.95% | 64.00% |
Expected term | 2 months 1 day | 8 months 1 day |
Minimum [Member] | Commitment Date [Member] | ||
Expected volatility | 101.00% | |
Expected term | 11 months 1 day | |
Maximum [Member] | ||
Expected volatility | 208.56% | 65.00% |
Expected term | 2 months 26 days | 8 months 26 days |
Maximum [Member] | Commitment Date [Member] | ||
Expected volatility | 103.00% | |
Expected term | 1 year |
Convertible Note - Related Pa_6
Convertible Note - Related Party and Derivative Liabilities (Details Narrative) - Cubesquare Llc [Member] - USD ($) | Sep. 09, 2018 | Sep. 28, 2017 | Sep. 27, 2017 | Sep. 01, 2016 |
Convertible Note - Related Party and Derivative Liabilities (Textual) | ||||
Received proceeds totaling | $ 15,000 | $ 10,000 | ||
Interest rate per annum | 8.00% | 8.00% | ||
Conversion, description | Any portion of the principal and unpaid interest under the note is convertible at any time at the option of CubeSquare into shares of common stock of the Company at a conversion price equal to a 50% discount to the average of the five lowest trading prices during the previous twenty trading days prior to the date of the notice of conversion from CubeSquare. | (i) $0.0625 per share if the Company's shares are not trading on a public market and; (ii) in the event the Company's shares are listed for trading on a public market, the conversion price shall be equal to a 50% discount to the average of the five lowest trading prices during the previous twenty trading days prior to the date of the notice of conversion from the lender. | ||
Maturity date | Sep. 1, 2017 | |||
Maturity date, description | Note 2 was amended to extend the maturity date until September 27, 2019. | Note 1 to extend the maturity date from September 1, 2017 to September 1, 2018 and on September 9, 2018, the Company further amended Note 1 to extend the maturity date to September 1, 2019, under the same terms and conditions. | ||
Debt instument due date | Sep. 27, 2018 | |||
President [Member] | ||||
Convertible Note - Related Party and Derivative Liabilities (Textual) | ||||
Ownership percentage | 25.00% |
Unsecured Short-Term Advance _2
Unsecured Short-Term Advance from Third Party (Details Narrative) | Jun. 30, 2019USD ($) |
Debt Disclosure [Abstract] | |
Unsecured short-term advances | $ 100,000 |
Demand Loan from Related Party
Demand Loan from Related Party (Details Narrative) | Jun. 30, 2019USD ($) |
Related Party Transactions [Abstract] | |
Demand loans, related party | $ 50,000 |
License and Research Funding _2
License and Research Funding Agreements (Details Narrative) - USD ($) | Mar. 06, 2018 | Dec. 13, 2017 | Dec. 14, 2016 | Apr. 23, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
License and Research Funding Agreements (Textual) | ||||||||||
Research and development costs | $ 138,374 | $ 140,733 | $ 303,528 | $ 210,117 | ||||||
Shares issued for advisory services, value | 75,000 | |||||||||
Shares issued, value | $ 25,000 | $ 40,000 | $ 500,000 | |||||||
License and research funding agreement compensation paid, description | the Company entered into an additional service agreement with Ariel for the services of Professor Gadi Turgeman and his neurobiology research team in their lab pursuant to which the Company paid Ariel $20,580 on each of March 19, 2018 and August 22, 2018. | The Company paid Ariel (i) $17,250 on December 19, 2017 and an additional $17,250 on April 26, 2018. On April 12, 2018, the Services Agreement was amended to provide for the payment by the Company of an additional monthly fee, commencing March 2018, of up to 8,000 Israeli shekels as compensation for additional costs which the Company may request. | ||||||||
Licensing Agreements [Member] | ||||||||||
License and Research Funding Agreements (Textual) | ||||||||||
Total amount of fund for research during research period | $ 100,000 | |||||||||
Warrant exercisable percentage | 4.00% | |||||||||
Payments of completion of milestone events, description | Upon successful clinical FDA Phase II completion - $130,000; and Upon successful clinical FDA Phase III completion - $390,000 | |||||||||
Payments of completion of milestone events due | 6 months | |||||||||
Ariel University [Member] | ||||||||||
License and Research Funding Agreements (Textual) | ||||||||||
Shares issued for advisory services, value | 119,950 | |||||||||
Shares issued, value | $ 335,860 | |||||||||
Shares issued, percentage | 1.00% |
Commitments (Details Narrative)
Commitments (Details Narrative) - USD ($) | Jul. 12, 2018 | Jun. 23, 2018 | Apr. 12, 2018 | Jan. 28, 2019 | Apr. 23, 2018 | Jan. 23, 2018 | Nov. 15, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Aug. 22, 2018 | Aug. 15, 2018 | May 01, 2018 | Apr. 26, 2018 | Apr. 16, 2018 | Mar. 19, 2018 | Dec. 14, 2017 |
Commitments (Textual) | |||||||||||||||||
Compensation for the services provided | $ 17,250 | $ 17,250 | $ 17,250 | ||||||||||||||
Compensation cost | $ 17,968 | 17,250 | |||||||||||||||
Advisors are granted the option | |||||||||||||||||
Service agreement payment, description | the Company of an additional monthly fee, commencing March 2018, of up to $2,200 (8,000 Israeli shekels) as compensation for additional costs which the Company may request.quest. | ||||||||||||||||
Prepaid expenses | $ 15,813 | 16,531 | |||||||||||||||
Consulting fee | $ 5,000 | ||||||||||||||||
Investor relations agreement, description | The Company gave notice of rescission of the agreement to such firm and requested the return of the consulting fee paid and the 75,000 shares of common stock. As a result, the Company has not recorded any fees for services rendered past June 23, 2018. A total of $10,000 representing April 2018 and May 2018 monthly consulting fees is reflected in the statement of operations and a total of $150,000, the fair market value of the issued shares, was expensed on issue. | The Company issued 75,000 shares of its common stock in respect of an investor relations services agreement which was rescinded on June 23, 2018 (Note 6(5)). The shares were valued at the fair market value on the date of issuance for a total of $150,000, or $2.00 per share. | |||||||||||||||
Paid for additional fees | 16,935 | ||||||||||||||||
Issuance of common stock payable | 75,000 | ||||||||||||||||
Sponsored Research Agreement [Member] | |||||||||||||||||
Commitments (Textual) | |||||||||||||||||
Prepaid expenses | 36,293 | 0 | |||||||||||||||
Prepaid expensed during period | 9,073 | $ 27,220 | |||||||||||||||
Sponsored research agreement, description | The Company entered into a one-year sponsored research agreement (the "Sponsored Research Agreement"), with the Trustees of Dartmouth College ("Dartmouth") pursuant to which the Company will support and fund the cost of research conducted by Dartmouth of mutual interest to the parties in accordance with the Agreement. Intellectual property invented or developed solely by a party shall be owned by such party and intellectual property jointly invented or developed shall be jointly owned. Dartmouth shall retain an irrevocable worldwide right to use intellectual property owned by it resulting from its research under the Agreement on a non-exclusive royalty-free basis for research and education purposes. The Company funded $36,293 on August 20, 2018 and will fund additional $18,147 by December 1, 2018 and $18,146 by June 1, 2019, respectively. | ||||||||||||||||
Service Agreement With Ariel [Member] | |||||||||||||||||
Commitments (Textual) | |||||||||||||||||
Compensation for the services provided | 41,160 | $ 20,580 | $ 20,580 | $ 17,250 | |||||||||||||
Compensation cost | 10,290 | ||||||||||||||||
Prepaid expenses | 17,150 | $ 0 | 13,720 | ||||||||||||||
Prepaid expensed during period | $ 0 | $ 6,860 | |||||||||||||||
Equity Option [Member] | |||||||||||||||||
Commitments (Textual) | |||||||||||||||||
Advisors are granted the option | 10,000 | 20,000 | |||||||||||||||
Stock option and advisor granted | 30,000 | 20,000 | 30,000 | ||||||||||||||
Issuance of common stock payable | 30,000 |
Stock Plan (Details)
Stock Plan (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of shares vested in period | 30,000 | 85,000 |
Weighted average fair market value per share | $ 1.25 | $ 2.13 |
Stock based compensation recognized | $ 37,500 | $ 178,000 |
Stock Plan (Details 1)
Stock Plan (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Research and Development Expense [Member] | ||||
Stock option compensation allocated expenses | $ 42,491 | $ 46,763 | $ 87,933 | $ 74,738 |
General and Administrative Expense [Member] | ||||
Stock option compensation allocated expenses | $ 0 | $ 353,430 | $ 0 | $ 706,860 |
Stock Plan (Details 2)
Stock Plan (Details 2) - Measurement Date [Member] - Equity Option [Member] | 6 Months Ended |
Jun. 30, 2019$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
Exercise Price, Minimum | $ 0.40 |
Exercise Price, Maximum | $ 2 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 126.34% |
Risk-free interest rate | 2.68% |
Expected life (years) | 5 years |
Stock Price | $ 2.80 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 114.69% |
Risk-free interest rate | 1.79% |
Expected life (years) | 3 years |
Stock Price | $ 2 |
Stock Plan (Details 3)
Stock Plan (Details 3) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Shares Outstanding, beginning of period | 1,615,000 | 670,000 |
Shares, Granted | 945,000 | |
Shares, Exercised | ||
Shares, Canceled | ||
Shares Outstanding, end of period | 1,615,000 | 1,615,000 |
Shares Options exercisable, end of period | 1,496,670 | 1,486,670 |
Shares, Options expected to vest, end of period | 118,330 | 128,330 |
Weighted Average Shares Exercise Price, Outstanding, beginning of period | $ 1.97 | $ 1.93 |
Weighted Average Shares Exercise Price, Granted | 2 | |
Weighted Average Shares Exercise Price, Exercised | ||
Weighted Average Exercise Price, Canceled | ||
Weighted Average Shares Exercise Price, Outstanding, end of period | 1.97 | 1.97 |
Weighted Average Exercise Price, Options exercisable, end of period | 1.98 | 1.98 |
Weighted Average Exercise Price, Options expected to vest, end of period | 1.80 | 1.81 |
Weighted Average Exercise Price, Weighted average fair value of options granted | $ 1.94 | $ 2.19 |
Stock Plan (Details Narrative)
Stock Plan (Details Narrative) - USD ($) | Dec. 10, 2018 | Aug. 15, 2018 | Dec. 14, 2017 | Dec. 04, 2017 | Dec. 14, 2016 | Apr. 16, 2018 | Nov. 15, 2017 | Jun. 30, 2019 | Jan. 28, 2019 | Jan. 23, 2018 |
Stock Plan (Textual) | ||||||||||
Total unrecognized compensation remaining to be recognized in future periods | $ 110,156 | |||||||||
Board of Directors Chairman [Member] | ||||||||||
Stock Plan (Textual) | ||||||||||
Stock award | 440,000 | |||||||||
Receive common stock vest upon grant date | 150,000 | |||||||||
Vested shares | 145,000 | 145,000 | ||||||||
Equity Option [Member] | ||||||||||
Stock Plan (Textual) | ||||||||||
Reserved shares for issuance | 10 | |||||||||
Stock award | 10,000 | |||||||||
Description of services agreement | Under the 2016 Stock Option and Award Plan, the Board granted a Science Advisor an option to purchase an aggregate of 20,000 shares of common stock at an exercise price of $2.00 per share. The option vests as to 6,667 shares on each of August 15, 2018 and August 15, 2019 and as to 6,666 shares on August 15, 2020 and remains exercisable as to each such installment for three years from the date of vesting. | Under the 2016 Stock Option and Award Plan, the Board awarded a Science Advisor, the following three-year stock options: (i) an option to purchase 10,000 shares of common stock, exercisable on April 16, 2018 at an exercise price of $2.00 per share and (ii) an option to purchase 10,000 shares of common stock exercisable on April 16, 2019 at an exercise price of $2.00 per share, and (iii) an option to purchase 10,000 shares of common stock exercisable on April 16, 2020 at an exercise price of $2.00 per share, provided the advisor is still providing services to the Company. provided the advisor is still providing services to the Company. | Under the 2016 Stock Option and Award Plan, the Board awarded two of its Science Advisors the following three-year stock options: (i) an immediately exercisable option to purchase 6,667 shares of common stock at an exercise price of $2.00 per share, (ii) an option to purchase 6,667 shares of common stock exercisable on November 15, 2018 at an exercise price of $2.00 per share and (iii) an option to purchase 6,666 shares of common stock exercisable on November 15, 2019 at an exercise price of $2.00 per share, provided the advisors are still providing services to the Company. | |||||||
Stock Option One [Member] | ||||||||||
Stock Plan (Textual) | ||||||||||
Stock award | 30,000 | |||||||||
Description of services agreement | Under the 2016 Stock Option and Award Plan, the Board awarded a Science Advisor, the following three-year stock options: (i) an option to purchase 15,000 shares of common stock, exercisable on November 15, 2018 at an exercise price of $0.40 per share and (ii) an option to purchase 15,000 shares of common stock exercisable on November 15, 2019 at an exercise price of $0.40 per share, provided the advisor is still providing services to the Company. | |||||||||
Stock Options Granted To Officers [Member] | ||||||||||
Stock Plan (Textual) | ||||||||||
Total unrecognized compensation remaining to be recognized in future periods | $ 0 | |||||||||
Weighted average exercise price | $ 2 | $ 2 | ||||||||
Shares of common stock under certain vesting terms | 5 years | 5 years | ||||||||
Vest and exercisable date | Dec. 4, 2018 | |||||||||
Granted an option to purchase shares of common stock | 325,000 | 300,000 | ||||||||
Stock Options Granted Employees [Member] | ||||||||||
Stock Plan (Textual) | ||||||||||
Description of services agreement | (i) an option to purchase 33,334 shares of common stock, exercisable on December 10, 2018 at an exercise price of $2.00 per share (ii) an option to purchase 33,333 shares of common stock exercisable on December 10, 2019 at an exercise price of $2.00 per share, and (iii) an option to purchase 33,333 shares of common stock exercisable on December 10, 2020 at an exercise price of $2.00 per share | |||||||||
Weighted average exercise price | $ 2 | |||||||||
Shares of common stock under certain vesting terms | 5 years | |||||||||
Granted an option to purchase shares of common stock | 145,000 | |||||||||
Stock-based compensation | $ 54,840 | |||||||||
Fourth Quarter [Member] | Stock Awards Not Yet Vested [Member] | ||||||||||
Stock Plan (Textual) | ||||||||||
Vested shares | 290,000 | |||||||||
December Fourteen Two Zero One Eight [Member] | Board of Directors Chairman [Member] | ||||||||||
Stock Plan (Textual) | ||||||||||
Vested shares | 145,000 |
Capital Stock (Details)
Capital Stock (Details) - Measurement Date [Member] - Warrant [Member] | 6 Months Ended |
Jun. 30, 2019$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
Stock Price | $ 0.25 |
Exercise Price | $ 0.40 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 119.33% |
Risk-free interest rate | 1.60% |
Expected life (years) | 2 years 11 months 1 day |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 97.90% |
Risk-free interest rate | 1.47% |
Expected life (years) | 2 years 8 months 16 days |
Capital Stock (Details 1)
Capital Stock (Details 1) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | |||
Equity [Abstract] | ||||
Warrants Outstanding Beginning | [1] | 52,000 | 54,000 | |
Warrants Granted | ||||
Warrants Forfeited/Canceled | ||||
Warrants Exercised | 2,000 | [1],[2] | ||
Warrants Outstanding Ending | [1] | 52,000 | 52,000 | |
Weighted Average Exercise Price Outstanding Beginning | $ 0.40 | $ 0.40 | ||
Weighted Average Exercise Price Granted | ||||
Weighted Average Exercise Price Forfeited/Canceled | ||||
Weighted Average Exercise Price Exercised | 0.40 | |||
Weighted Average Exercise Price Outstanding Ending | $ 0.40 | $ 0.40 | ||
[1] | Each two shares of common stock purchased under the private placement provides for one warrant to acquire an additional share of common stock together with the payment of $0.40. | |||
[2] | During the year ended December 31, 2018, investors exercised warrants to purchase an aggregate of 2,000 shares of common stock and received 1,715 shares for exercises on a cashless basis. |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Apr. 23, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | ||
Series A Preferred Shares, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Series A Preferred Shares, authorized | 10,000 | 10,000 | 10,000 | |||||
Series A Preferred Shares, shares issued | 2,000 | 2,000 | 2,000 | |||||
Series A Preferred Shares, shares outstanding | 2,000 | 2,000 | 2,000 | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Common stock, shares issued | 12,967,309 | 12,967,309 | 12,872,309 | |||||
Common stock, shares outstanding | 12,967,309 | 12,967,309 | 12,872,309 | |||||
Issuance of common stock for private placement, shares | 75,000 | |||||||
Issuance of common stock for private placement | $ 25,000 | $ 40,000 | $ 500,000 | |||||
Shares issued for stock awards for business advisory services | $ 150,000 | |||||||
Warrants exercised | 2,000 | [1],[2] | ||||||
Common Stock | ||||||||
Issuance of common stock for private placement, shares | 25,000 | 40,000 | 312,500 | |||||
Issuance of common stock for private placement | $ 3 | $ 4 | $ 32 | |||||
Shares issued for stock awards for business advisory services, shares | 75,000 | |||||||
Shares issued for stock awards for business advisory services | $ 7 | |||||||
Share price per share | $ 2.80 | $ 2.80 | ||||||
Warrants received underlying shares for exercise on a cashless basis | 1,715 | |||||||
Common Stock | Advisory Services | ||||||||
Shares issued for stock awards for business advisory services, shares | 30,000 | |||||||
Shares issued for stock awards for business advisory services | $ 37,500 | |||||||
Additional Paid-In Capital | ||||||||
Issuance of common stock for private placement | $ 24,997 | $ 39,996 | $ 499,968 | |||||
Shares issued for stock awards for business advisory services | $ 149,993 | |||||||
[1] | During the year ended December 31, 2018, investors exercised warrants to purchase an aggregate of 2,000 shares of common stock and received 1,715 shares for exercises on a cashless basis. | |||||||
[2] | Each two shares of common stock purchased under the private placement provides for one warrant to acquire an additional share of common stock together with the payment of $0.40. |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |
Jul. 31, 2019 | Jun. 30, 2019 | Aug. 01, 2019 | |
Service agreement descritption | In consideration therefor, the Company will pay PCG a monthly cash fee of $5,000 ($2,500 of which will be deferred until the Company raises at least $300,000 in a financing) and issued 50,000 shares of its common stock upon execution of the agreement | ||
Subsequent Event [Member] | |||
Number of shares granted for future issue | 50,000 | ||
Number of shares issued, shares | 37,500 | ||
Number of shares vested in future | 12,500 | ||
Stock option granted for purchase shares of common stock | 100,000 | ||
Share price per share | $ 2 | ||
Salary per month | $ 12,000 | ||
Subsequent Event [Member] | Subsequent Event [Member] | |||
Promissory note | $ 50,000 |