Indaptus Therapeutics (INDP) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 10, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-40652
Entity Registrant Name	Indaptus Therapeutics, Inc.
Entity Central Index Key	0001857044
Entity Tax Identification Number	86-3158720
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	3 Columbus Circle
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	347
Local Phone Number	480 9760
Trading Symbol	INDP
Security Exchange Name	NASDAQ
Title of 12(g) Security	Common stock, par value $0.01 per share
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,258,597

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 33,216,311	$ 39,132,165
Marketable securities	2,961,460
Assets held for sale		148,400
Prepaid expenses and other current assets	741,945	1,106,653
Total current assets	36,919,716	40,387,218
Non-current assets:
Property and equipment, net	3,266	3,800
Right-of-use asset	147,102	169,088
Other assets	16,477	16,477
Total non-current assets	166,845	189,365
Total assets	37,086,561	40,576,583
Current liabilities:
Accounts payable and other current liabilities	3,582,472	4,507,676
Operating lease liability, current portion	97,185	96,465
Total current liabilities	3,679,657	4,604,141
Non-current liabilities:
Operating lease liability, net of current portion	50,516	72,862
Total non-current liabilities	50,516	72,862
Total liabilities	3,730,173	4,677,003
Commitments and contingent liabilities (Note 8)
Stockholders’ equity:
Common stock: $0.01 par value, 200,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 8,258,597 shares issued and outstanding as of March 31, 2022 and December 31, 2021	82,586	82,586
Additional paid in capital	52,319,064	51,487,881
Accumulated deficit	(19,036,041)	(15,670,887)
Accumulated other comprehensive loss	(9,221)
Total stockholders’ equity	33,356,388	35,899,580
Total liabilities and stockholders’ equity	$ 37,086,561	$ 40,576,583

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	8,258,597	8,258,597
Common stock, shares outstanding	8,258,597	8,258,597

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 1,297,098	$ 489,721
General and administrative	2,104,975	124,254
Total operating expenses	3,402,073	613,975
Loss from operations	(3,402,073)	(613,975)
Other income, net	36,919	1,554
Net loss	$ (3,365,154)	$ (612,421)
Net loss available to common stockholders per share of common stock, basic and diluted	$ (0.41)	$ (0.31)
Weighted average number of shares used in calculating net loss per share, basic and diluted	8,258,597	1,944,672
Net loss	$ (3,365,154)	$ (612,421)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(9,221)
Comprehensive loss	$ (3,374,375)	$ (612,421)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Dec. 31, 2020	$ 8,359	$ 19,447	$ 7,693,994	$ (7,959,501)		$ (237,701)
Beginning balance, shares at Dec. 31, 2020	835,928	1,944,672
Stock-based compensation			20,445			20,445
Net loss				(612,421)		(612,421)
Other comprehensive loss
Ending balance, value at Mar. 31, 2021	$ 8,359	$ 19,447	7,714,439	(8,571,922)		(829,677)
Ending balance, shares at Mar. 31, 2021	835,928	1,944,672
Beginning balance, value at Dec. 31, 2021		$ 82,586	51,487,881	(15,670,887)		35,899,580
Beginning balance, shares at Dec. 31, 2021		8,258,597
Stock-based compensation			831,183			831,183
Net loss				(3,365,154)		(3,365,154)
Other comprehensive loss					(9,221)	(9,221)
Ending balance, value at Mar. 31, 2022		$ 82,586	$ 52,319,064	$ (19,036,041)	$ (9,221)	$ 33,356,388
Ending balance, shares at Mar. 31, 2022		8,258,597

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (3,365,154)	$ (612,421)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	534	213
Stock-based compensation	831,183	20,445
Realized gain on assets held for sale	(24,155)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	364,708	(109,883)
Accounts payable and other current liabilities	(925,204)	481,050
Deferred transaction costs		(604,988)
Operating lease right-of-use asset and liability, net	360
Net cash used in operating activities	(3,117,728)	(825,584)
Cash flows from investing activities:
Proceeds received for assets held for sale	172,555
Purchase of marketable securities	(2,970,681)
Net cash used in investing activities	(2,798,126)
Cash flows from financing activities:
Proceeds from SAFEs, net		3,675,000
Net cash provided by financing activities		3,675,000
Net (decrease) increase in cash and cash equivalents	(5,915,854)	2,849,416
Cash and cash equivalents at beginning of period	39,132,165	1,637,499
Cash and cash equivalents at end of period	33,216,311	4,486,915
Supplemental cash flow disclosures
Cash paid for income taxes		800
Cash received for interest earned on deposits	$ 1,318	$ 506

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	NOTE 1: GENERAL a. Indaptus Therapeutics, Inc. and its wholly-owned subsidiaries, Decoy Biosystems, Inc. and Intec Pharma Ltd., collectively (the “Company”), is a biotechnology company dedicated to enhancing and expanding curative cancer immunotherapy for patients with unresectable or metastatic solid tumors and lymphomas, which are responsible for more than 90% of all cancer deaths. The Company is developing a novel, multi-targeted product that activates both innate and adaptive anti-tumor and anti-viral immune responses. Indaptus Therapeutics, Inc. (“Indaptus”), formerly “Intec Parent Inc.”, was established and incorporated in Delaware on February 24, 2021, as a private Delaware corporation and wholly-owned subsidiary of Intec Pharma Ltd., (“Intec Israel”), a former publicly traded company. b. On August 3, 2021, Indaptus completed its merger with Decoy Biosystems, Inc., (“Decoy”), following the satisfaction or waiver of the conditions set forth in the Agreement and Plan of Merger (the “Merger Agreement”), dated as of March 15, 2021 among Indaptus, Decoy, Intec Israel, Domestication Merger Sub Ltd., an Israeli company and a wholly-owned subsidiary of Indaptus (“Domestication Merger Sub”), and Dillon Merger Subsidiary Inc., a Delaware corporation and wholly-owned subsidiary of Indaptus (“the Merger Sub”), pursuant to which Merger Sub merged with and into Decoy, with Decoy surviving as a wholly-owned subsidiary of Indaptus (the “Merger”) and the business conducted by Decoy became the business conducted by Indaptus. Previously, on July 26, 2021, Intec Israel implemented a 1-for-4 reverse share split of its outstanding ordinary shares, options and warrants and proportionate adjustments were made to its exercise prices. In addition, on July 27, 2021, Intec Israel, Indaptus and the Domestication Merger Sub, completed the domestication merger pursuant to the terms and conditions of the Agreement and Plan of Merger and Reorganization, dated April 27, 2021, whereby Domestication Merger Sub merged with and into Intec Israel, with Intec Israel being the surviving entity and a wholly-owned subsidiary of Indaptus. Also, in connection with the Merger, Indaptus changed its name from “Intec Parent, Inc.” to “Indaptus Therapeutics, Inc.”. Following completion of the Merger, shares of Indaptus common stock commenced trading at market open on August 4, 2021, on the Nasdaq Capital Market under the name “Indaptus Therapeutics, Inc.” and under the symbol “INDP”. c. In connection with the Merger, on July 23, 2021, Indaptus entered into a securities purchase agreement (the “Purchase Agreement”) with a certain institutional investor, pursuant to which Indaptus agreed to sell and issue, in a private placement (the “Private Placement”), pre-funded warrants and warrants for total net proceeds of approximately $ 27.3 2.7 11.00 136,364 13.75 Risks and uncertainties The Company is subject to a number of risks similar to those of other companies of similar size in its industry, including, but not limited to, the need for successful development of products, the need for additional capital (or financing) to fund operating losses (see below), competition from substitute products and services from larger companies, protection of proprietary technology, patent litigation, and dependence on key individuals. The COVID-19 pandemic has resulted in significant financial market volatility and uncertainty in the past year. The COVID-19 pandemic is affecting the United States and global economies and may affect the Company’s operations and those of third parties on which the Company relies, including by causing disruptions in the supply of its product candidates and the conduct of future clinical trials. For example, the pandemic has caused our good manufacturing practice (GMP) process to take longer than expected. In addition, the COVID-19 pandemic may affect the operations of the FDA and other health authorities, which could result in delays of reviews and approvals, including with respect to the Company’s product candidates. Additionally, while the potential economic impact brought by, and the duration of, the COVID-19 pandemic is difficult to assess or predict, the impact of the COVID-19 pandemic on the global financial markets may reduce the Company’s ability to access capital, which could negatively impact its short-term and long-term liquidity. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. While it is unknown how long these conditions will last and what the complete financial effect will be to the Company, capital raise efforts and additional development of the Company’s technologies may be negatively affected. Going concern and management’s plans The Company has incurred net losses and utilized cash in operations since inception, has an accumulated deficit as of March 31, 2022, of $ 19.0 million, and expects to incur future additional losses as clinical testing and commercialization of the Company’s product candidates will require significant additional financing. The Company believes it has adequate cash to fund its operations for at least one year after the date of issuance of these condensed consolidated financial statements. Management plans to raise additional capital through equity and/or debt financings, or other capital sources, including potential collaborations, licenses, and other similar arrangements. However, these plans are not entirely within its control and cannot be assessed as being probable of occurring. The Company’s ability to raise additional capital may be adversely impacted by potential worsening of global economic conditions and the recent disruptions to, and volatility in, financial markets in the United States and worldwide resulting from the developing conflict between Russia and Ukraine and the ongoing COVID-19 pandemic. If the Company is unable to raise capital when needed or on attractive terms, it would be forced to delay, reduce, or eliminate its research and development programs or other operations. If any of these events occur, the Company’s ability to achieve the development and commercialization goals would be adversely affected. These condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and S-X Article 10 for interim financial statements. Accordingly, they do not contain all information and notes required by US GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s consolidated financial position as of March 31, 2022, the consolidated results of operations, changes in stockholders’ equity and cash flows for the three-month periods ended March 31, 2022, and 2021. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual financial statements for the year ended December 31, 2021, as filed in the 10-K on March 21, 2022 The results for the three-month period ended March 31, 2022, are not necessarily indicative of the results expected for the year ending December 31, 2022. Principles of consolidation The consolidated financial statements include the accounts of Indaptus and its subsidiaries. Intercompany balances and transactions have been eliminated upon consolidation. Use of estimates The preparation of the unaudited condensed consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. The most significant estimates relate to the determination of the fair value of stock-based compensation and the determination of period-end obligations to certain contract research organizations. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the consolidated financial statements; therefore, actual results could differ from those estimates. Loss per share Loss per share, basic and diluted, is computed on the basis of the net loss for the period divided by the weighted average number of common stock outstanding during the period. Diluted loss per share is based upon the weighted average number of common stock and of common stock equivalents outstanding when dilutive. Common stock equivalents include outstanding stock options and warrants which are included under the treasury stock method when dilutive. The following number of stock options and warrants were excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive for the periods presented (share data): SCHEDULE OF ANTI-DILUTIVE SECURITIES 2022 2021 For the three months ended 2022 2021 Outstanding stock options 1,580,623 206,079 Warrants 3,090,787 - Anti-dilutive securities 3,090,787 - Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of March 31, 2022 and December 31, 2021, cash and cash equivalents consist primarily of checking and money market deposits. The Company’s cash balances exceed those that are federally insured; however, the Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash and cash equivalents are held. To date, the Company has not recognized any losses caused by uninsured balances. Marketable securities The Company’s investment in marketable securities included U.S. treasury bonds that are classified as available-for-sale securities pursuant to Accounting Standards Codification (“ASC”) 320 “Investments — Debt Securities Property and equipment Property and equipment assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The Company uses an estimated useful life of three years five years Patents The Company expenses patent costs, including related legal costs, as incurred and records such costs within general and administrative expense in the accompanying consolidated statements of operations. Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, subcontractors and materials used for research and development activities, including clinical trials and professional services. All costs associated with research and developments are expensed as incurred. The Company accrues for expenses resulting from obligations under agreements with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and other outside service providers for which payment flows do not match the periods over which services or materials are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements with CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. In the event advance payments are made to a CRO, CMO, or outside service provider, the payments will be recorded as a prepaid asset, which will be amortized or expensed as the contracted services are performed. Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized in the foreseeable future. As of March 31, 2022 and December 31, 2021, the Company has recorded a full valuation allowance against its deferred tax assets. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses. Stock-based compensation The Company measures and records the expense related to stock-based payment awards based on the fair value of those awards as determined using the Black-Scholes-Merton (“Black-Scholes”) option pricing model as of the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period, on a straight-line basis. The Black-Scholes model requires the use of highly subjective and complex assumptions, which determine the fair value of stock-based awards, including the option’s expected term and the price volatility of the underlying stock. The Company estimates the fair value of options granted by using the Black-Scholes model with the following assumptions: Expected Volatility Expected Term Risk-Free Interest Rate Dividend Yield The Company has elected to recognize forfeitures as they occur. Fair value measurements Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company follows the established framework for measuring fair value and providing disclosures about fair value measurements. The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. ASC 820, Fair Value Measurement

MARKETABLE SECURITIES

MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	NOTE 3: MARKETABLE SECURITIES The Company’s investment in marketable securities included U.S. treasury bonds with maturities of less than one year. These investments are classified as available-for-sale and are recorded at fair value with unrealized gains and losses recorded in AOCI. These investments are categorized as Level 2. As of March 31, 2022, the amount of the marketable securities is $ 2,961,460 . As of December 31, 2021, the Company had no marketable securities . The unrealized losses for the three-month period ended March 31, 2022 amounted to $ 9,221 .

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2022
Prepaid Expenses And Other Current Assets
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 4: PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets are comprised of the following: SCHEDULE OF PREPAID EXPENSE AND OTHER CURRENT ASSETS March 31, December 31, 2022 2021 Prepaid insurance $ 543,986 $ 945,023 Prepaid research and development 78,353 127,643 Other receivables - 21,056 Other prepaid expenses 119,606 12,931 Total prepaid expenses and other current assets $ 741,945 $ 1,106,653

ACCOUNTS PAYABLE AND OTHER CURR

ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES	NOTE 5: ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES Accounts payable and other current liabilities are comprised of the following: SCHEDULE OF ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES March 31, December 31, 2022 2021 Accounts payable $ 2,834,683 $ 2,637,806 Accrued employee costs 276,285 1,371,136 Accrued professional fees 71,186 139,871 Accrued research and development 175,978 135,751 Accrued board fees 116,000 125,333 Delaware franchise taxes payable 50,000 - Other accrued expenses 58,340 97,778 Total accounts payable and other current liabilities $ 3,582,472 $ 4,507,676

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 6: STOCK-BASED COMPENSATION In June 2021, the Intec Israel shareholders voted to approve the Indaptus 2021 Stock Incentive Plan, an equity incentive plan for grants to employees, officers, consultants, directors and other service providers, (the “2021 Plan”), that became effective upon the closing of the Merger. The 2021 Plan provides for up to 1,864,963 The 2021 Plan provides for the grant of non-qualified stock options, incentive stock options, restricted stock awards, restricted stock units, unrestricted stock awards, stock appreciation rights and other forms of stock-based compensation. The 2021 Plan permits the Company’s board to change the type, terms and conditions of awards as circumstances may change. This flexibility to adjust the type of compensation to be granted is particularly important given current economic and world events. On January 26, 2022, Indaptus’ board of directors approved grant of options to purchase 289,200 shares of common stock to executives. The options are exercisable at $ 4.90 per share, vest over three years, and expire ten years after grant. On February 1, 2022, Indaptus’ board of directors approved a grant of options to purchase 90,000 shares of common stock to a new employee. The options are exercisable at $ 4.97 per share, vest over three years, and expire ten years after grant. On February 25, 2022, Indaptus’ board of directors approved a grant of options to purchase 60,000 shares of common stock to an executive. The options are exercisable at $ 4.18 per share, vest over three years, and expire ten years after grant. A summary of the stock option activity during the three months ended March 31, 2022, is presented in the table below: SCHEDULE OF SHARE BASED COMPENSATION Weighted average Number of Exercise Remaining Intrinsic value Outstanding as of January 1, 2022 1,174,600 $ 17.10 9.1 $ 241,103 Granted 439,200 $ 4.82 9.8 $ - Exercised - $ - - $ - Forfeited and cancelled (33,237 ) $ 11.46 9.3 $ - Outstanding as of March 31, 2022 1,580,623 $ 13.80 9.2 $ 96,870 Exercisable as of March 31, 2022 127,749 $ 81.20 6.3 $ 96,870 Vested and expected to vest March 31, 2022 1,580,623 $ 13.80 9.2 $ 96,870 The Company recognized stock-based compensation expense of $ 831,183 and $ 20,445 during the three months ended March 31, 2022 and 2021, respectively. The following table summarizes the total stock-based compensation expense included in the condensed consolidated statements of operations for the periods presented: SCHEDULE OF STOCK BASED COMPENSATION EXPENSES 2022 2021 For the three months ended March 31, 2022 2021 Research and development $ 170,163 $ 8,189 General and administrative 661,020 12,256 Total stock-based compensation expense $ 831,183 $ 20,445 As of March 31, 2022, total compensation cost not yet recognized related to unvested stock options was approximately $ 6.7 2.3 The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which affect the fair value of each stock option. The weighted average inputs used to measure the value of the options granted during the three months ended March 31, 2022 are presented in the table below. The weighted average fair value of stock options issued during the three months ended March 31, 2022 was $ 3.89 per share. SCHEDULE OF WEIGHTED AVERAGE INPUTS USED TO MEASURE VALUE OF OPTIONS GRANTED 2022 Stock price $ 4.82 Exercise price $ 4.82 Expected term (in years) 5.9 Volatility 105.5 % Risk free rate 1.7 % Dividend yield 0.0 % The following table presents the exercise price of outstanding stock options as of March 31, 2022: SCHEDULE OF EXERCISE PRICE OF OUTSTANDING STOCK OPTIONS Exercise price Options $ 0.01 8.00 539,925 $ 8.01 16.00 1,006,000 $ 16.00 34,698 Total 1,580,623

CAPITALIZATION

CAPITALIZATION	3 Months Ended
	Mar. 31, 2022
Capitalization
CAPITALIZATION	NOTE 7: CAPITALIZATION a. As of March 31, 2022 and December 31, 2021, the Company had 200,000,000 8,258,597 b. As of March 31, 2022 and December 31, 2021, there were warrants outstanding to purchase an aggregate of 3,090,787 exercisable at a weighted average price of $ 12.50 4.7

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 8: COMMITMENTS AND CONTINGENCIES Litigation As of the date of issuance of these consolidated financial statements there were no pending legal proceedings against the Company that are expected to have a material adverse effect on cash flows, financial condition or results of operations. From time to time, the Company could become involved in disputes and various litigation matters that arise in the normal course of business. These may include disputes and lawsuits related to intellectual property, licensing, contract law and employee relations matters. Periodically, the Company reviews the status of significant matters, if any exist, and assesses its potential financial exposure. If the potential loss from any claim or legal claim is considered probable and the amount can be estimated, the Company accrues a liability for the estimated loss. Legal proceedings are subject to uncertainties, and the outcomes are difficult to predict. Because of such uncertainties, accruals are based on the best information available at the time. As additional information becomes available, the Company reassesses the potential liability related to pending claims and litigation. Leases On October 1, 2021, the Company entered into a noncancelable two-year operating lease agreement for approximately 2,000 square feet of office space in San Diego, California. The base rent is $ 7,999 per month with an increase of 3 % after the first anniversary of the lease term commencement, which was November 1, 2021. The lease liability is measured at a discount rate of 7 %. Future minimum annual lease payments under the Company’s noncancelable operating lease as of March 31, 2022 are as follows: SUMMARY OF MINIMUM LEASE PAYMENTS 2 2022 2022 $ 72,469 2023 82,387 Total minimum lease payments 154,856 Less: amount representing interest (7,155 ) Present value of operating lease liability 147,701 Less: current portion (97,185 ) Operating lease liability, net of current portion $ 50,516 The Company recognized rent expense of $ 26,542 6,365 26,182 6,365

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 9: SUBSEQUENT EVENTS The Company evaluated subsequent events from March 31, 2022, the date of these consolidated financial statements, through May 12, 2022, which represents the date the consolidated financial statements were issued, for events requiring recognition or disclosure in the condensed consolidated financial statements for the three-month period ended March 31, 2022. The Company concluded that no events have occurred that would require recognition or disclosure in the consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and S-X Article 10 for interim financial statements. Accordingly, they do not contain all information and notes required by US GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s consolidated financial position as of March 31, 2022, the consolidated results of operations, changes in stockholders’ equity and cash flows for the three-month periods ended March 31, 2022, and 2021. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual financial statements for the year ended December 31, 2021, as filed in the 10-K on March 21, 2022 The results for the three-month period ended March 31, 2022, are not necessarily indicative of the results expected for the year ending December 31, 2022.
Principles of consolidation	Principles of consolidation The consolidated financial statements include the accounts of Indaptus and its subsidiaries. Intercompany balances and transactions have been eliminated upon consolidation.
Use of estimates	Use of estimates The preparation of the unaudited condensed consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. The most significant estimates relate to the determination of the fair value of stock-based compensation and the determination of period-end obligations to certain contract research organizations. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the consolidated financial statements; therefore, actual results could differ from those estimates.
Loss per share	Loss per share Loss per share, basic and diluted, is computed on the basis of the net loss for the period divided by the weighted average number of common stock outstanding during the period. Diluted loss per share is based upon the weighted average number of common stock and of common stock equivalents outstanding when dilutive. Common stock equivalents include outstanding stock options and warrants which are included under the treasury stock method when dilutive. The following number of stock options and warrants were excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive for the periods presented (share data): SCHEDULE OF ANTI-DILUTIVE SECURITIES 2022 2021 For the three months ended 2022 2021 Outstanding stock options 1,580,623 206,079 Warrants 3,090,787 - Anti-dilutive securities 3,090,787 -
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of March 31, 2022 and December 31, 2021, cash and cash equivalents consist primarily of checking and money market deposits. The Company’s cash balances exceed those that are federally insured; however, the Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash and cash equivalents are held. To date, the Company has not recognized any losses caused by uninsured balances.
Marketable securities	Marketable securities The Company’s investment in marketable securities included U.S. treasury bonds that are classified as available-for-sale securities pursuant to Accounting Standards Codification (“ASC”) 320 “Investments — Debt Securities
Property and equipment	Property and equipment Property and equipment assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The Company uses an estimated useful life of three years five years
Patents	Patents The Company expenses patent costs, including related legal costs, as incurred and records such costs within general and administrative expense in the accompanying consolidated statements of operations.
Research and development expenses	Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, subcontractors and materials used for research and development activities, including clinical trials and professional services. All costs associated with research and developments are expensed as incurred. The Company accrues for expenses resulting from obligations under agreements with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and other outside service providers for which payment flows do not match the periods over which services or materials are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements with CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. In the event advance payments are made to a CRO, CMO, or outside service provider, the payments will be recorded as a prepaid asset, which will be amortized or expensed as the contracted services are performed.
Income taxes	Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized in the foreseeable future. As of March 31, 2022 and December 31, 2021, the Company has recorded a full valuation allowance against its deferred tax assets. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses.
Stock-based compensation	Stock-based compensation The Company measures and records the expense related to stock-based payment awards based on the fair value of those awards as determined using the Black-Scholes-Merton (“Black-Scholes”) option pricing model as of the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period, on a straight-line basis. The Black-Scholes model requires the use of highly subjective and complex assumptions, which determine the fair value of stock-based awards, including the option’s expected term and the price volatility of the underlying stock. The Company estimates the fair value of options granted by using the Black-Scholes model with the following assumptions: Expected Volatility Expected Term Risk-Free Interest Rate Dividend Yield The Company has elected to recognize forfeitures as they occur.
Fair value measurements	Fair value measurements Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company follows the established framework for measuring fair value and providing disclosures about fair value measurements. The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. ASC 820, Fair Value Measurement
New Accounting Pronouncements, Policy [Policy Text Block]

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
SCHEDULE OF ANTI-DILUTIVE SECURITIES	The following number of stock options and warrants were excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive for the periods presented (share data): SCHEDULE OF ANTI-DILUTIVE SECURITIES 2022 2021 For the three months ended 2022 2021 Outstanding stock options 1,580,623 206,079 Warrants 3,090,787 - Anti-dilutive securities 3,090,787 -

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2022
Prepaid Expenses And Other Current Assets
SCHEDULE OF PREPAID EXPENSE AND OTHER CURRENT ASSETS	Prepaid expenses and other current assets are comprised of the following: SCHEDULE OF PREPAID EXPENSE AND OTHER CURRENT ASSETS March 31, December 31, 2022 2021 Prepaid insurance $ 543,986 $ 945,023 Prepaid research and development 78,353 127,643 Other receivables - 21,056 Other prepaid expenses 119,606 12,931 Total prepaid expenses and other current assets $ 741,945 $ 1,106,653

ACCOUNTS PAYABLE AND OTHER CU_2

ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
SCHEDULE OF ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES	Accounts payable and other current liabilities are comprised of the following: SCHEDULE OF ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES March 31, December 31, 2022 2021 Accounts payable $ 2,834,683 $ 2,637,806 Accrued employee costs 276,285 1,371,136 Accrued professional fees 71,186 139,871 Accrued research and development 175,978 135,751 Accrued board fees 116,000 125,333 Delaware franchise taxes payable 50,000 - Other accrued expenses 58,340 97,778 Total accounts payable and other current liabilities $ 3,582,472 $ 4,507,676

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
SCHEDULE OF SHARE BASED COMPENSATION	A summary of the stock option activity during the three months ended March 31, 2022, is presented in the table below: SCHEDULE OF SHARE BASED COMPENSATION Weighted average Number of Exercise Remaining Intrinsic value Outstanding as of January 1, 2022 1,174,600 $ 17.10 9.1 $ 241,103 Granted 439,200 $ 4.82 9.8 $ - Exercised - $ - - $ - Forfeited and cancelled (33,237 ) $ 11.46 9.3 $ - Outstanding as of March 31, 2022 1,580,623 $ 13.80 9.2 $ 96,870 Exercisable as of March 31, 2022 127,749 $ 81.20 6.3 $ 96,870 Vested and expected to vest March 31, 2022 1,580,623 $ 13.80 9.2 $ 96,870
SCHEDULE OF STOCK BASED COMPENSATION EXPENSES	SCHEDULE OF STOCK BASED COMPENSATION EXPENSES 2022 2021 For the three months ended March 31, 2022 2021 Research and development $ 170,163 $ 8,189 General and administrative 661,020 12,256 Total stock-based compensation expense $ 831,183 $ 20,445
SCHEDULE OF WEIGHTED AVERAGE INPUTS USED TO MEASURE VALUE OF OPTIONS GRANTED	SCHEDULE OF WEIGHTED AVERAGE INPUTS USED TO MEASURE VALUE OF OPTIONS GRANTED 2022 Stock price $ 4.82 Exercise price $ 4.82 Expected term (in years) 5.9 Volatility 105.5 % Risk free rate 1.7 % Dividend yield 0.0 %
SCHEDULE OF EXERCISE PRICE OF OUTSTANDING STOCK OPTIONS	SCHEDULE OF EXERCISE PRICE OF OUTSTANDING STOCK OPTIONS Exercise price Options $ 0.01 8.00 539,925 $ 8.01 16.00 1,006,000 $ 16.00 34,698 Total 1,580,623

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
SUMMARY OF MINIMUM LEASE PAYMENTS	Future minimum annual lease payments under the Company’s noncancelable operating lease as of March 31, 2022 are as follows: SUMMARY OF MINIMUM LEASE PAYMENTS 2 2022 2022 $ 72,469 2023 82,387 Total minimum lease payments 154,856 Less: amount representing interest (7,155 ) Present value of operating lease liability 147,701 Less: current portion (97,185 ) Operating lease liability, net of current portion $ 50,516

GENERAL (Details Narrative)

GENERAL (Details Narrative) - USD ($)	Jul. 26, 2021	Jul. 23, 2021	Mar. 31, 2022	Dec. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accumulated deficit			$ 19,036,041	$ 15,670,887
Shareholders Equity Post Reverse Share Split [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Intec Israel, Reverse Share Split Conversion Ratio	1-for-4
Private Placement [Member] | Purchase Agreements [Member] | Indaptus [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total net proceeds from issuance of pre-funded warrants and warrants to purchase Indaptus common stock		$ 27,300,000
Issuance expenses		$ 2,700,000
Warrant is exercisable price		$ 11
Number of warrants issued to the placement agent		136,364
Exercise price of warrant issued to the placement agent		$ 13.75

SCHEDULE OF ANTI-DILUTIVE SECUR

SCHEDULE OF ANTI-DILUTIVE SECURITIES (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	3,090,787
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	1,580,623	206,079
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	3,090,787

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - Property, Plant and Equipment [Member]	12 Months Ended
	Dec. 31, 2021
Computers and Other Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Furniture [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

MARKETABLE SECURITIES (Details

MARKETABLE SECURITIES (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Marketable securities	$ 2,961,460
Unrealized losses on marketable securities	$ 9,221

SCHEDULE OF PREPAID EXPENSE AND

SCHEDULE OF PREPAID EXPENSE AND OTHER CURRENT ASSETS (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expenses And Other Current Assets
Prepaid insurance	$ 543,986	$ 945,023
Prepaid research and development	78,353	127,643
Other receivables		21,056
Other prepaid expenses	119,606	12,931
Total prepaid expenses and other current assets	$ 741,945	$ 1,106,653

SCHEDULE OF ACCOUNTS PAYABLE AN

SCHEDULE OF ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable	$ 2,834,683	$ 2,637,806
Accrued employee costs	276,285	1,371,136
Accrued professional fees	71,186	139,871
Accrued research and development	175,978	135,751
Accrued board fees	116,000	125,333
Delaware franchise taxes payable	50,000
Other accrued expenses	58,340	97,778
Total accounts payable and other current liabilities	$ 3,582,472	$ 4,507,676

SCHEDULE OF SHARE BASED COMPENS

SCHEDULE OF SHARE BASED COMPENSATION (Details)	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Share-Based Payment Arrangement [Abstract]
Outstanding at beginning of the period	1,174,600
Outstanding at beginning of the period, Exercise price | $ / shares	$ 17.10
Outstanding at beginning of the period, Weighted average remaining contractual life	9 years 1 month 6 days
Outstanding at beginning of the period, Intrinsic value | $	$ 241,103
Granted	439,200
Granted, exercise price | $ / shares	$ 4.82
Granted, Weighted average remaining contractual life	9 years 9 months 18 days
Exercised
Forfeited and cancelled	(33,237)
Forfeited and cancelled, exercise price | $ / shares	$ 11.46
Forfeited and Cancelled, Weighted average remaining contractual life	9 years 3 months 18 days
Outstanding at end of period	1,580,623
Outstanding at end of period, Exercise price | $ / shares	$ 13.80
Outstanding at end of period, Weighted average remaining contractual life	9 years 2 months 12 days
Outstanding at end of period, intrinsic value | $	$ 96,870
Exercisable at end of period	127,749
Exercisable at end of period, Exercise price | $ / shares	$ 81.20
Exercisable at end of period, Weighted average remaining contractual life	6 years 3 months 18 days
Exercisable at end of period, intrinsic value | $	$ 96,870
Vested and expected to vest	1,580,623
Vested and expected to vest, Exercise price | $ / shares	$ 13.80
Vested and expected to vest, Weighted average remaining contractual life	9 years 2 months 12 days
Vested and expected to vest, intrinsic value | $	$ 96,870

SCHEDULE OF STOCK BASED COMPENS

SCHEDULE OF STOCK BASED COMPENSATION EXPENSES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 831,183	$ 20,445
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	170,163	8,189
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 661,020	$ 12,256

SCHEDULE OF WEIGHTED AVERAGE IN

SCHEDULE OF WEIGHTED AVERAGE INPUTS USED TO MEASURE VALUE OF OPTIONS GRANTED (Details)	3 Months Ended
	Mar. 31, 2022$ / shares
Share-Based Payment Arrangement [Abstract]
Stock Price	$ 4.82
Exercise price	$ 4.82
Expected term	5 years 10 months 24 days
Volatility rate	105.50%
Risk free rate	1.70%
Dividend yield	0.00%

SCHEDULE OF EXERCISE PRICE OF O

SCHEDULE OF EXERCISE PRICE OF OUTSTANDING STOCK OPTIONS (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Outstanding options, number of outstanding options at the end of period | shares	1,580,623
Exercise Price Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range lower range limit	$ 0.01
Exercise price range upper range limit	$ 8
Outstanding options, number of outstanding options at the end of period | shares	539,925
Exercise Price Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range lower range limit	$ 8.01
Exercise price range upper range limit	$ 16
Outstanding options, number of outstanding options at the end of period | shares	1,006,000
Exercise Price Range Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range lower range limit	$ 16
Outstanding options, number of outstanding options at the end of period | shares	34,698

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	Feb. 25, 2022	Feb. 01, 2022	Jan. 26, 2022	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted to purchase of shares				439,200
Options exercisable price				$ 81.20
Stock-based compensation expense				$ 831,183	$ 20,445
Compensation cost not yet recognized related to unvested stock options				$ 6,700,000
Weighted-average period over which unrecognized compensation expense is expected to be recognized				2 years 3 months 18 days
Weighted average grant date fair value of options granted				$ 3.89
Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted to purchase of shares	60,000		289,200
Options exercisable price	$ 4.18		$ 4.90
Options expiration period	10 years		10 years
Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted to purchase of shares		90,000
Options exercisable price		$ 4.97
Options expiration period		10 years
2021 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based Compensation arrangement by share based payment award, number of shares available for grant						1,864,963

CAPITALIZATION (Details Narrati

CAPITALIZATION (Details Narrative) - $ / shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	8,258,597	8,258,597
Common stock, shares outstanding	8,258,597	8,258,597
Warrant [Member]
Warrant outstanding	3,090,787	3,090,787
Weighted average exercise price	$ 12.50
Weighted average, remaining contractual life	4 years 8 months 12 days

SUMMARY OF MINIMUM LEASE PAYMEN

SUMMARY OF MINIMUM LEASE PAYMENTS (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022	$ 72,469
2023	82,387
Total minimum lease payments	154,856
Less: amount representing interest	(7,155)
Present value of operating lease liability	147,701
Less: current portion	(97,185)	$ (96,465)
Operating lease liability, net of current portion	$ 50,516	$ 72,862

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative)	Oct. 01, 2021USD ($)ft²	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Product Liability Contingency [Line Items]
Rental expense		$ 26,542	$ 6,365
Operating lease payments		$ 26,182	$ 6,365
CANADA | Two Year Lease Agreement [Member]
Product Liability Contingency [Line Items]
Area of land | ft²	2,000
Base rent	$ 7,999
Rate of increase in lease rent	3.00%
Lease liability discount rate	7.00%