Provectus Biopharmaceuticals (PVCT) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 06, 2019
Document And Entity Information
Entity Registrant Name	PROVECTUS BIOPHARMACEUTICALS, INC.
Entity Central Index Key	0000315545
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Entity Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		387,591,975
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 1,324,228	$ 50,986
Short-term receivables - legal fees, settlement and other, net	292,713	595,326
Prepaid expenses	242,415	370,209
Total Current Assets	1,859,356	1,016,521
Equipment and furnishings, less accumulated depreciation of $57,584 and $50,538, respectively	65,430	72,476
Operating lease right-of-use asset	229,975
Patents, net of accumulated amortization of $11,151,778 and $10,816,218, respectively	563,667	899,227
Total Assets	2,718,428	1,988,224
Current Liabilities:
Accounts payable - trade	1,554,095	3,312,049
Other accrued expenses	1,042,042	790,358
Current portion of operating lease liability	74,930
Total Current Liabilities	2,671,067	4,102,407
Accrued interest	1,074,681	659,379
Accrued interest - related parties	987,649	711,927
Convertible notes payable	11,887,000	7,062,000
Convertible notes payable - related parties	6,895,000	6,870,000
Non-current portion of operating lease liability	168,123
Total Liabilities	23,683,520	19,405,713
Commitments and contingencies (Note 8)
Stockholders' Deficiency:
Preferred stock; par value $0.001 per share; 25,000,000 shares authorized; Series B Convertible Preferred Stock; 240,000 shares designated; 100 shares issued and outstanding at June 30, 2019 and December 31, 2018; aggregate liquidation preference of $3,500 at June 30, 2019 and December 31, 2018
Common stock; par value $0.001 per share; 1,000,000,000 shares authorized; 384,906,118 and 384,614,528 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	384,906	384,615
Additional paid-in capital	209,116,301	209,092,187
Accumulated other comprehensive loss	(24,859)
Accumulated deficit	(230,441,440)	(226,894,291)
Total Stockholders' Deficiency	(20,965,092)	(17,417,489)
Total Liabilities and Stockholders' Deficiency	$ 2,718,428	$ 1,988,224

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Accumulated depreciation on equipment and furnishings	$ 57,584	$ 50,538
Accumulated amortization on patents	$ 11,151,778	$ 10,816,218
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Aggregate liquidation preference	$ 3,500	$ 3,500
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	384,906,118	384,614,528
Common stock, shares outstanding	384,906,118	384,614,528
Series B Convertible Preferred Stock [Member]
Preferred stock, shares authorized	240,000	240,000
Preferred stock, shares issued	100	100
Preferred stock, shares outstanding	100	100

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating Expenses:
Research and development	$ 1,208,324	$ 987,239	$ 2,245,655	$ 2,930,302
General and administrative	631,063	1,107,737	1,390,316	1,863,887
Total Operating Expenses	1,839,387	2,094,976	3,635,971	4,794,189
Total Operating Loss	(1,839,387)	(2,094,976)	(3,635,971)	(4,794,189)
Other Income/(Expense):
Gain on settlement of lawsuits		825,000	675,000	825,000
Research and development tax credit	(1,131)	42,685	82,941	42,685
Investment and interest income	19,650	5,556	21,905	11,725
Interest expense	(356,451)	(234,473)	(691,024)	(441,041)
Net Loss	$ (2,177,319)	$ (1,456,208)	$ (3,547,149)	$ (4,355,820)
Basic and Diluted Loss Per Common Share	$ (0.01)	$ 0	$ (0.01)	$ (0.01)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	384,773,639	381,574,365	384,769,219	379,483,491

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Net Loss	$ (2,177,319)	$ (1,456,208)	$ (3,547,149)	$ (4,355,820)
Other Comprehensive Loss:
Foreign currency translation adjustments	(2,496)		(24,859)
Total Comprehensive Loss	$ (2,179,815)	$ (1,456,208)	$ (3,572,008)	$ (4,355,820)

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Stockholders' Deficiency (Unaudited) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Preferred Stock Series B [Member]
Beginning Balance
Beginning Balance, shares	100	100	100	100	100	100
Common stock issued upon exercise of warrants
Common stock issued upon exercise of warrants, shares
Common stock issued for services
Common stock issued for services, shares
Warrants issued for services
Common stock issued in lieu of accounts payable
Common stock issued in lieu of accounts payable, shares
Net loss
Other comprehensive loss
Ending Balance
Ending Balance, shares	100	100	100	100	100	100
Common Stock [Member]
Beginning Balance	$ 384,715	$ 384,615	$ 378,889	$ 370,962	$ 384,615	$ 370,962
Beginning Balance, shares	384,714,528	384,614,528	378,888,190	370,961,451	384,614,528	370,961,451
Common stock issued upon exercise of warrants		$ 100	$ 3,222	$ 7,927
Common stock issued upon exercise of warrants, shares		100,000	3,222,838	7,926,739
Common stock issued for services	$ 191
Common stock issued for services, shares	191,590
Warrants issued for services
Common stock issued in lieu of accounts payable			$ 1,000
Common stock issued in lieu of accounts payable, shares			1,000,000
Net loss
Other comprehensive loss
Ending Balance	$ 384,906	$ 384,715	$ 383,111	$ 378,889	$ 384,906	$ 383,111
Ending Balance, shares	384,906,118	384,714,528	383,111,028	378,888,190	384,906,118	383,111,028
Additional Paid-In Capital [Member]
Beginning Balance	$ 209,097,417	$ 209,092,187	$ 208,765,999	$ 208,351,431	$ 209,092,187	$ 208,351,431
Common stock issued upon exercise of warrants		5,230	168,556	414,568
Common stock issued for services	8,771
Warrants issued for services	10,113
Common stock issued in lieu of accounts payable			79,000
Net loss
Other comprehensive loss
Ending Balance	209,116,301	209,097,417	209,013,555	208,765,999	209,116,301	209,013,555
Accumulated Other Comprehensive Loss [Member]
Beginning Balance	(22,363)
Common stock issued upon exercise of warrants
Common stock issued for services
Warrants issued for services
Net loss
Other comprehensive loss	(2,496)	(22,363)
Ending Balance	(24,859)	(22,363)			(24,859)
Accumulated Deficit [Member]
Beginning Balance	(228,264,121)	(226,894,291)	(221,640,848)	(218,741,236)	(226,894,291)	(218,741,236)
Common stock issued upon exercise of warrants
Common stock issued for services
Warrants issued for services
Common stock issued in lieu of accounts payable
Net loss	(2,177,319)	(1,369,830)	(1,456,208)	(2,899,612)
Other comprehensive loss
Ending Balance	(230,441,440)	(228,264,121)	(223,097,056)	(221,640,848)	(230,441,440)	(223,097,056)
Beginning Balance	(18,804,352)	(17,417,489)	(12,495,960)	(10,018,843)	(17,417,489)	(10,018,843)
Common stock issued upon exercise of warrants		5,330	171,778	422,495
Common stock issued for services	8,962
Warrants issued for services	10,113
Common stock issued in lieu of accounts payable			80,000
Net loss	(2,177,319)	(1,369,830)	(1,456,208)	(2,899,612)	(3,547,149)	(4,355,820)
Other comprehensive loss	(2,496)	(22,363)			(24,859)
Ending Balance	$ (20,965,092)	$ (18,804,352)	$ (13,700,390)	$ (12,495,960)	$ (20,965,092)	$ (13,700,390)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows From Operating Activities:
Net loss	$ (3,547,149)	$ (4,355,820)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	19,075	80,000
Depreciation	42,622	7,047
Amortization of patents	335,560	335,560
Changes in operating assets and liabilities
Settlement receivable	49,863	(533,926)
Prepaid expenses	127,794	126,864
Accounts payable - trade	(1,757,954)	229,962
Other accrued expenses and lease liability	481,936	261,484
Accrued interest expense	691,024	373,684
Net Cash Used In Operating Activities	(3,557,229)	(3,475,145)
Cash Flows From Financing Activities:
Proceeds from issuance of convertible notes payable	4,825,000	1,956,000
Proceeds from issuance of convertible notes payable - related parties	25,000	950,000
Proceeds from exercise of warrants	5,330	594,274
Net Cash Provided By Financing Activities	4,855,330	3,500,274
Effect of Exchange Rate Changes on Cash	(24,859)
Net Increase In Cash and Cash Equivalents	1,273,242	25,129
Cash and Cash Equivalents, Beginning of Period	50,986	105,504
Cash and Cash Equivalents, End of Period	1,324,228	130,633
Supplemental Disclosures of Cash Flow Information:
Interest
Taxes
Non-cash investing and financing activities:
Offset of related party receivable and payable	$ 252,750

Business Organization, Nature o

Business Organization, Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Organization, Nature of Operations and Basis of Presentation	1. Business Organization, Nature of Operations and Basis of Presentation Provectus Biopharmaceuticals, Inc., a Delaware corporation (together with its subsidiaries, “Provectus” or the “Company”), is a clinical-stage biotechnology company that is developing a new class of drugs for oncology, hematology, and dermatology based on an entire, wholly-owned, family of small molecules called halogenated xanthenes: ● Oncology: PV-10 is also undergoing preclinical study for pediatric solid tumor cancers (including neuroblastoma, Ewing sarcoma, rhabdomyosarcoma, and osteosarcoma). Orphan drug designation status has been granted to PV-10 by the FDA for neuroblastoma in 2018. ● Hematology. ● Dermatology: To date, the Company has not generated any revenues from planned principal operations. The Company’s activities are subject to significant risks and uncertainties, including failing to successfully develop and license or commercialize the Company’s prescription drug candidates. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information pursuant to Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be reviewed in conjunction with the Company’s audited consolidated financial statements included in the Company’s Form 10-K for the year ended December 31, 2018 filed with the SEC on March 7, 2019. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.

Liquidity and Going Concern

Liquidity and Going Concern	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and Going Concern	2. Liquidity and Going Concern The Company’s cash and cash equivalents were $1,324,228 at June 30, 2019. The Company continues to incur significant operating losses. Management expects that significant on-going operating expenditures will be necessary to successfully implement the Company’s business plan and develop and market its products. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these financial statements are issued. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to develop PV-10 and PH-10, and to raise additional capital. The Company plans to access capital resources through possible public or private equity offerings, including the 2017 Financing (as defined in Note 4), exchange offers, debt financings, corporate collaborations or other means. In addition, the Company continues to explore opportunities to strategically monetize its lead drug candidates, PV-10 and PH-10, through potential co-development and licensing transactions, although there can be no assurance that the Company will be successful with such plans. The Company has historically been able to raise capital through equity offerings, although no assurance can be provided that it will continue to be successful in the future. If the Company is unable to raise sufficient capital through the 2017 Financing or otherwise, it will not be able to pay its obligations as they become due. The primary business objective of management is to build the Company into a commercial-stage biotechnology company; however, the Company cannot assure you that it will be successful in co-developing, licensing, and/or commercializing PV-10, PH-10, and/or any other halogenated xanthene-based drug product candidate developed by the Company, or entering into any commercial financial transaction. Moreover, even if the Company is successful in improving its current cash flow position, the Company nonetheless plans to seek additional funds to meet its long-term requirements in 2019 and beyond. The Company anticipates that these funds will otherwise come from the proceeds of private placement transactions, including the 2017 Financing, the exercise of existing warrants and outstanding stock options, or public offerings of debt or equity securities. While the Company believes that it has a reasonable basis for its expectation that it will be able to raise additional funds, the Company cannot assure you that it will be able to complete additional financing in a timely manner. In addition, any such financing may result in significant dilution to stockholders.

Critical Accounting Policies

Critical Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Critical Accounting Policies	3. Critical Accounting Policies Since the date the Company’s December 31, 2018 consolidated financial statements were issued in its 2018 Annual Report, there have been no material changes to the Company’s significant accounting policies, except as disclosed below. Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of operating lease right-of-use (“ROU”) assets and lease liabilities on the balance sheet (“ASC 842”) with amendments issued in 2018. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company is also required to recognize and measure new leases at the adoption date and recognize a cumulative-effect adjustment in the period of adoption using a modified retrospective approach, with certain practical expedients available. The Company adopted ASC 842 effective January 1, 2019 and elected to apply the available practical expedients. The standard had an impact on the Company’s condensed consolidated balance sheets but did not have a material impact on the Company’s condensed consolidated statements of operations or condensed consolidated statements of cash flows upon adoption. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while the Company’s accounting for finance leases remained substantially unchanged. The adoption of ASC 842 did not have a material impact in the current year and prior year comparative periods and as a result, a cumulative-effect adjustment was not required. Reclassifications Certain prior year balances have been reclassified in order to conform to current year presentation. These reclassifications have no effect on previously reported results of operations or loss per share. Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on the grant date and then is recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. The Company computes the fair value of equity-classified warrants and options granted using the Black-Scholes option pricing model. Option valuation models require the input of highly subjective assumptions including the expected volatility factor of the market price of the Company’s common stock which is determined by reviewing its historical public market closing prices.

Convertible Notes Payable

Convertible Notes Payable	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Convertible Notes Payable	4. Convertible Notes Payable On March 23, 2017, the Company entered into an exclusive Definitive Financing Commitment Term Sheet with a group of the Company’s stockholders (the “PRH Group”), which was amended and restated effective as of March 19, 2017 (the “Term Sheet”) that set forth the terms on which the PRH Group would use their best efforts to arrange for a financing of a minimum of $10,000,000 and maximum of $20,000,000 (the “2017 Financing”). As of June 30, 2019, the Company had received aggregate loans of $18,782,000 in connection with the 2017 Financing. As of June 30, 2019, and through the date of filing, the Series D Preferred Stock had not been designated by the Company’s Board of Directors (the “Board”). As a result, the Company did not analyze the loan for a potential beneficial conversion feature as the definition of a firm commitment has not been met since the PRH Notes were not convertible as of their respective dates of issuance or as of June 30, 2019. Convertible Notes Payable – Related Parties During the six months ended June 30, 2019, the Company entered into additional related party PRH Notes in the aggregate principal amount of $25,000. As of June 30, 2019, the Company had borrowed $6,895,000 of related party PRH Notes that were outstanding. Convertible Notes Payable – Non-Related Parties During the six months ended June 30, 2019, the Company entered into additional non-related party PRH Notes in the aggregate principal amount of $4,825,000. As of June 30, 2019, the Company had borrowed $11,887,000 of non-related party PRH Notes that were outstanding.

Receivables

Receivables	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Receivables	5. Receivables The following table summarizes the receivables at June 30, 2019 and December 31, 2018: June 30, 2019 Legal Fees Settlement Total Gross receivable $ 683,250 $ 1,703,935 $ 2,387,185 Reserve for uncollectibility (455,500 ) (1,649,043 ) (2,104,543 ) Net receivable 227,750 54,892 282,642 Short-term receivable - Settlement - 54,892 54,892 Short-term receivable - Legal 227,750 - 227,750 Long-term receivable $ - $ - $ - December 31, 2018 Legal Fees Settlement Total Gross receivable $ 911,000 $ 1,783,795 $ 2,694,795 Reserve for uncollectibility (455,500 ) (1,649,043 ) (2,104,543 ) Net receivable 455,500 134,752 590,252 Short-term receivable - Settlement - 134,752 134,752 Short-term receivable - Legal $ 455,500 $ - $ 455,500 Long-term receivable - - - During the six months ended June 30, 2019, officers of the Company offset their settlement amounts owed to the Company against accrued payroll and other payables totaling $252,750. This offset reduced the amount of the settlement and was approved by the Company’s Board.

Stockholders' Deficiency

Stockholders' Deficiency	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stockholders' Deficiency	6. Stockholders’ Deficiency Common Stock During the six months ended June 30, 2019, the Company issued an aggregate of 191,590 shares of immediately vested restricted common stock to an employee and consultants with an issuance date fair value of $8,962, which was recognized immediately. Warrants During the six months ended June 30, 2019, the Company issued 387,500 five-year immediately vested warrants to a consultant to purchase an aggregate of 387,500 shares of common stock with exercise prices ranging from $1.00 to $2.00 per share. The warrants had an aggregate grant date fair value of $10,113, which was recognized immediately under stock compensation in general and administrative. In applying the Black-Scholes option pricing model to warrants issued, the Company used the following assumptions: For the Three Month Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Risk-free interest rate 2.23 % n/a 2.23 % n/a Expected terms (years) 5.00 n/a 5.00 n/a Expected volatility 129 % n/a 129 % n/a Expected dividend yields 0.00 % n/a 0.00 % n/a During the six months ended June 30, 2019, warrant holders exercised warrants to purchase an aggregate of 100,000 shares of common stock at a price of $0.0533 per share. In connection with these exercises, the Company received aggregate cash proceeds of $5,330 and issued 100,000 shares of common stock to the warrant holders.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	7. Leases The Company currently leases 4,500 square feet of corporate office space in Knoxville, Tennessee through an operating lease agreement for a term of five years ending on June 30, 2022. Payments range from approximately $7,300 to $7,800 per month. Total rent expense for the six months ended June 30, 2019 was $57,134, of which, $38,089 was included within research and development and $19,045 was included within general and administrative expenses on the condensed consolidated statement of operations. Total rent expense for the six months ended June 30, 2018 was $44,233, of which, $29,489 was included within research and development and $14,744 was included within general and administrative expenses on the condensed consolidated statement of operations. Total rent expense during the three months ended June 30, 2019 was $22,329, of which, $14,886 was included within research and development and $7,443 was included within general and administrative expenses on the condensed consolidated statement of operations. Total rent expense during the three months ended June 30, 2018 was $22,080, of which, $14,720 was included within research and development and $7,360 was included within general and administrative expenses on the condensed consolidated statement of operations. As of June 30, 2019, the Company had no leases that were classified as a financing lease. As of June 30, 2019, the Company did not have additional operating and financing leases that have not yet commenced.  A summary of the Company’s right-of-use assets and liabilities is as follows: Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 44,330 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 265,550 Weighted Average Remaining Lease Term Operating leases 3.25 years Weighted Average Discount Rate Operating leases 8.0% Future minimum payments under non-cancellable lease as of June 30, 2019 were as follows: For the Years Ending December 31, Amount 2019 $ 45,785 2020 90,666 2021 92,471 2022 46,687 Total future minimum lease payments 275,609 Less: amount representing imputed interest (32,556 ) Total $ 243,053

Commitments, Contingencies and

Commitments, Contingencies and Litigation	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Litigation	8. Commitments, Contingencies and Litigation Culpepper Travel Expenses and Related Collection Efforts On December 27, 2016, the then-Board of Directors (the “then-Board”) unanimously voted to terminate then-interim Chief Executive Officer, then-Chief Operating Officer, and former Chief Financial Officer, Peter Culpepper (“Culpepper”), effective immediately, from all positions he held with the Company and each of its subsidiaries, “for cause,” in accordance with the terms of the Amended and Restated Executive Employment Agreement entered into by Culpepper and the Company on April 28, 2014 (the “Culpepper Employment Agreement”), based on the results of the investigation conducted by the Audit Committee of the then-Board regarding improper expense reimbursements to Culpepper. The Audit Committee retained independent counsel and an advisory firm with forensic accounting expertise to assist the Audit Committee in conducting the investigation. The Audit Committee found that Culpepper received $294,255 in expense reimbursements that were unsubstantiated or otherwise improper. The Company seeks to recover from Culpepper the entire $294,255 in expense reimbursements, as well as all attorney’s fees and auditors’/experts’ fees incurred by the Company in connection with the examination of his expense reimbursements. On December 12, 2017, Culpepper agreed to an order by the SEC to pay disgorgement of $140,115, and prejudgment interest of $12,261, for a total of $152,376, to the Company within 30 days. The Company received the payment of $152,376 in January 2018. The Company took the position that under the terms of the Culpepper Employment Agreement, Culpepper is owed no severance payments as a result of his termination “for cause” as that term is defined in the Culpepper Employment Agreement. Furthermore, Culpepper is no longer entitled to the 2:1 credit under the Stipulated Settlement Agreement and Mutual Release in the Kleba Derivative Lawsuit Settlement (the “Derivative Lawsuit Settlement”) such that the total $2,240,000 owed by Culpepper pursuant to the Derivative Lawsuit Settlement plus Culpepper’s proportionate share of the litigation cost in the amount of $227,750, less the amount that he repaid as of December 31, 2016, is immediately due and payable. The Company sent Culpepper a notice of default in January 2017 for the total amount he owes the Company and is in the process of pursuing these claims in accordance with the alternative dispute resolution provision of the Culpepper Employment Agreement. The Company has established a reserve of $2,051,083 as of June 30, 2019 and December 31, 2018, which amount represents the amount the Company currently believes Culpepper owes to the Company under the Derivative Lawsuit Settlement (excluding the amount of attorneys’ fees incurred in enforcing the terms of the Derivative Lawsuit Settlement), while the Company pursues collection of this amount. Culpepper disputed that he was terminated “for cause” under the Culpepper Employment Agreement. Pursuant to the alternative dispute resolution provisions of that agreement, the Company and Culpepper participated in a mediation of their dispute on June 28, 2017. Having reached no resolution during the mediation, the parties participated in arbitration under the commercial rules of the American Arbitration Association, arbitrating both Culpepper’s claim for severance against the Company and the Company’s claims against Culpepper for improper expense reimbursements and amounts Culpepper owes the Company under the Derivative Lawsuit Settlement (the “Culpepper Arbitration”). The Culpepper Arbitration hearing was held from May 15 to May 18, 2018. On July 12, 2018, the arbitrator issued an interim award in favor of the Company, the terms of which are confidential pursuant to the Culpepper Employment Agreement and instructed the parties that a final award was forthcoming. On September 12, 2018, the arbitrator issued his final award in favor of the Company. On October 4, 2018, the Company filed a petition with the Chancery Court for Davidson County, Tennessee to confirm the arbitration award. On November 7, 2018, the Company received Culpepper’s answer to the petition filed on October 4, 2018. This court entered an order confirming the arbitrator’s award on January 23, 2019. On February 20, 2019, Culpepper filed a motion to alter or amend this judgment. On March 22, 2019, the Chancery Court upheld the arbitration award in favor of the Company. On April 16, 2019, Culpepper filed a Notice of Appeal with the Tennessee Court of Appeals regarding the judgment confirming the arbitration award and the order denying Culpepper’s motion to alter or amend the judgment (the “Culpepper Appeal”). Culpepper has submitted a Culpepper Appeal brief, and the Company plans to submit a Culpepper Appeal brief in the third quarter of 2019. Wachter Kleba Settlement Agreement Satisfaction Pursuant to the terms and conditions of the Stipulated Settlement Agreement and Mutual Release made and entered into by and between the Company (then-Provectus Pharmaceuticals, Inc.) and Eric A. Wachter, Ph.D. on June 6, 2014, and consented to and approved by Glenn Kleba and Don B. Dale (the “Plaintiffs”), derivatively on behalf of the Company in the Plaintiffs’ shareholder derivative lawsuit (the “Kleba Settlement Agreement”), Dr. Wachter completed prepayment of his Cash Repayment Obligations (as defined in the Kleba Settlement Agreement) on June 28, 2019. Dr. Wachter’s Cash Repayment Obligations equaled (i) the Reduced Repayment Amount (as defined in the Kleba Settlement Agreement) of $1,199,303, including imputed interest, plus (ii) Dr. Wachter’s pro rata portion of the Company’s Litigation Costs (as defined in the Kleba Settlement Agreement) of $227,750, for a total payment to the Company of $1,427,053. Pursuant to the terms and conditions of the Stock Pledge Agreement related to the Kleba Settlement Agreement, satisfaction of his Cash Repayment Obligations removed the Company’s first-priority security interest in 1,000,000 shares of the Company’s common stock beneficially owned by Dr. Wachter, which had served as collateral for the Cash Repayment Obligations owed to the Company.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events Exercise of Warrants Subsequent to June 30, 2019, warrant holders exercised warrants to purchase an aggregate of 2,985,857 shares of common stock at $0.0533 per share. In connection with these exercises, the Company received aggregate cash proceeds of $159,146 and issued 2,985,857 shares of common stock to the warrant holders.

Critical Accounting Policies (P

Critical Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Leases	Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of operating lease right-of-use (“ROU”) assets and lease liabilities on the balance sheet (“ASC 842”) with amendments issued in 2018. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company is also required to recognize and measure new leases at the adoption date and recognize a cumulative-effect adjustment in the period of adoption using a modified retrospective approach, with certain practical expedients available. The Company adopted ASC 842 effective January 1, 2019 and elected to apply the available practical expedients. The standard had an impact on the Company’s condensed consolidated balance sheets but did not have a material impact on the Company’s condensed consolidated statements of operations or condensed consolidated statements of cash flows upon adoption. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while the Company’s accounting for finance leases remained substantially unchanged. The adoption of ASC 842 did not have a material impact in the current year and prior year comparative periods and as a result, a cumulative-effect adjustment was not required.
Reclassifications	Reclassifications Certain prior year balances have been reclassified in order to conform to current year presentation. These reclassifications have no effect on previously reported results of operations or loss per share.
Stock-Based Compensation	Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on the grant date and then is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. The Company computes the fair value of equity-classified warrants and options granted using the Black-Scholes option pricing model. Option valuation models require the input of highly subjective assumptions including the expected volatility factor of the market price of the Company’s common stock which is determined by reviewing its historical public market closing prices.

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Summary of Receivables	The following table summarizes the receivables at June 30, 2019 and December 31, 2018: June 30, 2019 Legal Fees Settlement Total Gross receivable $ 683,250 $ 1,703,935 $ 2,387,185 Reserve for uncollectibility (455,500 ) (1,649,043 ) (2,104,543 ) Net receivable 227,750 54,892 282,642 Short-term receivable - Settlement - 54,892 54,892 Short-term receivable - Legal 227,750 - 227,750 Long-term receivable $ - $ - $ - December 31, 2018 Legal Fees Settlement Total Gross receivable $ 911,000 $ 1,783,795 $ 2,694,795 Reserve for uncollectibility (455,500 ) (1,649,043 ) (2,104,543 ) Net receivable 455,500 134,752 590,252 Short-term receivable - Settlement - 134,752 134,752 Short-term receivable - Legal $ 455,500 $ - $ 455,500 Long-term receivable - - -

Stockholders' Deficiency (Table

Stockholders' Deficiency (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Assumptions of Warrants	In applying the Black-Scholes option pricing model to warrants issued, the Company used the following assumptions: For the Three Month Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Risk-free interest rate 2.23 % n/a 2.23 % n/a Expected terms (years) 5.00 n/a 5.00 n/a Expected volatility 129 % n/a 129 % n/a Expected dividend yields 0.00 % n/a 0.00 % n/a

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Right-of-use Assets and Liabilities	A summary of the Company’s right-of-use assets and liabilities is as follows: Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 44,330 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 265,550 Weighted Average Remaining Lease Term Operating leases 3.25 years Weighted Average Discount Rate Operating leases 8.0%
Schedule of Future Minimum Payments Under Non-cancellable Lease	Future minimum payments under non-cancellable lease as of June 30, 2019 were as follows: For the Years Ending December 31, Amount 2019 $ 45,785 2020 90,666 2021 92,471 2022 46,687 Total future minimum lease payments 275,609 Less: amount representing imputed interest (32,556 ) Total $ 243,053

Liquidity and Going Concern (De

Liquidity and Going Concern (Details Narrative) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 1,324,228	$ 50,986

Convertible Notes Payable (Deta

Convertible Notes Payable (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2019	Mar. 23, 2017
PRH Note [Member] | Non-Related Party [Member]
Related Party Transaction [Line Items]
Debt principal amount	$ 4,825,000
Borrowed outstanding convertible notes payable	11,887,000
PRH Note [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Debt principal amount	25,000
Borrowed outstanding convertible notes payable	6,895,000
2017 Financing [Member]
Related Party Transaction [Line Items]
Loans received in connection with financing	$ 18,782,000
2017 Financing [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Financing arrangement amount		$ 10,000,000
2017 Financing [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Financing arrangement amount		$ 20,000,000

Receivables (Details Narrative)

Receivables (Details Narrative)	6 Months Ended
	Jun. 30, 2019USD ($)
Receivables [Abstract]
Offset against accrued payroll and other payables	$ 252,750

Receivables - Summary of Receiv

Receivables - Summary of Receivables (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Gross receivable	$ 2,387,185	$ 2,694,795
Reserve for uncollectibility	(2,104,543)	(2,104,543)
Net receivable	282,642	590,252
Short-term receivable - Settlement	54,892	134,752
Short-term receivable - Legal	227,750	455,500
Long-term receivable
Legal Fees [Member]
Gross receivable	683,250	911,000
Reserve for uncollectibility	(455,500)	(455,500)
Net receivable	227,750	455,500
Short-term receivable - Settlement
Short-term receivable - Legal	227,750	455,500
Long-term receivable
Settlement [Member]
Gross receivable	1,703,935	1,783,795
Reserve for uncollectibility	(1,649,043)	(1,649,043)
Net receivable	54,892	134,752
Short-term receivable - Settlement	54,892	134,752
Short-term receivable - Legal
Long-term receivable

Stockholders' Deficiency (Detai

Stockholders' Deficiency (Details Narrative)	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares
Class of Stock [Line Items]
Fair value of warrants | $	$ 10,113
Employee and Consultants [Member]
Class of Stock [Line Items]
Number of restricted stock issued	191,590
Number of restricted stock issued, value | $	$ 8,962
Consultant [Member]
Class of Stock [Line Items]
Warrant term	5 years
Consultant [Member] | Minimum [Member]
Class of Stock [Line Items]
Warrant exercise price | $ / shares	$ 1
Consultant [Member] | Maximum [Member]
Class of Stock [Line Items]
Warrant exercise price | $ / shares	$ 2
Consultant [Member] | Warrant [Member]
Class of Stock [Line Items]
Warrant to purchase common stock	387,500
Consultant [Member] | Common Stock [Member]
Class of Stock [Line Items]
Warrant to purchase common stock	387,500
Warrant Holders [Member]
Class of Stock [Line Items]
Warrant to purchase common stock	100,000
Warrant exercise price | $ / shares	$ 0.0533
Aggregate cash proceeds | $	$ 5,330
Number of common stock issued during period	100,000

Stockholders' Deficiency - Sche

Stockholders' Deficiency - Schedule of Assumptions of Warrants (Details) - Warrant [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Risk-free interest rate	2.23%	0.00%	2.23%	0.00%
Expected terms (years)	5 years	0 years	5 years	0 years
Expected volatility	1.29%	0.00%	1.29%	0.00%
Expected dividend yields	0.00%	0.00%	0.00%	0.00%

Leases (Details Narrative)

Leases (Details Narrative)	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)ft²	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)ft²	Jun. 30, 2018USD ($)
Lease rent expense	$ 22,329	$ 22,080	$ 57,134	$ 44,233
Research and Development Expense [Member]
Lease rent expense	14,886	14,720	38,089	29,489
General and Administrative Expense [Member]
Lease rent expense	$ 7,443	$ 7,360	$ 19,045	$ 14,744
Knoxville, Tennessee [Member]
Area of land | ft²	4,500		4,500
Lease term	5 years		5 years
Lease expiration date			Jun. 30, 2022
Knoxville, Tennessee [Member] | Minimum [Member]
Leases payments range per month			$ 7,300
Knoxville, Tennessee [Member] | Maximum [Member]
Leases payments range per month			$ 7,800

Leases - Schedule of Right-of-u

Leases - Schedule of Right-of-use Assets and Liabilities (Details)	6 Months Ended
	Jun. 30, 2019USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 44,330
Right-of-use assets obtained in exchange for lease obligations: Operating leases	$ 265,550
Weighted Average Remaining Lease Term: Operating leases	3 years 2 months 30 days
Weighted Average Discount Rate: Operating leases	8.00%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Payments Under Non-cancellable Lease (Details)	Jun. 30, 2019USD ($)
Leases [Abstract]
2019	$ 45,785
2020	90,666
2021	92,471
2022	46,687
Total future minimum lease payments	275,609
Less: amount representing imputed interest	(32,556)
Total	$ 243,053

Commitments, Contingencies an_2

Commitments, Contingencies and Litigation (Details Narrative) - USD ($)	Dec. 12, 2017	Dec. 31, 2016	Dec. 27, 2016	Jan. 31, 2018	Jun. 30, 2019	Dec. 31, 2018
Payment received				$ 152,376
Reserves on lawsuits settlement					$ 2,051,083	$ 2,051,083
Peter Culpepper [Member]
Reimbursement expense			$ 294,255
Recover from reimbursement expense			$ 294,255
Disgorgement pay	$ 140,115
Prejudgment interest	12,261
Payment received	$ 152,376
Lawsuit settlement		$ 2,240,000
Litigation cost		$ 227,750
Wachter [Member] | Kleba Settlement Agreement [Member]
Disgorgement pay					1,199,303
Lawsuit settlement					1,427,053
Litigation cost					$ 227,750
Number of shares owned					1,000,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	1 Months Ended	6 Months Ended
	Aug. 08, 2019	Jun. 30, 2019	Jun. 30, 2018
Proceeds from exercise of warrants		$ 5,330	$ 594,274
Warrant Holders [Member]
Warrants to purchase shares of common stock		100,000
Warrant exercise price		$ 0.0533
Number of common stock issued during period		100,000
Subsequent Event [Member] | Warrant Holders [Member]
Warrants to purchase shares of common stock	2,985,857
Warrant exercise price	$ 0.0533
Proceeds from exercise of warrants	$ 159,146
Number of common stock issued during period	2,985,857