Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 11, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | PROVECTUS BIOPHARMACEUTICALS, INC. | |
Entity Central Index Key | 0000315545 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Reporting Status Current | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 403,582,037 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 349,771 | $ 97,231 |
Short-term receivables - legal fees, settlement and other, net | 4,388 | 3,930 |
Prepaid expenses | 274,962 | 322,518 |
Total Current Assets | 629,121 | 423,679 |
Equipment and furnishings, less accumulated depreciation as of March 31, 2021 and December 31, 2020: $81,529 and $78,313, respectively | 41,485 | 44,701 |
Operating lease right-of-use asset | 100,815 | 120,821 |
Total Assets | 771,421 | 589,201 |
Current Liabilities: | ||
Accounts payable - trade | 945,670 | 956,860 |
Accrued interest | 3,127,531 | 2,774,968 |
Accrued interest - related parties | 1,901,893 | 1,766,493 |
Current portion of notes payable | 199,208 | 236,228 |
Convertible notes payable | 17,847,000 | 16,622,000 |
Convertible notes payable - related parties | 6,745,000 | 6,770,000 |
Other accrued expenses | 1,512,920 | 1,500,782 |
Current portion of operating lease liability | 85,678 | 84,383 |
Total Current Liabilities | 32,364,900 | 30,711,714 |
Non-current portion of notes payable | 39,061 | |
Non-current portion of operating lease liability | 22,391 | 44,783 |
Total Liabilities | 32,387,291 | 30,795,558 |
Commitments and contingencies (Note 10) | ||
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 March 31, 2021 and December 31, 2020; aggregate liquidation preference of $3,500 at March 31, 2021 and December 31, 2020 | ||
Common stock; par value $0.001 per share; 1,000,000,000 shares authorized; 403,557,037 and 398,807,037 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 403,558 | 398,808 |
Additional paid-in capital | 210,178,197 | 209,923,347 |
Accumulated other comprehensive loss | (33,260) | (34,097) |
Accumulated deficit | (242,164,365) | (240,494,415) |
Total Stockholders' Deficiency | (31,615,870) | (30,206,357) |
Total Liabilities and Stockholders' Deficiency | $ 771,421 | $ 589,201 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accumulated depreciation on equipment and furnishings | $ 81,529 | $ 78,313 |
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 | 403,557,037 | 398,807,037 |
Common stock, shares outstanding | 403,557,037 | 398,807,037 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Expenses: | ||
Research and development | $ 655,144 | $ 909,446 |
General and administrative | 525,532 | 538,794 |
Total Operating Expenses | 1,180,676 | 1,448,240 |
Total Operating Loss | (1,180,676) | (1,448,240) |
Other Income/(Expense): | ||
Research and development tax credit | 26,251 | |
Investment and interest income | 1 | 79 |
Interest expense | (489,275) | (405,151) |
Total Other Expense | (489,274) | (378,821) |
Net Loss | $ (1,669,950) | $ (1,827,061) |
Basic and Diluted Loss Per Common Share | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 402,184,815 | 390,557,607 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net Loss | $ (1,669,950) | $ (1,827,061) |
Other Comprehensive Loss: | ||
Foreign currency translation adjustments | 837 | (9,027) |
Total Comprehensive Loss | $ (1,669,113) | $ (1,836,088) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Deficiency (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Preferred Stock Series B [Member] | ||
Beginning Balance | ||
Beginning Balance, shares | 100 | 100 |
Common stock issued upon exercise of warrants | ||
Common stock issued upon exercise of warrants, shares | ||
Stock-based compensation: Common stock | ||
Stock-based compensation: Common stock, shares | ||
Net loss | ||
Other comprehensive loss | ||
Ending Balance | ||
Ending Balance, shares | 100 | 100 |
Common Stock [Member] | ||
Beginning Balance | $ 398,808 | $ 389,889 |
Beginning Balance, shares | 398,807,037 | 389,889,475 |
Common stock issued upon exercise of warrants | $ 4,500 | $ 800 |
Common stock issued upon exercise of warrants, shares | 4,500,000 | 800,000 |
Stock-based compensation: Common stock | $ 250 | |
Stock-based compensation: Common stock, shares | 250,000 | |
Net loss | ||
Other comprehensive loss | ||
Ending Balance | $ 403,558 | $ 390,689 |
Ending Balance, shares | 403,557,037 | 390,689,475 |
Additional Paid-in Capital [Member] | ||
Beginning Balance | $ 209,923,347 | $ 209,378,835 |
Common stock issued upon exercise of warrants | 235,350 | 41,840 |
Stock-based compensation: Common stock | 19,500 | |
Net loss | ||
Other comprehensive loss | ||
Ending Balance | 210,178,197 | 209,420,675 |
Accumulated Other Comprehensive Loss [Member] | ||
Beginning Balance | (34,097) | (24,008) |
Common stock issued upon exercise of warrants | ||
Stock-based compensation: Common stock | ||
Net loss | ||
Other comprehensive loss | 837 | (9,027) |
Ending Balance | (33,260) | (33,035) |
Accumulated Deficit [Member] | ||
Beginning Balance | (240,494,415) | (233,816,828) |
Common stock issued upon exercise of warrants | ||
Stock-based compensation: Common stock | ||
Net loss | (1,669,950) | (1,827,061) |
Other comprehensive loss | ||
Ending Balance | (242,164,365) | (235,643,889) |
Beginning Balance | (30,206,357) | (24,072,112) |
Common stock issued upon exercise of warrants | 239,850 | 42,640 |
Stock-based compensation: Common stock | 19,750 | |
Net loss | (1,669,950) | (1,827,061) |
Other comprehensive loss | 837 | (9,027) |
Ending Balance | $ (31,615,870) | $ (25,865,560) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (1,669,950) | $ (1,827,061) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 19,750 | |
Noncash lease expense | 20,006 | 17,961 |
Depreciation | 3,216 | 3,523 |
Amortization of patents | 167,780 | |
Changes in operating assets and liabilities | ||
Short term receivables | (515) | (27,728) |
Prepaid expenses | 45,822 | 109,888 |
Accounts payable - trade | (10,927) | 456,437 |
Other accrued expenses | 12,252 | (2,795) |
Operating lease liability | (21,096) | (19,478) |
Accrued interest expense | 487,962 | 405,151 |
Net Cash Used In Operating Activities | (1,113,480) | (716,322) |
Cash Flows From Financing Activities: | ||
Proceeds from issuance of convertible notes payable | 1,200,000 | 200,000 |
Proceeds from issuance of convertible notes payable - related parties | 100,000 | |
Repayment of short-term note payable | (74,417) | |
Proceeds from exercise of warrants | 239,850 | 42,640 |
Net Cash Provided By Financing Activities | 1,365,433 | 342,640 |
Effect of Exchange Rate Changes on Cash | 587 | (3,285) |
Net Increase (Decrease) In Cash and Cash Equivalents | 252,540 | (376,967) |
Cash and Cash Equivalents, Beginning of Period | 97,231 | 590,706 |
Cash and Cash Equivalents, End of Period | $ 349,771 | $ 213,739 |
Business Organization, Nature o
Business Organization, Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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 developing immunotherapy medicines for different diseases, with the aim of maximizing the curative impact of these medicines and achieving immunity from treated disease. These investigational drugs are based on an entire, wholly owned, family of small molecules called halogenated xanthenes (“HXs”). Our lead HX molecule is named rose bengal disodium (“RBD”). ● Oncology: ® Oral formulations of cGMP RBD are also undergoing preclinical study as prophylactic and therapeutic treatments for high-risk and refractory adult solid tumor cancers, such as head and neck, breast, colorectal, and testicular cancers. ● Pediatric Oncology: ● Hematology: ● Virology: ● Microbiology: ● Ophthalmology: ● Dermatology: ® To date, the Company has not generated any revenues or profits 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, 2020 filed with the SEC on March 2, 2021. 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 months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. SARS-CoV-2 was reportedly first identified in late-2019 and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the SARS-CoV-2 pandemic, many companies have experienced disruptions of their operations and the markets they serve. The Company has taken several temporary precautionary measures intended to help ensure the well-being of its employees and contractors and to minimize business disruption. The Company considered the impact of SARS-CoV-2 pandemic on its business and operational assumptions and estimates, and determined there were no material adverse impacts on the Company’s results of operations and financial position at March 31, 2021. The full extent of the SARS-CoV-2 pandemic impacts on the Company’s operations and financial condition is uncertain. The Company has experienced slower than normal enrollment and treatment of patients, and a prolonged SARS-CoV-2 pandemic could have a material adverse impact on the Company’s business and financial results, including the timing and ability of the Company to raise capital, initiate and/or complete current and/or future preclinical studies and/or clinical trials; disrupt the Company’s regulatory activities; and/or have other adverse effects on the Company’s clinical development. |
Liquidity and Going Concern
Liquidity and Going Concern | 3 Months Ended |
Mar. 31, 2021 | |
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 $349,771 at March 31, 2021. 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 unaudited condensed consolidated 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, PH-10, and/or any other halogenated xanthene-based drug products, and to raise additional capital. The Company plans to access capital resources through possible public or private equity offerings, including the 2020 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 2020 Financing or otherwise, it will not be able to pay its obligations as they become due. During the three months ended March 31, 2021, warrant holders exercised warrants to purchase an aggregate of 4,500,000 shares of common stock at a price of $0.0533 per share. In connection with these exercises, the Company received aggregate cash proceeds of $239,850. The primary business objective of management is to build the Company into a commercial-stage biotechnology company; however, the Company cannot assure that it will be successful in co-developing, licensing, and/or commercializing PV-10, PH-10, and/or any other halogenated xanthene-based drug candidate developed by the Company, or entering into any 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 2021 and beyond. The Company anticipates that these funds will otherwise come from the proceeds of private placement transactions, including the 2020 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 provide assurance 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 | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Critical Accounting Policies | 3. Critical Accounting Policies Since the date the Company’s December 31, 2020 consolidated financial statements were issued in its 2020 Annual Report, there have been no material changes to the Company’s significant accounting policies, except as disclosed below. Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. Income Taxes |
Convertible Notes Payable
Convertible Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | 4. Convertible Notes Payable 2020 Financing On December 31, 2019, the Board approved a Definitive Financing Term Sheet (the “2020 Term Sheet”), which sets forth the terms under which the Company will use its best efforts to arrange for financing of a maximum of $20,000,000 (the “2020 Financing”). The 2020 Financing will be in the form of secured convertible loans from investors that will be evidenced by convertible promissory notes (the “2020 Notes”). The 2020 Term Sheet is similar to the 2017 Term Sheet. Subject to the terms and conditions of the 2020 Term Sheet, the Company will use its best efforts to arrange for the 2020 Financing, which amounts will be obtained in several tranches. The proceeds from the 2020 Financing will be used to fund the Company’s clinical development program, as currently constituted and envisioned, and to fund the Company’s general and administrative expenses. Pursuant to the 2020 Term Sheet, the 2020 Notes (defined below) will convert into shares of the Company’s Series D Preferred Stock on or before June 20, 2021, subject to certain exceptions. As of December 31, 2019, and through the date of filing, the Series D Preferred Stock had not been designated by the Board. The 2020 Financing will be in the form of a secured convertible loan (the “2 nd (the “2 nd (i) It will be secured by a second priority security interest on the Company’s IP subordinate to the first priority security interest of the 2017 Notes; (ii) The 2 nd nd (iii) In the event there is a change of control of the Company’s Board, the term of the 2020 Notes will be accelerated and all amounts due under the 2020 Notes will be immediately due and payable, plus interest at the rate of eight percent (8%) per annum, plus a penalty in the amount equal to ten times (10x) the outstanding principal amount of the 2 nd (iv) The outstanding principal amount and interest payable under the 2 nd nd (v) Notwithstanding (iv) above, the principal amount of the 2020 Notes and the interest payable under the 2 nd Upon conversion of the 2 nd nd nd pari passu st Since financing was launched and through March 31, 2021, the Company had received aggregate loans of $4,525,000 in connection with the 2020 Financing. The Series D Preferred Stock As of March 31, 2021, and through the date of filing, the Series D Preferred Stock had not been designated by the Board. Per the terms of the notes issued in connection with the 2017 and 2020 Financings, if the Company has not designated the Series D Preferred Stock or if an insufficient number of Series D Preferred shares exist upon a conversion by a note holder, then the outstanding loans will continue to accrue interest at a rate of 8% per annum until which time the Company has designated a sufficient number of Series D Preferred shares. As a result, the Company did not analyze the notes for a potential beneficial conversion feature as the definition of a firm commitment has not been met since the notes were not convertible as of their respective dates of issuance or as of March 31, 2021. Convertible Notes Payable – Related Parties During the three months ended March 31, 2021, the Company did not enter into any additional related party 2020 Notes. As of March 31, 2021 and December 31, 2020, the Company had borrowed $100,000 under these notes. Convertible Notes Payable – Non-Related Parties During the three months ended March 31, 2021, the Company entered into additional non-related party 2020 Notes in the aggregate principal amount of $1,200,000. As of March 31, 2021 and December 31, 2020, the Company had borrowed $4,425,000 and $3,225,000, respectively, under these notes. |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | 5. Notes Payable The Company obtained short-term financing from AFCO Insurance Premium Finance for our commercial insurance policies. As of March 31, 2021 and December 31, 2020, the balance of the note payable was $136,708 and $212,790, respectively. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 6. Related Party Transactions During the three months ended March 31, 2021 and March 31, 2020, the Company paid Mr. Bruce Horowitz (Capital Strategists) consulting fees of $84,800 and $52,400, respectively, for services rendered. Accrued director fees for Mr. Horowitz as of March 31, 2021 and December 31, 2020 were $18,750 and $75,000, respectively. Mr. Horowitz serves as both COO and a Director. See Note 4 and Note 7 for details of other related party transactions. Director fees during the three months ended March 31, 2021 and March 31, 2020 were $96,250 and $96,250, respectively. Accrued directors’ fees as of March 31, 2021 and December 31, 2020 were $1,271,839 and $1,175,589, respectively. |
Short-term Receivables
Short-term Receivables | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Short-term Receivables | 7. Short-term Receivables The following table summarizes the receivables at March 31, 2021 and December 31, 2020: March 31, 2021 Tax Credit Legal Fees Settlement Total Provectus Australia Tax Credit $ 4,388 $ - $ - $ 4,388 Gross receivable - 455,500 1,649,043 2,104,543 Reserve for uncollectibility - (455,500 ) (1,649,043 ) (2,104,543 ) Net receivable $ 4,388 $ - $ - $ 4,388 December 31, 2020 Tax Credit Legal Fees Settlement Total Provectus Australia Tax Credit $ 3,930 $ - $ - $ 3,930 Gross receivable - 455,500 1,649,043 2,104,543 Reserve for uncollectibility - (455,500 ) (1,649,043 ) (2,104,543 ) Net receivable $ 3,930 $ - $ - $ 3,930 |
Stockholders' Deficiency
Stockholders' Deficiency | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Deficiency | 8. Stockholders’ Deficiency Common Stock During the three months ended March 31, 2021, the Company issued an aggregate of 250,000 shares of immediately vested restricted common stock with a grant date value of $19,750 for services. See also Note 11 – Subsequent Events. Warrants During the three months ended March 31, 2021, warrant holders exercised warrants to purchase an aggregate of 4,500,000 shares of common stock at a price of $0.0533 per share. In connection with these exercises, the Company received aggregate cash proceeds of $239,850. See also Note 11 – Subsequent Events. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 9. 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 are approximately $7,900 per month. Total operating lease expense for the three months ended March 31, 2021 was $24,762, of which, $16,508 was included within research and development and $8,254 was included within general and administrative expenses on the condensed consolidated statement of operations. Total operating lease expense for the three months ended March 31, 2020 was $21,302, of which, $14,201 was included within research and development and $7,101 was included within general and administrative expenses on the condensed consolidated statement of operations. As of March 31, 2021, the Company had no leases that were classified as a financing lease. As of March 31, 2021, 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: For The Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 23,831 $ 22,441 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ - $ - Weighted Average Remaining Lease Term Operating leases 1.25 Years 2.25 Years Weighted Average Discount Rate Operating leases 8.0 % 8.0 % Future minimum payments under the Company’s non-cancellable lease obligations as of March 31, 2021 were as follows: Years Amount 2021 69,579 2022 46,687 Total future minimum lease payments 116,266 Less: amount representing imputed interest (8,196 ) Total $ 108,070 |
Commitments, Contingencies and
Commitments, Contingencies and Litigation | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Litigation | 10. Commitments, Contingencies and Litigation None |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events Common Stock Subsequent to March 31, 2021, the Company issued an aggregate of 25,000 shares of immediately vested restricted common stock to a strategic advisory board member. Warrants Subsequent to March 31, 2021, the Company issued three-year immediately vested warrants to purchase an aggregate of 25,000 shares of common stock with an exercise price of $0.2862 per share to a strategic advisory board member. |
Critical Accounting Policies (P
Critical Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. Income Taxes |
Short-term Receivables (Tables)
Short-term Receivables (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Summary of Short-term Receivables | The following table summarizes the receivables at March 31, 2021 and December 31, 2020: March 31, 2021 Tax Credit Legal Fees Settlement Total Provectus Australia Tax Credit $ 4,388 $ - $ - $ 4,388 Gross receivable - 455,500 1,649,043 2,104,543 Reserve for uncollectibility - (455,500 ) (1,649,043 ) (2,104,543 ) Net receivable $ 4,388 $ - $ - $ 4,388 December 31, 2020 Tax Credit Legal Fees Settlement Total Provectus Australia Tax Credit $ 3,930 $ - $ - $ 3,930 Gross receivable - 455,500 1,649,043 2,104,543 Reserve for uncollectibility - (455,500 ) (1,649,043 ) (2,104,543 ) Net receivable $ 3,930 $ - $ - $ 3,930 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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: For The Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 23,831 $ 22,441 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ - $ - Weighted Average Remaining Lease Term Operating leases 1.25 Years 2.25 Years Weighted Average Discount Rate Operating leases 8.0 % 8.0 % |
Schedule of Future Minimum Payments Under Non-Cancellable Lease | Future minimum payments under the Company’s non-cancellable lease obligations as of March 31, 2021 were as follows: Years Amount 2021 69,579 2022 46,687 Total future minimum lease payments 116,266 Less: amount representing imputed interest (8,196 ) Total $ 108,070 |
Liquidity and Going Concern (De
Liquidity and Going Concern (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash and cash equivalents | $ 349,771 | $ 97,231 |
Warrants to purchase | 4,500,000 | |
Warrants exercise price | $ 0.0533 | |
Proceeds from warrants | $ 239,850 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Narrative) - USD ($) | Dec. 31, 2019 | Mar. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | |||
Preferred stock, par or stated value per share | $ 0.001 | $ 0.001 | |
Borrowed outstanding convertible notes payable | $ 17,847,000 | $ 16,622,000 | |
2020 Notes [Member] | Non-Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Borrowed outstanding convertible notes payable | 4,425,000 | 3,225,000 | |
Debt principal amount | 1,200,000 | ||
2020 Notes [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Borrowed outstanding convertible notes payable | $ 100,000 | $ 100,000 | |
2020 Financing [Member] | |||
Related Party Transaction [Line Items] | |||
Interest rate | 8.00% | ||
Proceeds from loans | $ 4,525,000 | ||
2020 Financing [Member] | Series D Preferred Stock [Member] | |||
Related Party Transaction [Line Items] | |||
Preferred stock, par or stated value per share | $ 2.8620 | ||
2020 Financing [Member] | Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Financing arrangement amount | $ 20,000,000 | ||
2017 and 2020 Financings [Member] | Series D Preferred Stock [Member] | |||
Related Party Transaction [Line Items] | |||
Interest rate | 8.00% |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Debt Disclosure [Abstract] | ||
Note payable | $ 136,708 | $ 212,790 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Consulting fees | $ 96,250 | $ 96,250 |
Accrued director fees | 1,271,839 | 1,175,589 |
Mr Bruce Horowitz [Member] | ||
Consulting fees | 84,800 | 52,400 |
Accrued director fees | $ 18,750 | $ 75,000 |
Short-term Receivables - Summar
Short-term Receivables - Summary of Receivables (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Tax Credit | $ 4,388 | $ 3,930 |
Gross receivable | 2,104,543 | 2,104,543 |
Reserve for uncollectibility | (2,104,543) | (2,104,543) |
Net receivable | 4,388 | 3,930 |
Legal Fees [Member] | ||
Tax Credit | ||
Gross receivable | 455,500 | 455,500 |
Reserve for uncollectibility | (455,500) | (455,500) |
Net receivable | ||
Settlement [Member] | ||
Tax Credit | ||
Gross receivable | 1,649,043 | 1,649,043 |
Reserve for uncollectibility | (1,649,043) | (1,649,043) |
Net receivable | ||
Provectus Australia [Member] | ||
Tax Credit | 4,388 | 3,930 |
Gross receivable | ||
Reserve for uncollectibility | ||
Net receivable | $ 4,388 | $ 3,930 |
Stockholders' Deficiency (Detai
Stockholders' Deficiency (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Number of restricted common stock issued | 250,000 | |
Number of restricted common stock issued, value | $ 19,750 | |
Warrants to purchase common stock | 4,500,000 | |
Warrant exercise price | $ 0.0533 | |
Proceeds from warrants exercise | $ 239,850 | $ 42,640 |
Leases (Details Narrative)
Leases (Details Narrative) | 3 Months Ended | |
Mar. 31, 2021USD ($)ft² | Mar. 31, 2020USD ($) | |
Leases payments, per month | $ 23,831 | $ 22,441 |
Research and Development Expense [Member] | ||
Lease expense | 16,508 | 14,201 |
General and Administrative Expense [Member] | ||
Lease expense | 8,254 | 7,101 |
Operating Leases [Member] | ||
Lease expense | $ 24,762 | $ 21,302 |
Knoxville, Tennessee [Member] | ||
Area of land | ft² | 4,500 | |
Lease term | 5 years | |
Lease expiration date | Jun. 30, 2022 | |
Leases payments, per month | $ 7,900 |
Leases - Schedule of Right-of-U
Leases - Schedule of Right-of-Use Assets and Liabilities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases | $ 23,831 | $ 22,441 |
Right-of-use assets obtained in exchange for lease obligations: Operating leases | ||
Weighted Average Remaining Lease Term: Operating leases | 1 year 2 months 30 days | 2 years 2 months 30 days |
Weighted Average Discount Rate: Operating leases | 8.00% | 8.00% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments Under Non-cancellable Lease (Details) | Mar. 31, 2021USD ($) |
Leases [Abstract] | |
2021 | $ 69,579 |
2022 | 46,687 |
Total future minimum lease payments | 116,266 |
Less: amount representing imputed interest | (8,196) |
Total | $ 108,070 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - $ / shares | 1 Months Ended | 3 Months Ended |
May 11, 2021 | Mar. 31, 2021 | |
Number of restricted common stock vested | 250,000 | |
Warrants to purchase common stock | 4,500,000 | |
Warrant exercise price | $ 0.0533 | |
Subsequent Event [Member] | Strategic Advisory Board Member [Member] | ||
Number of restricted common stock vested | 25,000 | |
Warrants to purchase common stock | 25,000 | |
Warrant exercise price | $ 0.2862 | |
Subsequent Event [Member] | Strategic Advisory Board Member [Member] | Warrant [Member] | ||
Warrant term | 3 years |