Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 11, 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 | 001-36457 | |
Entity Registrant Name | PROVECTUS BIOPHARMACEUTICALS, INC. | |
Entity Central Index Key | 0000315545 | |
Entity Tax Identification Number | 90-0031917 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 10025 Investment Drive | |
Entity Address, Address Line Two | Suite 250 | |
Entity Address, City or Town | Knoxville | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37932 | |
City Area Code | 866 | |
Local Phone Number | 594-5999 | |
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 | 419,447,119 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 173,614 | $ 682,984 |
Restricted cash | 2,307,395 | 2,423,958 |
Short-term receivables | 3,050 | 5,107 |
Prepaid expenses and other current assets | 227,908 | 329,908 |
Total Current Assets | 2,711,967 | 3,441,957 |
Equipment and furnishings, less accumulated depreciation of $94,396 and $91,178, respectively | 28,618 | 31,836 |
Operating lease right-of-use asset | 15,177 | 39,563 |
Total Assets | 2,755,762 | 3,513,356 |
Current Liabilities: | ||
Accounts payable | 1,597,496 | 1,287,459 |
Deposit for purchase of Series D-1 Preferred Stock | 150,000 | |
Unearned grant revenue | 2,312,395 | 2,500,000 |
Other accrued expenses | 2,185,761 | 2,002,486 |
Accrued interest | 35,856 | 10,578 |
Accrued interest - related parties | 10,044 | 6,044 |
Notes payable | 154,925 | 238,452 |
Convertible notes payable | 1,310,000 | 1,260,000 |
Convertible notes payable - related parties | 200,000 | 200,000 |
Operating lease liability | 18,203 | 45,617 |
Total Current Liabilities | 7,824,680 | 7,700,636 |
Commitments, contingencies, and litigations (Note 11) | ||
Stockholders’ Deficiency: | ||
Common stock; par value $0.001 per share; 1,000,000,000 shares authorized; 419,447,119 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 419,447 | 419,447 |
Additional paid-in capital | 241,590,054 | 241,440,106 |
Accumulated other comprehensive loss | (35,183) | (34,467) |
Accumulated deficit | (247,064,880) | (246,033,958) |
Total Stockholders’ Deficiency | (5,068,918) | (4,187,280) |
Total Liabilities and Stockholders’ Deficiency | 2,755,762 | 3,513,356 |
Series D Convertible Preferred Stock [Member] | ||
Stockholders’ Deficiency: | ||
Preferred stock value | 12,373 | 12,373 |
Series D-1 Convertible Preferred Stock [Member] | ||
Stockholders’ Deficiency: | ||
Preferred stock value | $ 9,271 | $ 9,219 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 94,396 | $ 91,178 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Outstanding | 419,447,119 | 419,447,119 |
Common shares, Issued | 419,447,119 | 419,447,119 |
Series D Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 12,374,000 | 12,374,000 |
Preferred stock, shares issued | 12,373,247 | 12,373,247 |
Preferred Stock, Shares Outstanding | 12,373,247 | 12,373,247 |
Preferred stock, liquidation preference per share | $ 14,164,889 | $ 14,164,889 |
Series D-1 Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 11,241,000 | |
Preferred stock, shares issued | 9,270,860 | 9,218,449 |
Preferred stock, liquidation preference per share | $ 106,132,320 | $ 105,532,804 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Grant Revenue | $ 187,605 | |
Operating Expenses: | ||
Research and development | 671,116 | 655,144 |
General and administrative | 516,547 | 525,532 |
Total Operating Expenses | 1,187,663 | 1,180,676 |
Total Operating Loss | (1,000,058) | (1,180,676) |
Other Income/(Expense): | ||
Interest income and interest expense | (30,864) | (489,274) |
Total Other Expense, Net | (30,864) | (489,274) |
Net Loss | $ (1,030,922) | $ (1,669,950) |
Basic and Diluted Loss Per Common Share | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 419,447,119 | 402,184,815 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net Loss | $ (1,030,922) | $ (1,669,950) |
Other Comprehensive Loss: | ||
Foreign currency translation adjustments | (716) | 837 |
Total Comprehensive Loss | $ (1,031,638) | $ (1,669,113) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Deficiency (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Balance at January 1, 2021 | $ (4,187,280) | |
Net loss | (1,030,922) | $ (1,669,950) |
Balance at March 31, 2021 | $ (5,068,918) | |
Preferred Stock [Member] | Series D Convertible Preferred Stock [Member] | ||
Balance, shares | 12,373,247 | |
Balance, shares | 12,373,247 | |
Preferred Stock [Member] | Series D-1 Convertible Preferred Stock [Member] | ||
Balance, shares | 9,218,449 | |
Series D-1 Preferred Stock issued for cash, shares | 52,411 | |
Balance, shares | 9,270,860 | |
Preferred Stock [Member] | Series B Preferred Stock [Member] | ||
Balance, shares | 100 | |
Common stock issued upon exercise of warrants, shares | ||
Common stock, shares | ||
Balance, shares | 100 | |
Common Stock [Member] | ||
Balance, shares | 419,447,119 | 398,807,037 |
Common stock issued upon exercise of warrants, shares | 4,500,000 | |
Common stock, shares | 250,000 | |
Balance, shares | 419,447,119 | 403,557,037 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (1,030,922) | $ (1,669,950) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 19,750 | |
Non-cash lease expense | 24,386 | 20,006 |
Depreciation | 3,218 | 3,216 |
Changes in operating assets and liabilities | ||
Short term receivables | 2,143 | (515) |
Prepaid expenses | 101,964 | 45,822 |
Accounts payable | 309,732 | (10,927) |
Unearned grant revenue | (187,605) | |
Other accrued expenses | 183,001 | 12,252 |
Operating lease liability | (27,414) | (21,096) |
Accrued interest expense | 29,278 | 487,962 |
Net Cash Used In Operating Activities | (592,219) | (1,113,480) |
Cash Flows From Financing Activities: | ||
Proceeds from issuance of convertible notes payable | 50,000 | 1,200,000 |
Repayment of short-term note payable | (83,527) | (74,417) |
Proceeds from exercise of warrants | 239,850 | |
Net Cash (Used In) Provided By Financing Activities | (33,527) | 1,365,433 |
Effect of exchange rates on cash, cash equivalents, and restricted cash | (187) | 587 |
Net (Decrease) Increase In Cash, Cash Equivalents, and Restricted Cash | (625,933) | 252,540 |
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 3,106,942 | 97,231 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 2,481,009 | 349,771 |
Cash and cash equivalents | 173,614 | 349,771 |
Restricted cash | 2,307,395 | |
Cash paid during the period for: | ||
Interest | ||
Income taxes |
Business Organization, Nature o
Business Organization, Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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, based on a class of small molecules called halogenated xanthenes (“HXs”) that is entirely owned by the Company. Our lead HX molecule is named rose bengal sodium (“RBS”). A second synthesized HX molecule is 4,5,6,7-tetrabromo-3′,6′-dihydroxy-2′,4′,5′,7′-tetraiodo-3H-spiro[isobenz- ofuran-1,9′-xanthen]-3-one. ● Oncology: ® Oral formulations of cGMP RBS 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. In vivo ● Pediatric Oncology: ● Hematology: In vivo ● Virology: In silico In vitro ● Microbiology: In vitro ● Ophthalmology: ● Dermatology: ® ● Animal Health: 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, 2021 filed with the SEC on March 29, 2022. 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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2022. 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, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity and Going Concern | 2. Liquidity and Going Concern The Company’s cash, cash equivalents, and restricted cash were $ 2,481,009 at March 31, 2022 which includes the $ 2,307,395 of restricted cash resulting from a grant received from the State of Tennessee. The Company’s working capital deficiency was $ 5,112,713 and $ 4,258,679 as of March 31, 2022 and December 31, 2021, respectively. 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 2021 financing (see Note 5), 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, 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 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 2022 and beyond. The Company anticipates that these funds will otherwise come from the proceeds of private placement transactions, 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. |
Significant
Significant | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant | 3. Significant Accounting Policies Since the date the Company’s December 31, 2021 consolidated financial statements were issued in its 2021 Annual Report, there have been no material changes to the Company’s significant accounting policies, except as disclosed below. Recently Adopted Accounting Standards In October 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-10 “Codification Improvements” On May 3, 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. As of March 31, 2022 and December 31, 2021, the Company’s cash equivalents consist of Treasury bills of $ 42,594 . Restricted Cash Restricted cash consists of a grant award of $ 2,500,000 192,605 Cash Concentrations Cash, cash equivalents, and restricted cash are maintained at financial institutions and, at times, balances may exceed federally insured limits of $ 250,000 2,231,009 2,856,942 Reclassifications Certain prior year balances have been reclassified in order to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or loss per share. Basic and Diluted Loss Per Common Share Basic loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: Schedule of Securities Excluded from Calculation of Weighted Average Dilutive Common Shares March 31, March 31, 2022 2021 Warrants 512,500 82,764,164 Options 3,625,000 4,800,000 Convertible preferred stock 105,081,847 65,666 2021 unsecured convertible notes 5,436,408 - Total potentially dilutive shares 114,655,755 87,629,830 |
Other Accrued Expenses
Other Accrued Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Other Accrued Expenses | 4. Other Accrued Expenses The following table summarizes the other accrued expenses at March 31, 2022 and December 31, 2021: Schedule of Other Accrued Expenses March 31, 2022 December 31, 2021 Accrued payroll and taxes $ 244,349 $ 174,533 Accrued vacation 50,859 42,871 Accrued directors’ fees 1,656,839 1,560,589 Accrued other expenses 233,714 224,493 Total Other Accrued Expenses $ 2,185,761 $ 2,002,486 |
Convertible Notes Payable
Convertible Notes Payable | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | 5. Convertible Notes Payable 2021 Financing Schedule of Convertible Notes Payable Non-Related Party Related Party Face Amount Face Amount Total Balance as of January 1, 2022 $ 1,260,000 $ 200,000 $ 1,460,000 Issued 50,000 - 50,000 Balance as of March 31, 2022 $ 1,310,000 $ 200,000 $ 1,510,000 For further details on the terms of the 2021 Notes, refer to our Form 10-K as filed with the SEC on March 29, 2022. As of March 31, 2022, the Company had received 2021 Notes proceeds of $ 1,510,000 200,000 |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | 6. Notes Payable The Company obtained short-term financing from AFCO Insurance Premium Finance for our commercial insurance policies. As of March 31, 2022 and December 31, 2021, the balance of the note payable was $ 154,925 238,452 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 7. Related Party Transactions During the three months ended March 31, 2022 and 2021, the Company paid Mr. Bruce Horowitz (Capital Strategists) consulting fees of $ 42,400 and $ 84,800 , respectively, for services rendered. Director fees for Mr. Horowitz for the three months ended March 31, 2022 and 2021 were $ 18,750 and $ 18,750 , respectively. Accrued director fees for Mr. Horowitz as of March 31, 2022 and December 31, 2021 were $ 300,000 and $ 281,250 , respectively. Total amount owed to Capital Strategists as of March 31, 2022 and December 31, 2021 were $ 127,200 . Mr. Horowitz serves as both COO and a Director, of the Company. See Note 5 for details of other related party transactions. Director fees during the three months ended March 31, 2022 and 2021 were $ 96,250 and $ 96,250 , respectively. Accrued directors’ fees as of March 31, 2022 and December 31, 2021 were $ 1,656,839 and $ 1,560,589 , respectively. |
Stockholders_ Deficiency
Stockholders’ Deficiency | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders’ Deficiency | 8. Stockholders’ Deficiency Preferred Stock During the three months ended March 31, 2022, the Company issued 52,411 shares of restricted Series D-1 Convertible Preferred Stock in exchange for an investment of $ 150,000 from a non-related party investor. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases | |
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 $ 6,100 per month. On February 23, 2022, the Company negotiated a continued reduced rent from January 1, 2022 through June 30, 2022 in the amount of $ 6,100 per month. Total operating lease expense for the three months ended March 31, 2022 was $ 14,959 , of which, $ 9,973 was included within research and development and $ 4,986 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, 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. A summary of the Company’s right-of-use assets and liabilities is as follows: Schedule of Right-of-use Assets and Liabilities For The Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 18,447 $ 23,831 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ - $ - Weighted Average Remaining Lease Term Operating leases 3 1 year 3 months 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, 2022 were as follows: Schedule of Future Minimum Payments Under Non-cancellable Lease Years Amount 2022 $ 18,447 Total future minimum lease payments 18,447 Less: amount representing imputed interest (234 ) Total $ 18,203 |
Grants
Grants | 3 Months Ended |
Mar. 31, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Grants | 10. Grants On October 25, 2021, the Company received a grant award of $ 2,500,000 2,312,395 187,605 |
Commitments, Contingencies and
Commitments, Contingencies and Litigation | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Litigation | 11. Commitments, Contingencies and Litigation The Company may, from time to time, be involved in litigation arising in the ordinary course of business or which may be expected to be covered by insurance. The Company is not aware of any pending or threatened litigation that, if resolved against the Company, would have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events The Company has evaluated events that have occurred after the balance sheet and through the date the financial statements were issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements, except as disclosed below. Subsequent to March 31, 2022, the Company entered into a 2021 Note with a non-related party investor in the aggregate principal amount of $ 500,000 Subsequent to March 31, 2022, the Company announced it has added Aru Narendran, MD, PhD at the University of Calgary to the Scientific Advisory Board. |
Significant (Policies)
Significant (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In October 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-10 “Codification Improvements” On May 3, 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. As of March 31, 2022 and December 31, 2021, the Company’s cash equivalents consist of Treasury bills of $ 42,594 . |
Restricted Cash | Restricted Cash Restricted cash consists of a grant award of $ 2,500,000 192,605 |
Cash Concentrations | Cash Concentrations Cash, cash equivalents, and restricted cash are maintained at financial institutions and, at times, balances may exceed federally insured limits of $ 250,000 2,231,009 2,856,942 |
Reclassifications | Reclassifications Certain prior year balances have been reclassified in order to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or loss per share. |
Basic and Diluted Loss Per Common Share | Basic and Diluted Loss Per Common Share Basic loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: Schedule of Securities Excluded from Calculation of Weighted Average Dilutive Common Shares March 31, March 31, 2022 2021 Warrants 512,500 82,764,164 Options 3,625,000 4,800,000 Convertible preferred stock 105,081,847 65,666 2021 unsecured convertible notes 5,436,408 - Total potentially dilutive shares 114,655,755 87,629,830 |
Significant (Tables)
Significant (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Securities Excluded from Calculation of Weighted Average Dilutive Common Shares | Schedule of Securities Excluded from Calculation of Weighted Average Dilutive Common Shares March 31, March 31, 2022 2021 Warrants 512,500 82,764,164 Options 3,625,000 4,800,000 Convertible preferred stock 105,081,847 65,666 2021 unsecured convertible notes 5,436,408 - Total potentially dilutive shares 114,655,755 87,629,830 |
Other Accrued Expenses (Tables)
Other Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Expenses | The following table summarizes the other accrued expenses at March 31, 2022 and December 31, 2021: Schedule of Other Accrued Expenses March 31, 2022 December 31, 2021 Accrued payroll and taxes $ 244,349 $ 174,533 Accrued vacation 50,859 42,871 Accrued directors’ fees 1,656,839 1,560,589 Accrued other expenses 233,714 224,493 Total Other Accrued Expenses $ 2,185,761 $ 2,002,486 |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes Payable | Schedule of Convertible Notes Payable Non-Related Party Related Party Face Amount Face Amount Total Balance as of January 1, 2022 $ 1,260,000 $ 200,000 $ 1,460,000 Issued 50,000 - 50,000 Balance as of March 31, 2022 $ 1,310,000 $ 200,000 $ 1,510,000 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases | |
Schedule of Right-of-use Assets and Liabilities | A summary of the Company’s right-of-use assets and liabilities is as follows: Schedule of Right-of-use Assets and Liabilities For The Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 18,447 $ 23,831 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ - $ - Weighted Average Remaining Lease Term Operating leases 3 1 year 3 months 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, 2022 were as follows: Schedule of Future Minimum Payments Under Non-cancellable Lease Years Amount 2022 $ 18,447 Total future minimum lease payments 18,447 Less: amount representing imputed interest (234 ) Total $ 18,203 |
Liquidity and Going Concern (De
Liquidity and Going Concern (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $ 2,481,009 | $ 3,106,942 | $ 349,771 | $ 97,231 |
Restricted Cash | 2,307,395 | |||
Working capital | $ 5,112,713 | $ 4,258,679 |
Schedule of Securities Excluded
Schedule of Securities Excluded from Calculation of Weighted Average Dilutive Common Shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 114,655,755 | 87,629,830 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 512,500 | 82,764,164 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 3,625,000 | 4,800,000 |
Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 105,081,847 | 65,666 |
2021 Unsecured Convertible Notes [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 5,436,408 |
Significant (Details Narrative)
Significant (Details Narrative) - USD ($) | Oct. 25, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | |||
Cash Equivalent - Treasury Bills | $ 42,594 | $ 42,594 | |
Proceeds from grant | $ 2,500,000 | ||
Payment to vendors for expense | $ 192,605 | ||
Insured limits | 250,000 | ||
Cash in excess FDIC insured amount | $ 2,231,009 | $ 2,856,942 |
Schedule of Other Accrued Expen
Schedule of Other Accrued Expenses (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued payroll and taxes | $ 244,349 | $ 174,533 |
Accrued vacation | 50,859 | 42,871 |
Accrued directors’ fees | 1,656,839 | 1,560,589 |
Accrued other expenses | 233,714 | 224,493 |
Total Other Accrued Expenses | $ 2,185,761 | $ 2,002,486 |
Schedule of Convertible Notes P
Schedule of Convertible Notes Payable (Details) - Convertible Notes Payable | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Short-Term Debt [Line Items] | |
Balance as of January 1, 2022 | $ 1,460,000 |
Issued | 50,000 |
Balance as of March 31, 2022 | 1,510,000 |
Non-Related Party [Member] | |
Short-Term Debt [Line Items] | |
Balance as of January 1, 2022 | 1,260,000 |
Issued | 50,000 |
Balance as of March 31, 2022 | 1,310,000 |
Related Party [Member] | |
Short-Term Debt [Line Items] | |
Balance as of January 1, 2022 | 200,000 |
Issued | |
Balance as of March 31, 2022 | $ 200,000 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Short-Term Debt [Line Items] | ||
Proceeds from note payable | $ 50,000 | $ 1,200,000 |
2021 Note [Member] | ||
Short-Term Debt [Line Items] | ||
Proceeds from note payable | 1,510,000 | |
Proceeds from related party investor | $ 200,000 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Note payable | $ 154,925 | $ 238,452 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Accrued directors fees | $ 1,656,839 | $ 1,560,589 | |
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | 96,250 | $ 96,250 | |
Mr Bruce Horowitz [Member] | |||
Related Party Transaction [Line Items] | |||
Professional fees | 42,400 | 84,800 | |
Accrued directors fees | 300,000 | 281,250 | |
Director [Member] | Mr Bruce Horowitz [Member] | |||
Related Party Transaction [Line Items] | |||
Professional fees | 18,750 | $ 18,750 | |
Director [Member] | Mr Bruce Horowitz [Member] | Capital Strategists [Member] | |||
Related Party Transaction [Line Items] | |||
Professional fees | $ 127,200 | $ 127,200 |
Stockholders_ Deficiency (Detai
Stockholders’ Deficiency (Details Narrative) - Restricted Series D-1 Preferred Stock [Member] - Investor [Member] | 3 Months Ended |
Mar. 31, 2022USD ($)shares | |
Class of Stock [Line Items] | |
Stock Issued During Period, Shares, New Issues | shares | 52,411 |
Stock Issued During Period, Value, New Issues | $ | $ 150,000 |
Schedule of Right-of-use Assets
Schedule of Right-of-use Assets and Liabilities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases | ||
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases | $ 18,447 | $ 23,831 |
Right-of-use assets obtained in exchange for lease obligations: Operating leases | ||
Weighted Average Remaining Lease Term: Operating leases | 3 months | 1 year 3 months |
Weighted Average Discount Rate: Operating leases | 8.00% | 8.00% |
Schedule of Future Minimum Paym
Schedule of Future Minimum Payments Under Non-cancellable Lease (Details) | Mar. 31, 2022USD ($) |
Leases | |
2022 | $ 18,447 |
Total future minimum lease payments | 18,447 |
Less: amount representing imputed interest | (234) |
Total | $ 18,203 |
Leases (Details Narrative)
Leases (Details Narrative) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2022USD ($)ft² | Mar. 31, 2021USD ($) | Jun. 30, 2022USD ($) | |
Research and Development Expense [Member] | |||
Operating Lease, Expense | $ 9,973 | $ 16,508 | |
General and Administrative Expense [Member] | |||
Operating Lease, Expense | 4,986 | 8,254 | |
Property Subject to Operating Lease [Member] | |||
Operating Lease, Expense | $ 14,959 | $ 24,762 | |
Forecast [Member] | |||
[custom:ReducedPaymentsForRent] | $ 6,100 | ||
Knoxville, Tennessee [Member] | |||
Area of Land | ft² | 4,500 | ||
Lessee, Operating Lease, Term of Contract | 5 years | ||
Lease Expiration Date | Jun. 30, 2022 | ||
Payments for Rent | $ 6,100 |
Grants (Details Narrative)
Grants (Details Narrative) - USD ($) | Oct. 25, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Revenue Recognition and Deferred Revenue [Abstract] | ||||
Proceeds from grant award for study of animal cancer and dermatological | $ 2,500,000 | |||
Unearned grant revenue liability | $ 2,312,395 | $ 2,500,000 | ||
Grant revenue | $ 187,605 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | May 12, 2022USD ($) |
Subsequent Event [Member] | Two Thousand And Twenty One Note [Member] | Non Related Party Investor [Member] | |
Subsequent Event [Line Items] | |
Proceeeds from loan | $ 500,000 |