Provectus Biopharmaceuticals (PVCT) 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 11, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
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	800 S. Gay Street
Entity Address, Address Line Two	Suite 1610
Entity Address, City or Town	Knoxville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37929
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		419,497,119
Entity Information, Former Legal or Registered Name	Not Applicable

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash	$ 34,153	$ 21,605
Restricted cash	1,287,302	1,410,102
Short-term receivables	767	394
Prepaid expenses and other current assets	273,340	467,081
Total Current Assets	1,595,562	1,899,182
Equipment and furnishings, less accumulated depreciation of $104,303 and $102,073, respectively	18,711	20,941
Operating lease right-of-use asset	106,054	117,123
Total Assets	1,720,327	2,037,246
Current Liabilities:
Accounts payable	1,907,795	2,094,258
Unearned grant revenue	1,305,933	1,510,958
Other accrued expenses	2,758,043	2,404,012
Accrued interest	39,267	30,844
Accrued interest - related parties	71,387	40,992
Notes payable	155,097	239,394
Convertible notes payable	575,000	625,000
Operating lease liability, current portion	45,319	44,422
Total Current Liabilities	8,660,341	8,192,380
Operating lease liability, non-current portion	61,749	73,376
Total Liabilities	8,722,090	8,265,756
Commitments, contingencies, and litigations (Note 12)
Stockholders’ Deficit:
Common stock; par value $0.001 per share; 1,000,000,000 shares authorized; 419,497,119 shares issued and outstanding at March 31, 2023 and December 31, 2022	419,497	419,497
Additional paid-in capital	243,008,185	242,954,193
Accumulated other comprehensive loss	(35,488)	(35,679)
Accumulated deficit	(250,416,095)	(249,588,641)
Total Stockholders’ Deficit	(7,001,763)	(6,228,510)
Total Liabilities and Stockholders’ Deficit	1,720,327	2,037,246
Series D Convertible Preferred Stock [Member]
Stockholders’ Deficit:
Preferred stock value	12,373	12,373
Series D-1 Convertible Preferred Stock [Member]
Stockholders’ Deficit:
Preferred stock value	9,765	9,747
Related Party [Member]
Current Liabilities:
Convertible notes payable - related parties	$ 1,802,500	$ 1,202,500

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Accumulated depreciation, equipment and furnishings	$ 104,303	$ 102,073
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	419,497,119	419,497,119
Common stock, shares outstanding	419,497,119	419,497,119
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 value	$ 14,164,889	$ 14,164,889
Series D-1 Convertible Preferred Stock [Member]
Preferred stock, shares authorized	11,241,000	11,241,000
Preferred stock, shares issued	9,765,498	9,746,626
Preferred stock, shares outstanding	9,765,498	9,746,626
Preferred stock, liquidation preference value	$ 111,794,925	$ 111,578,880

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Grant Revenue	$ 205,025	$ 187,605
Operating Expenses:
Research and development	548,393	671,116
General and administrative	438,845	516,547
Total Operating Expenses	987,238	1,187,663
Total Operating Loss	(782,213)	(1,000,058)
Other Income/(Expense):
Interest expense, net	(45,241)	(30,864)
Total Other Expense, Net	(45,241)	(30,864)
Net Loss	$ (827,454)	$ (1,030,922)
Basic and Diluted Loss Per Common Share	$ 0	$ 0
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	419,497,119	419,447,119

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net Loss	$ (827,454)	$ (1,030,922)
Other Comprehensive Income (Loss):
Foreign currency translation adjustments	191	(716)
Total Comprehensive Loss	$ (827,263)	$ (1,031,638)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Preferred Stock [Member] Series D Preferred Stock [Member]	Preferred Stock [Member] Series D-1 Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021	$ 12,373	$ 9,219	$ 419,447	$ 241,440,106	$ (34,467)	$ (246,033,958)	$ (4,187,280)
Balance, shares at Dec. 31, 2021	12,373,247	9,218,449	419,447,119
Series D-1 Preferred Stock issued for cash		$ 52		149,948			150,000
Series D-1 Preferred Stock issued for cash, shares		52,411
Net loss						(1,030,922)	(1,030,922)
Other comprehensive income (loss)					(716)		(716)
Balance at Mar. 31, 2022	$ 12,373	$ 9,271	$ 419,447	241,590,054	(35,183)	(247,064,880)	(5,068,918)
Balance, shares at Mar. 31, 2022	12,373,247	9,270,860	419,447,119
Balance at Dec. 31, 2022	$ 12,373	$ 9,747	$ 419,497	242,954,193	(35,679)	(249,588,641)	(6,228,510)
Balance, shares at Dec. 31, 2022	12,373,247	9,746,626	419,497,119
Conversion of 2021 Note to Series D-1 Preferred Stock		$ 18		53,992			54,010
Conversion of 2021 Note to Series D-1 Preferred Stock, shares		18,872
Net loss						(827,454)	(827,454)
Other comprehensive income (loss)					191		191
Balance at Mar. 31, 2023	$ 12,373	$ 9,765	$ 419,497	$ 243,008,185	$ (35,488)	$ (250,416,095)	$ (7,001,763)
Balance, shares at Mar. 31, 2023	12,373,247	9,765,498	419,497,119

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows From Operating Activities:
Net loss	$ (827,454)	$ (1,030,922)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense	11,069	24,386
Depreciation	2,230	3,218
Changes in operating assets and liabilities
Short term receivables	(393)	2,143
Prepaid expenses and other current assets	195,392	101,964
Accounts payable	(186,280)	309,732
Unearned grant revenue	(205,025)	(187,605)
Other accrued expenses	354,252	183,001
Operating lease liability	(10,730)	(27,414)
Accrued interest	42,829	29,278
Net Cash Used In Operating Activities	(624,110)	(592,219)
Cash Flows From Financing Activities:
Proceeds from issuance of convertible notes payable		50,000
Proceeds from issuance of convertible notes payable - related parties	600,000
Repayment of short-term note payable	(84,297)	(83,527)
Net Cash Provided By Financing Activities	515,703	(33,527)
Effect of exchange rates on cash and restricted cash	(1,845)	(187)
Net Decrease In Cash and Restricted Cash	(110,252)	(625,933)
Cash and Restricted Cash, Beginning of Period	1,431,707	3,106,942
Cash and Restricted Cash, End of Year	1,321,455	2,481,009
Cash	34,153	173,614
Restricted cash	1,287,302	2,307,395
Supplemental Disclosures of Cash Flow Information:
Interest
Income taxes
Non-cash investing and financing activities:
Conversion of 2021 Notes and related accrued interest to Series D-1 Preferred Stock	$ 54,010

Business Organization, Nature o

Business Organization, Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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 that are based on a class of synthetic small molecule immuno-catalysts called halogenated xanthenes (“HXs”). Our lead molecule is named rose bengal sodium (“RBS”). The Company’s proprietary, patented, pharmaceutical-grade RBS is the active pharmaceutical ingredient in the drug product candidates of our current clinical development programs and the preclinical formulations of our current drug discovery programs. Importantly, our pharmaceutical-grade RBS displays different therapeutic effects at different concentrations and can be formulated for delivery by different routes of administration, The Company believes that RBS targets disease in a bifunctional manner. First, direct contact may lead to cell death or repair depending on the disease being treated and the concentration of the RBS utilized in the treatment. Secondly, multivariate immune signaling, activation, and response may follow that may manifest as stimulatory, inhibitory, or both. The Company believes that it is the first entity to advance an RBS formulation into clinical trials for the treatment of a disease, such as those trials reported on the clinical trials registry ClinicalTrials.gov. The Company believes that it is the first and only entity to date to successfully, reproducibly, and consistently make pharmaceutical-grade RBS at a purity of nearly 100%. The Company’s small molecule HX medical science platform comprises a number of different drug product candidates and preclinical pharmaceutical-grade RBS formulations using different concentrations and delivered by different routes of administration specific to each disease area and/or indication. The Company’s HX medical science platform includes clinical development programs in oncology, dermatology, and ophthalmology; proof-of-concept in vivo in vitro Risks and Uncertainties 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. Basis of Presentation 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, 2022 filed with the SEC on March 30, 2023. 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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

Liquidity and Going Concern

Liquidity and Going Concern	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and Going Concern	2. Liquidity and Going Concern To date, the Company has not generated any revenues or profits from planned principal operations. The Company’s cash and restricted cash were $ 1,321,455 1,287,302 7,064,779 6,293,198 The Company plans to access capital resources through possible public or private equity offerings, including the 2022 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 2023 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 Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	3. Significant Accounting Policies Since the date the Company’s December 31, 2022 consolidated financial statements were issued in its 2022 Annual Report, there have been no material changes to the Company’s significant accounting policies. Principles of Consolidation Intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s significant estimates and assumptions include the recoverability and useful lives of long-lived assets, stock-based compensation, accrued liabilities and the valuation allowance related to the Company’s deferred tax assets. Restricted Cash Restricted cash consists of a grant award of $ 2,500,000 1,212,698 Cash Concentrations Cash and restricted cash are maintained at financial institutions and, at times, balances may exceed federally insured limits of $ 250,000 1,071,455 1,181,707 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 2023 2022 March 31, 2023 2022 Warrants 475,000 512,500 Options 3,425,000 3,625,000 Convertible preferred stock 110,028,227 105,081,847 2021 unsecured convertible notes 3,860,043 5,436,408 2022 unsecured convertible notes 4,833,714 - Total potentially dilutive shares 122,621,984 114,655,755 Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Other Accrued Expenses

Other Accrued Expenses	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Other Accrued Expenses	4. Other Accrued Expenses The following table summarizes the other accrued expenses at March 31, 2023 and December 31, 2022: Schedule of Other Accrued Expenses March 31, December 31, 2023 2022 Accrued payroll and taxes $ 418,881 $ 314,160 Accrued vacation 77,666 69,077 Accrued directors’ fees 2,041,839 1,945,589 Accrued other expenses 219,657 75,186 Total Other Accrued Expenses $ 2,758,043 $ 2,404,012

Convertible Notes Payable

Convertible Notes Payable	3 Months Ended
	Mar. 31, 2023
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, 2023 $ 550,000 $ 525,000 $ 1,075,000 Conversion (50,000 ) - (50,000 ) Issued Balance as of March 31, 2023 $ 500,000 $ 525,000 $ 1,025,000 As of March 31, 2023, the Company had received 2021 Notes with aggregate proceeds of $ 1,075,000 525,000 2022 Financing Non-Related Party Related Party Face Amount Face Amount Total Balance as of January 1, 2023 $ 75,000 $ 677,500 $ 752,500 Balance $ 75,000 $ 677,500 $ 752,500 Issued - 600,000 600,000 Balance as of March 31, 2023 $ 75,000 $ 1,277,500 $ 1,352,500 Balance $ 75,000 $ 1,277,500 $ 1,352,500 As of March 31, 2023, the Company had received 2022 Notes with aggregate proceeds of $ 1,352,500 1,277,500 For further details on the terms of the 2021 and 2022 Notes, refer to our Form 10-K as filed with the SEC on March 30, 2023. 2023 Conversions of 2021 Notes into Preferred Stock The following summarizes the conversion activity during the quarter ended March 31, 2023: Schedule of Conversion of Notes into Preferred Stock Series D-1 Preferred Stock Principal converted $ 50,000 Accrued interest converted 4,010 Total converted $ 54,010 Conversion price $ 2.862 Total shares 18,872 During the three months ended March 31, 2023, principal and interest in the aggregate amount of $ 54,010 18,872 2.862

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022, the balance of the note payable was $ 155,097 239,394

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions During the three months ended March 31, 2023 and March 31, 2022, the Company paid Mr. Bruce Horowitz (Capital Strategists) consulting fees of $ 21,200 and $ 42,400 , respectively, for services rendered. Director fees for Mr. Horowitz for the three months ended March 31, 2023 and March 31, 2022 were $ 18,750 . Accrued director fees for Mr. Horowitz as of March 31, 2023 and December 31, 2022 were $ 375,000 and $ 356,250 , respectively. The amounts owed to Capital Strategists for consulting fees as of March 31, 2023 and December 31, 2022 were $ 254,400 212,000 See Note 5 for details of other related party transactions. Director fees during the three months ended March 31, 2023 and March 31, 2022 were $ 96,250 . Accrued directors’ fees as of March 31, 2023 and December 31, 2022 were $ 2,041,839 and $ 1,945,589 , respectively.

Stockholders_ Deficit

Stockholders’ Deficit	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders’ Deficit	8. Stockholders’ Deficit Preferred Stock During the three months ended March 31, 2023, the Company issued 18,872 50,000 4,010 Options During the three months ended March 31, 2023, the Company did not have any grants, forfeitures, or exercises of options. The following table summarizes information about options outstanding and exercisable at March 31, 2023: Summary of Stock Options Outstanding Exercise Price Outstanding and Exercisable Weighted Average Remaining Contractual Life Intrinsic Value $ 0.12 2,425,000 2.60 $ 97,000 $ 0.29 100,000 2.60 $ - $ 0.67 200,000 0.40 $ - $ 0.75 550,000 2.70 $ - $ 0.88 150,000 1.30 $ - 3,425,000 2.47 $ 97,000 Warrants During the three months ended March 31, 2023, the Company did not have any grants, forfeitures, or exercises -of warrants. The following table summarizes information about warrants outstanding and exercisable at March 31, 2023: Summary of Warrant Outstanding Exercise Price Outstanding and Exercisable Weighted Average Intrinsic Value $ 0.29 87,500 0.61 $ - $ 1.00 18,000 1.14 $ - $ 1.12 366,000 1.14 $ - $ 2.00 3,500 1.14 $ - 475,000 1.04 $ - Holders of the outstanding warrants are not entitled to vote and the exercise prices of such warrants are subject to customary anti-dilution provisions.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases
Leases	9. Leases The Company currently leases 2,700 three years 4,053 4,278 Total operating lease expense for the three months ended March 31, 2023 was $ 13,507 9,005 4,502 14,959 9,973 4,986 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, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 10,731 $ 23,831 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ - $ - Weighted Average Remaining Lease Term Operating leases 2 years 3 months 3 Weighted Average Discount Rate Operating leases 5.0 8.0 % 8 % Future minimum payments under the Company’s non-cancellable lease obligations as of March 31, 2023 were as follows: Schedule of Future Minimum Payments Under Non-cancellable Lease Future Minimum Payments Years Amount 2023 $ 37,152 2024 50,663 2025 25,669 Total lease payments 113,484 Less: amount representing imputed interest (6,416 ) Present value of lease liability 107,068 Less: current portion (45,319 ) Lease liability, non-current portion $ 61,749

Grants

Grants	3 Months Ended
	Mar. 31, 2023
Grants
Grants	10. Grants On October 25, 2021, the Company received a grant award of $ 2,500,000 1,305,933 1,510,958 205,025 187,605

License Transactions

License Transactions	3 Months Ended
	Mar. 31, 2023
License Transactions
License Transactions	11. License Transactions On February 16, 2022, and later amended on May 11, 2022, the Company entered into an option agreement with the University of Miami (“UM”) for an exclusive worldwide license of intellectual property (“IP”) developed by the Ophthalmic Biophysics Center (“OBC”) of Bascom Palmer Eye Institute (“BPEI”) that included the use of OBC’s ophthalmic photodynamic antimicrobial therapy (“PDAT”) medical device in combination with formulations of the Company’s pharmaceutical-grade RBS for the treatment of bacterial, fungal, and viral infections of the eye. The Company completed the arrangements of this collaboration during the third quarter of 2022, whereby the Company (i) paid $5,000 for the option to obtain an exclusive worldwide, royalty-bearing license that expires on May 31, 2023, (ii) agreed to pay up to $10,000 of new UM patent expenses for this IP during the period of the option, (iii) agreed to pay up to $25,000 of past UM patent expenses for this IP, and (iv) entered into a sponsored research agreement with UM on September 16, 2022 to study the combination of OBC’s PDAT and TOP PV-305, a formulation of the Company’s pharmaceutical-grade RBS, for the treatment of infectious keratitis

Commitments, Contingencies and

Commitments, Contingencies and Litigation	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Litigation	12. Commitments, Contingencies and Litigation The Company may, from time to time, be involved in litigation arising from the ordinary course of business and/or that 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, 2023
Subsequent Events [Abstract]
Subsequent Events	13. 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, 2023, the Company entered into a 2022 Note with a related party investor (a director of the Company) in the aggregate principal amount of $ 225,000 Subsequent to March 31, 2023, principal and interest in the aggregate amount of $ 540,222 188,757 2.862

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation Intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s significant estimates and assumptions include the recoverability and useful lives of long-lived assets, stock-based compensation, accrued liabilities and the valuation allowance related to the Company’s deferred tax assets.
Restricted Cash	Restricted Cash Restricted cash consists of a grant award of $ 2,500,000 1,212,698
Cash Concentrations	Cash Concentrations Cash and restricted cash are maintained at financial institutions and, at times, balances may exceed federally insured limits of $ 250,000 1,071,455 1,181,707
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 2023 2022 March 31, 2023 2022 Warrants 475,000 512,500 Options 3,425,000 3,625,000 Convertible preferred stock 110,028,227 105,081,847 2021 unsecured convertible notes 3,860,043 5,436,408 2022 unsecured convertible notes 4,833,714 - Total potentially dilutive shares 122,621,984 114,655,755
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 March 31, 2023 2022 Warrants 475,000 512,500 Options 3,425,000 3,625,000 Convertible preferred stock 110,028,227 105,081,847 2021 unsecured convertible notes 3,860,043 5,436,408 2022 unsecured convertible notes 4,833,714 - Total potentially dilutive shares 122,621,984 114,655,755

Other Accrued Expenses (Tables)

Other Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Other Accrued Expenses	The following table summarizes the other accrued expenses at March 31, 2023 and December 31, 2022: Schedule of Other Accrued Expenses March 31, December 31, 2023 2022 Accrued payroll and taxes $ 418,881 $ 314,160 Accrued vacation 77,666 69,077 Accrued directors’ fees 2,041,839 1,945,589 Accrued other expenses 219,657 75,186 Total Other Accrued Expenses $ 2,758,043 $ 2,404,012

Convertible Notes Payable (Tabl

Convertible Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 $ 550,000 $ 525,000 $ 1,075,000 Conversion (50,000 ) - (50,000 ) Issued Balance as of March 31, 2023 $ 500,000 $ 525,000 $ 1,025,000 Non-Related Party Related Party Face Amount Face Amount Total Balance as of January 1, 2023 $ 75,000 $ 677,500 $ 752,500 Balance $ 75,000 $ 677,500 $ 752,500 Issued - 600,000 600,000 Balance as of March 31, 2023 $ 75,000 $ 1,277,500 $ 1,352,500 Balance $ 75,000 $ 1,277,500 $ 1,352,500
Schedule of Conversion of Notes into Preferred Stock	The following summarizes the conversion activity during the quarter ended March 31, 2023: Schedule of Conversion of Notes into Preferred Stock Series D-1 Preferred Stock Principal converted $ 50,000 Accrued interest converted 4,010 Total converted $ 54,010 Conversion price $ 2.862 Total shares 18,872

Stockholders_ Deficit (Tables)

Stockholders’ Deficit (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Summary of Stock Options Outstanding	The following table summarizes information about options outstanding and exercisable at March 31, 2023: Summary of Stock Options Outstanding Exercise Price Outstanding and Exercisable Weighted Average Remaining Contractual Life Intrinsic Value $ 0.12 2,425,000 2.60 $ 97,000 $ 0.29 100,000 2.60 $ - $ 0.67 200,000 0.40 $ - $ 0.75 550,000 2.70 $ - $ 0.88 150,000 1.30 $ - 3,425,000 2.47 $ 97,000
Summary of Warrant Outstanding	The following table summarizes information about warrants outstanding and exercisable at March 31, 2023: Summary of Warrant Outstanding Exercise Price Outstanding and Exercisable Weighted Average Intrinsic Value $ 0.29 87,500 0.61 $ - $ 1.00 18,000 1.14 $ - $ 1.12 366,000 1.14 $ - $ 2.00 3,500 1.14 $ - 475,000 1.04 $ -

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 10,731 $ 23,831 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ - $ - Weighted Average Remaining Lease Term Operating leases 2 years 3 months 3 Weighted Average Discount Rate Operating leases 5.0 8.0 % 8 %
Schedule of Future Minimum Payments Under Non-cancellable Lease	Future minimum payments under the Company’s non-cancellable lease obligations as of March 31, 2023 were as follows: Schedule of Future Minimum Payments Under Non-cancellable Lease Future Minimum Payments Years Amount 2023 $ 37,152 2024 50,663 2025 25,669 Total lease payments 113,484 Less: amount representing imputed interest (6,416 ) Present value of lease liability 107,068 Less: current portion (45,319 ) Lease liability, non-current portion $ 61,749

Liquidity and Going Concern (De

Liquidity and Going Concern (Details Narrative) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash	$ 1,321,455	$ 1,431,707	$ 2,481,009	$ 3,106,942
Restricted cash	1,287,302		$ 2,307,395
Working capital deficit	$ 7,064,779	$ 6,293,198

Schedule of Securities Excluded

Schedule of Securities Excluded from Calculation of Weighted Average Dilutive Common Shares (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	122,621,984	114,655,755
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	475,000	512,500
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	3,425,000	3,625,000
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	110,028,227	105,081,847
2021 Unsecured Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	3,860,043	5,436,408
2022 Unsecured Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	4,833,714

Significant Accounting Polici_4

Significant Accounting Policies (Details Narrative) - USD ($)	Oct. 25, 2021	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Proceeds from grant	$ 2,500,000
Payment to vendors for expense	$ 1,212,698
Insured limits		$ 250,000
Cash in excess FDIC insured amount		$ 1,071,455	$ 1,181,707

Schedule of Other Accrued Expen

Schedule of Other Accrued Expenses (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued payroll and taxes	$ 418,881	$ 314,160
Accrued vacation	77,666	69,077
Accrued directors’ fees	2,041,839	1,945,589
Accrued other expenses	219,657	75,186
Total Other Accrued Expenses	$ 2,758,043	$ 2,404,012

Schedule of Convertible Notes P

Schedule of Convertible Notes Payable (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Two Thousand Twenty One Convertible Notes Payable [Member]
Short-Term Debt [Line Items]
Balance	$ 1,075,000
Conversion	(50,000)
Balance	1,025,000
Two Thousand Twenty One Convertible Notes Payable [Member] | Nonrelated Party [Member]
Short-Term Debt [Line Items]
Balance	550,000
Conversion	(50,000)
Balance	500,000
Two Thousand Twenty One Convertible Notes Payable [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Balance	525,000
Conversion
Balance	525,000
Two Thousand Twenty Two Convertible Notes Payable [Member]
Short-Term Debt [Line Items]
Balance	752,500
Issued	600,000
Balance	1,352,500
Two Thousand Twenty Two Convertible Notes Payable [Member] | Nonrelated Party [Member]
Short-Term Debt [Line Items]
Balance	75,000
Issued
Balance	75,000
Two Thousand Twenty Two Convertible Notes Payable [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Balance	677,500
Issued	600,000
Balance	$ 1,277,500

Schedule of Conversion of Notes

Schedule of Conversion of Notes into Preferred Stock (Details) - Series D-1 Convertible Preferred Stock [Member]	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Principal converted	$ 50,000
Accrued interest converted	4,010
Total converted	$ 54,010
Conversion price | $ / shares	$ 2.862
Total shares | shares	18,872

Convertible Notes Payable (Deta

Convertible Notes Payable (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Short-Term Debt [Line Items]
Proceeds from notes payable		$ 50,000
Series D-1 Convertible Preferred Stock [Member]
Short-Term Debt [Line Items]
Aggregate amount	$ 54,010
Number of shares	18,872
Conversion price	$ 2.862
2021 Notes [Member]
Short-Term Debt [Line Items]
Proceeds from notes payable	$ 1,075,000
Proceeds from related party investor	525,000
2022 Note [Member]
Short-Term Debt [Line Items]
Proceeds from notes payable	1,352,500
Proceeds from related party investor	$ 1,277,500

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Note payable	$ 155,097	$ 239,394

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Salary and Wage, Officer, Excluding Cost of Good and Service Sold	$ 96,250
Accrued Professional Fees	2,041,839		$ 1,945,589
Mr. Bruce Horowitz [Member]
Related Party Transaction [Line Items]
Consulting fees	21,200	$ 42,400
Accrued Professional Fees	375,000		356,250
Mr. Bruce Horowitz [Member] | Director [Member]
Related Party Transaction [Line Items]
Salary and Wage, Officer, Excluding Cost of Good and Service Sold	18,750
Mr. Bruce Horowitz [Member] | Director [Member] | Capital Strategists [Member]
Related Party Transaction [Line Items]
Consulting fees	$ 254,400		$ 212,000

Summary of Stock Options Outsta

Summary of Stock Options Outstanding (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercisable | shares	3,425,000
Outstanding | shares	3,425,000
Weighted Average Remaining Contractual Life, Outstanding	2 years 5 months 19 days
Weighted Average Remaining Contractual Life, Exercisable	2 years 5 months 19 days
Intrinsic Value, Outstanding | $	$ 97,000
Intrinsic Value, Exercisable | $	$ 97,000
Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, Outstanding | $ / shares	$ 0.12
Exercise Price, Exercisable | $ / shares	$ 0.12
Exercisable | shares	2,425,000
Outstanding | shares	2,425,000
Weighted Average Remaining Contractual Life, Outstanding	2 years 7 months 6 days
Weighted Average Remaining Contractual Life, Exercisable	2 years 7 months 6 days
Intrinsic Value, Outstanding | $	$ 97,000
Intrinsic Value, Exercisable | $	$ 97,000
Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, Outstanding | $ / shares	$ 0.29
Exercise Price, Exercisable | $ / shares	$ 0.29
Exercisable | shares	100,000
Outstanding | shares	100,000
Weighted Average Remaining Contractual Life, Outstanding	2 years 7 months 6 days
Weighted Average Remaining Contractual Life, Exercisable	2 years 7 months 6 days
Intrinsic Value, Outstanding | $
Intrinsic Value, Exercisable | $
Range Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, Outstanding | $ / shares	$ 0.67
Exercise Price, Exercisable | $ / shares	$ 0.67
Exercisable | shares	200,000
Outstanding | shares	200,000
Weighted Average Remaining Contractual Life, Outstanding	4 months 24 days
Weighted Average Remaining Contractual Life, Exercisable	4 months 24 days
Intrinsic Value, Outstanding | $
Intrinsic Value, Exercisable | $
Range Four [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, Outstanding | $ / shares	$ 0.75
Exercise Price, Exercisable | $ / shares	$ 0.75
Exercisable | shares	550,000
Outstanding | shares	550,000
Weighted Average Remaining Contractual Life, Outstanding	2 years 8 months 12 days
Weighted Average Remaining Contractual Life, Exercisable	2 years 8 months 12 days
Intrinsic Value, Outstanding | $
Intrinsic Value, Exercisable | $
Range Five [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, Outstanding | $ / shares	$ 0.88
Exercise Price, Exercisable | $ / shares	$ 0.88
Exercisable | shares	150,000
Outstanding | shares	150,000
Weighted Average Remaining Contractual Life, Outstanding	1 year 3 months 18 days
Weighted Average Remaining Contractual Life, Exercisable	1 year 3 months 18 days
Intrinsic Value, Outstanding | $
Intrinsic Value, Exercisable | $

Summary of Warrant Outstanding

Summary of Warrant Outstanding (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Outstanding | shares	475,000
Exercisable | shares	475,000
Weighted Average Remaining Contractual Life, Exercisable	1 year 14 days
Weighted Average Remaining Contractual Life, Outstanding	1 year 14 days
Intrinsic Value, Exercisable | $
Intrinsic Value | $
Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, Outstanding | $ / shares	$ 0.29
Exercise Price, Exercisable | $ / shares	$ 0.29
Outstanding | shares	87,500
Exercisable | shares	87,500
Weighted Average Remaining Contractual Life, Exercisable	7 months 9 days
Weighted Average Remaining Contractual Life, Outstanding	7 months 9 days
Intrinsic Value, Exercisable | $
Intrinsic Value | $
Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, Outstanding | $ / shares	$ 1
Exercise Price, Exercisable | $ / shares	$ 1
Outstanding | shares	18,000
Exercisable | shares	18,000
Weighted Average Remaining Contractual Life, Exercisable	1 year 1 month 20 days
Weighted Average Remaining Contractual Life, Outstanding	1 year 1 month 20 days
Intrinsic Value, Exercisable | $
Intrinsic Value | $
Range Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, Outstanding | $ / shares	$ 1.12
Exercise Price, Exercisable | $ / shares	$ 1.12
Outstanding | shares	366,000
Exercisable | shares	366,000
Weighted Average Remaining Contractual Life, Exercisable	1 year 1 month 20 days
Weighted Average Remaining Contractual Life, Outstanding	1 year 1 month 20 days
Intrinsic Value, Exercisable | $
Intrinsic Value | $
Range Four [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, Outstanding | $ / shares	$ 2
Exercise Price, Exercisable | $ / shares	$ 2
Outstanding | shares	3,500
Exercisable | shares	3,500
Weighted Average Remaining Contractual Life, Exercisable	1 year 1 month 20 days
Weighted Average Remaining Contractual Life, Outstanding	1 year 1 month 20 days
Intrinsic Value, Exercisable | $
Intrinsic Value | $

Stockholders_ Deficit (Details

Stockholders’ Deficit (Details Narrative) - Series D-1 Convertible Preferred Stock [Member]	3 Months Ended
	Mar. 31, 2023 USD ($) shares
Class of Stock [Line Items]
Issuance of stock, shares | shares	18,872
Conversion of principal	$ 50,000
Conversion of accrued interest	$ 4,010

Schedule of Right-of-use Assets

Schedule of Right-of-use Assets and Liabilities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases	$ 10,731	$ 23,831
Right-of-use assets obtained in exchange for lease obligations: Operating leases
Weighted Average Remaining Lease Term: Operating leases	2 years 3 months	3 months
Weighted Average Discount Rate: Operating leases		8%
Minimum [Member]
Weighted Average Discount Rate: Operating leases	5%
Maximum [Member]
Weighted Average Discount Rate: Operating leases	8%

Schedule of Future Minimum Paym

Schedule of Future Minimum Payments Under Non-cancellable Lease (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Leases
2023	$ 37,152
2024	50,663
2025	25,669
Total lease payments	113,484
Less: amount representing imputed interest	(6,416)
Present value of lease liability	107,068
Less: current portion	(45,319)	$ (44,422)
Lease liability, non-current portion	$ 61,749	$ 73,376

Leases (Details Narrative)

Leases (Details Narrative)	3 Months Ended
	Mar. 31, 2023 USD ($) ft²	Mar. 31, 2022 USD ($)
Research and Development Expense [Member]
Operating lease, expense	$ 9,005	$ 9,973
General and Administrative Expense [Member]
Operating lease, expense	4,502	4,986
Property Subject to Operating Lease [Member]
Operating lease, expense	$ 13,507	$ 14,959
Knoxville, Tennessee [Member]
Area of land | ft²	2,700
Lessee, operating lease, term of contract	3 years
Knoxville, Tennessee [Member] | Minimum [Member]
Rent expenses per month	$ 4,053
Knoxville, Tennessee [Member] | Maximum [Member]
Rent expenses per month	$ 4,278

Grants (Details Narrative)

Grants (Details Narrative) - USD ($)		3 Months Ended
	Oct. 25, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Grants
Proceeds from grant	$ 2,500,000
Deferred revenue current		$ 1,305,933		$ 1,510,958
Revenue		$ 205,025	$ 187,605

License Transactions (Details N

License Transactions (Details Narrative)	3 Months Ended
	Mar. 31, 2023
License Transactions
License transaction description	The Company completed the arrangements of this collaboration during the third quarter of 2022, whereby the Company (i) paid $5,000 for the option to obtain an exclusive worldwide, royalty-bearing license that expires on May 31, 2023, (ii) agreed to pay up to $10,000 of new UM patent expenses for this IP during the period of the option, (iii) agreed to pay up to $25,000 of past UM patent expenses for this IP, and (iv) entered into a sponsored research agreement with UM on September 16, 2022 to study the combination of OBC’s PDAT and TOP PV-305, a formulation of the Company’s pharmaceutical-grade RBS, for the treatment of infectious keratitis

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended
	Apr. 15, 2023	May 11, 2023	Mar. 31, 2023	Apr. 02, 2023
Series D-1 Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Number of preferred stock converted			18,872
Conversion price			$ 2.862
Subsequent Event [Member] | 2022 Note [Member] | Director [Member]
Subsequent Event [Line Items]
Principal amount		$ 225,000
Subsequent Event [Member] | 2021 Notes [Member]
Subsequent Event [Line Items]
Converted notes payable				$ 540,222
Subsequent Event [Member] | 2021 Notes [Member] | Series D-1 Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Number of preferred stock converted	188,757
Conversion price				$ 2.862