Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 18, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | QUANTRX BIOMEDICAL CORPORATION | |
Entity Central Index Key | 0000820608 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | NV | |
Entity File Number | 000-17119 | |
Entity Common Stock, Shares Outstanding | 78,696,461 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 111,976 | $ 130,351 |
Prepaid expense | 0 | 7,000 |
Total current assets | 111,976 | 137,351 |
Investments, net of impairment of $500,000 and $278,000 | 0 | 0 |
Total assets | 111,976 | 137,351 |
Current Liabilities: | ||
Accounts payable | 27,637 | 48,137 |
Accounts payable, related party | 0 | 14,085 |
Notes payable | 1,387,694 | 1,387,694 |
Notes payable, accrued interest | 714,870 | 664,788 |
Notes payable, related party and accrued interest | 154,768 | 150,968 |
Total liabilities | 2,284,969 | 2,265,672 |
Commitments and contingencies | ||
Stockholders' Equity (Deficit): | ||
Preferred stock; $0.01 par value, 25,000,000 authorized shares; 20,500,000 shares designated as Series B Convertible Preferred Stock; Series B Convertible Preferred shares 6,196,893 issued and outstanding | 61,969 | 61,969 |
Common stock; $0.01 par value; 150,000,000 authorized; 78,696,461 shares issued and outstanding | 786,964 | 786,964 |
Stock to be issued | 8,600 | 8,600 |
Additional paid-in capital | 48,876,398 | 48,876,398 |
Accumulated deficit | (51,906,924) | (51,862,252) |
Total stockholders' equity (deficit) | (2,172,993) | (2,128,321) |
Total liabilities and stockholders' equity (deficit) | $ 111,976 | $ 137,351 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Stockholders' Equity (Deficit): | ||
Preferred stock, par value | $ .01 | $ .01 |
Preferred stock, authorized | 25,000,000 | 25,000,000 |
Common stock, par value | $ .01 | $ .01 |
Common stock, authorized | 150,000,000 | 150,000,000 |
Common stock, issued | 78,696,461 | 78,696,461 |
Common stock, outstanding | 78,696,461 | 78,696,461 |
Series B Convertible Preferred Stock | ||
Stockholders' Equity (Deficit): | ||
Preferred stock, authorized | 20,500,000 | 20,500,000 |
Preferred stock, issued | 6,196,893 | 6,196,893 |
Preferred stock, outstanding | 6,196,893 | 6,196,893 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 0 | $ 0 |
Total revenue | 0 | 0 |
Costs and Operating Expense: | ||
Sales, general and administrative | 3,900 | 22,579 |
Professional fees | 1,000 | 15,425 |
Professional fees, related party | 10,500 | 21,000 |
Total costs and operating expenses | 15,400 | 59,004 |
Loss from operations | (15,400) | (59,004) |
Other Income (Expense): | ||
Interest expense | (53,882) | (53,213) |
Gain (loss) on forgiveness of accounts payable | 24,610 | 0 |
Total other income (expense), net | (29,272) | (53,213) |
Profit (loss) before taxes | (44,672) | (112,217) |
Provision for income taxes | 0 | 0 |
Net profit (loss) | $ (44,672) | $ (112,217) |
Basic and diluted net loss per common share | $ 0 | $ 0 |
Basic and diluted weighted average shares used in per share calculation | 78,696,461 | 78,696,461 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (44,672) | $ (112,217) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Loss (gain) on forgiveness of accounts payable | (24,610) | 0 |
(Increase) Decrease in: | ||
Prepaid expenses | 7,000 | 10,254 |
Increase (Decrease) in: | ||
Accounts payable | (9,975) | 20,031 |
Accrued interest | 53,882 | 52,832 |
Accrued expenses | 0 | (11,004) |
Net cash used by operating activities | (18,375) | (40,104) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net cash provided by investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net cash provided (used) by financing activities | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (18,375) | (40,104) |
Cash and cash equivalents, beginning of period | 130,351 | 322,024 |
Cash and cash equivalents, end of period | 111,976 | 281,920 |
Supplemental Cash Flow Disclosures: | ||
Interest expense paid in cash | 0 | 381 |
Income tax paid | $ 0 | $ 0 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Stock To Be Issued | Accumulated Deficit | Total |
Beginning balance, shares at Dec. 31, 2018 | 6,196,893 | 78,696,461 | ||||
Beginning balance, amount at Dec. 31, 2018 | $ 61,969 | $ 786,964 | $ 78,876,398 | $ 8,600 | $ (51,240,332) | $ (1,506,401) |
Net loss | (112,217) | (112,217) | ||||
Ending balance, shares at Mar. 31, 2019 | 6,196,893 | 78,696,461 | ||||
Ending balance, amount at Mar. 31, 2019 | $ 61,969 | $ 786,964 | 78,876,398 | 8,600 | (51,352,549) | (1,618,618) |
Beginning balance, shares at Dec. 31, 2019 | 6,196,893 | 78,696,461 | ||||
Beginning balance, amount at Dec. 31, 2019 | $ 61,969 | $ 786,964 | 78,876,398 | 8,600 | (51,862,252) | (2,128,321) |
Net loss | (44,672) | (44,672) | ||||
Ending balance, shares at Mar. 31, 2020 | 6,196,893 | 78,696,461 | ||||
Ending balance, amount at Mar. 31, 2020 | $ 61,969 | $ 786,964 | $ 78,876,398 | $ 8,600 | $ (51,906,924) | $ (2,172,993) |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Overview As used in this Quarterly Report on Form 10-Q, the terms “ Company we our us QuantRx Company We have developed and intend to commercialize our patented miniform pads (“ PADs , and OEM branded over-the-counter and laboratory testing products based on our core intellectual property related to our PAD technology. The continuation of our operations remains contingent upon the receipt of additional financing required to execute our business and operating plan, which is currently focused on the commercialization of our PAD technology either directly or through a joint venture or other relationship intended to increase shareholder value. In the interim, we have nominal operations, focused principally on maintaining our intellectual property portfolio and maintaining compliance with the public company reporting requirements. In order to continue as a going concern, we will need to raise capital, which may include through the issuance of debt and/or equity securities. No assurances can be given that we will be able to obtain additional financing under terms favorable to us, if at all, or otherwise successfully develop a business and operating plan or enter into an alternative relationship to commercialize our PAD technology. Our principal business line consists of over-the-counter commercialization of our InSync feminine hygienic interlabial pad, the Unique® Miniform for hemorrhoid application, and other treated miniforms (the “ OTC Business Diagnostic Business Our current focus is to obtain additional working capital necessary to continue as a going concern, and to develop a longer term financing and operating plan to: (i) commercialize our over-the-counter products either directly or through joint ventures, mergers or similar transactions intended to capitalize on potential commercial opportunities; (ii) contract manufacturing of our over-the-counter products to third parties while maintaining control over the manufacturing process; (iii) maintain our intellectual property portfolio with respect to patents and licenses pertaining to both the OTC Business and the Diagnostics Business; and (iv) maximize the value of our investments in non-core assets. As a result of our current financial condition, however, our efforts in the short-term will be focused on obtaining financing necessary to maintain the Company as a going concern. We follow the accounting guidance outlined in the Financial Accounting Standards Board Codification guidelines. The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted principles for interim financial information and with the items under Regulation S-X required by the instructions to Form 10-Q. They may not include all information and footnotes required by United States Generally Accepted Accounting Principles (“ GAAP Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported losses, total assets or stockholders’ equity. |
Management Statement Regarding
Management Statement Regarding Going Concern | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Management Statement Regarding Going Concern | We currently are not generating revenue from operations, and do not anticipate generating meaningful revenue from operations or otherwise in the short-term. We have historically financed our operations primarily through issuances of equity and the proceeds from the issuance of promissory notes. In the past, we also provided for our cash needs by issuing Common Stock, options and warrants for certain operating costs, including consulting and professional fees, as well as divesting its minority equity interests and equity-linked investments. In addition, in the fiscal year ended 2018, we received cash payments as consideration for the sale and transfer of the Purchased Assets to Preprogen. Our history of operating losses, limited cash resources and the absence of an operating plan necessary to capitalize on our assets raise substantial doubt about our ability to continue as a going concern absent a strengthening of our cash position. Management is currently pursuing various funding options, including seeking debt or equity financing, licensing opportunities and the sale of certain investment holdings, as well as a strategic, merger or other transaction to obtain additional funding to continue the development of, and to successfully commercialize, our products. There can be no assurance that the Company will be successful in its efforts. Should we be unable to obtain adequate financing or generate sufficient revenue in the future, the Company’s business, result of operations, liquidity and financial condition would be materially and adversely harmed, and we will be unable to continue as a going concern. There can be no assurance that, assuming we are able to strengthen its cash position, we will achieve sufficient revenue or profitable operations to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to GAAP and have been consistently applied in the preparation of the financial statements. Accounting for Share-Based Payments. The Company accounts for share-based payments granted to non-employees in accordance with ASC Topic 505, “ Equity Based Payments to Non-Employees In the case of modifications, the Black-Scholes model is used to value modified warrants on the modification date by applying the revised assumptions. The difference between the fair value of the warrants prior to the modification and after the modification determines the incremental value. In the past, the Company has modified warrants in connection with the issuance of certain notes and note extensions. These modified warrants were originally issued in connection with previous private placement investments. In the case of debt issuances, the warrants were accounted for as original issuance discount based on their relative fair values. When modified in connection with a note issuance, the Company recognizes the incremental value as a part of the debt discount calculation, using its relative fair value in accordance with ASC Topic 470-20, “ Debt with Conversion and Other Options The fair value of each share-based payment is estimated on the measurement date using the Black-Scholes model with the following assumptions, which are determined at the beginning of each year and utilized in all calculations for that year. During the three months ended March 31, 2020 and 2019, the Company did not make any Black-Scholes model assumptions, as no share-based payments were made during those periods. Risk-Free Interest Rate. Expected Volatility. Dividend Yield. Expected Term. Pre-Vesting Forfeitures. Earnings per Share. Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into common stock using the “treasury stock” and/or “if converted” methods as applicable. For the quarter ended March 31, 2020, including potentially dilutive securities in diluted shares outstanding would be “anti-dilutive . For the three months ended March 31, 2019 and the three months ended March 31, 2020, b As of March 31, 2020, the Company had outstanding warrants exercisable for 15,000,000 shares of its common stock $0.01 par value (“ Common Stock Preferred Stock As of March 31, 2019, the Company had outstanding options exercisable for 2,300,000 shares of its Common Stock, outstanding warrants exercisable for 15,000,000 shares of its Common Stock, and outstanding Preferred Stock convertible into 6,196,893 shares of its Common Stock, which options, warrants and Preferred Stock were deemed to be antidilutive for the three months ended March 31, 2019. At March 31, 2019, the Company had reserved for issuance to certain investors 860,000 shares of its Series B Convertible Preferred Stock, convertible into 860,000 shares of its Common Stock. As of March 31, 2019, the Company has estimated and reserved for issuance approximately 20.0 million shares of Common Stock for a future conversion of its issued and outstanding Convertible Notes Payable. Fair Value. Fair Value Measurements and Disclosures Use of Estimates. Reclassifications. Recent Accounting Pronouncements Management has considered all recent accounting pronouncements in the current period and identified no pronouncements that would have an impact on our financial statements. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Investments [Abstract] | |
Investments | In December 2018, the Company acquired a 15% interest in Preprogen LLC pursuant to the Preprogen Transaction. On October 8, 2018, the Preprogen Agreement was amended to provide for, among other things, the release of funds held in escrow related to the manufacture of the miniform pads (the “ Preprogen Amendment provided, however, |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | On December 15, 2017, the Company entered into an agreement with Preprogen, pursuant to which the parties agreed to the sale, assignment, and license-back of certain assets, including intellectual property transferred to Preprogen necessary to the development, manufacture, marketing and sale of the Company’s OTC miniform products for the feminine hygiene and hemorrhoid treatment markets. At December 31, 2019, the Company had reduced its capitalized intangible assets to zero. |
Convertible Notes Payable
Convertible Notes Payable | 3 Months Ended |
Mar. 31, 2020 | |
Notes Payable [Abstract] | |
Convertible Notes Payable | During the years 2014 to 2017, the Company issued a series of Bridge Notes (the “ Bridge Notes At March 31, 2020 and December 31, 2019, the Company’s Convertible Notes Payable are as follows: March 31, 2020 December 31, 2019 Notes Payable $ 1,387,694 $ 1,387,694 Accrued Interest 714,870 664,788 Notes Payable, related party 102,000 102,000 Accrued Interest, related party 52,768 48,968 Total notes payable $ 2,257,332 $ 2,203,450 Notes Payable, Related Party. As of March 31, 2020 and December 31, 2019, the Company owed Mr. Abrams, a director of the Company, an aggregate total of $154,768 and $150,968, respectively, for outstanding principal and accrued and unpaid interest on certain Bridge Notes. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | In November 2018, the Company authorized payment of $3,500 per month to Dr. Hirschman for his services as Chief Executive Officer and $3,500 to Mr. Abrams for his services as a Director. Effective April 1, 2020, Dr. Hirschman has waived the payments of fees for his services as Chief Executive Officer. Effective January 1, 2020, Mr. Abrams has waived the fees for his services as a Director. During the three months ended March 31, 2020, Dr. Hirschman received aggregate compensation of $3,500 of consulting fees for services as Chief Executive Officer. The Company applied $7,000 of prepaid consulting fees to services for February and March 2020. During the year ended December 31, 2019, Dr. Hirschman received aggregate compensation of $42,000 of consulting fees for services as Chief Executive Officer. During the three months ended March 31, 2020, As of March 31, 2020 and |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Preferred Stock | The Company has authorized 25,000,000 shares of Preferred Stock, of which 20,500,000 are designated as Series B Convertible Preferred Stock, $0.01 par value, with a stated value of approximately $204,000 (“ Series B Preferred Series B Convertible Preferred Stock The Series B Preferred ranks senior to the Company’s Common Stock for purposes of liquidation preference, and to all other classes and series of equity securities of the Company that by their terms did not rank senior to the Series B Preferred (“ Junior Stock In July and August, 2017, the Company entered into Note Purchase Agreements with two existing stockholders, pursuant to which the Company issued the 2017 Bridge Notes in the aggregate principal amount of $86,000. As additional consideration for the purchase of the 2017 Bridge Notes, the Company has reserved for issuance an aggregate of 860,000 shares of Series B Preferred to be issued to the purchasers of the 2017 Bridge Notes. The Company has valued the Series B Preferred and has recorded a discount on the 2017 Bridge Notes of $7,818, which was amortized in full during the year ended December 31, 2017. In April 2018, the Company completed the purchase of 10,480,049 shares of Series B Preferred (the “ Purchased Shares As of March 31, 2020 and December 31, 2019, the Company had 6,196,893 shares of Series B Preferred issued and outstanding, with a liquidation preference of $61,969 and convertible into 6,196,893 shares of the Company’s Common Stock. |
Common Stock, Options and Warra
Common Stock, Options and Warrants | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Common Stock, Options and Warrants | The Company has authorized 150,000,000 shares of its Common Stock for issuance, of which 78,696,461 were issued and outstanding at each of March 31, 2020 and December 31, 2019. During the three months ended March 31, 2020 and 2019, there were no warrants issued by the Company. As of March 31, 2020, the Company has one warrant issued and outstanding, this warrant was issued in December 2018 to Preprogen’s designee to purchase up to 15.0 million shares of the Company’s Common Stock, at an exercise price of $0.05 per share. The warrant was exercisable immediately upon issuance, and expires on December 14, 2022. 2007 Incentive and Non-Qualified Stock Option Plan. The Company did not issue any options during the three months ended March 31, 2020 or 2019. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | We have evaluated subsequent events through the date of this filing in accordance with the Subsequent Events Topic of the FASB ASC 855, and have determined that no subsequent events occurred that are reasonably likely to impact these financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Accounting for Share-Based Payments | Accounting for Share-Based Payments. The Company accounts for share-based payments granted to non-employees in accordance with ASC Topic 505, “ Equity Based Payments to Non-Employees In the case of modifications, the Black-Scholes model is used to value modified warrants on the modification date by applying the revised assumptions. The difference between the fair value of the warrants prior to the modification and after the modification determines the incremental value. In the past, the Company has modified warrants in connection with the issuance of certain notes and note extensions. These modified warrants were originally issued in connection with previous private placement investments. In the case of debt issuances, the warrants were accounted for as original issuance discount based on their relative fair values. When modified in connection with a note issuance, the Company recognizes the incremental value as a part of the debt discount calculation, using its relative fair value in accordance with ASC Topic 470-20, “ Debt with Conversion and Other Options The fair value of each share-based payment is estimated on the measurement date using the Black-Scholes model with the following assumptions, which are determined at the beginning of each year and utilized in all calculations for that year. During the three months ended March 31, 2020 and 2019, the Company did not make any Black-Scholes model assumptions, as no share-based payments were made during those periods. Risk-Free Interest Rate. Expected Volatility. Dividend Yield. Expected Term. Pre-Vesting Forfeitures. |
Earnings per Share | Earnings per Share. Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into common stock using the “treasury stock” and/or “if converted” methods as applicable. For the quarter ended March 31, 2020, including potentially dilutive securities in diluted shares outstanding would be “anti-dilutive . For the three months ended March 31, 2019 and the three months ended March 31, 2020, b As of March 31, 2020, the Company had outstanding warrants exercisable for 15,000,000 shares of its common stock $0.01 par value (“ Common Stock Preferred Stock As of March 31, 2019, the Company had outstanding options exercisable for 2,300,000 shares of its Common Stock, outstanding warrants exercisable for 15,000,000 shares of its Common Stock, and outstanding Preferred Stock convertible into 6,196,893 shares of its Common Stock, which options, warrants and Preferred Stock were deemed to be antidilutive for the three months ended March 31, 2019. At March 31, 2019, the Company had reserved for issuance to certain investors 860,000 shares of its Series B Convertible Preferred Stock, convertible into 860,000 shares of its Common Stock. As of March 31, 2019, the Company has estimated and reserved for issuance approximately 20.0 million shares of Common Stock for a future conversion of its issued and outstanding Convertible Notes Payable. |
Fair Value | Fair Value. Fair Value Measurements and Disclosures |
Use of Estimates | Use of Estimates. |
Reclassifications | Reclassifications. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management has considered all recent accounting pronouncements in the current period and identified no pronouncements that would have an impact on our financial statements. |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Payable [Abstract] | |
Convertible notes payable | March 31, 2020 December 31, 2019 Notes Payable $ 1,387,694 $ 1,387,694 Accrued Interest 714,870 664,788 Notes Payable, related party 102,000 102,000 Accrued Interest, related party 52,768 48,968 Total notes payable $ 2,257,332 $ 2,203,450 |
Description of Business and B_2
Description of Business and Basis of Presentation (Details Narrative) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date of incorporation | Dec. 5, 1986 |
State of incorporation | NV |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounting Policies [Abstract] | ||
Stock compensation expense | $ 0 | $ 0 |
Outstanding warrants exercisable | $ 15,000,000 | $ 2,300,000 |
Shares of Series B Preferred Stock convertible | 6,196,893 | 6,196,893 |
Preferred stock reserved for issuance | 860,000 | 860,000 |
Common stock reserved for issuance | 20,000,000 | 20,000,000 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Notes Payable [Abstract] | ||
Notes payable | $ 1,387,694 | $ 1,387,694 |
Accrued interest | 714,870 | 664,788 |
Notes payable, related party | 102,000 | 102,000 |
Accrued interest, related party | 52,768 | 48,968 |
Total notes payable | $ 2,257,332 | $ 2,203,450 |
Convertible Notes Payable (De_2
Convertible Notes Payable (Details Narrative) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Notes Payable [Abstract] | ||
Notes payable and accrued interest due to Director | $ 154,768 | $ 150,968 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |||
Professional fees, related party | $ 10,500 | $ 21,000 | |
Notes payable and accrued interest due to Director | $ 154,768 | $ 150,968 |
Preferred Stock (Details Narrat
Preferred Stock (Details Narrative) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred stock, authorized | 25,000,000 | 25,000,000 |
Preferred stock, par value | $ .01 | $ .01 |
Stated value | $ 61,969 | $ 61,969 |
Series B Convertible Preferred Stock | ||
Preferred stock, authorized | 20,500,000 | 20,500,000 |
Preferred stock, issued | 6,196,893 | 6,196,893 |
Preferred stock, outstanding | 6,196,893 | 6,196,893 |
Liquidation preference | $ 61,969 | $ 61,969 |
Common Stock, Options and War_2
Common Stock, Options and Warrants (Details Narrative) - shares | Mar. 31, 2020 | Dec. 31, 2019 |
Share-based Payment Arrangement [Abstract] | ||
Common stock, authorized | 150,000,000 | 150,000,000 |
Common stock, issued | 78,696,461 | 78,696,461 |
Common stock, outstanding | 78,696,461 | 78,696,461 |