Cover
Cover | 6 Months Ended |
Jun. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 000-54129 |
Entity Registrant Name | EVOLUTIONARY GENOMICS, INC. |
Entity Central Index Key | 0000884363 |
Entity Tax Identification Number | 26-4369698 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 4220 Morningstar Drive, |
Entity Address, City or Town | Castle Rock |
Entity Address, State or Province | CO |
Entity Address, Postal Zip Code | 80108 |
City Area Code | (720) |
Local Phone Number | 900-8666 |
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 | 5,881,898 |
Condensed and Consolidated Bala
Condensed and Consolidated Balance Sheets (unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 588 | $ 215,836 |
Prepaid expenses | 41,293 | 61,757 |
Total current assets | 41,881 | 277,593 |
Non-current assets | ||
Property and equipment, net | 34,730 | 50,763 |
Intangible assets, net | 3,160,968 | 3,664,343 |
Total non-current assets | 3,195,698 | 3,715,106 |
Total assets | 3,237,579 | 3,992,699 |
Current liabilities | ||
Accounts payable and accrued expenses | 129,233 | 3,164 |
Total current liabilities | 129,233 | 3,164 |
Long-term liabilities | ||
Notes payable | 2,322,226 | 2,245,831 |
Total liabilities | 2,451,459 | 2,248,995 |
Total preferred stock subject to possible redemption | 3,569,594 | 3,569,594 |
Stockholders' deficit | ||
Preferred Stock | 1,379,012 | 1,236,228 |
Common Stock, $0.001 par value; 780,000,000 shares authorized, 5,881,898 shares issued and outstanding at June 30, 2021 and December 31, 2020 | 5,882 | 5,882 |
Additional paid-in capital | 11,982,627 | 12,015,552 |
Accumulated deficit | (16,150,995) | (15,083,552) |
Total stockholders' deficit | (2,783,474) | (1,825,890) |
Total liabilities and stockholders' deficit | 3,237,579 | 3,992,699 |
Series A Preferred Stock [Member] | ||
Long-term liabilities | ||
Total preferred stock subject to possible redemption | 3,029,579 | 3,029,579 |
Series A 2 Preferred Stock [Member] | ||
Long-term liabilities | ||
Total preferred stock subject to possible redemption | $ 540,015 | $ 540,015 |
Condensed and Consolidated Ba_2
Condensed and Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |
Preferred Stock, Shares Authorized | 20,000,000 | |
Series A Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |
Preferred Stock, Shares Authorized | 600,000 | |
Preferred Stock, Shares Outstanding | 577,063 | |
Preferred Stock, Liquidation Preference, Value | $ 4,316,508 | |
Series A 2 Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |
Preferred Stock, Shares Authorized | 200,000 | |
Preferred Stock, Shares Outstanding | 102,860 | |
Preferred Stock, Liquidation Preference, Value | $ 632,099 |
Condensed and Consolidated Stat
Condensed and Consolidated Statements of Operations (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Grant revenue | $ 12,500 | |||
Operating expenses | ||||
Research and development | 136,199 | 167,526 | 233,014 | 260,748 |
Salaries and benefits | 92,429 | 93,229 | 184,859 | 185,659 |
General and administrative | 325,079 | 49,842 | 649,684 | 106,507 |
Total operating expenses | 553,707 | 310,597 | 1,067,557 | 552,914 |
Operating loss | (553,707) | (310,597) | (1,067,557) | (540,414) |
Other income | ||||
Investment income | 6 | 114 | 1 | |
Unrealized gain on investments | 15,799 | 3,799 | ||
Total other income | 6 | 15,799 | 114 | 3,800 |
Loss before income taxes | (553,701) | (294,798) | (1,067,443) | (536,614) |
Income taxes | ||||
Net loss | (553,701) | (294,798) | (1,067,443) | (536,614) |
Preferred stock dividend | (71,392) | (71,392) | (142,784) | (142,783) |
Net loss attributable to common stockholders | $ (625,093) | $ (366,190) | $ (1,210,227) | $ (679,397) |
Net loss per common share, basic and diluted | $ (0.11) | $ (0.06) | $ (0.21) | $ (0.12) |
Weighted average common shares outstanding, basic and diluted | 5,881,898 | 5,881,898 | 5,881,898 | 5,881,898 |
Condensed and Consolidated St_2
Condensed and Consolidated Statement of Stockholders' Deficit - USD ($) | Common Stock [Member] | Preferred Dividend [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 5,882 | $ 950,661 | $ 12,081,401 | $ (13,371,669) | $ (333,725) |
Beginning balance, shares at Dec. 31, 2019 | 5,881,898 | ||||
Stock compensation | 54,930 | 54,930 | |||
Preferred stock dividends | 71,391 | (71,391) | |||
Net loss | (241,816) | (241,816) | |||
Ending balance, value at Mar. 31, 2020 | $ 5,882 | 1,022,052 | 12,064,940 | (13,613,485) | (520,611) |
Ending balance, shares at Mar. 31, 2020 | 5,881,898 | ||||
Stock compensation | 54,929 | 54,929 | |||
Preferred stock dividends | 71,392 | (71,392) | |||
Net loss | (294,798) | (294,798) | |||
Ending balance, value at Jun. 30, 2020 | $ 5,882 | 1,093,444 | 12,048,477 | (13,908,283) | (760,480) |
Ending balance, shares at Jun. 30, 2020 | 5,881,898 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 5,882 | 1,236,228 | 12,015,552 | (15,083,552) | (1,825,890) |
Beginning balance, shares at Dec. 31, 2020 | 5,881,898 | ||||
Stock compensation | 54,930 | 54,930 | |||
Preferred stock dividends | 71,392 | (71,392) | |||
Net loss | (513,742) | (513,742) | |||
Ending balance, value at Mar. 31, 2021 | $ 5,882 | 1,307,620 | 11,999,090 | (15,597,294) | (2,284,702) |
Ending balance, shares at Mar. 31, 2021 | 5,881,898 | ||||
Stock compensation | 54,929 | 54,929 | |||
Preferred stock dividends | 71,392 | (71,392) | |||
Net loss | (553,701) | (553,701) | |||
Ending balance, value at Jun. 30, 2021 | $ 5,882 | $ 1,379,012 | $ 11,982,627 | $ (16,150,995) | $ (2,783,474) |
Ending balance, shares at Jun. 30, 2021 | 5,881,898 |
Condensed and Consolidated St_3
Condensed and Consolidated Statements of Cash Flows (unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (1,067,443) | $ (536,614) |
Adjustments to reconcile net loss to net ash flows from operating activities | ||
Depreciation and amortization | 519,408 | 20,361 |
Stock-based compensation | 109,859 | 109,859 |
Unrealized gain on investments | (3,799) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 6,845 | |
Prepaid expenses | 20,464 | 5,921 |
Accounts payable and accrued expenses | 126,069 | 130,169 |
Cash flows from operating activities | (291,643) | (267,258) |
Cash flows from investing activities: | ||
Cash flows from investing activities | ||
Cash flows from financing activities: | ||
Proceeds from issuance of notes payable | 76,395 | 224,268 |
Cash flows from financing activities | 76,395 | 224,268 |
Net change in cash | (215,248) | (42,990) |
Cash, beginning of period | 215,836 | 45,441 |
Cash, end of period | 588 | 2,451 |
Supplemental cash flow information | ||
Preferred stock dividend accrual | $ 142,784 | $ 142,783 |
Business Activity
Business Activity | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Business Activity | Note 1: Business Activity Evolutionary Genomics, Inc. (the “Company,” “We,” or “Our”) has developed a technology platform, the Adapted Traits Platform (“ATP”), to identify commercially valuable genes that control important traits in animals and plants. We are using the ATP to identify genes to improve crop plant traits such as yield, sugar content, biomass, drought tolerance, and pest/disease resistance. Our platform identifies key genes that have changed successfully to impart new or improved traits. In the past, the Company performed research on behalf of governmental organizations, non-profit foundations and commercial entities and received revenue from grants and commercial research contracts. We have not received any revenue from these grant arrangements since early 2020. The Company now focuses on research projects that may lead to long-term licensing arrangements with agricultural seed companies and crop producers as with our soybean and banana projects. These projects take several years to develop, and successful commercialization may take many years to produce license royalty payments. Our banana project, in cooperation with Dole Food Company is an example that has resulted in notes payable funding for the development phase of our banana genes and may result in a long-term royalty bearing license once the development phase is complete. During 2014, the Company purchased 75.16 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Note 2: Summary of Significant Accounting Policies Basis of presentation The condensed consolidated balance sheet as of June 30, 2020, has been derived from the Company’s audited consolidated financial statements. The unaudited interim financial statements should be read in conjunction with the Company’s 2020 Form 10-K, which contains the Company’s audited financial statements and notes thereto, together with the Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended fiscal June 30, 2020. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnote disclosures necessary for a comprehensive presentation of financial position, results of operations, and cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the three and six months ended June 30, 2021 are not necessarily indicative of the financial condition and results of operations that may be expected for any future interim period or for the fiscal year ending June 30, 2021. Principals of Consolidation Use of Estimates These consolidated financial statements have been prepared on the basis of going concern. Management’s plans to address the Company’s liquidity are discussed further in Note 13. Cash Property and Equipment 3 7 Long-Lived Assets No Intangible Assets 20 Revenue Recognition Income Taxes Under the Income Tax topic of the ASC, in order to recognize an uncertain tax benefit, the taxpayer must be more likely than not of sustaining the position, and the measurement of the benefit is calculated as the largest amount that is more than 50% likely to be realized upon resolution of the benefit. The Company has no accruals for uncertain tax benefits. Stock-Based Compensation The Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services received follows the provisions of ASC Topic 718. Accordingly, the measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. Research and Development Net Loss Per Common Share 679,923 1,081,667 679,923 1,081,667 110,856 |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | Note 3: New Accounting Standards Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments,” which requires entities to estimate all expected credit losses for certain types of financial instruments, including trade receivables, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The updated guidance also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models and methods for estimating expected credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within that reporting period and is not expected to have an impact on the Company’s consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4: Fair Value Measurements The Company complies with the provisions of ASC 820, in measuring fair value and in disclosing fair value measurements at the measurement date. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements required under other accounting pronouncements. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements also reflect the assumptions market participants would use in pricing an asset or liability based on the best information available. Assumptions include the risks inherent in a particular valuation technique (such as a pricing model) and/or the risks inherent in the inputs to the model. ASC 820 provides three levels of the fair value hierarchy as described below: Level 1 Inputs – Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Inputs – Observable market-based inputs, other than quoted prices in active markets for identical assets or liabilities. Level 3 Inputs – Unobservable inputs that are supported by little or no market activity. When determining the fair value measurements for assets or liabilities required or permitted to be recorded at and/or marked to fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. When possible, the Company looks to active and observable markets to price identical assets. When identical assets are not traded in active markets, the Company looks to market observable data for similar assets. The carrying value of financial instruments, including cash, receivables, accounts payable, accrued expenses, and notes payable approximates their fair value at June 30, 2021 and December 31, 2020, due to the relatively short-term nature of these instruments. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 5: Property and Equipment Property and equipment is comprised of the following: Schedule of Property and Equipment June 30, December 31, 2021 2020 Equipment $ 432,499 $ 432,499 Software 63,179 63,179 Furniture and fixtures 7,987 7,987 503,665 503,665 Accumulated depreciation (468,935 ) (452,902 ) Property and equipment, net $ 34,730 $ 50,763 16,033 19,060 Depreciation expense for the three months ended June 30, 2021 and 2020 was $ 8,017 9,531 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 6: Intangible Assets Intangible assets are comprised of the following: Schedule of Intangible Assets June 30, December 31, 2021 2020 Acquired research in progress - definite lived $ 4,016,596 $ 4,016,596 Patents 52,045 52,045 Accumulated amortization (907,673 ) (404,298 ) Intangible assets, net $ 3,160,968 $ 3,664,343 The Company expects to recognize amortization expense related to its acquired research in progress and patents according to the following: Schedule of Intangible Assets Amortization Year Ending Amortization December 31, 2021 $ 503,376 December 31, 2022 1,006,751 December 31, 2023 1,006,751 December 31, 2024 638,105 December 31, 2025 2,602 Thereafter 3,383 Total $ 3,160,968 503,375 1,301 251,688 650 In its merger completed on October 19, 2015, the Company acquired research in progress. The value of the acquired research in progress was based upon several factors including, evaluation of other intangible assets, the purchase price, estimated future cash flows, and the amounts expended on the research to date. The research in progress was the identification and validation of genes to provide pest and disease resistance to plants performed by EG I. With the banana development project contract in place and the expected marketing of our soybean genes in fall-2021, the Company placed this asset in service on August 19, 2020. Additional costs to complete the soybean research are expected to be approximately $ 33,000 |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 7: Notes Payable Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”): 76,395 1,792 SBA Economic Injury Disaster Loan: 3,000 150,000 7,000 50,000 3.75 1,022 5,542 Dole Food Company: On August 19, 2020, the Company entered into a Development and Commercialization Agreement (“DCA”) with Dole Food Company (“Dole”) for the development of our banana genes. The DCA provides for payments from Dole to the Company of $ 800,000 800,000 250,000 250,000 2,200,000 2,159,719 750,000 The DCA also specifies that the Company will execute notes payable to Dole for the funding that Dole is providing up to $ 5,050,000 |
Stockholders_ Equity and Warran
Stockholders’ Equity and Warrants | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity and Warrants | Note 8: Stockholders’ Equity and Warrants The Amended and Restated Certificate of Incorporation of the Company dated October 19, 2015 authorized the issuance of 800,000,000 780,000,000 0.001 20,000,000 0.001 600,000 200,000 Liquidation 5.25 Conversion Optional Redemption; Sinking Fund Account: Dividends 8 1,379,012 Voting |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 9: Stock-Based Compensation 1,400,000 10 109,859 54,929 no Management has valued the options at their date of grant utilizing the Black-Scholes option pricing model. As of the issuance of the outstanding options, there was not a public market for the Company’s shares. Accordingly, the Company utilized the value obtained in equity transactions with unrelated parties to estimate the fair value of the Company’s Common Stock on the date of grant. Volatility of the underlying common shares was determined based on the historical volatility for similar companies that are actively traded in the public markets for a term consistent with the expected life of the options. The risk-free interest rate used in the calculations is based on the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options on the date of the grant. Due to the lack of sufficient historical activity, the expected life of the options was estimated using the formula set forth in Securities and Exchange Commission SAB 107. The following table summarizes the status of the Company’s aggregate stock options granted: Schedule of Stock Option Activity Number of Weighted Weighted Total Balance, January 1, 2020 1,081,667 $ 1.74 7.67 Granted — — — Exercised — — — Cancelled — — — Balance, December 31, 2020 1,081,667 $ 1.74 6.67 Balance, January 1, 2021 1,081,667 $ 1.74 6.67 Granted — — — Exercised — — — Cancelled — — — Balance, June 30, 2021 1,081,667 $ 1.74 6.17 $ — Exercisable at June 30, 2021 688,332 $ 1.85 4.94 $ 130,667 During each of the six months ended June 30, 2021 and 2020, options for 0 295,591 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10: Commitments and Contingencies Officer Indemnification Lease Commitments 2,378 14,267 Royalty 262,400 393,600 Other Commitments: 2,159,719 2 |
Related Parties and Transaction
Related Parties and Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties and Transactions | Note 11: Related Parties and Transactions Steve B. Warnecke: 1,902,088 29.45 |
Concentrations
Concentrations | 6 Months Ended |
Jun. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Note 12: Concentrations Considerations of Credit Risk |
Liquidity
Liquidity | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Note 13: Liquidity 588 7,000 50,000 800,000 3.75 1,022 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation The condensed consolidated balance sheet as of June 30, 2020, has been derived from the Company’s audited consolidated financial statements. The unaudited interim financial statements should be read in conjunction with the Company’s 2020 Form 10-K, which contains the Company’s audited financial statements and notes thereto, together with the Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended fiscal June 30, 2020. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnote disclosures necessary for a comprehensive presentation of financial position, results of operations, and cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the three and six months ended June 30, 2021 are not necessarily indicative of the financial condition and results of operations that may be expected for any future interim period or for the fiscal year ending June 30, 2021. |
Principals of Consolidation | Principals of Consolidation |
Use of Estimates | Use of Estimates These consolidated financial statements have been prepared on the basis of going concern. Management’s plans to address the Company’s liquidity are discussed further in Note 13. |
Cash | Cash |
Property and Equipment | Property and Equipment 3 7 |
Long-Lived Assets | Long-Lived Assets No |
Intangible Assets | Intangible Assets 20 |
Revenue Recognition | Revenue Recognition |
Income Taxes | Income Taxes Under the Income Tax topic of the ASC, in order to recognize an uncertain tax benefit, the taxpayer must be more likely than not of sustaining the position, and the measurement of the benefit is calculated as the largest amount that is more than 50% likely to be realized upon resolution of the benefit. The Company has no accruals for uncertain tax benefits. |
Stock-Based Compensation | Stock-Based Compensation The Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services received follows the provisions of ASC Topic 718. Accordingly, the measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. |
Research and Development | Research and Development |
Net Loss Per Common Share | Net Loss Per Common Share 679,923 1,081,667 679,923 1,081,667 110,856 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Schedule of Property and Equipment June 30, December 31, 2021 2020 Equipment $ 432,499 $ 432,499 Software 63,179 63,179 Furniture and fixtures 7,987 7,987 503,665 503,665 Accumulated depreciation (468,935 ) (452,902 ) Property and equipment, net $ 34,730 $ 50,763 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Schedule of Intangible Assets June 30, December 31, 2021 2020 Acquired research in progress - definite lived $ 4,016,596 $ 4,016,596 Patents 52,045 52,045 Accumulated amortization (907,673 ) (404,298 ) Intangible assets, net $ 3,160,968 $ 3,664,343 |
Schedule of Intangible Assets Amortization | Schedule of Intangible Assets Amortization Year Ending Amortization December 31, 2021 $ 503,376 December 31, 2022 1,006,751 December 31, 2023 1,006,751 December 31, 2024 638,105 December 31, 2025 2,602 Thereafter 3,383 Total $ 3,160,968 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | Schedule of Stock Option Activity Number of Weighted Weighted Total Balance, January 1, 2020 1,081,667 $ 1.74 7.67 Granted — — — Exercised — — — Cancelled — — — Balance, December 31, 2020 1,081,667 $ 1.74 6.67 Balance, January 1, 2021 1,081,667 $ 1.74 6.67 Granted — — — Exercised — — — Cancelled — — — Balance, June 30, 2021 1,081,667 $ 1.74 6.17 $ — Exercisable at June 30, 2021 688,332 $ 1.85 4.94 $ 130,667 |
Business Activity (Details Narr
Business Activity (Details Narrative) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Percentage of outstanding stock purchased during reverse merger with Fona, Inc. | 75.16% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||||
Asset impairment charges | $ 0 | |||
Convertible Debt Securities [Member] | ||||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||||
Antidilutive shares excluded from earnings per share calculation | 679,923 | 679,923 | 679,923 | 679,923 |
Share-based Payment Arrangement, Option [Member] | ||||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||||
Antidilutive shares excluded from earnings per share calculation | 1,081,667 | 1,081,667 | 1,081,667 | 1,081,667 |
Common Stock And Warrants [Member] | ||||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||||
Antidilutive shares excluded from earnings per share calculation | 110,856 | |||
Patents [Member] | ||||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||||
Intangible assets useful lives | 20 years | |||
Minimum [Member] | ||||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||||
Estimated useful lives of property and equipment | 3 years | |||
Maximum [Member] | ||||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||||
Estimated useful lives of property and equipment | 7 years |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 503,665 | $ 503,665 |
Accumulated depreciation | (468,935) | (452,902) |
Property and equipment, net | 34,730 | 50,763 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 432,499 | 432,499 |
Software and Software Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 63,179 | 63,179 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 7,987 | $ 7,987 |
Property and Equipment (Detai_2
Property and Equipment (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 8,017 | $ 9,531 | $ 16,033 | $ 19,060 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, accumulated amortization | $ (907,673) | $ (404,298) |
Intangible assets, net | 3,160,968 | 3,664,343 |
In Process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 4,016,596 | 4,016,596 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 52,045 | $ 52,045 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
December 31, 2021 | $ 503,376 | |
December 31, 2022 | 1,006,751 | |
December 31, 2023 | 1,006,751 | |
December 31, 2024 | 638,105 | |
December 31, 2025 | 2,602 | |
Thereafter | 3,383 | |
Total | $ 3,160,968 | $ 3,664,343 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Additional expected costs to complete research | $ 33,000 | $ 33,000 | ||
Patents [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 251,688 | $ 650 | $ 503,375 | $ 1,301 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | Jun. 05, 2020 | Feb. 22, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 18, 2020 | Aug. 19, 2020 |
Short-term Debt [Line Items] | ||||||
Proceeds | $ 76,395 | $ 224,268 | ||||
S B A Paycheck Protection Program [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Proceeds | $ 76,395 | |||||
Monthly payment | $ 1,792 | |||||
Economic Injury Disaster Loan [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Proceeds | $ 3,000 | 7,000 | ||||
Evolutionary Genomics Inc [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Proceeds | 150,000 | 50,000 | ||||
Monthly payment | $ 1,022 | |||||
Interest rate | 3.75% | |||||
Accrued interest | 5,542 | |||||
D C A Dole [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Monthly payment | $ 1,022 | |||||
Interest rate | 3.75% | |||||
Payment upon execution | $ 800,000 | |||||
Payment twelve month anniversary | $ 800,000 | 800,000 | ||||
Payment thirty six month anniversary | 250,000 | |||||
Payment forty eight month anniversary | 250,000 | |||||
Reimbursement of costs | 2,200,000 | |||||
Expected field trial costs | 750,000 | |||||
Notes payable for Dole funding | $ 5,050,000 | |||||
Research Agreement University Of Wisconsin Madison [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Expected payments University of Wisconsin-Madison | $ 2,159,719 |
Stockholders_ Equity and Warr_2
Stockholders’ Equity and Warrants (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Oct. 19, 2015 | |
Class of Stock [Line Items] | |||
Capital stock, authorized shares | 800,000,000 | ||
Common stock, authorized shares | 780,000,000 | ||
Common stock, par value | $ 0.001 | ||
Preferred stock, authorized shares | 20,000,000 | 20,000,000 | |
Preferred stock, par value | $ 0.001 | ||
Dividends accrued | $ 1,379,012 | ||
Convertible Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, authorized shares | 600,000 | ||
Preferred stock, par value | $ 0.001 | ||
Dividend rate | 8.00% | ||
Convertible Preferred Stock Series A 2 [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, authorized shares | 200,000 | ||
Dividend rate | 8.00% | ||
Series A 2 Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, authorized shares | 200,000 | ||
Preferred stock, par value | $ 0.001 | ||
Stated per share value of preferred stock | $ 5.25 | $ 5.25 | |
Series A Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, authorized shares | 600,000 | ||
Preferred stock, par value | $ 0.001 | ||
Stated per share value of preferred stock | $ 5.25 | $ 5.25 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Balance, beginning | 1,081,667 | 1,081,667 | |
Balance, beginning | $ 1.74 | $ 1.74 | |
Outstanding ending, contractual term | 6 years 2 months 1 day | 6 years 8 months 1 day | 7 years 8 months 1 day |
Granted | |||
Granted | |||
Exercised | |||
Exercised | |||
Cancelled | |||
Cancelled | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 1,081,667 | 1,081,667 | 1,081,667 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 1.74 | $ 1.74 | $ 1.74 |
Outstanding ending, contractual term | 6 years 8 months 1 day | ||
Exercisable | 688,332 | ||
Exercisable | $ 1.85 | ||
Exercisable, contractual term | 4 years 11 months 8 days | ||
Exercisable, intrinsic value | $ 130,667 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||||
Number of shares reserved for issuance under 2015 Stock Incentive Plan | 1,400,000 | 1,400,000 | ||
Expiration period for stock options | 10 years | |||
Compensation costs for stock options | $ 54,929 | $ 54,929 | $ 109,859 | $ 109,859 |
Stock options granted during period | 0 | |||
Number of shares vested during the period | 0 | 0 | ||
Unrecognized compensation cost related to share-based compensation arrangements | $ 295,591 | $ 295,591 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |
Sep. 18, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Monthly rent payment | $ 2,378 | ||
Rent expense | 14,267 | $ 14,267 | |
Total amount of grant revenue recognized to date | 262,400 | ||
Total possible future royalties owed | $ 393,600 | ||
Standard Research Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Payments for royalties | $ 2,159,719 | ||
Term | 2 years |
Related Parties and Transacti_2
Related Parties and Transactions (Details Narrative) - Chief Executive Officer [Member] | Jun. 30, 2021shares |
Related Party Transaction [Line Items] | |
Number of common stock shares outstanding owned by related party | 1,902,088 |
Percentage of common stock shares outstanding owned by related party | 29.45% |
Liquidity (Details Narrative)
Liquidity (Details Narrative) - USD ($) | Jun. 05, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Aug. 19, 2020 | Dec. 31, 2019 |
Schedule of Capitalization, Long-term Debt [Line Items] | ||||||
Cash | $ 588 | $ 2,451 | $ 215,836 | $ 45,441 | ||
Proceeds | 76,395 | $ 224,268 | ||||
Economic Injury Disaster Loan [Member] | ||||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||||
Proceeds | $ 3,000 | 7,000 | ||||
Evolutionary Genomics Inc [Member] | ||||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||||
Proceeds | $ 150,000 | 50,000 | ||||
Interest rate | 3.75% | |||||
Monthly payment | $ 1,022 | |||||
D C A Dole [Member] | ||||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||||
Payment twelve month anniversary | $ 800,000 | $ 800,000 | ||||
Interest rate | 3.75% | |||||
Monthly payment | $ 1,022 |