Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 04, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | VOLITIONRX LTD | |
Entity Central Index Key | 93,314 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 18,472,215 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash | $ 6,851,526 | $ 2,138,964 |
Prepaid expenses | 259,459 | 144,095 |
Other current assets | 151,650 | 52,659 |
Total Current Assets | 7,262,635 | 2,335,718 |
Property and equipment, net | 853,590 | 288,585 |
Intangible assets, net | 744,930 | 808,726 |
Total Assets | 8,861,155 | 3,433,029 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 694,524 | 797,909 |
Management and directors' fees payable | $ 94,402 | 146,016 |
Derivative Liability | $ 1,577,640 | |
Current portion of capital lease liability | $ 83,326 | |
Deferred grant income | 177,480 | $ 191,512 |
Current portion of grant repayable | 35,978 | |
Total Current Liabilities | 1,085,710 | $ 2,713,077 |
Capital lease liability, net of current portion | 330,290 | |
Deferred grant income, net of current portion | 48,658 | |
Grant repayable, net of current portion | 255,673 | $ 351,773 |
Total Liabilities | $ 1,720,331 | $ 3,064,850 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock Authorized: 1,000,000 shares of preferred stock, at $0.001 par value Issued and outstanding: Nil shares and Nil shares, respectively | ||
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 18,072,215 shares and 14,691,332 shares, respectively | $ 18,072 | $ 14,691 |
Additional paid-in capital | 33,540,971 | 19,966,771 |
Accumulated other comprehensive loss | (65,249) | (103,832) |
Accumulated Deficit | (26,352,970) | (19,509,451) |
Total Stockholders' Equity | 7,140,824 | 368,179 |
Total Liabilities and Stockholders' Equity | $ 8,861,155 | $ 3,433,029 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Peferred Stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 18,072,215 | 14,691,332 |
Common Stock, shares outstanding | 18,072,215 | 14,691,332 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Consolidated Statements Of Operations And Comprehensive Loss | ||||
Revenue | $ 14,785 | $ 14,785 | ||
Expenses | ||||
General and administrative | $ 141,354 | 129,318 | $ 511,558 | 249,986 |
Professional fees | 352,599 | 119,510 | 1,141,129 | 412,532 |
Salaries and office administrative fees | 611,162 | 457,355 | 1,252,105 | 670,518 |
Research and development | 1,862,115 | 1,071,984 | 4,429,887 | 2,733,742 |
Total Operating Expenses | 2,967,230 | 1,778,167 | 7,334,679 | 4,066,778 |
Net Operating Loss | $ (2,967,230) | $ (1,763,382) | (7,334,679) | (4,051,993) |
Other Income / ( Expenses) | ||||
Grants received | 146,812 | 143,987 | ||
Gain / (loss) on derivative re-measurement | $ (4,130,562) | 339,744 | (3,363,561) | |
Total Other Income / (Net Other Expenses) | $ (4,130,562) | 486,556 | $ (3,219,574) | |
Provision for income taxes | $ 4,604 | 4,604 | ||
Net Loss | (2,962,626) | $ (5,893,944) | (6,843,519) | $ (7,271,567) |
Other Comprehensive Income/ (Loss) | ||||
Foreign currency translation adjustments | 14,463 | (19,893) | 38,583 | (33,731) |
Total Other Comprehensive Income/ (Loss) | 14,463 | (19,893) | 38,583 | (33,731) |
Net Comprehensive Loss | $ (2,948,163) | $ (5,913,837) | $ (6,804,936) | $ (7,305,298) |
Net Loss per Share - Basic | $ (0.16) | $ (0.44) | $ (0.39) | $ (0.56) |
Net Loss per Share - Diluted | $ (0.16) | $ (0.44) | $ (0.39) | $ (0.56) |
Weighted Average Shares Outstanding - Basic | 18,042,087 | 13,524,998 | 17,504,026 | 13,057,866 |
Weighted Average Shares Outstanding - Diluted | 18,042,087 | 13,524,998 | 17,504,026 | 13,057,866 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities | ||
Net loss | $ (6,843,519) | $ (7,271,567) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 164,330 | 99,904 |
Stock based compensation | 980,399 | 311,907 |
Common stock and warrants issued for services | 23,364 | 403,483 |
Non-operating income - grants received | (146,812) | (143,987) |
(Gain) / Loss on derivative re-measurement | (339,744) | 3,363,561 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (121,004) | (61,483) |
Other current assets | (96,421) | (88,422) |
Accounts payable and accrued liabilities | (304,369) | 238,446 |
Net Cash Used In Operating Activities | (6,683,776) | $ (3,148,158) |
Investing Activities | ||
Purchases of patents | (55,000) | |
Purchases of property and equipment | (270,939) | $ (297,607) |
Net Cash Used in Investing Activities | (325,939) | (297,607) |
Financing Activities | ||
Net proceeds from issuance of common shares | 11,335,921 | 4,893,529 |
Grants received | 146,812 | 143,987 |
Grants repaid | (33,174) | $ (33,166) |
Deferred grant income | 48,191 | |
Capital lease funding | 203,051 | |
Net Cash Provided By Financing Activities | 11,700,801 | $ 5,004,350 |
Effect of foreign exchange on cash | 21,476 | (27,622) |
Increase in Cash | 4,712,562 | 1,530,963 |
Cash - Beginning of Period | 2,138,964 | 888,704 |
Cash - End of Period | 6,851,526 | 2,419,667 |
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | $ 4,863 | $ 10,274 |
Income tax paid | ||
Non Cash Financing Activities: | ||
Reduction in Derivative Liability | $ 1,237,896 | |
Capital lease obligation for equipment purchases | $ 413,616 |
Condensed Financial Statements
Condensed Financial Statements | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 1 - Condensed Financial Statements | The accompanying unaudited financial statements have been prepared by VolitionRx Limited (the "Company") without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2015, and for all periods presented herein, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed unaudited financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2014 audited financial statements. The results of operations for the periods ended September 30, 2015 and 2014 are not necessarily indicative of the operating results for the full years. |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 2 - Going Concern | The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred losses since inception of $26,352,970 and currently has no revenues, which creates substantial doubt about its ability to continue as a going concern. The future of the Company as an operating business will depend on its ability to obtain sufficient capital contributions and/or financing as may be required to sustain its operations. Management's plan to address this need includes, (a) continued exercise of tight cost controls to conserve cash, (b) receiving additional grant funds, and (c) obtaining additional financing through debt or equity financing. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 3 - Summary of Significant Accounting Policies | Use of Estimates The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates 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 also regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Principles of Consolidation The accompanying condensed consolidated financial statements for the period ended September 30, 2015 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte. Ltd, Belgian Volition S.A., and Hypergenomics Pte. Ltd. All significant intercompany balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As at September 30, 2015 and December 31, 2014, the Company had $6,851,526 and $2,138,964 respectively in cash and cash equivalents. At September 30, 2015 and December 31, 2014 the Company had approximately $nil and $nil in its domestic accounts in excess of Federal Deposit Insurance Corporation insured limits, respectively. At September 30, 2015 and December 31, 2014 the Company had approximately $398,855 and $233,727 in its foreign accounts in excess of the Belgian Deposit Guarantee insured limits, respectively. At September 30, 2015 and December 31, 2014 the Company had approximately $6,181,206 and $1,879,840 in its foreign accounts in excess of the Singapore Deposit Insurance Scheme, respectively. Basic and Diluted Net Loss Per Share The Company computes net loss per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. As at September 30, 2015, 1,996,681 dilutive warrants and 601,685 potentially dilutive options were excluded from the Diluted EPS calculation as their effect is anti-dilutive. Foreign Currency Translation The Company's functional currency is the Euro and its reporting currency is the United States dollar. Management has adopted ASC 830-20, "Foreign Currency Matters Foreign Currency Transactions". All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in other comprehensive loss. Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's consolidated financial statements. Property and Equipment Property and equipment is stated at cost and is amortized on a straight-line basis, at the following rates: Computer Hardware 3 years Laboratory Equipment 5 years Equipment held under Capital Lease 5 years Office Furniture and Equipment 5 years |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 4 - Property and Equipment | The Company's property and equipment consist of the following amounts as of September 30, 2015 and December 31, 2014: September 30, 2015 Accumulated Net Carrying Cost Depreciation Value $ $ $ Computer hardware 68,185 44,206 23,979 Laboratory equipment 329,073 95,656 233,417 Equipment held under capital lease 618,875 41,258 577,617 Office furniture and equipment 35,210 16,633 18,577 1,051,343 197,753 853,590 December 31, 2014 Accumulated Net Carrying Cost Depreciation Value $ $ $ Computer hardware 48,331 39,293 9,038 Laboratory equipment 313,285 53,080 260,205 Equipment held under capital lease - - - Office furniture and equipment 31,745 12,403 19,342 393,361 104,776 288,585 On April 8, 2015 the Company entered into a five year capital lease to purchase three Tecan machines (automated liquid handling robots) for a total sum of $618,875 (550,454). During the nine month period ended September 30, 2015 and the year ended December 31, 2014, the Company recognized $99,851 and $47,095 in depreciation expense respectively. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 5 - Intangible Assets | The Company's intangible assets consist of intellectual property, principally patents, mainly acquired in the acquisition of ValiBio SA. The patents are being amortized over their remaining lives, which range from 8 to 16 years. September 30, 2015 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,148,791 403,861 744,930 1,148,791 403,861 744,930 December 31, 2014 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,173,593 364,867 808,726 1,173,593 364,867 808,726 On February 20, 2015, the Company purchased the Nucleosomics® WO2005019826: Detection of Histone Modifications in Cell-Free Nucleosomes patent (i.e. the patent that underlies the NuQ®-M tests) from Chroma Therapeutics Limited for the sum of $55,000. Prior to this date, the Company had held the exclusive licence for the patent. During the nine month period ended September 30, 2015, and the year ended December 31, 2014, the Company recognized $64,479 and $95,037 in amortization expense, respectively. The Company amortizes the long-lived assets on a straight line basis with terms ranging from 8 to 20 years. The annual estimated amortization schedule over the next five years is as follows: 2015 - remaining $ 21,912 2016 $ 87,647 2017 $ 87,647 2018 $ 87,647 2019 $ 87,647 The Company periodically reviews its long lived assets to ensure that their carrying value does not exceed their fair market value. The Company carried out such a review in accordance with ASC 360 as of December 31, 2014. The result of this review confirmed that the fair value of the patents exceeded their carrying value as of December 31, 2014. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 6 - Related Party Transactions | The Company has had agreements with a related party to rent office space, be provided with office support staff, and have consultancy services provided on behalf of the Company. See Note 11 for obligations under the agreements. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 7 - Common Stock | On February 6, 2015, the Company issued 2,475,000 shares of common stock at a price of $3.75 per share, for net cash proceeds of approximately $8.5 million. On February 13, 2015, the Company issued 343,383 shares of common stock at a price of $3.75 per share, for net cash proceeds of approximately $1.2 million. On February 23, 2015, 25,000 warrants were exercised at a price of $2.20 per share, giving cash proceeds to the Company of $55,000. As a result, a total of 25,000 shares of common stock were issued. On March 6, 2015, 400,000 shares of common stock were issued at a price of $3.75 per share, for net cash proceeds to the Company of $1.5 million. On June 11, 2015, 100,000 warrants were exercised at a price of $0.50 per share, giving cash proceeds to the Company of $50,000. As a result, a total of 100,000 shares of common stock were issued. On July 20, 2015, 25,000 warrants were exercised at a price of $2.20 per share, giving cash proceeds to the Company of $55,000. As a result, a total of 25,000 shares of common stock were issued. On September 16, 2015, 12,500 warrants were exercised at a price of $2.20 per share, giving cash proceeds to the Company of $27,500. As a result, a total of 12,500 shares of common stock were issued. |
Warrants And Options
Warrants And Options | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 8 - Warrants And Options | a) Warrants On February 23, 2015, 25,000 warrants were exercised at a price of $2.20 per share, giving cash proceeds to the Company of $55,000. As a result, a total of 25,000 shares of common stock were issued. On May 10, 2015, 26,685 warrants with an exercise price of $1.75 per share terminated by their terms. On June 11, 2015, 100,000 warrants were exercised at a price of $0.50 per share, giving cash proceeds to the Company of $50,000. As a result, a total of 100,000 shares of common stock were issued. On July 20, 2015, 25,000 warrants were exercised at a price of $2.20 per share, giving cash proceeds to the Company of $55,000. As a result, a total of 25,000 shares of common stock were issued. On September 16, 2015, 12,500 warrants were exercised at a price of $2.20 per share, giving cash proceeds to the Company of $27,500. As a result, a total of 12,500 shares of common stock were issued. Below is a table summarizing the warrants issued and outstanding as of September 30, 2015, which have a weighted average exercise price of $2.01 per share and a weighted average remaining contractual life of 4.7 years. Date Number Exercise Contractual Expiration Proceeds to Company if Issued Outstanding Price $ Life (Years) Date Exercised $ 03/15/11 100,000 0.50 5 3/15/2016 50,000 03/24/11 100,000 0.50 5 3/24/2016 50,000 04/01/11 100,000 0.50 5 4/1/2016 50,000 06/21/11 100,000 0.50 5 6/21/2016 50,000 07/13/11 250,000 1.05 5 07/13/16 262,500 05/11/12 344,059 2.60 4 05/10/16 894,553 03/20/13 150,000 2.47 3 03/20/16 370,500 to 12/20/19 06/10/13 29,750 2.00 5 12/10/18 59,500 08/07/13 45,000 2.40 3 08/07/16 108,000 11/25/13 456,063 2.40 5 11/25/18 1,094,551 12/31/13 64,392 2.40 5 11/25/18 154,541 01/28/14 10,000 2.40 3 01/28/17 24,000 02/26/14 1,468,475 2.20 5 02/26/19 3,230,645 09/05/14 10,000 2.40 3 09/05/17 24,000 09/26/14 24,000 3.00 3 09/26/17 72,000 11/17/14 19,000 3.75 3 11/17/17 71,250 3,270,739 6,566,040 b) Options On May 18, 2015, the Company granted options to purchase 20,000 shares. These options vest six months after the date of grant, and expire four years after the vesting date, with an exercise price of $3.80 per share. The Company has calculated the estimated fair market value of these options using the Black-Scholes Option Pricing model and the following assumptions: term 4.5 years, stock price $3.45, exercise price $3.80, 72.1% volatility, 1.54% risk free rate. On May 18, 2015, the Company amended the expiry period of 630,000 stock options, originally granted on November 25, 2011. The expiration period was extended from three to four years for all 630,000 stock options. On July 23, 2015, the Company granted options to purchase 327,000 shares, at an exercise price of $4.00 per share. All of the 327,000 options will vest on January 23, 2016 and will expire on January 23, 2020. The Company has calculated the estimated fair market value of these options using the Black-Scholes Option Pricing model and the following assumptions: term 4.5 years, stock price $3.55, exercise price $4.00, 88.3% volatility, 1.65% risk free rate. On August 14, 2015, the Company amended the vesting date of 10,000 stock options, originally granted on August 18, 2014, from August 18, 2015 to August 16, 2015. On August 17, 2015, the Company granted options to purchase 75,000 shares, at an exercise price of $3.75 per share. All of the 75,000 options vested on August 17, 2015 and will expire on August 17, 2020. The Company has calculated the estimated fair market value of these options using the Black-Scholes Option Pricing model and the following assumptions: term 5.0 years, stock price $3.31, exercise price $3.75, 87.9% volatility, 1.58% risk free rate. During the nine month period ended September 30, 2015, 40,000 options expired unexercised following the cessation of a consultants contract. Below is a table summarizing the options issued and outstanding as of September 30, 2015, which have a weighted average exercise price of $3.50 per share and a weighted average remaining contractual life of 3.9 years. Date Number Exercise Contractual Expiration Proceeds to Company if Issued Outstanding Price $ Life (Years) Date Exercised $ 11/25/11 630,000 3.00-5.00 4.5-7.0 05/25/16-11/25/18 2,520,000 09/01/12 30,000 4.31-6.31 3.0 03/01/16-09/01/18 159,300 12/13/12 100,000 3.01 3.0 12/13/15 301,000 03/20/13 37,000 2.35-4.35 3.0 09/20/16-03/20/19 123,950 09/02/13 16,300 2.35-4.35 3.0 03/02/14-09/02/16 54,605 05/16/14 25,000 3.00-5.00 3.0-5.5 11/16/17-05/16/20 100,000 08/18/14 670,000 2.50-3.00 4.5-5.5 02/18/19-02/18/20 1,842,500 08/18/14 20,000 3.00 0.5-1.4 11/17/15 60,000 05/18/15 20,000 3.80 4.5 11/18/19 76,000 07/23/15 327,000 4.00 4.5 01/23/20 1,308,000 08/17/15 75,000 3.75 5.0 08/17/20 281,250 1,950,300 6,826,605 Total remaining unrecognized compensation cost related to non-vested stock options is approximately $651,235 and is expected to be recognized over a period of two years. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 9 - Fair Value Measurements | On a recurring basis, we measure certain financial assets and liabilities based upon the fair value hierarchy. The following table presents information about the Company's liabilities measured at fair value as of September 30, 2015: Level 1 Level 2 Level 3 Fair Value at September 30, 2015 Liabilities Derivative Liability $ - $ - $ - $ - Level 1 Level 2 Level 3 Fair Value at December 31, 2014 Liabilities Derivative Liability $ - $ 1,577,640 $ - $ 1,577,640 The fair value changes in the fair value of recurring fair value measurements using model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data (Level 2), relate solely to the derivative liability as follows: Balance as of December 31, 2014 $ 1,577,640 Exercise of warrants attached to derivative liability $ (74,347 ) Adjustment due to expiry of derivative liability $ (1,163,549 ) Fair value adjustments $ (339,744 ) Balance as of September 30, 2015 $ - |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 10 - Derivative Financial Instruments | The balance sheet caption derivative liability consisted of derivative features embedded in exercisable warrants which had a ratchet provision within their agreements. The balance at September 30, 2015 and December 31, 2014 was $nil and $1,577,640, respectively. The valuation of the derivative liability is determined using a Black-Scholes Model because that model embodies all of the relevant assumptions that address the features underlying these instruments. Significant assumptions used in the Black-Scholes model at September 30, 2015 and December 31, 2014 include the following: September 30, 2015 December 31, 2014 Risk-free interest rate 0 % Risk-free interest rate 1.65 % Estimated volatility 0 % Estimated volatility 232.6 % Dividend rate None Dividend rate None Estimated term in years 0 Estimated term in years 4 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 11 - Commitments and Contingencies | a) Walloon Region Grant On March 16, 2010, the Company entered into an agreement with the Walloon Region government in Belgium wherein the Walloon Region would fund up to a maximum of $1,178,289 (1,048,020) to help fund the research endeavors of the Company in the area of colorectal cancer. The Company had received the entirety of these funds in respect of approved expenditures as of June 30, 2014. Under the terms of the agreement, the Company is due to repay $353,487 (314,406) of this amount by installments over the period June 30, 2014 to June 30, 2023. The Company has recorded the balance of $824,802 (733,614) to other income in previous years as there is no obligation to repay this amount. In the event that the Company receives revenue from products or services as defined in the agreement, it is due to pay a 6 percent royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of $353,487 (314,406) and the 6 percent royalty on revenue, is twice the amount of funding received. As at September 30, 2015, a total of $291,651 (259,406) was outstanding to be repaid to the Walloon Region under this agreement. b) Administrative Support Agreement On August 6, 2010, (and as amended, effective from October 1, 2011 and March 1, 2015) the Company entered into agreements with a related party to rent office space, contract for office support staff, and have consulting services provided on behalf of the Company. From March 1, 2015, the agreements require the Company to pay $7,950 ($7,720 for January and February 2015) per month for office space and staff services as well as approximately $8,000 ($6,500 for January and February 2015) per month in fees for one senior executive. The rental of the office space and the provision of staff services under the terms of the Agreement were discontinued by mutual agreement on July 31, 2015. From September 1, 2015, the agreement for payment of fees for one senior executive was amended to $21,115 per month. The Company is also required to pay for all reasonable expenses incurred. The contract is in force for 12 months with automatic extensions of 12 months with a 3 month prior notice required for termination of the contract. c) Lease Obligations Payable The Company leases three Tecan machines (automated liquid handling robots) under a lease classified as a capital lease. The total cost of this leased laboratory equipment is $618,875 (550,454). The leased equipment is amortized on a straight line basis over five years. Total accumulated amortization related to the leased equipment is $41,258 (36,697) for the nine months ended September 30, 2015 and $nil (nil) for the nine months ended September 30, 2014. The following is a schedule showing the future minimum lease payments under capital leases by years and the present value of the minimum payments as of September 30, 2015. 2015 $ 23,148 2016 $ 92,588 2017 $ 92,588 2018 $ 92,588 2019 $ 92,588 2020 $ 44,767 Total minimum lease payments $ 438,267 Less: Amount representing interest $ 24,651 Present value of minimum lease payments $ 413,616 The Company also leases premises and facilities under operating leases with terms ranging from 12 months to 36 months. The annual non-cancelable operating lease payments on these leases are as follows: 2015 $ 97,512 2016 $ 92,063 2017 $ 2,595 Thereafter $ nil Total $ 192,170 d) Bonn University Agreement On July 11, 2012, the Company entered into a collaborative research agreement with Bonn University, Germany, relating to a program of samples testing. The agreement was for a period of two years from June 1, 2012 to May 31, 2014. The total payments made by the Company in accordance with the agreement were $438,477 (390,000). On April 16, 2014, the Company entered into an extension of this agreement, for a period of a further two years from June 1, 2014 to May 31, 2016. The total payments to be made by the Company in accordance with the extension of the agreement are $438,477 (390,000). e) Hvidovre Hospital, Denmark Agreement On August 8, 2014, the Company entered into a collaborative research agreement with Hvidovre Hospital, University of Copenhagen in Denmark, relating to a program of samples testing associated with colorectal cancer. The agreement will expire on August 8, 2016. Total payments (inclusive of local taxes) to be made by the Company under the agreement are $1,543,922 (DKR 10,245,000). On April 15, 2015, the Company amended the aforementioned collaborative research agreement with an additional commitment for samples costing $50,000, to be provided over a two year period, expiring on April 15, 2017. f) Legal Proceedings There are no legal proceedings which the Company believes will have a material adverse effect on its financial position. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 12 - Subsequent Events | On October 6, 2015, 100,000 warrants were exercised at a price of $2.20 per share, giving cash proceeds to the Company of $220,000. As a result, a total of 100,000 shares of common stock were issued. On October 28, 2015, 300,000 warrants were exercised at a price of $2.20 per share, giving cash proceeds to the Company of $660,000. As a result, a total of 300,000 shares of common stock were issued. On October 30, 2015, the Company adopted and approved the 2015 Equity Incentive Plan for the directors, officers, employees and consultants to the Company. Pursuant to the Plan, the Company is authorized to issue 1,000,000 shares of the Companys common stock. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Summary Of Significant Accounting Policies Policies | |
Use of Estimates | The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates 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 also regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Principles of Consolidation | The accompanying condensed consolidated financial statements for the period ended September 30, 2015 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte. Ltd, Belgian Volition S.A., and Hypergenomics Pte. Ltd. All significant intercompany balances and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents | The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As at September 30, 2015 and December 31, 2014, the Company had $6,851,526 and $2,138,964 respectively in cash and cash equivalents. At September 30, 2015 and December 31, 2014 the Company had approximately $nil and $nil in its domestic accounts in excess of Federal Deposit Insurance Corporation insured limits, respectively. At September 30, 2015 and December 31, 2014 the Company had approximately $398,855 and $233,727 in its foreign accounts in excess of the Belgian Deposit Guarantee insured limits, respectively. At September 30, 2015 and December 31, 2014 the Company had approximately $6,181,206 and $1,879,840 in its foreign accounts in excess of the Singapore Deposit Insurance Scheme, respectively. |
Basic and Diluted Net Loss Per Share | The Company computes net loss per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. As at September 30, 2015, 1,996,681 dilutive warrants and 601,685 potentially dilutive options were excluded from the Diluted EPS calculation as their effect is anti-dilutive. |
Foreign Currency Translation | The Company's functional currency is the Euro and its reporting currency is the United States dollar. Management has adopted ASC 830-20, "Foreign Currency Matters Foreign Currency Transactions". All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in other comprehensive loss. |
Recent Accounting Pronouncements | Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's consolidated financial statements. |
Property and Equipment | Property and equipment is stated at cost and is amortized on a straight-line basis, at the following rates: Computer Hardware 3 years Laboratory Equipment 5 years Equipment held under Capital Lease 5 years Office Furniture and Equipment 5 years |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Summary Of Significant Accounting Policies Tables | |
Property and equipment is stated at cost and is amortized on a straight-line basis | Property and equipment is stated at cost and is amortized on a straight-line basis, at the following rates: Computer Hardware 3 years Laboratory Equipment 5 years Equipment held under Capital Lease 5 years Office Furniture and Equipment 5 years |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property And Equipment Tables | |
Companys property and equipment | The Company's property and equipment consist of the following amounts as of September 30, 2015 and December 31, 2014: September 30, 2015 Accumulated Net Carrying Cost Depreciation Value $ $ $ Computer hardware 68,185 44,206 23,979 Laboratory equipment 329,073 95,656 233,417 Equipment held under capital lease 618,875 41,258 577,617 Office furniture and equipment 35,210 16,633 18,577 1,051,343 197,753 853,590 December 31, 2014 Accumulated Net Carrying Cost Depreciation Value $ $ $ Computer hardware 48,331 39,293 9,038 Laboratory equipment 313,285 53,080 260,205 Equipment held under capital lease - - - Office furniture and equipment 31,745 12,403 19,342 393,361 104,776 288,585 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Intangible Assets Tables | |
Patents amortized over their remaining lives | The Company's intangible assets consist of intellectual property, principally patents, mainly acquired in the acquisition of ValiBio SA. The patents are being amortized over their remaining lives, which range from 8 to 16 years. September 30, 2015 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,148,791 403,861 744,930 1,148,791 403,861 744,930 December 31, 2014 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,173,593 364,867 808,726 1,173,593 364,867 808,726 |
Annual estimated amortization schedule | The Company amortizes the long-lived assets on a straight line basis with terms ranging from 8 to 20 years. The annual estimated amortization schedule over the next five years is as follows: 2015 - remaining $ 21,912 2016 $ 87,647 2017 $ 87,647 2018 $ 87,647 2019 $ 87,647 |
Warrants and Options (Tables)
Warrants and Options (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Warrants And Options Tables | |
Summary of Warrants Issued And Outstanding | Below is a table summarizing the warrants issued and outstanding as of September 30, 2015, which have a weighted average exercise price of $2.01 per share and a weighted average remaining contractual life of 4.7 years. Date Number Exercise Contractual Expiration Proceeds to Company if Issued Outstanding Price $ Life (Years) Date Exercised $ 03/15/11 100,000 0.50 5 3/15/2016 50,000 03/24/11 100,000 0.50 5 3/24/2016 50,000 04/01/11 100,000 0.50 5 4/1/2016 50,000 06/21/11 100,000 0.50 5 6/21/2016 50,000 07/13/11 250,000 1.05 5 07/13/16 262,500 05/11/12 344,059 2.60 4 05/10/16 894,553 03/20/13 150,000 2.47 3 03/20/16 370,500 to 12/20/19 06/10/13 29,750 2.00 5 12/10/18 59,500 08/07/13 45,000 2.40 3 08/07/16 108,000 11/25/13 456,063 2.40 5 11/25/18 1,094,551 12/31/13 64,392 2.40 5 11/25/18 154,541 01/28/14 10,000 2.40 3 01/28/17 24,000 02/26/14 1,468,475 2.20 5 02/26/19 3,230,645 09/05/14 10,000 2.40 3 09/05/17 24,000 09/26/14 24,000 3.00 3 09/26/17 72,000 11/17/14 19,000 3.75 3 11/17/17 71,250 3,270,739 6,566,040 |
Summary of options issued and outstanding | Below is a table summarizing the options issued and outstanding as of September 30, 2015, which have a weighted average exercise price of $3.50 per share and a weighted average remaining contractual life of 3.9 years. Date Number Exercise Contractual Expiration Proceeds to Company if Issued Outstanding Price $ Life (Years) Date Exercised $ 11/25/11 630,000 3.00-5.00 4.5-7.0 05/25/16-11/25/18 2,520,000 09/01/12 30,000 4.31-6.31 3.0 03/01/16-09/01/18 159,300 12/13/12 100,000 3.01 3.0 12/13/15 301,000 03/20/13 37,000 2.35-4.35 3.0 09/20/16-03/20/19 123,950 09/02/13 16,300 2.35-4.35 3.0 03/02/14-09/02/16 54,605 05/16/14 25,000 3.00-5.00 3.0-5.5 11/16/17-05/16/20 100,000 08/18/14 670,000 2.50-3.00 4.5-5.5 02/18/19-02/18/20 1,842,500 08/18/14 20,000 3.00 0.5-1.4 11/17/15 60,000 05/18/15 20,000 3.80 4.5 11/18/19 76,000 07/23/15 327,000 4.00 4.5 01/23/20 1,308,000 08/17/15 75,000 3.75 5.0 08/17/20 281,250 1,950,300 6,826,605 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements Tables | |
Liabilities measured at fair value | The following table presents information about the Company's liabilities measured at fair value as of September 30, 2015: Level 1 Level 2 Level 3 Fair Value at September 30, 2015 Liabilities Derivative Liability $ - $ - $ - $ - Level 1 Level 2 Level 3 Fair Value at December 31, 2014 Liabilities Derivative Liability $ - $ 1,577,640 $ - $ 1,577,640 |
Schedule of Derivative Liabilities at Fair Value | The fair value changes in the fair value of recurring fair value measurements using model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data (Level 2), relate solely to the derivative liability as follows: Balance as of December 31, 2014 $ 1,577,640 Exercise of warrants attached to derivative liability $ (74,347 ) Adjustment due to expiry of derivative liability $ (1,163,549 ) Fair value adjustments $ (339,744 ) Balance as of September 30, 2015 $ - |
Derivative Financial Instrume24
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Financial Instruments Tables | |
Significant assumptions used in the Black-Scholes model | Significant assumptions used in the Black-Scholes model at September 30, 2015 and December 31, 2014 include the following: September 30, 2015 December 31, 2014 Risk-free interest rate 0 % Risk-free interest rate 1.65 % Estimated volatility 0 % Estimated volatility 232.6 % Dividend rate None Dividend rate None Estimated term in years 0 Estimated term in years 4 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies | |
Schedule of future minimum lease payments under capital leases | The following is a schedule showing the future minimum lease payments under capital leases by years and the present value of the minimum payments as of September 30, 2015. 2015 $ 23,148 2016 $ 92,588 2017 $ 92,588 2018 $ 92,588 2019 $ 92,588 2020 $ 44,767 Total minimum lease payments $ 438,267 Less: Amount representing interest $ 24,651 Present value of minimum lease payments $ 413,616 |
Operating lease payments | The Company also leases premises and facilities under operating leases with terms ranging from 12 months to 36 months. The annual non-cancelable operating lease payments on these leases are as follows: 2015 $ 97,512 2016 $ 92,063 2017 $ 2,595 Thereafter $ nil Total $ 192,170 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 62 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | |
Going Concern Details Narrative | |||||
Net (Loss) Income | $ (2,962,626) | $ (5,893,944) | $ (6,843,519) | $ (7,271,567) | $ 26,352,970 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Computer Hardware [Member] | |
Assets useful life | 3 years |
Laboratory Equipment [Member] | |
Assets useful life | 5 years |
Equipment held under Capital Lease [Member] | |
Assets useful life | 5 years |
Office Furniture and Equipment [Member] | |
Assets useful life | 5 years |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Cash and Cash Equivalents | $ 6,851,526 | $ 2,138,964 | $ 2,419,667 | $ 888,704 |
Dilutive warrants | 1,996,681 | |||
Potentially dilutive options | 601,685 | |||
Federal Deposit Insurance Corporation [Member] | ||||
Cash and Cash Equivalents | ||||
Belgian Deposit Guarantee Insured Limits [Member] | ||||
Cash and Cash Equivalents | $ 398,855 | $ 233,727 | ||
Singapore Deposit Insurance Scheme [Member] | ||||
Cash and Cash Equivalents | $ 6,181,206 | $ 1,879,840 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Cost | $ 1,051,343 | $ 393,361 |
Accumulated Depreciation | 197,753 | 104,776 |
Net Carrying Value | 853,590 | 288,585 |
Computer Hardware [Member] | ||
Cost | 68,185 | 48,331 |
Accumulated Depreciation | 44,206 | 39,293 |
Net Carrying Value | 23,979 | 9,038 |
Laboratory Equipment [Member] | ||
Cost | 329,073 | 313,285 |
Accumulated Depreciation | 95,656 | 53,080 |
Net Carrying Value | 233,417 | $ 260,205 |
Equipment held under Capital Lease [Member] | ||
Cost | 618,875 | |
Accumulated Depreciation | 41,258 | |
Net Carrying Value | 577,617 | |
Office Furniture and Equipment [Member] | ||
Cost | 35,210 | $ 31,745 |
Accumulated Depreciation | 16,633 | 12,403 |
Net Carrying Value | $ 18,577 | $ 19,342 |
Property and Equipment (Detai30
Property and Equipment (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Property And Equipment Details Narrative | ||
Depreciation Expense | $ 99,851 | $ 47,095 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Cost | $ 1,148,791 | $ 1,173,593 |
Accumulated Amortization | 403,861 | 364,867 |
Net Carrying Value | 744,930 | 808,726 |
Patents [Member] | ||
Cost | 1,148,791 | 1,173,593 |
Accumulated Amortization | 403,861 | 364,867 |
Net Carrying Value | $ 744,930 | $ 808,726 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) | Sep. 30, 2015USD ($) |
Intangible Assets Details 1 | |
2015 - remaining | $ 21,912 |
2,016 | 87,647 |
2,017 | 87,647 |
2,018 | 87,647 |
2,019 | $ 87,647 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Intangible Assets Details Narrative | ||
Amortization expense | $ 64,479 | $ 95,037 |
Warrants And Options (Details)
Warrants And Options (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Number Outstanding | 3,270,739 |
Proceeds to Company if Exercised | $ | $ 6,566,040 |
Warrant [Member] | On 03/15/11 [Member] | |
Number Outstanding | 100,000 |
Exercise Price | $ / shares | $ 0.50 |
Contractual Life (Years) | 5 years |
Expiration Date | Mar. 15, 2016 |
Proceeds to Company if Exercised | $ | $ 50,000 |
Warrant [Member] | On 03/24/11 [Member] | |
Number Outstanding | 100,000 |
Exercise Price | $ / shares | $ 0.50 |
Contractual Life (Years) | 5 years |
Expiration Date | Mar. 24, 2016 |
Proceeds to Company if Exercised | $ | $ 50,000 |
Warrant [Member] | On 04/01/11 [Member] | |
Number Outstanding | 100,000 |
Exercise Price | $ / shares | $ 0.50 |
Contractual Life (Years) | 5 years |
Expiration Date | Apr. 1, 2016 |
Proceeds to Company if Exercised | $ | $ 50,000 |
Warrant [Member] | On 06/21/11 [Member] | |
Number Outstanding | 100,000 |
Exercise Price | $ / shares | $ 0.50 |
Contractual Life (Years) | 5 years |
Expiration Date | Jun. 21, 2016 |
Proceeds to Company if Exercised | $ | $ 50,000 |
Warrant [Member] | On 07/13/11 [Member] | |
Number Outstanding | 250,000 |
Exercise Price | $ / shares | $ 1.05 |
Contractual Life (Years) | 5 years |
Expiration Date | Jul. 13, 2016 |
Proceeds to Company if Exercised | $ | $ 262,500 |
Warrant [Member] | On 05/11/12 [Member] | |
Number Outstanding | 344,059 |
Exercise Price | $ / shares | $ 2.60 |
Contractual Life (Years) | 4 years |
Expiration Date | May 10, 2016 |
Proceeds to Company if Exercised | $ | $ 894,553 |
Warrant [Member] | On 03/20/13 [Member] | |
Number Outstanding | 150,000 |
Exercise Price | $ / shares | $ 2.47 |
Contractual Life (Years) | 3 years |
Proceeds to Company if Exercised | $ | $ 370,500 |
Warrant [Member] | On 03/20/13 [Member] | Minimum [Member] | |
Expiration Date | Mar. 20, 2016 |
Warrant [Member] | On 03/20/13 [Member] | Maximum [Member] | |
Expiration Date | Dec. 20, 2019 |
Warrant [Member] | On 06/10/13 [Member] | |
Number Outstanding | 29,750 |
Exercise Price | $ / shares | $ 2 |
Contractual Life (Years) | 5 years |
Expiration Date | Dec. 10, 2018 |
Proceeds to Company if Exercised | $ | $ 59,500 |
Warrant [Member] | On 08/07/13 [Member] | |
Number Outstanding | 45,000 |
Exercise Price | $ / shares | $ 2.40 |
Contractual Life (Years) | 3 years |
Expiration Date | Aug. 7, 2016 |
Proceeds to Company if Exercised | $ | $ 108,000 |
Warrant [Member] | On 11/25/13 [Member] | |
Number Outstanding | 456,063 |
Exercise Price | $ / shares | $ 2.40 |
Contractual Life (Years) | 5 years |
Expiration Date | Nov. 25, 2018 |
Proceeds to Company if Exercised | $ | $ 1,094,551 |
Warrant [Member] | On 12/31/13 [Member] | |
Number Outstanding | 64,392 |
Exercise Price | $ / shares | $ 2.40 |
Contractual Life (Years) | 5 years |
Expiration Date | Nov. 25, 2018 |
Proceeds to Company if Exercised | $ | $ 154,541 |
Warrant [Member] | On 01/28/14 [Member] | |
Number Outstanding | 10,000 |
Exercise Price | $ / shares | $ 2.40 |
Contractual Life (Years) | 3 years |
Expiration Date | Jan. 28, 2017 |
Proceeds to Company if Exercised | $ | $ 24,000 |
Warrant [Member] | On 02/26/14 [Member] | |
Number Outstanding | 1,468,475 |
Exercise Price | $ / shares | $ 2.20 |
Contractual Life (Years) | 5 years |
Expiration Date | Feb. 26, 2019 |
Proceeds to Company if Exercised | $ | $ 3,230,645 |
Warrant [Member] | On 09/05/14 [Member] | |
Number Outstanding | 10,000 |
Exercise Price | $ / shares | $ 2.40 |
Contractual Life (Years) | 3 years |
Expiration Date | Sep. 5, 2017 |
Proceeds to Company if Exercised | $ | $ 24,000 |
Warrant [Member] | On 09/26/14 [Member] | |
Number Outstanding | 24,000 |
Exercise Price | $ / shares | $ 3 |
Contractual Life (Years) | 3 years |
Expiration Date | Sep. 26, 2017 |
Proceeds to Company if Exercised | $ | $ 72,000 |
Warrant [Member] | On 11/17/2014 [Member] | |
Number Outstanding | 19,000 |
Exercise Price | $ / shares | $ 3.75 |
Contractual Life (Years) | 3 years |
Expiration Date | Nov. 17, 2017 |
Proceeds to Company if Exercised | $ | $ 71,250 |
Warrants And Options (Details 1
Warrants And Options (Details 1) | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Number Outstanding | shares | 1,950,300 |
Value if Exercised | $ | $ 6,826,605 |
Issued on 08/18/14 [Member] | |
Number Outstanding | shares | 670,000 |
Value if Exercised | $ | $ 1,842,500 |
Issued on 08/18/14 One [Member] | |
Number Outstanding | shares | 20,000 |
Exercise Price | $ 3 |
Value if Exercised | $ | $ 60,000 |
Issued on 05/18/15 [Member] | |
Number Outstanding | shares | 20,000 |
Exercise Price | $ 3.80 |
Contractual Life (Years) | 4 years 6 months |
Expiration Date | Nov. 18, 2019 |
Value if Exercised | $ | $ 76,000 |
Issued on 07/23/15 [Member] | |
Number Outstanding | shares | 327,000 |
Exercise Price | $ 4 |
Contractual Life (Years) | 4 years 6 months |
Expiration Date | Jan. 23, 2020 |
Value if Exercised | $ | $ 1,308,000 |
Issued on 08/17/15 [Member] | |
Number Outstanding | shares | 75,000 |
Exercise Price | $ 3.75 |
Contractual Life (Years) | 5 years |
Expiration Date | Aug. 17, 2020 |
Value if Exercised | $ | $ 281,250 |
Minimum [Member] | Issued on 08/18/14 [Member] | |
Exercise Price | $ 2.50 |
Contractual Life (Years) | 4 years 6 months |
Expiration Date | Feb. 18, 2019 |
Minimum [Member] | Issued on 08/18/14 One [Member] | |
Contractual Life (Years) | 6 months |
Expiration Date | Nov. 17, 2015 |
Maximum [Member] | Issued on 08/18/14 [Member] | |
Exercise Price | $ 3 |
Contractual Life (Years) | 5 years 6 months |
Expiration Date | Feb. 18, 2020 |
Maximum [Member] | Issued on 08/18/14 One [Member] | |
Contractual Life (Years) | 1 year 4 months 24 days |
Expiration Date | Nov. 17, 2015 |
Issued On 11/25/11 [Member] | |
Number Outstanding | shares | 630,000 |
Value if Exercised | $ | $ 2,520,000 |
Issued On 11/25/11 [Member] | Minimum [Member] | |
Exercise Price | $ 3 |
Contractual Life (Years) | 4 years 6 months |
Expiration Date | May 25, 2016 |
Issued On 11/25/11 [Member] | Maximum [Member] | |
Exercise Price | $ 5 |
Contractual Life (Years) | 7 years |
Expiration Date | Nov. 25, 2018 |
Issued On 09/01/12 [Member] | |
Number Outstanding | shares | 30,000 |
Contractual Life (Years) | 3 years |
Value if Exercised | $ | $ 159,300 |
Issued On 09/01/12 [Member] | Minimum [Member] | |
Exercise Price | $ 4.31 |
Expiration Date | Mar. 1, 2016 |
Issued On 09/01/12 [Member] | Maximum [Member] | |
Exercise Price | $ 6.31 |
Expiration Date | Sep. 1, 2018 |
Issued On 12/13/12 [Member] | |
Number Outstanding | shares | 100,000 |
Exercise Price | $ 3.01 |
Contractual Life (Years) | 3 years |
Expiration Date | Dec. 13, 2015 |
Value if Exercised | $ | $ 301,000 |
Issued On 03/20/13 [Member] | |
Number Outstanding | shares | 37,000 |
Contractual Life (Years) | 3 years |
Value if Exercised | $ | $ 123,950 |
Issued On 03/20/13 [Member] | Minimum [Member] | |
Exercise Price | $ 2.35 |
Expiration Date | Sep. 20, 2016 |
Issued On 03/20/13 [Member] | Maximum [Member] | |
Exercise Price | $ 4.35 |
Expiration Date | Mar. 20, 2019 |
Issued on 09/02/13 [Member] | |
Number Outstanding | shares | 16,300 |
Contractual Life (Years) | 3 years |
Value if Exercised | $ | $ 54,605 |
Issued on 09/02/13 [Member] | Minimum [Member] | |
Exercise Price | $ 2.35 |
Expiration Date | Mar. 2, 2014 |
Issued on 09/02/13 [Member] | Maximum [Member] | |
Exercise Price | $ 4.35 |
Expiration Date | Sep. 2, 2016 |
Issued on 05/16/14 [Member] | |
Number Outstanding | shares | 25,000 |
Value if Exercised | $ | $ 100,000 |
Issued on 05/16/14 [Member] | Minimum [Member] | |
Exercise Price | $ 3 |
Contractual Life (Years) | 3 years |
Expiration Date | Nov. 16, 2017 |
Issued on 05/16/14 [Member] | Maximum [Member] | |
Exercise Price | $ 5 |
Contractual Life (Years) | 5 years 6 months |
Expiration Date | May 16, 2020 |
Warrants And Options (Details N
Warrants And Options (Details Narratives) | 9 Months Ended |
Sep. 30, 2015$ / shares | |
Warrants And Options Details Narratives | |
Weighted average exercise price Warrants | $ 2.01 |
Weighted average remaining contractual life Warrants | 4 years 8 months 12 days |
Weighted average exercise price Options | $ 3.50 |
Weighted average remaining contractual life Options | 3 years 10 months 24 days |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Liabilities: | ||
Derivative Liability | $ 1,577,640 | |
Fair Value, Inputs, Level 1 [Member] | ||
Liabilities: | ||
Derivative Liability | ||
Fair Value, Inputs, Level 2 [Member] | ||
Liabilities: | ||
Derivative Liability | $ 1,577,640 | |
Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Derivative Liability |
Fair Value Measurements (Deta38
Fair Value Measurements (Details 1) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Fair Value Measurements Details 1 | |
Balance as of December 31, 2014 | $ 1,577,640 |
Exercise of warrants attached to derivative liability | (74,347) |
Adjustment due to expiry of derivative liability | (1,163,549) |
Fair value adjustment | $ (339,744) |
Balance as of September 30, 2015 |
Derivative Financial Instrume39
Derivative Financial Instruments (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Derivative Financial Instruments Details | ||
Risk-free interest rate | 0.00% | 1.65% |
Estimated volatility | 0.00% | 232.60% |
Dividend rate | ||
Estimated term in years | 0 years | 4 years |
Derivative Financial Instrume40
Derivative Financial Instruments (Details Narrative) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative Financial Instruments Details Narrative | ||
Derivative liability | $ 1,577,640 |
Commitments and Contingencies41
Commitments and Contingencies (Details) | Sep. 30, 2015USD ($) |
Commitments And Contingencies Details | |
2,015 | $ 23,148 |
2,016 | 92,588 |
2,017 | 92,588 |
2,018 | 92,588 |
2,019 | 92,588 |
2,020 | 44,767 |
Total minimum lease payments | 438,267 |
Less: Amount representing interest | 24,651 |
Present value of minimum lease payments | $ 413,616 |
Commitments and Contingencies42
Commitments and Contingencies (Details 1) | Sep. 30, 2015USD ($) |
Commitments And Contingencies Details 1 | |
2,015 | $ 97,512 |
2,016 | 92,063 |
2,017 | $ 2,595 |
Thereafter | |
Total | $ 192,170 |
Commitments and Contingencies43
Commitments and Contingencies (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated amortization related to the leased equipment | $ 41,258 | |
Walloon Region Grant [Member] | ||
Amount outstanding | $ 291,651 |