Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 10, 2016 | |
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, 2016 | |
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 | 26,093,123 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 12,527,783 | $ 5,916,006 |
Prepaid expenses | 188,922 | 152,926 |
Other current assets | 191,002 | 153,723 |
Total Current Assets | 12,907,707 | 6,222,655 |
Property and equipment, net | 725,056 | 783,805 |
Intangible assets, net | 655,746 | 705,381 |
Total Assets | 14,288,509 | 7,711,841 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 1,566,426 | 712,160 |
Management and directors' fees payable | 104,151 | 71,893 |
Current portion of capital lease liability | 85,201 | 81,338 |
Deferred grant income | 225,148 | 219,360 |
Current portion of grant repayable | 39,237 | 34,899 |
Total Current Liabilities | 2,020,163 | 1,119,650 |
Capital lease liability, net of current portion | 244,133 | 299,863 |
Grant repayable, net of current portion | 215,697 | 248,009 |
Total Liabilities | 2,479,993 | 1,667,522 |
STOCKHOLDERS' EQUITY | ||
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 23,608,719 shares and 18,763,272 shares, respectively | 23,609 | 18,763 |
Additional paid-in capital | 49,863,488 | 35,149,420 |
Accumulated other comprehensive loss | (117,754) | (84,171) |
Accumulated Deficit | (37,960,827) | (29,039,693) |
Total Stockholders' Equity | 11,808,516 | 6,044,319 |
Total Liabilities and Stockholders' Equity | $ 14,288,509 | $ 7,711,841 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
STOCKHOLDERS' EQUITY | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 23,608,719 | 18,763,272 |
Common Stock, shares outstanding | 23,608,719 | 18,763,272 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Consolidated Statements Of Operations And Comprehensive Loss | ||||
Revenue | ||||
Expenses | ||||
General and administrative | 163,870 | 141,354 | 558,120 | 511,558 |
Professional fees | 463,340 | 352,599 | 1,447,029 | 1,141,129 |
Salaries and office administrative fees | 857,093 | 611,162 | 1,692,129 | 1,252,105 |
Research and development | 1,994,837 | 1,862,115 | 5,249,747 | 4,429,887 |
Total Operating Expenses | 3,479,140 | 2,967,230 | 8,947,025 | 7,334,679 |
Net Operating Loss | (3,479,140) | (2,967,230) | (8,947,025) | (7,334,679) |
Other Income | ||||
Grants received | 25,891 | 146,812 | ||
Gain on derivative re-measurement | 339,744 | |||
Total Other Income | 25,891 | 486,556 | ||
Provision for income taxes | 4,604 | 4,604 | ||
Net Loss | (3,479,140) | (2,962,626) | (8,921,134) | (6,843,519) |
Other Comprehensive Income/(Loss) | ||||
Foreign currency translation adjustments | 15,462 | 14,463 | (33,583) | 38,583 |
Total Other Comprehensive Income/(Loss) | 15,462 | 14,463 | (33,583) | 38,583 |
Net Comprehensive Loss | $ (3,463,678) | $ (2,948,163) | $ (8,954,717) | $ (6,804,936) |
Net Loss per Share - Basic and Diluted | $ (0.15) | $ (0.16) | $ (0.40) | $ (0.39) |
Weighted Average Shares Outstanding - Basic and Diluted | 23,524,982 | 18,042,087 | 22,075,538 | 17,504,026 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Activities | ||
Net loss | $ (8,921,134) | $ (6,843,519) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 230,606 | 164,330 |
Loss on disposal of property & equipment | 3,668 | |
Stock based compensation | 1,106,623 | 980,399 |
Loss on warrant re-measurement | 105,995 | 23,364 |
Non-operating income - grants received | (25,891) | (146,812) |
Gain on derivative re-measurement | (339,744) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (35,283) | (121,004) |
Other current assets | (36,456) | (96,421) |
Accounts payable and accrued liabilities | 872,934 | (101,318) |
Net Cash Used In Operating Activities | (6,698,938) | (6,480,725) |
Investing Activities | ||
Purchase of patents | (55,000) | |
Purchases of property and equipment | (89,433) | (67,888) |
Net Cash Used in Investing Activities | (89,433) | (122,888) |
Financing Activities | ||
Net proceeds from issuance of common shares | 13,506,295 | 11,335,921 |
Grants received | 25,891 | 146,812 |
Grants repaid | (36,135) | (33,174) |
Deferred grant income | (335) | 48,191 |
Capital lease funding | (62,225) | (203,051) |
Net Cash Provided By Financing Activities | 13,433,491 | 11,294,699 |
Effect of foreign exchange on cash | (33,343) | 21,476 |
Increase in Cash | 6,611,777 | 4,712,562 |
Cash and cash equivalents - Beginning of Period | 5,916,006 | 2,138,964 |
Cash and cash equivalents - End of Period | 12,527,783 | 6,851,526 |
Supplemental Disclosures of Cash Flow | ||
Interest paid | 9,159 | 4,863 |
Income tax paid | ||
Non Cash Investing and Financing Activities: | ||
Common stock issued on cashless exercises of options | 21 | |
Reduction in derivative liability | 1,237,896 | |
Capital lease obligation for equipment purchases | $ 329,334 | $ 413,616 |
Condensed Financial Statements
Condensed Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Note 1 - Condensed Financial Statements | The accompanying unaudited financial statements have been prepared by VolitionRx 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, 2016, 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 (U.S. GAAP) have been condensed or omitted. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K, for the fiscal year ended December 31, 2015 as filed with the Securities and Exchange Commission on March 11, 2016. The results of operations for the periods ended September 30, 2016 and 2015 are not necessarily indicative of the operating results for the full years. |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Note 2 - Going Concern | The Company's financial statements are prepared using U.S. GAAP 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 $37,960,827 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, financing and/or generate revenues as may be required to sustain its operations. Management plans to address the above as needed by, (a) securing additional grant funds, (b) obtaining additional financing through debt or equity financing and (c) developing and commercializing its products on an accelerated timeline. Management also continues to exercise tight cost controls to conserve cash. 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, 2016 | |
Notes to Financial Statements | |
Note 3 - Summary of Significant Accounting Policies | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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 Companys 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, 2016 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte. Limited, Belgian Volition SPRL, Hypergenomics Pte. Limited and Volition Diagnostics UK Limited. 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. At September 30, 2016 and December 31, 2015, the Company had $12,527,783 and $5,916,006, respectively, in cash and cash equivalents. At September 30, 2016 and December 31, 2015, the Company had approximately $8,222,995 and $762,187, respectively, in its domestic accounts in excess of Federal Deposit Insurance Corporation insured limits. At September 30, 2016 and December 31, 2015, the Company had approximately $1,635,263 and $395,100, respectively, in its foreign accounts in excess of the Belgian Deposit Guarantee insured limits. At September 30, 2016 and December 31, 2015, the Company had approximately $2,245,178 and $4,338,088, respectively, in its foreign accounts in excess of the Singapore Deposit Insurance Scheme. At September 30, 2016 and December 31, 2015, the Company had approximately $nil and $nil, respectively, in its foreign accounts in excess of the UK Deposit Protection Scheme. Basic and Diluted Net Loss Per Share The Company computes net loss per share in accordance with Accounting Standards Codification (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 of September 30, 2016, 1,118,324 dilutive warrants and options and 1,394,243 potentially dilutive warrants and options were excluded from the diluted EPS calculation as their effect is anti-dilutive. Foreign Currency Translation The Companys 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. Reclassification Certain balances in previously issued financial statements have been reclassified to be consistent with the current period presentation. Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Companys management believes that these recent pronouncements will not have a material effect on the Companys 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 and Software 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, 2016 | |
Notes to Financial Statements | |
Note 4 - Property and Equipment | The Companys property and equipment consist of the following amounts as of September 30, 2016 and December 31, 2015: September 30, 2016 Accumulated Net Carrying Cost Depreciation Value $ $ $ Computer hardware and software 153,451 61,622 91,829 Laboratory equipment 314,125 145,273 168,852 Equipment held under capital lease 617,086 164,556 452,530 Office furniture and equipment 35,109 23,264 11,845 1,119,771 394,715 725,056 December 31, 2015 Accumulated Net Carrying Cost Depreciation Value $ $ $ Computer hardware and software 72,317 45,731 26,586 Laboratory equipment 319,209 108,589 210,620 Equipment held under capital lease 600,325 70,038 530,287 Office furniture and equipment 34,155 17,843 16,312 1,026,006 242,201 783,805 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 $617,086 (550,454). During the nine month period ended September 30, 2016 and the nine month period ended September 30, 2015, the Company recognized $165,293 and $99,851 respectively, in depreciation expense. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Note 5 - Intangible Assets | The Companys intangible assets consist of intellectual property and patents, mainly acquired in the acquisition of ValiBio SA. The patents and intellectual property are being amortized over their remaining lives, which range from 7 to 15 years. September 30, 2016 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,145,947 490,201 655,746 1,145,947 490,201 655,746 December 31, 2015 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,119,302 413,921 705,381 1,119,302 413,921 705,381 During the nine month period ended September 30, 2016, and the nine month period ended September 30, 2015, the Company recognized $65,313 and $64,479, respectively, in amortization expense. 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: 2016 - remaining $ 21,857 2017 $ 87,428 2018 $ 87,428 2019 $ 87,428 2020 $ 87,428 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, 2015. The result of this review confirmed that the fair value of the patents exceeded their carrying value as of December 31, 2015. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Note 6 - Related Party Transactions | The Company has an agreement with a related party for consultancy services for a Company subsidiary. See Note 9 for obligations under the agreements. The Company issued shares of common stock to related parties upon the exercise of warrants and stock options. See Note 7 for details regarding such issuances. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Note 7 - Common Stock | a) Issuances Upon Warrant Exercises On January 15, 2016, warrants to purchase 100,000 shares of common stock were exercised at a price of $0.50 per share, for net cash proceeds to the Company of $50,000. On March 22, 2016, warrants to purchase 100,000 shares of common stock were exercised by a related party at a price of $0.50 per share, for net cash proceeds to the Company of $50,000. On March 29, 2016, warrants to purchase 100,000 shares of common stock were exercised by a related party at a price of $0.50 per share, for net cash proceeds to the Company of $50,000. On April 20, 2016, warrants to purchase 1,172 shares of common stock were exercised by a related party at a price of $2.60 per share, for net cash proceeds to the Company of $3,047. On April 20, 2016, warrants to purchase 1,429 shares of common stock were exercised by a related party at a price of $2.60 per share, for net cash proceeds to the Company of $3,715. On June 10, 2016, warrants to purchase 5,484 shares of common stock were exercised by a related party at a price of $0.50 per share, for net cash proceeds to the Company of $2,742. On June 14, 2016, warrants to purchase 94,516 shares of common stock were exercised at a price of $0.50 per share, for net cash proceeds to the Company of $47,258. On September 21, 2016, warrants to purchase 12,500 shares of common stock were exercised at a price of $2.20 per share, for net cash proceeds to the Company of $27,500. On September 28, 2016, warrants to purchase 75,000 shares of common stock were exercised at a price of $2.20 per share, for net cash proceeds to the Company of $165,000. b) Issuances Upon Option Exercises On May 20, 2016, stock options were exercised to purchase 88,000 shares of common stock at $3.00 per share in cashless exercises. As a result, a total of 13,419 shares of common stock were issued to related parties. On May 24, 2016, stock options were exercised to purchase 8,000 shares of common stock at $3.00 per share in cashless exercises. As a result, a total of 1,122 shares of common stock were issued. On May 25, 2016, stock options were exercised to purchase 5,000 shares of common stock at $3.00 per share in cashless exercises. As a result, a total of 562 shares of common stock were issued to a related party. On May 25, 2016, stock options were exercised to purchase 4,000 shares of common stock at $3.00 per share in cashless exercises. As a result, a total of 449 shares of common stock were issued. On June 16, 2016, stock options were exercised to purchase 29,000 shares of common stock at between $2.50 and $3.00 per share in cashless exercises. As a result, a total of 5,179 shares of common stock were issued to a related party. c) Issuances In Connection With Public Offering On March 23, 2016, the Company issued 4,334,615 shares of its common stock to investors in a registered public offering at a price of $3.25 per share, less underwriting discounts and commissions, for net cash proceeds to the Company of approximately $13.1 million. Additionally, $0.3 million was incurred on legal expenses and listing fees, giving net proceeds of $12.8 million. |
Warrants And Options
Warrants And Options | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Note 8 - Warrants And Options | a) Warrants See Note 7(a). Effective May 4, 2016, the Company amended the expiry period of warrants to purchase 341,458 shares of common stock, which warrants were originally granted on May 11, 2012. The expiration period was extended from four to five years for all such warrants, with their new expiration date being May 10, 2017. Effective July 11, 2016, the Company amended the expiry period of warrants to purchase 45,000 shares of common stock, which warrants were originally granted on August 7, 2013. The expiration period was extended from three to four years for all such warrants, with their new expiration date being August 7, 2017. Below is a table summarizing the warrants issued and outstanding as of September 30, 2016, which have a weighted average exercise price of $2.36 per share and a weighted average remaining contractual life of 2.11 years. Date Issued Number Outstanding Exercise Price ($) Contractual Life (Years) Expiration Date Proceeds to Company if Exercised ($) 05/11/12 341,458 2.60 5.0 05/10/17 887,791 03/20/13 150,000 2.47 3.0 to 6.5 03/20/16 to 12/20/19 370,500 06/10/13 29,750 2.00 5.0 06/10/18 59,500 08/07/13 45,000 2.40 3.0 08/07/17 108,000 11/25/13 456,063 2.40 5.0 11/25/18 1,094,551 12/31/13 64,392 2.40 5.0 12/31/18 154,541 01/28/14 2,000 2.40 3.0 01/28/17 4,800 02/26/14 980,975 2.20 5.0 02/26/19 2,158,145 09/05/14 10,000 2.40 3.0 09/05/17 24,000 09/26/14 24,000 3.00 3.0 09/26/17 72,000 11/17/14 19,000 3.75 3.0 11/17/17 71,250 2,122,638 $ 5,005,078 b) Options See Note 7(b). On March 1, 2016, stock options to purchase 5,000 shares of common stock expired unexercised. On April 15, 2016, the Company granted stock options to purchase 775,000 shares of common stock at an exercise price of $4.00 per share under its 2015 Stock Incentive Plan. These options vest in full on April 15, 2017 and expire five years after their vesting date. The Company has calculated the estimated fair market value of these options using the Black-Scholes Option Pricing model and the following assumptions: term of 6 years, stock price of $3.75, exercise price of $4.00, volatility of 84.4% and risk-free rate of 1.22%. Effective June 27, 2016, the Company amended the expiry period of stock options to purchase 37,000 shares of common stock, which options were originally granted on March 20, 2013. The expiration period was extended from three to four years after vesting for all such stock options. The Company recalculated the estimated fair market value of these options using the Black Scholes model, but the result was deemed to be immaterially different to the original calculation and the financial statements were not adjusted. Effective June 27, 2016, the Company amended the expiry period of stock options to purchase 16,300 shares of common stock, which options were originally granted on September 2, 2013. The expiration period was extended from three to four years after vesting for all such stock options. The Company recalculated the estimated fair market value of these options using the Black Scholes model, but the result was deemed to be immaterially different to the original calculation and the financial statements were not adjusted. On June 23, 2016, the Company granted stock options to purchase 15,000 shares of common stock at an exercise price of $4.00 per share under its 2015 Stock Incentive Plan. These options vest in full on June 23, 2017 and expire five years after their vesting date. The Company has calculated the estimated fair market value of these options using the Black-Scholes Option Pricing model and the following assumptions: term of 6 years, stock price of $3.35, exercise price of $4.00, volatility of 83.11% and risk-free rate of 1.25%. On June 30, 2016, 26,000 stock options to purchase 26,000 shares of common stock expired unexercised. On September 1, 2016, stock options to purchase 5,000 shares of common stock expired unexercised. On September 13, 2016, the Company granted stock options to purchase 25,000 shares of common stock at an exercise price of $4.65 per share under its 2015 Stock Incentive Plan. These options vest in full on September 13, 2017 and expire five years after their vesting date. The Company has calculated the estimated fair market value of these options using the Black-Scholes Option Pricing model and the following assumptions: term of 6 years, stock price of $4.65, exercise price of $4.65, volatility of 81.94% and risk-free rate of 1.56%. Below is a table summarizing the options issued and outstanding as of September 30, 2016, all of which were issued pursuant to the 2011 Equity Incentive Plan (for option issuances prior to 2016) or the 2015 Stock Incentive Plan (for option issuances commencing in 2016) and which have a weighted average exercise price of $3.71 per share and a weighted average remaining contractual life of 3.47 years. Date Issued Number Outstanding Exercise Price ($) Contractual Life (Years) Expiration Date Proceeds to Company if Exercised ($) 11/25/11 505,000 3.00-5.00 5.0-7.0 05/25/16-11/25/18 2,121,000 09/01/12 20,000 5.31-6.31 4.5-6.0 03/01/17-09/01/18 116,200 03/20/13 37,000 2.35-4.35 4.5-7.0 09/20/17-03/20/20 123,950 09/02/13 16,300 2.35-4.35 4.5-7.0 03/02/18-09/02/20 54,605 05/16/14 25,000 3.00-5.00 3.5-6.0 11/16/17-05/16/20 100,000 08/18/14 645,000 2.50 and 3.00 4.5 and 5.5 02/18/19 and 02/18/20 1,773,750 05/18/15 20,000 3.80 4.5 11/18/19 76,000 07/23/15 317,000 4.00 4.5 01/23/20 1,268,000 08/17/15 75,000 3.75 5.0 08/17/20 281,250 04/15/16 775,000 4.00 6.0 04/15/22 3,100,000 06/23/16 15,000 4.00 6.0 06/23/22 60,000 09/13/16 25,000 4.65 6.0 09/13/22 116,250 2,475,300 $ 9,191,005 Total remaining unrecognized compensation cost related to non-vested stock options is approximately $1,202,745 and is expected to be recognized over a period of 0.75 years. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Note 9 - 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 $1,174,883 (1,048,020) to help 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 $352,465 (314,406) of this amount by installments over the period June 30, 2014 to June 30, 2023. The Company has recorded the balance of $822,418 (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, including the $352,465 (314,406) repayment obligation and the potential royalty, is twice the amount of funding received, or $2,349,766 (2,096,040). As at September 30, 2016, a total of $254,934 (227,406) was outstanding to be repaid to the Walloon Region under this agreement. b) Consulting Agreement On May 11, 2016, Singapore Volition, upon the review and approval by the Companys Compensation Committee, entered into a consultancy agreement with PB Commodities Pte Ltd (PB Commodities), for the services of Cameron Reynolds (the 2016 Reynolds Consulting Agreement). Under the terms of the 2016 Reynolds Consulting Agreement, PB Commodities shall receive $25,925 per month for the services provided to Singapore Volition by Mr. Reynolds on its behalf. The 2016 Reynolds Consulting Agreement replaced and terminated the existing consultancy agreement for the provision of office space, office support staff, and consultancy services between Singapore Volition and PB Commodities dated August 6, 2010, as amended. 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 $617,086 (550,454). The leased equipment is amortized on a straight line basis over five years. Total amortization charged to the income statement, related to the leased equipment is $92,139 (82,568) for the nine months ended September 30, 2016 and $41,258 (36,697) for the nine months ended September 30, 2015. 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, 2016. 2016 $ 23,013 2017 $ 87,786 2018 $ 84,817 2019 $ 81,949 2020 $ 46,044 Total minimum lease payments $ 323,609 Less: Amount representing interest $ (14,679 ) Present value of minimum lease payments $ 308,930 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: 2016 $ 159,291 2017 $ 8,591 Thereafter $ nil Total $ 167,882 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 $437,210 (390,000). On April 16, 2014, the Company entered into a two-year extension of this agreement through May 31, 2016. The total payments made by the Company in accordance with the extension of the agreement were $437,210 (390,000). On May 25, 2016, the Company entered into a further extension to the agreement through May 31, 2017. The total payments to be made by the Company in accordance with the extension of the agreement are $235,421 (210,000). 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. This program finished on August 8, 2016. 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) Preface S.A. Loan Agreement On September 16, 2016, Belgian Volition SPRL (Belgian Volition) entered into an unsecured loan agreement with Namur Invest or Preface S.A. for the amount of $478,700 (440,000) (the Loan Agreement). The proceeds from the Loan Agreement were received by Belgian Volition on October 20, 2016. The Loan Agreement provides for an approximate 7-year term, a fixed interest rate at 4.85%, and interest only payments between the receipt of proceeds and June 30, 2017. See Note 10 for the use of proceeds from the Loan Agreement. g) 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, 2016 | |
Notes to Financial Statements | |
Note 10 - Subsequent Events | On October 5, 2016, the Company issued 2,250,000 shares of its common stock to investors in a registered public offering at a price of $5.00 per share, less underwriting discounts, commissions and legal expenses payable by the Company, for net cash proceeds to the Company of approximately $10.7 million. Additionally, $0.1 million was expensed on further legal expenses and listing fees, giving net proceeds of approximately $10.6 million. On October 7, 2016, Belgian Volition S.A. converted from a Societe Anonyme into a private limited liability company Belgian Volition SPRL. On October 7, 2016, the Company held its annual meeting of stockholders (the Annual Meeting). At the Annual Meeting, the Companys stockholders approved an amendment (the Amendment) to the Companys 2015 Stock Incentive Plan (the Plan) to increase the number of shares of common stock available for issuance under such plan by 750,000 shares to an aggregate of 1,750,000 shares. Additionally, the Companys stockholders approved the Second Amended and Restated Certificate of Incorporation (the Restated Certificate), eliminating all provisions relating to preferred stock, par value $0.001. Each of the Amendment and the Restated Certificate had previously been approved by the Board of Directors of the Company on August 5, 2016, subject to the approval of the Companys stockholders. The Restated Certificate became effective upon its filing with the Secretary of State of the State of Delaware on October 7, 2016. On October 21, 2016, in connection with the Companys October 5, 2016 public offering, the underwriters exercised their overallotment option to purchase an additional 234,404 shares of the Companys common stock at a price of $5.00 per share, less underwriting discounts, commissions and estimated offering expenses payable by the Company, for net cash proceeds to the Company of approximately $1.1 million. On October 4, 2016, and effective on October 25, 2016, Belgian Volition entered into a Real Estate Capital Lease Agreement (the Capital Lease Agreement) with ING Asset Finance Belgium S.A. (ING). The Capital Lease Agreement became a contractual obligation of Belgian Volition upon the execution of the Deed of Sale to acquire the Companys new research and development facility described below. Pursuant to the Capital Lease Agreement, Belgian Volition received $1.22 million (1.12 million) in return for granting to ING a right of emphyteusis (a form of leasehold) on the property located in the Créalys zoning at 5032 Isnes-Spy, Rue Phocas Lejeune 22, Gembloux cadastre, 8th division, Section B, n 55 (the Property) for a period of 27 years, extendable to the authorized maximum legal term of 99 years. In addition, the Capital Lease Agreement provides that ING shall grant Belgian Volition a 15-year lease over the Property with an option for Belgian Volition to purchase the Property outright upon payment of $36,600 (33,600) at the end of the lease. The Capital Lease Agreement provides that Belgian Volition shall make the first lease payment of $478,700 (440,000) following the execution of the Capital Lease Agreement, and then quarterly lease payments of approximately $14,640 (13,450), based on a fixed rate of 2.62% for the term of the lease. On October 25, 2016, Belgian Volition acquired the Property by entering into a Deed of Sale to the Sale Agreement (the Deed of Sale) with Gerard Dekoninck S.A. The purchase price for the Property consisted of $1.3 million (1.2 million), exclusive of any closing costs (the Purchase Price). The Purchase Price was funded by Belgian Volition with cash on hand and the monies received under the Capital Lease Agreement. On October 25, 2016, Belgian Volition entered into a second unsecured loan agreement with ING for an amount up to $294,000 (270,000) (the Supplemental Loan). The Supplemental Loan provides for a 15-year term commencing on March 31, 2017, a fixed interest rate at 2.62%, and interest only payments on the amount drawn until March 31, 2017. On November 2, 2016, the Company entered into a clinical research agreement with Hvidovre Hospital, University of Copenhagen in Denmark, relating to a program of samples testing associated with colorectal cancer and other diseases. The first phase of the agreement will expire on September 30, 2018 and the Company may participate in additional phases upon its election (and payment of required amounts). Total payments (inclusive of local taxes) to be made by the Company under the agreement for the first phase are $2,218,530 (DKR 15,000,000). |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Summary Of Significant Accounting Policies Policies | |
Use of Estimates | The preparation of financial statements in conformity with U.S. GAAP 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 Companys 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, 2016 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte. Limited, Belgian Volition SPRL, Hypergenomics Pte. Limited and Volition Diagnostics UK Limited. 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. At September 30, 2016 and December 31, 2015, the Company had $12,527,783 and $5,916,006, respectively, in cash and cash equivalents. At September 30, 2016 and December 31, 2015, the Company had approximately $8,222,995 and $762,187, respectively, in its domestic accounts in excess of Federal Deposit Insurance Corporation insured limits. At September 30, 2016 and December 31, 2015, the Company had approximately $1,635,263 and $395,100, respectively, in its foreign accounts in excess of the Belgian Deposit Guarantee insured limits. At September 30, 2016 and December 31, 2015, the Company had approximately $2,245,178 and $4,338,088, respectively, in its foreign accounts in excess of the Singapore Deposit Insurance Scheme. At September 30, 2016 and December 31, 2015, the Company had approximately $nil and $nil, respectively, in its foreign accounts in excess of the UK Deposit Protection Scheme. |
Basic and Diluted Net Loss Per Share | The Company computes net loss per share in accordance with Accounting Standards Codification (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 of September 30, 2016, 1,118,324 dilutive warrants and options and 1,394,243 potentially dilutive warrants and options were excluded from the diluted EPS calculation as their effect is anti-dilutive. |
Foreign Currency Translation | The Companys 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. |
Reclassification | Certain balances in previously issued financial statements have been reclassified to be consistent with the current period presentation. |
Recent Accounting Pronouncements | Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Companys management believes that these recent pronouncements will not have a material effect on the Companys 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 and Software 3 years Laboratory Equipment 5 years Equipment held under Capital Lease 5 years Office Furniture and Equipment 5 years |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 and Software 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, 2016 | |
Property And Equipment Tables | |
Companys property and equipment | The Companys property and equipment consist of the following amounts as of September 30, 2016 and December 31, 2015: September 30, 2016 Accumulated Net Carrying Cost Depreciation Value $ $ $ Computer hardware and software 153,451 61,622 91,829 Laboratory equipment 314,125 145,273 168,852 Equipment held under capital lease 617,086 164,556 452,530 Office furniture and equipment 35,109 23,264 11,845 1,119,771 394,715 725,056 December 31, 2015 Accumulated Net Carrying Cost Depreciation Value $ $ $ Computer hardware and software 72,317 45,731 26,586 Laboratory equipment 319,209 108,589 210,620 Equipment held under capital lease 600,325 70,038 530,287 Office furniture and equipment 34,155 17,843 16,312 1,026,006 242,201 783,805 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Intangible Assets Tables | |
Patents amortized over their remaining lives | The Companys intangible assets consist of intellectual property and patents, mainly acquired in the acquisition of ValiBio SA. The patents and intellectual property are being amortized over their remaining lives, which range from 7 to 15 years. September 30, 2016 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,145,947 490,201 655,746 1,145,947 490,201 655,746 December 31, 2015 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,119,302 413,921 705,381 1,119,302 413,921 705,381 |
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: 2016 - remaining $ 21,857 2017 $ 87,428 2018 $ 87,428 2019 $ 87,428 2020 $ 87,428 |
Warrants and Options (Tables)
Warrants and Options (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Warrants And Options Tables | |
Summary of Warrants Issued And Outstanding | Below is a table summarizing the warrants issued and outstanding as of September 30, 2016, which have a weighted average exercise price of $2.36 per share and a weighted average remaining contractual life of 2.11 years. Date Issued Number Outstanding Exercise Price ($) Contractual Life (Years) Expiration Date Proceeds to Company if Exercised ($) 05/11/12 341,458 2.60 5.0 05/10/17 887,791 03/20/13 150,000 2.47 3.0 to 6.5 03/20/16 to 12/20/19 370,500 06/10/13 29,750 2.00 5.0 06/10/18 59,500 08/07/13 45,000 2.40 3.0 08/07/17 108,000 11/25/13 456,063 2.40 5.0 11/25/18 1,094,551 12/31/13 64,392 2.40 5.0 12/31/18 154,541 01/28/14 2,000 2.40 3.0 01/28/17 4,800 02/26/14 980,975 2.20 5.0 02/26/19 2,158,145 09/05/14 10,000 2.40 3.0 09/05/17 24,000 09/26/14 24,000 3.00 3.0 09/26/17 72,000 11/17/14 19,000 3.75 3.0 11/17/17 71,250 2,122,638 $ 5,005,078 |
Summary of options issued and outstanding | Below is a table summarizing the options issued and outstanding as of September 30, 2016, all of which were issued pursuant to the 2011 Equity Incentive Plan (for option issuances prior to 2016) or the 2015 Stock Incentive Plan (for option issuances commencing in 2016) and which have a weighted average exercise price of $3.71 per share and a weighted average remaining contractual life of 3.47 years. Date Issued Number Outstanding Exercise Price ($) Contractual Life (Years) Expiration Date Proceeds to Company if Exercised ($) 11/25/11 505,000 3.00-5.00 5.0-7.0 05/25/16-11/25/18 2,121,000 09/01/12 20,000 5.31-6.31 4.5-6.0 03/01/17-09/01/18 116,200 03/20/13 37,000 2.35-4.35 4.5-7.0 09/20/17-03/20/20 123,950 09/02/13 16,300 2.35-4.35 4.5-7.0 03/02/18-09/02/20 54,605 05/16/14 25,000 3.00-5.00 3.5-6.0 11/16/17-05/16/20 100,000 08/18/14 645,000 2.50 and 3.00 4.5 and 5.5 02/18/19 and 02/18/20 1,773,750 05/18/15 20,000 3.80 4.5 11/18/19 76,000 07/23/15 317,000 4.00 4.5 01/23/20 1,268,000 08/17/15 75,000 3.75 5.0 08/17/20 281,250 04/15/16 775,000 4.00 6.0 04/15/22 3,100,000 06/23/16 15,000 4.00 6.0 06/23/22 60,000 09/13/16 25,000 4.65 6.0 09/13/22 116,250 2,475,300 $ 9,191,005 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies | |
Future minimum lease payments | 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, 2016. 2016 $ 23,013 2017 $ 87,786 2018 $ 84,817 2019 $ 81,949 2020 $ 46,044 Total minimum lease payments $ 323,609 Less: Amount representing interest $ (14,679 ) Present value of minimum lease payments $ 308,930 |
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: 2016 $ 159,291 2017 $ 8,591 Thereafter $ nil Total $ 167,882 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 74 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | |
Going Concern Details Narrative | |||||
Incurred losses | $ (3,479,140) | $ (2,962,626) | $ (8,921,134) | $ (6,843,519) | $ (37,960,827) |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2016 | |
Computer Hardware and Software [Member] | |
Assets useful life | 3 years |
Laboratory Equipment [Member] | |
Assets useful life | 5 years |
Equipment held under capital lease | |
Assets useful life | 5 years |
Office Furniture and Equipment [Member] | |
Assets useful life | 5 years |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Cash and cash equivalents | $ 12,527,783 | $ 5,916,006 | $ 6,851,526 | $ 2,138,964 |
Federal Deposit Insurance Corporation [Member] | ||||
Cash and cash equivalents | 8,222,995 | 762,187 | ||
Belgian Deposit Guarantee [Member] | ||||
Cash and cash equivalents | 1,635,263 | 395,100 | ||
Singapore Deposit Insurance [Member] | ||||
Cash and cash equivalents | $ 2,245,178 | $ 4,338,088 | ||
Dilutive Warrants And Options [Member] | ||||
Potentially dilutive warrants and options | 1,118,324 | |||
Excluded from potentially dilutive warrants and options | 1,394,243 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Cost | $ 1,119,771 | $ 1,026,006 |
Accumulated Depreciation | 394,715 | 242,201 |
Net Carrying Value | 725,056 | 783,805 |
Computer Hardware and Software [Member] | ||
Cost | 153,451 | 72,317 |
Accumulated Depreciation | 61,622 | 45,731 |
Net Carrying Value | 91,829 | 26,586 |
Laboratory Equipment [Member] | ||
Cost | 314,125 | 319,209 |
Accumulated Depreciation | 145,273 | 108,589 |
Net Carrying Value | 168,852 | 210,620 |
Equipment held under capital lease | ||
Cost | 617,086 | 600,325 |
Accumulated Depreciation | 164,556 | 70,038 |
Net Carrying Value | 452,530 | 530,287 |
Office Furniture and Equipment [Member] | ||
Cost | 35,109 | 34,155 |
Accumulated Depreciation | 23,264 | 17,843 |
Net Carrying Value | $ 11,845 | $ 16,312 |
Property and Equipment (Detai26
Property and Equipment (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Property And Equipment Details Narrative | ||
Depreciation Expense | $ 165,293 | $ 99,851 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Cost | $ 1,145,947 | $ 1,119,302 |
Accumulated Amortization | 490,201 | 413,921 |
Net Carrying Value | 655,746 | 705,381 |
Patents [Member] | ||
Cost | 1,145,947 | 1,119,302 |
Accumulated Amortization | 490,201 | 413,921 |
Net Carrying Value | $ 655,746 | $ 705,381 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) | Sep. 30, 2016USD ($) |
Intangible Assets Details 1 | |
2016 - remaining | $ 21,857 |
2,017 | 87,428 |
2,018 | 87,428 |
2,019 | 87,428 |
2,020 | $ 87,428 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Amortization expense | $ 65,313 | $ 64,479 |
Minimum [Member] | ||
Intangible Assets Remaining amortized life | 7 years | |
Amortization of long-lived asset on straight line basis | 8 years | |
Maximum [Member] | ||
Intangible Assets Remaining amortized life | 15 years | |
Amortization of long-lived asset on straight line basis | 20 years |
Warrants And Options (Details)
Warrants And Options (Details) - Warrant [Member] | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Number Outstanding | shares | 2,122,638 |
Proceeds to Company if Exercised | $ | $ 5,005,078 |
On 05/11/12 [Member] | |
Number Outstanding | shares | 341,458 |
Exercise Price | $ / shares | $ 2.60 |
Contractual Life (Years) | 5 years |
Expiration Date | May 10, 2017 |
Proceeds to Company if Exercised | $ | $ 887,791 |
On 03/20/13 [Member] | |
Number Outstanding | shares | 150,000 |
Exercise Price | $ / shares | $ 2.47 |
Proceeds to Company if Exercised | $ | $ 370,500 |
On 03/20/13 [Member] | Minimum [Member] | |
Contractual Life (Years) | 3 years |
Expiration Date | Mar. 20, 2016 |
On 03/20/13 [Member] | Maximum [Member] | |
Contractual Life (Years) | 6 years 6 months |
Expiration Date | Dec. 20, 2019 |
On 06/10/13 [Member] | |
Number Outstanding | shares | 29,750 |
Exercise Price | $ / shares | $ 2 |
Contractual Life (Years) | 5 years |
Expiration Date | Jun. 10, 2018 |
Proceeds to Company if Exercised | $ | $ 59,500 |
On 08/07/13 [Member] | |
Number Outstanding | shares | 45,000 |
Exercise Price | $ / shares | $ 2.40 |
Contractual Life (Years) | 3 years |
Expiration Date | Aug. 7, 2017 |
Proceeds to Company if Exercised | $ | $ 108,000 |
On 11/25/13 [Member] | |
Number Outstanding | shares | 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 |
On 12/31/13 [Member] | |
Number Outstanding | shares | 64,392 |
Exercise Price | $ / shares | $ 2.40 |
Contractual Life (Years) | 5 years |
Expiration Date | Dec. 31, 2018 |
Proceeds to Company if Exercised | $ | $ 154,541 |
On 01/28/14 [Member] | |
Number Outstanding | shares | 2,000 |
Exercise Price | $ / shares | $ 2.40 |
Contractual Life (Years) | 3 years |
Expiration Date | Jan. 28, 2017 |
Proceeds to Company if Exercised | $ | $ 4,800 |
On 02/26/14 [Member] | |
Number Outstanding | shares | 980,975 |
Exercise Price | $ / shares | $ 2.20 |
Contractual Life (Years) | 5 years |
Expiration Date | Feb. 26, 2019 |
Proceeds to Company if Exercised | $ | $ 2,158,145 |
On 09/05/14 [Member] | |
Number Outstanding | shares | 10,000 |
Exercise Price | $ / shares | $ 2.40 |
Contractual Life (Years) | 3 years |
Expiration Date | Sep. 5, 2017 |
Proceeds to Company if Exercised | $ | $ 24,000 |
On 09/26/14 [Member] | |
Number Outstanding | shares | 24,000 |
Exercise Price | $ / shares | $ 3 |
Contractual Life (Years) | 3 years |
Expiration Date | Sep. 26, 2017 |
Proceeds to Company if Exercised | $ | $ 72,000 |
On 11/17/2014 [Member] | |
Number Outstanding | shares | 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, 2016USD ($)$ / sharesshares | |
Number Outstanding | shares | 2,475,300 |
Proceeds to Company if Exercised | $ | $ 9,191,005 |
Issued on 08/18/14 [Member] | |
Number Outstanding | shares | 645,000 |
Proceeds to Company if Exercised | $ | $ 1,773,750 |
Minimum [Member] | Issued on 08/18/14 [Member] | |
Exercise Price | $ 2.50 |
Contractual Life (Years) | 4 years 6 months |
Expiration Date | Feb. 18, 2019 |
Maximum [Member] | Issued on 08/18/14 [Member] | |
Exercise Price | $ 3 |
Contractual Life (Years) | 5 years 6 months |
Expiration Date | Feb. 18, 2020 |
Issued On 11/25/11 [Member] | |
Number Outstanding | shares | 505,000 |
Proceeds to Company if Exercised | $ | $ 2,121,000 |
Issued On 11/25/11 [Member] | Minimum [Member] | |
Exercise Price | $ 3 |
Contractual Life (Years) | 5 years |
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 | 20,000 |
Proceeds to Company if Exercised | $ | $ 116,200 |
Issued On 09/01/12 [Member] | Minimum [Member] | |
Exercise Price | $ 5.31 |
Contractual Life (Years) | 4 years 6 months |
Expiration Date | Mar. 1, 2017 |
Issued On 09/01/12 [Member] | Maximum [Member] | |
Exercise Price | $ 6.31 |
Contractual Life (Years) | 6 years |
Expiration Date | Sep. 1, 2018 |
Issued On 03/20/13 [Member] | |
Number Outstanding | shares | 37,000 |
Proceeds to Company if Exercised | $ | $ 123,950 |
Issued On 03/20/13 [Member] | Minimum [Member] | |
Exercise Price | $ 2.35 |
Contractual Life (Years) | 4 years 6 months |
Expiration Date | Sep. 20, 2017 |
Issued On 03/20/13 [Member] | Maximum [Member] | |
Exercise Price | $ 4.35 |
Contractual Life (Years) | 7 years |
Expiration Date | Mar. 20, 2020 |
Issued on 09/02/13 [Member] | |
Number Outstanding | shares | 16,300 |
Proceeds to Company if Exercised | $ | $ 54,605 |
Issued on 09/02/13 [Member] | Minimum [Member] | |
Exercise Price | $ 2.35 |
Contractual Life (Years) | 4 years 6 months |
Expiration Date | Mar. 2, 2018 |
Issued on 09/02/13 [Member] | Maximum [Member] | |
Exercise Price | $ 4.35 |
Contractual Life (Years) | 7 years |
Expiration Date | Sep. 2, 2020 |
Issued on 05/16/14 [Member] | |
Number Outstanding | shares | 25,000 |
Proceeds to Company if Exercised | $ | $ 100,000 |
Issued on 05/16/14 [Member] | Minimum [Member] | |
Exercise Price | $ 3 |
Contractual Life (Years) | 3 years 6 months |
Expiration Date | Nov. 16, 2017 |
Issued on 05/16/14 [Member] | Maximum [Member] | |
Exercise Price | $ 5 |
Contractual Life (Years) | 6 years |
Expiration Date | May 16, 2020 |
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 |
Proceeds to Company if Exercised | $ | $ 76,000 |
Issued on 07/23/15 [Member] | |
Number Outstanding | shares | 317,000 |
Exercise Price | $ 4 |
Contractual Life (Years) | 4 years 6 months |
Expiration Date | Jan. 23, 2020 |
Proceeds to Company if Exercised | $ | $ 1,268,000 |
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 |
Proceeds to Company if Exercised | $ | $ 281,250 |
Issued on 04/15/16 [Member] | |
Number Outstanding | shares | 775,000 |
Exercise Price | $ 4 |
Contractual Life (Years) | 6 years |
Expiration Date | Apr. 15, 2022 |
Proceeds to Company if Exercised | $ | $ 3,100,000 |
Issued on 06/23/16 [Member] | |
Number Outstanding | shares | 15,000 |
Exercise Price | $ 4 |
Contractual Life (Years) | 6 years |
Expiration Date | Jun. 23, 2022 |
Proceeds to Company if Exercised | $ | $ 60,000 |
Issued on 09/13/16 [Member] | |
Number Outstanding | shares | 25,000 |
Exercise Price | $ 4.65 |
Contractual Life (Years) | 6 years |
Expiration Date | Sep. 13, 2022 |
Proceeds to Company if Exercised | $ | $ 116,250 |
Warrants And Options (Details N
Warrants And Options (Details Narrative) | 9 Months Ended |
Sep. 30, 2016$ / shares | |
Weighted average remaining contractual life | 3 years 5 months 19 days |
Warrant [Member] | |
Weighted average exercise price | $ 2.36 |
Weighted average remaining contractual life | 2 years 1 month 10 days |
Commitments and Contingencies33
Commitments and Contingencies (Details) | Sep. 30, 2016USD ($) |
Commitments And Contingencies Details | |
2,016 | $ 23,013 |
2,017 | 87,786 |
2,018 | 84,817 |
2,019 | 81,949 |
2,020 | 46,044 |
Total minimum lease payments | 323,609 |
Less: Amount representing interest | (14,679) |
Present value of minimum lease payments | $ 308,930 |
Commitments and Contingencies34
Commitments and Contingencies (Details 1) | Sep. 30, 2016USD ($) |
Commitments And Contingencies Details 1 | |
2,016 | $ 159,291 |
2,017 | 8,591 |
Thereafter | |
Total | $ 167,882 |
Commitments and Contingencies35
Commitments and Contingencies (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Commitments And Contingencies Details Narrative | ||
Outstanding amount repaid | $ 254,934 | |
Amortization charged to leased equipment | $ 92,139 | $ 41,258 |