VolitionRx Limited (VNRX) 10-Q 10 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 09, 2017
Document And Entity Information
Entity Registrant Name	VOLITIONRX LTD
Entity Central Index Key	93,314
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
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		26,518,700
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,017

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 16,505,210	$ 21,678,734
Prepaid expenses	299,290	165,927
Other current assets	146,982	166,887
Total Current Assets	16,951,482	22,011,548
Property and equipment, net	3,418,703	2,119,027
Intangible assets, net	599,139	602,193
Total Assets	20,969,324	24,732,768
LIABILITIES
Accounts payable	369,754	281,179
Accrued liabilities	1,434,065	1,439,275
Management and directors' fees payable	79,163	81,057
Current portion of long-term debt	138,037	30,655
Current portion of capital lease liabilities	130,936	119,016
Deferred grant income	49,436	45,510
Current portion of grant repayable	39,979	36,804
Total Current Liabilities	2,241,370	2,033,496
Long-term debt	1,064,515	432,027
Capital lease liabilities	900,693	889,810
Grant repayable	179,800	202,325
Total Liabilities	4,386,378	3,557,658
STOCKHOLDERS' EQUITY
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 26,468,700 shares and 26,126,049 shares, respectively	26,469	26,126
Additional paid-in capital	64,415,602	62,287,252
Accumulated other comprehensive loss	(100,483)	(193,297)
Accumulated Deficit	(47,758,642)	(40,944,971)
Total Stockholders' Equity	16,582,946	21,175,110
Total Liabilities and Stockholders' Equity	$ 20,969,324	$ 24,732,768

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
STOCKHOLDERS' EQUITY
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	26,468,700	26,126,049
Common Stock, shares outstanding	26,468,700	26,126,049

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Consolidated Statements Of Operations And Comprehensive Loss
Revenue
Expenses
General and administrative	$ 258,657	$ 166,056	502,843	394,251
Sales and marketing	152,642	128,722	301,235	160,602
Professional fees	339,872	424,631	662,465	871,939
Salaries and office administrative fees	983,350	506,691	1,777,109	829,117
Research and development	1,728,467	1,749,157	3,570,019	3,211,976
Total Operating Expenses	3,462,988	2,975,257	6,813,671	5,467,885
Net Operating Loss	(3,462,988)	(2,975,257)	(6,813,671)	(5,467,885)
Other Income
Grants received		25,891		25,891
Total Other Income		25,891		25,891
Income tax expense
Net Loss	(3,462,988)	(2,949,366)	(6,813,671)	(5,441,994)
Other Comprehensive Income/(Loss)
Foreign currency translation adjustments	61,309	(67,425)	92,814	(49,045)
Total Other Comprehensive Income/(Loss)	61,309	(67,425)	92,814	(49,045)
Net Comprehensive Loss	$ (3,401,679)	$ (3,016,791)	$ (6,720,857)	$ (5,491,039)
Net Loss per Share - Basic and Diluted	$ (0.13)	$ (0.13)	$ (0.26)	$ (0.25)
Weighted Average Shares Outstanding - Basic and Diluted	26,383,228	23,412,262	26,137,241	21,346,835

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating Activities
Net loss	$ (6,813,671)	$ (5,441,994)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	225,740	151,780
Loss on disposal of property & equipment	1,929
Stock based compensation	1,220,798	579,506
Warrants issued for services	28,482	(112,615)
Non-operating income – grants received		(25,891)
Changes in operating assets and liabilities:
Prepaid expenses	(131,526)	(57,362)
Other current assets	31,560	(68,253)
Accounts payable and accrued liabilities	(46,685)	416,362
Net Cash Used In Operating Activities	(5,483,373)	(4,558,467)
Investing Activities
Purchases of property and equipment	(1,234,892)	(68,382)
Net Cash Used in Investing Activities	(1,234,892)	(68,382)
Financing Activities
Net proceeds from issuance of common shares	879,412	13,313,795
Proceeds from debt payable	664,573
Grants received		25,891
Grants repaid	(38,487)	(36,135)
Payments on capital lease obligations	(60,874)	(41,358)
Net Cash Provided By Financing Activities	1,444,624	13,262,193
Effect of foreign exchange on cash	100,117	(51,056)
(Decrease)/Increase in Cash	(5,173,524)	8,584,288
Cash and cash equivalents - Beginning of Period	21,678,734	5,916,006
Cash and cash equivalents - End of Period	16,505,210	14,500,294
Supplemental Disclosures of Cash Flow Information
Interest paid	32,639	6,897
Income tax paid
Non Cash Investing and Financing Activities:
Common stock issued on cashless exercises of stock options		$ 21

Condensed Financial Statements

Condensed Financial Statements	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Note 1 - Condensed Financial Statements	The accompanying 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 June 30, 2017, 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, 2016 as filed with the Securities and Exchange Commission on March 10, 2017. The results of operations for the periods ended June 30, 2017 and 2016 are not necessarily indicative of the operating results for the full years.

Going Concern

Going Concern	6 Months Ended
	Jun. 30, 2017
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 $47,758,642, has negative cash flows from operations, 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 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	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Note 3 - Summary of Significant Accounting Policies	Basis of Presentation The financial statements of the Company have been prepared in accordance with U.S. GAAP and are expressed in United States Dollars. The Company’s fiscal year end is December 31. 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, the 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 June 30, 2017 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte. Limited, Belgian Volition SPRL (“Belgian Volition”), Hypergenomics Pte. Limited, Volition America, Inc., which was formed on February 3, 2017 (“Volition America”), and Volition Diagnostics UK Limited (“Volition Diagnostics”). 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 June 30, 2017 and December 31, 2016, the Company had $16,505,210 and $21,678,734, respectively, in cash and cash equivalents. At June 30, 2017 and December 31, 2016, the Company had approximately $14,599,241 and $17,154,377, respectively, in its domestic accounts in excess of Federal Deposit Insurance Corporation insured limits. At June 30, 2017 and December 31, 2016, the Company had approximately $1,079,122 and $2,401,894, respectively, in its foreign accounts in excess of the Belgian Deposit Guarantee insured limits. At June 30, 2017 and December 31, 2016, the Company had approximately $256,233 and $1,719,937, respectively, in its foreign accounts in excess of the Singapore Deposit Insurance Scheme. At June 30, 2017 and December 31, 2016, the Company had approximately $84,777 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 June 30, 2017, 1,048,192 dilutive warrants and options and 779,901 potentially dilutive warrants and options were excluded from the diluted EPS calculation as their effect is anti-dilutive. Foreign Currency Translation The Company’s functional currencies are the Euro, the United States Dollar and British Pounds Sterling 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 Company’s management believes that these recent pronouncements will not have a material effect on the Company’s consolidated financial statements. However, the following pronouncement has been adopted by the Company: In March 2016, the FASB Issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718)”. The amendments in this update simplify aspects of accounting for share-based payment transactions. An entity can now make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. The amendments in this update are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. 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 Buildings 30 years Building improvements 5 to 15 years Land Not amortized

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Note 4 - Property and Equipment	The Company’s property and equipment consist of the following amounts as of June 30, 2017 and December 31, 2016: June 30, 2017 Accumulated Net Carrying Cost Depreciation Value $ $ $ Computer hardware and software 194,432 88,384 106,048 Laboratory equipment 769,802 223,818 545,984 Equipment held under capital lease 652,815 263,936 388,879 Office furniture and equipment 176,859 17,708 159,151 Buildings 1,497,873 16,626 1,481,247 Building improvements 661,059 15,047 646,012 Land 91,382 - 91,382 4,044,222 625,519 3,418,703 December 31, 2016 Accumulated Net Carrying Cost Depreciation Value $ $ $ Computer hardware and software 157,002 68,229 88,773 Laboratory equipment 313,655 151,541 162,114 Equipment held under capital lease 578,830 183,296 395,534 Office furniture and equipment 32,932 23,361 9,571 Buildings 1,378,911 - 1,378,911 Building improvements - - - Land 84,124 - 84,124 2,545,454 426,427 2,119,027 During the six month period ended June 30, 2017 and the six month period ended June 30, 2016, the Company recognized $183,323 and $108,235 respectively, in depreciation expense.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Note 5 - Intangible Assets	The Company’s intangible assets consist of intellectual property and patents, mainly acquired in the acquisition of Belgian Volition (formerly ValiBio SA). The patents and intellectual property are being amortized over the assets’ estimated useful lives, which range from 8 to 20 years. June 30, 2017 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,164,515 565,376 599,139 1,164,515 565,376 599,139 December 31, 2016 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,085,133 482,940 602,193 1,085,133 482,940 602,193 During the six month period ended June 30, 2017, and the six month period ended June 30, 2016, the Company recognized $42,417 and $43,545, 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: 2017 - remaining $ 44,428 2018 $ 88,856 2019 $ 88,856 2020 $ 88,856 2021 $ 88,856 The Company reviews its long lived assets on an annual basis, 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, 2016. The result of this review confirmed that the fair value of the patents exceeded their carrying value as of December 31, 2016.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Note 6 - Related Party Transactions	The Company has agreements with related parties for consultancy services, stock options and warrants. See Notes 8 (a), 8(b) and 9(b), for further details concerning these agreements.

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Note 7 - Common Stock	Issuances Upon Warrant Exercises On January 26, 2017, 2,000 warrants were exercised at a price of $2.40 per share, for net cash proceeds to the Company of $4,800. As a result, a total of 2,000 shares of common stock were issued. From March 13, 2017 through April 3, 2017, 27,500 warrants were exercised at a price of $2.20 per share, for net cash proceeds to the Company of $60,500. As a result, a total of 27,500 shares of common stock were issued. From April 3, 2017 through May 9, 2017, 313,151 warrants were exercised at a price of $2.60 per share, for net cash proceeds to the Company of $814,193. As a result, a total of 313,151 shares of common stock were issued. Of this issuance, 163,499 shares of common stock were issued to related parties, for net cash proceeds to the Company of $425,097.

Warrants And Options

Warrants And Options	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Note 8 - Warrants and Options	a) Warrants See Note 7. The following table summarizes the changes in warrants outstanding of the Company during the six month period ended June 30, 2017: Number of Warrants Weighted Average Exercise Price ($) Outstanding at December 31, 2016 2,162,638 2.40 Granted - - Exercised (342,651 ) (2.57 ) Expired (28,307 ) (2.60 ) Outstanding at June 30, 2017 1,791,680 2.36 Exercisable at June 30, 2017 1,641,680 2.35 On February 14, 2017, the Company modified the performance criteria for a vesting milestone on an employee warrant agreement, as a result the Company re-measured warrants held by an employee, to purchase 25,000 shares of common stock at an exercise price of $2.47 per share. These warrants vest on achievement of certain business objectives and expire 3 years from the date of vesting. The Company has calculated the estimated fair market value of these warrants using the Black-Scholes Option Pricing model and the following assumptions: term: 0.5 years, stock price: $4.52, exercise price: $2.47, 55.65% volatility, 0.66% risk free rate. On May 10, 2017, 28,307 warrants expired. Below is a table summarizing the warrants issued and outstanding as of June 30, 2017, which have a weighted average exercise price of $2.36 per share and an aggregate weighted average remaining contractual life of 1.71 years. Date Issued Number Outstanding Number Exercisable Exercise Price ($) Contractual Life (Years) Weighted Average Remaining Contractual Life (Years) Expiration Date Proceeds to Company if Exercised ($) 03/20/13 150,000 - 2.47 4.0 to 6.0 0.28 06/30/20 to 12/31/21 370,500 06/10/13 29,750 29,750 2.00 5.0 0.02 06/10/18 59,500 08/07/13 45,000 45,000 2.40 4.0 0.01 08/07/17 108,000 11/25/13 456,063 456,063 2.40 5.0 0.36 11/25/18 1,094,551 12/31/13 64,392 64,392 2.40 5.0 0.05 12/31/18 154,541 02/26/14 953,475 953,475 2.20 5.0 0.88 02/26/19 2,097,645 09/05/14 10,000 10,000 2.40 3.0 0.01 09/05/17 24,000 09/26/14 24,000 24,000 3.00 3.0 0.01 09/26/17 72,000 11/17/14 19,000 19,000 3.75 3.0 0.01 11/17/17 71,250 11/14/16 40,000 40,000 4.53 4.0 0.08 11/14/20 181,200 1,791,680 1,641,680 1.71 4,233,187 Total remaining unrecognized compensation cost related to non-vested warrants is approximately $48,891 and is expected to be recognized over a period of 2.0 years. As of June 30, 2017, the total intrinsic value of warrants was $2,152,950. b) Options The following table summarizes the changes in options outstanding of the Company during the six month period ended June 30, 2017: Number of Options Weighted Average Exercise Price ($) Outstanding at December 31, 2016 2,384,300 3.75 Granted 861,000 4.99 Exercised - - Expired (131,000 ) (4.17 ) Outstanding at June 30, 2017 3,114,300 4.07 Exercisable at June 30, 2017 2,253,300 3.72 Effective January 1, 2017, the Company granted stock options to purchase 50,000 shares of common stock. These options vest on January 1, 2018 and expire 5 years after the vesting date, with an exercise price of $4.80 per share. The Company has calculated the estimated fair market value of these options at $157,890, using the Black-Scholes Option Pricing model and the following assumptions: term 6 years, stock price $4.57, exercise price $4.80, 80.70% volatility, 2.26% risk free rate. Effective February 13, 2017, the Company granted stock options to purchase 25,000 shares of common stock. These options vest on February 13, 2018 and expire 5 years after the vesting date, with an exercise price of $5.00 per share. The Company has calculated the estimated fair market value of these options at $76,773, using the Black-Scholes Option Pricing model and the following assumptions: term 6 years, stock price $4.52, exercise price $5.00, 80.17% volatility, 2.24% risk free rate. On March 1, 2017, stock options to purchase 5,000 shares of common stock expired unexercised. On March 30, 2017, the Company granted stock options to purchase 686,000 shares of common stock. These options vest on March 30, 2018 and expire five years after their vesting date, with an exercise price of $5.00 per share. The Company has calculated the estimated fair market value of these options at $1,898,322, using the Black-Scholes Option Pricing model and the following assumptions: term 6 years, stock price $4.18, exercise price $5.00, 79.41% volatility, 2.25% risk free rate. Effective April 10, 2017, the Company granted stock options to purchase 100,000 shares of common stock. These options vest on April 10, 2018 and expire 5 years after the vesting date, with an exercise price of $5.00 per share. The Company has calculated the estimated fair market value of these options at $258,077, using the Black-Scholes Option Pricing model and the following assumptions: term 6 years, stock price $3.96, exercise price $5.00, 79.33% volatility, 2.18% risk free rate. On May 25, 2017, stock options to purchase 101,000 shares of common stock expired unexercised. On May 31, 2017, stock options to purchase 25,000 shares of common stock expired unexercised. Below is a table summarizing the options issued and outstanding as of June 30, 2017, 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 $4.07 per share and an aggregate weighted average remaining contractual life of 3.75 years. Date Issued Number Outstanding Number Exercisable Exercise Price ($) Contractual Life (Years) Weighted Average Remaining Contractual Life (Years) Expiration Date Proceeds to Company if Exercised ($) 11/25/11 303,000 303,000 4.00-5.00 6.0-7.0 0.09 11/25/17-11/25/18 1,414,000 09/01/12 15,000 15,000 5.31-6.31 5.0-6.0 0.00 09/01/17-09/01/18 89,650 03/20/13 37,000 37,000 2.35-4.35 4.5-7.0 0.02 09/20/17-03/20/20 123,950 09/02/13 16,300 16,300 2.35-4.35 4.5-7.0 0.01 03/02/18-09/02/20 54,605 05/16/14 25,000 25,000 3.00-5.00 3.5-6.0 0.01 11/16/17-05/16/20 100,000 08/18/14 645,000 645,000 2.50 and 3.00 4.5 and 5.5 0.44 02/18/19-02/18/20 1,773,750 05/18/15 20,000 20,000 3.80 4.5 0.01 11/18/19 76,000 07/23/15 317,000 317,000 4.00 4.5 0.26 01/23/20 1,268,000 08/17/15 75,000 75,000 3.75 5.0 0.08 08/17/20 281,250 04/15/16 775,000 775,000 4.00 6.0 1.19 04/15/22 3,100,000 06/23/16 15,000 15,000 4.00 6.0 0.02 06/23/22 60,000 11/11/16 10,000 10,000 5.00 6.0 0.02 11/11/22 50,000 01/01/17 50,000 - 4.80 6.0 0.09 01/01/23 240,000 02/13/17 25,000 - 5.00 6.0 0.05 02/13/23 125,000 03/30/17 686,000 - 5.00 6.0 1.27 03/30/23 3,430,000 04/10/17 100,000 - 5.00 6.0 0.19 04/10/23 500,000 3,114,300 2,253,300 3.75 12,686,205 Total remaining unrecognized compensation cost related to non-vested stock options is approximately $1,748,629 and is expected to be recognized over a period of 1.0 years. As of June 30, 2017, the total intrinsic value of stock options was $538,568.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
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 $1,197,122 (€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 $359,137 (€314,406) of this amount by installments over the period June 30, 2014 to June 30, 2023. The Company has recorded the balance of $837,985 (€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% 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 $359,137 (€314,406) and the 6% royalty on revenue, is twice the amount of funding received. As at June 30, 2017, $219,779 (€192,406) 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 Company’s 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. The 2016 Reynolds Consulting Agreement was terminated on March 31, 2017 in connection with Mr. Reynolds entering into an Employment Agreement with Volition Diagnostics, effective April 1, 2017. 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 $628,767 (€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 $59,586 (€55,045) for the six months ended June 30, 2017 and $61,121 (€55,045) for the six months ended June 30, 2016. 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 Company’s new research and development facility described below. Pursuant to the Capital Lease Agreement, ING paid $1.28 million (€1.12 million) in return for Belgian Volition granting to ING a right of emphyteusis (a form of leasehold) on the property located in the Belgian 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 $38,380 (€33,600) at the end of the lease. The Capital Lease Agreement provides that Belgian Volition shall make the first lease payment of $502,599 (€440,000) following the execution of the Capital Lease Agreement, and then quarterly lease payments of approximately $15,360 (€13,447), 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 with Gerard Dekoninck S.A. The purchase price for the Property consisted of $1.4 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. Occupation of the Property occurred in March 2017. Total amortization charged to the income statement, related to the leased building is $15,880 (€14,554) for the six months ended June 30, 2017 and $nil (€nil) for the six months ended June 30, 2016. 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 June 30, 2017. 2017 $ 77,754 2018 $ 155,507 2019 $ 155,507 2020 $ 106,921 2021 $ 61,440 Thereafter $ 637,410 Total minimum lease payments $ 1,194,539 Less: Amount representing interest $ (162,910 ) Present value of minimum lease payments $ 1,031,629 Made up of: Current portion $ 130,936 Long term portion $ 900,693 Present value of minimum lease payments $ 1,031,629 The Company also leases premises and facilities under operating leases with terms ranging from 12 months to 60 months. The annual non-cancelable operating lease payments on these leases are as follows: 2017 $ 179,937 2018 $ 179,564 Thereafter $ 87,963 Total $ 447,464 d) Hvidovre Hospital, Denmark Agreement 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 (“CRC”) 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 $2,304,105 (DKR 15,000,000). e) Long Term Debt: Preface S.A. Loan Agreements On September 16, 2016, Belgian Volition entered into an unsecured loan agreement with Namur Invest or Preface S.A. for the amount of $502,599 (€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. Thereafter, monthly repayments of $7,525 (€6,588) will be made. See Note 9 (c) for the use of the proceeds from the Loan Agreement. On May 2, 2017, Belgian Volition entered into an additional unsecured loan agreement with Namur Invest or Preface S.A. for the amount of $399,795 (€350,000) (the “May 2017 Loan Agreement”). The May 2017 Loan Agreement provides for an approximate 3.5 year repayment term, a fixed interest rate at 4.00% and interest only payments between the receipt of proceeds and December 31, 2017. Thereafter, monthly repayments of $10,217 (€8,944) will be made. The proceeds from the May 2017 Loan Agreement will be used to fund a pathway study for our first product – the Nu.Q TM f) Long Term Debt: ING Loan Agreement On October 25, 2016, Belgian Volition entered into a secured loan agreement with ING for an amount up to $308,413 (€270,000) (the “Supplemental Loan”). The Supplemental Loan provides for a 15-year term commencing on March 31, 2017, a fixed interest rate at 2.96%, and quarterly repayments of $6,324 (€5,536), commencing on April 28, 2017. The maximum amount of the loan facility had been drawn down by Belgian Volition by the loan commencement date of March 31, 2017 and interest only payments were made from the initial draw down of the loan until June 30, 2017. The proceeds of the Supplemental Loan were used to finance the construction of a laboratory in the new research and development facility (see Note 9 (c)). 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	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Note 10 - Subsequent Events	On July 7, 2017, 5,000 warrants were exercised at a price of $2.20 per share, for net cash proceeds to the Company of $11,000. As a result, a total of 5,000 shares of common stock were issued. From July 9, 2017 through July 19, 2017, 45,000 warrants were exercised at a price of $2.40 per share for net cash proceeds to the Company of $108,000. As a result, a total of 45,000 shares of common stock were issued. Effective July 13, 2017, the Company granted stock options to purchase 10,000 shares of common stock. These options vest on July 13, 2018 and expire 5 years after the vesting date, with an exercise price of $5.00 per share. The Company has calculated the estimated fair market value of these options at $19,068, using the Black-Scholes Option Pricing model and the following assumptions: term 6 years, stock price $3.15, exercise price $5.00, 78.41% volatility, 2.16% risk free rate. On July 17, 2017, Volition America entered into a Clinical Study Agreement with the Regents of the University of Michigan, (the “Regents”), with regards to Volition America’s participation, with the Regents and the National Cancer Institute Early Detection Research Network, in a clinical study involving approximately 13,500 samples. The enrollment period and sample collection is anticipated to take up to 3 years to complete. The total maximum payment due by Volition America in accordance with the agreement is $3 million spread over 12 equal quarterly installments of $250,000.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Summary Of Significant Accounting Policies Policies
Basis of Presentation	The financial statements of the Company have been prepared in accordance with U.S. GAAP and are expressed in United States Dollars. The Company’s fiscal year end is December 31.
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, the 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 June 30, 2017 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte. Limited, Belgian Volition SPRL (“Belgian Volition”), Hypergenomics Pte. Limited, Volition America, Inc., which was formed on February 3, 2017 (“Volition America”), and Volition Diagnostics UK Limited (“Volition Diagnostics”). 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 June 30, 2017 and December 31, 2016, the Company had $16,505,210 and $21,678,734, respectively, in cash and cash equivalents. At June 30, 2017 and December 31, 2016, the Company had approximately $14,599,241 and $17,154,377, respectively, in its domestic accounts in excess of Federal Deposit Insurance Corporation insured limits. At June 30, 2017 and December 31, 2016, the Company had approximately $1,079,122 and $2,401,894, respectively, in its foreign accounts in excess of the Belgian Deposit Guarantee insured limits. At June 30, 2017 and December 31, 2016, the Company had approximately $256,233 and $1,719,937, respectively, in its foreign accounts in excess of the Singapore Deposit Insurance Scheme. At June 30, 2017 and December 31, 2016, the Company had approximately $84,777 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 June 30, 2017, 1,048,192 dilutive warrants and options and 779,901 potentially dilutive warrants and options were excluded from the diluted EPS calculation as their effect is anti-dilutive.
Foreign Currency Translation	The Company’s functional currencies are the Euro, the United States Dollar and British Pounds Sterling 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 Company’s management believes that these recent pronouncements will not have a material effect on the Company’s consolidated financial statements. However, the following pronouncement has been adopted by the Company: In March 2016, the FASB Issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718)”. The amendments in this update simplify aspects of accounting for share-based payment transactions. An entity can now make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. The amendments in this update are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016.
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 Buildings 30 years Building improvements 5 to 15 years Land Not amortized

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
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 Buildings 30 years Building improvements 5 to 15 years Land Not amortized

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2017
Property And Equipment Tables
Companys property and equipment	The Company’s property and equipment consist of the following amounts as of June 30, 2017 and December 31, 2016: June 30, 2017 Accumulated Net Carrying Cost Depreciation Value $ $ $ Computer hardware and software 194,432 88,384 106,048 Laboratory equipment 769,802 223,818 545,984 Equipment held under capital lease 652,815 263,936 388,879 Office furniture and equipment 176,859 17,708 159,151 Buildings 1,497,873 16,626 1,481,247 Building improvements 661,059 15,047 646,012 Land 91,382 - 91,382 4,044,222 625,519 3,418,703 December 31, 2016 Accumulated Net Carrying Cost Depreciation Value $ $ $ Computer hardware and software 157,002 68,229 88,773 Laboratory equipment 313,655 151,541 162,114 Equipment held under capital lease 578,830 183,296 395,534 Office furniture and equipment 32,932 23,361 9,571 Buildings 1,378,911 - 1,378,911 Building improvements - - - Land 84,124 - 84,124 2,545,454 426,427 2,119,027

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Intangible Assets Tables
Patents amortized over their remaining lives	The Company’s intangible assets consist of intellectual property and patents, mainly acquired in the acquisition of Belgian Volition (formerly ValiBio SA). The patents and intellectual property are being amortized over the assets’ estimated useful lives, which range from 8 to 20 years. June 30, 2017 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,164,515 565,376 599,139 1,164,515 565,376 599,139 December 31, 2016 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,085,133 482,940 602,193 1,085,133 482,940 602,193
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: 2017 - remaining $ 44,428 2018 $ 88,856 2019 $ 88,856 2020 $ 88,856 2021 $ 88,856

Warrants and Options (Tables)

Warrants and Options (Tables)	6 Months Ended
	Jun. 30, 2017
Warrant [Member]
Summarizes changes in warrants and options outstanding	The following table summarizes the changes in warrants outstanding of the Company during the six month period ended June 30, 2017: Number of Warrants Weighted Average Exercise Price ($) Outstanding at December 31, 2016 2,162,638 2.40 Granted - - Exercised (342,651 ) (2.57 ) Expired (28,307 ) (2.60 ) Outstanding at June 30, 2017 1,791,680 2.36 Exercisable at June 30, 2017 1,641,680 2.35
Summarizes warrants and options issued and outstanding	Below is a table summarizing the warrants issued and outstanding as of June 30, 2017, which have a weighted average exercise price of $2.36 per share and an aggregate weighted average remaining contractual life of 1.71 years. Date Issued Number Outstanding Number Exercisable Exercise Price ($) Contractual Life (Years) Weighted Average Remaining Contractual Life (Years) Expiration Date Proceeds to Company if Exercised ($) 03/20/13 150,000 - 2.47 4.0 to 6.0 0.28 06/30/20 to 12/31/21 370,500 06/10/13 29,750 29,750 2.00 5.0 0.02 06/10/18 59,500 08/07/13 45,000 45,000 2.40 4.0 0.01 08/07/17 108,000 11/25/13 456,063 456,063 2.40 5.0 0.36 11/25/18 1,094,551 12/31/13 64,392 64,392 2.40 5.0 0.05 12/31/18 154,541 02/26/14 953,475 953,475 2.20 5.0 0.88 02/26/19 2,097,645 09/05/14 10,000 10,000 2.40 3.0 0.01 09/05/17 24,000 09/26/14 24,000 24,000 3.00 3.0 0.01 09/26/17 72,000 11/17/14 19,000 19,000 3.75 3.0 0.01 11/17/17 71,250 11/14/16 40,000 40,000 4.53 4.0 0.08 11/14/20 181,200 1,791,680 1,641,680 1.71 4,233,187
Option [Member]
Summarizes changes in warrants and options outstanding	The following table summarizes the changes in options outstanding of the Company during the six month period ended June 30, 2017: Number of Options Weighted Average Exercise Price ($) Outstanding at December 31, 2016 2,384,300 3.75 Granted 861,000 4.99 Exercised - - Expired (131,000 ) (4.17 ) Outstanding at June 30, 2017 3,114,300 4.07 Exercisable at June 30, 2017 2,253,300 3.72
Summarizes warrants and options issued and outstanding	Below is a table summarizing the options issued and outstanding as of June 30, 2017, 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 $4.07 per share and an aggregate weighted average remaining contractual life of 3.75 years. Date Issued Number Outstanding Number Exercisable Exercise Price ($) Contractual Life (Years) Weighted Average Remaining Contractual Life (Years) Expiration Date Proceeds to Company if Exercised ($) 11/25/11 303,000 303,000 4.00-5.00 6.0-7.0 0.09 11/25/17-11/25/18 1,414,000 09/01/12 15,000 15,000 5.31-6.31 5.0-6.0 0.00 09/01/17-09/01/18 89,650 03/20/13 37,000 37,000 2.35-4.35 4.5-7.0 0.02 09/20/17-03/20/20 123,950 09/02/13 16,300 16,300 2.35-4.35 4.5-7.0 0.01 03/02/18-09/02/20 54,605 05/16/14 25,000 25,000 3.00-5.00 3.5-6.0 0.01 11/16/17-05/16/20 100,000 08/18/14 645,000 645,000 2.50 and 3.00 4.5 and 5.5 0.44 02/18/19-02/18/20 1,773,750 05/18/15 20,000 20,000 3.80 4.5 0.01 11/18/19 76,000 07/23/15 317,000 317,000 4.00 4.5 0.26 01/23/20 1,268,000 08/17/15 75,000 75,000 3.75 5.0 0.08 08/17/20 281,250 04/15/16 775,000 775,000 4.00 6.0 1.19 04/15/22 3,100,000 06/23/16 15,000 15,000 4.00 6.0 0.02 06/23/22 60,000 11/11/16 10,000 10,000 5.00 6.0 0.02 11/11/22 50,000 01/01/17 50,000 - 4.80 6.0 0.09 01/01/23 240,000 02/13/17 25,000 - 5.00 6.0 0.05 02/13/23 125,000 03/30/17 686,000 - 5.00 6.0 1.27 03/30/23 3,430,000 04/10/17 100,000 - 5.00 6.0 0.19 04/10/23 500,000 3,114,300 2,253,300 3.75 12,686,205

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017. 2017 $ 77,754 2018 $ 155,507 2019 $ 155,507 2020 $ 106,921 2021 $ 61,440 Thereafter $ 637,410 Total minimum lease payments $ 1,194,539 Less: Amount representing interest $ (162,910 ) Present value of minimum lease payments $ 1,031,629 Made up of: Current portion $ 130,936 Long term portion $ 900,693 Present value of minimum lease payments $ 1,031,629
Operating lease payments	The Company also leases premises and facilities under operating leases with terms ranging from 12 months to 60 months. The annual non-cancelable operating lease payments on these leases are as follows: 2017 $ 179,937 2018 $ 179,564 Thereafter $ 87,963 Total $ 447,464

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		83 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017
Going Concern Details Narrative
Net Loss	$ (3,462,988)	$ (2,949,366)	$ (6,813,671)	$ (5,441,994)	$ (47,758,642)

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2017
Computer hardware and software [Member]
Estimated useful life	3 years
Laboratory Equipment [Member]
Estimated useful life	5 years
Equipment held under capital lease
Estimated useful life	5 years
Office Furniture and Equipment [Member]
Estimated useful life	5 years
Buildings [Member]
Estimated useful life	30 years
Building Improvements [Member] | Minimum [Member]
Estimated useful life	5 years
Building Improvements [Member] | Maximum [Member]
Estimated useful life	15 years
Land [Member]
Estimated useful life	0 years

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Cash and cash equivalents	$ 16,505,210	$ 21,678,734	$ 14,500,294	$ 5,916,006
Potentially dilutive warrants and options	1,048,192
Excluded potentially dilutive warrants and options	779,901
UK Deposit Protection Scheme [Member]
Cash and cash equivalents	$ 84,777
Singapore Deposit Insurance [Member]
Cash and cash equivalents	256,233	1,719,937
Belgian Deposit Guarantee [Member]
Cash and cash equivalents	1,079,122	2,401,894
Federal Deposit Insurance Corporation [Member]
Cash and cash equivalents	$ 14,599,241	$ 17,154,377

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Cost	$ 4,044,222	$ 2,545,454
Accumulated Depreciation	625,519	426,427
Net Carrying Value	3,418,703	2,119,027
Computer hardware and software [Member]
Cost	194,432	157,002
Accumulated Depreciation	88,384	68,229
Net Carrying Value	106,048	88,773
Laboratory Equipment [Member]
Cost	769,802	313,655
Accumulated Depreciation	223,818	151,541
Net Carrying Value	545,984	162,114
Equipment held under capital lease
Cost	652,815	578,830
Accumulated Depreciation	263,936	183,296
Net Carrying Value	388,879	395,534
Office Furniture and Equipment [Member]
Cost	176,859	32,932
Accumulated Depreciation	17,708	23,361
Net Carrying Value	159,151	9,571
Buildings [Member]
Cost	1,497,873	1,378,911
Accumulated Depreciation	16,626
Net Carrying Value	1,481,247	1,378,911
Building Improvements [Member]
Cost	661,059
Accumulated Depreciation	15,047
Net Carrying Value	646,012
Land [Member]
Cost	91,382	84,124
Accumulated Depreciation
Net Carrying Value	$ 91,382	$ 84,124

Property and Equipment (Detai26

Property and Equipment (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Property And Equipment Details Narrative
Depreciation Expense	$ 183,323	$ 108,235

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Cost	$ 1,164,515	$ 1,085,133
Accumulated Amortization	565,376	482,940
Net Carrying Value	599,139	602,193
Patents [Member]
Cost	1,164,515	1,085,133
Accumulated Amortization	565,376	482,940
Net Carrying Value	$ 599,139	$ 602,193

Intangible Assets (Details 1)

Intangible Assets (Details 1)	Dec. 31, 2016USD ($)
Intangible Assets Details 1
2,017	$ 44,428
2,018	88,856
2,019	88,856
2,020	88,856
2,021	$ 88,856

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Amortization expense	$ 42,417	$ 43,545
Minimum [Member]
Amortization of long-lived asset on straight line basis	8 years
Maximum [Member]
Amortization of long-lived asset on straight line basis	20 years

Common Stock (Details Narrative

Common Stock (Details Narrative)	6 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares
Proceeds from warrants exercised | $	$ 425,097
Stock Issued During Period, Shares	163,499
From April 3, 2017 through May 9, 2017 [Member]
Proceeds from warrants exercised | $	$ 814,193
Stock Issued During Period, Shares	313,151
From April 3, 2017 through May 9, 2017 [Member]
Warrants exercised	313,151
Exercise price | $ / shares	$ 2.60
From March 13, 2017 through April 3, 2017 [Member]
Warrants exercised	27,500
Exercise price | $ / shares	$ 2.20
Proceeds from warrants exercised | $	$ 60,500
Stock Issued During Period, Shares	27,500
On January 26, 2017 [Member]
Warrants exercised	2,000
Exercise price | $ / shares	$ 2.40
Proceeds from warrants exercised | $	$ 4,800
Stock Issued During Period, Shares	2,000

Warrants And Options (Details)

Warrants And Options (Details) - $ / shares	May 10, 2017	Jun. 30, 2017
Number of Warrants
Exercisable at June 30, 2017		1,641,680
Warrant [Member]
Number of Warrants
Outstanding, December 31, 2016		2,162,638
Granted
Exercised		(342,651)
Expired	28,307	(28,307)
Outstanding at June 30, 2017		1,791,680
Exercisable at June 30, 2017		1,641,680
Weighted Average Exercise Price
Outstanding, December 31, 2016		$ 2.40
Granted
Exercised		(2.57)
Expired		(2.60)
Outstanding at June 30, 2017		2.36
Exercisable at June 30, 2017		$ 2.35

Warrants And Options (Details 1

Warrants And Options (Details 1)	6 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares
Number Outstanding	1,791,680
Number Exercisable	1,641,680
Weighted Average Remaining Contractual Life (Years)	1 year 8 months 6 days
Proceeds to Company if Exercised | $	$ 4,233,187
Warrant [Member]
Number Exercisable	1,641,680
Exercise Price | $ / shares	$ 2.36
Weighted Average Remaining Contractual Life (Years)	1 year 8 months 6 days
Proceeds to Company if Exercised | $	$ 2,152,950
Warrant [Member] | On 03/20/13 [Member]
Number Outstanding	150,000
Number Exercisable
Exercise Price | $ / shares	$ 2.47
Weighted Average Remaining Contractual Life (Years)	3 months 11 days
Proceeds to Company if Exercised | $	$ 370,500
Warrant [Member] | On 03/20/13 [Member] | Minimum [Member]
Contractual Life (Years)	4 years
Expiration Date	Jun. 30, 2020
Warrant [Member] | On 03/20/13 [Member] | Maximum [Member]
Contractual Life (Years)	6 years
Expiration Date	Dec. 31, 2021
Warrant [Member] | On 06/10/13 [Member]
Number Outstanding	29,750
Number Exercisable	29,750
Exercise Price | $ / shares	$ 2
Contractual Life (Years)	5 years
Weighted Average Remaining Contractual Life (Years)	7 days
Expiration Date	Jun. 10, 2018
Proceeds to Company if Exercised | $	$ 59,500
Warrant [Member] | On 08/07/13 [Member]
Number Outstanding	45,000
Number Exercisable	45,000
Exercise Price | $ / shares	$ 2.4
Contractual Life (Years)	4 years
Weighted Average Remaining Contractual Life (Years)	4 days
Expiration Date	Aug. 7, 2017
Proceeds to Company if Exercised | $	$ 108,000
Warrant [Member] | On 11/25/13 [Member]
Number Outstanding	456,063
Number Exercisable	456,063
Exercise Price | $ / shares	$ 2.4
Contractual Life (Years)	5 years
Weighted Average Remaining Contractual Life (Years)	4 months 2 days
Expiration Date	Nov. 25, 2018
Proceeds to Company if Exercised | $	$ 1,094,551
Warrant [Member] | On 12/31/13 [Member]
Number Outstanding	64,392
Number Exercisable	64,392
Exercise Price | $ / shares	$ 2.4
Contractual Life (Years)	5 years
Weighted Average Remaining Contractual Life (Years)	18 days
Expiration Date	Dec. 31, 2018
Proceeds to Company if Exercised | $	$ 154,541
Warrant [Member] | On 02/26/14 [Member]
Number Outstanding	953,475
Number Exercisable	953,475
Exercise Price | $ / shares	$ 2.2
Contractual Life (Years)	5 years
Weighted Average Remaining Contractual Life (Years)	10 months 10 days
Expiration Date	Feb. 26, 2019
Proceeds to Company if Exercised | $	$ 2,097,645
Warrant [Member] | On 09/05/14 [Member]
Number Outstanding	10,000
Number Exercisable	10,000
Exercise Price | $ / shares	$ 2.4
Contractual Life (Years)	3 years
Weighted Average Remaining Contractual Life (Years)	4 days
Expiration Date	Sep. 5, 2017
Proceeds to Company if Exercised | $	$ 24,000
Warrant [Member] | On 09/26/14 [Member]
Number Outstanding	24,000
Number Exercisable	24,000
Exercise Price | $ / shares	$ 3
Contractual Life (Years)	3 years
Weighted Average Remaining Contractual Life (Years)	4 days
Expiration Date	Sep. 26, 2017
Proceeds to Company if Exercised | $	$ 72,000
Warrant [Member] | On 11/17/2014 [Member]
Number Outstanding	19,000
Number Exercisable	19,000
Exercise Price | $ / shares	$ 3.75
Contractual Life (Years)	3 years
Weighted Average Remaining Contractual Life (Years)	4 days
Expiration Date	Nov. 17, 2017
Proceeds to Company if Exercised | $	$ 71,250
Warrant [Member] | On 11/14/2016 [Member]
Number Outstanding	40,000
Number Exercisable	40,000
Exercise Price | $ / shares	$ 4.53
Contractual Life (Years)	4 years
Weighted Average Remaining Contractual Life (Years)	26 days
Expiration Date	Nov. 14, 2020
Proceeds to Company if Exercised | $	$ 181,200

Warrants And Options (Details 2

Warrants And Options (Details 2)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Number of Stock
Outstanding at June 30, 2017	1,791,680
Exercisable at June 30, 2017	1,641,680
Option [Member]
Number of Stock
Outstanding at December 31, 2016	2,384,300
Granted	861,000
Exercised
Expired	(131,000)
Outstanding at June 30, 2017	3,114,300
Exercisable at June 30, 2017	2,253,300
Weighted Average Exercise Price
Outstanding at December 31, 2016 | $ / shares	$ 3.75
Granted | $ / shares	4.99
Exercised | $ / shares
Expired | $ / shares	(4.17)
Outstanding at June 30, 2017 | $ / shares	4.07
Exercisable at June 30, 2017 | $ / shares	$ 3.72

Warrants And Options (Details 3

Warrants And Options (Details 3) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 23, 2017	Dec. 31, 2016
Number Outstanding	1,791,680
Number Exercisable	1,641,680
Weighted Average Remaining Contractual Life (Years)	1 year 8 months 6 days
Proceeds to Company if Exercised	$ 4,233,187
Option [Member]
Number Outstanding	3,114,300		2,384,300
Number Exercisable	2,253,300
Exercise Price	$ 4.07		$ 3.75
Proceeds to Company if Exercised	$ 12,686,205
Option [Member]
Weighted Average Remaining Contractual Life (Years)	3 years 9 months 26 days
Issued On 11/25/11 [Member] | Option [Member]
Number Outstanding	303,000
Number Exercisable	303,000
Weighted Average Remaining Contractual Life (Years)	1 month 13 days
Proceeds to Company if Exercised	$ 1,414,000
Issued On 11/25/11 [Member] | Option [Member] | Minimum [Member]
Exercise Price	$ 4
Contractual Life (Years)	6 years
Expiration Date	Nov. 25, 2017
Issued On 11/25/11 [Member] | Option [Member] | Maximum [Member]
Exercise Price	$ 5
Contractual Life (Years)	6 years
Expiration Date	Nov. 25, 2018
Issued On 09/01/12 [Member] | Option [Member]
Number Outstanding		15,000
Number Exercisable		15,000
Weighted Average Remaining Contractual Life (Years)	4 days
Proceeds to Company if Exercised		$ 89,650
Issued On 09/01/12 [Member] | Option [Member] | Minimum [Member]
Exercise Price	$ 5.31
Contractual Life (Years)	5 years
Expiration Date	Sep. 1, 2017
Issued On 09/01/12 [Member] | Option [Member] | Maximum [Member]
Exercise Price	$ 6.31
Contractual Life (Years)	6 years
Expiration Date	Sep. 1, 2018
Issued On 03/20/13 [Member] | Option [Member]
Number Outstanding	37,000
Number Exercisable	37,000
Weighted Average Remaining Contractual Life (Years)	7 days
Proceeds to Company if Exercised	$ 123,950
Issued On 03/20/13 [Member] | Option [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] | Option [Member] | Maximum [Member]
Exercise Price	$ 4.35
Contractual Life (Years)	7 years
Expiration Date	Mar. 20, 2020
Issued on 09/02/13 [Member] | Option [Member]
Number Outstanding	16,300
Number Exercisable	16,300
Weighted Average Remaining Contractual Life (Years)	4 days
Proceeds to Company if Exercised	$ 54,605
Issued on 09/02/13 [Member] | Option [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] | Option [Member] | Maximum [Member]
Exercise Price	$ 4.35
Contractual Life (Years)	7 years
Expiration Date	Sep. 2, 2020
Issued on 05/16/14 [Member] | Option [Member]
Number Outstanding	25,000
Number Exercisable	25,000
Weighted Average Remaining Contractual Life (Years)	4 days
Proceeds to Company if Exercised	$ 100,000
Issued on 05/16/14 [Member] | Option [Member] | Minimum [Member]
Exercise Price	$ 3
Contractual Life (Years)	3 years 6 months
Expiration Date	Nov. 16, 2017
Issued on 05/16/14 [Member] | Option [Member] | Maximum [Member]
Exercise Price	$ 5
Contractual Life (Years)	6 years
Expiration Date	May 16, 2020
Issued on 08/18/14 [Member] | Option [Member]
Number Outstanding	645,000
Number Exercisable	645,000
Weighted Average Remaining Contractual Life (Years)	6 months
Proceeds to Company if Exercised	$ 1,773,750
Issued on 08/18/14 [Member] | Option [Member] | Minimum [Member]
Exercise Price	$ 2.50
Contractual Life (Years)	4 years 6 months
Expiration Date	Feb. 18, 2019
Issued on 08/18/14 [Member] | Option [Member] | Maximum [Member]
Exercise Price	$ 3
Contractual Life (Years)	5 years 6 months
Expiration Date	Feb. 18, 2020
Issued on 05/18/15 [Member] | Option [Member]
Number Outstanding	20,000
Number Exercisable	20,000
Exercise Price	$ 3.80
Contractual Life (Years)	4 years 6 months
Weighted Average Remaining Contractual Life (Years)	7 days
Expiration Date	Nov. 18, 2019
Proceeds to Company if Exercised	$ 76,000
Issued on 07/23/15 [Member] | Option [Member]
Number Outstanding	317,000
Number Exercisable	317,000
Exercise Price	$ 4
Contractual Life (Years)	4 years 6 months
Weighted Average Remaining Contractual Life (Years)	3 months 11 days
Expiration Date	Jan. 23, 2020
Proceeds to Company if Exercised	$ 1,268,000
Issued on 08/17/15 [Member] | Option [Member]
Number Outstanding	75,000
Number Exercisable	75,000
Exercise Price	$ 3.75
Contractual Life (Years)	5 years
Weighted Average Remaining Contractual Life (Years)	29 days
Expiration Date	Aug. 17, 2020
Proceeds to Company if Exercised	$ 281,250
Issued on 04/15/16 [Member] | Option [Member]
Number Outstanding	775,000
Number Exercisable	775,000
Exercise Price	$ 4
Contractual Life (Years)	6 years
Weighted Average Remaining Contractual Life (Years)	1 year 2 months 27 days
Expiration Date	Apr. 15, 2022
Proceeds to Company if Exercised	$ 3,100,000
Issued on 06/23/16 [Member] | Option [Member]
Number Outstanding	15,000
Number Exercisable	15,000
Exercise Price	$ 4
Contractual Life (Years)	6 years
Weighted Average Remaining Contractual Life (Years)	7 days
Expiration Date	Jun. 23, 2022
Proceeds to Company if Exercised	$ 60,000
Issued on 11/11/16 [Member] | Option [Member]
Number Outstanding	10,000
Number Exercisable	10,000
Exercise Price	$ 5
Contractual Life (Years)	6 years
Weighted Average Remaining Contractual Life (Years)	7 days
Expiration Date	Nov. 11, 2022
Proceeds to Company if Exercised	$ 50,000
Issued on 01/01/17 [Member] | Option [Member]
Number Outstanding	50,000
Number Exercisable
Exercise Price	$ 4.8
Contractual Life (Years)	6 years
Weighted Average Remaining Contractual Life (Years)	1 month 2 days
Expiration Date	Jan. 1, 2023
Proceeds to Company if Exercised	$ 240,000
Issued on 02/13/17 [Member] | Option [Member]
Number Outstanding	25,000
Number Exercisable
Exercise Price	$ 5
Contractual Life (Years)	6 years
Weighted Average Remaining Contractual Life (Years)	18 days
Expiration Date	Feb. 13, 2023
Proceeds to Company if Exercised	$ 125,000
Issued on 03/30/17 [Member] | Option [Member]
Number Outstanding	686,000
Number Exercisable
Exercise Price	$ 5
Contractual Life (Years)	6 years
Weighted Average Remaining Contractual Life (Years)	1 year 3 months 22 days
Expiration Date	Mar. 30, 2023
Proceeds to Company if Exercised	$ 3,430,000
Issued on 04/10/17 [Member] | Option [Member]
Number Outstanding	100,000
Number Exercisable
Exercise Price	$ 5
Contractual Life (Years)	6 years
Weighted Average Remaining Contractual Life (Years)	15 days
Expiration Date	Apr. 10, 2023
Proceeds to Company if Exercised	$ 500,000

Warrants And Options (Details N

Warrants And Options (Details Narrative) - USD ($)	May 10, 2017	Apr. 10, 2017	Mar. 01, 2017	May 31, 2017	May 25, 2017	Mar. 30, 2017	Feb. 14, 2017	Feb. 13, 2017	Jun. 30, 2017
Weighted average remaining contractual life									1 year 8 months 6 days
Aggregate Intrinsic value									$ 4,233,187
Warrant [Member]
Stock options warrants							25,000
Exercise price							$ 2.47
Stock per shre price							$ 4.52
Expected term							6 months
Volatility							55.65%
Risk free rate							0.66%
Outstanding at June 30, 2017									$ 2.36
Weighted average remaining contractual life									1 year 8 months 6 days
Unrecognized compensation cost of non-vested warrants									$ 48,891
Unrecognized compensation cost of non-vested warrants recognition period							3 years		2 years
Warrants expired	28,307								(28,307)
Aggregate Intrinsic value									$ 2,152,950
Stock option [Member]
Stock options warrants		100,000	5,000	25,000	101,000	686,000		25,000
Exercise price		$ 5				$ 5		$ 5
Stock per shre price		$ 3.96				$ 4.18		$ 4.52
Expected term		6 years				6 years		6 years
Volatility		79.33%				79.41%		80.17%
Risk free rate		2.18%				2.25%		2.24%
Weighted average remaining contractual life									3 years 9 months
Weighted average exercise price									$ 4.07
Stock option vesting date		Apr. 10, 2018				Mar. 30, 2018		Feb. 13, 2018
Unrecognized compensation cost of non-vested stock options									$ 1,748,629
Term		5 years				5 years		5 years	1 year
Fair market value		$ 258,077				$ 1,898,322		$ 76,773
Aggregate Intrinsic value									$ 538,568
Stock option [Member] | On January 1, 2017 [Member]
Stock options warrants									50,000
Exercise price									$ 4.80
Stock per shre price									$ 4.57
Expected term									6 years
Volatility									80.70%
Risk free rate									2.26%
Stock option vesting date									Jan. 1, 2018
Term									5 years
Fair market value									$ 157,890

Commitments and Contingencies36

Commitments and Contingencies (Details)	Jun. 30, 2017USD ($)
Commitments And Contingencies Details
2,017	$ 77,754
2,018	155,507
2,019	155,507
2,020	106,921
2,021	61,440
Thereafter	637,410
Total minimum lease payments	1,194,539
Less: Amount representing interest	(162,910)
Present value of minimum lease payments	$ 1,031,629

Commitments and Contingencies37

Commitments and Contingencies (Details 1) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Made up of:
Current portion	$ 130,936	$ 119,016
Long term portion	900,693	$ 889,810
Present value of minimum lease payments	$ 1,031,629

Commitments and Contingencies38

Commitments and Contingencies (Details 2)	Jun. 30, 2017USD ($)
Commitments And Contingencies Details 2
2,017	$ 179,937
2,018	179,564
Thereafter	87,963
Total	$ 447,464

Commitments and Contingencies39

Commitments and Contingencies (Details Narrative) - USD ($)	May 02, 2017	Nov. 02, 2016	Oct. 04, 2016	Oct. 25, 2016	Sep. 16, 2016	Mar. 16, 2010	Jun. 30, 2017	Jun. 30, 2016	May 11, 2016	Jun. 30, 2014
Amortization charged to leased equipment							$ 59,586	$ 61,121
Total cost of this leased laboratory equipment							$ 628,767
Leased equipment amortized period							5 years
Minimum [Member]
Operating leases							12 months
Maximum [Member]
Operating leases							60 months
Long Term Debt: Preface S.A. Loan Agreement [Member]
Monthly amount payable for services	$ 10,217				$ 7,525
Fixed rate on lease	4.00%				4.85%
Aggrement trem	3 years 6 months				7 years
Unsecured loan	$ 399,795				$ 502,599
Hvidovre Hospital, Denmark Agreements [Member]
Amount payable		$ 2,304,105
Expiry date		Sep. 30, 2018
Capital Lease Agreement [Member]
Amortization charged to leased equipment							$ 15,880
Leased equipment amortized period			15 years
Amount paid			$ 1,280,000
Property purchase payment option at end of lease			38,380
First lease payment			502,599
Quarterly lease payments			$ 15,360
Fixed rate on lease			2.62%
Purchase price for the Property				$ 1,400,000
Capital Lease Agreement [Member] | Minimum [Member]
Leased equipment amortized period			27 years
Capital Lease Agreement [Member] | Maximum [Member]
Leased equipment amortized period			99 years
Walloon Region Grant [Member]
Maximum funding limit						$ 1,197,122
Amount repayable										$ 359,137
Royalty percetage on revenue						6.00%
Maximum amount payable						$ 359,137
Outstanding amount repaid							$ 219,779
Long Term Debt ING Loan Agreement [Member]
Maximum funding limit				$ 308,413
Leased equipment amortized period				15 years
First lease payment				$ 6,324
Fixed rate on lease				2.96%
Consulting Agreement [Member]
Monthly amount payable for services									$ 25,925

Subsequent Events (Narrative)

Subsequent Events (Narrative)	Jul. 19, 2017USD ($)$ / sharesshares	Jul. 13, 2017USD ($)$ / sharesshares	Jul. 07, 2017USD ($)$ / sharesshares	Jul. 17, 2017USD ($)Number	Jun. 30, 2017USD ($)shares
Proceeds from warrants exercised					$ 425,097
Stock Issued During Period, Shares | shares					163,499
Subsequent Event [Member]
Warrants exercised | shares	45,000		5,000
Proceeds from warrants exercised	$ 108,000		$ 11,000
Stock Issued During Period, Shares | shares	45,000		5,000
Option granted to purchase shares | shares		10,000
Options vesting date		July 13, 2018
Option expiry term		5 years
Exercise price | $ / shares	$ 2.40	$ 5	$ 2.20
Stock price | $ / shares		$ 3.15
Volatility		78.41%
Risk free rate		2.16%
Expected trem		6 years
Fair market value		$ 19,068
Subsequent Event [Member] | Clinical Study Agreement [Member]
Enrollment period				3 years
Maximum payment due				$ 3,000,000
Number of samples | Number				13,500
Quarterly installments				$ 250,000