VolitionRx Limited (VNRX) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 20, 2017
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, 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	Q3
Document Fiscal Year Focus	2,017

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 13,840,930	$ 21,678,734
Prepaid expenses	244,667	165,927
Other current assets	170,883	166,887
Total Current Assets	14,256,480	22,011,548
Property and equipment, net	3,510,355	2,119,027
Intangible assets, net	592,876	602,193
Total Assets	18,359,711	24,732,768
LIABILITIES
Accounts payable	431,734	281,179
Accrued liabilities	1,759,161	1,439,275
Management and directors' fees payable	54,994	81,057
Current portion of long-term debt	408,307	30,655
Current portion of capital lease liabilities	136,307	119,016
Deferred grant income		45,510
Current portion of grant repayable	41,356	36,804
Total Current Liabilities	2,831,859	2,033,496
Long-term debt	1,050,536	432,027
Capital lease liabilities	897,303	889,810
Grant repayable	185,991	202,325
Total Liabilities	4,965,689	3,557,658
STOCKHOLDERS' EQUITY
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 26,518,700 shares and 26,126,049 shares, respectively	26,519	26,126
Additional paid-in capital	65,151,681	62,287,252
Accumulated other comprehensive loss	(132,882)	(193,297)
Accumulated Deficit	(51,651,296)	(40,944,971)
Total Stockholders' Equity	13,394,022	21,175,110
Total Liabilities and Stockholders' Equity	$ 18,359,711	$ 24,732,768

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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	26,518,700	26,126,049
Common Stock, shares outstanding	26,518,700	26,126,049

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Condensed Consolidated Statements Of Operations And Comprehensive Loss
Revenue
Expenses
General and administrative	226,606	163,870	729,449	558,120
Sales and marketing	134,737	88,989	435,971	249,591
Professional fees	520,372	400,698	1,182,837	1,272,638
Salaries and office administrative fees	943,510	857,093	2,720,620	1,686,210
Research and development	2,203,985	1,968,490	5,774,004	5,180,466
Total Operating Expenses	4,029,210	3,479,140	10,842,881	8,947,025
Net Operating Loss	(4,029,210)	(3,479,140)	(10,842,881)	(8,947,025)
Other Income
Grants received	136,556		136,556	25,891
Total Other Income	136,556		136,556	25,891
Income tax expense
Net Loss	(3,892,654)	(3,479,140)	(10,706,325)	(8,921,134)
Other Comprehensive Income/(Loss)
Foreign currency translation adjustments	(32,399)	15,462	60,415	(33,583)
Total Other Comprehensive Income/(Loss)	(32,399)	15,462	60,415	(33,583)
Net Comprehensive Loss	$ (3,925,053)	$ (3,463,678)	$ (10,645,910)	$ (8,954,717)
Net Loss per Share - Basic and Diluted	$ (0.15)	$ (0.15)	$ (0.41)	$ (0.40)
Weighted Average Shares Outstanding - Basic and Diluted	26,512,195	23,524,982	26,343,101	22,075,538

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating Activities
Net loss	$ (10,706,325)	$ (8,921,134)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	371,362	230,606
Loss on disposal of property and equipment	11,262	3,668
Stock based compensation	1,827,604	1,106,623
Warrants issued for services	38,806	105,995
Changes in operating assets and liabilities:
Accounts receivable	(12,356)
Deferred grant income	(50,855)	(335)
Prepaid expenses	(75,723)	(35,283)
Other current assets	25,105	(36,456)
Accounts payable and accrued liabilities	264,266	872,934
Net Cash Used In Operating Activities	(8,306,854)	(6,673,382)
Investing Activities
Purchases of property and equipment	(1,340,230)	(89,433)
Net Cash Used in Investing Activities	(1,340,230)	(89,433)
Financing Activities
Net proceeds from issuance of common shares	998,412	13,506,295
Proceeds from debt payable	908,075
Debt repaid	(29,807)
Grants repaid	(38,487)	(36,135)
Payments on capital lease obligations	(94,227)	(62,225)
Net Cash Provided By Financing Activities	1,743,966	13,407,935
Effect of foreign exchange on cash	65,314	(33,343)
(Decrease)/Increase in Cash	(7,837,804)	6,611,777
Cash and cash equivalents - Beginning of Period	21,678,734	5,916,006
Cash and cash equivalents - End of Period	13,840,930	12,527,783
Supplemental Disclosures of Cash Flow Information
Interest paid	50,234	9,159
Income tax paid
Non Cash Investing and Financing Activities:
Common stock issued on cashless exercises of stock options		21
Capital lease obligation for equipment purchases		$ 329,334

Condensed Financial Statements

Condensed Financial Statements	9 Months Ended
	Sep. 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 September 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 September 30, 2017 and 2016 are not necessarily indicative of the operating results for the full years.

Going Concern

Going Concern	9 Months Ended
	Sep. 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 $51,651,296, 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, (c) up front of sales licensing rights and (d) 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	9 Months Ended
	Sep. 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 September 30, 2017 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte. Ltd, Belgian Volition SPRL (“Belgian Volition”), Hypergenomics Pte. Ltd, , 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. 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, 2017, 850,151 dilutive warrants and options and 2,283,582 potentially dilutive warrants and options were excluded from the diluted EPS calculation as their effect is anti-dilutive. 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	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Note 4 - Property and Equipment	The Company’s property and equipment consist of the following amounts as of September 30, 2017 and December 31, 2016: September 30, 2017 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 267,773 110,888 156,885 Laboratory equipment 5 years 817,851 262,517 555,334 Equipment held under capital lease 5 years 675,293 307,562 367,731 Office furniture and equipment 5 years 186,508 27,643 158,865 Buildings 30 years 1,549,446 30,096 1,519,350 Building improvements 5 -15 years 683,820 26,158 657,662 Land Not amortized 94,528 - 94,528 4,275,219 764,864 3,510,355 December 31, 2016 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 155,870 67,097 88,773 Laboratory equipment 5 years 313,655 151,541 162,114 Equipment held under capital lease 5 years 578,830 183,296 395,534 Office furniture and equipment 5 years 32,932 23,361 9,571 Buildings 30 years 1,378,911 - 1,378,911 Building improvements 5 -15 years - - - Land Not amortized 84,124 - 84,124 2,544,322 425,295 2,119,027 During the nine-month period ended September 30, 2017 and the nine-month period ended September 30, 2016, the Company recognized $306,180 and $165,293 respectively, in depreciation expense.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 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. September 30, 2017 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,198,930 606,054 592,876 1,198,930 606,054 592,876 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 nine-month period ended September 30, 2017, and the nine-month period ended September 30, 2016, the Company recognized $65,182 and $65,313, 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 $ 26,321 2018 $ 91,504 2019 $ 91,504 2020 $ 91,504 2021 $ 91,504 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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. 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.

Warrants And Options

Warrants And Options	9 Months Ended
	Sep. 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 nine-month period ended September 30, 2017: Number of Warrants Weighted Average Exercise Price ($) Outstanding at December 31, 2016 2,162,638 2.40 Granted - - Exercised (392,651 ) (2.38 ) Expired (38,307 ) (2.40 ) Outstanding at September 30, 2017 1,731,680 2.36 Exercisable at September 30, 2017 1,606,680 2.35 On February 14, 2017, the Company modified the performance criteria for a vesting milestone on an employee warrant agreement and 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 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 and on September 5, 2017, 10,000 warrants expired. Effective August 22, 2017, the Company amended the expiry period of 24,000 warrants, originally granted on September 26, 2014. The expiration period was extended from three to four years for all 24,000 warrants, with their new expiration date being September 26, 2018. The Company recalculated the estimated fair market value of these warrants 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 August 22, 2017, the Company amended the expiry period of 19,000 warrants, originally granted on November 17, 2014. The expiration period was extended from three to four years for all 19,000 warrants, with their new expiration date being November 17, 2018. The Company recalculated the estimated fair market value of these warrants 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. Below is a table summarizing the warrants issued and outstanding as of September 30, 2017, which have a weighted average exercise price of $2.36 per share and an aggregate weighted average remaining contractual life of 1.55 years. Date Issued Number Outstanding Number Exercisable Exercise Price ($) Contractual Life (Years) Weighted Average Remaining Contractual Life (Years) Expiration Date Proceeds to Company if Exercised ($) 03/20/13 125,000 - 2.47 8.0 to 9.0 0.26 06/30/20 to 12/31/21 308,750 03/20/13 25,000 25,000 2.47 7.5 0.06 09/18/20 61,750 06/10/13 29,750 29,750 2.00 5.0 0.01 06/10/18 59,500 11/25/13 456,063 456,063 2.40 5.0 0.30 11/25/18 1,094,551 12/31/13 64,392 64,392 2.40 5.0 0.05 12/31/18 154,541 02/26/14 948,475 948,475 2.20 5.0 0.77 02/26/19 2,086,645 09/26/14 24,000 24,000 3.00 3.0 0.01 09/26/18 72,000 11/17/14 19,000 19,000 3.75 3.0 0.01 11/17/18 71,250 11/14/16 40,000 40,000 4.53 4.0 0.07 11/14/20 181,200 1,731,680 1,606,680 1.55 $ 4,090,187 Total remaining unrecognized compensation cost related to non-vested warrants is approximately $41,324 and is expected to be recognized over a period of 1.3 years. As of September 30, 2017, the total intrinsic value of warrants was $570,291. b) Options The following table summarizes the changes in options outstanding of the Company during the nine-month period ended September 30, 2017: Number of Options Weighted Average Exercise Price ($) Outstanding at December 31, 2016 2,384,300 3.75 Granted 871,000 4.99 Exercised - - Expired (211,000 ) (4.05 ) Outstanding at September 30, 2017 3,044,300 4.08 Exercisable at September 30, 2017 2,173,300 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 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 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 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 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. 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 model and the following assumptions: term 6 years, stock price $3.15, exercise price $5.00, 78.41% volatility, 2.16% risk free rate. Effective August 14, 2017, 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 and amended on June 27, 2016. The expiration period was extended from four to six years, with the outside expiration date of March 20, 2022, after vesting for all 37,000 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 August 14, 2017, 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 and amended on June 27, 2016. The expiration period was extended from four to six years, with the outside expiration date of September 2, 2022, after vesting for all 16,300 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 August 31, 2017, stock options to purchase 75,000 shares of common stock expired unexercised. On September 1, 2017, stock options to purchase 5,000 shares of common stock expired unexercised. On September 8, 2017, an amendment to the 2015 Stock Incentive Plan (the “2015 Plan”) was approved by stockholders at the annual meeting to increase the number of shares of common stock available for issuance under the 2015 Plan by 750,000 shares to an aggregate maximum of 2,500,000 shares. Below is a table summarizing the options issued and outstanding as of September 30, 2017, all of which were issued pursuant to the 2011 Equity Incentive Plan (for option issuances prior to 2016) or the 2015 Plan (for option issuances commencing in 2016) and which have a weighted average exercise price of $4.08 per share and an aggregate weighted average remaining contractual life of 3.56 years. Date Issued Number Outstanding Number Exercisable Exercise Price ($) 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 0.06 11/25/17-11/25/18 1,414,000 09/01/12 10,000 10,000 6.31 6.0 0.00 03/01/18-09/01/18 63,100 03/20/13 37,000 37,000 2.35-4.35 6.5-9.0 0.04 09/20/19-03/20/22 123,950 09/02/13 16,300 16,300 2.35-4.35 6.5-9.0 0.02 03/02/20-09/02/22 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 0.40 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 0.25 01/23/20 1,268,000 04/15/16 775,000 775,000 4.00 6.0 1.16 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 0.04 02/13/23 125,000 03/30/17 686,000 - 5.00 6.0 1.24 03/30/23 3,430,000 04/10/17 100,000 - 5.00 6.0 0.18 04/10/23 500,000 07/13/17 10,000 - 5.00 6.00 0.02 07/13/23 50,000 3,044,300 2,173,300 3.56 12,428,405 Total remaining unrecognized compensation cost related to non-vested stock options is approximately $1,160,892 and is expected to be recognized over a period of 1.0 years. As of September 30, 2017, the total intrinsic value of stock options was $46,900.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 $1,238,340 (€1,048,020) to help the research endeavors of the Company in the area of colorectal cancer (“CRC”). 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 $371,502 (€314,406) of this amount by installments over the period from June 30, 2014 to June 30, 2023. The Company has recorded the balance of $866,838 (€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 $371,502 (€314,406) and the 6% royalty on revenue, is twice the amount of funding received. As at September 30, 2017, $227,347 (€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 received $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 $650,416 (€550,454). The leased equipment is depreciated on a straight-line basis over five years. Total depreciation charged to the income statement, related to the leased equipment is $97,307 (€82,568) for the nine months ended September 30, 2017 and $92,139 (€82,568) for the nine months ended September 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 $1.32 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 $39,702 (€33,600) at the end of the lease. The Capital Lease Agreement provides that Belgian Volition make the first lease payment of $519,904 (€440,000) following the execution of the Capital Lease Agreement, and then quarterly lease payments of approximately $15,889 (€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 $1.42 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 depreciation charged to the income statement, related to the leased building is $30,096 (€25,471) for the nine months ended September 30, 2017 and $nil (€nil) for the nine months ended September 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 September 30, 2017. 2017 $ 40,216 2018 $ 160,860 2019 $ 160,862 2020 $ 110,603 2021 $ 63,555 Thereafter $ 659,357 Total minimum lease payments $ 1,195,453 Less: Amount representing interest $ (161,843 ) Present value of minimum lease payments $ 1,033,610 Made up of: Current portion $ 136,307 Long term portion $ 897,303 Present value of minimum lease payments $ 1,033,610 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 $ 204,965 2018 $ 221,240 2019 $ 85,088 2020 $ 50,333 2021 $ 13,803 Total $ 575,429 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 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 $2,382,995 (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 $519,904 (€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 $7,785 (€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 $413,560 (€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 $10,568 (€8,944) will be made. The proceeds from the May 2017 Loan Agreement will be used to fund a pathway study for our 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 $319,032 (€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 $6,542 (€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 September 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) Clinical Study Agreement with the University of Michigan On July 17, 2017, Volition America entered into a Clinical Study Agreement with the Regents of the University of Michigan, (the “University of Michigan”), with regards to Volition America’s participation, with the University of Michigan and the National Cancer Institute Early Detection Research Network (“EDRN”), in a clinical study (the “University of Michigan Clinical Study Agreement”) 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. The foregoing description of the University of Michigan Clinical Study Agreement does not purport to summarize all terms and conditions thereof and is qualified in its entirety by reference to Exhibit 10.1. h) Straight Loan: ING Loan Agreement On August 28, 2017, Belgian Volition received prefunding of $236,320 (€200,000) from ING, pursuant to a loan agreement (the “Straight Loan Agreement”) entered into on December 13, 2016 and repayable upon receipt of grants for investment in Créalys business park from the Walloon Region. The term of the Straight Loan Agreement is until July 2018, on a rolling monthly basis at an interest rate of the Euribor rate + 2%. The proceeds of the Straight Loan Agreement were used to finance the investment in the Créalys business park. i) Long Term Debt: SOFINEX Loan Agreement On September 20, 2017, VolitionRx and Belgian Volition entered into an unsecured loan agreement with SOFINEX, a Belgian public organization focused on the internationalization of Walloon companies, for an amount of $1,200,000 (€1,000,000). The Loan Agreement provides for a 7-year repayment term, with a grace period for principal payments until December 31, 2019, and a fixed interest rate of 4.5%. As of September 30, 2017, no cash has been drawn down under this agreement. j) 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, 2017
Notes to Financial Statements
Note 10 - Subsequent Events	None.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 30, 2017 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte. Ltd, Belgian Volition SPRL (“Belgian Volition”), Hypergenomics Pte. Ltd, , 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.
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, 2017, 850,151 dilutive warrants and options and 2,283,582 potentially dilutive warrants and options were excluded from the diluted EPS calculation as their effect is anti-dilutive.
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 (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2017
Property And Equipment Tables
Companys property and equipment	September 30, 2017 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 267,773 110,888 156,885 Laboratory equipment 5 years 817,851 262,517 555,334 Equipment held under capital lease 5 years 675,293 307,562 367,731 Office furniture and equipment 5 years 186,508 27,643 158,865 Buildings 30 years 1,549,446 30,096 1,519,350 Building improvements 5 -15 years 683,820 26,158 657,662 Land Not amortized 94,528 - 94,528 4,275,219 764,864 3,510,355 December 31, 2016 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 155,870 67,097 88,773 Laboratory equipment 5 years 313,655 151,541 162,114 Equipment held under capital lease 5 years 578,830 183,296 395,534 Office furniture and equipment 5 years 32,932 23,361 9,571 Buildings 30 years 1,378,911 - 1,378,911 Building improvements 5 -15 years - - - Land Not amortized 84,124 - 84,124 2,544,322 425,295 2,119,027

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2017
Intangible Assets Tables
Patents amortized over their remaining lives	September 30, 2017 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,198,930 606,054 592,876 1,198,930 606,054 592,876 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	2017 - remaining $ 26,321 2018 $ 91,504 2019 $ 91,504 2020 $ 91,504 2021 $ 91,504

Warrants and Options (Tables)

Warrants and Options (Tables)	9 Months Ended
	Sep. 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 nine-month period ended September 30, 2017: Number of Warrants Weighted Average Exercise Price ($) Outstanding at December 31, 2016 2,162,638 2.40 Granted - - Exercised (392,651 ) (2.38 ) Expired (38,307 ) (2.40 ) Outstanding at September 30, 2017 1,731,680 2.36 Exercisable at September 30, 2017 1,606,680 2.35
Summarizes warrants and options issued and outstanding	Below is a table summarizing the warrants issued and outstanding as of September 30, 2017, which have a weighted average exercise price of $2.36 per share and an aggregate weighted average remaining contractual life of 1.55 years. Date Issued Number Outstanding Number Exercisable Exercise Price ($) Contractual Life (Years) Weighted Average Remaining Contractual Life (Years) Expiration Date Proceeds to Company if Exercised ($) 03/20/13 125,000 - 2.47 8.0 to 9.0 0.26 06/30/20 to 12/31/21 308,750 03/20/13 25,000 25,000 2.47 7.5 0.06 09/18/20 61,750 06/10/13 29,750 29,750 2.00 5.0 0.01 06/10/18 59,500 11/25/13 456,063 456,063 2.40 5.0 0.30 11/25/18 1,094,551 12/31/13 64,392 64,392 2.40 5.0 0.05 12/31/18 154,541 02/26/14 948,475 948,475 2.20 5.0 0.77 02/26/19 2,086,645 09/26/14 24,000 24,000 3.00 3.0 0.01 09/26/18 72,000 11/17/14 19,000 19,000 3.75 3.0 0.01 11/17/18 71,250 11/14/16 40,000 40,000 4.53 4.0 0.07 11/14/20 181,200 1,731,680 1,606,680 1.55 $ 4,090,187
Option [Member]
Summarizes changes in warrants and options outstanding	The following table summarizes the changes in options outstanding of the Company during the nine-month period ended September 30, 2017: Number of Options Weighted Average Exercise Price ($) Outstanding at December 31, 2016 2,384,300 3.75 Granted 871,000 4.99 Exercised - - Expired (211,000 ) (4.05 ) Outstanding at September 30, 2017 3,044,300 4.08 Exercisable at September 30, 2017 2,173,300 3.72
Summarizes warrants and options issued and outstanding	Below is a table summarizing the options issued and outstanding as of September 30, 2017, all of which were issued pursuant to the 2011 Equity Incentive Plan (for option issuances prior to 2016) or the 2015 Plan (for option issuances commencing in 2016) and which have a weighted average exercise price of $4.08 per share and an aggregate weighted average remaining contractual life of 3.56 years. Date Issued Number Outstanding Number Exercisable Exercise Price ($) 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 0.06 11/25/17-11/25/18 1,414,000 09/01/12 10,000 10,000 6.31 6.0 0.00 03/01/18-09/01/18 63,100 03/20/13 37,000 37,000 2.35-4.35 6.5-9.0 0.04 09/20/19-03/20/22 123,950 09/02/13 16,300 16,300 2.35-4.35 6.5-9.0 0.02 03/02/20-09/02/22 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 0.40 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 0.25 01/23/20 1,268,000 04/15/16 775,000 775,000 4.00 6.0 1.16 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 0.04 02/13/23 125,000 03/30/17 686,000 - 5.00 6.0 1.24 03/30/23 3,430,000 04/10/17 100,000 - 5.00 6.0 0.18 04/10/23 500,000 07/13/17 10,000 - 5.00 6.00 0.02 07/13/23 50,000 3,044,300 2,173,300 3.56 12,428,405

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 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 September 30, 2017. 2017 $ 40,216 2018 $ 160,860 2019 $ 160,862 2020 $ 110,603 2021 $ 63,555 Thereafter $ 659,357 Total minimum lease payments $ 1,195,453 Less: Amount representing interest $ (161,843 ) Present value of minimum lease payments $ 1,033,610 Made up of: Current portion $ 136,307 Long term portion $ 897,303 Present value of minimum lease payments $ 1,033,610
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 $ 204,965 2018 $ 221,240 2019 $ 85,088 2020 $ 50,333 2021 $ 13,803 Total $ 575,429

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		86 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017
Going Concern Details Narrative
Net Loss	$ (3,892,654)	$ (3,479,140)	$ (10,706,325)	$ (8,921,134)	$ (51,651,296)

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Details Narrative)	Sep. 30, 2017shares
Summary Of Significant Accounting Policies Details Narrative
Potentially dilutive warrants and options	850,151
Excluded potentially dilutive warrants and options	2,283,582

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Cost	$ 4,275,219	$ 2,544,322
Accumulated Depreciation	764,864	425,295
Net Carrying Value	3,510,355	2,119,027
Computer hardware and software [Member]
Cost	267,773	155,870
Accumulated Depreciation	110,888	67,097
Net Carrying Value	$ 156,885	$ 88,773
Estimated useful life	3 years	3 years
Laboratory Equipment [Member]
Cost	$ 817,851	$ 313,655
Accumulated Depreciation	262,517	151,541
Net Carrying Value	$ 555,334	$ 162,114
Estimated useful life	5 years	5 years
Equipment held under capital lease
Cost	$ 675,293	$ 578,830
Accumulated Depreciation	307,562	183,296
Net Carrying Value	$ 367,731	$ 395,534
Estimated useful life	5 years	5 years
Office Furniture and Equipment [Member]
Cost	$ 186,508	$ 32,932
Accumulated Depreciation	27,643	23,361
Net Carrying Value	$ 158,865	$ 9,571
Estimated useful life	5 years	5 years
Buildings [Member]
Cost	$ 1,549,446	$ 1,378,911
Accumulated Depreciation	30,096
Net Carrying Value	$ 1,519,350	$ 1,378,911
Estimated useful life	30 years	30 years
Building Improvements [Member]
Cost	$ 683,820
Accumulated Depreciation	26,158
Net Carrying Value	$ 657,662
Building Improvements [Member] | Minimum [Member]
Estimated useful life	5 years	5 years
Building Improvements [Member] | Maximum [Member]
Estimated useful life	15 years	15 years
Land [Member]
Cost	$ 94,528	$ 84,124
Accumulated Depreciation
Net Carrying Value	$ 94,528	$ 84,124
Estimated useful life	0 years	0 years

Property and Equipment (Detai24

Property and Equipment (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Property And Equipment Details Narrative
Depreciation Expense	$ 306,180	$ 165,293

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Cost	$ 1,198,930	$ 1,085,133
Accumulated Amortization	606,054	482,940
Net Carrying Value	592,876	602,193
Patents [Member]
Cost	1,198,930	1,085,133
Accumulated Amortization	606,054	482,940
Net Carrying Value	$ 592,876	$ 602,193

Intangible Assets (Details 1)

Intangible Assets (Details 1)	Dec. 31, 2016USD ($)
Intangible Assets Details 1
2,017	$ 26,321
2,018	91,504
2,019	91,504
2,020	91,504
2,021	$ 91,504

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Amortization expense	$ 65,182	$ 65,313
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)	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Proceeds from warrants exercised | $	$ 425,097
Stock Issued During Period, Shares	163,499
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
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
On July 7, 2017 [Member]
Warrants exercised	5,000
Exercise price | $ / shares	$ 2.20
Proceeds from warrants exercised | $	$ 11,000
Stock Issued During Period, Shares	5,000
From July 9, 2017 through July 19, 2017 [Member]
Warrants exercised	45,000
Exercise price | $ / shares	$ 2.40
Proceeds from warrants exercised | $	$ 108,000
Stock Issued During Period, Shares	45,000

Warrants And Options (Details)

Warrants And Options (Details) - $ / shares	Sep. 05, 2017	May 10, 2017	Sep. 30, 2017
Number of Warrants
Exercisable at September 30, 2017			1,606,680
Warrant [Member]
Number of Warrants
Outstanding, December 31, 2016			2,162,638
Granted
Exercised			(392,651)
Expired	10,000	28,307	(38,307)
Outstanding at September 30, 2017			1,731,680
Exercisable at September 30, 2017			1,606,680
Weighted Average Exercise Price
Outstanding, December 31, 2016			$ 2.40
Granted
Exercised			(2.38)
Expired			(2.40)
Outstanding at September 30, 2017			2.36
Exercisable at September 30, 2017			$ 2.35

Warrants And Options (Details 1

Warrants And Options (Details 1)	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Number Outstanding	1,731,680
Number Exercisable	1,606,680
Weighted Average Remaining Contractual Life (Years)	1 year 6 months 18 days
Proceeds to Company if Exercised | $	$ 4,090,187
Warrant [Member]
Number Exercisable	1,606,680
Exercise Price | $ / shares	$ 2.36
Weighted Average Remaining Contractual Life (Years)	1 year 6 months 18 days
Proceeds to Company if Exercised | $	$ 570,291
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)	4 days
Expiration Date	Jun. 10, 2018
Proceeds to Company if Exercised | $	$ 59,500
Warrant [Member] | On 03/20/13 One [Member]
Number Outstanding	25,000
Number Exercisable	25,000
Exercise Price | $ / shares	$ 2.47
Contractual Life (Years)	7 years 6 months
Weighted Average Remaining Contractual Life (Years)	22 days
Expiration Date	Sep. 18, 2020
Proceeds to Company if Exercised | $	$ 61,750
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 03/20/13 [Member]
Number Outstanding	125,000
Number Exercisable
Exercise Price | $ / shares	$ 2.47
Weighted Average Remaining Contractual Life (Years)	3 months 4 days
Proceeds to Company if Exercised | $	$ 308,750
Warrant [Member] | On 03/20/13 [Member] | Minimum [Member]
Contractual Life (Years)	8 years
Expiration Date	Jun. 30, 2020
Warrant [Member] | On 03/20/13 [Member] | Maximum [Member]
Contractual Life (Years)	9 years
Expiration Date	Dec. 31, 2021
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)	3 months 19 days
Expiration Date	Nov. 25, 2018
Proceeds to Company if Exercised | $	$ 1,094,551
Warrant [Member] | On 02/26/14 [Member]
Number Outstanding	948,475
Number Exercisable	948,475
Exercise Price | $ / shares	$ 2.2
Contractual Life (Years)	5 years
Weighted Average Remaining Contractual Life (Years)	9 months 7 days
Expiration Date	Feb. 26, 2019
Proceeds to Company if Exercised | $	$ 2,086,645
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, 2018
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, 2018
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)	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Number of Stock
Outstanding at September 30, 2017	1,731,680
Exercisable at September 30, 2017	1,606,680
Option [Member]
Number of Stock
Outstanding at December 31, 2016	2,384,300
Granted	871,000
Exercised
Expired	(211,000)
Outstanding at September 30, 2017	3,044,300
Exercisable at September 30, 2017	2,173,300
Weighted Average Exercise Price
Outstanding at December 31, 2016 | $ / shares	$ 3.75
Granted | $ / shares	4.99
Exercised | $ / shares
Expired | $ / shares	(4.05)
Outstanding at September 30, 2017 | $ / shares	4.08
Exercisable at September 30, 2017 | $ / shares	$ 3.72

Warrants And Options (Details 3

Warrants And Options (Details 3) - USD ($)	Aug. 14, 2017	Sep. 30, 2017	Dec. 31, 2016
Number Outstanding		1,731,680
Number Exercisable		1,606,680
Weighted Average Remaining Contractual Life (Years)		1 year 6 months 18 days
Proceeds to Company if Exercised		$ 4,090,187
Option [Member]
Number Outstanding		3,044,300	2,384,300
Number Exercisable		2,173,300
Exercise Price		$ 4.08	$ 3.75
Proceeds to Company if Exercised		$ 12,428,405
Option [Member]
Weighted Average Remaining Contractual Life (Years)		3 years 6 months 21 days
Issued On 11/25/11 [Member] | Option [Member]
Number Outstanding		303,000
Number Exercisable		303,000
Weighted Average Remaining Contractual Life (Years)		22 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)		7 years
Expiration Date		Nov. 25, 2018
Issued On 09/01/12 [Member] | Option [Member]
Number Outstanding		10,000
Number Exercisable		10,000
Exercise Price		$ 6.31
Weighted Average Remaining Contractual Life (Years)		0 days
Proceeds to Company if Exercised		$ 63,100
Issued On 09/01/12 [Member] | Option [Member] | Minimum [Member]
Expiration Date		Mar. 1, 2018
Issued On 09/01/12 [Member] | Option [Member] | Maximum [Member]
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)		15 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)		6 years 6 months
Expiration Date		Sep. 20, 2019
Issued On 03/20/13 [Member] | Option [Member] | Maximum [Member]
Exercise Price		$ 4.35
Contractual Life (Years)		9 years
Expiration Date		Mar. 20, 2022
Issued On 09/02/13 [Member] | Option [Member]
Number Outstanding	16,300	16,300
Number Exercisable	16,300	16,300
Weighted Average Remaining Contractual Life (Years)		7 days
Expiration Date	Sep. 2, 2022
Proceeds to Company if Exercised		$ 54,605
Issued On 09/02/13 [Member] | Option [Member] | Minimum [Member]
Exercise Price		$ 2.35
Contractual Life (Years)		6 years 6 months
Expiration Date		Mar. 2, 2020
Issued On 09/02/13 [Member] | Option [Member] | Maximum [Member]
Exercise Price		$ 4.35
Contractual Life (Years)		9 years
Expiration Date		Sep. 2, 2022
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)		4 months 24 days
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 18 days
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)		4 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)		2 months 30 days
Expiration Date		Jan. 23, 2020
Proceeds to Company if Exercised		$ 1,268,000
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 1 month 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)		15 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 2 months 27 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)		2 months 5 days
Expiration Date		Apr. 10, 2023
Proceeds to Company if Exercised		$ 500,000
Issued on 07/13/17 [Member] | Option [Member]
Number Outstanding		10,000
Number Exercisable
Exercise Price		$ 5
Contractual Life (Years)		6 years
Weighted Average Remaining Contractual Life (Years)		7 days
Expiration Date		Jul. 13, 2023
Proceeds to Company if Exercised		$ 50,000

Warrants And Options (Details N

Warrants And Options (Details Narrative) - USD ($)

Sep. 08, 2017

Sep. 05, 2017

Sep. 02, 2017

Aug. 14, 2017

Jul. 13, 2017

May 10, 2017

Apr. 10, 2017

Mar. 01, 2017

Aug. 31, 2017

Aug. 22, 2017

May 31, 2017

May 25, 2017

Mar. 30, 2017

Feb. 14, 2017

Feb. 13, 2017

Sep. 30, 2017

Weighted average remaining contractual life

1 year 6 months 18 days

Aggregate Intrinsic value

$ 4,090,187

Number Outstanding

1,731,680

Number Exercisable

1,606,680

Stock option [Member]

Stock options warrants

5,000

10,000

100,000

5,000

75,000

25,000

101,000

686,000

25,000

Exercise price

$ 3.15

$ 5

$ 5

$ 5

Stock per shre price

$ 5

$ 3.96

$ 4.18

$ 4.52

Expected term

5 years

6 years

6 years

6 years

Volatility

78.41%

79.33%

79.41%

80.17%

Risk free rate

2.16%

2.18%

2.25%

2.24%

Weighted average remaining contractual life

3 years 6 months 21 days

Weighted average exercise price

$ 4.08

Stock option vesting date

Jul. 13, 2018

Apr. 10, 2018

Mar. 30, 2018

Feb. 13, 2018

Unrecognized compensation cost of non-vested stock options

$ 1,160,892

Term

6 years

5 years

5 years

5 years

1 year

Fair market value

$ 19,068

$ 258,077

$ 1,898,322

$ 76,773

Aggregate Intrinsic value

$ 46,900

Maximum [Member] | Stock option [Member]

Stock options warrants

2,500,000

Minimum [Member] | Stock option [Member]

Stock options warrants

750,000

On January 1, 2017 [Member] | Stock option [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

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 September 30, 2017

$ 2.36

Weighted average remaining contractual life

1 year 6 months 18 days

Unrecognized compensation cost of non-vested warrants

$ 41,324

Unrecognized compensation cost of non-vested warrants recognition period

3 years

1 year 3 months 19 days

Warrants expired

10,000

28,307

(38,307)

Aggregate Intrinsic value

$ 570,291

Number Exercisable

1,606,680

Warrant [Member] | On November 17, 2014 [Member]

Warrants Expiration Date

Nov. 17, 2018

Number Outstanding

19,000

Number Exercisable

19,000

Warrant [Member] | On November 17, 2014 [Member] | Maximum [Member]

Expiration period

4 years

Warrant [Member] | On November 17, 2014 [Member] | Minimum [Member]

Expiration period

3 years

Warrant [Member] | On September 26, 2014 [Member]

Warrants Expiration Date

Sep. 26, 2018

Number Outstanding

24,000

Number Exercisable

24,000

Warrant [Member] | On September 26, 2014 [Member] | Maximum [Member]

Expiration period

4 years

Warrant [Member] | On September 26, 2014 [Member] | Minimum [Member]

Expiration period

3 years

Warrant [Member] | On 03/20/13 [Member]

Outstanding at September 30, 2017

$ 2.47

Weighted average remaining contractual life

3 months 4 days

Aggregate Intrinsic value

$ 308,750

Number Outstanding

125,000

Number Exercisable

Warrant [Member] | On 03/20/13 [Member] | Maximum [Member]

Warrants Expiration Date

Dec. 31, 2021

Warrant [Member] | On 03/20/13 [Member] | Minimum [Member]

Warrants Expiration Date

Jun. 30, 2020

Option [Member]

Weighted average remaining contractual life

3 years 6 months 21 days

Option [Member] | On 03/20/13 [Member]

Warrants Expiration Date

Mar. 20, 2022

Number Outstanding

37,000

Number Exercisable

37,000

Option [Member] | On 03/20/13 [Member] | Maximum [Member]

Expiration period

6 years

Option [Member] | On 03/20/13 [Member] | Minimum [Member]

Expiration period

4 years

Option [Member] | Issued On 09/02/13 [Member]

Weighted average remaining contractual life

7 days

Aggregate Intrinsic value

$ 54,605

Warrants Expiration Date

Sep. 2, 2022

Number Outstanding

16,300

16,300

Number Exercisable

16,300

16,300

Option [Member] | Issued On 09/02/13 [Member] | Maximum [Member]

Outstanding at September 30, 2017

$ 4.35

Expiration period

6 years

Warrants Expiration Date

Sep. 2, 2022

Option [Member] | Issued On 09/02/13 [Member] | Minimum [Member]

Outstanding at September 30, 2017

$ 2.35

Expiration period

4 years

Warrants Expiration Date

Mar. 2, 2020

Commitments and Contingencies34

Commitments and Contingencies (Details)	Sep. 30, 2017USD ($)
Commitments And Contingencies Details
2,017	$ 40,216
2,018	160,860
2,019	160,862
2,020	110,603
2,021	63,555
Thereafter	659,357
Total minimum lease payments	1,195,453
Less: Amount representing interest	(161,843)
Present value of minimum lease payments	$ 1,033,610

Commitments and Contingencies35

Commitments and Contingencies (Details 1) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Made up of:
Current portion	$ 136,307	$ 119,016
Long term portion	897,303	$ 889,810
Present value of minimum lease payments	$ 1,033,610

Commitments and Contingencies36

Commitments and Contingencies (Details 2)	Sep. 30, 2017USD ($)
Commitments And Contingencies Details 2
2,017	$ 204,965
2,018	221,240
2,019	85,088
2,020	50,333
2,021	13,803
Total	$ 575,429

Commitments and Contingencies37

Commitments and Contingencies (Details Narrative)

May 02, 2017USD ($)

Nov. 02, 2016USD ($)

Oct. 04, 2016USD ($)

Sep. 20, 2017USD ($)

Jul. 17, 2017USD ($)Number

Oct. 25, 2016USD ($)

Sep. 16, 2016USD ($)

Jun. 30, 2014USD ($)

Mar. 16, 2010USD ($)

Sep. 30, 2017USD ($)

Sep. 30, 2016USD ($)

Aug. 28, 2017USD ($)

May 11, 2016USD ($)

Amortization charged to leased equipment

$ 97,307

$ 92,139

Total cost of this leased laboratory equipment

$ 650,416

Leased equipment amortized period

5 years

Other income

$ 866,838

Minimum [Member]

Operating leases

12 months

Maximum [Member]

Operating leases

60 months

Clinical Study Agreement [Member]

Enrollment period

3 years

Maximum payment due

$ 3,000,000

Number of samples | Number

13,500

Quarterly installments

$ 250,000

Long Term Debt: Preface S.A. Loan Agreement [Member]

Monthly amount payable for services

$ 10,568

$ 7,785

Fixed rate on lease

4.00%

4.85%

Aggrement trem

3 years 6 months

7 years

Unsecured loan

$ 413,560

$ 519,904

Capital Lease Agreement [Member]

Amortization charged to leased equipment

$ 30,096

Leased equipment amortized period

15 years

Amount paid

$ 1,320,000

Property purchase payment option at end of lease

39,702

First lease payment

519,904

Quarterly lease payments

$ 15,889

Fixed rate on lease

2.62%

Purchase price for the Property

$ 1,420,000

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

$ 1,238,340

Amount repayable

$ 371,502

Royalty percetage on revenue

6.00%

6.00%

Maximum amount payable

$ 371,502

Outstanding amount repaid

$ 227,347

SOFINEX Loan Agreement [Member]

Fixed rate on lease

4.50%

Aggrement trem

7 years

Amount payable

$ 1,200,000

Straight Loan ING Loan Agreement [Member]

Amount repayable

$ 236,320

Hvidovre Hospital, Denmark Agreements [Member]

Amount payable

$ 2,382,995

Expiry date

Sep. 30, 2018

Long Term Debt ING Loan Agreement [Member]

Maximum funding limit

$ 319,032

Leased equipment amortized period

15 years

First lease payment

$ 6,542

Fixed rate on lease

2.96%

Consulting Agreement [Member]

Monthly amount payable for services

$ 25,925