Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 08, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | VOLITIONRX LTD | |
Entity Central Index Key | 93,314 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
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 | 30,030,793 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 14,260,282 | $ 10,116,263 |
Prepaid expenses | 440,984 | 248,661 |
Other current assets | 203,929 | 202,295 |
Total Current Assets | 14,905,195 | 10,567,219 |
Property and equipment, net | 3,510,426 | 3,480,782 |
Intangible assets, net | 566,128 | 576,397 |
Total Assets | 18,981,749 | 14,624,398 |
LIABILITIES | ||
Accounts payable | 445,065 | 351,735 |
Accrued liabilities | 1,485,941 | 1,278,428 |
Management and directors' fees payable | 20,613 | 35,397 |
Current portion of long-term debt | 474,712 | 443,908 |
Current portion of capital lease liabilities | 144,015 | 139,084 |
Current portion of grant repayable | 43,143 | 41,930 |
Total Current Liabilities | 2,613,489 | 2,290,482 |
Long-term debt, net of current portion | 1,296,791 | 1,312,785 |
Capital lease liabilities, net of current portion | 863,620 | 874,684 |
Grant repayable, net of current portion | 194,030 | 188,579 |
Total Liabilities | 4,967,930 | 4,666,530 |
STOCKHOLDERS' EQUITY | ||
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 30,030,793 shares and 26,519,394 shares, respectively | 30,031 | 26,519 |
Additional paid-in capital | 74,464,783 | 65,774,870 |
Accumulated other comprehensive loss | (114,396) | (129,343) |
Accumulated deficit | (60,366,599) | (55,714,178) |
Total Stockholders' Equity | 14,013,819 | 9,957,868 |
Total Liabilities and Stockholders' Equity | $ 18,981,749 | $ 14,624,398 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
STOCKHOLDERS' EQUITY | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 30,030,793 | 26,519,394 |
Common Stock, shares outstanding | 30,030,793 | 26,519,394 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidated Statements Of Operations And Comprehensive Loss | ||
Revenue | ||
Operating Expenses | ||
Research and development | 2,423,202 | 1,668,386 |
General and administrative | 1,842,093 | 1,400,684 |
Sales and marketing | 364,144 | 269,408 |
Total Operating Expenses | 4,629,439 | 3,338,478 |
Operating Loss | (4,629,439) | (3,338,478) |
Other Expenses | ||
Interest expense | 22,982 | 12,205 |
Total Other Expenses | (22,982) | (12,205) |
Provision for Income Taxes | ||
Net Loss | (4,652,421) | (3,350,683) |
Other Comprehensive Loss | ||
Foreign currency translation adjustments | 14,947 | 31,505 |
Net Comprehensive Loss | $ (4,637,474) | $ (3,319,178) |
Loss per Share - Basic and Diluted | $ (0.17) | $ (0.13) |
Weighted Average Shares Outstanding - Basic and Diluted | 27,265,249 | 26,128,934 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Activities | ||
Net loss | $ (4,652,421) | $ (3,350,683) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 156,362 | 93,277 |
Loss on disposal of property and equipment | 1,929 | |
Stock based compensation | 895,226 | 584,261 |
Warrants issued for services | 2,199 | 9,945 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (192,323) | (178,011) |
Other current assets | (155,521) | 3,151 |
Accounts payable and accrued liabilities | 439,943 | 166,243 |
Net Cash Used In Operating Activities | (3,506,535) | (2,669,888) |
Investing Activities | ||
Purchases of property and equipment | (60,658) | (874,891) |
Net Cash Used in Investing Activities | (60,658) | (874,891) |
Financing Activities | ||
Net proceeds from issuance of common shares | 7,796,000 | 43,300 |
Proceeds from debt payable | 287,648 | |
Payments on debt payable | (35,926) | |
Payments on capital lease obligations | (35,243) | (29,858) |
Net Cash Provided By Financing Activities | 7,724,831 | 301,090 |
Effect of foreign exchange on cash | (13,619) | 37,919 |
Net change in cash and cash equivalents | 4,144,019 | (3,205,770) |
Cash and cash equivalents - Beginning of Period | 10,116,263 | 21,678,734 |
Cash and cash equivalents - End of Period | 14,260,282 | 18,472,964 |
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | 22,982 | 12,205 |
Income tax paid | ||
Non-Cash Investing and Financing Activities: | ||
Common stock issued on cashless exercises of stock options | 12 | |
Capital lease obligation for equipment purchases | $ 994,285 |
Condensed Financial Statements
Condensed Financial Statements | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018, 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, 2017 as filed with the Securities and Exchange Commission on March 1, 2018. The results of operations for the three month periods ended March 31, 2018 and 2017 are not necessarily indicative of the operating results for the full years. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2018 | |
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 $60,366,599, has negative cash flows from operations, and currently has no revenues, which creates substantial doubt about its ability to continue as a going concern for a period of one year from the date of issuance of these financial statements. 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 equity or debt financing, (c) granting licenses to third parties in exchange for specified up-front and/or back end payments 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 accomplishment of the plans described in the preceding paragraph and eventually 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 | 3 Months Ended |
Mar. 31, 2018 | |
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 Companys 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 Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Principles of Consolidation The accompanying condensed consolidated financial statements for the period ended March 31, 2018 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. (Volition America), and Volition Diagnostics UK Limited (Volition Diagnostics). All significant intercompany balances and transactions have been eliminated in consolidation. Basic and Diluted Loss Per Share The Company computes 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 March 31, 2018, 1,962,547 dilutive warrants and options were excluded from the diluted EPS calculation as their effect is anti-dilutive. As of March 31, 2017, 1,386,887 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 Companys management believes that these recent pronouncements will not have a material effect on the Companys consolidated financial statements. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Note 4 - Property and Equipment | The Companys property and equipment consist of the following amounts as of March 31, 2018 and December 31, 2017: March 31, 2018 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 266,155 115,265 150,890 Laboratory equipment 5 years 1,659,015 751,751 907,264 Office furniture and equipment 5 years 199,995 48,689 151,306 Buildings 30 years 1,616,415 58,362 1,558,053 Building improvements 5-15 years 692,614 48,315 644,299 Land Not amortized 98,614 - 98,614 4,532,808 1,022,382 3,510,426 December 31, 2017 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 239,133 93,422 145,711 Laboratory equipment 5 years 1,575,354 653,636 921,718 Office furniture and equipment 5 years 207,208 54,479 152,729 Buildings 30 years 1,571,004 43,632 1,527,372 Building improvements 5-15 years 673,157 35,748 637,409 Land Not amortized 95,843 - 95,843 4,361,699 880,917 3,480,782 During the three-month periods ended March 31, 2018 and March 31, 2017, the Company recognized $137,705 and $72,357, respectively, in depreciation expense. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Note 5 - Intangible Assets | The Companys 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. March 31, 2018 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,243,616 677,488 566,128 December 31, 2017 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,213,314 636,917 576,397 During the three-month periods ended March 31, 2018 and March 31, 2017, the Company recognized $23,682 and $20,920, respectively, in amortization expense. The Company amortizes the long-lived assets on a straight-line basis with terms of 8 to 20 years. The annual estimated amortization schedule over the next five years is as follows: 2018- remaining $ 71,259 2019 $ 94,941 2020 $ 94,941 2021 $ 94,941 2022 $ 94,941 Thereafter $ 115,105 Total $ 566,128 The Company periodically reviews its long-lived assets to ensure that their carrying value does not exceed their fair market value. The Company carried out such a review in accordance with ASC 360 as of December 31, 2017. The result of this review confirmed that the ongoing value of the patents was not impaired as of December 31, 2017. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Note 6 - Related Party Transactions | The Company has agreements with related parties for consultancy services, stock options and warrants. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Note 7 - Common Stock | As of March 31, 2018, the Company was authorized to issue 100 million shares of common stock par value $0.001 per share , of which 30,030,793 and 26,519,394 shares were issued outstanding as of March 31, 2018 and December 31, 2017, respectively. On March 13, 2018, the Company issued 3.5 million shares of common stock in a registered public offering at a price of $2.40 per share, for aggregate gross proceeds of $8.4 million. In connection with the transaction, $0.6 million was incurred for legal and underwriting fees resulting in net proceeds of $7.8 million. Pursuant to this offering, the underwriters had the option to purchase up to an additional 525,000 shares of common stock for 30 days following the pricing of the initial closing, which option was not exercised. During the period ended March 31, 2018, 26,400 warrants were exercised to purchase shares of common stock at a price of $2.00 per share in a cashless exercise that resulted in the issuance of 11,399 shares of common stock. |
Warrants And Options
Warrants And Options | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Note 8 - Warrants and Options | a) Warrants The following table summarizes the changes in warrants outstanding of the Company during the three-month period ended March 31, 2018: Number of Warrants Weighted Average Exercise Price ($) Outstanding at December 31, 2017 1,731,680 2.36 Granted - - Exercised (26,400 ) 2.00 Expired - - Outstanding at March 31, 2018 1,705,280 2.37 Exercisable at March 31, 2018 1,580,280 2.36 Below is a table summarizing the warrants issued and outstanding as of March 31, 2018, which have a weighted average exercise price of $2.37 per share and an aggregate weighted average remaining contractual life of 1.20 years. Number Outstanding Number Exercisable Exercise Price ($) Weighted Average Remaining Contractual Life (Years) Proceeds to Company if Exercised ($) 3,350 3,350 2.00 0.00 6,700 948,475 948,475 2.20 0.51 2,086,645 520,455 520,455 2.40 0.20 1,249,092 150,000 25,000 2.47 0.41 370,500 24,000 24,000 3.00 0.01 72,000 19,000 19,000 3.75 0.01 71,250 40,000 40,000 4.53 0.06 181,200 1,705,280 1,580,280 1.20 4,037,387 Warrant expense of $2,199 and $9,945 was recorded in the three-months ended March 31, 2018 and March 31, 2017, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is approximately $23,391 and is expected to be recognized over a period of 2.8 years. As of March 31, 2018, the total intrinsic value of warrants was $191,034. b) Options The following table summarizes the changes in options outstanding of the Company during the three-month period ended March 31, 2018: Number of Options Weighted Average Exercise Price ($) Outstanding at December 31, 2017 2,939,134 4.09 Granted 780,000 4.00 Exercised - - Expired/Cancelled (15,000 ) 5.44 Outstanding at March 31, 2018 3,704,134 4.06 Exercisable at March 31, 2018 2,814,134 4.04 Effective January 23, 2018, the Company granted stock options to purchase 780,000 shares of common stock. These options vest on January 23, 2019 and expire 5 years after the vesting date, with an exercise price of $4.00 per share. The Company has calculated the estimated fair market value of these options at $1,930,265, using the Black-Scholes model and the following assumptions: term 6 years, stock price $3.75, exercise price $4.00, 75.4% volatility, 2.55% risk free rate, and no forfeiture rate. Below is a table summarizing the options issued and outstanding as of March 31, 2018, all of which were issued pursuant to the 2011 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 $4.06 per share and a weighted average remaining contractual life of 3.74 years. As of March 31, 2018, an aggregate of 59,000 shares of common stock remained available for future issuance under the 2015 Stock Incentive Plan. Number Outstanding Number Exercisable Exercise Price ($) Weighted Average Remaining Contractual Life (Years) Proceeds to Company if Exercised ($) 17,766 17,766 2.35 0.01 41,750 322,500 322,500 2.50 0.08 806,250 326,667 326,667 3.00 0.16 980,001 17,767 17,767 3.35 0.01 59,519 20,000 20,000 3.80 0.01 76,000 1,895,333 1,115,333 4.00 2.25 7,581,332 17,767 17,767 4.35 0.02 77,286 50,000 50,000 4.80 0.06 240,000 1,031,334 921,334 5.00 1.14 5,156,670 5,000 5,000 6.31 0.00 31,550 3,704,134 2,814,134 3.74 15,050,358 Stock option expense of $895,226 and $584,261 was recorded in the three-months ended March 31, 2018 and March 31, 2017, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is approximately $1,588,446 and is expected to be recognized over a period of 0.8 years. As of March 31, 2018, the total intrinsic value of stock options was $888. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Note 9 - Commitments and Contingencies | a) Capital Lease Obligations In 2015, the Company entered into an equipment capital lease to purchase three Tecan machines (automated liquid handling robots) for 550,454 Euros. As of March 31, 2018, the balance payable was $220,707. In 2016, the Company entered into a real estate capital lease with ING Asset Finance Belgium S.A. (ING) to purchase a property located in Belgium for 1.12 million Euros. As of March 31, 2018, the balance payable was $786,928. 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 March 31, 2018. 2018- remaining $ 125,862 2019 $ 167,814 2020 $ 115,383 2021 $ 66,302 2022 $ 66,302 Greater than 5 years $ 621,552 Total minimum lease payments $ 1,163,215 Less: Amount representing interest $ (155,580) Present value of minimum lease payments $ 1,007,635 b) Operating Lease Obligations The Company also leases premises and facilities under operating leases with terms ranging from 12 months to 60 months. As of March 31, 2018, the annual non-cancelable operating lease payments on these leases are as follows: 2018- remaining $ 164,704 2019 $ 66,241 2020 $ 52,514 2021 $ 14,404 Total Operating Lease Obligations $ 297,863 c) Grants Repayable In 2010, the Company entered into an agreement with the Walloon Region government in Belgium for a colorectal cancer research grant for 1.05 million Euros. Per the terms of the agreement, 314,406 Euros of the grant is to be repaid. As of March 31, 2018, the balance repayable was $237,173 and the annual payments remaining were as follows: 2018- remaining $ 43,143 2019 $ 43,143 2020 $ 43,143 2021 $ 39,946 2022 $ 36,980 Greater than 5 years $ 30,818 Total Grants Repayable $ 237,173 d) Long-Term Debt In 2016, the Company entered into a 7-year loan agreement with Namur Invest for 440,000 Euros with a fixed interest rate of 4.85%. As of March 31, 2018, the principal balance payable was $494,267. In 2016, the Company entered into a 15-year loan agreement with ING for 270,000 Euros with a fixed interest rate of 2.62%. As of March 31, 2018, the principal balance payable was $310,307. In 2017, the Company entered into a 4-year loan agreement with Namur Invest for 350,000 Euros with a fixed interest rate of 4.00%. As of March 31, 2018, the principal balance payable was $412,228. In 2017, the Company entered into an 11-month loan agreement with ING for 200,000 Euros with a rolling interest rate of the Euribor rate + 2.00%. As of March 31, 2018, the principal balance payable was $246,534. In 2017, the Company entered into a 7-year loan agreement with SOFINEX for up to 1 million Euros with a fixed interest rate of 4.50%. As of March 31, 2018, 250,000 Euros has been drawn down under this agreement and the principal balance payable was $308,167. As of March 31, 2018, the total balance for long-term debt payable was $1,771,503 and the annual payments remaining were as follows: 2018- remaining $ 461,570 2019 $ 332,667 2020 $ 552,240 2021 $ 190,901 2022 $ 124,750 Greater than 5 years $ 343,132 Total $ 2,005,260 Less: Amount representing interest $ (233,757) Total Long-Term Debt $ 1,771,503 e) Collaborative Agreement Obligations In 2015, the Company entered into a research sponsorship agreement with DKFZ, in Germany for a 3-year period for 338,984 Euros. As of March 31, 2018, $92,450 is still to be paid by the Company under this agreement. In 2016, the Company entered into a research co-operation agreement with DKFZ, in Germany for a 5-year period for 400,000 Euros. As of March 31, 2018, $246,534 is still to be paid by the Company under this agreement. In 2016, the Company entered into a collaborative research agreement with Munich University, in Germany for a 3-year period for 360,000 Euros. As of March 31, 2018, $234,207 is still to be paid by the Company under this agreement. In 2016, the Company entered into a phase one clinical research agreement with Hvidovre Hospital, University of Copenhagen in Denmark for a 2-year period for DKK 15 million Danish Kroner. As of March 31, 2018, $708,639 is still to be paid by the Company under this agreement. In 2017, the Company entered into a research collaboration agreement with National University of Singapore for a 2-year period for $48,000. As of March 31, 2018, $9,600 is still to be paid by the Company under this agreement. In 2017, the Company entered into a clinical study research agreement with the Regents of the University of Michigan (the University of Michigan) for a 3-year period for up to $3 million. As of March 31, 2018, up to $2.5 million is still to be paid by the Company under this agreement. As of March 31, 2018, the total amount to be paid for future research and collaboration commitments was $3,791,430 and the annual payments remaining were as follows: 2018- remaining $ 2,228,334 2019 $ 1,063,096 2020 $ 500,000 Total Collaborative Agreement Obligations $ 3,791,430 f) Legal Proceedings There are no legal proceedings which the Company believes will have a material adverse effect on its financial position. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Note 10 - Subsequent Events | None. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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 Companys 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 Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Principles of Consolidation | The accompanying condensed consolidated financial statements for the period ended March 31, 2018 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. (Volition America), and Volition Diagnostics UK Limited (Volition Diagnostics). All significant intercompany balances and transactions have been eliminated in consolidation. |
Basic and Diluted Loss Per Share | The Company computes 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 March 31, 2018, 1,962,547 dilutive warrants and options were excluded from the diluted EPS calculation as their effect is anti-dilutive. As of March 31, 2017, 1,386,887 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 Companys management believes that these recent pronouncements will not have a material effect on the Companys consolidated financial statements. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property And Equipment Tables | |
Property and Equipment | March 31, 2018 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 266,155 115,265 150,890 Laboratory equipment 5 years 1,659,015 751,751 907,264 Office furniture and equipment 5 years 199,995 48,689 151,306 Buildings 30 years 1,616,415 58,362 1,558,053 Building improvements 5-15 years 692,614 48,315 644,299 Land Not amortized 98,614 - 98,614 4,532,808 1,022,382 3,510,426 December 31, 2017 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 239,133 93,422 145,711 Laboratory equipment 5 years 1,575,354 653,636 921,718 Office furniture and equipment 5 years 207,208 54,479 152,729 Buildings 30 years 1,571,004 43,632 1,527,372 Building improvements 5-15 years 673,157 35,748 637,409 Land Not amortized 95,843 - 95,843 4,361,699 880,917 3,480,782 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Intangible Assets Tables | |
Schedule of Intangible Assets | March 31, 2018 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,243,616 677,488 566,128 December 31, 2017 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,213,314 636,917 576,397 |
Schedule of Intangible Assets, Future Amortization Expense | 2018- remaining $ 71,259 2019 $ 94,941 2020 $ 94,941 2021 $ 94,941 2022 $ 94,941 Thereafter $ 115,105 Total $ 566,128 |
Warrants and Options (Tables)
Warrants and Options (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Warrant [Member] | |
Summarizes changes in warrants outstanding | Number of Warrants Weighted Average Exercise Price ($) Outstanding at December 31, 2017 1,731,680 2.36 Granted - - Exercised (26,400 ) 2.00 Expired - - Outstanding at March 31, 2018 1,705,280 2.37 Exercisable at March 31, 2018 1,580,280 2.36 |
Summarizes warrants issued and outstanding | Number Outstanding Number Exercisable Exercise Price ($) Weighted Average Remaining Contractual Life (Years) Proceeds to Company if Exercised ($) 3,350 3,350 2.00 0.00 6,700 948,475 948,475 2.20 0.51 2,086,645 520,455 520,455 2.40 0.20 1,249,092 150,000 25,000 2.47 0.41 370,500 24,000 24,000 3.00 0.01 72,000 19,000 19,000 3.75 0.01 71,250 40,000 40,000 4.53 0.06 181,200 1,705,280 1,580,280 1.20 4,037,387 |
Option [Member] | |
Summarizes changes in warrants outstanding | Number of Options Weighted Average Exercise Price ($) Outstanding at December 31, 2017 2,939,134 4.09 Granted 780,000 4.00 Exercised - - Expired/Cancelled (15,000 ) 5.44 Outstanding at March 31, 2018 3,704,134 4.06 Exercisable at March 31, 2018 2,814,134 4.04 |
Summarizes warrants issued and outstanding | Number Outstanding Number Exercisable Exercise Price ($) Weighted Average Remaining Contractual Life (Years) Proceeds to Company if Exercised ($) 17,766 17,766 2.35 0.01 41,750 322,500 322,500 2.50 0.08 806,250 326,667 326,667 3.00 0.16 980,001 17,767 17,767 3.35 0.01 59,519 20,000 20,000 3.80 0.01 76,000 1,895,333 1,115,333 4.00 2.25 7,581,332 17,767 17,767 4.35 0.02 77,286 50,000 50,000 4.80 0.06 240,000 1,031,334 921,334 5.00 1.14 5,156,670 5,000 5,000 6.31 0.00 31,550 3,704,134 2,814,134 3.74 15,050,358 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies | |
Schedule of Future Minimum Lease Payments for Capital Leases | 2018- remaining $ 125,862 2019 $ 167,814 2020 $ 115,383 2021 $ 66,302 2022 $ 66,302 Greater than 5 years $ 621,552 Total minimum lease payments $ 1,163,215 Less: Amount representing interest $ (155,580 ) Present value of minimum lease payments $ 1,007,635 |
Operating lease payments | 2018- remaining $ 164,704 2019 $ 66,241 2020 $ 52,514 2021 $ 14,404 Total Operating Lease Obligations $ 297,863 |
Schedule of grants repayable | 2018- remaining $ 43,143 2019 $ 43,143 2020 $ 43,143 2021 $ 39,946 2022 $ 36,980 Greater than 5 years $ 30,818 Total Grants Repayable $ 237,173 |
Schedule of long term debt | 2018- remaining $ 461,570 2019 $ 332,667 2020 $ 552,240 2021 $ 190,901 2022 $ 124,750 Greater than 5 years $ 343,132 Total $ 2,005,260 Less: Amount representing interest $ (233,757 ) Total Long-Term Debt $ 1,771,503 |
Schedule of collaborative agreement obligations | 2018- remaining $ 2,228,334 2019 $ 1,063,096 2020 $ 500,000 Total Collaborative Agreement Obligations $ 3,791,430 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 92 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | |
Going Concern Details Narrative | |||
Net loss | $ (4,652,421) | $ (3,350,683) | $ (60,366,599) |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Details Narrative) - shares | Mar. 31, 2018 | Mar. 31, 2017 |
Dilutive Warrants And Options [Member] | ||
Potentially dilutive warrants and options | 1,962,547 | 1,386,887 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Cost | $ 4,532,808 | $ 4,361,699 |
Accumulated Depreciation | 1,022,382 | 880,917 |
Net Carrying Value | $ 3,510,426 | $ 3,480,782 |
Computer hardware and software [Member] | ||
Useful Life | 3 years | 3 years |
Cost | $ 266,155 | $ 239,133 |
Accumulated Depreciation | 115,265 | 93,422 |
Net Carrying Value | $ 150,890 | $ 145,711 |
Laboratory Equipment [Member] | ||
Useful Life | 5 years | 5 years |
Cost | $ 1,659,015 | $ 1,575,354 |
Accumulated Depreciation | 751,751 | 653,636 |
Net Carrying Value | $ 907,264 | $ 921,718 |
Office Furniture and Equipment [Member] | ||
Useful Life | 5 years | 5 years |
Cost | $ 199,995 | $ 207,208 |
Accumulated Depreciation | 48,689 | 54,479 |
Net Carrying Value | $ 151,306 | $ 152,729 |
Buildings [Member] | ||
Useful Life | 30 years | 30 years |
Cost | $ 1,616,415 | $ 1,571,004 |
Accumulated Depreciation | 58,362 | 43,632 |
Net Carrying Value | 1,558,053 | 1,527,372 |
Building Improvements [Member] | ||
Cost | 692,614 | 673,157 |
Accumulated Depreciation | 48,315 | 35,748 |
Net Carrying Value | $ 644,299 | $ 637,409 |
Building Improvements [Member] | Minimum [Member] | ||
Useful Life | 5 years | 5 years |
Building Improvements [Member] | Maximum [Member] | ||
Useful Life | 15 years | 15 years |
Land [Member] | ||
Useful Life | 0 years | 0 years |
Cost | $ 98,614 | $ 95,843 |
Accumulated Depreciation | ||
Net Carrying Value | $ 98,614 | $ 95,843 |
Property and Equipment (Detai24
Property and Equipment (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property And Equipment Details Narrative | ||
Depreciation Expense | $ 137,705 | $ 72,357 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Net Carrying Value | $ 566,128 | $ 576,397 |
Patents [Member] | ||
Cost | 1,243,616 | 1,213,314 |
Accumulated Amortization | 677,488 | 636,917 |
Net Carrying Value | $ 566,128 | $ 576,397 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Intangible Assets Details 1 | ||
2018- remaining | $ 71,259 | |
2,019 | 94,941 | |
2,020 | 94,941 | |
2,021 | 94,941 | |
2,022 | 94,941 | |
Thereafter | 115,105 | |
Total | $ 566,128 | $ 576,397 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Amortization expense | $ 23,682 | $ 20,920 |
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) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 13, 2018 | Dec. 31, 2017 | |
Common Stock, par value | $ 0.001 | $ 0.001 | ||
Common Stock, shares authorized | 100,000,000 | 100,000,000 | ||
Common Stock, shares issued | 30,030,793 | 26,519,394 | ||
Common Stock, shares outstanding | 30,030,793 | 26,519,394 | ||
Proceeds from issuance of common shares | $ 7,796,000 | $ 43,300 | ||
Common Stock | ||||
Common stock price per share | $ 2.40 | |||
Common Stock, shares issued | 3,500,000 | |||
Legal and underwriting fees | 600,000 | |||
Net proceeds of legal and underwriting fees | 7,800,000 | |||
Proceeds from issuance of common shares | $ 8,400,000 | |||
Stock option [Member] | ||||
Option exercised | 26,400 | |||
Exercise price | $ 2 | |||
Stock Issued During Period, Shares | 11,399 | |||
Option to purchase common stock shares | $ 525,000 | |||
Option to purchase common stock shares description | for 30 days following the pricing of the initial closing, which option was not exercised. |
Warrants And Options (Details)
Warrants And Options (Details) - Warrant [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Number of Warrants | |
Outstanding at December 31, 2017 | shares | 1,731,680 |
Granted | shares | |
Exercised | shares | (26,400) |
Expired | shares | |
Outstanding at March 31, 2018 | shares | 1,705,280 |
Exercisable at March 31, 2018 | shares | 1,580,280 |
Weighted Average Exercise Price | |
Outstanding at December 31, 2017 | $ / shares | $ 2.36 |
Granted | $ / shares | |
Exercised | $ / shares | 2 |
Expired | $ / shares | |
Outstanding at March 31, 2018 | $ / shares | 2.37 |
Exercisable at March 31, 2018 | $ / shares | $ 2.36 |
Warrants And Options (Details 1
Warrants And Options (Details 1) | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Warrant One [Member] | |
Number Outstanding | 3,350 |
Number Exercisable | 3,350 |
Exercise Price | $ / shares | $ 2 |
Weighted Average Remaining Contractual Life (Years) | 0 years |
Proceeds to Company if Exercised | $ | $ 6,700 |
Warrant Two [Member] | |
Number Outstanding | 948,475 |
Number Exercisable | 948,475 |
Exercise Price | $ / shares | $ 2.20 |
Weighted Average Remaining Contractual Life (Years) | 6 months 4 days |
Proceeds to Company if Exercised | $ | $ 2,086,645 |
Warrant Three [Member] | |
Number Outstanding | 520,455 |
Number Exercisable | 520,455 |
Exercise Price | $ / shares | $ 2.40 |
Weighted Average Remaining Contractual Life (Years) | 2 months 12 days |
Proceeds to Company if Exercised | $ | $ 1,249,092 |
Warrant Four [Member] | |
Number Outstanding | 150,000 |
Number Exercisable | 25,000 |
Exercise Price | $ / shares | $ 2.47 |
Weighted Average Remaining Contractual Life (Years) | 4 months 28 days |
Proceeds to Company if Exercised | $ | $ 370,500 |
Warrant Five [Member] | |
Number Outstanding | 24,000 |
Number Exercisable | 24,000 |
Exercise Price | $ / shares | $ 3 |
Weighted Average Remaining Contractual Life (Years) | 4 days |
Proceeds to Company if Exercised | $ | $ 72,000 |
Warrant Six [Member] | |
Number Outstanding | 19,000 |
Number Exercisable | 19,000 |
Exercise Price | $ / shares | $ 3.75 |
Weighted Average Remaining Contractual Life (Years) | 4 days |
Proceeds to Company if Exercised | $ | $ 71,250 |
Warrant Seven [Member] | |
Number Outstanding | 40,000 |
Number Exercisable | 40,000 |
Exercise Price | $ / shares | $ 4.53 |
Weighted Average Remaining Contractual Life (Years) | 22 days |
Proceeds to Company if Exercised | $ | $ 181,200 |
Warrant [Member] | |
Number Outstanding | 1,705,280 |
Number Exercisable | 1,580,280 |
Weighted Average Remaining Contractual Life (Years) | 1 year 2 months 12 days |
Proceeds to Company if Exercised | $ | $ 4,037,387 |
Warrants And Options (Details 2
Warrants And Options (Details 2) - Option [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Number of Options | |
Outstanding at December 31, 2017 | shares | 2,939,134 |
Granted | shares | 780,000 |
Exercised | shares | |
Expired/Cancelled | shares | (15,000) |
Outstanding at March 31, 2018 | shares | 3,704,134 |
Exercisable at March 31, 2018 | shares | 2,814,134 |
Weighted Average Exercise Price | |
Outstanding at December 31, 2017 | $ / shares | $ 4.09 |
Granted | $ / shares | 4 |
Exercised | $ / shares | |
Expired/Cancelled | $ / shares | 5.44 |
Outstanding at March 31, 2018 | $ / shares | 4.06 |
Exercisable at March 31, 2018 | $ / shares | $ 4.04 |
Warrants And Options (Details 3
Warrants And Options (Details 3) | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Option One [Member] | |
Number Outstanding | 17,766 |
Number Exercisable | 17,766 |
Exercise Price | $ / shares | $ 2.35 |
Weighted Average Remaining Contractual Life (Years) | 4 days |
Proceeds to Company if Exercised | $ | $ 41,750 |
Option Two [Member] | |
Number Outstanding | 322,500 |
Number Exercisable | 322,500 |
Exercise Price | $ / shares | $ 2.50 |
Weighted Average Remaining Contractual Life (Years) | 29 days |
Proceeds to Company if Exercised | $ | $ 806,250 |
Option Three [Member] | |
Number Outstanding | 326,667 |
Number Exercisable | 326,667 |
Exercise Price | $ / shares | $ 3 |
Weighted Average Remaining Contractual Life (Years) | 1 month 28 days |
Proceeds to Company if Exercised | $ | $ 980,001 |
Option Four [Member] | |
Number Outstanding | 17,767 |
Number Exercisable | 17,767 |
Exercise Price | $ / shares | $ 3.35 |
Weighted Average Remaining Contractual Life (Years) | 4 days |
Proceeds to Company if Exercised | $ | $ 59,519 |
Option Five [Member] | |
Number Outstanding | 20,000 |
Number Exercisable | 20,000 |
Exercise Price | $ / shares | $ 3.80 |
Weighted Average Remaining Contractual Life (Years) | 4 days |
Proceeds to Company if Exercised | $ | $ 76,000 |
Option Six [Member] | |
Number Outstanding | 1,895,333 |
Number Exercisable | 1,115,333 |
Exercise Price | $ / shares | $ 4 |
Weighted Average Remaining Contractual Life (Years) | 2 years 3 months |
Proceeds to Company if Exercised | $ | $ 7,581,332 |
Option Seven [Member] | |
Number Outstanding | 17,767 |
Number Exercisable | 17,767 |
Exercise Price | $ / shares | $ 4.35 |
Weighted Average Remaining Contractual Life (Years) | 7 days |
Proceeds to Company if Exercised | $ | $ 77,286 |
Option Eight [Member] | |
Number Outstanding | 50,000 |
Number Exercisable | 50,000 |
Exercise Price | $ / shares | $ 4.80 |
Weighted Average Remaining Contractual Life (Years) | 22 days |
Proceeds to Company if Exercised | $ | $ 240,000 |
Option Nine [Member] | |
Number Outstanding | 1,031,334 |
Number Exercisable | 921,334 |
Exercise Price | $ / shares | $ 5 |
Weighted Average Remaining Contractual Life (Years) | 1 year 1 month 20 days |
Proceeds to Company if Exercised | $ | $ 5,156,670 |
Option Ten [Member] | |
Number Outstanding | 5,000 |
Number Exercisable | 5,000 |
Exercise Price | $ / shares | $ 6.31 |
Weighted Average Remaining Contractual Life (Years) | 0 years |
Proceeds to Company if Exercised | $ | $ 31,550 |
Option [Member] | |
Number Outstanding | 3,704,134 |
Number Exercisable | 2,814,134 |
Weighted Average Remaining Contractual Life (Years) | 3 years 8 months 26 days |
Proceeds to Company if Exercised | $ | $ 15,050,358 |
Warrants And Options (Details N
Warrants And Options (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Unrecognized compensation cost of non-vested stock options | $ 1,588,446 | ||
Unrecognized compensation cost of non-vested warrants recognition period | 9 months 18 days | ||
Stock based compensation | $ 895,226 | $ 584,261 | |
Warrant [Member] | |||
Weighted average remaining contractual life | 1 year 2 months 12 days | ||
Aggregate Intrinsic value | $ 4,037,387 | ||
Warrant expense | $ 9,945 | ||
Stock option [Member] | 2011 Plan Or 2015 [Member] | |||
Weighted average remaining contractual life | 3 years 8 months 26 days | ||
Weighted average exercise price | $ 4.06 | ||
Common stock shares reserved for future issuance | 59,000 | ||
Stock option [Member] | On January 23, 2018 [Member] | |||
Common stock purchase | 780,000 | ||
Exercise price | $ 4 | ||
Stock per share price | $ 3.75 | ||
Expected term | 6 years | ||
Volatility | 75.40% | ||
Risk free rate | 2.55% | ||
Stock option vesting date | Jan. 23, 2019 | ||
Term | 5 years | ||
Fair market value | $ 1,930,265 | ||
Warrant [Member] | |||
Outstanding, March 31, 2018 | $ 2.37 | $ 2.36 | |
Weighted average remaining contractual life | 1 year 2 months 12 days | ||
Unrecognized compensation cost of non-vested warrants | $ 23,391 | ||
Unrecognized compensation cost of non-vested warrants recognition period | 2 years 9 months 18 days | ||
Aggregate Intrinsic value | $ 191,034 | ||
Warrant expense | 2,199 | ||
Stock option [Member] | |||
Aggregate Intrinsic value | $ 888 |
Commitments and Contingencies34
Commitments and Contingencies (Details) | Mar. 31, 2018USD ($) |
Commitments And Contingencies Details | |
2018- remaining | $ 125,862 |
2,019 | 167,814 |
2,020 | 115,383 |
2,021 | 66,302 |
2,022 | 66,302 |
Greater than 5 years | 621,552 |
Total minimum lease payments | 1,163,215 |
Less: Amount representing interest | (155,580) |
Present value of minimum lease payments | $ 1,007,635 |
Commitments and Contingencies35
Commitments and Contingencies (Details 1) | Mar. 31, 2018USD ($) |
Commitments And Contingencies Details 1 | |
2018- remaining | $ 164,704 |
2,019 | 66,241 |
2,020 | 52,514 |
2,021 | 14,404 |
Total Operating Lease Obligations | $ 297,863 |
Commitments and Contingencies36
Commitments and Contingencies (Details 2) | Mar. 31, 2018USD ($) |
Commitments And Contingencies Details 2 | |
2018- remaining | $ 43,143 |
2,019 | 43,143 |
2,020 | 43,143 |
2,021 | 39,946 |
2,022 | 36,980 |
Greater than 5 years | 30,818 |
Total Grants Repayable | $ 237,173 |
Commitments and Contingencies37
Commitments and Contingencies (Details 3) | Mar. 31, 2018USD ($) |
Commitments And Contingencies Details 3 | |
2018- remaining | $ 461,570 |
2,019 | 332,667 |
2,020 | 552,240 |
2,021 | 190,901 |
2,020 | 124,750 |
Greater than 5 years | 343,132 |
Total | 2,005,260 |
Less: Amount representing interest | (233,757) |
Total Long-Term Debt | $ 1,771,503 |
Commitments and Contingencies38
Commitments and Contingencies (Details 4) | Mar. 31, 2018USD ($) |
Commitments And Contingencies Details 4 | |
2018- remaining | $ 2,228,334 |
2,019 | 1,063,096 |
2,020 | 500,000 |
Total Collaborative Agreement Obligations | $ 3,791,430 |
Commitments and Contingencies39
Commitments and Contingencies (Details Narrative) | 3 Months Ended | ||
Mar. 31, 2018USD ($) | Mar. 31, 2018EUR (€) | Mar. 31, 2018EUR (€) | |
Grants repayable | $ 237,173 | ||
Total long-term debt payable | 1,771,503 | ||
Collaborative obligations amount | $ 3,791,430 | ||
Minimum [Member] | |||
Lease agreement expire period | 12 months | 12 months | |
Maximum [Member] | |||
Lease agreement expire period | 60 months | 60 months | |
In 2010 [Member] | Walloon Region Government [Member] | |||
Amount payable | $ 237,173 | ||
Grants repayable | 314,406 | ||
Lease payment | € | € 1,050,000 | ||
In 2016 [Member] | Capital Lease Obligations [Member] | ING Asset Finance Belgium S.A. [Member] | |||
Purchase price for the Property | € | € 1,120,000 | ||
Amount payable | 786,928 | ||
In 2015 [Member] | Capital Lease Obligations [Member] | Automated Liquid Handling Robots [Member] | |||
Purchase price for the Property | € | € 550,454 | ||
Amount payable | $ 220,707 | ||
SOFINEX [Member] | In 2017 [Member] | Long-term Debt [Member] | |||
Loan agreement term | 7 years | 7 years | |
Fixed interest rate on lease | 4.50% | 4.50% | |
Lease payment | € | € 1,000,000 | ||
Principal balance payable on lease | $ 308,167 | ||
Under agreement cash Withdrawn | € | € 250,000 | ||
ING [Member] | In 2017 [Member] | Long-term Debt [Member] | |||
Loan agreement term | 11 months | 11 months | |
Fixed interest rate on lease | 2.00% | 2.00% | |
Lease payment | € | € 200,000 | ||
Principal balance payable on lease | $ 246,534 | ||
ING [Member] | In 2016 [Member] | Long-term Debt [Member] | |||
Loan agreement term | 15 years | 15 years | |
Fixed interest rate on lease | 2.62% | 2.62% | |
Lease payment | € | € 270,000 | ||
Principal balance payable on lease | $ 310,307 | ||
Namur Invest [Member] | In 2017 [Member] | Long-term Debt [Member] | |||
Loan agreement term | 4 years | 4 years | |
Fixed interest rate on lease | 4.00% | 4.00% | |
Lease payment | € | € 350,000 | ||
Principal balance payable on lease | $ 412,228 | ||
Namur Invest [Member] | In 2016 [Member] | Long-term Debt [Member] | |||
Loan agreement term | 7 years | 7 years | |
Fixed interest rate on lease | 4.85% | 4.85% | |
Lease payment | € | € 440,000 | ||
Principal balance payable on lease | $ 494,267 | ||
Clinical Study Research Agreement [Member] | University of Michigan [Member] | In 2017 [Member] | |||
Lease agreement expire period | 3 years | 3 years | |
Collaborative obligations amount | $ 3,000,000 | ||
Collaborative obligations amount due | $ 2,500,000 | ||
Research Collaboration Agreement [Member] | National University [Member] | In 2017 [Member] | |||
Lease agreement expire period | 2 years | 2 years | |
Collaborative obligations amount | $ 48,000 | ||
Collaborative obligations amount due | $ 9,600 | ||
Clinical Research Agreement [Member] | Hvidovre Hospital [Member] | In 2016 [Member] | |||
Lease agreement expire period | 2 years | 2 years | |
Collaborative obligations amount | $ 15,000,000 | ||
Collaborative obligations amount due | $ 708,639 | ||
Collaborative Research Agreement [Member] | Munich University [Member] | In 2016 [Member] | |||
Lease agreement expire period | 3 years | 3 years | |
Collaborative obligations amount | € | € 360,000 | ||
Collaborative obligations amount due | $ 234,207 | ||
Research Co-operation Agreement [Member] | DKFZ [Member] | In 2016 [Member] | |||
Lease agreement expire period | 5 years | 5 years | |
Collaborative obligations amount | € | 400,000 | ||
Collaborative obligations amount due | $ 246,534 | ||
Research Sponsorship Agreement [Member] | DKFZ [Member] | In 2015 [Member] | |||
Lease agreement expire period | 3 years | 3 years | |
Collaborative obligations amount | € | € 338,984 | ||
Collaborative obligations amount due | $ 92,450 |