Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 06, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | VOLITIONRX LTD | |
Entity Central Index Key | 0000093314 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Sep. 30, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Entity Common Stock Shares Outstanding | 41,092,340 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 19,697,169 | $ 13,427,222 |
Accounts receivable | 16,031 | |
Prepaid expenses | 409,074 | 245,441 |
Other current assets | 184,856 | 229,755 |
Total Current Assets | 20,307,130 | 13,902,418 |
Property and equipment, net | 2,889,554 | 3,119,643 |
Operating lease right-of-use assets | 193,918 | |
Intangible assets, net | 386,038 | 466,905 |
Total Assets | 23,776,640 | 17,488,966 |
Current Liabilities | ||
Accounts payable | 509,276 | 807,162 |
Accrued liabilities | 1,868,994 | 923,034 |
Management and directors' fees payable | 48,775 | 1,200 |
Current portion of long-term debt | 570,921 | 416,553 |
Current portion of finance lease liabilities | 116,920 | 145,150 |
Current portion of operating lease liabilities | 90,270 | |
Current portion of grants repayable | 38,174 | 40,094 |
Total Current Liabilities | 3,243,330 | 2,333,193 |
Long-term debt, net of current portion | 1,732,354 | 1,984,262 |
Finance lease liabilities, net of current portion | 603,503 | 720,013 |
Operating lease liabilities, net of current portion | 106,181 | |
Grants repayable, net of current portion | 289,492 | 311,042 |
Total Long-Term Liabilities | 2,731,530 | 3,015,317 |
Total Liabilities | 5,974,860 | 5,348,510 |
STOCKHOLDERS' EQUITY | ||
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 41,092,340 shares and 35,335,378 shares, respectively | 41,092 | 35,335 |
Additional paid-in capital | 103,374,419 | 85,604,271 |
Accumulated other comprehensive income | 650,819 | 223,651 |
Accumulated deficit | (86,264,550) | (73,722,801) |
Total Stockholders' Equity | 17,801,780 | 12,140,456 |
Total Liabilities and Stockholders' Equity | $ 23,776,640 | $ 17,488,966 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Jul. 24, 2019 | May 03, 2019 | Dec. 31, 2018 |
STOCKHOLDERS' EQUITY | ||||
Common stock, shares par value | $ 0.001 | $ 0.001 | ||
Common stock shares, authorized | 100,000,000 | 100,000,000 | ||
Common stock, shares outstanding | 41,092,340 | 35,335,378 | ||
Common stock shares, issued | 41,092,340 | 35,335,378 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | ||||
Service | $ 16,204 | $ 16,204 | ||
Royalty | 892 | 892 | ||
Total Revenues | 17,096 | 17,096 | ||
Operating Expenses | ||||
Research and development | 2,642,610 | 2,737,856 | 7,596,097 | 7,847,531 |
General and administrative | 1,354,992 | 1,450,383 | 4,020,893 | 4,949,716 |
Sales and marketing | 195,641 | 259,302 | 718,047 | 845,253 |
Total Operating Expenses | 4,193,243 | 4,447,541 | 12,335,037 | 13,642,500 |
Operating Loss | (4,176,147) | (4,447,541) | (12,317,941) | (13,642,500) |
Other Income (Expenses) | ||||
Interest income | 27,633 | 68,656 | ||
Interest expense | (32,291) | (29,108) | (95,507) | (78,646) |
Other expenses | (196,957) | |||
Total Other Expenses | (4,658) | (29,108) | (223,808) | (78,646) |
Provision for Income Taxes | ||||
Net Loss | (4,180,805) | (4,476,649) | (12,541,749) | (13,721,146) |
Other Comprehensive Income (Loss) | ||||
Foreign currency translation adjustments | 401,309 | 46,350 | 427,168 | 193,454 |
Net Comprehensive Loss | $ (3,779,496) | $ (4,430,299) | $ (12,114,581) | $ (13,527,692) |
Net Loss per Share - Basic and Diluted | $ (0.10) | $ (0.14) | $ (0.33) | $ (0.46) |
Weighted Average Shares Outstanding - Basic and Diluted | 39,880,246 | 32,826,924 | 38,538,394 | 30,071,635 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities | ||
Net Loss | $ (12,541,749) | $ (13,721,146) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 560,826 | 474,536 |
Loss on disposal of property and equipment | 1,766 | |
Stock based compensation | 1,084,312 | 1,875,507 |
Warrants issued for services | 6,379 | 6,453 |
Financing costs for warrants modified | 196,957 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (163,638) | (204,673) |
Other current assets | 44,904 | 202,290 |
Accounts receivable | (16,031) | |
Accounts payable and accrued liabilities | 735,211 | 261,383 |
Right-of-use assets operating leases liabilities | (48,475) | |
Net Cash Used In Operating Activities | (10,141,304) | (11,103,884) |
Investing Activities: | ||
Purchases of property and equipment | (359,502) | (183,541) |
Net Cash Used in Investing Activities | (359,502) | (183,541) |
Financing Activities: | ||
Net proceeds from issuance of common shares | 16,488,257 | 16,796,000 |
Proceeds from grants repayable | 32,652 | 177,079 |
Proceeds from long-term debt | 282,513 | 875,418 |
Payments from long-term debt | (262,661) | (369,915) |
Payments on grants repayable | (39,261) | (40,864) |
Payments on capital lease obligations | (106,616) | (103,999) |
Net Cash Provided By Financing Activities | 16,394,884 | 17,333,719 |
Effect of foreign exchange on cash | 375,869 | 211,871 |
Net Change in Cash | 6,269,947 | 6,258,165 |
Cash and cash equivalents - Beginning of Period | 13,427,222 | 10,116,263 |
Cash and cash equivalents - End of Period | 19,697,169 | 16,374,428 |
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | 95,507 | 78,646 |
Common Stock issued on cashless exercises of stock options | 2 | 12 |
Offering costs from issuance of common stock | $ 604,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock Shares | Additional Paid-in Capital | Other Comprehensive Income (Loss) [Member] | Accumulated Deficit |
Balance, shares at Dec. 31, 2017 | 26,519,394 | ||||
Balance, amount at Dec. 31, 2017 | $ 9,957,868 | $ 26,519 | $ 65,774,870 | $ (129,343) | $ (55,714,178) |
Common stock issued for cash, shares | 3,500,000 | ||||
Employee stock options granted for services | 895,226 | 895,226 | |||
Warrants granted for services | 2,199 | 2,199 | |||
Foreign currency translation | 14,947 | 14,947 | |||
Net loss for the period | (4,652,421) | (4,652,421) | |||
Common stock issued for cashless exercise of warrants, shares | 11,399 | ||||
Common stock issued for cash, amount | 7,796,000 | $ 3,500 | 7,792,500 | ||
Common stock issued for cashless exercise of warrants, amount | $ 12 | (12) | |||
Balance, shares at Mar. 31, 2018 | 30,030,793 | ||||
Balance, amount at Mar. 31, 2018 | 14,013,819 | $ 30,031 | 74,464,783 | (114,396) | (60,366,599) |
Common stock issued for cash, shares | 432 | ||||
Employee stock options granted for services | 493,070 | 493,070 | |||
Warrants granted for services | 2,127 | 2,127 | |||
Foreign currency translation | 132,157 | 132,157 | |||
Net loss for the period | (4,592,076) | (4,592,076) | |||
Common stock issued for cash, amount | |||||
Balance, shares at Jun. 30, 2018 | 30,031,225 | ||||
Balance, amount at Jun. 30, 2018 | 10,049,097 | $ 30,031 | 74,959,980 | 17,761 | (64,958,675) |
Common stock issued for cash, shares | 5,000,000 | ||||
Employee stock options granted for services | 487,211 | 487,211 | |||
Warrants granted for services | 2,127 | 2,127 | |||
Foreign currency translation | 46,350 | 46,350 | |||
Net loss for the period | (4,476,649) | (4,476,649) | |||
Common stock issued for cash, amount | 9,000,000 | $ 5,000 | 8,995,000 | ||
Balance, shares at Sep. 30, 2018 | 35,031,225 | ||||
Balance, amount at Sep. 30, 2018 | 15,108,136 | $ 35,031 | 84,444,318 | 64,111 | (69,435,324) |
Balance, shares at Dec. 31, 2018 | 35,335,378 | ||||
Balance, amount at Dec. 31, 2018 | 12,140,456 | $ 35,335 | 85,604,271 | 223,651 | (73,722,801) |
Common stock issued for cash, shares | 2,478,613 | ||||
Employee stock options granted for services | 338,331 | 338,331 | |||
Warrants granted for services | 2,127 | 2,127 | |||
Modification of financing warrants | 196,957 | 196,957 | |||
Foreign currency translation | (24,054) | (24,054) | |||
Net loss for the period | (4,203,773) | (4,203,773) | |||
Common stock issued for cash, amount | 6,660,671 | $ 2,479 | 6,658,192 | ||
Balance, shares at Mar. 31, 2019 | 37,813,991 | ||||
Balance, amount at Mar. 31, 2019 | 15,110,715 | $ 37,814 | 92,799,878 | 199,597 | (77,926,574) |
Common stock issued for cash, shares | 1,666,667 | ||||
Employee stock options granted for services | 377,507 | 377,507 | |||
Warrants granted for services | 2,000 | 2,000 | |||
Foreign currency translation | 49,913 | 49,913 | |||
Net loss for the period | (4,157,171) | (4,157,171) | |||
Common stock issued for cash, amount | 5,000,001 | $ 1,667 | 4,998,334 | ||
Balance, shares at Jun. 30, 2019 | 39,480,658 | ||||
Balance, amount at Jun. 30, 2019 | 16,382,965 | $ 39,481 | 98,177,719 | 249,510 | (82,083,745) |
Common stock issued for cash, shares | 1,609,195 | ||||
Employee stock options granted for services | 368,474 | 368,474 | |||
Warrants granted for services | 2,252 | 2,252 | |||
Foreign currency translation | 401,309 | 401,309 | |||
Net loss for the period | (4,180,805) | (4,180,805) | |||
Common stock issued for cashless exercise of stock options, shares | 2,487 | ||||
Common stock issued for cash, amount | 4,827,585 | $ 1,609 | 4,825,976 | ||
Common stock issued for cashless exercise of stock options, amount | $ 2 | (2) | |||
Balance, shares at Sep. 30, 2019 | 41,092,340 | ||||
Balance, amount at Sep. 30, 2019 | $ 17,801,780 | $ 41,092 | $ 103,374,419 | $ 650,819 | $ (86,264,550) |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of VolitionRx Limited should 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 year ended December 31, 2018, as filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2019. The accompanying condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, since they are interim statements, the accompanying condensed consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. Except as detailed below, there have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2019, as compared to the significant accounting policies disclosed in Note 3 of the consolidated financial statements in the Company’s 2018 Annual Report on Form 10-K. 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 impairment of long-lived assets and stock-based compensation. 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, 2019 include the accounts of the Company and its wholly owned subsidiaries Singapore Volition Pte. Limited (“Singapore Volition”), Belgian Volition SPRL (“Belgian Volition”), Volition Diagnostics UK Limited (“Volition Diagnostics”), Volition America Inc. (“Volition America”), as well as its majority-owned subsidiary Volition Veterinary Diagnostics Development, LLC (“Volition Vet”). All intercompany balances and transactions have been eliminated in consolidation. Except as otherwise indicated by the context, references to the “Company,” “we” and “our” are references to VolitionRx Limited and its subsidiaries. Cash and Cash Equivalents For the purposes of the statements of cash flows, we consider interest bearing deposits with original maturity date of three months or less to be cash equivalents. The Company invests excess cash from its operating cash accounts in overnight investments and reflects these amounts in cash and cash equivalents in the condensed consolidated balance sheets at fair value using quoted prices in active markets for identical assets. At September 30, 2019, cash and cash equivalents totaled approximately $19.7 million, of which $13.1 million was held in an overnight money market account. Accounts Receivable Trade accounts receivable are stated at the amount the Company expects to collect. Due to the nature of the accounts receivable balance, the Company believes the risk of doubtful accounts is minimal and therefore no allowance is recorded. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. The Company may provide for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company have used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. At September 30, 2019, the accounts receivable balance was $16,031. Revenue Recognition Beginning in 2014, Financial Accounting Standards Board (“FASB”) issued several Accounting Standards Updates establishing Accounting Standards Codification (“ASC”) Topic 606, “ Revenue from Contracts with Customers The Company generates revenue from its license agreement with Active Motif, Inc. ("Active Motif") for the sale of ROU kits from which the Company receives royalties. In addition, revenue is received from external third parties for services the Company performs for them in the laboratory. Revenues, and their respective treatment for financial reporting purposes under ASC 606, are as follows: Royalty The Company receives royalty revenues on the net sales recognized during the period in which the revenue is earned, and the amount is determinable from the licensee. These are presented in “Royalty” in the consolidated statements of income. The Company does not have future performance obligations under this revenue stream. In accordance with ASC 606, the Company records these revenues based on estimates of the net sales that occurred during the relevant period from the licensee. The relevant period estimates of these royalties are based on preliminary gross sales data provided by Active Motif and analysis of historical gross-to-net adjustments. Differences between actual and estimated royalty revenues are adjusted for in the period in which they become known. Services The Company includes revenue recognized from laboratory services performed in the Company’s laboratory on behalf of third parties in “Services” in the consolidated statements of income. For each development and/or commercialization agreement that results in revenue, the Company identifies all performance obligations, aside from those that are immaterial, which may include a license to intellectual property and know-how, development activities and/or transition activities. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur throughout the life of the contract. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Leases In February of 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-02 – Leases 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,” Reclassification Certain amounts presented in previously issued financial statements have been reclassified to be consistent with the current period presentation. In the statement of operations and comprehensive loss, the Company has reclassified the prior year comparative amounts of research and development, sales and marketing and general and administrative expenses to be consistent with the current year classification. Recent Accounting Pronouncements The Company has implemented the new applicable accounting pronouncements that are in effect listed above. The Company does not believe that there are any other new applicable accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2019 | |
Going Concern | |
Note 2 - Going Concern | The Company’s condensed consolidated 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 $86.3 million, has negative cash flows from operations, and currently has limited 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 condensed consolidated 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 financing through debt or equity transactions, (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 ability to successfully accomplish the plans described in the preceding paragraph and eventually attain profitable operations. The accompanying condensed consolidated 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. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2019 | |
Property and Equipment | |
Note 3 - Property and Equipment | The Company’s property and equipment consist of the following amounts as of September 30, 2019 and December 31, 2018: September 30, 2019 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 389,962 241,656 148,306 Laboratory equipment 5 years 1,867,507 1,136,923 730,584 Office furniture and equipment 5 years 208,428 100,973 107,455 Buildings 30 years 1,430,227 123,139 1,307,088 Building improvements 5-15 years 612,836 103,970 508,866 Land Not amortized 87,255 - 87,255 4,596,215 1,706,661 2,889,554 December 31, 2018 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 344,383 166,750 177,633 Laboratory equipment 5 years 1,673,215 928,841 744,374 Office furniture and equipment 5 years 204,129 75,137 128,992 Buildings 30 years 1,502,171 91,785 1,410,386 Building improvements 5-15 years 643,663 77,049 566,614 Land Not amortized 91,644 - 91,644 4,459,205 1,339,562 3,119,643 During the nine-month periods ended September 30, 2019 and September 30, 2018, the Company recognized $495,062 and $406,986, respectively, in depreciation expense. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Intangible Assets | |
Note 4 - Intangible Assets | The Company’s intangible assets consist of patents, mainly acquired in the acquisition of Belgian Volition. The patents and intellectual property are being amortized over the assets’ estimated useful lives, which range from 8 to 20 years. September 30, 2019 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,119,375 733,337 386,038 December 31, 2018 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,167,383 700,478 466,905 During the nine-month periods ended September 30, 2019 and September 30, 2018, the Company recognized $65,761 and $69,584, 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: 2019- remaining $ 17,917 2020 $ 85,384 2021 $ 85,384 2022 $ 85,384 2023 $ 85,384 Greater than 5 years $ 26,585 Total Intangible Assets $ 386,038 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, 2018. The result of this review confirmed that the ongoing value of the patents was not impaired as of December 31, 2018. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions | |
Note 5 - Related Party Transactions | See Note 6 for common stock issued to related parties and Note 7 for stock options and warrants issued to related parties. The Company has agreements with related parties for consultancy services which are accrued under management and directors’ fees payable (see condensed consolidated balance sheets). |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2019 | |
Common Stock | |
Note 6 - Common Stock | As of September 30, 2019, the Company was authorized to issue 100 million shares of common stock par value $0.001 per share, of which 41,092,340 and 35,335,378 shares were issued outstanding as of September 30, 2019 and December 31, 2018, respectively. On June 14, 2019, an amendment to the 2015 Stock Incentive Plan (the “2015 Plan”) was approved by the stockholders at the annual meeting to increase the number of shares of common stock available for issuance under the 2015 Plan by 1,000,000 shares to an aggregate maximum of 4,250,000 shares. Issuances Upon Warrant and Option Exercises From January 30, 2019 to February 26, 2019, warrants to purchase 754,475 shares of our common stock were exercised at a price of $2.20 per share, for gross proceeds to the Company of approximately $1.66 million. On March 8, 2019, Cotterford Company Limited partially exercised its warrant and purchased 1,724,138 shares of our common stock at a price of $2.90 per share, for gross proceeds to the Company of $5.0 million. On May 3, 2019, Cotterford Company Limited partially exercised its warrant and purchased 1,666,667 shares of our common stock at a price of $3.00 per share, for gross proceeds to the Company of $5.0 million. On July 24, 2019, Cotterford Company Limited exercised the remainder of its warrant and purchased 1,609,195 shares of our common stock at a price of $3.00 per share, for gross proceeds to the Company of $4.8 million. From August 20, 2019 to September 20, 2019, 6,166 stock options were exercised to purchase shares of common stock at $2.35 per share in a cashless exercise that resulted in the issuance of 2,487 shares of our common stock. Equity Distribution Agreement On September 7, 2018, the Company entered into an equity distribution agreement with Oppenheimer & Co. Inc. (“Oppenheimer”), which agreement allows it to offer and sell shares of common stock having an aggregate offering price of up to $10.0 million from time-to-time pursuant to a shelf registration statement on Form S-3 (declared effective by the SEC on September 28, 2018, File No. 333-227248) through Oppenheimer acting as the Company’s agent and/or principal. As of September 30, 2019, the Company had not sold any shares under the equity distribution agreement. |
Warrants And Options
Warrants And Options | 9 Months Ended |
Sep. 30, 2019 | |
Warrants And Options | |
Note 7 - Warrants and Options | a) Warrants The following table summarizes the changes in warrants outstanding of the Company during the nine-month period ended September 30, 2019: Weighted Average Number of Warrants Exercise Price ($) Outstanding at December 31, 2018 6,107,617 2.88 Granted - - Exercised (5,754,475 ) 2.87 Expired (133,750 ) 2.20 Outstanding at September 30, 2019 219,392 2.84 Exercisable at September 30, 2019 94,392 3.32 Effective March 5, 2019, the Company entered into an amendment to an outstanding warrant to purchase up to an aggregate of 5.0 million shares of our common stock, originally issued to Cotterford Company Limited, a significant stockholder, in connection with an equity financing completed on or about August 10, 2018. The amendment temporarily reduced the exercise price of such warrant from $3.00 per share to $2.90 per share through the close of business on March 8, 2019. As a result of this amendment, $196,957 of financing costs was recorded in other expenses. On March 8, 2019, Cotterford Company Limited partially exercised its warrant and purchased 1,724,138 shares of our common stock at $2.90 per share resulting in gross proceeds to the Company of $5.0 million. On May 3, 2019, Cotterford Company Limited partially exercised its warrant and purchased 1,666,667 shares of our common stock at $3.00 per share resulting in gross proceeds of $5.0 million to the Company. On July 1, 2019, the Company modified the performance criteria for certain vesting milestones on an employee warrant agreement and as a result the Company re-measured warrants held by the employee, to purchase 125,000 shares of common stock at an exercise price of $2.47 per share, resulting in $11,829 of additional warrant expense to be recorded over the vesting period. These warrants vest on achievement of certain business objectives and expire 3 years from the date of vesting. On July 24, 2019, Cotterford Company Limited exercised the remainder of its remaining warrant and purchased 1,609,195 shares of our common stock at $3.00 per share resulting in gross proceeds of $4.8 million to the Company. During, the first three quarters of 2019, warrants to purchase an aggregate of 5,754,475 shares of our common stock were exercised (including the exercises by Cotterford Company Limited referenced above) for gross cash proceeds to the Company of approximately of $16.5 million. Refer to Note 6 for the details of these exercises. Below is a table summarizing the warrants issued and outstanding as of September 30, 2019, which have an aggregate weighted average remaining contractual life of 2.77 years. Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 29,392 29,392 2.40 0.25 70,541 150,000 25,000 2.47 3.71 370,500 40,000 40,000 4.53 1.13 181,200 219,392 94,392 622,241 Warrant expense of $6,379 and $6,453 was recorded in the nine months ended September 30, 2019 and September 30, 2018, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is approximately $22,462 and is expected to be recognized over a period of 1.3 years. As of September 30, 2019, the total intrinsic value of outstanding warrants was $610,742. b) Options The following table summarizes the changes in options outstanding of the Company during the nine-month period ended September 30, 2019: Weighted Average Number of Options Exercise Price ($) Outstanding at December 31, 2018 3,498,801 4.00 Granted 730,000 3.25 Exercised (6,166 ) 2.35 Expired/Cancelled (34,167 ) 3.34 Outstanding at September 30, 2019 4,188,468 3.88 Exercisable at September 30, 2019 3,488,468 4.01 Effective February 11, 2019, the Company granted stock options to purchase 730,000 shares of common stock to various Company personnel (including directors, executives, members of management and employees) for services to the Company. These options vest on February 11, 2020 and expire 5 years after the vesting date, with an exercise price of $3.25 per share. The Company has calculated the estimated fair market value of these options at $1,569,816, using the Black-Scholes model and the following assumptions: term 6 years, stock price $3.16, exercise price $3.25, 77.86% volatility, 2.52% risk free rate, and no forfeiture rate. Subsequent to the February 2019 grant, stock options to purchase 30,000 shares of common stock subject to the grant were forfeited. Below is a table summarizing the options issued and outstanding as of September 30, 2019, all of which were issued pursuant to the 2011 Equity Incentive Plan (for option issuances prior to 2016) or the 2015 Plan (for option issuances commencing in 2016) and which have an aggregate weighted average remaining contractual life of 3.22 years. As of September 30, 2019, a total of 1,099,000 shares of common stock remained available for future issuance under the 2015 Plan. Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 11,599 11,599 2.35 0.61 27,258 322,500 322,500 2.50 0.88 806,250 322,500 322,500 3.00 0.88 967,500 700,000 - 3.25 5.37 2,275,000 17,767 17,767 3.35 1.45 59,519 20,000 20,000 3.80 1.63 76,000 1,907,000 1,907,000 4.00 3.28 7,628,000 17,768 17,768 4.35 2.45 77,291 50,000 50,000 4.80 3.26 240,000 819,334 819,334 5.00 2.23 4,096,670 4,188,468 3,488,468 16,253,488 Stock option expense of $1,084,312 and $1,875,507 was recorded in the nine months ended September 30, 2019 and September 30, 2018, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is approximately $571,344 and is expected to be recognized over a period of 0.36 years. As of September 30, 2019, the total intrinsic value of outstanding stock options was $7,285,702. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies | |
Note 8 - Commitments and Contingencies | a) Finance Lease Obligations In 2015, the Company entered into an equipment finance lease to purchase three Tecan machines (automated liquid handling robots) for €550,454 Euros, maturing May 2020. As of September 30, 2019, the balance payable was $65,345. In 2016, the Company entered into a real estate finance lease with ING Asset Finance Belgium S.A. (“ING”) to purchase a property located in Belgium for €1.12 million Euros, maturing May 2031. As of September 30, 2019, the balance payable was $633,861. In 2018, the Company entered into a finance lease with BNP Paribas leasing solutions to purchase a freezer for the Belgium facility for €25,000 Euros, maturing January 2022. The leased equipment is amortized on a straight-line basis over 5 years. As of September 30, 2019, the balance payable was $21,217. The following is a schedule showing the future minimum lease payments under finance leases by years and the present value of the minimum payments as of September 30, 2019. 2019 $ 39,442 2020 $ 111,379 2021 $ 67,952 2022 $ 60,035 2023 $ 58,665 Greater than 5 years $ 491,296 Total $ 828,769 Less: Amount representing interest $ (108,346 ) Present value of minimum lease payments $ 720,423 b) Operating Lease Right-of-Use Obligations The Company adopted Topic 842 on January 1, 2019. The Company elected to adopt this standard using the optional modified retrospective transition method and recognized a cumulative-effect adjustment to the condensed consolidated balance sheet on the date of adoption. Prior periods have not been restated. With the adoption of Topic 842, the Company’s condensed consolidated balance sheet now contains the following line items: Operating lease right-of-use assets, Current portion of operating lease liabilities and Operating lease liabilities, net of current portion. As all the existing leases subject to the new lease standard were previously classified as operating leases by the Company, they were similarly classified as operating leases under the new standard. The Company has determined that the identified operating leases did not contain non-lease components and require no further allocation of the total lease cost. Additionally, the agreements in place did not contain information to determine the rate implicit in the leases, so we used our incremental borrowing rate as the discount rate. Our weighted average discount rate is 4.44% and the weighted average remaining lease term is 21 months. As of September 30, 2019, operating lease right-of-use assets and liabilities arising from operating leases were $193,918 and $196,451, respectively. During the nine months ended September 30, 2019, cash paid for amounts included for the measurement of lease liabilities was $53,393 and the Company recorded operating lease expense of $48,393. The following is a schedule showing the future minimum lease payments under operating leases by years and the present value of the minimum payments as of September 30, 2019. 2019 - remaining $ 24,122 2020 $ 96,796 2021 $ 64,717 2022 $ 21,180 Total Operating Lease Obligations $ 206,815 Less: Amount representing interest $ (10,364 ) Present Value of minimum lease payments $ 196,451 The Company’s office space leases are short term and the Company has elected under the short-term recognition exemption not to recognize them on the balance sheet. During the nine months ended September 30, 2019, $129,121 was recognized in short-term lease costs associated with office space leases. The annual payments remaining for short-term office leases were as follows: 2019 $ 43,749 2020 $ 25,326 Total Operating Lease Obligations $ 69,075 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, by instalments over the period from June 30, 2014 to June 30, 2023. The Company has recorded the balance of €733,614 Euros 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 €314,406 Euros and the 6% royalty on revenue, is twice the amount of funding received. As of September 30, 2019, the grant balance repayable was $133,506. In 2018, the Company entered into an agreement with the Walloon Region government in Belgium for a colorectal cancer research grant for €605,000 Euros. Per the terms of the agreement, €181,500 Euros of the grant is to be repaid by instalments over 12 years commencing in 2020. In the event that the Company receives revenue from products or services as defined in the agreement, it is due to pay a 3.53% 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 €181,500 Euros and the 3.53% royalty on revenue, is equal to the amount of funding received. As of September 30, 2019, the grant balance repayable was $194,160. As of September 30, 2019, the total grant balance repayable was $327,666 and the annual payments remaining were as follows: 2020 $ 51,371 2021 $ 48,542 2022 $ 45,918 2023 $ 47,054 2024 - Greater than 5 years $ 134,781 Total Grants Repayable $ 327,666 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 September 30, 2019, the principal balance payable was $330,561. 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 September 30, 2019, the principal balance payable was $249,679. 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 September 30, 2019, the principal balance payable was $197,536. 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 September 30, 2019, €1 million Euros has been drawn down under this agreement and the principal balance payable was $1,090,686. In 2018, the Company entered into a 4-year loan agreement with Namur Innovation and Growth for €500,000 Euros with a fixed interest rate of 4.00%. As of September 30, 2019, the principal balance payable was $434,813. As of September 30, 2019, the total balance for long-term debt payable was approximately $2.3 million and the payments remaining were as follows: 2019 - remaining $ 165,574 2020 $ 655,862 2021 $ 587,387 2022 $ 435,423 2023 $ 341,991 Greater than 5 years $ 360,512 Total $ 2,546,749 Less: Amount representing interest $ (243,474 ) Total Long-Term Debt $ 2,303,275 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 September 30, 2019, $81,801 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 September 30, 2019, $218,139 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 September 30, 2019, $159,240 is still to be paid by the Company under this agreement. In 2017, the Company entered into a clinical study research agreement with the University of Michigan for a 3-year period for up to $3 million. As of September 30, 2019, up to $138,000 is still to be paid by the Company under this agreement. In 2018, the Company entered into a research collaboration agreement with the University of Taiwan for a 3-year period for a cost to the Company of up to $2.55 million payable over such period. As of September 30, 2019, $1.66 million is still to be paid by the Company under this agreement. In 2019, the Company entered into a research collaboration agreement with the University of Taiwan to collect a total of 1,200 samples for a 2-year period for a cost to the Company of up to $320,000 payable over such period. As of September 30, 2019, $288,000 is still to be paid by the Company under this agreement. As of September 30, 2019, the total amount to be paid for existing research and collaboration commitments was approximately $2.54 million and the annual payments remaining were as follows: 2019- remaining $ 554,293 2020 $ 999,887 2021 $ 988,500 Total Collaborative Agreement Obligations $ 2,542,680 f) Other Commitments On August 7, 2019, the Company entered into a consulting services agreement with Novis Animal Solutions LLC to provide chief executive officer services for Volition Vet in exchange for payment of consultancy fees and a potential equity interest of 5% in Volition Vet upon achievement of revenue milestones. g) Legal Proceedings There are no legal proceedings which the Company believes will have a material adverse effect on its financial position. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events | |
Note 9 - Subsequent Events | On October 25, 2019, the Company entered into agreements with Texas A&M University to develop veterinary diagnostic products in exchange for an approximate 12.5% equity stake in Volition Vet as well as payment by the Company of an aggregate of $400,000 to Texas A&M University and affiliated entities towards the collaboration. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements of VolitionRx Limited should 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 year ended December 31, 2018, as filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2019. The accompanying condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, since they are interim statements, the accompanying condensed consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. Except as detailed below, there have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2019, as compared to the significant accounting policies disclosed in Note 3 of the consolidated financial statements in the Company’s 2018 Annual Report on Form 10-K. |
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 impairment of long-lived assets and stock-based compensation. 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, 2019 include the accounts of the Company and its wholly owned subsidiaries Singapore Volition Pte. Limited (“Singapore Volition”), Belgian Volition SPRL (“Belgian Volition”), Volition Diagnostics UK Limited (“Volition Diagnostics”), Volition America Inc. (“Volition America”), as well as its majority-owned subsidiary Volition Veterinary Diagnostics Development, LLC (“Volition Vet”). All intercompany balances and transactions have been eliminated in consolidation. Except as otherwise indicated by the context, references to the “Company,” “we” and “our” are references to VolitionRx Limited and its subsidiaries. |
Cash and Cash Equivalents | For the purposes of the statements of cash flows, we consider interest bearing deposits with original maturity date of three months or less to be cash equivalents. The Company invests excess cash from its operating cash accounts in overnight investments and reflects these amounts in cash and cash equivalents in the condensed consolidated balance sheets at fair value using quoted prices in active markets for identical assets. At September 30, 2019, cash and cash equivalents totaled approximately $19.7 million, of which $13.1 million was held in an overnight money market account. |
Accounts Receivable | Trade accounts receivable are stated at the amount the Company expects to collect. Due to the nature of the accounts receivable balance, the Company believes the risk of doubtful accounts is minimal and therefore no allowance is recorded. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. The Company may provide for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company have used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. At September 30, 2019, the accounts receivable balance was $16,031. |
Revenue Recognition | Beginning in 2014, Financial Accounting Standards Board (“FASB”) issued several Accounting Standards Updates establishing Accounting Standards Codification (“ASC”) Topic 606, “ Revenue from Contracts with Customers The Company generates revenue from its license agreement with Active Motif, Inc. ("Active Motif") for the sale of ROU kits from which the Company receives royalties. In addition, revenue is received from external third parties for services the Company performs for them in the laboratory. Revenues, and their respective treatment for financial reporting purposes under ASC 606, are as follows: Royalty The Company receives royalty revenues on the net sales recognized during the period in which the revenue is earned, and the amount is determinable from the licensee. These are presented in “Royalty” in the consolidated statements of income. The Company does not have future performance obligations under this revenue stream. In accordance with ASC 606, the Company records these revenues based on estimates of the net sales that occurred during the relevant period from the licensee. The relevant period estimates of these royalties are based on preliminary gross sales data provided by Active Motif and analysis of historical gross-to-net adjustments. Differences between actual and estimated royalty revenues are adjusted for in the period in which they become known. Services The Company includes revenue recognized from laboratory services performed in the Company’s laboratory on behalf of third parties in “Services” in the consolidated statements of income. For each development and/or commercialization agreement that results in revenue, the Company identifies all performance obligations, aside from those that are immaterial, which may include a license to intellectual property and know-how, development activities and/or transition activities. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur throughout the life of the contract. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. |
Leases | In February of 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-02 – Leases |
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,” |
Reclassification | Certain amounts presented in previously issued financial statements have been reclassified to be consistent with the current period presentation. In the statement of operations and comprehensive loss, the Company has reclassified the prior year comparative amounts of research and development, sales and marketing and general and administrative expenses to be consistent with the current year classification. |
Recent Accounting Pronouncements | The Company has implemented the new applicable accounting pronouncements that are in effect listed above. The Company does not believe that there are any other new applicable accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property and Equipment (Tables) | |
Property and equipment | September 30, 2019 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 389,962 241,656 148,306 Laboratory equipment 5 years 1,867,507 1,136,923 730,584 Office furniture and equipment 5 years 208,428 100,973 107,455 Buildings 30 years 1,430,227 123,139 1,307,088 Building improvements 5-15 years 612,836 103,970 508,866 Land Not amortized 87,255 - 87,255 4,596,215 1,706,661 2,889,554 December 31, 2018 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 344,383 166,750 177,633 Laboratory equipment 5 years 1,673,215 928,841 744,374 Office furniture and equipment 5 years 204,129 75,137 128,992 Buildings 30 years 1,502,171 91,785 1,410,386 Building improvements 5-15 years 643,663 77,049 566,614 Land Not amortized 91,644 - 91,644 4,459,205 1,339,562 3,119,643 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Intangible Assets (Tables) | |
Schedule of intangible assets | September 30, 2019 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,119,375 733,337 386,038 December 31, 2018 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,167,383 700,478 466,905 |
Schedule of intangible assets, future amortization expense | 2019- remaining $ 17,917 2020 $ 85,384 2021 $ 85,384 2022 $ 85,384 2023 $ 85,384 Greater than 5 years $ 26,585 Total Intangible Assets $ 386,038 |
Warrants and Options (Tables)
Warrants and Options (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Warrant [Member] | |
Summary of changes in warrants outstanding | Weighted Average Number of Warrants Exercise Price ($) Outstanding at December 31, 2018 6,107,617 2.88 Granted - - Exercised (5,754,475 ) 2.87 Expired (133,750 ) 2.20 Outstanding at September 30, 2019 219,392 2.84 Exercisable at September 30, 2019 94,392 3.32 |
Summary of warrants issued and outstanding | Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 29,392 29,392 2.40 0.25 70,541 150,000 25,000 2.47 3.71 370,500 40,000 40,000 4.53 1.13 181,200 219,392 94,392 622,241 |
Option [Member] | |
Summary of changes in warrants outstanding | Weighted Average Number of Options Exercise Price ($) Outstanding at December 31, 2018 3,498,801 4.00 Granted 730,000 3.25 Exercised (6,166 ) 2.35 Expired/Cancelled (34,167 ) 3.34 Outstanding at September 30, 2019 4,188,468 3.88 Exercisable at September 30, 2019 3,488,468 4.01 |
Summary of warrants issued and outstanding | Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 11,599 11,599 2.35 0.61 27,258 322,500 322,500 2.50 0.88 806,250 322,500 322,500 3.00 0.88 967,500 700,000 - 3.25 5.37 2,275,000 17,767 17,767 3.35 1.45 59,519 20,000 20,000 3.80 1.63 76,000 1,907,000 1,907,000 4.00 3.28 7,628,000 17,768 17,768 4.35 2.45 77,291 50,000 50,000 4.80 3.26 240,000 819,334 819,334 5.00 2.23 4,096,670 4,188,468 3,488,468 16,253,488 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies (Tables) | |
Schedule of future minimum lease payments for capital leases | 2019 $ 39,442 2020 $ 111,379 2021 $ 67,952 2022 $ 60,035 2023 $ 58,665 Greater than 5 years $ 491,296 Total $ 828,769 Less: Amount representing interest $ (108,346 ) Present value of minimum lease payments $ 720,423 |
Operating lease payments | 2019 - remaining $ 24,122 2020 $ 96,796 2021 $ 64,717 2022 $ 21,180 Total Operating Lease Obligations $ 206,815 Less: Amount representing interest $ (10,364 ) Present Value of minimum lease payments $ 196,451 2019 $ 43,749 2020 $ 25,326 Total Operating Lease Obligations $ 69,075 |
Schedule of grants repayable | 2020 $ 51,371 2021 $ 48,542 2022 $ 45,918 2023 $ 47,054 2024 - Greater than 5 years $ 134,781 Total Grants Repayable $ 327,666 |
Schedule of long term debt | 2019 - remaining $ 165,574 2020 $ 655,862 2021 $ 587,387 2022 $ 435,423 2023 $ 341,991 Greater than 5 years $ 360,512 Total $ 2,546,749 Less: Amount representing interest $ (243,474 ) Total Long-Term Debt $ 2,303,275 |
Schedule of collaborative agreement obligations | 2019- remaining $ 554,293 2020 $ 999,887 2021 $ 988,500 Total Collaborative Agreement Obligations $ 2,542,680 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 9 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) | ||||
Cash and cash equivalents | $ 19,697,169 | $ 13,427,222 | $ 16,374,428 | $ 10,116,263 |
Accounts receivable | 16,031 | |||
Operating lease liability | 110,630 | |||
Operating lease right-of-use asset | $ 110,630 | |||
Antidilutive securities excluded from computation of earnings per share | 4,407,860 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 110 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | |
Going Concern (Details Narrative) | |||||
Net loss for the period | $ (4,180,805) | $ (4,476,649) | $ (12,541,749) | $ (13,721,146) | $ (86,300,000) |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Cost | $ 4,596,215 | $ 4,459,205 |
Accumulated Depreciation | 1,706,661 | 1,339,562 |
Net Carrying Value | 2,889,554 | 3,119,643 |
Computer Hardware And Software [Member] | ||
Cost | 389,962 | 344,383 |
Accumulated Depreciation | 241,656 | 166,750 |
Net Carrying Value | $ 148,306 | $ 177,633 |
Useful Life | 3 years | 3 years |
Laboratory Equipment [Member] | ||
Cost | $ 1,867,507 | $ 1,673,215 |
Accumulated Depreciation | 1,136,923 | 928,841 |
Net Carrying Value | $ 730,584 | $ 744,374 |
Useful Life | 5 years | 5 years |
Office Furniture and Equipment [Member] | ||
Cost | $ 208,428 | $ 204,129 |
Accumulated Depreciation | 100,973 | 75,137 |
Net Carrying Value | $ 107,455 | $ 128,992 |
Useful Life | 5 years | 5 years |
Buildings [Member] | ||
Cost | $ 1,430,227 | $ 1,502,171 |
Accumulated Depreciation | 123,139 | 91,785 |
Net Carrying Value | $ 1,307,088 | $ 1,410,386 |
Useful Life | 30 years | 30 years |
Building Improvements [Member] | ||
Cost | $ 612,836 | $ 643,663 |
Accumulated Depreciation | 103,970 | 77,049 |
Net Carrying Value | $ 508,866 | $ 566,614 |
Building Improvements [Member] | Minimum [Member] | ||
Useful Life | 5 years | 5 years |
Building Improvements [Member] | Maximum [Member] | ||
Useful Life | 15 years | 15 years |
Land [Member] | ||
Cost | $ 87,255 | $ 91,644 |
Accumulated Depreciation | ||
Net Carrying Value | $ 87,255 | $ 91,644 |
Property and Equipment (Detai_2
Property and Equipment (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Property and Equipment (Details Narrative) | ||
Depreciation Expense | $ 495,062 | $ 406,986 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Net Carrying Value | $ 386,038 | $ 466,905 |
Patents [Member] | ||
Cost | 1,119,375 | 1,167,383 |
Accumulated Depreciation | 733,337 | 700,478 |
Net Carrying Value | $ 386,038 | $ 466,905 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Intangible Assets (Details 1) | ||
2019- remaining | $ 17,917 | |
2020 | 85,384 | |
2021 | 85,384 | |
2022 | 85,384 | |
2023 | 85,384 | |
Greater than 5 years | 26,585 | |
Total Intangible Assets | $ 386,038 | $ 466,905 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Amortization expense | $ 65,761 | $ 69,584 |
Patents And Intellectual Property [Member] | Minimum [Member] | ||
Amortization of long-lived asset on straight line basis | 8 years | |
Patents And Intellectual Property [Member] | Maximum [Member] | ||
Amortization of long-lived asset on straight line basis | 20 years |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | Jun. 14, 2019 | May 03, 2019 | Mar. 08, 2019 | Sep. 07, 2018 | Sep. 30, 2019 | Jul. 24, 2019 | Feb. 26, 2019 | Dec. 31, 2018 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||||||
Common stock, shares issued | 41,092,340 | 35,335,378 | ||||||
Common stock, shares outstanding | 41,092,340 | 35,335,378 | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||
Warrants [Member] | ||||||||
Warrants exercised | 6,166 | 1,609,195 | 754,475 | |||||
Exercise price | $ 2.35 | $ 3 | $ 2.20 | |||||
Proceeds from warrants exercised | $ 2,487 | $ 4,800,000 | $ 1,660,000 | |||||
Cotterford [Member] | Warrants [Member] | ||||||||
Warrants exercised | 1,666,667 | 1,724,138 | ||||||
Exercise price | $ 3 | $ 2.90 | ||||||
Proceeds from warrants exercised | $ 5,000,000 | $ 5,000,000 | ||||||
Cotterford [Member] | Warrant [Member] | ||||||||
Warrants exercised | ||||||||
Common Stock [Member] | Oppenheimer & Co Inc. [Member] | ||||||||
Description of aggregate offering price | Aggregate offering price of up to $10.0 million from time to time pursuant to a shelf registration statement | |||||||
Stock Incentive Plan [Member] | Common Stock [Member] | ||||||||
Description of aggregate shares | Amendment to the 2015 Stock Incentive Plan (the “2015 Plan”) was approved by the stockholders at the annual meeting to increase the number of shares of common stock available for issuance under the 2015 Plan by 1,000,000 shares to an aggregate maximum of 4,250,000 shares. |
Warrants And Options (Details)
Warrants And Options (Details) - Warrant [Member] | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Number of Warrants | |
Outstanding, Beginning | shares | 6,107,617 |
Granted | shares | |
Exercised | shares | (5,754,475) |
Expired | shares | (133,750) |
Outstanding, Ending | shares | 219,392 |
Exercisable, Ending | shares | 94,392 |
Weighted Average Exercise Price | |
Outstanding, Beginning | $ / shares | $ 2.88 |
Granted | $ / shares | |
Exercised | $ / shares | 2.87 |
Expired | $ / shares | 2.20 |
Outstanding, Ending | $ / shares | 2.84 |
Exercisable, Ending | $ / shares | $ 3.32 |
Warrants And Options (Details 1
Warrants And Options (Details 1) - USD ($) | 1 Months Ended | 9 Months Ended |
Jul. 24, 2019 | Sep. 30, 2019 | |
Warrnt [Member] | ||
Number Outstanding | 4,188,468 | |
Number Exercisable | 4,188,468 | |
Proceeds to Company if Exercised | $ 622,241 | |
Warrant One [Member] | ||
Number Outstanding | 29,392 | |
Number Exercisable | 29,392 | |
Proceeds to Company if Exercised | $ 70,541 | |
Exercise Price | $ 2.40 | |
Weighted Average Remaining Contractual Life (Years) | 2 months 30 days | |
Weighted Average Remaining Contractual Life (Years) | 6 months | |
Warrant Two [Member] | ||
Number Outstanding | 150,000 | |
Number Exercisable | 25,000 | |
Proceeds to Company if Exercised | $ 370,500 | |
Exercise Price | $ 2.47 | |
Weighted Average Remaining Contractual Life (Years) | 3 years 8 months 16 days | |
Warrant Three [Member] | ||
Number Outstanding | 40,000 | |
Number Exercisable | 40,000 | |
Proceeds to Company if Exercised | $ 181,200 | |
Exercise Price | $ 4.53 | |
Weighted Average Remaining Contractual Life (Years) | 1 year 1 month 16 days |
Warrants And Options (Details 2
Warrants And Options (Details 2) - Option [Member] | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Number of Options | |
Outstanding, Beginning | shares | 3,498,801 |
Granted | shares | 730,000 |
Exercised | shares | (6,166) |
Expired/Cancelled | shares | (34,167) |
Outstanding, Ending | shares | 11,599 |
Exercisable, Ending | shares | 11,599 |
Weighted Average Exercise Price | |
Outstanding, Beginning | $ / shares | $ 4 |
Granted | $ / shares | 3.25 |
Exercised | $ / shares | 2.35 |
Expired/Cancelled | $ / shares | 3.34 |
Outstanding, Ending | $ / shares | 3.88 |
Exercisable, Ending | $ / shares | $ 4.01 |
Warrants And Options (Details 3
Warrants And Options (Details 3) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Option [Member] | ||
Number Outstanding | 11,599 | 3,498,801 |
Number Exercisable | 11,599 | |
Exercise Price | $ 2.35 | |
Proceeds to Company if Exercised | $ 27,258 | |
Weighted Average Remaining Contractual Life (Years) | 7 months 10 days | |
Exercise Price | $ 3.88 | $ 4 |
Option One [Member] | ||
Number Outstanding | 322,500 | |
Number Exercisable | 322,500 | |
Proceeds to Company if Exercised | $ 806,250 | |
Weighted Average Remaining Contractual Life (Years) | 10 months 17 days | |
Exercise Price | $ 2.50 | |
Option Two [Member] | ||
Number Outstanding | 322,500 | |
Number Exercisable | 322,500 | |
Proceeds to Company if Exercised | $ 967,500 | |
Weighted Average Remaining Contractual Life (Years) | 10 months 17 days | |
Exercise Price | $ 2.50 | |
Option Three [Member] | ||
Number Outstanding | 700,000 | |
Number Exercisable | 322,500 | |
Proceeds to Company if Exercised | $ 2,275,000 | |
Weighted Average Remaining Contractual Life (Years) | 5 years 4 months 13 days | |
Exercise Price | $ 3.25 | |
Option Four [Member] | ||
Number Outstanding | 17,767 | |
Number Exercisable | 17,767 | |
Proceeds to Company if Exercised | $ 59,519 | |
Weighted Average Remaining Contractual Life (Years) | 1 year 5 months 12 days | |
Exercise Price | $ 3.35 | |
Option Five [Member] | ||
Number Outstanding | 20,000 | |
Number Exercisable | 20,000 | |
Proceeds to Company if Exercised | $ 76,000 | |
Weighted Average Remaining Contractual Life (Years) | 1 year 7 months 17 days | |
Exercise Price | $ 3.80 | |
Option Six [Member] | ||
Number Outstanding | 1,907,000 | |
Number Exercisable | 1,907,000 | |
Proceeds to Company if Exercised | $ 7,628,000 | |
Weighted Average Remaining Contractual Life (Years) | 3 years 3 months 11 days | |
Exercise Price | $ 4 | |
Option Seven [Member] | ||
Number Outstanding | 17,768 | |
Number Exercisable | 17,768 | |
Proceeds to Company if Exercised | $ 77,291 | |
Weighted Average Remaining Contractual Life (Years) | 2 years 5 months 12 days | |
Exercise Price | $ 4.35 | |
Option Ten [Member] | ||
Number Outstanding | 4,188,468 | |
Number Exercisable | 4,188,468 | |
Proceeds to Company if Exercised | $ 16,253,488 | |
Option Eight [Member] | ||
Number Outstanding | 50,000 | |
Number Exercisable | 50,000 | |
Proceeds to Company if Exercised | $ 240,000 | |
Weighted Average Remaining Contractual Life (Years) | 3 years 3 months 4 days | |
Exercise Price | $ 4.80 | |
Option Nine [Member] | ||
Number Outstanding | 819,334 | |
Number Exercisable | 819,334 | |
Proceeds to Company if Exercised | $ 4,096,670 | |
Weighted Average Remaining Contractual Life (Years) | 2 years 2 months 23 days | |
Exercise Price | $ 5 |
Warrants And Options (Details N
Warrants And Options (Details Narrative) - USD ($) | May 03, 2019 | Mar. 08, 2019 | Mar. 05, 2019 | Jul. 24, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Feb. 26, 2019 |
Proceeds to Company if Exercised | $ 0 | ||||||
Stock based compensation expense | $ 1,084,312 | $ 1,875,507 | |||||
Warrant [Member] | |||||||
Stock options granted shares | |||||||
Weighted Average Remaining Contractual Life (Years) | 2 years 9 months 7 days | ||||||
Proceeds to Company if Exercised | $ 16,500,000 | ||||||
Intrinsic value of warrants | $ 610,742 | ||||||
Exercised | (5,754,475) | ||||||
Number Outstanding | 1,609,195 | ||||||
Exercise Price | $ 3 | ||||||
Unrecognized compensation cost of non-vested warrants recognition period | |||||||
Warrant expense | $ 6,379 | 6,453 | |||||
Warrant [Member] | Cotterford [Member] | |||||||
Proceeds to Company if Exercised | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||||
Exercise price | $ 3 | $ 2.90 | |||||
Reduction of exercise price of warrants description | The exercise price of such warrant from $3.00 per share to $2.90 per share through the close of business on March 8, 2019. | ||||||
Common stock shares issued upon exercise of warrants | 1,666,667 | 1,724,138 | |||||
Class of warrants or rights outstanding | |||||||
Other expenses | $ 196,957 | ||||||
Warrant [Member] | Cotterford Company Limited [Member] | |||||||
Proceeds to Company if Exercised | $ 4,800,000 | ||||||
Common stock shares issued upon exercise of warrants | 1,609,195 | ||||||
Option [Member] | |||||||
Stock options granted shares | 730,000 | ||||||
Weighted Average Remaining Contractual Life (Years) | 4 months 9 days | ||||||
Unrecognized compensation cost of non-vested stock options | $ 571,344 | ||||||
Stock based compensation expense | 1,084,312 | $ 1,875,507 | |||||
Intrinsic value of stock options | $ 7,285,702 | ||||||
Exercised | (6,166) | ||||||
Exercise Price | $ 2.35 | ||||||
Option [Member] | 2011 Equity Incentive Plan [Member] | |||||||
Weighted Average Remaining Contractual Life (Years) | 5 years | ||||||
Common stock shares reserved for future issuance | 1,099,000 | ||||||
Option [Member] | On February 11, 2019 [Member] | |||||||
Warrants granted | 730,000 | ||||||
Exercise price | $ 3.25 | ||||||
Stock per share price | 3.16 | ||||||
Volatility | 77.86% | ||||||
Risk free rate | 2.52% | ||||||
Expiry date | Feb. 11, 2020 | ||||||
Term | 6 years | ||||||
Fair market value | $ 1,569,816 | ||||||
Warrants [Member] | |||||||
Warrant exercise price | $ 3 | $ 2.35 | $ 2.20 | ||||
Class of warrants or rights outstanding | 1,609,195 | 6,166 | 754,475 | ||||
Warrants [Member] | Cotterford [Member] | |||||||
Warrant exercise price | $ 3 | $ 2.90 | |||||
Class of warrants or rights outstanding | 1,666,667 | 1,724,138 | |||||
Warrants [Member] | On July 1, 2019 [Member] | |||||||
Purchase shares of common stock | 125,000 | ||||||
Warrant exercise price | $ 2.47 | ||||||
Additional warrant expense | $ 11,829 | ||||||
Warrant expiration period | 3 years | ||||||
Warrant One [Member] | |||||||
Weighted Average Remaining Contractual Life (Years) | 6 months | ||||||
Proceeds to Company if Exercised | $ 70,541 | ||||||
Unrecognized compensation cost of unvested warrants | $ 22,462 | ||||||
Unrecognized compensation cost of unvested warrants period | 1 year 3 months 19 days |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - Finance Lease Obligations [Member] | Sep. 30, 2019USD ($) |
2019 | $ 39,442 |
2020 | 111,379 |
2021 | 67,952 |
2022 | 60,035 |
2023 | 58,665 |
Greater than 5 years | 491,296 |
Total | 828,769 |
Less: Amount representing interest | (108,346) |
Present value of minimum lease payments | $ 720,423 |
Commitments and Contingencies_3
Commitments and Contingencies (Details 1) | Sep. 30, 2019USD ($) |
2019 | $ 43,749 |
2020 | 25,326 |
2022 | 85,384 |
Total Operating Lease Obligations | 69,075 |
Operating Lease Right of Use Obligations [Member] | |
2019 | 24,122 |
2020 | 96,796 |
2021 | 64,717 |
2022 | 21,180 |
Total Operating Lease Obligations | 206,815 |
Less: Amount representing interest | (10,364) |
Present value of minimum lease payments | $ 196,451 |
Commitments and Contingencies_4
Commitments and Contingencies (Details 2) | Sep. 30, 2019USD ($) |
Commitments and Contingencies (Details 1) | |
2019 | $ 43,749 |
2020 | 25,326 |
Operating Lease Obligations | $ 69,075 |
Commitments and Contingencies_5
Commitments and Contingencies (Details 3) - Grants Repayable [Member] | Sep. 30, 2019USD ($) |
2020 | $ 51,371 |
2021 | 48,542 |
2022 | 45,918 |
2023 | 47,054 |
2024 - Greater than 5 years | 134,781 |
Total Grants Repayable | $ 327,666 |
Commitments and Contingencies_6
Commitments and Contingencies (Details 4) | Sep. 30, 2019USD ($) |
Commitments and Contingencies (Details 4) | |
2019 - remaining | $ 165,574 |
2020 | 655,862 |
2021 | 587,387 |
2022 | 435,423 |
2023 | 341,991 |
Greater than 5 years | 360,512 |
Total | 2,546,749 |
Less: Amount representing interest | (243,474) |
Total Long-Term Debt | $ 2,303,275 |
Commitments and Contingencies_7
Commitments and Contingencies (Details 5) | Sep. 30, 2019USD ($) |
Commitments and Contingencies (Details 5) | |
2019- remaining | $ 554,293 |
2020 | 999,887 |
2021 | 988,500 |
Total Collaborative Agreement Obligations | $ 2,542,680 |
Commitments and Contingencies_8
Commitments and Contingencies (Details Narrative) - USD ($) | Aug. 07, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Total long-term debt payable | $ 2,300,000 | ||
Total Collaborative Agreement Obligations | 2,540,000 | ||
Total long-term debt payable | 2,303,275 | ||
In 2018 [Member] | Finance Lease Obligations [Member] | BNP Paribas leasing solutions [Member] | |||
Amount payable | 21,217 | ||
Purchase price for the property | $ 25,000 | ||
Maturity date | Jan. 31, 2022 | ||
Leased equipment amortized term | 5 years | ||
May 1, 2019 [Member] | Collaborative Arrangement, Co-promotion [Member] | |||
Collaborative obligations amount due | $ 288,000 | ||
Research collaboration agreement description | The Company entered into a research collaboration agreement with the University of Taiwan to collect a total of 1,200 samples for a 2-year period for a cost to the Company of up to $320,000 payable over such period. | ||
In 2015 [Member] | Finance Lease Obligations [Member] | Automated Liquid Handling Robots [Member] | |||
Amount payable | $ 65,345 | ||
Purchase price for the property | $ 550,454 | ||
Maturity date | May 31, 2020 | ||
In 2016 [Member] | Finance Lease Obligations [Member] | ING Asset Finance Belgium S.A. [Member] | |||
Amount payable | $ 633,861 | ||
Purchase price for the property | $ 1,120,000 | ||
Maturity date | May 31, 2031 | ||
Operating Lease Right of Use Obligations [Member] | |||
Weighted average discount rate | 4.44% | ||
Weighted average remaining lease term | 21 months | ||
Operating lease right-of-use assets and liabilities | $ 193,918 | $ 196,451 | |
Payment of lease liabilities | 53,393 | ||
Operating lease expense | 48,393 | ||
Short term lease costs | $ 129,121 | ||
Long-term Debt [Member] | Namur Innovation and Growth [Member] | In 2017 [Member] | |||
Fixed interest rate on lease | 4.00% | ||
Long-term Debt [Member] | Namur Innovation and Growth [Member] | In 2017 [Member] | Loan Agreement [Member] | |||
Total long-term debt payable | $ 434,813 | ||
Loan agreement term | 4 years | ||
Repayment of long-term loan amount | $ 500,000 | ||
SOFINEX [Member] | Long-term Debt [Member] | In 2017 [Member] | |||
Fixed interest rate on lease | 4.50% | ||
Draw down amount | $ 1,000,000 | ||
SOFINEX [Member] | Long-term Debt [Member] | In 2017 [Member] | Loan Agreement [Member] | |||
Total long-term debt payable | $ 1,090,686 | ||
Loan agreement term | 7 years | ||
Repayment of long-term loan amount | $ 1,000,000 | ||
Namur Invest [Member] | Long-term Debt [Member] | In 2017 [Member] | |||
Fixed interest rate on lease | 4.00% | ||
Namur Invest [Member] | Long-term Debt [Member] | In 2017 [Member] | Loan Agreement [Member] | |||
Total long-term debt payable | $ 197,536 | ||
Loan agreement term | 4 years | ||
Repayment of long-term loan amount | $ 350,000 | ||
Namur Invest [Member] | Long-term Debt [Member] | In 2016 [Member] | |||
Fixed interest rate on lease | 4.85% | ||
Namur Invest [Member] | Long-term Debt [Member] | In 2016 [Member] | Loan Agreement [Member] | |||
Total long-term debt payable | $ 330,561 | ||
Loan agreement term | 7 years | ||
Repayment of long-term loan amount | $ 440,000 | ||
ING [Member] | Long-term Debt [Member] | In 2016 [Member] | |||
Fixed interest rate on lease | 2.62% | ||
ING [Member] | Long-term Debt [Member] | In 2016 [Member] | Loan Agreement [Member] | |||
Total long-term debt payable | $ 249,679 | ||
Loan agreement term | 15 years | ||
Repayment of long-term loan amount | $ 270,000 | ||
University of Michigan [Member] | In 2017 [Member] | Clinical Study Research Agreement [Member] | |||
Lease agreement expire period | 3 years | ||
Collaborative obligations amount | $ 3,000,000 | ||
Collaborative obligations amount due | $ 138,000 | ||
Munich University [Member] | In 2016 [Member] | Collaborative Research Agreement [Member] | |||
Lease agreement expire period | 3 years | ||
Collaborative obligations amount | $ 360,000 | ||
Collaborative obligations amount due | $ 159,240 | ||
DKFZ [Member] | In 2016 [Member] | Research Co-operation Agreement [Member] | |||
Lease agreement expire period | 5 years | ||
Collaborative obligations amount | $ 400,000 | ||
Collaborative obligations amount due | $ 218,139 | ||
DKFZ [Member] | In 2015 [Member] | Research Sponsorship Agreement [Member] | |||
Lease agreement expire period | 3 years | ||
Collaborative obligations amount | $ 338,984 | ||
Collaborative obligations amount due | $ 81,801 | ||
University of Taiwan [Member] | In 2018 [Member] | Clinical Study Research Agreement [Member] | |||
Lease agreement expire period | 3 years | ||
Collaborative obligations amount | $ 2,550,000 | ||
Collaborative obligations amount due | 1,660,000 | ||
Walloon Region Government [Member] | In 2018 [Member] | Colorectal Cancer Research Agreement [Member] | |||
Amount payable | 194,160 | ||
Grant receivable | 605,000 | ||
Repayment of grants | $ 181,500 | ||
Terms of agreement description | It is due to pay a 3.53% 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 €181,500 Euros and the 3.53% royalty on revenue, is equal to the amount of funding received. | ||
Walloon Region Government [Member] | In 2010 [Member] | |||
Amount payable | $ 133,506 | ||
Grant receivable | 1,050,000 | ||
Repayment of grants | $ 314,406 | ||
Terms of agreement description | 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 €314,406 Euros and the 6% royalty on revenue, is twice the amount of funding received. | ||
Other income | $ 733,614 | ||
Consulting Services Agreement [Member] | Novis Animal Solutions LLC [Member] | |||
Potential equity interest | 5.00% |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - Texas A&M University [Member] | Oct. 25, 2019USD ($) |
Aggregate value | $ 400,000 |
Percentage of equity stake | 12.50% |