VolitionRx Limited (VNRX) 10-Q 13 Aug 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Aug. 06, 2020
Cover [Abstract]
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	Jun. 30, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Entity Common Stock Shares Outstanding		47,920,377
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 21,305,266	$ 16,966,168
Accounts receivable	3,223	0
Prepaid expenses	585,313	267,518
Other current assets	525,013	322,593
Total Current Assets	22,418,815	17,556,279
Property and equipment, net	3,265,025	2,981,225
Operating lease right-of-use assets	234,095	381,483
Intangible assets, net	328,703	372,305
Total Assets	26,246,638	21,291,292
Current Liabilities
Accounts payable	1,414,266	627,253
Accrued liabilities	2,333,253	2,168,588
Management and directors' fees payable	10,499	21,979
Current portion of long-term debt	692,715	647,569
Current portion of finance lease liabilities	54,276	97,946
Current portion of operating lease liabilities	163,516	257,244
Current portion of grant repayable	39,321	39,295
Total Current Liabilities	4,707,846	3,859,874
Long-term debt, net of current portion	1,914,207	2,195,278
Finance lease liabilities, net of current portion	580,787	607,708
Operating lease liabilities, net of current portion	78,495	131,875
Grant repayable, net of current portion	302,106	297,991
Total Liabilities	7,583,441	7,092,726
STOCKHOLDERS' EQUITY
Common Stock, Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 46,659,554 shares and 41,125,303 shares, respectively	46,660	41,125
Additional paid-in capital	118,915,549	103,853,627
Accumulated other comprehensive income	425,276	125,670
Accumulated deficit	(100,708,942)	(89,821,856)
Total VolitionRx Limited Stockholders' Equity	18,678,543	14,198,566
Non-controlling interest	(15,346)	0
Total Stockholders' Equity	18,663,197	14,198,566
Total Liabilities and Stockholders' Equity	$ 26,246,638	$ 21,291,292

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
STOCKHOLDERS' EQUITY
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares issued	46,659,554	41,125,303
Common stock, shares outstanding	46,659,554	41,125,303

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Royalty	$ 1,872	$ 0	$ 2,112	$ 0
Product	3,322	0	3,626	0
Total Revenues	5,194	0	5,738	0
Operating Expenses
Research and development	3,492,845	2,478,930	7,387,811	4,953,489
General and administrative	1,508,836	1,436,461	3,212,358	2,665,901
Sales and marketing	215,891	238,124	489,845	522,404
Total Operating Expenses	5,217,572	4,153,515	11,090,014	8,141,794
Operating Loss	(5,212,378)	(4,153,515)	(11,084,276)	(8,141,794)
Other Income (Expenses)
Grant income	90,946	0	98,870	0
Gain on disposal of fixed assets	93,202	0	93,202	0
Interest income	7,741	29,459	46,155	41,023
Interest expense	(22,604)	(33,115)	(56,383)	(63,216)
Other expenses	0	0	0	(196,957)
Total Other Income (Expenses)	169,285	(3,656)	181,844	(219,150)
Provision for Income Taxes	0	0	0	0
Net Loss	(5,043,093)	(4,157,171)	(10,902,432)	(8,360,944)
Net Loss attributable to Non-Controlling Interest	5,779	0	15,346	0
Net Loss attributable to VolitionRx Limited Stockholders	(5,037,314)	(4,157,171)	(10,887,086)	(8,360,944)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	(74,320)	49,913	299,606	25,859
Net Comprehensive Loss	$ (5,117,413)	$ (4,107,258)	$ (10,602,826)	$ (8,335,085)
Net Loss Per Share - Basic and Diluted attributable to VolitionRx Limited	$ (0.12)	$ (0.11)	$ (0.26)	$ (0.22)
Weighted Average Shares Outstanding
Basic and Diluted	43,414,318	38,876,262	42,312,172	37,266,356

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders Equity (Unaudited) - USD ($)	Total	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]	Non Controlling Interest [Member]	Common stock [Member]
Balance, shares at Dec. 31, 2018						35,335,378
Balance, amount at Dec. 31, 2018	$ 12,140,456	$ 85,604,271	$ 223,651	$ (73,722,801)	$ 0	$ 35,335
Common stock issued for cash, shares						2,478,613
Common stock issued for cash, amount	6,660,671	6,658,192	0	0	0	$ 2,479
Stock-based compensation	340,458	340,458	0	0	0	0
Modification of financing warrants	196,957	196,957	0	0	0	0
Foreign currency translation	(24,054)	0	(24,054)	0	0	0
Net loss for the period	(4,203,773)	0	0	(4,203,773)	0	$ 0
Balance, shares at Mar. 31, 2019						37,813,991
Balance, amount at Mar. 31, 2019	15,110,715	92,799,878	199,597	(77,926,574)	0	$ 37,814
Balance, shares at Dec. 31, 2018						35,335,378
Balance, amount at Dec. 31, 2018	12,140,456	85,604,271	223,651	(73,722,801)	0	$ 35,335
Net loss for the period	(8,360,944)
Balance, shares at Jun. 30, 2019						39,480,658
Balance, amount at Jun. 30, 2019	16,382,965	98,177,719	249,510	(82,083,745)	0	$ 39,481
Balance, shares at Mar. 31, 2019						37,813,991
Balance, amount at Mar. 31, 2019	15,110,715	92,799,878	199,597	(77,926,574)	0	$ 37,814
Common stock issued for cash, shares						1,666,667
Common stock issued for cash, amount	5,000,001	4,998,334	0	0	0	$ 1,667
Stock-based compensation	379,507	379,507	0	0	0	0
Foreign currency translation	49,913	0	49,913	0	0	0
Net loss for the period	(4,157,171)	0	0	(4,157,171)	0	$ 0
Balance, shares at Jun. 30, 2019						39,480,658
Balance, amount at Jun. 30, 2019	16,382,965	98,177,719	249,510	(82,083,745)	0	$ 39,481
Balance, shares at Dec. 31, 2019						41,125,303
Balance, amount at Dec. 31, 2019	14,198,566	103,853,627	125,670	(89,821,856)	0	$ 41,125
Common stock issued for Director compensation in Volition Germany, shares						73,263
Common stock issued for Director compensation in Volition Germany, amount	333,969	333,896	0	0	0	$ 73
Common stock issued for cashless exercise of stock options, shares						19,430
Stock-based compensation	192,669	192,669	0	0	0	$ 0
Common stock issued for cashless exercise of stock options, amount	0	(20)	0	0	0	20
Foreign currency translation	373,926	0	373,926	0	0	$ 0
Stock repurchase, shares						(11,364)
Stock repurchase, amount	(54,434)	(54,423)	0	0	0	$ (11)
Net loss for the period	(5,859,339)	0	0	(5,849,772)	(9,567)	$ 0
Balance, shares at Mar. 31, 2020						41,206,632
Balance, amount at Mar. 31, 2020	9,185,357	104,325,749	499,596	(95,671,628)	(9,567)	$ 41,207
Balance, shares at Dec. 31, 2019						41,125,303
Balance, amount at Dec. 31, 2019	14,198,566	103,853,627	125,670	(89,821,856)	0	$ 41,125
Net loss for the period	(10,902,432)
Balance, shares at Jun. 30, 2020						46,659,554
Balance, amount at Jun. 30, 2020	18,663,197	118,915,549	425,276	(100,708,942)	(15,346)	$ 46,660
Balance, shares at Mar. 31, 2020						41,206,632
Balance, amount at Mar. 31, 2020	9,185,357	104,325,749	499,596	(95,671,628)	(9,567)	$ 41,207
Common stock issued for cash, shares						5,452,922
Common stock issued for cash, amount	14,234,613	14,229,160	0	0	0	$ 5,453
Stock-based compensation	360,640	360,640	0	0	0	0
Foreign currency translation	(74,320)	0	(74,320)	0	0	0
Net loss for the period	(5,043,093)	0	0	(5,037,314)	(5,779)	$ 0
Balance, shares at Jun. 30, 2020						46,659,554
Balance, amount at Jun. 30, 2020	$ 18,663,197	$ 118,915,549	$ 425,276	$ (100,708,942)	$ (15,346)	$ 46,660

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Net loss	$ (10,902,432)	$ (8,360,944)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	359,233	339,277
Amortization of operating lease right-of-use assets	125,871	26,632
Gain on disposal of fixed assets	(93,202)	0
Stock-based compensation	553,309	719,965
Shares issued for Director compensation in Volition Germany	333,969	0
Financing costs for warrants modified	0	196,957
Changes in operating assets and liabilities:
Prepaid expenses	(317,795)	(294,833)
Accounts receivable	(3,223)	0
Other current assets	(109,213)	36,636
Accounts payable and accrued liabilities	959,425	894,097
Management and directors' fees payable	(10,497)	44,336
Right-of-use assets operating leases liabilities	(125,331)	(25,598)
Net Cash Used In Operating Activities	(9,229,886)	(6,423,475)
Investing Activities:
Purchases of property and equipment	(597,366)	(236,831)
Net Cash Used In Investing Activities	(597,366)	(236,831)
Financing Activities:
Net proceeds from issuances of common shares	14,234,613	11,660,672
Common stock repurchased	(54,434)	0
Proceeds from grants repayable	3,802	32,652
Proceeds from long-term debt	0	282,513
Payments on long-term debt	(234,172)	(147,421)
Payments on finance lease obligations	(69,483)	(71,165)
Net Cash Provided By Financing Activities	13,880,326	11,757,251
Effect of foreign exchange on cash	286,024	(13,440)
Net Change in Cash	4,339,098	5,083,505
Cash and cash equivalents - Beginning of Period	16,966,168	13,427,222
Cash and cash equivalents - End of Period	21,305,266	18,510,727
Supplemental Disclosures of Cash Flow Information:
Interest paid	56,383	63,216
Non-Cash Financing Activities:
Common Stock issued on cashless exercises of stock options	20	0
Offering costs from issuance of common stock	$ 1,229,169	$ 0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Basis of Presentation and Summary of Significant Accounting Policies
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation The interim consolidated financial statements of VolitionRx Limited (the “Company”, "VolitionRx," "we" or "us") for the three and six months ended June 30, 2020 and June 30, 2019, respectively, are not audited. Our consolidated financial statements are prepared in accordance with the requirements for unaudited interim periods and, consequently, do not include all disclosures required to be made in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of our management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our financial position as of June 30, 2020, and our results of operations and cash flows for the periods ended June 30, 2020 and June 30, 2019, respectively. The results of operations for the periods ended June 30, 2020 and June 30, 2019, respectively, are not necessarily indicative of the results for a full-year period. These interim consolidated financial statements should be read in conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the Securities and Exchange Commission (the "SEC") on February 20, 2020. U se o E ti m a t es 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, allowance for doubtful accounts and stock-based compensation. The Comp n b m n ump on o u n h o xp n n v ou o h o h b v reas on b und h um n h u o wh o h b o m k n udgm n bou h y n v u o nd b n h u o o n xp n h no d pp n o o h ou Th u u xper nced t h Comp n m d m n dv o h Comp ny ’ e m T h x n h m nces ween h m n h u u u u u o op on w b d. P ri nci p o Con o li d a ti o n The accompanying condensed consolidated financial statements for the period ended June 30, 2020 include the accounts of the Company and its subsidiaries. The Company has one wholly-owned subsidiary, Singapore Volition Pte. Limited (“Singapore Volition”). Singapore Volition has one wholly-owned subsidiary, Belgian Volition SPRL (“Belgian Volition”). Belgian Volition has four subsidiaries, Volition Diagnostics UK Limited (“Volition Diagnostics”), Volition America, Inc. (“Volition America”), Volition Germany GmbH (“Volition Germany”), and its one majority-owned subsidiary Volition Veterinary Diagnostics Development LLC (“Volition Vet”). See Note 8(f) for more information regarding Volition Vet and Volition Germany. All intercompany balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents For the purposes of the statements of cash flows, we consider interest bearing deposits with original maturity dates 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. As of June 30, 2020, cash and cash equivalents totaled approximately $21.3 million, of which $14.7 million was held in an overnight money market account. Accounts Receivables 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 has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. As of June 30, 2020, the accounts receivable balance was $3,223 and the allowance for doubtful debts was $nil. Revenue Recognition The Company adopted Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers,” The Company generates revenue from its license agreement with Active Motif Inc. (“Active Motif”) for the sale of Research Use Only kits from which the Company receives royalties. In addition, revenue is received from external third parties for product sales and/or services the Company performs for them in its 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 operations and comprehensive loss. 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. Product The Company includes revenue from product sales recognized during the period in which goods are shipped to third parties, and the amount is deemed collectable from the third parties. These are presented in “Product sales” in the consolidated statements of operations and comprehensive loss. 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 operations and comprehensive loss. For each development and/or commercialization agreement that results in revenues, 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. B asic a n D u N Lo P Sh are The Comp n ompute net o per har in ac o d nc w ASC 260 “ E n ng P er Sh are,” re qu p n o o bo b n d u n ng p h EPS” o h o h is c ompu b d v d n n o v b ommo stockholders num o b h w gh v g numb o hares ndi n d nom n o du n h p od D u EP g v d u v po n ommo h ou nd n du n od u n h u o m ho ompu n d u EPS vera g o p o h p o u d m n n h numb o 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 general and administrative expenses to interest income and cash flows to be consistent with the current year classification. Recent Accounting Pronouncements The Company does not believe there are any new applicable accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. COVID-19 Pandemic Impact On March 11, 2020, the World Health Organization designated the outbreak of the novel strain of coronavirus known as COVID-19 as a global pandemic. Governments and businesses around the world have taken unprecedented actions to mitigate the spread of COVID-19, including, but not limited to, shelter-in-place orders, quarantines, significant restrictions on travel, as well as restrictions that prohibit many employees from going to work. Uncertainty with respect to the economic impacts of the pandemic has introduced significant volatility in the financial markets. The Company did not observe significant impacts on its business or results of operations for the three and six months ended June 30, 2020 due to the global emergence of COVID-19. While the extent to which COVID-19 impacts the Company’s future results will depend on future developments, the pandemic and associated economic impacts could result in a material impact to the Company’s future financial condition, results of operations and cash flows .

Going Concern

Going Concern	6 Months Ended
	Jun. 30, 2020
Going Concern
Note 2 - Going Concern	The Comp ny condensed consolidated n n m n p p U S GAA pp b go n on wh on mp h assets and qu d o of b in h no m course of bu n Th Comp n has n u losses since inception of h n g v ow o op on n u n h limited v nu wh ub n doub bou b c on nu go n oncer n The f u u o h Comp n op n bu n w d p n o b ob u n p on bu on nc nd/ o g n v nu m b qu u op on M n g m n p n dd h bov n d b y uri n dd on g n und b ob n n dd on n n n h oug d b o qu (c) granting licenses to third parties in exchange for specified up-front and/or back-end payments n d v op n nd ommercializi n p odu o m n M n g m n on nu x gh o on o on v h. The a b o h Comp n on nu go n on d p nd n upo b u u accomplish ns bed h p d n p g p n v n u p o b op on ompa ny n n n m n d no n ud n d u m n h m gh b n h Comp n un b on nu ng on n h Comp n un b ob d qu p ou b o

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2020
Property and Equipment
Note 3 - Property and Equipment	The Comp ny p op n qu pm n on o h o ow n moun o June 30, 2020 n December 31, 2019 June 30, 2020 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 458,766 332,512 126,254 Laboratory equipment 5 years 2,310,486 1,240,777 1,069,709 Office furniture and equipment 5 years 226,139 135,367 90,772 Buildings 30 years 1,473,212 163,665 1,309,547 Building improvements 5-15 years 720,464 141,598 578,866 Land Not amortized 89,877 - 89,877 5,278,944 2,013,919 3,265,025 December 31, 2019 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 426,461 280,554 145,907 Laboratory equipment 5 years 2,052,348 1,256,637 795,711 Office furniture and equipment 5 years 217,545 114,242 103,303 Buildings 30 years 1,472,211 139,021 1,333,190 Building improvements 5-15 years 630,824 117,526 513,298 Land Not amortized 89,816 - 89,816 4,889,205 1,907,980 2,981,225 Duri ng h six-month p o nd June 30, 2020 n June 30, 2019 h Comp n ogn nd $322,131, p v y d p o xpe n

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2020
Intangible Assets
Note 4 - Intangible Assets	The Company ’ s intangible assets consist of patents. The patents are being amortized over the assets’ estimated useful lives, which nge om 8 to 20 June 30, 2020 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,148,059 819,356 328,703 December 31, 2019 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,147,391 775,086 372,305 Duri ng the six-month periods ended June 30, 2020 and June 30, 2019, the Company ogn nd $43,778, respectively, in amortization xpense. The Company amortizes the patents 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 o 2020 - remaining $ 44,340 2021 $ 87,591 2022 $ 87,591 2023 $ 87,591 2024 $ 21,590 Total Intangible Assets $ 328,703 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 Topic “Property, Plant and Equipment”

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions
Note 5 - Related Party Transactions	See Note 6 for common stock issued to related parties and Note 7 for stock options, warrants and RSUs issued to related parties. The Comp n h g m n w p o on u n v

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2020
Common Stock
Note 6 - Common Stock	As of June 30, 2020, the Company was authorized to issue 100 million shares of common stock par value $0.001 per share, of which 46,659,554 and 41,125,303 shares were issued and outstanding as of June 30, 2020 and December 31, 2019, respectively. Issuances Upon Warrant and Option Exercises On January 7, 2020, 12,500 stock options were exercised to purchase shares of common stock at $2.50 per share in a cashless exercise and withholding of shares for taxes that resulted in the issuance of 6,135 shares of common stock. On January 7, 2020, 12,500 stock options were exercised to purchase shares of common stock at $3.00 per share in a cashless exercise and withholding of shares for taxes that resulted in the issuance of 4,862 shares of common stock. On January 7, 2020, 35,000 stock options were exercised to purchase shares of common stock at $4.00 per share in a cashless exercise and withholding of shares for taxes that resulted in the issuance of 6,486 shares of common stock. On January 9, 2020, 73,263 shares were issued as fully paid shares of common stock valued at $333,969 as compensation to a managing director of Volition Germany (see Note 8(f)). From February 24, 2020 to March 20, 2020, 8,882 stock options were exercised to purchase shares of common stock at $2.35 per share in cashless exercises and withholding of shares for taxes that resulted in the issuance of 1,947 shares of common stock. Stock Repurchase On January 12, 2020, the Company purchased from its Chief Medical Officer 11,364 shares of our common stock at $4.79 per share, for a total cost to the Company of $54,434. These shares were subsequently retired. Equity Capital Raise On May 20, 2020, the Company entered into an underwriting agreement with National Securities Corporation, acting on its own behalf and as representative of the several underwriters, in connection with the public offering, issuance and sale by the Company of 4,365,000 shares of the Company’s common stock, at the public offering price of $2.75 per share, less underwriting discounts and commissions. Under the terms of the agreement, the Company granted the underwriters an option, exercisable for 30 days from the date of the agreement, to purchase up to 654,750 additional shares of the Company’s common stock to cover overallotments, if any, at the public offering price of $2.75 per share, less underwriting discounts and commissions. On May 21, 2020, the underwriters exercised the overallotment option in full. As a result of the equity capital raise, the Company issued a total of approximately 5 million shares for aggregate gross proceeds of $13.8 million. Additionally, in connection with this transaction, $1.1 million was incurred in fees relating to the equity offering, resulting in net proceeds of $12.7 million. Equity Distribution Agreement On September 7, 2018, the Company entered into an equity distribution agreement (as amended, the “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. Through June 30, 2020, the Company raised aggregate net proceeds of approximately $1.7 million under the Equity Distribution Agreement through the sale of 436,372 shares of its common stock. During the six-month period ended June 30, 2020, the Company raised aggregate net proceeds of approximately $1.7 million under the Equity Distribution Agreement through the sale of 433,172 shares of its common stock. Additionally, in connection with this transaction, $104,813 was incurred in fees relating to the Equity Distribution Agreement. See Note 9 for details regarding additional sales of common stock under the Equity Distribution Agreement after June 30, 2020.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2020
Stock-based Compensation
Note 7 - Stock-based Compensation	a ) Wa rr ants The following table summarizes the changes in warrants outstanding of the Company during the six-month period ended June 30, 2020: Number of Weighted Average Warrants Exercise Price ($) Outstanding at December 31, 2019 190,000 2.90 Granted 50,000 3.45 Exercised - - Expired - - Outstanding at June 30, 2020 240,000 3.02 Exercisable at June 30, 2020 190,000 2.90 Effective February 26, 2020, the vesting criteria of the remaining installment of a warrant originally granted March 20, 2013 to an officer of the Company, and previously amended, was deemed met pursuant to the approval of the Compensation Committee, resulting in the vesting of the Warrant as to 125,000 shares effective February 26, 2020, with an expiration date of February 26, 2023. Effective March 1, 2020, the Company granted warrants to purchase 50,000 shares of common stock to a Company employee for services to the Company. These warrants vest on September 1, 2021 (subject to continued employment through such date) and expire on March 1, 2026, with an exercise price of $3.45 per share. The Company has calculated the estimated fair market value of these warrants at $86,771, using the Black-Scholes model and the following assumptions: term 3.75 years, stock price $3.44, exercise price $3.45, 69.03% volatility, 0.95% risk free rate, and no forfeiture rate. Below is a table summarizing the warrants issued and outstanding as of June 30, 2020, which have an aggregate weighted average remaining contractual life of 2.65 years. Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 150,000 150,000 2.47 1.44 370,500 50,000 - 3.45 5.67 172,500 40,000 40,000 4.53 0.38 181,200 240,000 190,000 724,200 Stock-based compensation expense related to warrants of $41,587 and $4,127 was recorded in the six months ended June 30, 2020 and June 30, 2019, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is $65,519 and is expected to be recognized over a period of 1.17 years. As of June 30, 2020, the total intrinsic value of warrants outstanding was $235,000. b ) Op t i on s The following table summarizes the changes in options outstanding of the Company during the six-month period ended June 30, 2020: Number of Weighted Average Options Exercise Price ($) Outstanding at December 31, 2019 4,169,301 3.88 Granted 835,000 3.60 Exercised (68,882 ) 3.33 Expired/Cancelled (19,167 ) 5.00 Outstanding at June 30, 2020 4,916,252 3.84 Exercisable at June 30, 2020 4,081,252 3.89 Effective April 13, 2020, the Company granted stock options to purchase 835,000 shares of common stock to various Company personnel (including directors, executives, members of management and employees) in exchange for services provided to the Company. These options vest on April 13, 2021 and expire 5 years after the vesting date, with an exercise price of $3.44 per share. The Company has calculated the estimated fair market value of these options at $1,481,709, using the Black-Scholes model and the following assumptions: term 3.5 years, stock price $3.52, exercise price $3.60, 72.94% volatility, 0.54% risk free rate, and no forfeiture rate. Below is a table summarizing the options issued and outstanding as of June 30, 2020, all of which were issued pursuant to the 2011 Equity Incentive Plan (for option issuances prior to 2016) or the 2015 Stock Incentive Plan (for option issuances commencing in 2016) and which have an aggregate weighted average remaining contractual life of 3.05 years. As of June 30, 2020, an aggregate of 4,250,000 shares of common stock were authorized for issuance under the 2015 Stock Incentive Plan, of which 261,867 shares of common stock remained available for future issuance thereunder. Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 2,717 2,717 2.35 0.18 6,385 310,000 310,000 2.50 0.13 775,000 310,000 310,000 3.00 0.13 930,000 685,000 685,000 3.25 4.62 2,226,250 17,767 17,767 3.35 0.62 59,519 835,000 - 3.60 5.79 3,006,000 20,000 20,000 3.80 0.88 76,000 1,782,837 1,782,837 4.00 2.31 7,131,348 17,768 17,768 4.35 1.62 77,291 89,163 89,163 4.38 3.57 390,534 50,000 50,000 4.80 2.51 240,000 796,000 796,000 5.00 2.74 3,980,000 4,916,252 4,081,252 18,898,327 Stock-based compensation expense related to stock options of $482,103 and $715,838 was recorded in the six months ended June 30, 2020 and June 30, 2019, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is $1,165,070. As of June 30, 2020, the total intrinsic value of stock options outstanding was $1,402,929. c) Restricted Stock Units (RSUs) Below is a table summarizing the RSUs issued and outstanding as of June 30, 2020, all of which were issued pursuant to the 2015 Stock Incentive Plan. Number of RSUs Share Price ($) Outstanding at December 31, 2019 - - Granted 52,500 3.52 Vested - - Cancelled - - Outstanding at June 30, 2020 52,500 3.52 Effective April 13, 2020, the Company granted RSUs of 52,500 shares of common stock to various Company personnel (including a director and employee) in exchange for services provided to the Company. These RSUs vest over 2 years, with 50% vesting on each of April 13, 2021 and April 13, 2022 and will result in total compensation expense of $184,800. Below is a table summarizing the RSUs issued and outstanding as of June 30, 2020 and which have an aggregate weighted average remaining contractual life of 1.29 years. Weighted Average Remaining Number Number Share Contractual Outstanding Exercisable Price ($) Life (Years) 52,500 - 3.52 1.29 Stock-based compensation expense related to RSUs of $29,619 and $nil was recorded in the six months ended June 30, 2020 and June 30, 2019, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $155,181. As of June 30, 2020, the total intrinsic value of the RSUs outstanding was $19,425.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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 that matured in May 2020. As of June 30, 2020, the balance payable was $nil. 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 in May 2031. As of June 30, 2020, the balance payable was $619,808. 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 in January 2022. The leased equipment is amortized on a straight-line basis over 5 years. As of June 30, 2020, the balance payable was $15,255. 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 June 30, 2020. 2020 - remaining $ 34,997 2021 $ 69,993 2022 $ 61,839 2023 $ 60,427 2024 $ 60,426 Greater than 5 years $ 445,634 Total $ 733,316 Less: Amount representing interest $ (98,253 ) Present value of minimum lease payments $ 635,063 b) Operating Lease Right-of-Use Obligations As all the existing leases subject to the new lease standard ASC 842 " Leases As of June 30, 2020, operating lease right-of-use assets and liabilities arising from operating leases were $234,095 and $242,011, respectively. During the six months ended June 30, 2020, cash paid for amounts included for the measurement of lease liabilities was $116,541 and the Company recorded operating lease expense of $117,357. 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 June 30, 2020. 2020 - remaining $ 121,708 2021 $ 77,664 2022 $ 34,500 2023 $ 16,886 2024 $ 1,056 Total Operating Lease Obligations $ 251,814 Less: Amount representing interest $ (9,803 ) Present Value of minimum lease payments $ 242,011 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 six months ended June 30, 2020, $10,737 was recognized in short-term lease costs associated with office space leases. The annual payments remaining for short-term office leases were as follows: 2020 - remaining $ 1,740 Total Operating Lease Obligations $ 1,740 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. 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 equal to twice the amount of funding received. As of June 30, 2020, the grant balance repayable was $137,519. 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 June 30, 2020, the grant balance repayable was $203,908. As of June 30, 2020, the total grant balance repayable was $341,427 and the payments remaining were as follows: 2020 - remaining $ 52,915 2021 $ 50,001 2022 $ 47,298 2023 $ 48,468 2024 $ 20,391 Greater than 5 years $ 122,354 Total Grants Repayable $ 341,427 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%, maturing in December 2023. As of June 30, 2020, the principal balance payable was $285,383. 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%, maturing in December 2031. As of June 30, 2020, the principal balance payable was $243,940. 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%, maturing in June 2021.As of June 30, 2020, the principal balance payable was $118,008. 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%, maturing in September 2024.As of June 30, 2020, €1 million Euros has been drawn down under this agreement and the principal balance payable was $1,067,291. 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%, maturing in June 2022. As of June 30, 2020, the principal balance payable was $330,568. In 2019, the Company entered into a 4-year loan agreement with Namur Innovation and Growth for €500,000 Euros with a fixed interest rate of 4.80%, maturing in September 2023. As of June 30, 2020, the principal balance payable was $561,732. As of June 30, 2020, the total balance for long-term debt payable was $2,606,922 and the payments remaining were as follows: 2020 - remaining $ 479,678 2021 $ 742,694 2022 $ 623,184 2023 $ 526,943 2024 $ 328,193 Greater than 5 years $ 180,377 Total $ 2,881,069 Less: Amount representing interest $ (274,147 ) Total Long-Term Debt $ 2,606,922 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 June 30, 2020, $84,260 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 June 30, 2020, $224,693 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 June 30, 2020, $110,099 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. This agreement was amended in February 2020 to redefine a new clinical study. Pursuant to the terms of the amendment, the parties acknowledged that, although not fully-completed, the requirements of the original clinical study had been satisfied, including any and all payment obligations by the Company. Further, the Amendment provided that a new clinical study would be undertaken at no additional cost to the Company. As of June 30, 2020, up to $138,000 is still accrued by the Company for any additional expenses for the new clinical study. 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 June 30, 2020, $1.28 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 for a 2-year period to collect a total of 1,200 samples for a cost to the Company of up to $320,000 payable over such period. As of June 30, 2020, $160,000 is still to be paid by the Company under this agreement. In 2019, the Company entered into a funded sponsored research agreement with the Texas A&M University System ("TAMU") in consideration for the license granted to the Company for a 5-year period for a cost to the Company of up to $400,000 payable over such period. As of June 30, 2020, $345,443 is still to be paid by the Company under this agreement. In 2019, the Company entered into a lyophilization study and a CE marking project including GMP validation and documentation with Biomerica Inc. for $160,000. As of June 30, 2020, $54,663 is still to be paid by the Company under this agreement. As of June 30, 2020, the total amount to be paid for future research and collaboration commitments was approximately $2.39 million and the annual payments remaining were as follows: 2020 - remaining $ 1,098,624 2021 - 2024 $ 1,293,534 Total Collaborative Agreement Obligations $ 2,392,158 f) Other Commitments Volition Vet 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 up to 5% in Volition Vet upon achievement of revenue milestones. The term of the contract is perpetual and terminable on 2 months’ written notice from either party. As of June 30, 2020, Novis Animal Solutions LLC has no equity interest in Volition Vet. On October 25, 2019, the Company entered into an agreement with TAMU for provision of in kind services of personnel, animal samples and laboratories equipment in exchange for a non-controlling interest of 7.5% in Volition Vet and for a further 5%, effective October 25, 2020, giving them in total a 12.5% equity interest as of such date. As of June 30, 2020, TAMU has a 7.5 % equity interest in Volition Vet. Volition Germany On January 10, 2020, the Company, through its wholly-owned subsidiary Belgian Volition, acquired an epigenetic reagent company, Octamer GmbH ("Octamer"), based in Munich, Germany, and hired its founder for his expertise and knowledge to be passed to Company personnel. On March 9, 2020, Octamer was renamed to Volition Germany GmbH (or “Volition Germany”). Upon considering the definition of a business, as defined in ASC 805 " Business Combinations, The Company agreed to terms of the transaction on December 13, 2019 and closed on January 10, 2020. Pursuant to the transaction agreement, the Company purchased all outstanding shares of Octamer. In exchange, the Company agreed to issue 73,263 newly-issued restricted shares of Company common stock valued at $333,969 (based on the $4.56 per share volume weighted trading price for the five days prior to December 13, 2019), committed to pay approximately €350,000 Euros, subject to adjustments, and agreed to pay off certain Octamer expenses leading up to the agreement (representing net liabilities of $6,535). At closing, the Company issued 73,263 restricted shares of Company common stock, paid an adjusted amount of approximately $357,000 (€321,736 Euros) and recorded a holdback liability of $55,404 (€50,000 Euros) to be paid after the holdback period of 9 months following the closing (subject to offset for breaches of representations and warranties). In connection with the transaction agreement, the Company also entered into a 2-year Managing Director’s agreement with the founder of Octamer for a payment of €288,000 Euros payable in equal monthly installments over such 2-year period and a royalty agreement with the founder providing for the payment of royalties in the amount of 6% of net sales of Octamer’s nucleosomes as reagents to pharmaceutical companies for use in the development, manufacture and screening of molecules for use as therapeutic drugs for a period of 5 years post-closing. The Company recorded approximately $753,000 in compensation expense as a result of cash paid, holdback liability, stock issued and assumption of expenses. As of June 30, 2020, $242,667 is still to be paid by the Company under the Managing Director’s agreement, and $88 is payable under the 6% royalty agreement. g) Legal Proceedings There are no legal proceedings which the Company believes will have a material adverse effect on its financial position.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events
Note 9 - Subsequent Events	On July 16, 2020, 22,500 stock options were exercised to purchase shares of common stock at $2.50 per share in a cashless exercise and withholding of shares for taxes that resulted in the issuance of 4,486 shares of common stock. On July 21, 2020, 110,000 stock options were exercised to purchase shares of common stock at $2.50 per share in cashless exercises and withholding of shares for taxes that resulted in the issuance of 21,949 shares of common stock. On July 21, 2020, 110,000 stock options were exercised to purchase shares of common stock at $3.00 per share in cashless exercises and withholding of shares for taxes that resulted in the issuance of 14,380 shares of common stock. On August 4, 2020, 25,000 stock options were exercised to purchase shares of common stock at $2.50 per share in a cashless exercise and withholding of shares for taxes that resulted in the issuance of 3,697 shares of common stock. On August 4, 2020, 25,000 stock options were exercised to purchase shares of common stock at $3.00 per share in a cashless exercise and withholding of shares for taxes that resulted in the issuance of 1,936 shares of common stock. From July 1 to August 6, 2020, the Company raised aggregate net proceeds of approximately $4.7 million under the Equity Distribution Agreement through the sale of approximately 1.2 million shares of its common stock in accordance with a Rule 10b5-1 plan.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
Basis of Presentation	The interim consolidated financial statements of VolitionRx Limited (the “Company”, "VolitionRx," "we" or "us") for the three and six months ended June 30, 2020 and June 30, 2019, respectively, are not audited. Our consolidated financial statements are prepared in accordance with the requirements for unaudited interim periods and, consequently, do not include all disclosures required to be made in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of our management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our financial position as of June 30, 2020, and our results of operations and cash flows for the periods ended June 30, 2020 and June 30, 2019, respectively. The results of operations for the periods ended June 30, 2020 and June 30, 2019, respectively, are not necessarily indicative of the results for a full-year period. These interim consolidated financial statements should be read in conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the Securities and Exchange Commission (the "SEC") on February 20, 2020.
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, allowance for doubtful accounts and stock-based compensation. The Comp n b m n ump on o u n h o xp n n v ou o h o h b v reas on b und h um n h u o wh o h b o m k n udgm n bou h y n v u o nd b n h u o o n xp n h no d pp n o o h ou Th u u xper nced t h Comp n m d m n dv o h Comp ny ’ e m T h x n h m nces ween h m n h u u u u u o op on w b d.
Principles of Consolidation	The accompanying condensed consolidated financial statements for the period ended June 30, 2020 include the accounts of the Company and its subsidiaries. The Company has one wholly-owned subsidiary, Singapore Volition Pte. Limited (“Singapore Volition”). Singapore Volition has one wholly-owned subsidiary, Belgian Volition SPRL (“Belgian Volition”). Belgian Volition has four subsidiaries, Volition Diagnostics UK Limited (“Volition Diagnostics”), Volition America, Inc. (“Volition America”), Volition Germany GmbH (“Volition Germany”), and its one majority-owned subsidiary Volition Veterinary Diagnostics Development LLC (“Volition Vet”). See Note 8(f) for more information regarding Volition Vet and Volition Germany. All intercompany balances and transactions have been eliminated in consolidation.
Cash and Cash Equivalents	For the purposes of the statements of cash flows, we consider interest bearing deposits with original maturity dates 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. As of June 30, 2020, cash and cash equivalents totaled approximately $21.3 million, of which $14.7 million was held in an overnight money market account.
Accounts Receivables	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 has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. As of June 30, 2020, the accounts receivable balance was $3,223 and the allowance for doubtful debts was $nil.
Revenue Recognition	The Company adopted Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers,” The Company generates revenue from its license agreement with Active Motif Inc. (“Active Motif”) for the sale of Research Use Only kits from which the Company receives royalties. In addition, revenue is received from external third parties for product sales and/or services the Company performs for them in its 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 operations and comprehensive loss. 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. Product The Company includes revenue from product sales recognized during the period in which goods are shipped to third parties, and the amount is deemed collectable from the third parties. These are presented in “Product sales” in the consolidated statements of operations and comprehensive loss. 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 operations and comprehensive loss. For each development and/or commercialization agreement that results in revenues, 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.
Basic and Diluted Net Loss Per Share	The Comp n ompute ne oss p har i ac o d nc wit ASC 260 “ E n ng P er Sh are,” re qu p n o o bo b n d u n ng p h EPS” o h o h is c ompu b d v d n n o v b ommo stockholders num o b h w gh v g numb o hares ndi n d nom n o du n h p od D u EP g v d u v po n ommo h ou nd n du n od u n h u o m ho ompu n d u EPS vera g o p o h p o u d m n n h numb o
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 general and administrative expenses to interest income and cash flows to be consistent with the current year classification.
Recent Accounting Pronouncements	The Company does not believe there are any new applicable accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. COVID-19 Pandemic Impact On March 11, 2020, the World Health Organization designated the outbreak of the novel strain of coronavirus known as COVID-19 as a global pandemic. Governments and businesses around the world have taken unprecedented actions to mitigate the spread of COVID-19, including, but not limited to, shelter-in-place orders, quarantines, significant restrictions on travel, as well as restrictions that prohibit many employees from going to work. Uncertainty with respect to the economic impacts of the pandemic has introduced significant volatility in the financial markets. The Company did not observe significant impacts on its business or results of operations for the three and six months ended June 30, 2020 due to the global emergence of COVID-19. While the extent to which COVID-19 impacts the Company’s future results will depend on future developments, the pandemic and associated economic impacts could result in a material impact to the Company’s future financial condition, results of operations and cash flows .

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2020
Property and Equipment
Schedule of Property and Equipment	June 30, 2020 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 458,766 332,512 126,254 Laboratory equipment 5 years 2,310,486 1,240,777 1,069,709 Office furniture and equipment 5 years 226,139 135,367 90,772 Buildings 30 years 1,473,212 163,665 1,309,547 Building improvements 5-15 years 720,464 141,598 578,866 Land Not amortized 89,877 - 89,877 5,278,944 2,013,919 3,265,025 December 31, 2019 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 426,461 280,554 145,907 Laboratory equipment 5 years 2,052,348 1,256,637 795,711 Office furniture and equipment 5 years 217,545 114,242 103,303 Buildings 30 years 1,472,211 139,021 1,333,190 Building improvements 5-15 years 630,824 117,526 513,298 Land Not amortized 89,816 - 89,816 4,889,205 1,907,980 2,981,225

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Intangible Assets
Schedule of Intangible Assets	June 30, 2020 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,148,059 819,356 328,703 December 31, 2019 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,147,391 775,086 372,305
Schedule of annual estimated amortization	2020 - remaining $ 44,340 2021 $ 87,591 2022 $ 87,591 2023 $ 87,591 2024 $ 21,590 Total Intangible Assets $ 328,703

Stock based Compensation (Table

Stock based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Stock-based Compensation
Summary of changes in warrants outstanding	Number of Weighted Average Warrants Exercise Price ($) Outstanding at December 31, 2019 190,000 2.90 Granted 50,000 3.45 Exercised - - Expired - - Outstanding at June 30, 2020 240,000 3.02 Exercisable at June 30, 2020 190,000 2.90
Summarizing the warrants issued and outstanding	Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 150,000 150,000 2.47 1.44 370,500 50,000 - 3.45 5.67 172,500 40,000 40,000 4.53 0.38 181,200 240,000 190,000 724,200
Summarizes the changes in options outstanding	Number of Weighted Average Options Exercise Price ($) Outstanding at December 31, 2019 4,169,301 3.88 Granted 835,000 3.60 Exercised (68,882 ) 3.33 Expired/Cancelled (19,167 ) 5.00 Outstanding at June 30, 2020 4,916,252 3.84 Exercisable at June 30, 2020 4,081,252 3.89
Summarizing the options issued and outstanding	Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 2,717 2,717 2.35 0.18 6,385 310,000 310,000 2.50 0.13 775,000 310,000 310,000 3.00 0.13 930,000 685,000 685,000 3.25 4.62 2,226,250 17,767 17,767 3.35 0.62 59,519 835,000 - 3.60 5.79 3,006,000 20,000 20,000 3.80 0.88 76,000 1,782,837 1,782,837 4.00 2.31 7,131,348 17,768 17,768 4.35 1.62 77,291 89,163 89,163 4.38 3.57 390,534 50,000 50,000 4.80 2.51 240,000 796,000 796,000 5.00 2.74 3,980,000 4,916,252 4,081,252 18,898,327
Summarizing the RSUs issued and outstanding	Number of RSUs Share Price ($) Outstanding at December 31, 2019 - - Granted 52,500 3.52 Vested - - Cancelled - - Outstanding at June 30, 2020 52,500 3.52
Summarizing the RSUs issued and outstanding maturity life	Weighted Average Remaining Number Number Share Contractual Outstanding Exercisable Price ($) Life (Years) 52,500 - 3.52 1.29

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies
Schedule of future minimum lease payments under financing leases	2020 - remaining $ 34,997 2021 $ 69,993 2022 $ 61,839 2023 $ 60,427 2024 $ 60,426 Greater than 5 years $ 445,634 Total $ 733,316 Less: Amount representing interest $ (98,253 ) Present value of minimum lease payments $ 635,063
Schedule of future minimum lease payments under operating leases	2020 - remaining $ 121,708 2021 $ 77,664 2022 $ 34,500 2023 $ 16,886 2024 $ 1,056 Total Operating Lease Obligations $ 251,814 Less: Amount representing interest $ (9,803 ) Present Value of minimum lease payments $ 242,011
Schedule of recognized in short-term lease costs	2020 - remaining $ 1,740 Total Operating Lease Obligations $ 1,740
Schedule of Grants Repayable	2020 - remaining $ 52,915 2021 $ 50,001 2022 $ 47,298 2023 $ 48,468 2024 $ 20,391 Greater than 5 years $ 122,354 Total Grants Repayable $ 341,427
Schedule of long-term debt payable	2020 - remaining $ 479,678 2021 $ 742,694 2022 $ 623,184 2023 $ 526,943 2024 $ 328,193 Greater than 5 years $ 180,377 Total $ 2,881,069 Less: Amount representing interest $ (274,147 ) Total Long-Term Debt $ 2,606,922
Schedule of annual payments of collaborative cgreement obligations	2020 - remaining $ 1,098,624 2021 - 2024 $ 1,293,534 Total Collaborative Agreement Obligations $ 2,392,158

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Basis of Presentation and Summary of Significant Accounting Policies
Cash and cash equivalents	$ 21,305,266	$ 16,966,168	$ 18,510,727	$ 13,427,222
Cash and cash equivalents, money market account	14,700,000
Accounts receivable	3,223	$ 0
Provision for allowance for doubtful debts	$ 0
Antidilutive securities excluded from computation of earnings per share	5,208,752

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Going Concern
Accumulated deficit	$ (100,708,942)	$ (89,821,856)

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Cost	$ 5,278,944	$ 4,889,205
Accumulated Depreciation	2,013,919	1,907,980
Net Carrying Value	3,265,025	2,981,225
Building Improvements [Member]
Cost	720,464	630,824
Accumulated Depreciation	141,598	117,526
Net Carrying Value	$ 578,866	$ 513,298
Building Improvements [Member] | Minimum [Member]
Useful Life	5 years	5 years
Building Improvements [Member] | Maximum [Member]
Useful Life	15 years	15 years
Computer Hardware And Software [Member]
Cost	$ 458,766	$ 426,461
Accumulated Depreciation	332,512	280,554
Net Carrying Value	$ 126,254	$ 145,907
Useful Life	3 years	3 years
Laboratory Equipment [Member]
Cost	$ 2,310,486	$ 2,052,348
Accumulated Depreciation	1,240,777	1,256,637
Net Carrying Value	$ 1,069,709	$ 795,711
Useful Life	5 years	5 years
Office Furniture and Equipment [Member]
Cost	$ 226,139	$ 217,545
Accumulated Depreciation	135,367	114,242
Net Carrying Value	$ 90,772	$ 103,303
Useful Life	5 years	5 years
Buildings [Member]
Cost	$ 1,473,212	$ 1,472,211
Accumulated Depreciation	163,665	139,021
Net Carrying Value	$ 1,309,547	$ 1,333,190
Useful Life	30 years	30 years
Land [Member]
Cost	$ 89,877	$ 89,816
Accumulated Depreciation	0	0
Net Carrying Value	$ 89,877	$ 89,816
Useful Life	0 years	0 years

Property and Equipment (Detai_2

Property and Equipment (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Property and Equipment
Depreciation Expense	$ 316,405	$ 322,131

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Net Carrying Value	$ 328,703	$ 372,305
Patents [Member]
Cost	1,148,059	1,147,391
Accumulated Depreciation	819,356	775,086
Net Carrying Value	$ 328,703	$ 372,305

Intangible Assets (Details 1)

Intangible Assets (Details 1) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Intangible Assets
2020 - remaining	$ 44,340
2021	87,591
2022	87,591
2023	87,591
2024	21,590
Total Intangible Assets	$ 328,703	$ 372,305

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Amortization expense	$ 42,828	$ 43,778
Minimum [Member] | Patents And Intellectual Property [Member]
Amortization of long-lived asset on straight line basis	8 years
Maximum [Member] | Patents And Intellectual Property [Member]
Amortization of long-lived asset on straight line basis	20 years

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($)	Jan. 09, 2020	Jan. 07, 2020	Sep. 07, 2018	May 21, 2020	May 20, 2020	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Jan. 12, 2020	Dec. 31, 2019
Common stock issued for Director compensation in Volition Germany, shares	73,263
Common stock, shares authorized							100,000,000			100,000,000
Common stock, shares issued							46,659,554			41,125,303
Common stock, shares outstanding							46,659,554			41,125,303
Common stock, par value							$ 0.001			$ 0.001
Common stock issued for Director compensation in Volition Germany, amount	$ 333,969					$ 333,969
Net proceeds from isuance of common stock							$ 14,234,613	$ 11,660,672
Common stock value							46,660			$ 41,125
Option [Member] | From February 24, 2020 to March 20, 2020 [Member]
Net proceeds from isuance of common stock							$ 197
Common stock shares issuable upon exercise of warrants							8,882
Purchase price							$ 2.35
Stock Option Two [Member]
Net proceeds from isuance of common stock		$ 6,486
Common stock shares issuable upon exercise of warrants		35,000
Purchase price		$ 4
Stock Option One [Member]
Net proceeds from isuance of common stock		$ 4,862
Common stock shares issuable upon exercise of warrants		12,500
Purchase price		$ 3
Stock Option [Member]
Net proceeds from isuance of common stock		$ 6,135
Common stock shares issuable upon exercise of warrants		12,500
Purchase price		$ 2.50
Chief Medical Officer [Member]
Common stock, shares purchased									11,364
Common stock value									$ 54,434
Common stock, purchase price									$ 4.79
National Securities Corporation [Member]
Additional shares issued					654,750
Common stock price per share					$ 2.75
Purchase price, public offering					$ 2.75
Stock issued during period, shares				5,000,000	4,365,000
Stock issued during period, Amount				$ 1,380,000
Legal fees				1,100,000
Net proceeds from isuance of common stock				$ 12,700,000
Equity Distribution Agreement [Member] | Subsequent Event [Member]
Common stock, shares issued			436,372				433,172
Net proceeds from isuance of common stock			$ 10,000,000				$ 1,700,000
Agreement fees							$ 104,813

Stock based Compensation (Detai

Stock based Compensation (Details) - Warrants [Member]	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Number of warrants Outstanding beginning balance | shares	190,000
Number of warrants granted | shares	50,000
Number of warrants outstanding ending balance | shares	240,000
Number of warrants exercisable | shares	190,000
Weighted Exercise Price
Weighted Average Exercise Price Outstanding balance | $ / shares	$ 2.90
Weighted Average Exercise Price Granted | $ / shares	3.45
Weighted Average Exercise Price ending balance | $ / shares	3.02
Weighted Average Exercise Price exercisable | $ / shares	$ 2.90

Stock based Compensation (Det_2

Stock based Compensation (Details 1)	6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares
Warrant [Member]
Number Outstanding	240,000
Number Exercisable	190,000
Proceeds to Company if Exercised | $	$ 724,200
Warrant One [Member]
Number Outstanding	150,000
Number Exercisable	150,000
Proceeds to Company if Exercised | $	$ 370,500
Exercise Price | $ / shares	$ 2.47
Weighted Average Remaining Contractual Life (Years)	1 year 5 months 9 days
Warrant Two [Member]
Number Outstanding	50,000
Number Exercisable
Proceeds to Company if Exercised | $	$ 172,500
Exercise Price | $ / shares	$ 3.45
Weighted Average Remaining Contractual Life (Years)	5 years 8 months 1 day
Warrant Three [Member]
Number Outstanding	40,000
Number Exercisable	40,000
Proceeds to Company if Exercised | $	$ 181,200
Exercise Price | $ / shares	$ 4.53
Weighted Average Remaining Contractual Life (Years)	4 months 17 days

Stock based Compensation (Det_3

Stock based Compensation (Details 2) - Stock Option [Member]	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Number of options outstanding beginning balance | shares	4,169,301
Granted | shares	835,000
Exercised | shares	(68,882)
Expired | shares	(19,167)
Number of option outstanding ending balance | shares	4,916,252
Number of options exercisable | shares	4,081,252
Weighted Average Exercise Price Outstanding balance | $ / shares	$ 3.88
Weighted Average Exercise Price Granted | $ / shares	3.60
Weighted Average Exercise Price Exercised | $ / shares	3.33
Weighted Average Exercise Price Expired | $ / shares	5
Weighted Average Exercise Price ending balance | $ / shares	3.84
Weighted Average Exercise Price exercisable balance | $ / shares	$ 3.89

Stock based Compensation (Det_4

Stock based Compensation (Details 3) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Proceeds to Company if Exercised	$ 20	$ 0
Stock Option One [Member]
Number Outstanding	2,717
Number Exercisable	2,717
Exercise Price	$ 2.35
Weighted Average Remaining Contractual Life(years)	2 months 5 days
Proceeds to Company if Exercised	$ 6,385
Stock Option [Member]
Number Outstanding	4,916,252
Number Exercisable	4,081,252
Proceeds to Company if Exercised	$ 18,898,327
Option Six [Member]
Number Outstanding	835,000
Number Exercisable
Exercise Price	$ 3.60
Weighted Average Remaining Contractual Life(years)	5 years 9 months 15 days
Proceeds to Company if Exercised	$ 3,006,000
Option Two [Member]
Number Outstanding	310,000
Number Exercisable	310,000
Exercise Price	$ 2.50
Weighted Average Remaining Contractual Life(years)	1 month 17 days
Proceeds to Company if Exercised	$ 775,000
Option Three [Member]
Number Outstanding	310,000
Number Exercisable	310,000
Exercise Price	$ 3
Weighted Average Remaining Contractual Life(years)	1 month 17 days
Proceeds to Company if Exercised	$ 930,000
Option Four [Member]
Number Outstanding	685,000
Number Exercisable	685,000
Exercise Price	$ 3.25
Weighted Average Remaining Contractual Life(years)	4 years 7 months 13 days
Proceeds to Company if Exercised	$ 2,226,250
Option Five [Member]
Number Outstanding	17,767
Number Exercisable	17,767
Exercise Price	$ 3.35
Weighted Average Remaining Contractual Life(years)	7 months 13 days
Proceeds to Company if Exercised	$ 59,519
Option Seven [Member]
Number Outstanding	20,000
Number Exercisable	20,000
Exercise Price	$ 3.80
Weighted Average Remaining Contractual Life(years)	10 months 17 days
Proceeds to Company if Exercised	$ 76,000
Option Eight [Member]
Number Outstanding	1,782,837
Number Exercisable	1,782,837
Exercise Price	$ 4
Weighted Average Remaining Contractual Life(years)	2 years 3 months 22 days
Proceeds to Company if Exercised	$ 7,131,348
Option Nine [Member]
Number Outstanding	17,768
Number Exercisable	17,768
Exercise Price	$ 4.35
Weighted Average Remaining Contractual Life(years)	1 year 7 months 13 days
Proceeds to Company if Exercised	$ 77,291
Option Ten [Member]
Number Outstanding	89,163
Number Exercisable	89,163
Exercise Price	$ 4.38
Weighted Average Remaining Contractual Life(years)	3 years 6 months 26 days
Proceeds to Company if Exercised	$ 390,534
Option Eleven [Member]
Number Outstanding	50,000
Number Exercisable	50,000
Exercise Price	$ 4.80
Weighted Average Remaining Contractual Life(years)	2 years 6 months 4 days
Proceeds to Company if Exercised	$ 240,000
Option Twelve [Member]
Number Outstanding	796,000
Number Exercisable	796,000
Exercise Price	$ 5
Weighted Average Remaining Contractual Life(years)	2 years 8 months 27 days
Proceeds to Company if Exercised	$ 3,980,000

Stock based Compensation (Det_5

Stock based Compensation (Details 4) - StockOptions [Member]	6 Months Ended
	Jun. 30, 2020$ / sharesshares
granted	52,500
Vested
Cancelled
Number of stock outstanding ending balance	52,500
Share price beginning balance	0
Granted | $ / shares	$ 3.52
Vested | $ / shares	0
Cancelled | $ / shares	0
Share price ending balance | $ / shares	$ 3.52

Stock based Compensation (Det_6

Stock based Compensation (Details 5) - Stock Options One [Member]	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Number of stock Outstanding balance	52,500
Number of stock exercisable
Share price | $ / shares	$ 3.52
Weighted average remaining contractual life (Years)	1 year 3 months 15 days

Stock based Compensation (Det_7

Stock based Compensation (Details Narrative) - USD ($)	Aug. 04, 2020	Apr. 13, 2020	Jul. 21, 2020	Jul. 16, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Stock based compensation expense					$ 553,309	$ 719,965
Common stock, shares authorized					100,000,000		100,000,000
Subsequent Events [Member]
Exercise price	$ 2.50		$ 2.50	$ 2.50
Stock Option [Member]
Intrinsic value					$ 235,000
Stock based compensation expense					$ 41,587	4,127
Common stock shares issuable upon exercise of stock option					835,000
Compensation cost					$ 65,519
Fair value of options					$ 1,481,709
Exercise price					$ 3.44
Term					3 years 5 months 30 days
Stock price					$ 3.52
Volatility					72.94%
Risk free rate					0.54%
Option [Member]
Stock based compensation expense					$ 482,103	715,838
Unrecognized compensation cost					1,165,070
Stock option outstanding, intrinsic value					$ 1,402,929
Option [Member] | 2015 Equity Incentive Plan [Member]
Weighted Average Remaining Contractual Life (Years)					3 years 18 days
Common stock shares reserved for future issuance					261,867
Common stock, shares authorized					4,250,000
Option [Member] | Subsequent Events [Member]
Exercise price	$ 3	$ 3.60	$ 3
Warrant [Member] | March 1, 2020 [Member]
Exercise price					$ 3.45
Term					3 years 8 months 30 days
Stock price					$ 3.44
Volatility					69.03%
Risk free rate					0.95%
Warrants granted to purchase shares of common stock					50,000
Expiry date					Mar. 1, 2026
Fair market value of warrants					$ 86,771
Weighted average remaining contractual life					2 years 7 months 24 days
Restricted Stock Units [Member]
RSU granted shares of common stock					52,500
Restricted Stock or Unit Expense					$ 184,800
Stock compensation expenses					$ 29,619	$ 29,619
Weighted average contractual life					1 year 3 months 14 days
Intrinsic value					$ 19,425
Vested descriptions					These RSUs vest 50% on April 13, 2021 and 50% on April 13, 2022.
Unrecognised compensation cost					$ 155,181

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Finance Lease Obligations [Member]	Jun. 30, 2020USD ($)
2020 - remaining	$ 34,997
2021	69,993
2022	61,839
2023	60,427
2024	60,426
Greater than 5 years	445,634
Total	733,316
Less: Amount representing interest	(98,253)
Present value of minimum lease payments	$ 635,063

Commitments and Contingencies_3

Commitments and Contingencies (Details 1)	Jun. 30, 2020USD ($)
2020 - remaining	$ 1,740
2022	87,591
Total Operating Lease Obligations	1,740
Operating Lease Right of Use Obligations [Member]
2020 - remaining	121,708
2021	77,664
2022	34,500
2023	16,886
2024	1,056
Total Operating Lease Obligations	251,814
Less: Amount representing interest	(9,803)
Present value of minimum lease payments	$ 242,011

Commitments and Contingencies_4

Commitments and Contingencies (Details 2)	Jun. 30, 2020USD ($)
Commitments and Contingencies
2020 - remaining	$ 1,740
Total Operating Lease Obligations	$ 1,740

Commitments and Contingencies_5

Commitments and Contingencies (Details 3) - Grants Repayable [Member]	Jun. 30, 2020USD ($)
2020 - remaining	$ 52,915
2021	50,001
2022	47,298
2023	48,468
2024	20,391
Greater than 5 years	122,354
Total Grants Repayable	$ 341,427

Commitments and Contingencies_6

Commitments and Contingencies (Details 4)	Jun. 30, 2020USD ($)
Commitments and Contingencies
2020 - remaining	$ 479,678
2021	742,694
2022	623,184
2023	526,943
2024	328,193
Greater than 5 years	180,377
Total	2,881,069
Less: Amount representing interest	(274,147)
Total Long-Term Debt	$ 2,606,922

Commitments and Contingencies_7

Commitments and Contingencies (Details 5)	Jun. 30, 2020USD ($)
Commitments and Contingencies
2020 - remaining	$ 1,098,624
2021	1,293,534
Total Collaborative Agreement Obligations	$ 2,392,158

Commitments and Contingencies_8

Commitments and Contingencies (Details Narrative)	Jan. 10, 2020USD ($)	Dec. 13, 2019USD ($)$ / sharesshares	Aug. 07, 2019	Jun. 30, 2020USD ($)	Jun. 30, 2020EUR (€)	Jun. 30, 2019USD ($)	Jun. 30, 2020EUR (€)	Dec. 31, 2019USD ($)
Total Collaborative Agreement Obligations				$ 2,048,180
Total long-term debt				2,675,755
Common stock, restricted shares issued in exchange of purchased outstanding shares, value	$ 73,263	$ 333,969
Common stock, restricted shares issued in exchange of purchased outstanding shares, shares | shares		73,263
Weighted trading price | $ / shares		$ 4.56
Repayment of debt	$ 357,000	$ 350,000
Holdback period	9 months
Net liabilities	$ 55,404	$ 6,535
Stock based compensation expenses				$ 165,464		$ 338,331
Texas A&M University [Member]
Agreement description				The Company entered into agreement with TAMU for provision of in kind services of personnel, animal samples and laboratories equipment for a non-controlling interest of 7.5% in Volition Vet and in a year from the agreement TAMU would receive a further 5%, giving them in total 12.5%	The Company entered into agreement with TAMU for provision of in kind services of personnel, animal samples and laboratories equipment for a non-controlling interest of 7.5% in Volition Vet and in a year from the agreement TAMU would receive a further 5%, giving them in total 12.5%
Operating Lease Right of Use Obligations [Member]
Weighted average discount rate				4.47%			4.47%
Weighted average remaining lease term				1 year 8 months 12 days			1 year 8 months 12 days
Operating lease right-of-use assets and liabilities				$ 234,095				$ 242,011
Payment of lease liabilities				116,541
Operating lease expense				117,357
Short term lease costs				10,737
Managing Director's Agreement [Member]
Stock based compensation expenses				$ 753,000
Transaction agreement description				In connection with the transaction agreement, the Company also entered into a 2-year Managing Director’s agreement with the founder of Octamer for a payment of €288,000 Euros payable in equal monthly installments over such 2-year period and a royalty agreement with the founder providing for the payment of royalties in the amount of 6% of net sales of Octamer’s nucleosomes as reagents to pharmaceutical companies for use in the development, manufacture and screening of molecules for use as therapeutic drugs for a period of 5 years post-closing.	In connection with the transaction agreement, the Company also entered into a 2-year Managing Director’s agreement with the founder of Octamer for a payment of €288,000 Euros payable in equal monthly installments over such 2-year period and a royalty agreement with the founder providing for the payment of royalties in the amount of 6% of net sales of Octamer’s nucleosomes as reagents to pharmaceutical companies for use in the development, manufacture and screening of molecules for use as therapeutic drugs for a period of 5 years post-closing.
Due to related party				$ 277,794
In 2015 [Member] | Finance Lease Obligations [Member] | Automated Liquid Handling Robots [Member]
Maturity date				May 31, 2020	May 31, 2020
Amount payable				$ 0
Purchase price for the property | €							€ 550,454
In 2018 [Member] | Finance Lease Obligations [Member] | BNP Paribas leasing solutions [Member]
Maturity date				Jan. 31, 2022	Jan. 31, 2022
Amount payable				$ 15,255
Purchase price for the property | €							25,000
Leased equipment amortized term				5 years	5 years
In 2016 [Member] | Finance Lease Obligations [Member] | ING Asset Finance Belgium S.A. [Member]
Maturity date				May 31, 2031	May 31, 2031
Amount payable				$ 619,808
Purchase price for the property | €							1,120,000
May 1, 2019 [Member] | Collaborative Arrangement, Co-promotion [Member]
Collaborative obligations amount due				$ 320,000
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.	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.
Novis Animal Solutions LLC [Member] | Consulting Services Agreement [Member]
Potential equity interest			5.00%
University of Michigan [Member] | In 2017 [Member] | Clinical Study Research Agreement [Member]
Lease agreement expire period				3 years	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	3 years
Collaborative obligations amount | €							360,000
Collaborative obligations amount due				$ 110,099
DKFZ [Member] | In 2016 [Member] | Research Co-operation Agreement [Member]
Lease agreement expire period				5 years	5 years
Collaborative obligations amount | €							400,000
Collaborative obligations amount due				$ 224,693
DKFZ [Member] | In 2015 [Member] | Research Sponsorship Agreement [Member]
Lease agreement expire period				3 years	3 years
Collaborative obligations amount | €							338,984
Collaborative obligations amount due				$ 84,260
University of Taiwan [Member] | In 2018 [Member] | Clinical Study Research Agreement [Member]
Lease agreement expire period				3 years	3 years
Collaborative obligations amount				$ 2,550,000
Collaborative obligations amount due				1,280,000
Walloon Region Government [Member] | In 2018 [Member] | Colorectal Cancer Research Agreement [Member]
Amount payable				$ 203,908
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.	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.
Total grants repayable				$ 341,427
Walloon Region Government [Member] | In 2010 [Member]
Amount payable				$ 137,519
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.	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.
Long-term Debt [Member] | In 2018 [Member] | Namur Innovation and Growth [Member]
Fixed interest rate on lease				4.00%			4.00%
Long-term Debt [Member] | In 2018 [Member] | Loan Agreement [Member] | Namur Innovation and Growth [Member]
Total long-term debt				$ 330,568
Repayment of long-term loan amount | €					€ 500,000
Loan agreement term				4 years	4 years
Long-term Debt [Member] | Namur Invest [Member] | In 2019 [Member] | Loan Agreement [Member]
Total long-term debt				$ 2,606,922
Principal balance payable				$ 561,732
Repayment of long-term loan amount | €					€ 500,000
Loan agreement term				4 years	4 years
Fixed interest rate on lease				4.80%			4.80%
Maturity date				Sep. 30, 2023	Sep. 30, 2023
Long-term Debt [Member] | Namur Invest [Member] | In 2017 [Member]
Fixed interest rate on lease				4.00%			4.00%
Long-term Debt [Member] | Namur Invest [Member] | In 2017 [Member] | Loan Agreement [Member]
Total long-term debt				$ 118,008
Repayment of long-term loan amount | €					€ 350,000
Loan agreement term				4 years	4 years
Long-term Debt [Member] | Namur Invest [Member] | In 2016 [Member]
Fixed interest rate on lease				4.85%			4.85%
Long-term Debt [Member] | Namur Invest [Member] | In 2016 [Member] | Loan Agreement [Member]
Total long-term debt				$ 285,383
Repayment of long-term loan amount | €					€ 440,000
Loan agreement term				7 years	7 years
Long-term Debt [Member] | SOFINEX [Member] | In 2017 [Member]
Fixed interest rate on lease				4.50%			4.50%
Long-term Debt [Member] | SOFINEX [Member] | In 2017 [Member] | Loan Agreement [Member]
Total long-term debt				$ 1,067,291
Repayment of long-term loan amount | €					€ 1,000,000
Loan agreement term				7 years	7 years
Long-term Debt [Member] | ING [Member] | In 2016 [Member]
Fixed interest rate on lease				2.62%			2.62%
Long-term Debt [Member] | ING [Member] | In 2016 [Member] | Loan Agreement [Member]
Total long-term debt				$ 243,940
Repayment of long-term loan amount | €					€ 270,000
Loan agreement term				15 years	15 years

Subsequent (Details Narrative)

Subsequent (Details Narrative) - USD ($)	Aug. 04, 2020	Apr. 13, 2020	Aug. 06, 2020	Jul. 21, 2020	Jul. 16, 2020	Jun. 30, 2020	Dec. 31, 2019
Subsequent Event [Member] | Equity Distribution Agreement [Member]
Common stock, shares sold			1,200,000
Proceeds from sale of common stock			$ 4,700,000
Subsequent Events [Member]
Shares issued upon options exercised	3,697			21,949	4,486
Exercise price	$ 2.50			$ 2.50	$ 2.50
Stock option exercised	25,000
Useful Life						15 years	15 years
Subsequent Events [Member] | Option [Member]
Options granted to purchase aggregate shares of common stock	25,000			110,000
Shares issued upon options exercised	1,936			14,380
Exercise price	$ 3	$ 3.60		$ 3