Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 04, 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 | Sep. 30, 2020 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Entity Common Stock Shares Outstanding | 48,197,687 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 20,927,729 | $ 16,966,168 |
Accounts receivable | 573 | 0 |
Prepaid expenses | 444,872 | 267,518 |
Other current assets | 791,349 | 322,593 |
Total Current Assets | 22,164,523 | 17,556,279 |
Property and equipment, net | 3,343,297 | 2,981,225 |
Operating lease right-of-use assets | 257,903 | 381,483 |
Intangible assets, net | 321,848 | 372,305 |
Total Assets | 26,087,571 | 21,291,292 |
Current Liabilities | ||
Accounts payable | 849,146 | 627,253 |
Accrued liabilities | 2,403,102 | 2,168,588 |
Management and directors' fees payable | 47,675 | 21,979 |
Current portion of long-term debt | 765,151 | 647,569 |
Current portion of finance lease liabilities | 57,047 | 97,946 |
Current portion of operating lease liabilities | 157,796 | 257,244 |
Current portion of grant repayable | 37,992 | 39,295 |
Total Current Liabilities | 4,317,909 | 3,859,874 |
Long-term debt, net of current portion | 1,831,021 | 2,195,278 |
Finance lease liabilities, net of current portion | 591,658 | 607,708 |
Operating lease liabilities, net of current portion | 108,305 | 131,875 |
Grant repayable, net of current portion | 277,267 | 297,991 |
Total Liabilities | 7,126,160 | 7,092,726 |
STOCKHOLDERS' EQUITY | ||
Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 48,064,575 shares and 41,125,303 shares, respectively | 48,065 | 41,125 |
Additional paid-in capital | 124,121,703 | 103,853,627 |
Accumulated other comprehensive income | (148,121) | 125,670 |
Accumulated deficit | (105,036,840) | (89,821,856) |
Total VolitionRx Limited Stockholders' Equity | 18,984,807 | 14,198,566 |
Non-controlling interest | (23,396) | 0 |
Total Stockholders' Equity | 18,961,411 | 14,198,566 |
Total Liabilities and Stockholders' Equity | $ 26,087,571 | $ 21,291,292 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 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 | 48,064,575 | 41,125,303 |
Common stock, shares outstanding | 48,064,575 | 41,125,303 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | ||||
Services | $ 0 | $ 16,204 | $ 0 | $ 16,204 |
Royalty | 0 | 892 | 2,112 | 892 |
Product | 575 | 0 | 4,201 | 0 |
Total Revenues | 575 | 17,096 | 6,313 | 17,096 |
Operating Expenses | ||||
Research and development | 3,180,177 | 2,642,610 | 10,567,988 | 7,596,097 |
General and administrative | 1,080,308 | 1,354,992 | 4,292,666 | 4,020,893 |
Sales and marketing | 244,510 | 195,641 | 734,355 | 718,047 |
Total Operating Expenses | 4,504,995 | 4,193,243 | 15,595,009 | 12,335,037 |
Operating Loss | (4,504,420) | (4,176,147) | (15,588,696) | (12,317,941) |
Other Income (Expenses) | ||||
Grant income | 0 | 0 | 98,870 | 0 |
Gain on disposal of fixed assets | 200,393 | 0 | 293,595 | 0 |
Interest income | 2,801 | 27,633 | 48,956 | 68,656 |
Interest expense | (34,722) | (32,291) | (91,105) | (95,507) |
Other expenses | 0 | 0 | 0 | (196,957) |
Total Other Income (Expenses) | 168,472 | (4,658) | 350,316 | (223,808) |
Provision for Income Taxes | 0 | 0 | 1 | 0 |
Net Loss | (4,335,948) | (4,180,805) | (15,238,380) | (12,541,749) |
Net Loss attributable to Non-Controlling Interest | 8,050 | 0 | 23,396 | 0 |
Net Loss attributable to VolitionRx Limited Stockholders | (4,327,898) | (4,180,805) | (15,214,984) | (12,541,749) |
Other Comprehensive Income (Loss) | ||||
Foreign currency translation adjustments | (573,397) | 401,309 | (273,791) | 427,168 |
Net Comprehensive Loss | $ (4,909,345) | $ (3,779,496) | $ (15,512,171) | $ (12,114,581) |
Net Loss Per Share - Basic and Diluted attributable to VolitionRx Limited | $ (0.09) | $ (0.10) | $ (0.34) | $ (0.33) |
Weighted Average Shares Outstanding | ||||
Basic and Diluted | 47,027,011 | 39,880,246 | 44,148,793 | 38,538,394 |
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 in exercise of warrants, shares | 2,478,613 | |||||
Common stock issued in exercise of warrants, 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 | |
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 | (12,541,749) | |||||
Balance, shares at Sep. 30, 2019 | 41,092,340 | |||||
Balance, amount at Sep. 30, 2019 | 17,801,780 | 103,374,419 | 650,819 | (86,264,550) | 0 | $ 41,092 |
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 in exercise of warrants, shares | 1,666,667 | |||||
Common stock issued in exercise of warrants, 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 |
Common stock issued in exercise of warrants, shares | 1,609,195 | |||||
Common stock issued in exercise of warrants, amount | 4,827,585 | 4,825,976 | 0 | 0 | 0 | $ 1,609 |
Stock-based compensation | 370,726 | 370,726 | 0 | 0 | 0 | 0 |
Foreign currency translation | 401,309 | 0 | 401,309 | 0 | 0 | 0 |
Net loss for the period | (4,180,805) | 0 | 0 | (4,180,805) | 0 | $ 0 |
Common stock issued in exercise of stock options, shares | 2,487 | |||||
Common stock issued in exercise of stock options, amount | 0 | (2) | 0 | 0 | 0 | $ 2 |
Balance, shares at Sep. 30, 2019 | 41,092,340 | |||||
Balance, amount at Sep. 30, 2019 | 17,801,780 | 103,374,419 | 650,819 | (86,264,550) | 0 | $ 41,092 |
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 |
Stock-based compensation | 192,669 | 192,669 | 0 | 0 | 0 | 0 |
Foreign currency translation | 373,926 | 0 | 373,926 | 0 | 0 | 0 |
Net loss for the period | (5,859,339) | 0 | 0 | (5,849,772) | (9,567) | $ 0 |
Common stock issued in exercise of stock options, shares | 19,430 | |||||
Common stock issued in exercise of stock options, amount | 0 | (20) | 0 | 0 | 0 | $ 20 |
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 repurchase and retirement, shares | (11,364) | |||||
Common stock repurchase and retirement, amount | (54,434) | (54,423) | 0 | 0 | 0 | $ (11) |
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 | (15,238,380) | |||||
Balance, shares at Sep. 30, 2020 | 48,064,575 | |||||
Balance, amount at Sep. 30, 2020 | 18,961,411 | 124,121,703 | (148,121) | (105,036,840) | (23,396) | $ 48,065 |
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 |
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 |
Common stock issued in public offering, net, shares | 5,452,922 | |||||
Common stock issued in public offering, net, amount | 14,234,613 | 14,229,160 | 0 | 0 | 0 | $ 5,453 |
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 |
Common stock issued in exercise of warrants, shares | 25,000 | |||||
Common stock issued in exercise of warrants, amount | 61,750 | 61,725 | 0 | 0 | 0 | $ 25 |
Stock-based compensation | 428,683 | 428,683 | 0 | 0 | 0 | 0 |
Foreign currency translation | (573,397) | 0 | (573,397) | 0 | 0 | 0 |
Net loss for the period | (4,335,948) | 0 | 0 | (4,327,898) | (8,050) | $ 0 |
Common stock issued in exercise of stock options, shares | 127,838 | |||||
Common stock issued in exercise of stock options, amount | 82,500 | 82,372 | 0 | 0 | 0 | $ 128 |
Common stock issued in public offering, net, shares | 1,252,183 | |||||
Common stock issued in public offering, net, amount | 4,822,091 | 4,820,839 | 0 | 0 | 0 | $ 1,252 |
Tax withholdings paid related to stock-based compensation | (187,465) | (187,465) | 0 | 0 | 0 | $ 0 |
Balance, shares at Sep. 30, 2020 | 48,064,575 | |||||
Balance, amount at Sep. 30, 2020 | $ 18,961,411 | $ 124,121,703 | $ (148,121) | $ (105,036,840) | $ (23,396) | $ 48,065 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Activities | ||
Net loss | $ (15,238,380) | $ (12,541,749) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 525,150 | 509,736 |
Amortization of operating lease right-of-use assets | 194,749 | 51,090 |
Gain on disposal of fixed assets | (293,595) | 0 |
Stock-based compensation | 981,992 | 1,090,691 |
Common stock 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 | (177,354) | (163,638) |
Accounts receivable | (573) | (16,031) |
Other current assets | (274,398) | 44,904 |
Accounts payable and accrued liabilities | 365,167 | 687,636 |
Management and directors' fees payable | 47,672 | 47,575 |
Right-of-use assets operating leases liabilities | (194,146) | (48,475) |
Net Cash Used In Operating Activities | (13,729,747) | (10,141,304) |
Investing Activities: | ||
Purchases of property and equipment | (679,782) | (359,502) |
Proceeds from sales of property and equipment | 97,388 | 0 |
Net Cash Used In Investing Activities | (582,394) | (359,502) |
Financing Activities: | ||
Net proceeds from issuances of common shares | 19,200,954 | 16,488,257 |
Tax withholdings paid related to stock-based compensation | (187,465) | 0 |
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 | (356,701) | (262,661) |
Payment on grants repayable | (41,257) | (39,261) |
Payments on finance lease obligations | (83,221) | (106,616) |
Net Cash Provided By Financing Activities | 18,481,678 | 16,394,884 |
Effect of foreign exchange on cash | (207,976) | 375,869 |
Total Net Change in Cash | 3,961,561 | 6,269,947 |
Cash and cash equivalents - Beginning of Period | 16,966,168 | 13,427,222 |
Cash and cash equivalents - End of Period | 20,927,729 | 19,697,169 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | 91,105 | 95,507 |
Non-Cash Financing Activities: | ||
Common Stock issued on cashless exercises of stock options | 118 | 2 |
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 | 9 Months Ended |
Sep. 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 nine months ended September 30, 2020 and September 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 September 30, 2020, and our results of operations and cash flows for the periods ended September 30, 2020 and September 30, 2019, respectively. The results of operations for the periods ended September 30, 2020 and September 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 m 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 useful lives of property and equipment, impairment of long-lived assets, the estimate of the fair value of the lease liability and related right of use assets, allowance for doubtful accounts and valuation of share based payments. Th e Comp n b m n ump on o u n h o xp n n v ou o h o h b v b 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 n b n h u o o n xp n h no d pp n o o h ou Th u u xper nced b h Comp n m d m n dv o h Comp ny ’ m T h x n h m d nces b w h m n h u u u u u o op on w b d. P ri nci p o Con o d o The accompanying condensed consolidated financial statements for the period ended September 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, the Company considers 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 September 30, 2020, cash and cash equivalents totaled approximately $20.9 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 September 30, 2020, the accounts receivable balance was $573 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 ” 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 The Company computes net loss per share in accordance with ASC 260, “ E arn i s er are,” Reclassification Certain amounts presented in previously issued financial statements have been reclassified to be consistent with the current period presentation. The Company has reclassified the prior period comparative amounts in the statement of stockholders’ equity 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 nine months ended September 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 | 9 Months Ended |
Sep. 30, 2020 | |
Going Concern | |
Note 2 - Going Concern | Th e Comp a ny 's condensed consolidated fi n a n cial state m e n ts are p pared 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 $105.0 million h as n e g ati v e cash fl ow s fr o m op erati on s, a n d c u rre n tly h as limited re v e nu es, wh ich creates s ub sta n tial doub t a bou t its a b ility to c on ti nu e as a go i n g c oncern 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, 2020 | |
Property and Equipment | |
Note 3 - Property and Equipment | The Comp a ny ’s p r op erty a n d e qu i pm e n t c on sist o f t h e f o ll ow i n g a moun ts as o f September 30, 2020 a n d December 31, 2019: September 30, 2020 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 490,687 369,584 121,103 Laboratory equipment 5 years 1,980,047 920,295 1,059,752 Office furniture and equipment 5 years 235,740 152,240 83,500 Buildings 30 years 1,537,352 183,600 1,353,752 Building improvements 5-15 years 792,282 160,882 631,400 Land Not amortized 93,790 - 93,790 5,129,898 1,786,601 3,343,297 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 the nine-month periods ended September 30, 2020 and September 30, 2019 , the Company recognized $459,450 and $443,972, respectively, in depreciation expense. During the nine-month period ended September 30, 2020, the Company sold laboratory equipment for $293,595, resulting in a gain on disposal of equipment of $293,595. As of September 30, 2020, the Company has received $97,388 in payment for the laboratory equipment, with the remaining receivable of $196,207 recorded in other current assets. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Intangible Assets | |
Note 4 - Intangible Assets | Th e Company ’ s intangible assets consist of patents. The patents are being amortized over the assets’ estimated useful lives, which range from 8 to 20 years. September 30, 2020 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,197,312 875,464 321,848 December 31, 2019 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,147,391 775,086 372,305 Duri ng the nine-month periods ended September 30, 2020 and September 30, 2019, the Company recognized $65,567 and $65,761, respectively, in amortization expense. 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 f o ll ow s: 2020 - remaining $ 24,749 2021 $ 90,883 2022 $ 90,883 2023 $ 90,883 2024 $ 24,450 Total Intangible Assets $ 321,848 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, “Property, Plant and Equipment” |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 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 Company has agreements with related parties for the purchase of products and 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, 2020 | |
Common Stock | |
Note 6 - Common Stock | As of September 30, 2020, the Company was authorized to issue 100 million shares of common stock par value $0.001 per share, of which 48,064,575 and 41,125,303 shares were issued and outstanding as of September 30, 2020 and December 31, 2019, respectively. Stock Issuances Upon Warrant and Option Exercises From January 7, 2020 to August 17, 2020, 97,500 stock options were exercised to purchase shares of common stock at $2.50 per share in cashless exercises that resulted in the issuance of 30,033 shares of common stock. From January 7, 2020 to August 17, 2020, 97,500 stock options were exercised to purchase shares of common stock at $3.00 per share in cashless exercises that resulted in the issuance of 16,539 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 cashless exercises that resulted in the issuance of 6,486 shares of common stock. From February 24, 2020 to September 2, 2020, 11,599 stock options were exercised to purchase shares of common stock at $2.35 per share in cashless exercises that resulted in the issuance of 2,752 shares of common stock. From July 16, 2020 to August 10, 2020, 210,000 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 39,197 shares of common stock. From July 21, 2020 to August 12, 2020, 210,000 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 22,261 shares of common stock. On August 12, 2020, 15,000 stock options were exercised to purchase shares of common stock at $2.50 per share that resulted in the issuance of 15,000 shares of common stock for proceeds to the Company of $37,500. On August 12, 2020, 15,000 stock options were exercised to purchase shares of common stock at $3.00 per share that resulted in the issuance of 15,000 shares of common stock for proceeds to the Company of $45,000. On September 18, 2020, 25,000 warrants were exercised to purchase shares of common stock at $2.47 per share that resulted in the issuance of 25,000 shares of common stock for proceeds to the Company of $61,750. Stock Issuance for Services 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)). 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. From inception through September 30, 2020, the Company raised aggregate net proceeds of approximately $6.5 million under the Equity Distribution Agreement through the sale of 1,688,555 shares of its common stock. During the nine-month period ended September 30, 2020, the Company raised aggregate net proceeds of approximately $6.5 million under the Equity Distribution Agreement through the sale of 1,685,355 shares of its common stock. Additionally, in connection with this transaction $104,813 was incurred in fees relating to the Equity Distribution Agreement. See Note 9 for details regarding additional sales of common stock under the Equity Distribution Agreement after September 30, 2020. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Stock-based Compensation | |
Note 7 - Stock-based Compensation | a ) Warr ants The following table summarizes the changes in warrants outstanding of the Company during the nine-month period ended September 30, 2020: Number of Weighted Average Warrants Exercise Price ($) Outstanding at December 31, 2019 190,000 2.90 Granted 50,000 3.45 Exercised (25,000) 2.47 Expired - - Outstanding at September 30, 2020 215,000 3.08 Exercisable at September 30, 2020 165,000 2.97 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 $3.45, 69.03% volatility, 0.95% risk free rate, and no forfeiture rate. Below is a table summarizing the warrants issued and outstanding as of September 30, 2020, which have an aggregate weighted average remaining contractual life of 2.68 years. Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 125,000 125,000 2.47 2.41 308,750 50,000 - 3.45 5.42 172,500 40,000 40,000 4.53 0.12 181,200 215,000 165,000 662,450 Stock-based compensation expense related to warrants of $56,127 and $6,379 was recorded in the nine months ended September 30, 2020 and September 30, 2019, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is $53,105 and is expected to be recognized over a period of 0.92 years. As of September 30, 2020, the total intrinsic value of warrants outstanding was $92,500. b ) Opti on The following table summarizes the changes in options outstanding of the Company during the nine-month period ended September 30, 2020: Number of Weighted Average Options Exercise Price ($) Outstanding at December 31, 2019 4,169,301 3.88 Granted 835,000 3.60 Exercised (691,599) 2.81 Expired/Cancelled (29,083) 4.52 Outstanding at September 30, 2020 4,283,619 4.00 Exercisable at September 30, 2020 3,448,619 4.10 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 $3.60 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 $3.60, 72.94% volatility, 0.54% risk free rate, and no forfeiture rate. Below is a table summarizing the options issued and outstanding as of September 30, 2020, all of which were issued pursuant to the 2011 Equity Incentive Plan (for option issuances prior to 2016) or the 2015 Stock Incentive Plan (for option issuances commencing in 2016)and which have an aggregate weighted average remaining contractual life of 3.23 years. As of September 30, 2020, an aggregate of 4,250,000 shares of common stock were authorized for issuance under the 2015 Stock Incentive Plan , of which 261,867 shares of common stock remained available for future issuance Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 685,000 685,000 3.25 4.37 2,226,250 10,351 10,351 3.35 0.58 34,676 835,000 - 3.60 5.54 3,006,000 20,000 20,000 3.80 0.63 76,000 1,782,837 1,782,837 4.00 2.06 7,131,348 15,268 15,268 4.35 1.40 66,416 89,163 89,163 4.38 3.32 390,534 50,000 50,000 4.80 2.25 240,000 796,000 796,000 5.00 2.49 3,980,000 4,283,619 3,448,619 17,151,224 Stock-based compensation expense related to stock options of $861,312 and $1,084,312 was recorded in the nine months ended September 30, 2020 and September 30, 2019, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is $791,598. As of September 30, 2020, the total intrinsic value of stock options outstanding was $nil. c ) Restricted Stock Units (RSUs) Below is a table summarizing the RSUs issued and outstanding as of September 30, 2020, all of which were issued pursuant to the 2015 Stock Incentive Plan. Number of RSUs Share Price ($) Outstanding at December 31, 2019 - - Granted 52,500 3.52 Vested - - Cancelled - - Outstanding at September 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 an 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 $184,800. Below is a table summarizing the RSUs issued and outstanding as of September 30, 2020 and which have an aggregate weighted average remaining contractual life of 1.03 years. Weighted Average Remaining Number Number Share Contractual Outstanding Exercisable Price ($) Life (Years) 52,500 - 3.52 1.03 Stock-based compensation expense related to RSUs of $64,553 and $nil was recorded in the nine months ended September 30, 2020 and September 30, 2019, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $120,246. As of September 30, 2020, the total intrinsic value of the RSUs outstanding was $nil. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 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 September 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 September 30, 2020, the balance payable was $635,130. 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 September 30, 2020, the balance payable was $13,575. 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, 2020. 2020 - remaining $ 18,259 2021 $ 73,042 2022 $ 64,531 2023 $ 63,058 2024 $ 63,057 Greater than 5 years $ 465,037 Total $ 746,984 Less: Amount representing interest $ (98,279) Present value of minimum lease payments $ 648,705 b) Operating Lease Right-of-Use Obligations As all the existing leases subject to the new lease standard ASC 842, “Leases,” As of September 30, 2020, operating lease right-of-use assets and liabilities arising from operating leases were $257,903 and $266,101, respectively. During the nine months ended September 30, 2020, cash paid for amounts included for the measurement of lease liabilities was $184,769 and the Company recorded operating lease expense of $185,077. 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, 2020. 2020 - remaining $ 74,831 2021 $ 109,716 2022 $ 50,652 2023 $ 32,917 2024 $ 10,665 Total Operating Lease Obligations $ 278,781 Less: Amount representing interest $ (12,680) Present Value of minimum lease payments $ 266,101 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, 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 $ - Total Operating Lease Obligations $ - 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 installments 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 September 30, 2020, the grant balance repayable was $102,473. 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 installments 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, 2020, the grant balance repayable was $212,786. As of September 30, 2020, the total grant balance repayable was $315,259 and the payments remaining were as follows: 2020 - remaining $ 14,186 2021 $ 52,178 2022 $ 49,357 2023 $ 50,579 2024 $ 21,279 Greater than 5 years $ 127,680 Total Grants Repayable $ 315,259 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 September 30, 2020, the principal balance payable was $284,741. 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 September 30, 2020, the principal balance payable was $249,887. 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 September 30, 2020, the principal balance payable was $102,962. 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 September 30, 2020, €1 million Euros has been drawn down under this agreement and the principal balance payable was $1,055,139. 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 September 30, 2020, the principal balance payable was $317,254. 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 September 30, 2020, the principal balance payable was $586,189. As of September 30, 2020, the total balance for long-term debt payable was $2,596,172 and the payments remaining were as follows: 2020 - remaining $ 286,719 2021 $ 777,691 2022 $ 652,975 2023 $ 552,544 2024 $ 403,760 Greater than 5 years $ 181,739 Total $ 2,855,428 Less: Amount representing interest $ (259,256) Total Long-Term Debt $ 2,596,172 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, 2020, $87,928 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, 2020, $234,475 is still to be paid by the Company under this agreement. In 2017, 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, 2020, $0 is still to be paid by the Company under this agreement. In 2017, the Company entered into a clinical study research agreement with the Universityof 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 September 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 September 30, 2020, $892,500 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 September 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 (“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 September 30, 2020, $329,986 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 September 30, 2020, $54,663 is still to be paid by the Company under this agreement. On September 16, 2020, the Company entered into a research agreement for the bioinformatic analysis of cell-free DNA fragments from whole-genome sequencing with the Hebrew University of Jerusalem for 6 months for a cost to the Company of €54,879 Euros. As of September 30, 2020, $64,338 is still to be paid by the Company under this agreement. As of September 30, 2020, the total amount to be paid for future research and collaboration commitments was approximately $1.96 million and the annual payments remaining were as follows: 2020 - remaining $ 625,464 2021 - 2024 $ 1,336,426 Total Collaborative Agreement Obligations $ 1,961,890 f) Other Commitments Volition Vet On August 15, 2020, the Company entered into a consulting services agreement with Novis Animal Solutions LLC ("Novis"), to provide chief commercial officer services for Volition Vet in exchange for; payment of consultancy fees, 5% sales commission on third party sales capped at $20,000 per quarter and a potential equity interest of up to 2% in Volition Vet upon achievement of revenue milestones. The agreement superceded the existing consulting services agreement between the parties dated August 7, 2019 which terminated and is of no further effect. The term of the contract is perpetual and terminable on 2 months’ written notice from either party. As of September 30, 2020, Novis 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 laboratory equipment in exchange for a non-controlling interest of 7.5% in Volition Vet, with an additional 5%, vesting a year from the date of the agreement, giving TAMU in aggregate, a 12.5% equity interest as of such date. As of September 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 to continue to manage Volition Germany 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 Volition Germany’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 September 30, 2020, $211,028 is still to be paid by the Company under the Managing Director’s agreement and $229 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 | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events | |
Note 9 - Subsequent Events | From October 1 to November 4, 2020, the Company raised aggregate net proceeds of approximately $471,600 under the equity distribution agreement through the sale of 133,122 shares of its common stock in accordance with a Rule 10b5-1 plan. On October 1, 2020, the Company signed a new office lease in London, UK for total fee payable of approximately $111,540 (£86,400) at a rental rate of approximately $7,000 (£5,400) per month for a period of 16 months until January 31, 2022. On October 5, 2020, the Company borrowed $973,000 (€830,000 Euros) from Preface S.A at an interest rate of 4%, repayable over 10 years to finance the acquisition and construction of a production facility in Belgium. On November 3, 2020, the Company entered into a professional services master agreement with Diagnostic Oncology CRO, LLC to conduct a pivotal clinical trial and provide regulatory submission and reimbursement related services. Under the terms of the agreement Diagnostic Oncology CRO, LLC will provide ad hoc consulting assistance on a project-by-project basis related to the review and assessment of existing data and information to prepare recommended intended use claims and coverage/reimbursement plans to support the preparation of FDA pre-submissions, clinical trial protocol development and study administration, and potential 510k regulatory marketing submissions of the Company’s diagnostic tests, including those proposed for use as an adjunct diagnostic tool for common and aggressive forms of Non-Hodgkin’s Lymphoma. The initial projects contemplated by the agreement relating to Non-Hodgkin’s Lymphoma obligate the Company to pay in aggregate of up to $2.9 million over a period of 22 months. Such payment obligations are on a project-by-project basis as deliverables are executed and subject to certain terms and conditions. Additionally, the Company may terminate the agreement or any project with or without cause upon at least 30 days’ prior written notice. Unless earlier terminated, the term of the agreement is until December 31, 2025 or such later date as when all projects have been completed. On November 4, 2020, the Company terminated a consulting services agreement with Novis Animal Solutions LLC to provide chief commercial officer services for Volition Vet. The termination was effective immediately and the compensation payable to Novis for the required two-month notice period and a general release of any claims will be $19,000. On November 10, 2020, the Company entered into a consulting services agreement through a related party transaction between its wholly owned subsidiary, Singapore Volition and PB Commodities Pte Ltd (“PB Commodities”). This agreement is effective December 1, 2020 and provides for consultancy services to be rendered by Cameron Reynolds through PB Commodities to Singapore Volition. Singapore Volition will also make available the services of Mr. Reynolds, as Group Chief Executive Officer, to the Company and its subsidiaries, pursuant to the services agreements entered into by and between Singapore Volition and the Company or its subsidiaries. The term of the agreement is perpetual, commencing on December 1, 2020 until terminated upon six months’ prior notice. The agreement includes a six-month non-compete following termination of the agreement. PB Commodities will receive a monthly fee of $35,650 in exchange for the services provided by Mr. Reynolds. On November 12, 2020, the Company entered into an Equity Distribution Agreement (the “EDA”) with Cantor Fitzgerald & Co. (“Cantor”) and Oppenheimer & Co. Inc. (“Oppenheimer”), to sell shares of its Common Stock, par value $0.001 (the “Common Stock”), having an aggregate offering price of up to $25,000,000 (the “Shares”) from time to time, through an “at the market offering program (the “New ATM Offering”) under which Oppenheimer and Cantor will jointly act as sales agents (the “Sales Agents”). The offer and sale of the Shares will be made pursuant to the Company’s effective “shelf” registration statement on Form S-3 (File No. 333-227248), the base prospectus contained therein, dated September 28, 2018, and a prospectus supplement related to the New ATM Offering, dated November 9, 2020. The Company is not obligated to sell any shares under the EDA. The Company will pay the Sales Agents a commission of up to 3% of the aggregate gross proceeds from each sale of Shares occurring pursuant to the EDA, if any. The Company has also agreed to reimburse the Sales Agents for legal fees and disbursements, not to exceed $50,000 in the aggregate, in connection with entering into the EDA. The EDA may be terminated by the Sales Agents or the Company at any time upon written notice to the other party(ies), as permitted therein. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2020 and September 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 September 30, 2020, and our results of operations and cash flows for the periods ended September 30, 2020 and September 30, 2019, respectively. The results of operations for the periods ended September 30, 2020 and September 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 useful lives of property and equipment, impairment of long-lived assets, the estimate of the fair value of the lease liability and related right of use assets, allowance for doubtful accounts and valuation of share based payments. Th e Comp n b m n ump on o u n h o xp n n v ou o h o h b v b 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 n b n h u o o n xp n h no d pp n o o h ou Th u u xper nced b h Comp n m d m n dv o h Comp ny ’ m T h x n h m d nces b w 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 September 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, the Company considers 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 September 30, 2020, cash and cash equivalents totaled approximately $20.9 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 September 30, 2020, the accounts receivable balance was $573 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 ” 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 ompu n o p h o d n w ASC 260 “ E n ng P Sh wh qu p n o o bo b n d u n ng p h EPS” o h o h m n 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 ou nd 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 h p o u n h u o m ho ompu n d u EPS h v 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. The Company has reclassified the prior period comparative amounts in the statement of stockholders’ equity 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 nine months ended September 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) | 9 Months Ended |
Sep. 30, 2020 | |
Property and Equipment | |
Schedule of Property and Equipment | September 30, 2020 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 490,687 369,584 121,103 Laboratory equipment 5 years 1,980,047 920,295 1,059,752 Office furniture and equipment 5 years 235,740 152,240 83,500 Buildings 30 years 1,537,352 183,600 1,353,752 Building improvements 5-15 years 792,282 160,882 631,400 Land Not amortized 93,790 - 93,790 5,129,898 1,786,601 3,343,297 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) | 9 Months Ended |
Sep. 30, 2020 | |
Intangible Assets | |
Schedule of Intangible Assets | September 30, 2020 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,197,312 875,464 321,848 December 31, 2019 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,147,391 775,086 372,305 |
Schedule of annual estimated amortization | 2020 - remaining $ 24,749 2021 $ 90,883 2022 $ 90,883 2023 $ 90,883 2024 $ 24,450 Total Intangible Assets $ 321,848 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stock-based Compensation | |
Summary of changes in warrants outstanding | Number of Weighted Average Warrants Exercise Price ($) Outstanding at December 31, 2019 190,000 2.90 Granted 50,000 3.45 Exercised (25,000) 2.47 Expired - - Outstanding at September 30, 2020 215,000 3.08 Exercisable at September 30, 2020 165,000 2.97 |
Summarizing the warrants issued and outstanding | Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 125,000 125,000 2.47 2.41 308,750 50,000 - 3.45 5.42 172,500 40,000 40,000 4.53 0.12 181,200 215,000 165,000 662,450 |
Summarizes the changes in options outstanding | Number of Weighted Average Options Exercise Price ($) Outstanding at December 31, 2019 4,169,301 3.88 Granted 835,000 3.60 Exercised (691,599) 2.81 Expired/Cancelled (29,083) 4.52 Outstanding at September 30, 2020 4,283,619 4.00 Exercisable at September 30, 2020 3,448,619 4.10 |
Summarizing the options issued and outstanding | Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 685,000 685,000 3.25 4.37 2,226,250 10,351 10,351 3.35 0.58 34,676 835,000 - 3.60 5.54 3,006,000 20,000 20,000 3.80 0.63 76,000 1,782,837 1,782,837 4.00 2.06 7,131,348 15,268 15,268 4.35 1.40 66,416 89,163 89,163 4.38 3.32 390,534 50,000 50,000 4.80 2.25 240,000 796,000 796,000 5.00 2.49 3,980,000 4,283,619 3,448,619 17,151,224 |
Summarizing the RSUs issued and outstanding | Number of RSUs Share Price ($) Outstanding at December 31, 2019 - - Granted 52,500 3.52 Vested - - Cancelled - - Outstanding at September 30, 2020 52,500 3.52 |
Summarizing the RSUs issued and outstanding maturity life | Weighted Average Remaining Number Number Share Contractual Outstanding Exercisable Price ($) Life (Years) 52,500 - 3.52 1.03 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies | |
Schedule of future minimum lease payments under financing leases | 2020 - remaining $ 18,259 2021 $ 73,042 2022 $ 64,531 2023 $ 63,058 2024 $ 63,057 Greater than 5 years $ 465,037 Total $ 746,984 Less: Amount representing interest $ (98,279) Present value of minimum lease payments $ 648,705 |
Schedule of future minimum lease payments under operating leases | 2020 - remaining $ 74,831 2021 $ 109,716 2022 $ 50,652 2023 $ 32,917 2024 $ 10,665 Total Operating Lease Obligations $ 278,781 Less: Amount representing interest $ (12,680) Present Value of minimum lease payments $ 266,101 |
Schedule of recognized in short-term lease costs | 2020 - remaining $ - Total Operating Lease Obligations $ - |
Schedule of Grants Repayable | 2020 - remaining $ 14,186 2021 $ 52,178 2022 $ 49,357 2023 $ 50,579 2024 $ 21,279 Greater than 5 years $ 127,680 Total Grants Repayable $ 315,259 |
Schedule of long-term debt payable | 2020 - remaining $ 286,719 2021 $ 777,691 2022 $ 652,975 2023 $ 552,544 2024 $ 403,760 Greater than 5 years $ 181,739 Total $ 2,855,428 Less: Amount representing interest $ (259,256) Total Long-Term Debt $ 2,596,172 |
Schedule of annual payments of collaborative cgreement obligations | 2020 - remaining $ 625,464 2021 - 2024 $ 1,336,426 Total Collaborative Agreement Obligations $ 1,961,890 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 9 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Basis of Presentation and Summary of Significant Accounting Policies | ||||
Cash and cash equivalents | $ 20,927,729 | $ 16,966,168 | $ 19,697,169 | $ 13,427,222 |
Cash and cash equivalents, money market account | 14,700,000 | |||
Accounts receivable | 573 | $ 0 | ||
Provision for allowance for doubtful debts | $ 0 | |||
Antidilutive securities excluded from computation of earnings per share | 4,551,119 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Going Concern | ||
Accumulated deficit | $ (105,036,840) | $ (89,821,856) |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Cost | $ 5,129,898 | $ 4,889,205 |
Accumulated Depreciation | 1,786,601 | 1,907,980 |
Net Carrying Value | 3,343,297 | 2,981,225 |
Computer Hardware And Software [Member] | ||
Cost | 490,687 | 426,461 |
Accumulated Depreciation | 369,584 | 280,554 |
Net Carrying Value | $ 121,103 | $ 145,907 |
Useful Life | 3 years | 3 years |
Laboratory Equipment [Member] | ||
Cost | $ 1,980,047 | $ 2,052,348 |
Accumulated Depreciation | 920,295 | 1,256,637 |
Net Carrying Value | $ 1,059,752 | $ 795,711 |
Useful Life | 5 years | 5 years |
Office Furniture and Equipment [Member] | ||
Cost | $ 235,740 | $ 217,545 |
Accumulated Depreciation | 152,240 | 114,242 |
Net Carrying Value | $ 83,500 | $ 103,303 |
Useful Life | 5 years | 5 years |
Buildings [Member] | ||
Cost | $ 1,537,352 | $ 1,472,211 |
Accumulated Depreciation | 183,600 | 139,021 |
Net Carrying Value | $ 1,353,752 | $ 1,333,190 |
Useful Life | 30 years | 30 years |
Land [Member] | ||
Cost | $ 93,790 | $ 89,816 |
Accumulated Depreciation | 0 | 0 |
Net Carrying Value | $ 93,790 | $ 89,816 |
Useful Life | 0 years | 0 years |
Building Improvements [Member] | ||
Cost | $ 792,282 | $ 630,824 |
Accumulated Depreciation | 160,882 | 117,526 |
Net Carrying Value | $ 631,400 | $ 513,298 |
Building Improvements [Member] | Minimum [Member] | ||
Useful Life | 5 years | 5 years |
Building Improvements [Member] | Maximum [Member] | ||
Useful Life | 15 years | 15 years |
Property and Equipment (Detai_2
Property and Equipment (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Depreciation Expense | $ 459,450 | $ 443,992 | |
Other current assets | 791,349 | $ 322,593 | |
Laboratory Equipment [Member] | |||
Laboratory equipment sale | 293,595 | ||
Gain on disposal of equipment | 293,595 | ||
Payment received of laboratory equipment | 97,388 | ||
Other current assets | $ 196,207 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Net Carrying Value | $ 321,848 | $ 372,305 |
Patents [Member] | ||
Net Carrying Value | 321,848 | 372,305 |
Cost | 1,197,312 | 1,147,391 |
Accumulated Amortization | $ 875,464 | $ 775,086 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Intangible Assets | ||
2020 - remaining | $ 24,749 | |
2021 | 90,883 | |
2022 | 90,883 | |
2023 | 90,833 | |
2024 | 24,450 | |
Total Intangible Assets | $ 321,848 | $ 372,305 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Amortization expense | $ 65,567 | $ 65,761 |
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 ($) | Aug. 12, 2020 | Sep. 07, 2018 | Sep. 18, 2020 | May 21, 2020 | May 20, 2020 | Aug. 17, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Jan. 12, 2020 | Dec. 31, 2019 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||||||||
Common stock, shares issued | 48,064,575 | 41,125,303 | ||||||||
Common stock, shares outstanding | 48,064,575 | 41,125,303 | ||||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||||
Common Stock Fair value | $ 48,065 | $ 41,125 | ||||||||
Net proceeds from isuance of common stock | 19,200,954 | $ 16,488,257 | ||||||||
Chief Medical Officer [Member] | ||||||||||
Common Stock Fair value | $ 54,434 | |||||||||
Common stock, shares purchased | 11,364 | |||||||||
Common stock, purchase price | $ 4.79 | |||||||||
Option Five [Member] | ||||||||||
Net proceeds from isuance of common stock | $ 61,750 | |||||||||
Common stock shares issuable upon exercise of warrants | 25,000 | |||||||||
Purchase price | $ 2.47 | |||||||||
Option Four [Member] | ||||||||||
Net proceeds from isuance of common stock | $ 45,000 | |||||||||
Common stock shares issuable upon exercise of warrants | 15,000 | |||||||||
Purchase price | $ 3 | |||||||||
Option Three [Member] | ||||||||||
Net proceeds from isuance of common stock | $ 37,500 | |||||||||
Common stock shares issuable upon exercise of warrants | 15,000 | |||||||||
Purchase price | $ 2.50 | |||||||||
Option [Member] | ||||||||||
Net proceeds from isuance of common stock | $ 30,033 | |||||||||
Common stock shares issuable upon exercise of warrants | 97,500 | |||||||||
Purchase price | $ 2.50 | |||||||||
Option [Member] | From July 21, 2020 to August 12, 2020 [Member] | ||||||||||
Net proceeds from isuance of common stock | $ 22,261 | |||||||||
Common stock shares issuable upon exercise of warrants | 210,000 | |||||||||
Purchase price | $ 3 | |||||||||
Option [Member] | From July16, 2020 to August 10, 2020 [Member] | ||||||||||
Net proceeds from isuance of common stock | $ 39,197 | |||||||||
Common stock shares issuable upon exercise of warrants | 210,000 | |||||||||
Purchase price | $ 2.50 | |||||||||
Option [Member] | From February 24, 2020 to September 2, 2020 [Member] | ||||||||||
Net proceeds from isuance of common stock | $ 2,752 | |||||||||
Common stock shares issuable upon exercise of warrants | 11,599 | |||||||||
Purchase price | $ 2.35 | |||||||||
Stock Option Two [Member] | January 7, 2020 [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 | $ 16,539 | |||||||||
Common stock shares issuable upon exercise of warrants | 97,500 | |||||||||
Purchase price | $ 3 | |||||||||
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 | $ 13,800,000 | |||||||||
Legal fees | 1,100,000 | |||||||||
Net proceeds from isuance of common stock | $ 12,700,000 | |||||||||
2015 Equity Incentive Plan [Member] | Option [Member] | ||||||||||
Common stock, shares authorized | 6,500,000 | |||||||||
Equity Distribution Agreement [Member] | ||||||||||
Common stock, shares issued | 1,688,555 | |||||||||
Net proceeds from isuance of common stock | $ 10,000,000 | $ 6,500,000 | ||||||||
Agreement fees | $ 104,813 | $ 104,813 | ||||||||
Director [Member] | ||||||||||
Common stock, shares issued | 73,263 | |||||||||
Common Stock Fair value | $ 333,969 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - Warrants [Member] | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Number of warrants | |
Number of warrants Outstanding beginning balance | shares | 190,000 |
Number of warrants granted | shares | 50,000 |
Number of warrants exercised | shares | (25,000) |
Number of warrants Expired | shares | |
Number of warrants outstanding ending balance | shares | 215,000 |
Number of Warrants Exercisable | shares | 165,000 |
Weighted Exercise Price | |
Weighted Average Exercise Price Outstanding balance | $ / shares | $ 2.90 |
Weighted Average Exercise Price Granted | $ / shares | 3.45 |
Weighted Exercise Price Exercised | $ / shares | 2.47 |
Weighted Exercise Price Expired | $ / shares | 0 |
Weighted Average Exercise Price ending balance | $ / shares | 3.08 |
Weighted Average Exercise Price exercisable | $ / shares | $ 2.97 |
Stock based Compensation (Detai
Stock based Compensation (Details 1) | 9 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | |
Warrant [Member] | |
Number Outstanding | 215,000 |
Number Exercisable | 165,000 |
Proceeds to Company if Exercised | $ | $ 662,450 |
Warrant One [Member] | |
Number Outstanding | 125,000 |
Number Exercisable | 125,000 |
Proceeds to Company if Exercised | $ | $ 308,750 |
Exercise Price | $ / shares | $ 2.47 |
Weighted Average Remaining Contractual Life (Years) | 2 years 4 months 28 days |
Warrant Two [Member] | |
Number Outstanding | 50,000 |
Proceeds to Company if Exercised | $ | $ 172,500 |
Exercise Price | $ / shares | $ 3.45 |
Weighted Average Remaining Contractual Life (Years) | 5 years 5 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) | 1 month 13 days |
Stock-based Compensation (Det_2
Stock-based Compensation (Details 2) - Stock Option [Member] | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Number of options | |
Number of options outstanding beginning balance | shares | 4,169,301 |
Granted | shares | 835,000 |
Exercised | shares | (691,599) |
Expired | shares | (29,083) |
Number of option outstanding ending balance | shares | 4,283,619 |
Number of options exercisable | shares | 3,448,619 |
Weighted Average Exercise Price | |
Weighted Average Exercise Price Outstanding balance | $ / shares | $ 3.88 |
Weighted Average Exercise Price Granted | $ / shares | 3.60 |
Weighted Average Exercise Price Exercised | $ / shares | 2.81 |
Weighted Average Exercise Price Expired | $ / shares | 4.52 |
Weighted Average Exercise Price ending balance | $ / shares | 4 |
Weighted Average Exercise Price exercisable balance | $ / shares | $ 4.10 |
Stock-based Compensation (Det_3
Stock-based Compensation (Details 3) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Proceeds to Company if Exercised | $ 118 | $ 2 |
Weighted Average Remaining Contractual Life(years) | 1 year 11 days | |
Option Five [Member] | ||
Number Outstanding | 1,782,837 | |
Number Exercisable | 1,782,837 | |
Proceeds to Company if Exercised | $ 7,131,348 | |
Exercise Price | $ 4 | |
Weighted Average Remaining Contractual Life(years) | 2 years 22 days | |
Option Four [Member] | ||
Number Outstanding | 20,000 | |
Number Exercisable | 20,000 | |
Proceeds to Company if Exercised | $ 76,000 | |
Weighted Average Remaining Contractual Life(years) | 7 months 17 days | |
Exercise Price | $ 3.80 | |
Option Three [Member] | ||
Number Outstanding | 835,000 | |
Number Exercisable | ||
Proceeds to Company if Exercised | $ 3,006,000 | |
Weighted Average Remaining Contractual Life(years) | 5 years 6 months 15 days | |
Exercise Price | $ 3.60 | |
Stock Option One [Member] | ||
Number Outstanding | 685,000 | |
Number Exercisable | 685,000 | |
Proceeds to Company if Exercised | $ 2,226,250 | |
Weighted Average Remaining Contractual Life(years) | 4 years 4 months 13 days | |
Exercise Price | $ 3.25 | |
Stock Option [Member] | ||
Number Outstanding | 4,283,619 | |
Number Exercisable | 4,283,619 | |
Proceeds to Company if Exercised | $ 17,151,224 | |
Exercise Price | $ 3.60 | |
Option Six [Member] | ||
Number Outstanding | 15,268 | |
Number Exercisable | 15,268 | |
Proceeds to Company if Exercised | $ 66,416 | |
Weighted Average Remaining Contractual Life(years) | 1 year 4 months 24 days | |
Exercise Price | $ 4.35 | |
Option Two [Member] | ||
Number Outstanding | 10,351 | |
Number Exercisable | 10,351 | |
Proceeds to Company if Exercised | $ 34,676 | |
Weighted Average Remaining Contractual Life(years) | 6 months 29 days | |
Exercise Price | $ 3.35 | |
Option Seven [Member] | ||
Number Outstanding | 89,163 | |
Number Exercisable | 89,163 | |
Proceeds to Company if Exercised | $ 390,534 | |
Weighted Average Remaining Contractual Life(years) | 3 years 3 months 26 days | |
Exercise Price | $ 4.38 | |
Option Eight [Member] | ||
Number Outstanding | 50,000 | |
Number Exercisable | 50,000 | |
Proceeds to Company if Exercised | $ 240,000 | |
Weighted Average Remaining Contractual Life(years) | 2 years 2 months 30 days | |
Exercise Price | $ 4.80 | |
Option nine [Member] | ||
Number Outstanding | 796,000 | |
Number Exercisable | 796,000 | |
Proceeds to Company if Exercised | $ 3,980,000 | |
Weighted Average Remaining Contractual Life(years) | 2 years 5 months 27 days | |
Exercise Price | $ 5 |
Stock-based Compensation (Det_4
Stock-based Compensation (Details 4) - Stock Options [Member] | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Number of RSUs outstanding begining balance | shares | |
granted | shares | 52,500 |
Number of RSUs outstanding ending balance | shares | 52,500 |
Share price beginning balance | shares | 0 |
Granted | $ / shares | $ 3.52 |
Vested | $ / shares | 0 |
Cancelled net | $ / shares | 0 |
Share price ending balance | $ / shares | $ 3.52 |
Stock-based Compensation (Det_5
Stock-based Compensation (Details 5) - Stock Options One [Member] | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Number of stock Outstanding balance | shares | 52,500 |
Share price | $ / shares | $ 3.52 |
Weighted average remaining contractual life (Years) | 1 year 11 days |
Stock-based Compensation (Det_6
Stock-based Compensation (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | ||||
Jan. 26, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Aug. 04, 2020 | Jul. 21, 2020 | Jul. 16, 2020 | |
Compensation cost related to non vested stock options | $ 791,598 | |||||
Intrinsic value | 0 | |||||
Stock based compensation expense | $ 981,992 | $ 1,090,691 | ||||
vesting of the Warrant | 125,000 | |||||
Expiry date | Feb. 26, 2023 | |||||
Weighted average remaining contractual life | 3 years 8 months 30 days | |||||
Weighted average contractual life | 1 year 11 days | |||||
Stock Option [Member] | ||||||
Intrinsic value | $ 92,500 | |||||
Stock based compensation expense | $ 56,127 | 6,379 | ||||
Vesting term | 3 years 5 months 30 days | |||||
Common stock shares issuable upon exercise of stock option | 835,000 | |||||
Compensation cost | $ 53,105 | |||||
Fair value of options | $ 1,481,709 | |||||
Exercise price | $ 3.60 | |||||
Stock price | $ 3.52 | |||||
Volatility | 72.94% | |||||
Risk free rate | 0.54% | |||||
Stock Option [Member] | 2015 Equity Incentive Plan [Member] | ||||||
Weighted Average Remaining Contractual Life (Years) | 3 years 2 months 23 days | |||||
Common stock shares reserved for future issuance | 261,867 | |||||
Common stock, shares authorized | 4,250,000 | |||||
Preface S. [Member] | ||||||
Exercise price | $ 2.50 | $ 2.50 | $ 2.50 | |||
March 1, 2020 [Member] | Warrant [Member] | ||||||
Expiry date | Mar. 1, 2026 | |||||
Weighted average remaining contractual life | 3 years 8 months 30 days | |||||
Vesting term | 3 years 8 months 30 days | |||||
Exercise price | $ 3.45 | |||||
Stock price | $ 3.44 | |||||
Volatility | 69.03% | |||||
Risk free rate | 0.95% | |||||
Warrants granted to purchase shares of common stock | 50,000 | |||||
Fair market value of warrants | $ 86,771 | |||||
Restricted Stock Units [Member] | April 13,2020 [Member] | ||||||
Intrinsic value | $ 0 | |||||
Weighted average contractual life | 1 year 11 days | |||||
RSU granted shares of common stock | 52,500 | |||||
Restricted Stock or Unit Expense | $ 184,800 | |||||
Stock compensation expenses | $ 64,553 | $ 0 | ||||
Vested descriptions | These RSUs vest over 2 years, with 50% vesting on each of April 13, 2021 and April 13, 2022 | |||||
Expiry date | Apr. 13, 2021 | |||||
Vesting term | 5 years | |||||
Unrecognised compensation cost | $ 120,246 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - Finance Lease Obligations [Member] | Sep. 30, 2020USD ($) |
2020 - remaining | $ 18,259 |
2021 | 73,042 |
2022 | 64,531 |
2023 | 63,058 |
2024 | 63,057 |
Greater than 5 years | 465,037 |
Total | 746,984 |
Less: Amount representing interest | (98,279) |
Present value of minimum lease payments | $ 648,705 |
Commitments and Contingencies_3
Commitments and Contingencies (Details 1) | Sep. 30, 2020USD ($) |
2020 - remaining | $ 0 |
2022 | 90,883 |
Total Operating Lease Obligations | 0 |
Operating Lease Right of Use Obligations [Member] | |
2020 - remaining | 74,831 |
2021 | 109,716 |
2022 | 50,652 |
2023 | 32,917 |
2024 | 10,665 |
Total Operating Lease Obligations | 278,781 |
Less: Amount representing interest | (12,680) |
Present value of minimum lease payments | $ 266,101 |
Commitments and Contingencies_4
Commitments and Contingencies (Details 2) | Sep. 30, 2020USD ($) |
Commitments and Contingencies | |
2020 - remaining | $ 0 |
Total Operating Lease Obligations | $ 0 |
Commitments and Contingencies_5
Commitments and Contingencies (Details 3) - Grants Repayable [Member] | Sep. 30, 2020USD ($) |
2020 - remaining | $ 14,186 |
2021 | 52,178 |
2022 | 49,357 |
2023 | 50,579 |
2024 | 21,279 |
Greater than 5 years | 127,680 |
Total Grants Repayable | $ 315,259 |
Commitments and Contingencies_6
Commitments and Contingencies (Details 4) | Sep. 30, 2020USD ($) |
Commitments and Contingencies | |
2020 - remaining | $ 286,719 |
2021 | 777,691 |
2022 | 652,975 |
2023 | 552,544 |
2024 | 403,760 |
Greater than 5 years | 181,739 |
Total | 2,855,428 |
Less: Amount representing interest | (259,256) |
Total Long-Term Debt | $ 2,596,127 |
Commitments and Contingencies_7
Commitments and Contingencies (Details 5) | Sep. 30, 2020USD ($) |
Commitments and Contingencies | |
2020 - remaining | $ 625,424 |
2021-2024 | 1,336,426 |
Total Collaborative Agreement Obligations | $ 1,961,890 |
Commitments and Contingencies_8
Commitments and Contingencies (Details Narrative) | Aug. 15, 2020USD ($) | Dec. 13, 2019USD ($)$ / sharesshares | Aug. 07, 2019 | Sep. 30, 2020USD ($) | Sep. 30, 2020EUR (€) | Sep. 30, 2020EUR (€) | Dec. 31, 2019USD ($) |
Texas A&M University [Member] | |||||||
Agreement description | the Company entered into an agreement with TAMU for provision of in kind services of personnel, animal samples and laboratory equipment in exchange for a non-controlling interest of 7.5% in Volition Vet with an additional 5%, vesting in a year from the date of the agreement, giving TAMU in aggregate, a 12.5% equity interest | the Company entered into an agreement with TAMU for provision of in kind services of personnel, animal samples and laboratory equipment in exchange for a non-controlling interest of 7.5% in Volition Vet with an additional 5%, vesting in a year from the date of the agreement, giving TAMU in aggregate, a 12.5% equity interest | |||||
Operating Lease Right of Use Obligations [Member] | |||||||
Weighted average discount rate | 4.48% | 4.48% | |||||
Weighted average remaining lease term | 24 months | 24 months | |||||
Operating lease right-of-use assets and liabilities | $ 257,903 | $ 266,101 | |||||
Payment of lease liabilities | 184,796 | ||||||
Operating lease expense | 185,077 | ||||||
Short term lease costs | 10,737 | ||||||
Managing Director's Agreement [Member] | |||||||
Total long-term debt | 211,028 | ||||||
Stock based compensation expenses | 753,000 | ||||||
Amount payable | $ 229 | ||||||
Royality | 6.00% | 6.00% | |||||
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 to continue to manage Volition Germany 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 Volition Germany’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 to continue to manage Volition Germany 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 Volition Germany’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 | ||||||
Novis Animal Solutions LLC [Member] | |||||||
sales commission | 5.00% | ||||||
consultancy fees | $ 20,000 | ||||||
Potential Equity Interest | 2.00% | ||||||
Novis Animal Solutions LLC [Member] | Consulting Services Agreement [Member] | |||||||
Potential Equity Interest | 0.05% | ||||||
1 October 2020 [Member] | |||||||
Total Collaborative Agreement Obligations | 1,960,000 | ||||||
Total long-term debt | 2,675,755 | ||||||
Common stock, restricted shares issued in exchange of purchased outstanding shares, value | $ 333,969 | 73,263 | |||||
Common stock, restricted shares issued in exchange of purchased outstanding shares, shares | shares | 73,263 | ||||||
Weighted trading price | $ / shares | $ 4.56 | ||||||
Repayment of debt | $ 350,000 | $ 357,000 | |||||
Holdback period | 9 months | 9 months | |||||
Net liabilities | $ 6,535 | $ 55,404 | |||||
Stock based compensation expenses | $ 165,464 | ||||||
On September 16,2020[Member] | Bioinformatic Analytics Of Cell Free DNA [Member] | |||||||
Total long-term debt | 64,338 | ||||||
Repayment of long-term loan amount | € | € 54,879 | ||||||
In 2019 [Member] | Taxes A&M University [Member] | |||||||
Total long-term debt | $ 329,986 | ||||||
Repayment of long-term loan amount | € | € 400,000 | ||||||
Loan agreement term | 5 years | 5 years | |||||
In 2019 [Member] | Biomerica Inc. [Member] | |||||||
Total long-term debt | $ 54,663 | ||||||
Repayment of long-term loan amount | € | € 160,000 | ||||||
In 2019 [Member] | Namur Invest [Member] | Loan Agreement [Member] | Long-term Debt [Member] | |||||||
Total long-term debt | $ 2,596,172 | ||||||
Repayment of long-term loan amount | € | € 500,000 | ||||||
Loan agreement term | 4 years | 4 years | |||||
Principal balance payable | $ 586,189 | ||||||
Maturity date | Sep. 30, 2023 | Sep. 30, 2023 | |||||
In 2018 [Member] | Long-term Debt [Member] | Namur Innovation and Growth [Member] | |||||||
Fixed interest rate on lease | 4.00% | 4.00% | |||||
In 2018 [Member] | Loan Agreement [Member] | Long-term Debt [Member] | Namur Innovation and Growth [Member] | |||||||
Total long-term debt | $ 317,254 | ||||||
Repayment of long-term loan amount | € | € 500,000 | ||||||
Loan agreement term | 4 years | 4 years | |||||
In 2017 [Member] | Namur Invest [Member] | Long-term Debt [Member] | |||||||
Fixed interest rate on lease | 0.04% | 0.04% | |||||
In 2017 [Member] | Namur Invest [Member] | Loan Agreement [Member] | Long-term Debt [Member] | |||||||
Total long-term debt | $ 102,962 | ||||||
Repayment of long-term loan amount | € | € 350,000 | ||||||
Loan agreement term | 4 years | 4 years | |||||
In 2017 [Member] | SOFINEX [Member] | Long-term Debt [Member] | |||||||
Fixed interest rate on lease | 4.50% | 4.50% | |||||
In 2017 [Member] | SOFINEX [Member] | Loan Agreement [Member] | Long-term Debt [Member] | |||||||
Total long-term debt | $ 1,055,139 | ||||||
Repayment of long-term loan amount | € | € 1,000,000 | ||||||
Loan agreement term | 7 years | 7 years | |||||
In 2017 [Member] | University of Michigan [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 | ||||||
In 2017 [Member] | Munich University [Member] | Collaborative Research Agreement [Member] | |||||||
Lease agreement expire period | 3 years | 3 years | |||||
Collaborative obligations amount | € | € 360,000 | ||||||
Collaborative obligations amount due | $ 0 | ||||||
In 2016 [Member] | Namur Invest [Member] | Long-term Debt [Member] | |||||||
Fixed interest rate on lease | 4.85% | 4.85% | |||||
In 2016 [Member] | Namur Invest [Member] | Loan Agreement [Member] | Long-term Debt [Member] | |||||||
Total long-term debt | $ 284,741 | ||||||
Repayment of long-term loan amount | € | € 440,000 | ||||||
Loan agreement term | 7 years | 7 years | |||||
In 2016 [Member] | ING [Member] | Long-term Debt [Member] | |||||||
Fixed interest rate on lease | 2.62% | 2.62% | |||||
In 2016 [Member] | ING [Member] | Loan Agreement [Member] | Long-term Debt [Member] | |||||||
Total long-term debt | $ 249,887 | ||||||
Repayment of long-term loan amount | € | € 270,000 | ||||||
Loan agreement term | 15 years | 15 years | |||||
In 2016 [Member] | DKFZ [Member] | Research Co-operation Agreement [Member] | |||||||
Lease agreement expire period | 5 years | 5 years | |||||
Collaborative obligations amount | € | € 400,000 | ||||||
Collaborative obligations amount due | $ 234,475 | ||||||
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 | $ 13,575 | ||||||
Purchase price for the property | € | 25,000 | ||||||
Leased equipment amortized term | 5 years | 5 years | |||||
In 2018 [Member] | Walloon Region Government [Member] | Colorectal Cancer Research Agreement [Member] | |||||||
Amount payable | $ 212,786 | ||||||
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 | $ 315,259 | ||||||
In 2018 [Member] | University of Taiwan [Member] | Clinical Study Research Agreement [Member] | |||||||
Lease agreement expire period | 3 years | 3 years | |||||
Collaborative obligations amount | $ 2,550,000 | ||||||
Collaborative obligations amount due | $ 892,500 | ||||||
In 2016 [Member] | Finance Lease Obligations [Member] | ING Asset Finance Belgium S.A. [Member] | |||||||
Maturity date | May 31, 2031 | May 31, 2031 | |||||
Amount payable | $ 635,130 | ||||||
Purchase price for the property | € | 1,120,000 | ||||||
In 2010 [Member] | Walloon Region Government [Member] | |||||||
Amount payable | $ 102,473 | ||||||
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 equal to 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 equal to twice the amount of funding received. | |||||
In 2015 [Member] | DKFZ [Member] | Research Sponsorship Agreement [Member] | |||||||
Lease agreement expire period | 3 years | 3 years | |||||
Collaborative obligations amount | € | € 338,984 | ||||||
Collaborative obligations amount due | $ 87,928 | ||||||
May 1, 2019 [Member] | Collaborative Arrangement, Co-promotion [Member] | |||||||
Collaborative obligations amount due | $ 160,000 | ||||||
Research collaboration agreement description | 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 | 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 $320,000 payable over such period |
Subsequent (Details Narrative)
Subsequent (Details Narrative) - USD ($) | Nov. 12, 2020 | Nov. 10, 2020 | Aug. 15, 2020 | Nov. 04, 2020 | Nov. 03, 2020 | Oct. 05, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Common stock par value | $ 0.001 | $ 0.001 | ||||||
October 1, 2020 [Member] | ||||||||
Fee payable | $ 111,540 | |||||||
Rent | $ 7,000 | |||||||
Description of rent period | rental rate of approximately $7,000 (£5,400) per month for a period of 16 months until January 31, 2022. The Company can terminate the office lease 90 days before the end of the term without penalty. | |||||||
Novis Animal Solutions LLC [Member] | ||||||||
Legal fees | $ 20,000 | |||||||
Subsequent Event [Member] | ||||||||
Initial projects agreement term | the agreement relating to Non-Hodgkin’s Lymphoma obligate the Company to pay an aggregate of up to $2.9 million over a period of 22 months. Such payment obligations are on a project-by-project basis as deliverables are executed and subject to certain terms and conditions. Additionally, the Company may terminate the agreement or any project with or without cause upon at least 30 days’ prior written notice. Unless earlier terminated, the term of the agreement is until December 31, 2025 or such later date as when all projects have been completed. | |||||||
Subsequent Event [Member] | Consulting Services Agreement [Member] | Novis Animal Solutions LLC [Member] | ||||||||
Claim amount | $ 19,000 | |||||||
Subsequent Event [Member] | Equity Distribution Agreement [Member] | ||||||||
Common stock, shares sold | 133,122 | |||||||
Proceeds from sale of common stock | $ 471,600 | |||||||
Subsequent Event [Member] | Mr Reynolds [Member] | ||||||||
Monthly fee | $ 35,650 | |||||||
Preface S. [Member] | Subsequent Event [Member] | ||||||||
Company borrowed amount | $ 973,000 | |||||||
Interest Rate | 4.00% | |||||||
Description of term | repayable over 5 years with a grace period of 6 months to finance the acquisition and construction of the production facility in Belgium. | |||||||
Distribution Agreement [Member] | Subsequent Event [Member] | ||||||||
Aggeregate share of common stock offering price | 25,000,000 | |||||||
Legal fees | $ 50,000 | |||||||
Common stock par value | $ 0.001 |