VolitionRx Limited (VNRX) 10-K 22 Mar 21 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 10, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Registrant Name	VOLITIONRX LTD
Entity Central Index Key	0000093314
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Entity Common Stock Shares Outstanding		52,870,907
Entity Public Float			$ 111,767,725
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 19,444,737	$ 16,966,168
Accounts Receivable	7,118	0
Prepaid expenses	303,178	267,518
Other current assets	576,660	322,593
Total Current Assets	20,331,693	17,556,279
Property and equipment, net	5,171,134	2,981,225
Operating lease right-of-use assets	326,085	381,483
Intangible assets, net	321,641	372,305
Total Assets	26,150,553	21,291,292
Current Liabilities
Accounts payable	1,539,547	627,253
Accrued liabilities	3,491,740	2,168,588
Management and directors' fees payable	55,174	21,979
Current portion of long-term debt	841,319	647,569
Current portion of financing lease liabilities	59,930	97,946
Current portion of operating lease liabilities	179,624	257,244
Current portion of grant repayable	69,218	39,295
Total Current Liabilities	6,236,552	3,859,874
Long-term debt, net of current portion	2,606,885	2,195,278
Finance lease liabilities, net of current portion	601,967	607,708
Operating lease liabilities, net of current portion	151,828	131,875
Grant repayable, net of current portion	259,603	297,991
Total Liabilities	9,856,835	7,092,726
STOCKHOLDERS' EQUITY
Authorized: 100,000,000 shares of common stock, at $0.001 par value, Issued and outstanding: 48,607,017 shares and 41,125,303 shares, respectively	48,607	41,125
Additional paid-in capital	126,526,239	103,853,627
Accumulated other comprehensive income (loss)	(59,978)	125,670
Accumulated deficit	(110,173,971)	(89,821,856)
Total VolitionRx Limited Stockholders' Equity	16,340,897	14,198,566
Non-controlling interest	(47,179)	0
Total Stockholders' Equity	16,293,718	14,198,566
Total Liabilities and Stockholders' Equity	$ 26,150,553	$ 21,291,292

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	48,607,017	41,125,303
Common stock, shares outstanding	48,607,017	41,125,303

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues
Service	$ 0	$ 16,204
Royalty	2,112	892
Product	11,321	0
Total Revenues	13,433	17,096
Operating Expenses
Research and development	14,533,862	10,363,253
General and administrative	5,654,018	4,731,054
Sales and marketing	1,073,368	965,713
Total Operating Expenses	21,261,248	16,060,020
Operating Loss	(21,247,815)	(16,042,924)
Other Income (Expenses)
Grant income	635,513	155,031
Gain on disposal of fixed assets	293,312	0
Interest income	49,495	112,367
Interest expense	(129,799)	(126,572)
Other expenses	0	(196,957)
Total Other Income (Expenses)	848,521	(56,131)
Net Loss	(20,399,294)	(16,099,055)
Net Loss attributable to Non-Controlling Interest	47,179	0
Net Loss attributable to VolitionRx Limited Stockholders	(20,352,115)	(16,099,055)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	(185,648)	(97,981)
Net Comprehensive Loss	$ (20,584,942)	$ (16,197,036)
Net Loss Per Share - Basic and Diluted	$ (0.45)	$ (0.41)
Weighted Average Shares Outstanding
- Basic and Diluted	45,278,847	39,180,369

Consolidated Statement of Stock

Consolidated Statement of Stockholders Equity - 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 stock options, shares						2,858
Common stock issued in exercise of stock options, amount	0	(3)	0	0	0	$ 3
Common stock issued in exercise of warrants, shares						5,783,867
Common stock issued in exercise of warrants, amount	16,574,529	16,568,745	0	0	0	$ 5,784
Common stock issued in public offering, net, shares						3,200
Common stock issued in public offering, net, amount	16,547	16,544				$ 3
Stock-Based compensation	1,467,113	1,467,113	0	0	0	0
Modification of financing warrants	196,957	196,957	0	0	0	0
Foreign currency translation	(97,981)	0	(97,981)	0	0	0
Net loss	(16,099,055)	0	0	(16,099,055)	0	$ 0
Balance, shares at Dec. 31, 2019						41,125,303
Balance, amount at Dec. 31, 2019	14,198,566	103,853,627	125,670	(89,821,856)	0	$ 41,125
Common stock issued in exercise of stock options, shares						147,268
Common stock issued in exercise of stock options, amount	82,500	82,353	0	0	0	$ 147
Common stock issued in public offering, net, shares						7,247,547
Common stock issued in public offering, net, amount	21,052,282	21,045,034	0	0	0	$ 7,248
Stock-Based compensation	1,391,492	1,391,492
Foreign currency translation	(185,648)		(185,648)
Net loss	(20,399,294)			(20,352,115)	(47,179)
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)
Tax withholdings paid related to stock-based compensation	(187,465)	(187,465)
Common stock issued for exercise of warrants, shares						25,000
Common stock issued for exercise of warrants, amount	61,750	61,725	0	0	0	$ 25
Balance, shares at Dec. 31, 2020						48,607,017
Balance, amount at Dec. 31, 2020	$ 16,293,718	$ 126,526,239	$ (59,978)	$ (110,173,971)	$ (47,179)	$ 48,607

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating Activities:
Net loss	$ (20,399,294)	$ (16,099,055)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	716,181	676,815
Amortization of operating lease right-of-use assets	325,192	225,597
Gain on disposal of fixed assets	(293,312)	0
Stock based compensation	1,391,492	1,467,113
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	(35,660)	(22,080)
Accounts receivable	(7,118)	0
Other current assets	(254,062)	(92,838)
Accounts payable and accrued liabilities	2,052,753	1,105,211
Management and directors' fees payable	33,195	20,779
Right-of-use assets operating leases liabilities	(327,580)	(217,954)
Net Cash Used In Operating Activities	(16,464,244)	(12,739,455)
Investing Activities:
Purchases of property and equipment	(1,941,060)	(511,266)
Proceeds from sales of property and equipment	293,312	0
Net Cash Used In Investing Activities	(1,647,748)	(511,266)
Financing Activities:
Net proceeds from issuance of common shares	21,196,532	16,591,076
Tax withholdings paid related to stock-based compensation	(187,465)	0
Common stock repurchased	(54,434)	0
Proceeds from grants repayable	3,802	32,795
Proceeds from long-term debt	346,465	838,039
Payments on long-term debt	(545,389)	(351,009)
Payments on grants repayable	(41,257)	(39,335)
Payments on financing leases	(97,417)	(142,039)
Net Cash Provided By Financing Activities	20,620,837	16,929,527
Effect of foreign exchange on cash and cash equivalents	(30,276)	(139,860)
Net Change in Cash and Cash Equivalents	2,478,569	3,538,946
Cash and Cash Equivalents - Beginning of Year	16,966,168	13,427,222
Cash and Cash Equivalents - End of Year	19,444,737	16,966,168
Supplemental Disclosures of Cash Flow Information:
Interest paid	129,799	126,847
Income tax paid	0	0
Non - Cash Financing Activities:
Common Stock issued on cashless exercises of stock options and warrants	118	3
Loan payable for purchase of manufacturing building	584,449	0
Offering costs from issuance of common stock	$ 1,250,848	$ 0

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2020
Nature of Operations
Note 1 - Nature of Operations	The Company was incorporated under the laws of the State of Delaware on September 24, 1998. On September 22, 2011, the Company filed a Certificate for Renewal and Revival of Charter with the Secretary of State of Delaware. Pursuant to Section 312(1) of the Delaware General Corporation Law, the Company was revived under the new name of “VolitionRX Limited” and the name change became effective on October 11, 2011. On October 7, 2016, the Company amended its Certificate of Incorporation to reflect a name change to “VolitionRx Limited.” On October 6, 2011, the Company entered into a share exchange agreement with Singapore Volition Pte. Limited, a Singapore corporation incorporated on August 5, 2010 (“Singapore Volition”), and the shareholders of Singapore Volition. Pursuant to the terms of the share exchange agreement, the former shareholders of Singapore Volition held 85% of the issued and outstanding common shares of the Company. The issuance was deemed to be a reverse acquisition for accounting purposes and as such, Singapore Volition is regarded as the predecessor of the Company. The number of shares outstanding and per share amounts of the Company have been restated to recognize the foregoing recapitalization. The Company’s principal business objective through its subsidiaries is to develop and bring to market simple, easy to use, cost effective blood tests designed to help diagnose a range of cancers and other diseases. The tests are based on the science of Nucleosomics TM

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2020
Going Concern
Note 2 - Going Concern	The Company's consolidated financial statements are prepared using accounting principles generally accepted in the United States of America, or 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 $110.2 million, has negative cash flows from operations, and has minimal revenues, which creates substantial doubt about its ability to continue as a going concern for a period at least one year from the date of issuance of these 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 to eventually attain profitable operations. The accompanying 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Note 3 - Summary of Significant Accounting Policies	Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP and are expressed in US dollars. The Company’s fiscal year end is December 31. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company also regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances, useful lives of property and equipment and intangible assets, borrowing rate used in operating lease right-of-use asset and liability valuations, impairment analysis of intangible assets and valuations of stock-based compensation. The Company bases its estimates and assumptions on current facts, historical experiences and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected. Principles of Consolidation The accompanying consolidated financial statements for the year ended December 31, 2020 include the accounts of the Company and its subsidiaries, Singapore Volition, Belgian Volition, Volition Diagnostics UK, Volition Germany, Volition America, and Volition Vet. See Note 10 (f) for more information regarding Volition Vet and Volition Germany. All intercompany balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As of December 31, 2020, and December 31, 2019, the Company had $19,444,737 and $16,966,168, respectively, in cash and cash equivalents. As of December 31, 2020, and December 31, 2019, the Company had $18,592,210 and $16,499,679, respectively, in its domestic accounts in excess of Federal Deposit insured limits. As of December 31, 2020, and December 31, 2019, the Company had $831,110 and $2,887,483, respectively, in its foreign accounts in excess of the Belgian Deposit insured limits. As of December 31, 2020, and December 31, 2019, the Company had $282,137 and $170,387, respectively, in its foreign accounts in excess of the Singapore Deposit insured limits. As of December 31, 2020, and December 31, 2019, the Company had $186,168 and $777,432, respectively, in its foreign accounts in excess of the UK Deposit insured limits. Accounts Receivable Trade accounts receivable are stated at the amount the Company expects to collect. Due to the nature of the accounts receivable balance, the Company believes the risk of doubtful accounts is minimal and therefore no allowance is recorded. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. The Company may provide for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. As of December 31, 2020, the accounts receivable balance was $7,118 and the allowance for doubtful accounts was $nil. Property and Equipment Property and equipment are stated at historical cost and depreciated over the useful life of the asset using the straight-line method. Useful lives are assigned to assets depending on their category. For details regarding property and equipment, refer to Note 4. Basic and Diluted Net Loss Per Share The Company computes net loss per share in accordance with Accounting Standards Codification (“ASC”) 260, “Earnings Per Share,” Foreign Currency Translation The Company has functional currencies in Euros, US Dollars and British Pounds Sterling and its reporting currency is the US Dollar. Management has adopted ASC 830-20, “Foreign Currency Matters – Foreign Currency Transactions” Financial Instruments Pursuant to ASC 820, “ Fair Value Measurements and Disclosures,” Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of cash, accounts payable, accrued liabilities, notes payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on “Level 1” inputs, which consists of quoted prices in active markets for identical assets. The Company believes that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. Income Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted ASC 740, “Accounting for Income Taxes” Other Comprehensive Income (Loss) ASC 220, “ Other Comprehensive Income/(Loss)”, Revenue Recognition The Company adopted ASC606, “ Revenue from Contracts with Customers,” The Company generates revenue from its license agreement with Active Motif, Inc. (“Active Motif”) for the sale of ROU kits from which the Company receives royalties. In addition, revenue is received from external third parties for services the Company performs for them in its laboratory. The Company also generates product revenues from the sale of its Nu.Q ® 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 under “Royalty” under the consolidated statements of operations. 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. Service The Company includes revenue recognized from laboratory services performed in the Company’s laboratory on behalf of third parties under “Service” under the consolidated statements of operations. 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 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. Research and Development In accordance with ASC 730, the Company follows the policy of expensing its research and development costs in the period in which they are incurred. The Company incurred research and development expenses of $14.5 million and $10.4 million during the years ended December 31, 2020 and 2019, respectively. Impairment of Long-Lived Assets In accordance with ASC 360, “Property Plant and Equipment”, Stock-Based Compensation The Company records stock-based compensation in accordance with ASC 718, “ Compensation – Stock Compensation” Leases The Company adopted FASB issued Accounting Standards Update No. 2016-02 – Leases (“Topic 842”) as of January 1, 2019, that requires lessees to record the present value of operating lease payments as right-of-use assets and lease liabilities on the balance sheet. See Note 10(b) for discussion of the guidance and the Company’s accounting policy. Grant Income The Company receives funding from public bodies for a proportion of the costs of specific projects. Funds are received in line with claims submitted for the agreed expenditure. The Company recognizes grant income once claims submitted are approved and funds are received. General working capital funding received at the commencement of a project is treated as deferred income until it has been utilized for the expenditure claimed. Funding received that is repayable is shown as a liability. Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. The Company does not believe that there are any other new 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 twelve months ended December 31, 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

Property and Equipment	12 Months Ended
	Dec. 31, 2020
Property and Equipment
Note 4 - Property and Equipment	The Company’s property and equipment consist of the following amounts as of December 31, 2020 and December 31, 2019: December 31, 2020 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 550,254 412,805 137,449 Laboratory equipment 5 years 2,586,997 1,060,153 1,526,844 Office furniture and equipment 5 years 271,656 171,247 100,409 Buildings 30 years 2,366,236 207,111 2,159,125 Building improvements 5-15 years 1,285,383 184,813 1,100,570 Land Not amortized 146,737 - 146,737 7,207,263 2,036,129 5,171,134 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 The majority of capital expenditures in 2020 are related to purchasing a new manufacturing facility of $0.8 million, manufacturing building improvements of $0.6 million, and laboratory equipment of $1.0 million. During the years ended December 31, 2020 and December 31, 2019, the Company recognized $627,555 and $589,532, respectively, in depreciation expense. During the year ended December 31, 2020, the Company sold laboratory equipment for cash proceeds of $293,312, resulting in a gain on disposal of equipment of $293,312.

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2020
Intangible Assets
Note 5 - Intangible Assets	The Company’s intangible assets consist of patents, mainly acquired in the acquisition of Belgian Volition. The patents are being amortized over the assets’ estimated useful lives, which range from 8 to 20 years. December 31, 2020 Accumulated Net Carrying Cost Amortization Value Patents 1,256,064 934,423 321,641 December 31, 2019 Accumulated Net Carrying Cost Amortization Value Patents 1,147,391 775,086 372,305 During the years ended December 31, 2020 and December 31, 2019, the Company recognized $88,626 and $87,285, respectively, in amortization expense. The Company amortizes the long-lived assets on a straight-line basis with terms ranging from 8 to 20 years. The annual estimated amortization schedule over the next five years is as follows: 2021 $ 94,278 2022 $ 94,278 2023 $ 94,278 2024 $ 38,807 Total Intangible Assets $ 321,641 The Company periodically reviews its long-lived assets to ensure that their carrying value does not exceed their fair market value. The Company carried out such a review in accordance with ASC 360 as of December 31, 2020. The result of this review confirmed that the ongoing value of the patents was not impaired as of December 31, 2020.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions
Note 6 - Related Party Transactions	See Note 7 for common stock issued to related parties and Note 8 for stock options, warrants and RSUs issued to related parties. Th e Company has agreements with related parties for the purchase of products and consultancy services which are accrued under accruals and management and directors’ fees payable (see consolidated balance sheets).

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2020
Common Stock
Note 7 - Common Stock	As of December 31, 2020, the Company was authorized to issue 100 million shares of common stock par value $0.001 per share, of which 48,607,017 and 41,125,303 shares were issued as of December 31, 2020 and December 31, 2019, respectively. 2020 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 a 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 10 (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, t he 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 Agreements On November 10, 2020, the Company entered into an Equity Distribution Agreement (the “2020 EDA”) with Cantor Fitzgerald & Co. (“Cantor”) and Oppenheimer & Co. Inc. (“Oppenheimer”), to sell shares of its common stock having an aggregate offering price of up to $25,000,000 from time-to-time, through an “at the market offering program” pursuant to the Company’s effective “shelf” registration statement on Form S-3 (File No. 333-227248) and related prospectuses, through Cantor and Oppenheimer each acting as the Company’s agent and/or principal . The Company is not obligated to sell any shares under the 2020 EDA. As of December 31, 2020, the Company had made no sales of common stock under the 2020 EDA. See Note 11 for details regarding additional sales of common stock under the 2020 EDA after December 31, 2020. On September 7, 2018, the Company entered into an equity distribution agreement (as amended, the “2018 Equity Distribution Agreement”) with 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 through an “at the market offering program,” pursuant to a shelf registration statement on Form S-3 (declared effective by the SEC on September 28, 2018, File No.333-227248) and related prospectuses, through Oppenheimer acting as the Company’s agent and/or principal. From inception through December 31, 2020 , the Company raised aggregate net proceeds (net of broker’s commissions and fees) of approximately $8.5 million under the 2018 Equity Distribution Agreement through the sale of 2,230,997 shares of its common stock. For the year ended December 31, 2020 , the Company raised aggregate net proceeds (net of broker’s commissions and fees) of approximately $8.5 million under the 2018 Equity Distribution Agreement through the sale of 2,227,797 shares of its common stock. Additionally, in connection with this transaction $126,492 was incurred in fees relating to the Equity Distribution Agreement. See Note 11 for details regarding additional sales of common stock under the 2018 Equity Distribution Agreement after December 31, 2020. 2019 Issuances Upon Warrant and Option Exercises On August 10, 2018, the Company issued to Cotterford Company Limited (“Cotterford”) 5.0 million shares of common stock at a price of $1.80 per share in a private placement offering, for aggregate gross proceeds of $9.0 million. In connection with the transaction, approximately $0.1 million was incurred for legal and other fees resulting in net proceeds of approximately $8.9 million. Additionally, the Company issued to Cotterford a warrant to purchase up to an additional 5.0 million shares of common stock at an exercise price of $3.00 per share payable in cash. This transaction resulted in Cotterford becoming a significant stockholder and therefore a related party in accordance with U.S. GAAP. The shares of common stock (including the shares underlying the warrant) were subsequently registered for resale on Form S-3 (declared effective by the SEC on October 15, 2018, File No. 333-227731). From January 30, 2019 to February 26, 2019, warrants to purchase 754,475 shares of our common stock were exercised at a price of $2.20 per share, for gross proceeds to the Company of approximately $1.66 million . On March 8, 2019, Cotterford partially exercised its warrant and purchased 1,724,138 shares of our common stock at a price of $2.90 per share, for gross proceeds to the Company of $5.0 million. On May 3, 2019, Cotterford partially exercised its warrant and purchased 1,666,667 shares of our common stock at a price of $3.00 per share, for gross proceeds to the Company of $5.0 million. On July 24, 2019, Cotterford exercised the remainder of its warrant and purchased 1,609,195 shares of our common stock at a price of $3.00 per share, for gross proceeds to the Company of approximately $4.8 million. From August 20, 2019 to September 20, 2019, 6,166 stock options were exercised to purchase shares of our common stock at $2.35 per share in a cashless exercise that resulted in the issuance of 2,487 shares of our common stock. On November 15, 2019, 4,167 stock options were exercised to purchase shares of our common stock at $5.00 per share in a cashless exercise that resulted in the issuance of 371 shares of our common stock. From November 25, 2019 to November 27, 2019, warrants to purchase 29,392 shares of our common stock were exercised at a price of $2.40 per share, for gross proceeds to the Company of $70,541. Equity Distribution Agreement s For the year ended December 31, 2019, The Company raised aggregate net proceeds (net of broker’s commissions and fees) of $16,547 under the 2018 Equity Distribution Agreement through the sale of 3,200 shares of its common stock.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2020
Stock-Based Compensation
Note 8 - Stock-based Compensation	a ) Warrants The following table summarizes the changes in warrants outstanding of the Company during the years ended December 31, 2020 and December 31, 2019: Weighted Average Number of Exercise Price Warrants ($) Outstanding at December 31, 2018 6,107,617 2.88 Granted - - Exercised (5,783,867 ) 2.86 Expired (133,750 ) 2.20 Outstanding at December 31, 2019 190,000 2.90 Granted 50,000 3.45 Exercised (25,000 ) 2.47 Expired (40,000 ) 4.53 Outstanding at December 31, 2020 175,000 2.75 Exercisable at December 31, 2020 125,000 2.47 2020 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. 2019 Effective March 5, 2019, the Company entered into an amendment to an outstanding warrant to purchase up to an aggregate of 5.0 million shares of our common stock, originally issued to Cotterford, a significant stockholder, in connection with an equity financing completed on or about August 10, 2018. The amendment temporarily reduced the exercise price of such warrant from $3.00 per share to $2.90 per share through the close of business on March 8, 2019. As a result of this amendment, $196,957 of financing costs were recorded in other expenses. On March 8, 2019, Cotterford partially exercised its warrant and purchased 1,724,138 shares of our common stock at $2.90 per share resulting in gross proceeds to the Company of $5.0 million. On May 3, 2019, Cotterford partially exercised its warrant and purchased 1,666,667 shares of our common stock at $3.00 per share resulting in gross proceeds of $5.0 million to the Company. On July 1, 2019, the Company modified the performance criteria for certain vesting milestones on a warrant agreement held by an officer of the Company and as a result the Company re-measured warrants held by the officer, to purchase 125,000 shares of common stock at an exercise price of $2.47 per share, resulting in $11,829 of additional warrant expense to be recorded over the vesting period. These warrants vest on achievement of certain business objectives and expire 3 years from the date of vesting. On July 24, 2019, Cotterford exercised the remainder of its warrant and purchased 1,609,195 shares of our common stock at $3.00 per share resulting in gross proceeds of $4.8 million to the Company. During the year 2019, warrants to purchase an aggregate of 5,783,067 shares of our common stock were exercised (including the exercises by Cotterford referenced above) for gross cash proceeds to the Company of approximately of $16.6 million. Below is a table summarizing the warrants issued and outstanding as of December 31, 2020, which have a weighted average exercise price of $2.47 per share and an aggregate weighted average remaining contractual life of 3.01 years. Weighted Average Proceeds to Exercise Remaining Company if Number Number Price Contractual Exercised Outstanding Exercisable ($) Life (Years) ($) 125,000 125,000 2.47 2.15 308,750 50,000 0 3.45 5.17 172,500 175,000 125,000 481,250 Stock-based compensation expense related to warrants of $68,541 and $8,506 was recorded for the years ended December 31, 2020, and December 31, 2019, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is approximately $38,565 and is expected to be recognized over a period of 0.67 years. As of December 31, 2020, the total intrinsic value of warrants was $199,500. b) Options The Company currently has options outstanding under both its 2011 Equity Incentive Plan (the “2011 Plan”) (for option issuances prior to 2016) and its 2015 Plan (for option issuances commencing in 2016). Effective as of January 1, 2016, no additional awards were or may be made under the 2011 Plan. The 2015 Plan was adopted by the Board of Directors on August 18, 2015 and approved by the stockholders at an annual meeting held on October 30, 2015. On August 5, 2016, the Board of Directors adopted an amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 750,000 shares to an aggregate maximum of 1,750,000 shares, which amendment was approved by the stockholders at an annual meeting held on October 7, 2016. On June 13, 2017, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 750,000 shares to an aggregate maximum of 2,500,000 shares, which amendment was approved by the stockholders at an annual meeting held on September 8, 2017. On June 15, 2018, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 750,000 shares to an aggregate maximum of 3,250,000 shares, which amendment was approved by the stockholders at an annual meeting held on September 7, 2018. On March 27, 2019, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of common stock available for issuance under the Plan by 1,000,000 shares to an aggregate maximum of 4,250,000 shares, which amendment was approved by the stockholders at an annual meeting held on June 14, 2019. The 2015 Plan permits the grant of incentive stock options, non-statutory stock options, restricted stock awards, stock bonus awards, stock appreciation rights, restricted stock units and performance awards. The primary purpose of the 2015 Plan is to enhance the Company’s ability to attract and retain the services of qualified employees, officers, directors, consultants and other service providers upon whose judgment, initiative and efforts the successful conduct and development of the Company’s business largely depends, and to provide additional incentives to such persons or entities to devote their utmost effort and skill to the advancement and betterment of the Company, by providing them an opportunity to participate in the ownership of the Company that is tied to the Company’s performance, thereby giving them an interest in the success and increased value of the Company. The 2015 Plan is administered by the Compensation Committee comprised solely of members of the Board of Directors or by the Board of Directors as a whole. The following table summarizes the changes in options outstanding of the Company during the years ended December 31, 2020 and December 31, 2019: Weighted Average Number of Exercise Price Options ($) Outstanding at December 31, 2018 3,498,801 4.00 Granted 730,000 3.25 Exercised (10,333 ) 3.42 Expired/Cancelled (49,167 ) 3.31 Outstanding at December 31, 2019 4,169,301 3.88 Granted 845,000 3.60 Exercised (691,599 ) 2.81 Expired/Cancelled (44,083 ) 4.21 Outstanding at December 31, 2020 4,278,619 4.00 Exercisable at December 31, 2020 3,448,619 4.10 2020 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. Effective December 1, 2020, the Company granted stock options to purchase 10,000 shares of common stock to a Company employee for services to the Company. These options vest on December 1, 2021 and expire 5 years after the vesting date, with an exercise price of $3.40 per share. The Company has calculated the estimated fair market value of these options at $16,315 using the Black-Scholes model and the following assumptions: term 3.5 years, stock price $3.30, exercise price $3.40, 71.60% volatility, 0.55% risk free rate, and no forfeiture rate. 2019 Effective February 11, 2019, the Company granted stock options to purchase 730,000 shares of our common stock to various Company personnel (including directors, executives, members of management and employees) for services to the Company. These options vested on February 11, 2020 and expire 5 years after the vesting date, with an exercise price of $3.25 per share. The Company has calculated the estimated fair market value of these options at $1,569,816, using the Black-Scholes model and the following assumptions: term 6 years, stock price $3.16, exercise price $3.25, 77.86% volatility, 2.52% risk free rate, and no forfeiture rate. Subsequent to the February 2019 grant, stock options to purchase 45,000 shares of common stock subject to the grant were forfeited. Below is a table summarizing the options issued and outstanding as of December 31, 2020, all of which were issued pursuant to the 2011 Plan (for option issuances prior to 2016) or the 2015 Plan (for option issuances commencing in 2016)and which have a weighted average exercise price of $4.00 per share and an aggregate weighted average remaining contractual life of 2.98 years. As of December 31, 2020, an aggregate of 251,867 shares of common stock remained available for future issuance Weighted Average Proceeds to Exercise Remaining Company if Number Number Price Contractual Life Exercised Outstanding Exercisable ($) (Years) ($) 685,000 685,000 3.25 4.12 2,226,250 10,351 10,351 3.35 0.33 34,676 10,000 - 3.40 5.92 34,000 820,000 - 3.60 5.28 2,952,000 20,000 20,000 3.80 0.38 76,000 1,782,837 1,782,837 4.00 1.81 7,131,348 15,268 15,268 4.35 1.15 66,416 89,163 89,163 4.38 3.06 390,534 50,000 50,000 4.80 2.00 240,000 796,000 796,000 5.00 2.24 3,980,000 4,278,619 3,448,619 17,131,224 Stock-based compensation expense related to stock options of $1,220,165 and $1,458,607 were recorded for the years ended December 31, 2020 and December 31, 2019 respectively. Total remaining unrecognized compensation cost related to non-vested stock options is approximately $416,706 and is expected to be recognized over a period of 0.92 years. As of December 31, 2020, the total intrinsic value of stock options was $688,489. c ) Restricted Stock Units (RSUs) Below is a table summarizing the RSUs issued and outstanding as of December 31, 2020, all of which were issued pursuant to the 2015 Stock Incentive Plan. 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. Effective December 1, 2020, the Company granted RSUs of 15,000 shares of common stock to a non-executive director of the Company in exchange for services provided to the Company. These RSUs vest over 2 years, with 50% vesting on each of December 1, 2021 and December 1, 2022 and will result in total compensation expense of $49,500. Weighted Average Number of Exercise Price RSUs ($) Outstanding at December 31, 2019 - - Granted 67,500 3.47 Vested - - Cancelled - - Outstanding at December 31, 2020 67,500 3.47 Below is a table summarizing the RSUs issued and outstanding as of December 31, 2020 and which have an aggregate weighted average remaining contractual life of 0.92 years. Weighted Average Remaining Number Share Price Contractual Life Outstanding ($) (Years) 15,000 3.30 1.42 52,500 3.52 0.78 67,500 0.92 Stock-based compensation expense related to RSUs of $102,786 and $nil was recorded in the year ended December 31, 2020, and December 31, 2019, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $131,514. As of December 31, 2020, the total intrinsic value of RSUs was $262,575.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Taxes
Note 9 - Income Taxes	The Company has estimated net operating losses for the years ended December 31, 2020 and 2019 of $24.0 million and $17.3 million, respectively, available to offset taxable income in future years. The significant components of deferred income taxes and assets as of December 31, 2020 and December 31, 2019 are as follows: December 31, 2020 December 31, 2019 Net Deferred Tax Liability $ $ Excess of tax over book depreciation and amortization (966 ) (3,901 ) ROU Asset (69,407 ) (41,250 ) Lease Liability 73,407 43,896 Prepaid expenses - - Allowance for doubtful accounts - - Accrued expenses 1,154 1,154 Stock-based compensation 21,533 - Net Operating Losses carry-forward 24,011,113 17,326,179 Research and development tax credits 390,666 231,243 Gross deferred tax assets 24,427,500 17,557,321 Valuation allowance (24,427,500 ) (17,557,321 ) Net deferred tax asset - - Change in Valuation Allowance (6,870,179 ) December 31, 2020 December 31, 2019 Summary Rate Reconciliation % % Federal statutory rate 21.0 21.0 State income taxes, net of federal benefit - - Permanent Differences 6.1 4.1 Stock based compensation (1.3 ) (2.4 ) Federal Research & Development Credits 0.5 0.6 Foreign taxes 7.4 6.7 Federal Deferred Rate Decrease - (0.2 ) Change in Valuation Allowance (33.7 ) (29.8 ) Total - - Disclosure Amounts December 31, 2020 Net Operating Losses - United States 21,963,567 Net Operating Losses - Foreign 69,344,065 Credit Carryforward - United States - Credit Carryforward - Foreign 390,666 Increase in Valuation Allowance 6,870,179

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies
Note 10 - 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, maturing May 2020. As of December 31, 2020, the balance payable was $nil. In 2016, the Company entered into a real estate capital lease with ING Asset Finance Belgium S.A. (“ING”) to purchase a property located in Belgium for €1.12 million, maturing May 2031, with implicit interest of 2.62%. As of December 31, 2020, the balance payable was $650,209. In 2018, the Company entered into a capital lease with BNP Paribas leasing solutions to purchase a freezer for the Belgium facility for €25,000, maturing January 2022, with implicit interest of 1.35%. The leased equipment is amortized on a straight-line basis over 5 years. As of December 31, 2020, the balance payable was $11,688. The following is a schedule showing the future minimum lease payments under financing leases by years and the present value of the minimum payments as of December 31, 2020. 2021 $ 76,183 2022 $ 67,308 2023 $ 65,772 2024 $ 65,770 2025 $ 65,770 Greater than 5 years $ 419,270 Total $ 760,073 Less: Amount representing interest $ (98,176 ) Present value of minimum lease payments $ 661,897 b) Operating Lease Right-of-Use Liabilities The Company adopted Topic 842 on January 1, 2019. The Company elected to adopt this standard using the optional modified retrospective transition method and recognized a cumulative-effect adjustment to the consolidated balance sheet on the date of adoption. Comparative periods have not been restated. With the adoption of Topic 842, the Company’s consolidated balance sheet now contains the following line items: Operating lease right-of-use assets, current portion of operating lease liabilities and operating lease liabilities, net of current portion. As all the existing leases subject to the new lease standard were previously classified as operating leases by the Company, they were similarly classified as operating leases under the new standard. The Company has determined that the identified operating leases did not contain non-lease components and require no further allocation of the total lease cost. Additionally, the agreements in place did not contain information to determine the rate implicit in the leases, so we used our incremental borrowing rate as the discount rate. Our weighted average discount rate is 2.87% and the weighted average remaining lease term is 39 months. As of December 31, 2020, operating lease right-of-use assets and liabilities arising from operating leases were $326,085 and $331,452, respectively. During the year ended December 31, 2020, cash paid for amounts included for the measurement of lease liabilities was $230,627 and the Company recorded operating lease expense of $231,343. 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 December 31, 2020. 2021 $ 187,848 2022 $ 78,469 2023 $ 53,231 2024 $ 25,997 Total Operating Lease Obligations $ 345,545 Less: Amount representing interest $ (14,093 ) Present Value of minimum lease payments $ 331,452 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 year ended December 31, 2020, $30,117 was recognized in short-term lease costs associated with the office space lease in Singapore. The annual payments remaining for such short-term office leases were as follows: 2021 $ 21,722 Total Operating Lease Liabilities $ 21,722 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. Per the terms of the agreement, €314,406 of the grant is to be repaid by installments over the period from June 30, 2014 to June 30, 2023. The Company has recorded the balance of €733,614 to other income in previous years as there is no obligation to repay this amount. In the event that the Company receives revenue from products or services as defined in the agreement, it is due to pay a 6% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €314,406 and the 6% royalty on revenue, is twice the amount of funding received. As of December 31, 2020, the grant balance repayable was $106,881. In 2018, the Company entered into an agreement with the Walloon Region government in Belgium for a colorectal cancer research grant for €605,000. Per the terms of the agreement, €181,500 of the grant is to be repaid by instalments over 12 years commencing in 2020. In the event that the Company receives revenue from products or services as defined in the agreement, it is due to pay a 3.53% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €181,500 and the 3.53% royalty on revenue, is equal to the amount of funding received. As of December 31, 2020, the grant balance repayable was $221,940. As of December 31, 2020, the balance repayable was $328,821 and the annual payments remaining were as follows: 2021 $ 69,218 2022 $ 51,480 2023 $ 52,764 2024 $ 22,194 2025 $ 29,592 Greater than 5 years $ 103,573 Total Grants Repayable $ 328,821 d) Long-Term Debt In 2016, the Company entered into a 7-year loan agreement with Namur Invest for €440,000 with a fixed interest rate of 4.85%, maturing December 2023. As of December 31, 2020, the principal balance payable was $269,400. In 2016, the Company entered into a 15-year loan agreement with ING for €270,000 with a fixed interest rate of 2.62%, maturing December 2031. As of December 31, 2020, the principal balance payable was $255,725. In 2017, the Company entered into a 4-year loan agreement with Namur Invest for €350,000 with a fixed interest rate of 4.00%, maturing June 2021. As of December 31, 2020, the principal balance payable was $64,863. In 2017, the Company entered into a 7-year loan agreement with SOFINEX for up to €1 million with a fixed interest rate of 4.50%, maturing September 2024. As of December 31, 2020, €1 million has been drawn down under this agreement and the principal balance payable was $1,039,390. In 2018, the Company entered into a 4-year loan agreement with Namur Innovation and Growth for €500,000 with fixed interest rate of 4.00%, maturing June 2022. As of December 31, 2020, the principal balance payable was $272,524. In 2019, the Company entered into a 4-year loan agreement with Namur Innovation and Growth for €500,000 with fixed interest rate of 4.80%, maturing September 2024. As of December 31, 2020, the principal balance payable was $611,406. On October 13, 2020, the Company entered into a 10-year loan agreement with Namur Invest for a maximum of €830,000 with fixed interest rate of 4.00%, maturing March 2021. As of December 31, 2020, the amount that has been drawn down under this agreement was €764,547, representing a principal balance payable of $934,896. As of December 31, 2020, the total balance for long-term debt payable was $3,448,204 and the payments remaining were as follows: 2021 $ 991,070 2022 $ 804,373 2023 $ 699,623 2024 $ 544,437 2025 $ 150,390 Greater than 5 years $ 729,808 Total $ 3,919,701 Less: Amount representing interest $ (471,497 ) Total Long-Term Debt $ 3,448,204 e) Collaborative Agreement Obligations (continued) In 2015, the Company entered into a research sponsorship agreement with the German Cancer Research Center, in Germany for a 3-year period for €338,984. As of December 31, 2020, $nil 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. As of December 31, 2020, $244,562 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. As of December 31, 2020, $nil is still to be paid by the Company under this agreement. In 2017, the Company entered into a clinical study research agreement with the University of Michigan for a 3-year period for up to $3 million. This agreement was amended in February 2020 to redefine a new clinical study. Pursuant to the terms of the amendment, the parties acknowledged that, although not fully completed, the requirements of the original clinical study had been satisfied, including any and all payment obligations by Volition America. Further, the Amendment provided that a new clinical study would be undertaken at no additional cost to Volition America. As of December 31, 2020, $nil is still to be paid by the Company under this agreement. In 2018, the Company entered into a research collaboration agreement with the University of Taiwan for a 3-year period for a cost to the Company of up to $2.55 million payable over such period. As of December 31, 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 to collect a total of 1,200 samples for a 2-year period for a cost to the Company of up to $320,000 payable over such period. As of December 31, 2020, $96,000 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 December 31, 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 December 31, 2020, $nil 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. As of December 31, 2020, $44,738 is still to be paid by the Company under this agreement. As of December 31, 2020, the total amount to be paid for future research and collaboration commitments was approximately $1.6 million and the annual payments remaining were as follows: 2021 $ 1,467,700 2022 $ 140,086 Total Collaborative Agreement Obligations $ 1,607,786 f) Other Commitments Belgian Volition On October 1, 2020, Belgian Volition entered into an agreement with Gaetan Michel to serve as Chief Executive Officer for an indefinite period, which employment may be terminated without compensation or notice on grounds of serious misconduct by either party. In exchange for his services, Mr. Michel shall receive, among other things (i) €10,000 per month, and (ii) the equivalent of one-half of his salary for the 12-month non-competition period following termination of the agreement, subject to adjustments. Volition Vet 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 was $19,000. As of December 31, 2020, Novis Animal Solutions LLC has no equity interest in Volition Vet. On October 25, 2019, the Company entered into an agreement with TAMU for provision of in kind services of personnel, animal samples and 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 as of such date. As of December 31, 2020, TAMU has a 12.5 % 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, 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) and recorded a holdback liability of $55,404 (€50,000) 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 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 December 31, 2020, $176,085 is still to be paid by the Company under the Managing Director’s agreement, $239 is payable under the 6% royalty agreement on sales to date (towards the Company’s aggregate minimum royalty obligation of $134,217), and $52,581 is still to be paid under the holdback liability. The Company has no further financial obligations under the transaction agreement. Volition America 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. As of December 31, 2020, $nil is to be paid by Company under this agreement. Singapore Volition 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 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. 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	12 Months Ended
	Dec. 31, 2020
Subsequent Events
Note 11 - Subsequent Events	Employment Agreements Group Chief Commercial Officer Effective January 1, 2021, Gael Forterre entered into an employment agreement with Volition America to serve as Group Chief Commercial Officer. Mr. Forterre’s employment agreement continues until terminated by either party providing not less than three months’ prior notice. In exchange for his services, Mr. Forterre shall receive, among other things (i) $15,000 per month; and (ii) a lump sum severance payment if terminated by Volition America without cause (as per the agreement) equal to the salary that he would have received between the date of termination and the completion of a three-month notice period. This employment agreement superseded and replaced in its entirety that certain employment agreement dated December 30, 2020 between Mr. Forterre and Volition America for services as Vice President of Sales of Volition America. Effective January 1, 2021, the Company granted warrants to purchase 125,000 shares of common stock to Gael Forterre in exchange for services provided to the Company as Group Chief Commercial Officer. These warrants vest on January 1, 2022 and expire 5 years after the vesting date, with an exercise price of $3.95 per share. Effective January 1, 2021, the Company granted RSUs of 5,000 shares of common stock to a Gael Forterre in exchange for services provided to the Company as Group Chief Commercial Officer. These RSUs vested immediately on January 1, 2021 and resulted in the issuance of 3,000 shares of common stock, net of withholding shares for taxes. Group Chief Financial Officer Effective February 1, 2021, Terig Hughes entered into an employment agreement with Singapore Volition as Group Chief Financial Officer and Treasurer. Mr. Hughes’ employment agreement continues until terminated by either party providing not less than three months’ prior notice. In exchange for his services, Mr. Hughes shall receive, among other things (i) $30,000 SGD per month (approximately $22,500); and (ii) a lump sum severance payment if terminated by Singapore Volition without cause (as per the agreement) equal to the salary that he would have received between the date of termination and the completion of a three-month notice period. Effective February 1, 2021, the Company granted warrants to purchase 185,000 shares of common stock to Terig Hughes in exchange for services provided to the Company as Group Chief Financial Officer. These warrants vest on February 1, 2022 and expire 5 years after the vesting date, with an exercise price of $4.90 per share. Chief Operating Officer On January 29, 2021, the Company entered into a consulting services agreement through a related party transaction between its wholly-owned subsidiary, Volition Germany and 3F Management, SPRL (“3F Management”). This agreement is effective October 1, 2020 and provides for certain consultancy services to be rendered by Gaetan Michel through 3F Management to Volition Germany and also to the Company and its other subsidiaries, pursuant to services agreements entered into by and between Volition Germany and the Company or its subsidiaries. As amended by the amendment dated February 1, 2021, the consulting services agreement covers Mr. Michel’s services as Chief Executive Officer of Volition Vet and Chief Operating Officer of the Company. The term of the agreement is perpetual, commencing on October 1, 2020 until terminated upon three months’ prior notice. The agreement includes a six-month non-compete following termination of the agreement. 3F Management will receive a monthly fee of €6,000 in exchange for the services provided by Mr. Michel. This consulting services agreement superseded and replaced in its entirety that certain consultancy agreement between Belgian Volition and 3F Management dated June 14, 2018, as amended. Mr. Michel also has a Permanent Employment Contract dated October 1, 2020 with Belgian Volition for services rendered in his capacity as Chief Executive Officer of Belgian Volition. Refer to Note 10 (f) for the details. Common Stock Issuances Upon Warrant and Option Exercises From January 13, 2021 to March 1, 2021, 4,450 stock options were exercised to purchase shares of common stock at $3.35 per share in cashless exercises that resulted in the issuance of 854 shares of common stock. On February 2, 2021, 20,000 stock options were exercised to purchase shares of our common stock at $3.80 per share in a cashless exercise that resulted in the issuance of 6,181 shares of our common stock. From February 2, 2021 to February 8, 2021, 100,000 stock options were exercised to purchase shares of common stock at $4.00 per share in cashless exercises and withholding of shares for taxes that resulted in the issuance of 32,126 shares of common stock. On February 8, 2021, 50,000 stock options were exercised to purchase shares of our common stock at $3.25 per share in a cashless exercise and withholding of shares for taxes that resulted in the issuance of 18,750 shares of our common stock. On February 8, 2021, 100,000 stock options were exercised to purchase shares of our common stock at $5.00 per share in cashless exercises and withholding of shares for taxes that resulted in the issuance of 19,446 shares of our common stock. Equity Distribution Agreements From January 1 to January 27, 2021, the Company raised aggregate net proceeds (net of broker’s commissions and fees) of approximately $1.2 million under the 2018 Equity Distribution Agreement through the sale of 308,609 shares of its common stock in accordance with a Rule 10b5-1 plan. As of February 1, 2021, the Company fully-utilized the availability under the 2018 Equity Distribution Agreement and no further sales will be made under such Agreement. From February 5, 2021 to February 10, 2021, the Company raised aggregate net proceeds (net of broker’s commissions and fees) of $343,957 under the 2020 Equity Distribution Agreement through the sale of 65,400 shares of its common stock. Equity Capital Raise On February 10, 2021, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Cantor Fitzgerald & Co. (the “Underwriter”) in connection with an underwritten public offering (the “Offering”) of 3,809,524 shares (the “Firm Shares”) of the Company’s common stock, $0.001 par value per share (“Common Stock”) pursuant to the Company’s shelf registration statement on Form S-3 (declared effective by the SEC on September 28, 2018, File No. 333-227248). The Underwriter purchased the Firm Shares from the Company at a price of $4.9533 per share on February 12, 2021. The net proceeds received by the Company for the sale and issuance of the Firm Shares were approximately $18.9 million. Under the terms of the Underwriting Agreement, the Company granted the Underwriter an option, exercisable for 30 days, to purchase up to an additional 571,428 shares of Common Stock (the “Option Shares”) at the same price per share as the Firm Shares which option was not exercised. Other On January 6, 2021, the Company announced it had been awarded additional non-dilutive funding totaling approximately $4 million from the Walloon Region and Namur Invest, Belgium, consisting of a cash grant of $1.3 million to support the Company’s project entitled “Epigenetic Modifications of Nucleosomes Associated with Cancer” and $2.7 million in loans.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Basis of Presentation	The consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP and are expressed in US dollars. The Company’s fiscal year end is December 31.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company also regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances, useful lives of property and equipment and intangible assets, borrowing rate used in operating lease right-of-use asset and liability valuations, impairment analysis of intangible assets and valuations of stock-based compensation. The Company bases its estimates and assumptions on current facts, historical experiences and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected.
Principles of Consolidation	The accompanying consolidated financial statements for the year ended December 31, 2020 include the accounts of the Company and its subsidiaries, Singapore Volition, Belgian Volition, Volition Diagnostics UK, Volition Germany, Volition America, and Volition Vet. See Note 10 (f) for more information regarding Volition Vet and Volition Germany. All intercompany balances and transactions have been eliminated in consolidation.
Cash and Cash Equivalents	The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As of December 31, 2020, and December 31, 2019, the Company had $19,444,737 and $16,966,168, respectively, in cash and cash equivalents. As of December 31, 2020, and December 31, 2019, the Company had $18,592,210 and $16,499,679, respectively, in its domestic accounts in excess of Federal Deposit insured limits. As of December 31, 2020, and December 31, 2019, the Company had $831,110 and $2,887,483, respectively, in its foreign accounts in excess of the Belgian Deposit insured limits. As of December 31, 2020, and December 31, 2019, the Company had $282,137 and $170,387, respectively, in its foreign accounts in excess of the Singapore Deposit insured limits. As of December 31, 2020, and December 31, 2019, the Company had $186,168 and $777,432, respectively, in its foreign accounts in excess of the UK Deposit insured limits.
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 December 31, 2020, the accounts receivable balance was $7,118 and the allowance for doubtful accounts was $nil.
Property and Equipment	Property and equipment are stated at historical cost and depreciated over the useful life of the asset using the straight-line method. Useful lives are assigned to assets depending on their category. For details regarding property and equipment, refer to Note 4.
Basic and Diluted Net Loss Per Share	The Company computes net loss per share in accordance with Accounting Standards Codification (“ASC”) 260, “Earnings Per Share,”
Foreign Currency Translation	The Company has functional currencies in Euros, US Dollars and British Pounds Sterling and its reporting currency is the US Dollar. Management has adopted ASC 830-20, “Foreign Currency Matters – Foreign Currency Transactions”
Financial Instruments	Pursuant to ASC 820, “ Fair Value Measurements and Disclosures,” Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of cash, accounts payable, accrued liabilities, notes payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on “Level 1” inputs, which consists of quoted prices in active markets for identical assets. The Company believes that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.
Income Taxes	Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted ASC 740, “Accounting for Income Taxes”
Other Comprehensive Income (Loss)	ASC 220, “ Other Comprehensive Income/(Loss)”,
Revenue Recognition	The Company adopted ASC606, “ Revenue from Contracts with Customers,” The Company generates revenue from its license agreement with Active Motif, Inc. (“Active Motif”) for the sale of ROU kits from which the Company receives royalties. In addition, revenue is received from external third parties for services the Company performs for them in its laboratory. The Company also generates product revenues from the sale of its Nu.Q ® 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 under “Royalty” under the consolidated statements of operations. 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. Service The Company includes revenue recognized from laboratory services performed in the Company’s laboratory on behalf of third parties under “Service” under the consolidated statements of operations. 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 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.
Research and Development	In accordance with ASC 730, the Company follows the policy of expensing its research and development costs in the period in which they are incurred. The Company incurred research and development expenses of $14.5 million and $10.4 million during the years ended December 31, 2020 and 2019, respectively.
Impairment of Long-Lived Assets	In accordance with ASC 360, “Property Plant and Equipment”,
Stock-Based Compensation	The Company records stock-based compensation in accordance with ASC 718, “ Compensation – Stock Compensation”
Leases	The Company adopted FASB issued Accounting Standards Update No. 2016-02 – Leases (“Topic 842”) as of January 1, 2019, that requires lessees to record the present value of operating lease payments as right-of-use assets and lease liabilities on the balance sheet. See Note 10(b) for discussion of the guidance and the Company’s accounting policy.
Grant Income	The Company receives funding from public bodies for a proportion of the costs of specific projects. Funds are received in line with claims submitted for the agreed expenditure. The Company recognizes grant income once claims submitted are approved and funds are received. General working capital funding received at the commencement of a project is treated as deferred income until it has been utilized for the expenditure claimed. Funding received that is repayable is shown as a liability.
Recent Accounting Pronouncements	The Company has implemented all new accounting pronouncements that are in effect. The Company does not believe that there are any other new 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 twelve months ended December 31, 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)	12 Months Ended
	Dec. 31, 2020
Property and Equipment
Schedule of Property and Equipment	December 31, 2020 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 550,254 412,805 137,449 Laboratory equipment 5 years 2,586,997 1,060,153 1,526,844 Office furniture and equipment 5 years 271,656 171,247 100,409 Buildings 30 years 2,366,236 207,111 2,159,125 Building improvements 5-15 years 1,285,383 184,813 1,100,570 Land Not amortized 146,737 - 146,737 7,207,263 2,036,129 5,171,134 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)	12 Months Ended
	Dec. 31, 2020
Intangible Assets
Schedule of Intangible Assets	December 31, 2020 Accumulated Net Carrying Cost Amortization Value Patents 1,256,064 934,423 321,641 December 31, 2019 Accumulated Net Carrying Cost Amortization Value Patents 1,147,391 775,086 372,305
Schedule of annual estimated amortization	2021 $ 94,278 2022 $ 94,278 2023 $ 94,278 2024 $ 38,807 Total Intangible Assets $ 321,641

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Stock-Based Compensation
Summary of changes in warrants outstanding	Weighted Average Number of Exercise Price Warrants ($) Outstanding at December 31, 2018 6,107,617 2.88 Granted - - Exercised (5,783,867 ) 2.86 Expired (133,750 ) 2.20 Outstanding at December 31, 2019 190,000 2.90 Granted 50,000 3.45 Exercised (25,000 ) 2.47 Expired (40,000 ) 4.53 Outstanding at December 31, 2020 175,000 2.75 Exercisable at December 31, 2020 125,000 2.47
Summarizing the warrants issued and outstanding	Weighted Average Proceeds to Exercise Remaining Company if Number Number Price Contractual Exercised Outstanding Exercisable ($) Life (Years) ($) 125,000 125,000 2.47 2.15 308,750 50,000 0 3.45 5.17 172,500 175,000 125,000 481,250
Summarizes the changes in options outstanding	Weighted Average Number of Exercise Price Options ($) Outstanding at December 31, 2018 3,498,801 4.00 Granted 730,000 3.25 Exercised (10,333 ) 3.42 Expired/Cancelled (49,167 ) 3.31 Outstanding at December 31, 2019 4,169,301 3.88 Granted 845,000 3.60 Exercised (691,599 ) 2.81 Expired/Cancelled (44,083 ) 4.21 Outstanding at December 31, 2020 4,278,619 4.00 Exercisable at December 31, 2020 3,448,619 4.10
Summarizing the options issued and outstanding	Weighted Average Proceeds to Exercise Remaining Company if Number Number Price Contractual Life Exercised Outstanding Exercisable ($) (Years) ($) 685,000 685,000 3.25 4.12 2,226,250 10,351 10,351 3.35 0.33 34,676 10,000 - 3.40 5.92 34,000 820,000 - 3.60 5.28 2,952,000 20,000 20,000 3.80 0.38 76,000 1,782,837 1,782,837 4.00 1.81 7,131,348 15,268 15,268 4.35 1.15 66,416 89,163 89,163 4.38 3.06 390,534 50,000 50,000 4.80 2.00 240,000 796,000 796,000 5.00 2.24 3,980,000 4,278,619 3,448,619 17,131,224
Summarizing the RSUs issued and outstanding	Weighted Average Number of Exercise Price RSUs ($) Outstanding at December 31, 2019 - - Granted 67,500 3.47 Vested - - Cancelled - - Outstanding at December 31, 2020 67,500 3.47
Summarizing the RSUs issued and outstanding maturity life	Weighted Average Remaining Number Share Price Contractual Life Outstanding ($) (Years) 15,000 3.30 1.42 52,500 3.52 0.78 67,500 0.92

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes
Schedule of Deferred Tax Assets and Liabilities	December 31, 2020 December 31, 2019 Net Deferred Tax Liability $ $ Excess of tax over book depreciation and amortization (966 ) (3,901 ) ROU Asset (69,407 ) (41,250 ) Lease Liability 73,407 43,896 Prepaid expenses - - Allowance for doubtful accounts - - Accrued expenses 1,154 1,154 Stock-based compensation 21,533 - Net Operating Losses carry-forward 24,011,113 17,326,179 Research and development tax credits 390,666 231,243 Gross deferred tax assets 24,427,500 17,557,321 Valuation allowance (24,427,500 ) (17,557,321 ) Net deferred tax asset - - Change in Valuation Allowance (6,870,179 )
Schedule of Effective Income Tax Rate Reconciliation	December 31, 2020 December 31, 2019 Summary Rate Reconciliation % % Federal statutory rate 21.0 21.0 State income taxes, net of federal benefit - - Permanent Differences 6.1 4.1 Stock based compensation (1.3 ) (2.4 ) Federal Research & Development Credits 0.5 0.6 Foreign taxes 7.4 6.7 Federal Deferred Rate Decrease - (0.2 ) Change in Valuation Allowance (33.7 ) (29.8 ) Total - -
Summary of valuation allowance	Disclosure Amounts December 31, 2020 Net Operating Losses - United States 21,963,567 Net Operating Losses - Foreign 69,344,065 Credit Carryforward - United States - Credit Carryforward - Foreign 390,666 Increase in Valuation Allowance 6,870,179

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies
Schedule of future minimum lease payments under financing leases	2021 $ 76,183 2022 $ 67,308 2023 $ 65,772 2024 $ 65,770 2025 $ 65,770 Greater than 5 years $ 419,270 Total $ 760,073 Less: Amount representing interest $ (98,176 ) Present value of minimum lease payments $ 661,897
Schedule of future minimum lease payments under operating leases	2021 $ 187,848 2022 $ 78,469 2023 $ 53,231 2024 $ 25,997 Total Operating Lease Obligations $ 345,545 Less: Amount representing interest $ (14,093 ) Present Value of minimum lease payments $ 331,452
Schedule of recognized in short-term lease costs	2021 $ 21,722 Total Operating Lease Liabilities $ 21,722
Schedule of Grants Repayable	2021 $ 69,218 2022 $ 51,480 2023 $ 52,764 2024 $ 22,194 2025 $ 29,592 Greater than 5 years $ 103,573 Total Grants Repayable $ 328,821
Schedule of long-term debt payable	2021 $ 991,070 2022 $ 804,373 2023 $ 699,623 2024 $ 544,437 2025 $ 150,390 Greater than 5 years $ 729,808 Total $ 3,919,701 Less: Amount representing interest $ (471,497 ) Total Long-Term Debt $ 3,448,204
Schedule of annual payments of collaborative cgreement obligations	2021 $ 1,467,700 2022 $ 140,086 Total Collaborative Agreement Obligations $ 1,607,786

Nature of Operations (Details N

Nature of Operations (Details Narrative)	Oct. 06, 2011
Singapore Volition [Member]
Common stock shares held by shareholders of singapore volition, percentage	85.00%

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	12 Months Ended		111 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020
Going Concern
Net loss	$ (20,399,294)	$ (16,099,055)	$ 110,200,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and cash equivalents	$ 19,444,737	$ 16,966,168	$ 13,427,222
Amount in excess of FDIC limit	18,592,210	16,499,679
Accumulated other comprehensive loss	(59,978)	125,670
Research and development expenses	14,533,862	10,363,253
Impairment losses	0	0
Accounts receivable	7,118	$ 0
Allowance for doubtful Debts	$ 0
Warrants And Options [Member]
Potentially dilutive securities excluded from the computation of EPS	4,556,669	4,359,301
Belgian Deposit Guarantee [Member]
Deposits/cash in excess of insured limits	$ 831,110	$ 2,887,483
Singapore Deposit Insurance [Member]
Deposits/cash in excess of insured limits	282,137	170,387
UK Deposit Protection Scheme [Member]
Deposits/cash in excess of insured limits	$ 186,168	$ 777,432

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cost	$ 7,207,263	$ 4,889,205
Accumulated Depreciation	2,036,129	1,907,980
Net Carrying Value	5,171,134	2,981,225
Land [Member]
Cost	146,737	89,816
Accumulated Depreciation	0	0
Net Carrying Value	$ 146,737	$ 89,816
Useful Life	0 years	0 years
Computer Hardware And Software [Member]
Cost	$ 550,254	$ 426,461
Accumulated Depreciation	412,805	280,554
Net Carrying Value	$ 137,449	$ 145,907
Useful Life	3 years	3 years
Laboratory Equipment [Member]
Cost	$ 2,586,997	$ 2,052,348
Accumulated Depreciation	1,060,153	1,256,637
Net Carrying Value	$ 1,526,844	$ 795,711
Useful Life	5 years	5 years
Office Furniture and Equipment [Member]
Cost	$ 271,656	$ 217,545
Accumulated Depreciation	171,247	114,242
Net Carrying Value	$ 100,409	$ 103,303
Useful Life	5 years	5 years
Buildings [Member]
Cost	$ 2,366,236	$ 1,472,211
Accumulated Depreciation	207,111	139,021
Net Carrying Value	$ 2,159,125	$ 1,333,190
Useful Life	30 years	30 years
Building Improvements [Member]
Cost	$ 1,285,383	$ 630,824
Accumulated Depreciation	184,813	117,526
Net Carrying Value	$ 1,100,570	$ 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 ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Purchase of manufacturing cost	$ 800,000
Manufacturing of building improvements	600,000
Laboratory equipment cost	1,000,000
Depreciation Expense	627,555	$ 589,532
Proceeds from sales of property and equipment	293,312	0
Gain on disposal of equipment	293,312	$ 0
Laboratory Equipment [Member]
Proceeds from sales of property and equipment	293,312
Gain on disposal of equipment	$ 293,312

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Net Carrying Value	$ 321,641	$ 372,305
Patents [Member]
Net Carrying Value	321,641	372,305
Cost	1,256,064	1,147,391
Accumulated Amortization	$ 934,423	$ 775,086

Intangible Assets (Details 1)

Intangible Assets (Details 1) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets
2021	$ 94,278
2022	94,278
2023	94,278
2024	38,807
Total Intangible Assets	$ 321,641	$ 372,305

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Amortization expense	$ 88,626	$ 87,285
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 ($)	Nov. 10, 2020	Aug. 12, 2020	May 03, 2019	Mar. 08, 2019	Sep. 07, 2018	Aug. 10, 2018	Sep. 18, 2020	May 21, 2020	May 20, 2020	Nov. 25, 2019	Nov. 15, 2019	Sep. 20, 2019	Jul. 24, 2019	Feb. 26, 2019	Aug. 17, 2020	Dec. 31, 2020	Dec. 31, 2019	Jan. 12, 2020	Jan. 09, 2020
Common stock, shares authorized																100,000,000	100,000,000
Common stock, shares issued																48,607,017	41,125,303
Aggeregate share of common stock offering price	$ 25,000,000
Common stock shares issuable upon exercise of warrants		15,000	1,666,667	1,724,138		5,000,000				29,392	4,167	6,166	1,609,195	754,475
Price per shares			$ 3	$ 2.90						$ 2.40	$ 5	$ 2.35	$ 3	$ 2.20		$ 3
Gross proceeds			$ 5,000,000	$ 5,000,000						$ 70,541			$ 4,800,000	$ 1,660,000
Issuance of common stock											371
Common stock, par value																$ 0.001	$ 0.001
Common stock, share issued upon cashless exercise												2,487
Common Stock Fair value																$ 48,607	$ 41,125
Net proceeds from isuance of common stock																$ 21,196,532	$ 16,591,076
Option [Member]
Common stock shares issuable upon exercise of warrants															97,500
Common stock, share issued upon cashless exercise															30,033
Purchase price															$ 2.50
Option Five [Member]
Common stock shares issuable upon exercise of warrants							25,000
Price per shares							$ 2.47
Common stock, share issued upon cashless exercise							25,000								30,033
Net proceeds from isuance of common stock							$ 61,750
Option Four [Member]
Common stock shares issuable upon exercise of warrants		15,000
Price per shares		$ 3
Common stock, share issued upon cashless exercise		15,000													30,033
Net proceeds from isuance of common stock		$ 45,000
Option Three [Member]
Common stock shares issuable upon exercise of warrants		15,000
Price per shares		$ 2.50
Net proceeds from isuance of common stock		$ 37,500
Stock Option One [Member]
Common stock, share issued upon cashless exercise															16,539
Common stock shares issuable upon exercise of warrants															97,500
Purchase price															$ 3
National Securities Corporation [Member]
Stock issued during period, shares								5,000,000	4,365,000
Legal and other fees								$ 1,100,000
Net proceeds from isuance of common stock								12,700,000
Additional shares issued									654,750
Common stock price per share																$ 2.75
Purchase price, public offering																$ 2.75
Stock issued during period, Amount								$ 13,800,000
2015 Equity Incentive Plan [Member] | Option [Member]
Common stock, shares authorized																6,500,000
Issuance of common stock																750,000
Equity Distribution Agreement [Member]
Common stock, shares issued					2,227,797											2,230,997	3,200
Net proceeds from isuance of common stock					$ 10,000,000											$ 8,500,000
Agreement fees																$ 126,492	$ 16,547
Cotterford Company Limited [Member]
Common stock shares issuable upon exercise of warrants		15,000				5,000,000
Price per shares						$ 1.80
Stock issued during period, shares						5,000,000		5,000,000	4,365,000
Stock issued during period, Amount						$ 9,000,000
Legal and other fees						100,000
Net proceeds from isuance of common stock						$ 8,900,000
Director [Member]
Common stock, shares issued																			73,263
Common Stock Fair value																			$ 333,969
From July 21, 2020 to August 12, 2020 [Member] | Option [Member]
Common stock shares issuable upon exercise of warrants																210,000
Price per shares																$ 3
Common stock, share issued upon cashless exercise																22,261
From July 16, 2020 to August 10, 2020 [Member] | Option [Member]
Common stock shares issuable upon exercise of warrants																210,000
Price per shares																$ 2.50
Common stock, share issued upon cashless exercise																39,197
From February 24, 2020 to September 2, 2020 [Member] | Option [Member]
Common stock shares issuable upon exercise of warrants																11,599
Price per shares																$ 2.35
Common stock, share issued upon cashless exercise																2,752
January 7, 2020 [Member] | Stock Option Two [Member]
Common stock, share issued upon cashless exercise																6,486
Common stock shares issuable upon exercise of warrants																35,000
Purchase price																$ 4
Terig Hughes [Member] | February 1, 2021 [Member]
Warrants granted to purchase common stock																185,000
Exercise price																$ 4.90
Chief Medical Officer [Member]
Common Stock Fair value																		$ 54,434
Common stock, shares purchased																		11,364
Common stock, purchase price																		$ 4.79

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - Warrants [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of warrants Outstanding beginning balance	190,000	6,107,617
Number of warrants
Number of warrants granted	50,000	0
Number of warrants exercised	(25,000)	(5,783,867)
Number of warrants Expired	(40,000)	(133,750)
Number of warrants outstanding ending balance	175,000	190,000
Number of Warrants Exercisable	125,000	0
Weighted Exercise Price
Weighted Average Exercise Price Outstanding balance	$ 2.90	$ 2.88
Weighted Average Exercise Price Granted	3.45	0
Weighted Exercise Price Exercised	2.47	2.86
Weighted Exercise Price Expired	4.53	2.20
Weighted Average Exercise Price ending balance	2.75	2.90
Weighted Average Exercise Price exercisable	$ 2.47	$ 0

Stock-Based Compensation (Det_2

Stock-Based Compensation (Details 1)	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Number Outstanding	4,278,619
Number Exercisable	3,448,619
Warrants [Member]
Number Outstanding	175,000
Number Exercisable	125,000
Proceeds to Company if Exercised | $	$ 481,250
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 1 month 24 days
Warrant Two [Member]
Number Outstanding	50,000
Number Exercisable	0
Proceeds to Company if Exercised | $	$ 172,500
Exercise Price | $ / shares	$ 3.45
Weighted Average Remaining Contractual Life (Years)	5 years 2 months 1 day

Stock-Based Compensation (Det_3

Stock-Based Compensation (Details 2) - Stock Option Four [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of options outstanding beginning balance	4,169,301	3,498,801
Number of options
Granted	845,000	730,000
Exercised	(691,599)	(10,333)
Expired	(44,083)	(49,167)
Number of option outstanding ending balance	4,278,619	4,169,301
Number of options exercisable	3,448,619	0
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding balance	$ 3.88	$ 4
Weighted Average Exercise Price Granted	3.60	3.25
Weighted Average Exercise Price Exercised	2.81	3.42
Weighted Average Exercise Price Expired	4.21	3.31
Weighted Average Exercise Price ending balance	4	3.88
Weighted Average Exercise Price exercisable balance	$ 4.10	$ 0

Stock-Based Compensation (Det_4

Stock-Based Compensation (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 01, 2020	Dec. 31, 2019
Number Outstanding	4,278,619
Number Exercisable	3,448,619
Proceeds to Company if Exercised	$ 17,151,224
Stock Option Four [Member]
Number Outstanding	820,000
Number Exercisable	0
Proceeds to Company if Exercised	$ 2,952,000
Exercise Price	$ 3.60	$ 3.25	$ 3.25
Weighted Average Remaining Contractual Life(years)	5 years 3 months 11 days
Stock Option One [Member]
Number Outstanding	685,000
Number Exercisable	685,000
Proceeds to Company if Exercised	$ 2,226,250
Exercise Price	$ 3.25
Weighted Average Remaining Contractual Life(years)	4 years 1 month 13 days
Option Two [Member]
Number Outstanding	10,351
Number Exercisable	10,351
Proceeds to Company if Exercised	$ 34,676
Exercise Price	$ 3.35
Weighted Average Remaining Contractual Life(years)	3 months 29 days
Total Stock Option [Member]
Number Outstanding	10,000
Number Exercisable
Proceeds to Company if Exercised	$ 34,000
Exercise Price	$ 3.40
Weighted Average Remaining Contractual Life(years)	5 years 11 months 1 day
Option Five [Member]
Number Outstanding	20,000
Number Exercisable	20,000
Proceeds to Company if Exercised	$ 76,000
Exercise Price	$ 3.80
Weighted Average Remaining Contractual Life(years)	4 months 17 days
Option Six [Member]
Number Outstanding	15,268
Number Exercisable	15,268
Proceeds to Company if Exercised	$ 66,416
Exercise Price	$ 4.35
Weighted Average Remaining Contractual Life(years)	1 year 4 months 24 days
Option Seven [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 Eight [Member]
Number Outstanding	89,163
Number Exercisable	89,163
Proceeds to Company if Exercised	$ 390,534
Exercise Price	$ 4.38
Weighted Average Remaining Contractual Life(years)	3 years 3 months 26 days
Option Nine [Member]
Number Outstanding	50,000
Number Exercisable	50,000
Proceeds to Company if Exercised	$ 240,000
Exercise Price	$ 4.80
Weighted Average Remaining Contractual Life(years)	2 years 2 months 30 days
Option Ten [Member]
Number Outstanding	796,000
Number Exercisable	796,000
Proceeds to Company if Exercised	$ 3,980,000
Exercise Price	$ 5
Weighted Average Remaining Contractual Life(years)	2 years 5 months 27 days

Stock-Based Compensation (Det_5

Stock-Based Compensation (Details 4) - Stock Options [Member]	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Number of RSUs outstanding begining balance	0
granted	67,500
Vested	0
Cancelled	0
Number of RSUs outstanding ending balance	67,500
Share price beginning balance	0
Granted | $ / shares	$ 3.47
Cancelled net | $ / shares	0
Share price ending balance | $ / shares	$ 3.47

Stock-Based Compensation (Det_6

Stock-Based Compensation (Details 5)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Stock Option One [Member]
Number of stock Outstanding balance | shares	15,000
Share price | $ / shares	$ 3.30
Weighted average remaining contractual life (Years)	1 year 5 months 1 day
Total Stock Option [Member]
Number of stock Outstanding balance | shares	67,500
Share price | $ / shares	$ 0
Weighted average remaining contractual life (Years)	3 years 5 months 19 days
Stock Options Two [Member]
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_7

Stock-Based Compensation (Details Narrative) - USD ($)	Dec. 01, 2020	Jul. 02, 2019	May 03, 2019	Mar. 08, 2019	Nov. 25, 2019	Nov. 15, 2019	Jul. 24, 2019	Feb. 26, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Sep. 20, 2019	Jul. 01, 2019	Mar. 27, 2019
Gross proceeds			$ 5,000,000	$ 5,000,000	$ 70,541		$ 4,800,000	$ 1,660,000
per share			$ 3	$ 2.90	$ 2.40	$ 5	$ 3	$ 2.20		$ 3		$ 2.35
Additional Shares						371
Stock Option [Member]
Vesting term	3 years 5 months 30 days									11 months 1 day	6 years
Weighted average contractual life										2 years 11 months 23 days
Stock-based compensation expense									$ 6,379	$ 1,220,165	$ 1,458,607
Compensation cost related to non-vested warrants										$ 416,706
Exercise price										$ 4
Fair value of options	$ 16,315									$ 688,489	$ 1,569,816
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										750,000				1,000,000
Common stock, shares authorized										2,500,000				4,250,000
Additional Shares										750,000
Total number of shares										3,250,000
Stock Option Four [Member]
Intrinsic value										$ 251,867
Vesting term	3 years 5 months 30 days									5 years	6 years
Weighted average contractual life										5 years 3 months 11 days
Fair value of options	$ 16,315									$ 1,481,709	$ 1,569,816
Common stock shares issuable upon exercise of stock option	10,000									835,000	730,000
Exercise price	$ 3.25									$ 3.60	$ 3.25
Maturity Term										5 years	6 years
Stock price	$ 3.30									$ 3.52	$ 3.16
Volatility	71.60%									72.94%	77.86%
Risk free rate	0.55%									0.54%	2.52%
Stock option purchase											45,000
Warrants [Member]
Intrinsic value										$ 199,500
Vesting term										8 months 1 day
Weighted average contractual life										2 years 5 months 19 days
Stock-based compensation expense										$ 68,541	$ 8,506
Purchase warrant							1,609,195				5,783,067
Price per share													$ 3
Gross proceeds							$ 4,800,000				$ 16,600,000
Weighted average remaining contractual life										3 years 4 days
Compensation cost related to non-vested warrants										$ 38,565
2019 [Member] | Warrants [Member]
Vesting term	3 years 5 months 30 days	3 years								11 months 1 day
Weighted average contractual life										1 year 11 days
Purchase warrant		125,000	1,666,667	1,724,138
Gross proceeds			$ 5,000,000	$ 5,000,000
per share			$ 3	$ 2.90									$ 2.47
Warrant expenses		$ 11,829
March 1, 2020 [Member] | Warrants [Member]
Vesting term										3 years 8 months 30 days
Purchase warrant										125,000
Weighted average remaining contractual life										3 years 8 months 30 days
Warrant expenses										$ 86,771
Exercise price										$ 3.45
Stock price										$ 3.44
Volatility										69.03%
Risk free rate										0.95%
Stock option purchase										50,000
Expiry date										Mar. 1, 2026
March 5, 2019 [Member] | Warrants [Member]
Exercise price											$ 2.90
Financing cost											$ 196,957
Purchase of outstanding warrant											5,000,000
Restricted Stock Units [Member] | April 13,2020 [Member]
Compensation cost related to non vested stock options										$ 102,786
Intrinsic value										$ 262,575
RSU granted shares of common stock										52,500
Restricted Stock or Unit Expense										$ 184,800
Stock compensation expenses									$ 0	$ 49,500
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										2 years
Weighted average contractual life										11 months 1 day
Unrecognised compensation cost										$ 131,514

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Net deferred tax liability
Prepaid expenses	$ 303,178	$ 267,518
Net deferred tax liability [Member]
Net deferred tax liability
Excess of tax over book depreciation and amortization	(966)	(3,901)
ROU Asset	(69,407)	(41,250)
Lease Liability	73,407	43,896
Prepaid expenses	0	0
Allowance for doubtful accounts	0	0
Accrued expenses	1,154	1,154
Stock-based compensation	21,533
Net Operating Losses carry-forward	24,011,113	17,326,179
Research and development tax credits	390,666	231,243
Gross deferred tax assets	24,427,500	17,557,321
Valuation allowance	(24,427,500)	(17,557,321)
Net deferred tax asset	0	$ 0
Change in Valuation Allowance	$ (6,870,179)

Income Taxes (Details 1)

Income Taxes (Details 1)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Summary Rate Reconciliation
Federal statutory rate	21.00%	21.00%
State income taxes, net of federal benefit	0.00%	0.00%
Permanent Differences	6.10%	4.10%
Stock based compensation	(1.30%)	(2.40%)
Federal Research & Development Credits	0.50%	0.60%
Foreign taxes	7.40%	6.70%
Federal Deferred Rate Decrease		(0.20%)
Change in Valuation Allowance	33.70%	(29.80%)
Total	0.00%	0.00%

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Increase in Valuation Allowance	$ 6,870,179
Net Operating Losses	24,000,000	$ 17,300,000
United States [Member]
Net Operating Losses	21,963,567
Credit Carryforward	0
Foreign [Member]
Net Operating Losses	69,344,065
Credit Carryforward	$ 390,666

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Net operating losses	$ 24,000,000	$ 17,300,000

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Finance Lease Obligations [Member]	Dec. 31, 2020USD ($)
2021	$ 76,183
2022	67,308
2023	65,772
2024	65,770
2025	65,770
Greater than 5 years	419,270
Total	760,073
Less: Amount representing interest	(98,176)
Present value of minimum lease payments	$ 661,897

Commitments and Contingencies_3

Commitments and Contingencies (Details 1)	Dec. 31, 2020USD ($)
2022	$ 94,278
Total Operating Lease Obligations	21,722
Operating Lease Right of Use Obligations [Member]
2021	187,848
2022	78,469
2023	53,231
2024	25,997
Total Operating Lease Obligations	345,545
Less: Amount representing interest	(14,093)
Present value of minimum lease payments	$ 331,452

Commitments and Contingencies_4

Commitments and Contingencies (Details 2)	Dec. 31, 2020USD ($)
Commitments and Contingencies
2021	$ 21,722
Total Operating Lease Liabilities	$ 21,722

Commitments and Contingencies_5

Commitments and Contingencies (Details 3) - Grants Repayable [Member]	Dec. 31, 2020USD ($)
2021	$ 69,218
2022	51,480
2023	52,764
2024	22,194
2025	29,592
Greater than 5 years	103,573
Total Grants Repayable	$ 328,821

Commitments and Contingencies_6

Commitments and Contingencies (Details 4)	Dec. 31, 2020USD ($)
Commitments and Contingencies
2021	$ 991,070
2022	804,373
2023	699,623
2024	544,437
2025	150,390
Greater than 5 years	729,808
Total	3,919,701
Less: Amount representing interest	(471,497)
Total Long-Term Debt	$ 3,448,204

Commitments and Contingencies_7

Commitments and Contingencies (Details 5)	Dec. 31, 2020USD ($)
Commitments and Contingencies
2021	$ 1,467,700
2022	140,086
Total Collaborative Agreement Obligations	$ 1,607,786

Commitments and Contingencies_8

Commitments and Contingencies (Details Narrative)	Aug. 15, 2020USD ($)	Dec. 13, 2019USD ($)$ / sharesshares	Dec. 13, 2019EUR (€)shares	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2020EUR (€)	Dec. 31, 2019USD ($)
Total Long-Term Debt				$ 3,448,204
Net Operating Losses				$ 24,000,000			$ 17,300,000
Operating Lease Right of Use Obligations [Member]
Weighted average discount rate				2.87%		2.87%
Weighted average remaining lease term				39 months	39 months
Operating lease right-of-use assets and liabilities				$ 326,085			$ 331,452
Payment of lease liabilities				230,627
Operating lease expense				231,343
Short term lease costs				30,117
Collaborative Agreement [Member]
Total long-term debt				0
Repayment of long-term loan amount				160,000
Managing Director's Agreement [Member]
Total long-term debt				$ 176,085
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.
Holdback liabilities				$ 52,581
Royalty payment				134,217
Amount payable				$ 239
Royality				6.00%	6.00%
Stock based compensation expenses				$ 753,000
November 4, 2020 [Member] | Novis Animal Solutions LLC [Member]
Compensation payable				$ 19,000
October 25, 2019 [Member] | TAMU [Member]
Non-controlling interest				7.50%	7.50%
Equity interest				12.50%	12.50%
Additional interest				5.00%	5.00%
November 3, 2020 [Member] | Diagnostic Oncology CRO, LLC [Member]
Transaction agreement description				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	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
November 10, 2020 [Member] | Singapore Volition and PB Commodities Pte Ltd [Member]
Monthly Fees				$ 35,650
January 10, 2020 [Member]
Common stock, restricted shares issued in exchange of purchased outstanding shares, value		$ 333,969
Restricted shares issued | shares		73,263	73,263
Common stock, restricted shares issued in exchange of purchased outstanding shares, shares | shares		73,263	73,263
Weighted trading price per share | $ / shares		$ 4.56
Repayment of debt | €			€ 350,000
Common stock adjusted amount		$ 357,000
Holdback period				9 months	9 months
Holdback liabilities				$ 55,404
Net liabilities		$ 6,535
On September 16, 2020 [Member] | Bioinformatic Analytics Of Cell Free DNA [Member]
Total long-term debt				44,738
Repayment of long-term loan amount | €					€ 54,879
In 2019 [Member] | Taxes A&M University [Member]
Repayment of long-term loan amount				$ 400,000
Loan agreement term				5 years	5 years
Collaborative obligations amount due				$ 329,986
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				$ 272,524
Repayment of long-term loan amount | €					€ 500,000
Loan agreement term				4 years	4 years
Maturity date				Jun. 30, 2022	Jun. 30, 2022
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				$ 11,688
Purchase price for the property | €						€ 25,000
Implicit interest				1.35%		1.35%
Leased equipment amortized term				5 years	5 years
In 2016 [Member] | Finance Lease Obligations [Member] | ING Asset Finance Belgium S.A. [Member]
Maturity date				May 31, 2031	May 31, 2031
Amount payable				$ 650,209
Purchase price for the property | €						€ 1,120,000
Implicit interest				2.62%		2.62%
In 2019 [Member] | Collaborative Arrangement, Co-promotion [Member]
Collaborative obligations amount due				$ 96,000
Research collaboration agreement description				The Company entered into a research collaboration agreement with the University of Taiwan to collect a total of 1,200 samples for a 2-year period for a cost to the Company of up to $320,000 payable over such period	The Company entered into a research collaboration agreement with the University of Taiwan to collect a total of 1,200 samples for a 2-year period for a cost to the Company of up to $320,000 payable over such period
Namur [Member] | October 13, 2020 [Member] | Loan Agreement [Member] | Long-term Debt [Member]
Fixed interest rate on lease				4.00%		4.00%
Total long-term debt				$ 934,896
Principal balance payable | €					€ 764,547
Repayment of long-term loan amount | €					€ 830,000
Loan agreement term				10 years	10 years
Maturity date				Mar. 31, 2021	Mar. 31, 2021
Belgian Volition [Member] | October 1, 2020 [Member] | Chief Executive Officer [Member]
Description of agreement				i) €10,000 per month, and (ii) the equivalent of one-half of his salary for the 12-month non-competition period following termination of the agreement, subject to adjustments.	i) €10,000 per month, and (ii) the equivalent of one-half of his salary for the 12-month non-competition period following termination of the agreement, subject to adjustments.
Novis Animal Solutions LLC [Member]
Monthly Fees	$ 20,000
sales commission	5.00%
Potential Equity Interest	2.00%
Namur Invest [Member] | In 2019 [Member] | Loan Agreement [Member] | Long-term Debt [Member]
Fixed interest rate on lease				4.80%		4.80%
Total long-term debt				$ 611,406
Repayment of long-term loan amount | €					€ 500,000
Loan agreement term				4 years	4 years
Maturity date				Sep. 30, 2024	Sep. 30, 2024
Namur Invest [Member] | In 2017 [Member] | Long-term Debt [Member]
Fixed interest rate on lease				4.00%		4.00%
Namur Invest [Member] | In 2017 [Member] | Loan Agreement [Member] | Long-term Debt [Member]
Total long-term debt				$ 64,863
Repayment of long-term loan amount | €					€ 350,000
Loan agreement term				4 years	4 years
Maturity date				Jun. 30, 2021	Jun. 30, 2021
Namur Invest [Member] | In 2016 [Member] | Long-term Debt [Member]
Fixed interest rate on lease				4.85%		4.85%
Namur Invest [Member] | In 2016 [Member] | Loan Agreement [Member] | Long-term Debt [Member]
Total long-term debt				$ 269,400
Repayment of long-term loan amount | €					€ 440,000
Loan agreement term				7 years	7 years
Maturity date				Dec. 31, 2023	Dec. 31, 2023
SOFINEX [Member] | In 2017 [Member] | Long-term Debt [Member]
Fixed interest rate on lease				4.50%		4.50%
SOFINEX [Member] | In 2017 [Member] | Loan Agreement [Member] | Long-term Debt [Member]
Total long-term debt				$ 1,039,390
Repayment of long-term loan amount | €					€ 1,000,000
Loan agreement term				7 years	7 years
Maturity date				Sep. 30, 2024	Sep. 30, 2024
ING [Member] | In 2016 [Member] | Long-term Debt [Member]
Fixed interest rate on lease				2.62%		2.62%
ING [Member] | In 2016 [Member] | Loan Agreement [Member] | Long-term Debt [Member]
Total long-term debt				$ 255,725
Repayment of long-term loan amount | €					€ 270,000
Loan agreement term				15 years	15 years
Maturity date				Dec. 31, 2031	Dec. 31, 2031
Walloon Region Government [Member] | In 2018 [Member] | Colorectal Cancer Research Agreement [Member]
Amount payable				$ 221,940
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 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 and the 3.53% royalty on revenue, is equal to the amount of funding received
Total grants repayable				$ 328,821
Walloon Region Government [Member] | In 2010 [Member]
Repayment of long-term loan amount | €					€ 733,614
Amount payable				$ 106,881
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 and the 6% royalty on revenue, is twice the amount of funding received	It is due to pay a 6% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €314,406 and the 6% royalty on revenue, is twice the amount of funding received
University of Michigan [Member] | In 2017 [Member] | Clinical Study Research Agreement [Member]
Collaborative obligations amount due				$ 0
Lease agreement expire period				3 years	3 years
Collaborative obligations amount | €						3,000,000
Munich University [Member] | In 2017 [Member] | Collaborative Research Agreement [Member]
Collaborative obligations amount due				$ 0
Lease agreement expire period				3 years	3 years
Collaborative obligations amount | €						360,000
DKFZ [Member] | In 2016 [Member] | Research Co-operation Agreement [Member]
Collaborative obligations amount due				$ 244,562
Lease agreement expire period				5 years	5 years
Collaborative obligations amount | €						400,000
DKFZ [Member] | In 2015 [Member] | Research Sponsorship Agreement [Member]
Collaborative obligations amount due				$ 0
Lease agreement expire period				3 years	3 years
Collaborative obligations amount | €						€ 338,984
University of Taiwan [Member] | In 2018 [Member] | Clinical Study Research Agreement [Member]
Collaborative obligations amount due				$ 892,500
Lease agreement expire period				3 years	3 years
Collaborative obligations amount				$ 2,550,000

Subsequent (Details Narrative)

Subsequent (Details Narrative) - USD ($)	Feb. 10, 2021	Feb. 08, 2021	Feb. 08, 2021	Feb. 05, 2021	Jan. 06, 2021	Sep. 07, 2018	Jan. 27, 2021	Mar. 01, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 12, 2021	Jan. 13, 2021
Proceeds from issuance of shares									$ 21,196,532	$ 16,591,076
Cash grant									$ 2,478,569	$ 3,538,946
Common stock par value									$ 0.001	$ 0.001
Common stock shares issued									48,607,017	41,125,303
February 2, 2021 [Member]
Issuance of common stock									6,181
Common stock shares issuable upon exercise of warrants									20,000
Exercise price per shares		$ 4	$ 4						$ 3.80
February 8, 2021 [Member]
Issuance of common stock									18,750
Common stock shares issuable upon exercise of warrants									50,000
Exercise price per shares									$ 3.95
February 1, 2021 [Member]
Common stock shares issuable upon exercise of warrants									50,000
Exercise price per shares									$ 3.25
Maturity date									5 years
Description of agreement									Mr. Hughes shall receive, among other things (i) $30,000 SGD per month (approximately $22,500); and (ii) a lump sum severance payment if terminated by Singapore Volition without cause (as per the agreement) equal to the salary that he would have received between the date of termination and the completion of a three-month notice period.
Equity Distribution Agreement [Member]
Proceeds from issuance of shares						$ 10,000,000			$ 8,500,000
Common stock shares issued						2,227,797			2,230,997	3,200
Employment Agreements [Member] | January 1, 2021 [Member]
Shares issued									3,000
Common stock shares issuable upon exercise of warrants									125,000
Exercise price per shares									$ 3.95
Monthly fee									$ 15,000
Maturity date									5 years
RSUs granted upon common shares									5,000
Subsequent Event [Member]
Cash grant					$ 1,300,000
Exercise price of option		$ 5	$ 5									$ 3.35
Shares issued		19,446	19,446
Stock option exercised		100,000	100,000					4,450
Loans					2,700,000
Total of additional non-dilutive funding					$ 4,000,000
Issuance of common stock		32,126						854
Subsequent Event [Member] | Cantor Fitzgerald & Co [Member]
Proceeds from issuance of shares	$ 18,900,000
Common stock shares issuable upon exercise of warrants	571,428
Common stock par value	$ 0.001
Common stock shares issued	3,809,524
Purchase price per shares											$ 4.9533
Subsequent Event [Member] | Equity Distribution Agreement [Member]
Common stock, shares sold				65,400			308,609
Proceeds from issuance of shares							$ 1,200,000
Broker's commissions and fees				$ 343,957