VolitionRx Limited (VNRX) 10-Q 10 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 04, 2022
Cover [Abstract]
Entity Registrant Name	VOLITIONRX LIMITED
Entity Central Index Key	0000093314
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		57,296,973
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-36833
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	91-1949078
Entity Address Address Line 1	1489 West Warm Springs Road,
Entity Address Address Line 2	Suite 110
Entity Address City Or Town	Henderson
Entity Address State Or Province	NV
Entity Address Postal Zip Code	89014
City Area Code	646
Local Phone Number	650–1351
Security 12b Title	Common Stock, par value $0.001 per share
Trading Symbol	VNRX
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 16,730,441	$ 20,581,313
Accounts receivable	8,489	12,510
Prepaid expenses	936,068	598,367
Other current assets	973,979	786,642
Total Current Assets	18,648,977	21,978,832
Property and equipment, net	4,807,729	4,911,077
Operating lease right-of-use assets	739,015	383,551
Intangible assets, net	151,314	216,876
Total Assets	24,347,035	27,490,336
Current Liabilities
Accounts payable	2,602,351	1,542,457
Accrued liabilities	3,236,981	3,828,501
Deferred revenue	10,000,000	12,512
Management and directors' fees payable	74,261	71,303
Current portion of long-term debt	1,085,089	797,855
Current portion of finance lease liabilities	44,293	48,958
Current portion of operating lease liabilities	241,838	171,166
Current portion of grant repayable	65,814	43,100
Total Current Liabilities	17,350,627	6,515,852
Long-term debt, net of current portion	1,743,156	2,270,767
Finance lease liabilities, net of current portion	447,880	511,086
Operating lease liabilities, net of current portion	519,485	217,305
Grant repayable, net of current portion	206,785	253,221
Total Liabilities	20,267,933	9,768,231
STOCKHOLDERS' EQUITY
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 53,846,973 shares and 53,772,261 shares, respectively	53,847	53,772
Additional paid-in capital	156,441,677	154,730,938
Accumulated other comprehensive income	244,519	148,326
Accumulated deficit	(152,272,367)	(136,988,636)
Total VolitionRx Limited Stockholders' Equity	4,467,676	17,944,400
Non-controlling interest	(388,574)	(222,295)
Total Stockholders' Equity	4,079,102	17,722,105
Total Liabilities and Stockholders' Equity	$ 24,347,035	$ 27,490,336

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares Par Value	$ 0.001	$ 0.001
Common Stock, Shares Issued	53,846,973	53,772,261
Common Stock, Shares Outstanding	53,846,973	53,772,261

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Services	$ 10,046	$ 0	$ 70,300	$ 0
Product	29,706	24,782	83,663	50,312
Total Revenues	39,752	24,782	153,963	50,312
Operating Expenses
Research and development	3,279,323	2,935,720	6,869,376	7,522,547
General and administrative	3,085,840	2,427,806	5,687,992	3,626,759
Sales and marketing	1,774,064	561,913	3,373,047	886,772
Total Operating Expenses	8,139,227	5,925,439	15,930,415	12,036,078
Operating Loss	(8,099,475)	(5,900,657)	(15,776,452)	(11,985,766)
Other Income (Expenses)
Grant income	393,440	391,532	393,440	391,532
Loss on disposal of fixed assets	0	(26,166)	0	(26,167)
Interest income	11,161	492	11,163	2,213
Interest expense	(37,129)	(39,688)	(78,161)	(81,869)
Total Other Income	367,472	326,170	326,442	285,709
Net Loss	(7,732,003)	(5,574,487)	(15,450,010)	(11,700,057)
Net Loss attributable to Non-Controlling Interest	82,302	47,539	166,279	56,963
Net Loss attributable to VolitionRx Limited Stockholders	(7,649,701)	(5,526,948)	(15,283,731)	(11,643,094)
Other Comprehensive Income / (Loss)
Foreign currency translation adjustments	214,097	(44,548)	96,193	89,585
Net Comprehensive Loss	$ (7,517,906)	$ (5,619,035)	$ (15,353,817)	$ (11,610,472)
Net Loss Per Share - Basic and Diluted attributable to VolitionRx Limited	$ (0.14)	$ (0.10)	$ (0.28)	$ (0.22)
Weighted Average Shares Outstanding
- Basic and Diluted	53,810,500	52,947,173	53,803,076	51,943,534

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders Equity (Unaudited) - USD ($)	Total	Common stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Non Controlling Interest
Balance, shares at Dec. 31, 2020		48,607,017
Balance, amount at Dec. 31, 2020	$ 16,293,718	$ 48,607	$ 126,526,239	$ (59,978)	$ (110,173,971)	$ (47,179)
Common stock issued for cash, shares		4,183,533
Common stock issued for cash, amount	20,328,928	$ 4,184	20,324,744	0	0	0
Common stock issued for cashless exercise of stock options and settlement of RSUs, shares		80,451
Common stock issued for cashless exercise of stock options and settlement of RSUs, amount	0	$ 80	(80)	0	0	0
Stock-based compensation	555,342	0	555,342	0	0	0
Tax withholdings paid related to stock-based compensation	(23,758)	0	(23,758)	0	0	0
Foreign currency translation	134,133	0	0	134,133	0	0
Net loss for the period	(6,125,570)	$ 0	0	0	(6,116,146)	(9,424)
Balance, shares at Mar. 31, 2021		52,871,001
Balance, amount at Mar. 31, 2021	31,162,793	$ 52,871	147,382,487	74,155	(116,290,117)	(56,603)
Common stock issued for cash, shares		251,369
Common stock issued for cash, amount	854,711	$ 251	854,460	0	0	0
Stock-based compensation	337,744	0	337,744	0	0	0
Tax withholdings paid related to stock-based compensation	(106,668)	0	(106,668)	0	0	0
Foreign currency translation	(44,548)	0	0	(44,548)	0	0
Net loss for the period	(5,574,487)	$ 0	0	0	(5,526,948)	(47,539)
Common stock issued for settlement of RSUs, shares		21,712
Common stock issued for settlement of RSUs, amount	0	$ 22	(22)	0	0	0
Balance, shares at Jun. 30, 2021		53,144,082
Balance, amount at Jun. 30, 2021	26,629,545	$ 53,144	148,468,001	29,607	(121,817,065)	(104,142)
Balance, shares at Dec. 31, 2021		53,772,261
Balance, amount at Dec. 31, 2021	17,722,105	$ 53,772	154,730,938	148,326	(136,988,636)	(222,295)
Common stock issued for cash, shares		3,000
Common stock issued for cash, amount	9,467	$ 3	9,464	0	0	0
Stock-based compensation	915,031	0	915,031	0	0	0
Foreign currency translation	(117,904)	0	0	(117,904)	0	0
Net loss for the period	(7,718,007)	$ 0	0	0	(7,634,030)	(83,977)
Common stock issued for settlement of RSUs, shares		15,000
Common stock issued for settlement of RSUs, amount	0	$ 15	(15)	0	0	0
Balance, shares at Mar. 31, 2022		53,790,261
Balance, amount at Mar. 31, 2022	10,810,692	$ 53,790	155,655,418	30,422	(144,622,666)	(306,272)
Stock-based compensation	854,304	0	854,304	0	0	0
Tax withholdings paid related to stock-based compensation	(67,988)	0	(67,988)	0	0	0
Foreign currency translation	214,097	0	0	214,097	0	0
Net loss for the period	(7,732,003)	$ 0	0	0	(7,649,701)	(82,302)
Common stock issued for settlement of RSUs, shares		56,712
Common stock issued for settlement of RSUs, amount	0	$ 57	(57)	0	0	0
Balance, shares at Jun. 30, 2022		53,846,973
Balance, amount at Jun. 30, 2022	$ 4,079,102	$ 53,847	$ 156,441,677	$ 244,519	$ (152,272,367)	$ (388,574)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating Activities
Net Loss	$ (15,450,010)	$ (11,700,057)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	449,706	471,754
Amortization of operating lease right-of-use assets	133,260	99,035
Loss on disposal of fixed assets	0	26,166
Stock-based compensation	1,769,335	893,086
Changes in operating assets and liabilities:
Prepaid expenses	(337,701)	(632,320)
Accounts receivable	3,963	(8,682)
Other current assets	(187,337)	50,605
Deferred Revenue, current and non-current	9,987,488	0
Accounts payable and accrued liabilities	468,387	(630,236)
Management and directors' fees payable	2,958	(36,791)
Right-of-use assets operating leases liabilities	(115,548)	(98,789)
Net Cash Used In Operating Activities	(3,275,499)	(11,566,229)
Investing Activities:
Purchases of property and equipment	(665,942)	(703,180)
Net Cash Used In Investing Activities	(665,942)	(703,180)
Financing Activities:
Net proceeds from issuances of common stock	9,464	21,183,639
Tax withholdings paid related to stock-based compensation	(67,988)	(130,426)
Proceeds from grants repayable	0	37,672
Proceeds from long-term debt	620,549	79,614
Payments on long-term debt	(631,667)	(383,782)
Payments on grants repayable	0	(47,830)
Payments on finance lease obligations	(24,384)	(29,347)
Net Cash (Used) Provided By Financing Activities	(94,026)	20,709,540
Effect of foreign exchange on cash	184,595	28,301
Net Change in Cash	(3,850,872)	8,468,432
Cash and cash equivalents - Beginning of Period	20,581,313	19,444,737
Cash and cash equivalents - End of Period	16,730,441	27,913,169
Supplemental Disclosures of Cash Flow Information:
Interest paid	$ 78,161	$ 81,869
Non-Cash Financing Activities:
Common stock issued on cashless exercises of stock options and settlement of vested RSUs	72	80
Offering costs from issuance of common stock	$ 0	$ 119,029

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Basis of Presentation and Summary of Significant Accounting Policies
Note 1 - Basis Of Presentation And Summary Of Significant Accounting Policies	No te 1 – Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The interim consolidated financial statements of VolitionRx Limited (the “Company” or “VolitionRx”) for the three and six months ended June 30, 2022 and June 30, 2021, respectively, are unaudited. These interim consolidated financial statements are prepared in accordance with the requirements for unaudited interim periods and, consequently, do not include all disclosures required to be made in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of the Company’s management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position as of June 30, 2022, and its results of operations and cash flows for the periods ended June 30, 2022 and June 30, 2021, respectively. The results of operations for the periods ended June 30, 2022 and June 30, 2021, respectively, are not necessarily indicative of the results for a full-year period. These interim consolidated financial statements should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2022. U se 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 experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected. P rinciples of Consolidation The accompanying condensed consolidated financial statements for the period ended June 30, 2022 include the accounts of the Company and its subsidiaries. The Company has two wholly owned subsidiaries, Singapore Volition Pte. Limited (“Singapore Volition”) and Volition Global Services SRL (“Volition Global”). Singapore Volition has one wholly owned subsidiary, Belgian Volition SRL (“Belgian Volition”). Belgian Volition has four subsidiaries, Volition Diagnostics UK Limited (“Volition Diagnostics”), Volition America, Inc. (“Volition America”), Volition Germany GmbH (“Volition Germany”), and its one majority owned subsidiary Volition Veterinary Diagnostics Development LLC (“Volition Vet”). See Note 8(f), Commitments and Contingencies – Other Commitments Cash and Cash Equivalents For the purposes of the statements of cash flows, the Company considers interest bearing deposits with original maturity dates of three months or less to be cash equivalents. The Company invests excess cash from its operating cash accounts in overnight investments and reflects these amounts in cash and cash equivalents in the condensed consolidated balance sheets at fair value using quoted prices in active markets for identical assets. As of June 30, 2022, cash and cash equivalents totaled approximately $16.7 million, of which $10.2 million was held in an overnight money market account. Accounts Receivables Trade accounts receivable are stated at the amount the Company expects to collect. Due to the nature of the accounts receivable balance, the Company believes the risk of doubtful accounts is minimal and therefore no allowance is recorded. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. The Company may provide for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. As of June 30, 2022, the accounts receivable balance was $8,489 and the allowance for doubtful debts was $nil. Revenue Recognition The Company adopted Accounting Standards Codification (“ASC”)606, “ Revenue from Contracts with Customers,” The Company generates product revenues from the sale of its Nu.Q ® ® Revenues, and their respective treatment for financial reporting purposes under ASC 606, are as follows: Product The Company includes revenue from product sales recognized during the period in which goods are shipped to third parties, and the amount is deemed collectable from the third parties. These are presented in “Product” in the consolidated statements of operations and comprehensive loss. Services The Company includes revenue recognized from laboratory services performed in the Company’s laboratory on behalf of third parties in “Services” in the consolidated statements of operations and comprehensive loss. For each development and/or commercialization agreement that results in revenue, the Company identifies all performance obligations, aside from those that are immaterial, which may include a license to intellectual property and know-how, development activities and/or transition activities. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur throughout the life of the contract. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Licensing The Company includes revenue recognized from the licensing of certain rights to third parties in “Licensing” in the consolidated statements of operations and comprehensive loss. For each development and/or commercialization agreement that results in revenues, the Company identifies all performance obligations, aside from those that are immaterial, which may include a license to intellectual property and know-how, development activities and/or transition activities. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur throughout the life of the contract. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Deferred Revenue (Contract Liabilities) and Contract Assets Deferred revenue consists of amounts for which the Company has an unconditional right to bill, and/or amounts for which payment has been received–including non-refundable amounts, but have not been recognized as revenue because the related performance obligations are deemed incomplete. As at June 30, 2022, the Company recorded $10.0 million as deferred revenue in respect of a non-refundable payment received in relation to a licensing and product supply agreement with Heksa Corporation. Contract assets include costs and services incurred on contracts with open performance obligations. These contract assets were immaterial as of June 30, 2022. B asic and Diluted Net Loss Per Share The Company computes net loss per share in accordance with 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.” 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 $3.3 million and $2.9 million during the six-months ended June 30, 2022, and June 30, 2021, respectively. Stock-Based Compensation The Company records stock-based compensation in accordance with ASC 718, “ Compensation – Stock Compensation.” Stock-Based Compensation Reclassification Certain amounts presented in previously issued financial statements have been reclassified to be consistent with the current period presentation. The Company has reclassified the prior period comparative amounts for the quarter ended June 30, 2022. Certain reclassifications have been made to the prior years’ financial statements in relation to Research and Development expenses, General and Administrative expenses and Sales and Marketing expenses to conform to the current year presentation. These reclassifications had no effect on previously reported results of operations. Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. The Company does not believe 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 As of the date of this filing, there continue to be widespread concerns regarding the ongoing impacts and disruptions caused by the COVID-19 pandemic in the regions in which the Company operates. As a result of the impacts of the COVID-19 pandemic, the Company has experienced and may continue to experience disruptions to its clinical trials, including patient enrollment and sample collection delays. Although the Company has taken steps to mitigate the impacts of the COVID-19 pandemic, the extent to which the pandemic will impact its business, financial condition, and results of operations in future periods is highly uncertain and will be affected by a number of factors outside of the Company’s control. These include the duration and extent of the COVID-19 pandemic, the development of new variants of the COVID-19 virus that may be more contagious or virulent than previous versions, the scope of mandated or recommended containment and mitigation measures, the effect of government stabilization and recovery efforts, and the success of vaccine distribution programs.

Going Concern

Going Concern	6 Months Ended
	Jun. 30, 2022
Going Concern
Note 2 - Going Concern	No te 2 - Going Concern The Company’s condensed consolidated financial statements are prepared using U.S. GAAP applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred losses since inception of $152.3 million, has had negative cash flows from operations on an annual basis, and has minimal revenues, which creates substantial doubt about its ability to continue as a going concern for a period of at least one year from the date of issuance of these condensed consolidated financial statements. The future of the Company as an operating business will depend on its ability to obtain sufficient capital contributions, financing and/or to 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 milestone payments and (d) developing and commercializing its products on an accelerated timeline. Management continues to exercise tight cost controls to conserve cash. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually attain profitable operations. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2022
Property and Equipment
Note 3 - Property And Equipment	No te 3 - Property and Equipment The Company’s property and equipment consisted of the following amounts as of June 30, 2022 and December 31, 2021: June 30, 2022 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 597,061 440,563 156,498 Laboratory equipment 5 years 3,291,800 1,585,319 1,706,481 Office furniture and equipment 5 years 321,356 216,428 104,928 Buildings 30 years 2,003,306 257,610 1,745,696 Building improvements 5-15 years 1,244,578 276,041 968,537 Land Not amortized 125,589 - 125,589 7,583,690 2,775,961 4,807,729 December 31, 2021 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 599,944 474,169 125,775 Laboratory equipment 5 years 3,032,108 1,434,347 1,597,761 Office furniture and equipment 5 years 293,427 213,244 80,183 Buildings 30 years 2,177,641 243,750 1,933,891 Building improvements 5-15 years 1,293,258 256,309 1,036,949 Land Not amortized 136,518 - 136,518 7,532,896 2,621,819 4,911,077 During the six-month periods ended June 30, 2022 and June 30, 2021, the Company recognized $407,059 and $425,187, respectively, in depreciation expense.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2022
Intangible Assets
Note 4 - Intangible Assets	No te 4 - 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. June 30, 2022 Accumulated Net Carrying Cost $ Amortization $ Value $ Patents 1,080,777 929,463 151,314 December 31, 2021 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,178,135 961,259 216,876 During the six-month periods ended June 30, 2022 and June 30, 2021, the Company recognized $42,647 and $46,567, respectively, in amortization expense. The Company amortizes the patents on a straight-line basis with terms ranging from 8 to 20 years. The annual estimated amortization schedule over the next five years is as follows: 2022 - remaining $ 40,148 2023 $ 82,415 2024 $ 28,751 Total Intangible Assets $ 151,314 The Company periodically reviews its long-lived assets to ensure that their carrying value does not exceed their fair market value. The Company carried out such a review in accordance with ASC 360 Topic “Property, Plant and Equipment”

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions
Note 5 - Related Party Transactions	No te 5 - Related Party Transactions See Note 6, Common Stock Stock-Based Compensation,

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2022
Common Stock
Note 6 - Common Stock	No te 6 - Common Stock As of June 30, 2022, the Company was authorized to issue 100 million shares of common stock, par value $0.001 per share, of which 53,846,973 and 53,772,261 shares were issued and outstanding as of June 30, 2022 and December 31, 2021, respectively. Stock Option Exercises and RSU Settlements On March 28, 2022, 15,000 RSUs vested and resulted in the issuance of 15,000 shares of common stock. On April 19, 2022, 26,250 RSUs vested, resulting in the issuance of 21,712 shares of common stock and the withholding of 4,538 shares of common stock for taxes, which were returned as authorized shares to the 2015 Stock Incentive Plan. On May 1, 2022, 50,000 RSUs vested, resulting in the issuance of 35,000 shares of common stock and the withholding of 15,000 shares of common stock for taxes, which were returned as authorized shares to the 2015 Stock Incentive Plan. Equity Distribution Agreements On September 24, 2021, the Company entered into an equity distribution agreement (the “2021 EDA”) with Cantor Fitzgerald & Co. Inc. (“Cantor”) and Oppenheimer & Co. Inc. (“Oppenheimer”), to sell shares of its common stock having an aggregate offering price of up to $25.0 million 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. 333-259783) and related prospectuses, through Cantor and Oppenheimer each acting as the Company’s agent and/or principal. The Company was not obligated to sell any shares under the 2021 EDA. During the three months ended June 30, 2022, no sales of shares of its common stock were made under the 2021 EDA. From inception through June 30, 2022, the Company raised aggregate net proceeds (net of brokers’ commissions and fees) of approximately $0.7 million under the 2021 EDA through the sale of 193,600 shares of its common stock. Effective May 7, 2022, the Company terminated its 2021 EDA and no further sales of the Company’s common stock will be made under the 2021 EDA. On May 20, 2022, the Company entered into an equity distribution agreement (the “2022 EDA”) with Jefferies LLC (“Jefferies”) to sell shares of the Company’s common stock, having an aggregate offering price of up to $25 million 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. 333-259783) and related prospectuses, through Jefferies acting as the Company’s agent and/or principal. The Company is not obligated to sell any shares under the 2022 EDA. The 2022 EDA replaces the 2021 EDA. As of June 30 2022, no shares of common stock have been sold under the 2022 EDA.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Stock-Based Compensation
Note 7 - Stock-based Compensation	No te 7 - Stock-Based Compensation a ) Warrants The following table summarizes the changes in warrants outstanding of the Company during the six-month period ended June 30, 2022: Weighted Average Number of Exercise Warrants Price ($) Outstanding at December 31, 2021 485,000 3.88 Granted 54,000 3.05 Outstanding at June 30, 2022 539,000 3.80 Exercisable at June 30, 2022 485,000 3.88 Below is a table summarizing the warrants issued and outstanding as of June 30, 2022, which have an aggregate weighted average remaining contractual life of 3.74 years. Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 125,000 125,000 2.47 0.66 308,750 54,000 - 3.05 6.27 164,700 50,000 50,000 3.45 3.67 172,500 125,000 125,000 3.95 4.51 493,750 185,000 185,000 4.90 4.59 906,500 539,000 485,000 2,046,200 Effective April 4, 2022, the Company granted a warrant to purchase 54,000 shares of common stock to a Company employee for services to the Company and/or its subsidiaries. This warrant shall vest in two equal installments at 12 months and 24 months from the grant date, subject to continued service and expire on April 4, 2028 and April 4, 2029, respectively, with an exercise price of $3.05 per share. The Company has calculated the estimated fair market value of this warrant at $80,901, using the Black-Scholes model and the following assumptions: term 3.5 years, stock price $2.95, exercise price $3.05, 71.07% volatility, 2.53% risk-free rate, and no forfeiture rate. Stock-based compensation expense related to warrants of $53,601 and $337,823 was recorded in the six months ended June 30, 2022 and June 30, 2021, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is $66,313 and is expected to be recognized over a period of 1.76 years. As of June 30, 2022, the total intrinsic value of warrants outstanding was $nil. b) Options The following table summarizes the changes in options outstanding of the Company during the six-month period ended June 30, 2022: Weighted Average Number of Exercise Options Price ($) Outstanding at December 31, 2021 5,027,518 3.87 Granted - - Exercised - - Expired/Cancelled - - Outstanding at June 30, 2022 5,027,518 3.87 Exercisable at June 30, 2022 3,977,518 3.99 Below is a table summarizing the options issued and outstanding as of June 30, 2022, all of which were issued pursuant to the 2011 Equity Incentive Plan (for option issuances prior to 2016) or the 2015 Stock Incentive Plan (for option issuances commencing in 2016)and which have an aggregate weighted average remaining contractual life of 5.75 years. As of June 30, 2022, an aggregate of 7,750,000 shares of common stock were authorized for issuance under the 2015 Stock Incentive Plan, of which 1,969,890 shares of common stock remained available for future issuance thereunder. Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 635,000 635,000 3.25 2.62 2,063,750 2,717 2,717 3.35 1.18 9,102 1,060,000 10,000 3.40 9.10 3,604,000 800,000 800,000 3.60 7.85 2,880,000 1,682,837 1,682,837 4.00 4.26 6,731,348 11,801 11,801 4.35 0.95 51,334 89,163 89,163 4.38 5.57 390,534 50,000 50,000 4.80 4.51 240,000 696,000 696,000 5.00 4.74 3,480,000 5,027,518 3,977,518 19,450,068 Stock-based compensation expense related to stock options of $784,236 and $418,292 was recorded in the six months ended June 30, 2022 and June 30, 2021, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is $674,046 and is expected to be recognized over a period of 1.26 years. As of June 30, 2022, the total intrinsic value of stock options outstanding was $nil. c ) Restricted Stock Units (RSUs) Below is a table summarizing the RSUs issued and outstanding as of June 30, 2022, all of which were issued pursuant to the 2015 Stock Incentive Plan. Weighted Number of Average RSUs Share Price ($) Outstanding at December 31, 2021 810,750 3.33 Granted 207,000 2.85 Vested/Settled (91,250 ) 3.42 Cancelled (33,000 ) 3.35 Outstanding at June 30, 2022 893,500 3.21 Effective February 8, 2022, the Company granted aggregate RSUs of 8,000 shares of common stock to an employee in exchange for services provided to the Company. These RSUs vest over two years, with 50% vesting on each of February 8, 2023 and February 8, 2024, subject to continued service, and will result in total compensation expense of $22,640. Effective March 1, 2022, the Company granted aggregate RSUs of 30,000 shares of common stock to various employees in exchange for services provided to the Company. These RSUs vest over two years, with 50% vesting on each of March 1, 2023 and March 1, 2024, subject to continued service, and will result in total compensation expense of $84,300. On March 28, 2022, 15,000 RSUs vested and resulted in the issuance of 15,000 shares of common stock. Effective April 4, 2022, the Company granted aggregate RSUs of 32,000 shares of common stock to employees of the Company and/or its subsidiaries in exchange for services provided to the Company and/or its subsidiaries. The RSUs shall vest in two equal installments at 12 months and 24 months from the grant date, subject to continued service, and will result in total compensation expense of $94,400. Effective April 4, 2022, the Company granted aggregate RSUs of 104,000 shares of common stock to employees of the Company and/or its subsidiaries in exchange for services provided to the Company and/or its subsidiaries. The RSUs shall vest in three equal installments at 12 months , 24 months and 36 months from the grant date, subject to continued service, and will result in total compensation expense of $306,800. On April 19, 2022, 26,250 RSUs vested and resulted in the issuance of 21,712 shares of common stock and the remaining 4,538 shares of common stock were withheld for taxes and returned as authorized shares under the 2015 Stock Incentive Plan. On May 1, 2022, 50,000 RSUs vested and resulted in the issuance of 35,000 shares of common stock and the remaining 15,000 shares of common stock were withheld for taxes and returned as authorized shares under the 2015 Stock Incentive Plan. On May 31, 2022, an aggregate of 33,000 RSUs previously granted to employees were cancelled and returned as authorized shares under the 2015 Stock Incentive Plan upon the resignation of such employees prior to vesting. Effective June 1, 2022, the Company granted aggregate RSUs of 33,000 shares of common stock to various employees in exchange for services provided to the Company. These RSUs vest over two years, with 50% vesting on each of June 1, 2023 and June 1, 2024, subject to continued service, and will result in total compensation expense of $80,850. Below is a table summarizing the RSUs issued and outstanding as of June 30, 2022 and which have an aggregate weighted average remaining contractual life of 0.92 years. Weighted Average Remaining Number Share Contractual Outstanding Price ($) Life (Years) 33,000 2.45 1.42 30,000 2.81 1.17 8,000 2.83 1.11 136,000 2.95 1.48 39,809 3.04 0.76 560,191 3.31 0.62 24,000 3.32 0.55 4,000 3.38 0.48 43,500 3.51 0.84 15,000 3.59 0.73 893,500 Stock-based compensation expense related to RSUs of $931,498 and $136,971 was recorded in the six months ended June 30, 2022 and June 30, 2021, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $1,340,640.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies
Note 8 - Commitments And Contingencies	No te 8 – Commitments and Contingencies a) Finance Lease Obligations In 2016, the Company entered into a capital lease with ING Asset Finance Belgium S.A. (“ING”) to purchase a property located in Belgium for €1.12 million, maturing in May 2031 with implicit interest of 2.62%. As of June 30, 2022, the balance payable was $492,173. 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, that matured in January 2022 with implicit interest of 1.35%. The leased equipment is amortized on a straight-line basis over 5 years. As of June 30, 2022, the balance payable was $nil. The following is a schedule showing the future minimum lease payments under finance leases by years and the present value of the minimum payments as of June 30, 2022. 2022 - remaining $ 28,145 2023 $ 56,292 2024 $ 56,291 2025 $ 56,291 2026 $ 56,292 Greater than 5 years $ 302,554 Total $ 555,865 Less: Amount representing interest $ (63,692 ) Present value of minimum lease payments $ 492,173 b) Operating Lease Right-of-Use Obligations As all the existing leases subject to the new lease standard ASC 842 (“Leases”) During the six months ended June 30, 2022, the Company entered into a new lease agreement. The lease is initially for 62 months and the initial rent is $7,642 a month. In connection with the new lease agreement the Company recorded $461,341 of right of use assets in exchange for right of use liabilities. As of June 30, 2022, operating lease right-of-use assets and liabilities arising from operating leases were $739,015 and $761,323, respectively. During the six months ended June 30, 2022, cash paid for amounts included for the measurement of lease liabilities was $102,424 and the Company recorded operating lease expense of $120,733. The following is a schedule showing the future minimum lease payments under operating leases by years and the present value of the minimum payments as of June 30, 2022. 2022 - remaining $ 127,652 2023 $ 263,097 2024 $ 162,756 2025 $ 119,712 2026 $ 120,400 Total Operating Lease Obligations $ 793,617 Less: Amount representing interest $ (32,294 ) Present Value of minimum lease payments $ 761,323 The Company’s office space leases are short-term and the Company has elected under the short-term recognition exemption not to recognize them on the balance sheet. During the six months ended June 30, 2022, the Company recognized $41,708 in short-term lease costs associated with office space leases. The annual payments remaining for short-term office leases were as follows: 2022 - remaining $ 25,715 2023 $ 22,505 Total Operating Lease Liabilities $ 48,220 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. 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 6.00% royalty on revenue, is equal to twice the amount of funding received. As of June 30, 2022, the grant balance repayable was $57,562. 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 installments over 12 years commencing in 2020. In the event that the Company receives revenue from products or services as defined in the agreement, it is due to pay a 3.53% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €181,500 and the 3.53% royalty on revenue, is equal to the amount of funding received. As of June 30, 2022, the grant balance repayable was $112,340. In 2020, the Company entered into an agreement with the Walloon Region government in Belgium for a research grant for €929,433. Per the terms of the agreement, €278,830 of the grant is to be repaid by installments over 15 years commencing in 2022. In the event that the Company receives revenue from products or services as defined in the agreement, it is due to pay a 4.34% 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 €278,830 and the 4.34% royalty on revenue, is equal to the amount of funding received. As of June 30, 2022, the grant balance repayable was $48,605. In 2020, the Company entered into an agreement with the Walloon Region government in Belgium for a research grant for €495,000. Per the terms of the agreement, €148,500 of the grant is to be repaid by installments over 10 years commencing in 2023. In the event that the Company receives revenue from products or services as defined in the agreement, it is due to pay a 2.89% 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 €148,500 and the 2.89% royalty on revenue, is equal to the amount of funding received. As of June 30, 2022, the grant balance repayable was $54,092. As of June 30, 2022, the total grant balance repayable was $272,599 and the payments remaining were as follows: 2022 - remaining $ 40,743 2023 $ 39,179 2024 $ 17,002 2025 $ 18,716 2026 $ 24,600 Greater than 5 years $ 132,359 Total Grants Repayable $ 272,599 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 in December 2023. As of June 30, 2022, the principal balance payable was $119,470. 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 in December 2031. As of June 30, 2022, the principal balance payable was $192,996. 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 in September 2024. As of June 30, 2022, €1 million had been drawn down under this agreement and the principal balance payable was $575,615. In 2018, the Company entered into a 4-year loan agreement with Namur Innovation and Growth for €500,000 with a fixed interest rate of 4.00%, maturing in June 2022. As of June 30, 2022, the principal balance payable was $0. In 2019, the Company entered into a 4-year loan agreement with Namur Innovation and Growth for €500,000 with a fixed interest rate of 4.80%, maturing in September 2024. As of June 30, 2022, the principal balance payable was $346,385. 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 2031. As of June 30, 2022, the principal balance payable was $778,072. On November 23, 2021, the Company entered into a 3 ½ year loan agreement with SOFINEX for a maximum of €450,000 with fixed interest rate of 5.00%, maturing June 2025. As of June 30, 2022, the principal balance payable was $470,958. On February 5, 2022, the Company entered into a 9-month loan agreement with First Insurance Funding for a maximum of $620,549 with fixed interest rate of 3.57%, maturing November 2022. As of June 30, 2022, the maximum has been drawn down under this agreement and the principal balance payable was $344,749. As of June 30, 2022, the total balance for long-term debt payable was $2,828,245 and the payments remaining were as follows: 2022 - remaining $ 796,290 2023 $ 772,436 2024 $ 631,800 2025 $ 208,663 2026 $ 128,713 Greater than 5 years $ 564,414 Total $ 3,102,316 Less: Amount representing interest $ (274,071 ) Total Long-Term Debt $ 2,828,245 e) Collaborative Agreement Obligations In 2016, the Company entered into a research co-operation agreement with DKFZ in Germany for a five-year period for €400,000. As of June 30, 2022, $209,315 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 three-year period for a cost to the Company of up to $2.55 million payable over such period. As of June 30, 2022, $510,000 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 five-year period for a cost to the Company of up to $400,000 payable over such period. As of June 30, 2022, $18,994 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 six months for a cost to the Company of €54,879. Subsequently the parties entered into an amendment to the agreement with an additional cost to the Company of €100,236. In the three months ended June 30, 2022, the parties entered into agreements for an additional cost to the Company of €39,000. As of June 30, 2022, $46,170 is still to be paid by the Company under the amended agreement. As of June 30, 2022, the total amount to be paid for future research and collaboration commitments was approximately $ 784,479 and the payments remaining were as follows: 2022 - remaining $ 784,479 2022 - 2026 $ - Total Collaborative Agreement Obligations $ 784,479 f) Other Commitments 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 June 30, 2022, 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”). In connection with the transaction agreement, the Company entered into 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 five years post-closing. As of June 30, 2022, $217 is payable under the 6% royalty agreement on sales to date towards the Company’s aggregate minimum royalty obligation of $134,217. Volition America On November 3, 2020, the Company entered into a professional services master agreement with Diagnostic Oncology CRO, LLC ("DXOCRO") to conduct a pivotal clinical trial and provide regulatory submission and reimbursement related services. Under the terms of the agreement DXOCRO 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 June 30, 2022, $4,375 is payable by Company for services rendered under the agreement. g) Legal Proceedings There are no legal proceedings which the Company believes will have a material adverse effect on its financial position. h) Commitments in Respect of Corporate Goals and Performance-Based Awards In August 2021 and October 2021 the Compensation Committee of the Board of Directors approved the granting of equity-based awards under the 2015 Stock Incentive Plan as well as cash bonuses, vesting upon achievement of certain corporate goals focused around product development and commercialization, to various personnel including directors, executives, members of management, consultants and employees of the Company and/or its subsidiaries. Conditional upon the achievement by July 1, 2022 of all specified corporate goals as set forth in the minutes of the Compensation Committee, as well as continued service by the award recipient, the Company at the sole discretion of the Chief Executive Officer and the Chief Financial Officer would pay a cash bonus to such award recipient. As of June 30, 2022, the Company has accrued compensation expense of $737,137 based on the actual outcomes related to the prescribed performance targets. As discussed in detail in Note 8, - Stock-Based Compensation, On June 23, 2022, the Compensation Committee of the Board of Directors approved the achievement of all of the remaining outstanding corporate goals resulting in the payment of the cash bonus awards and the vesting of the rights to the equity-based awards, which equity-based awards remain subject to time-based vesting in equal installments on each of August 3, 2022 and August 3, 2023 (with the exception of October 4, 2022 and October 4, 2023 for one award) and the continuous service of the award recipient through the applicable vesting date. As of June 30, 2022, the Company has recognized compensation expense of $1,303,627 in relation to such stock options and $1,113,059 in relation to such RSUs, based on the probable outcomes related to the prescribed performance targets on the outstanding awards. As of June 30, 2022, the Company has unrecognized compensation expense of $635,526 in relation to such stock options and $541,337 in relation to such RSUs, based on the probable outcomes related to the prescribed performance targets on the outstanding awards.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events
Note 9 - Subsequent Events	No te 9 – Subsequent Events Equity Capital Raise On July 29, 2022, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Newbridge Securities Corporation (the “Underwriter”) in connection with an underwritten public offering (the “Offering”) of 3,450,000 shares (the “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 November 8, 2021, File No. 333-259783). The Underwriter purchased the Shares from the Company at a price of $2.00 per share on August 2, 2022. The net proceeds received by the Company for the sale and issuance of the Shares were approximately $6.4 million, before deducting offering expenses payable by the Company. Non-Dilutive Funding from Namur Invest In July 2022, Volition was awarded a $1.5 million (€1.5 million) loan by Namur Invest Capital Risk to fund an early access program for its Nu.Q ® Restricted Stock Units (RSUs) On August 3, 2022, 230,102 RSUs vested and will result in the issuance of 191,992 shares of common stock and the remaining 38,110 shares of common stock will be withheld for taxes and returned as authorized shares under the 2015 Stock Incentive Plan. Amendment to Agreement with DXOCRO On August 8, 2022, Volition entered into an amendment to the agreement with DXOCRO to undertake additional clinical studies in the U.S. Pursuant to the agreement, as amended, DXOCRO will conduct large-scale finding studies across multiple sites in the U.S. using Volition's Nu.Q ® ® Commitments and Contingencies - Other Commitments

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
Basis Of Presentation	The interim consolidated financial statements of VolitionRx Limited (the “Company” or “VolitionRx”) for the three and six months ended June 30, 2022 and June 30, 2021, respectively, are unaudited. These interim consolidated financial statements are prepared in accordance with the requirements for unaudited interim periods and, consequently, do not include all disclosures required to be made in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of the Company’s management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position as of June 30, 2022, and its results of operations and cash flows for the periods ended June 30, 2022 and June 30, 2021, respectively. The results of operations for the periods ended June 30, 2022 and June 30, 2021, respectively, are not necessarily indicative of the results for a full-year period. These interim consolidated financial statements should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2022.
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 experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected.
Cash And Cash Equivalents	For the purposes of the statements of cash flows, the Company considers interest bearing deposits with original maturity dates of three months or less to be cash equivalents. The Company invests excess cash from its operating cash accounts in overnight investments and reflects these amounts in cash and cash equivalents in the condensed consolidated balance sheets at fair value using quoted prices in active markets for identical assets. As of June 30, 2022, cash and cash equivalents totaled approximately $16.7 million, of which $10.2 million was held in an overnight money market account.
Principles Of Consolidation	The accompanying condensed consolidated financial statements for the period ended June 30, 2022 include the accounts of the Company and its subsidiaries. The Company has two wholly owned subsidiaries, Singapore Volition Pte. Limited (“Singapore Volition”) and Volition Global Services SRL (“Volition Global”). Singapore Volition has one wholly owned subsidiary, Belgian Volition SRL (“Belgian Volition”). Belgian Volition has four subsidiaries, Volition Diagnostics UK Limited (“Volition Diagnostics”), Volition America, Inc. (“Volition America”), Volition Germany GmbH (“Volition Germany”), and its one majority owned subsidiary Volition Veterinary Diagnostics Development LLC (“Volition Vet”). See Note 8(f), Commitments and Contingencies – Other Commitments
Accounts Receivables	Trade accounts receivable are stated at the amount the Company expects to collect. Due to the nature of the accounts receivable balance, the Company believes the risk of doubtful accounts is minimal and therefore no allowance is recorded. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. The Company may provide for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. As of June 30, 2022, the accounts receivable balance was $8,489 and the allowance for doubtful debts was $nil.
Revenue Recognition	The Company adopted Accounting Standards Codification (“ASC”)606, “ Revenue from Contracts with Customers,” The Company generates product revenues from the sale of its Nu.Q ® ® Revenues, and their respective treatment for financial reporting purposes under ASC 606, are as follows: Product The Company includes revenue from product sales recognized during the period in which goods are shipped to third parties, and the amount is deemed collectable from the third parties. These are presented in “Product” in the consolidated statements of operations and comprehensive loss. Services The Company includes revenue recognized from laboratory services performed in the Company’s laboratory on behalf of third parties in “Services” in the consolidated statements of operations and comprehensive loss. For each development and/or commercialization agreement that results in revenue, the Company identifies all performance obligations, aside from those that are immaterial, which may include a license to intellectual property and know-how, development activities and/or transition activities. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur throughout the life of the contract. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Licensing The Company includes revenue recognized from the licensing of certain rights to third parties in “Licensing” in the consolidated statements of operations and comprehensive loss. For each development and/or commercialization agreement that results in revenues, the Company identifies all performance obligations, aside from those that are immaterial, which may include a license to intellectual property and know-how, development activities and/or transition activities. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur throughout the life of the contract. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required.
Deferred Revenue (contract Liabilities) And Contract Assets	Deferred revenue consists of amounts for which the Company has an unconditional right to bill, and/or amounts for which payment has been received–including non-refundable amounts, but have not been recognized as revenue because the related performance obligations are deemed incomplete. As at June 30, 2022, the Company recorded $10.0 million as deferred revenue in respect of a non-refundable payment received in relation to a licensing and product supply agreement with Heksa Corporation. Contract assets include costs and services incurred on contracts with open performance obligations. These contract assets were immaterial as of June 30, 2022.
Basic And Diluted Net Loss Per Share	The Company computes net loss per share in accordance with 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.”
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 $3.3 million and $2.9 million during the six-months ended June 30, 2022, and June 30, 2021, respectively.
Stock-based Compensation	The Company records stock-based compensation in accordance with ASC 718, “ Compensation – Stock Compensation.” Stock-Based Compensation
Reclassification	Certain amounts presented in previously issued financial statements have been reclassified to be consistent with the current period presentation. The Company has reclassified the prior period comparative amounts for the quarter ended June 30, 2022. Certain reclassifications have been made to the prior years’ financial statements in relation to Research and Development expenses, General and Administrative expenses and Sales and Marketing expenses to conform to the current year presentation. These reclassifications had no effect on previously reported results of operations.
Recent Accounting Pronouncements	The Company has implemented all new accounting pronouncements that are in effect. The Company does not believe 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	As of the date of this filing, there continue to be widespread concerns regarding the ongoing impacts and disruptions caused by the COVID-19 pandemic in the regions in which the Company operates. As a result of the impacts of the COVID-19 pandemic, the Company has experienced and may continue to experience disruptions to its clinical trials, including patient enrollment and sample collection delays. Although the Company has taken steps to mitigate the impacts of the COVID-19 pandemic, the extent to which the pandemic will impact its business, financial condition, and results of operations in future periods is highly uncertain and will be affected by a number of factors outside of the Company’s control. These include the duration and extent of the COVID-19 pandemic, the development of new variants of the COVID-19 virus that may be more contagious or virulent than previous versions, the scope of mandated or recommended containment and mitigation measures, the effect of government stabilization and recovery efforts, and the success of vaccine distribution programs.

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2022
Property and Equipment
Schedule Of Property And Equipment	June 30, 2022 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 597,061 440,563 156,498 Laboratory equipment 5 years 3,291,800 1,585,319 1,706,481 Office furniture and equipment 5 years 321,356 216,428 104,928 Buildings 30 years 2,003,306 257,610 1,745,696 Building improvements 5-15 years 1,244,578 276,041 968,537 Land Not amortized 125,589 - 125,589 7,583,690 2,775,961 4,807,729 December 31, 2021 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 599,944 474,169 125,775 Laboratory equipment 5 years 3,032,108 1,434,347 1,597,761 Office furniture and equipment 5 years 293,427 213,244 80,183 Buildings 30 years 2,177,641 243,750 1,933,891 Building improvements 5-15 years 1,293,258 256,309 1,036,949 Land Not amortized 136,518 - 136,518 7,532,896 2,621,819 4,911,077

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Intangible Assets
Schedule Of Intangible Assets	June 30, 2022 Accumulated Net Carrying Cost $ Amortization $ Value $ Patents 1,080,777 929,463 151,314 December 31, 2021 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,178,135 961,259 216,876
Schedule Of Annual Estimated Amortization	2022 - remaining $ 40,148 2023 $ 82,415 2024 $ 28,751 Total Intangible Assets $ 151,314

StockBased Compensation (Tables

StockBased Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
StockBased Compensation (Tables)
Summary Of Changes In Warrants Outstanding	Weighted Average Number of Exercise Warrants Price ($) Outstanding at December 31, 2021 485,000 3.88 Granted 54,000 3.05 Outstanding at June 30, 2022 539,000 3.80 Exercisable at June 30, 2022 485,000 3.88
Summarizing The Warrants Issued And Outstanding	Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 125,000 125,000 2.47 0.66 308,750 54,000 - 3.05 6.27 164,700 50,000 50,000 3.45 3.67 172,500 125,000 125,000 3.95 4.51 493,750 185,000 185,000 4.90 4.59 906,500 539,000 485,000 2,046,200
Summarizes The Changes In Options Outstanding	Weighted Average Number of Exercise Options Price ($) Outstanding at December 31, 2021 5,027,518 3.87 Granted - - Exercised - - Expired/Cancelled - - Outstanding at June 30, 2022 5,027,518 3.87 Exercisable at June 30, 2022 3,977,518 3.99
Summarizing The Options Issued And Outstanding	Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 635,000 635,000 3.25 2.62 2,063,750 2,717 2,717 3.35 1.18 9,102 1,060,000 10,000 3.40 9.10 3,604,000 800,000 800,000 3.60 7.85 2,880,000 1,682,837 1,682,837 4.00 4.26 6,731,348 11,801 11,801 4.35 0.95 51,334 89,163 89,163 4.38 5.57 390,534 50,000 50,000 4.80 4.51 240,000 696,000 696,000 5.00 4.74 3,480,000 5,027,518 3,977,518 19,450,068
Summarizing The Rsus Issued And Outstanding Maturity Life	Weighted Number of Average RSUs Share Price ($) Outstanding at December 31, 2021 810,750 3.33 Granted 207,000 2.85 Vested/Settled (91,250 ) 3.42 Cancelled (33,000 ) 3.35 Outstanding at June 30, 2022 893,500 3.21 Weighted Average Remaining Number Share Contractual Outstanding Price ($) Life (Years) 33,000 2.45 1.42 30,000 2.81 1.17 8,000 2.83 1.11 136,000 2.95 1.48 39,809 3.04 0.76 560,191 3.31 0.62 24,000 3.32 0.55 4,000 3.38 0.48 43,500 3.51 0.84 15,000 3.59 0.73 893,500

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies
Schedule Of Future Minimum Lease Payments Under Financing Leases	2022 - remaining $ 28,145 2023 $ 56,292 2024 $ 56,291 2025 $ 56,291 2026 $ 56,292 Greater than 5 years $ 302,554 Total $ 555,865 Less: Amount representing interest $ (63,692 ) Present value of minimum lease payments $ 492,173
Schedule Of Future Minimum Lease Payments Under Operating Leases	2022 - remaining $ 127,652 2023 $ 263,097 2024 $ 162,756 2025 $ 119,712 2026 $ 120,400 Total Operating Lease Obligations $ 793,617 Less: Amount representing interest $ (32,294 ) Present Value of minimum lease payments $ 761,323
Schedule Of Recognized In Short-term Lease Costs	2022 - remaining $ 25,715 2023 $ 22,505 Total Operating Lease Liabilities $ 48,220
Schedule of annual payments Of Collaborative Agreement Obligations	2022 - remaining $ 784,479 2022 - 2026 $ - Total Collaborative Agreement Obligations $ 784,479
Schedule Of Grants Repayable	2022 - remaining $ 40,743 2023 $ 39,179 2024 $ 17,002 2025 $ 18,716 2026 $ 24,600 Greater than 5 years $ 132,359 Total Grants Repayable $ 272,599
Schedule Of Long-term Debt Payable	2022 - remaining $ 796,290 2023 $ 772,436 2024 $ 631,800 2025 $ 208,663 2026 $ 128,713 Greater than 5 years $ 564,414 Total $ 3,102,316 Less: Amount representing interest $ (274,071 ) Total Long-Term Debt $ 2,828,245

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Research And Development Expenses	$ 3,300,000	$ 2,900,000
Deferred Revenue	10,000,000
Cash and cash equivalents	16,700,000
Amount held in money markey account	10,200,000
Accounts Receivable	$ 8,489		$ 12,510
Warrants And Options [Member]
Potentially Dilutive Securities Excluded From The Computation Of Eps	6,460,018

Going Concern (Details Narrativ

Going Concern (Details Narrative) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Going Concern
Net Loss Since Inception	$ 152.3

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Cost	$ 7,583,690	$ 7,532,896
Accumulated Depreciation	2,775,961	2,621,819
Net Carrying Value	4,807,729	4,911,077
Land [Member]
Cost	125,589	136,518
Accumulated Depreciation	0	0
Net Carrying Value	$ 125,589	$ 136,518
Useful Life	0 years	0 years
Computer Hardware And Software [Member]
Cost	$ 597,061	$ 599,944
Accumulated Depreciation	440,563	474,169
Net Carrying Value	$ 156,498	$ 125,775
Useful Life	3 years	3 years
Laboratory Equipment [Member]
Cost	$ 3,291,800	$ 3,032,108
Accumulated Depreciation	1,585,319	1,434,347
Net Carrying Value	$ 1,706,481	$ 1,597,761
Useful Life	5 years	5 years
Office Furniture and Equipment [Member]
Cost	$ 321,356	$ 293,427
Accumulated Depreciation	216,428	213,244
Net Carrying Value	$ 104,928	$ 80,183
Useful Life	5 years	5 years
Buildings [Member]
Cost	$ 2,003,306	$ 2,177,641
Accumulated Depreciation	257,610	243,750
Net Carrying Value	$ 1,745,696	$ 1,933,891
Useful Life	30 years	30 years
Building Improvements [Member]
Cost	$ 1,244,578	$ 1,293,258
Accumulated Depreciation	276,041	256,309
Net Carrying Value	$ 968,537	$ 1,036,949
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 ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Property and Equipment
Depreciation Expense	$ 407,059	$ 425,187

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Net Carrying Value	$ 151,314	$ 216,876
Patents [Member]
Cost	1,080,777	1,178,135
Accumulated Amortization	929,463	961,259
Net Carrying Value	$ 151,314	$ 216,876

Intangible Assets (Details 1)

Intangible Assets (Details 1) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Intangible Assets
2022 - remaining	$ 40,148
2023	82,415
2024	28,751
Total Intangible Assets	$ 151,314	$ 216,876

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Amortization Expense	$ 42,647	$ 46,567
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 ($) $ / shares in Units, $ in Millions		1 Months Ended			6 Months Ended
	May 01, 2022	Apr. 19, 2022	Mar. 28, 2022	Sep. 24, 2021	Jun. 30, 2022	Dec. 31, 2021
Restricted Vested Stock			15,000
Issuance Of Common Stock From Settlement Of Rsu			15,000
Common Stock, Shares Authorized					100,000,000	100,000,000
Common Stock, Shares Issued					53,846,973	53,772,261
Common Stock, Shares Outstanding					53,846,973	53,772,261
Common Stock Par Value					$ 0.001	$ 0.001
Equity Distribution Agreement [Member]
Aggeregate Share Of Common Stock Offering Price				$ 25
2015 Stock Incentive Plan [Member]
Restricted Vested Stock	50,000	26,250
Issuance Of Common Stock From Settlement Of Rsu	35,000	21,712
Withholding common shares	15,000	4,538
Inception [Member]
Aggregate net proceeds					$ 0.7
Common Stock Sold					193,600

Stock Based Compensation (Detai

Stock Based Compensation (Details) - Warrants [Member]	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number Of Warrants Outstanding Beginning Balance | shares	485,000
Number Of Warrants Granted | shares	54,000
Number Of Warrants Outstanding Ending Balance | shares	539,000
Number Of Warrants Exercisable | shares	485,000
Weighted Average Exercise Price Outstanding Balance | $ / shares	$ 3.88
Weighted Average Exercise Price Granted | $ / shares	3.05
Weighted Average Exercise Price Ending Balance | $ / shares	3.80
Weighted Average Exercise Price Exercisable | $ / shares	$ 3.88

Stock Based Compensation (Det_2

Stock Based Compensation (Details 1)	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Warrants [Member]
Number Exercisable	485,000
Number Outstanding	539,000
Proceeds To Company If Exercised | $	$ 2,046,200
Warrant One [Member]
Weighted Average Remaining Contractual Life (years)	7 months 28 days
Number Exercisable	125,000
Number Outstanding	125,000
Proceeds To Company If Exercised | $	$ 308,750
Exercise Price | $ / shares	$ 2.47
Warrant Two [Member]
Weighted Average Remaining Contractual Life (years)	6 years 3 months 7 days
Number Outstanding	54,000
Proceeds To Company If Exercised | $	$ 164,700
Exercise Price | $ / shares	$ 3.05
Warrant Three [Member]
Weighted Average Remaining Contractual Life (years)	3 years 8 months 1 day
Number Exercisable	50,000
Number Outstanding	50,000
Proceeds To Company If Exercised | $	$ 172,500
Exercise Price | $ / shares	$ 3.45
Warrants Four [Member]
Weighted Average Remaining Contractual Life (years)	4 years 6 months 3 days
Number Exercisable	125,000
Number Outstanding	125,000
Proceeds To Company If Exercised | $	$ 493,750
Exercise Price | $ / shares	$ 3.95
Warrants Five [Member]
Weighted Average Remaining Contractual Life (years)	4 years 7 months 2 days
Number Exercisable	185,000
Number Outstanding	185,000
Proceeds To Company If Exercised | $	$ 906,500
Exercise Price | $ / shares	$ 4.90

Stock Based Compensation (Det_3

Stock Based Compensation (Details 2) - Option Four [Member]	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Number Of Options Outstanding Beginning Balance | shares	5,027,518
Number Of Expired/cancelled | $	$ 0
Number Of Option Outstanding Ending Balance | shares	5,027,518
Number Of Options Exercisable | shares	3,977,518
Weighted Average Exercise Price Outstanding Beginning Balance	$ 3.87
Weighted Average Exercise Price Outstanding Granted	0
Weighted Average Exercise Price Exercised	0
Weighted Average Exercise Price Expires/cancelled	0
Weighted Average Exercise Price Outstanding Ending Balance	3.87
Weighted Average Exercise Price Exercisable Balance	$ 3.99

Stock Based Compensation (Det_4

Stock Based Compensation (Details 3)	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Option Four [Member]
Number Exercisable, Shares	800,000
Weighted Average Remaining Contractual Life (years)	7 years 10 months 6 days
Proceeds To Company If Exercised | $	$ 2,880,000
Number Outstanding, Shares	800,000
Exercise Price | $ / shares	$ 3.60
Options One [Member]
Number Exercisable, Shares	635,000
Weighted Average Remaining Contractual Life (years)	2 years 7 months 13 days
Proceeds To Company If Exercised | $	$ 2,063,750
Number Outstanding, Shares	635,000
Exercise Price | $ / shares	$ 3.25
Option Two [Member]
Number Exercisable, Shares	2,717
Weighted Average Remaining Contractual Life (years)	1 year 2 months 4 days
Proceeds To Company If Exercised | $	$ 9,102
Number Outstanding, Shares	2,717
Exercise Price | $ / shares	$ 3.35
Option Three [Member]
Number Exercisable, Shares	10,000
Weighted Average Remaining Contractual Life (years)	9 years 1 month 6 days
Proceeds To Company If Exercised | $	$ 3,604,000
Number Outstanding, Shares	1,060,000
Exercise Price | $ / shares	$ 3.40
Option Five [Member]
Number Exercisable, Shares	1,682,837
Weighted Average Remaining Contractual Life (years)	4 years 3 months 3 days
Proceeds To Company If Exercised | $	$ 6,731,348
Number Outstanding, Shares	1,682,837
Exercise Price | $ / shares	$ 4
Option Six [Member]
Number Exercisable, Shares	11,801
Weighted Average Remaining Contractual Life (years)	11 months 12 days
Proceeds To Company If Exercised | $	$ 51,334
Number Outstanding, Shares	11,801
Exercise Price | $ / shares	$ 4.35
Option Seven [Member]
Number Exercisable, Shares	89,163
Weighted Average Remaining Contractual Life (years)	5 years 6 months 25 days
Proceeds To Company If Exercised | $	$ 390,534
Number Outstanding, Shares	89,163
Exercise Price | $ / shares	$ 4.38
Option Eight [Member]
Number Exercisable, Shares	50,000
Weighted Average Remaining Contractual Life (years)	4 years 6 months 3 days
Proceeds To Company If Exercised | $	$ 240,000
Number Outstanding, Shares	50,000
Exercise Price | $ / shares	$ 4.80
Option Nine [Member]
Number Exercisable, Shares	696,000
Weighted Average Remaining Contractual Life (years)	4 years 8 months 26 days
Proceeds To Company If Exercised | $	$ 3,480,000
Number Outstanding, Shares	696,000
Exercise Price | $ / shares	$ 5
Total Option [Member]
Number Exercisable, Shares	3,977,518
Proceeds To Company If Exercised | $	$ 19,450,068
Number Outstanding, Shares	5,027,518

Stock Based Compensation (Det_5

Stock Based Compensation (Details 4) - Stock Options [Member]	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number Of Rsus Outstanding Begining Balance | shares	810,750
Granted | shares	207,000
Vested/Settled | shares	(91,250)
Cancelled | shares	(33,000)
Number Of Rsus Outstanding Ending Balance | shares	893,500
Share Price Beginning Balance | $ / shares	$ 3.33
Share Price Granted | $ / shares	2.85
Share Price Vested/Settled | $ / shares	3.42
Share Price Cancelled | $ / shares	3.35
Share Price Ending Balance | $ / shares	$ 3.21

Stock Based Compensation (Det_6

Stock Based Compensation (Details 5)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number Of Stock Outstanding Balance	893,500
Option Four [Member]
Number Of Stock Outstanding Balance	136,000
Share Price | $ / shares	$ 2.95
Weighted Average Remaining Contractual Life (years)	1 year 5 months 23 days
Options One [Member]
Number Of Stock Outstanding Balance	33,000
Share Price | $ / shares	$ 2.45
Weighted Average Remaining Contractual Life (years)	1 year 5 months 1 day
Option Two [Member]
Number Of Stock Outstanding Balance	30,000
Share Price | $ / shares	$ 2.81
Weighted Average Remaining Contractual Life (years)	1 year 2 months 1 day
Option Three [Member]
Number Of Stock Outstanding Balance	8,000
Share Price | $ / shares	$ 2.83
Weighted Average Remaining Contractual Life (years)	1 year 1 month 9 days
Option Five [Member]
Number Of Stock Outstanding Balance	39,809
Share Price | $ / shares	$ 3.04
Weighted Average Remaining Contractual Life (years)	9 months 3 days
Option Six [Member]
Number Of Stock Outstanding Balance	560,191
Share Price | $ / shares	$ 3.31
Weighted Average Remaining Contractual Life (years)	7 months 13 days
Option Seven [Member]
Number Of Stock Outstanding Balance	24,000
Share Price | $ / shares	$ 3.32
Weighted Average Remaining Contractual Life (years)	6 months 18 days
Option Eight [Member]
Number Of Stock Outstanding Balance	4,000
Share Price | $ / shares	$ 3.38
Weighted Average Remaining Contractual Life (years)	5 months 23 days
Option Nine [Member]
Number Of Stock Outstanding Balance	43,500
Share Price | $ / shares	$ 3.51
Weighted Average Remaining Contractual Life (years)	10 months 2 days
Option Ten [Member]
Number Of Stock Outstanding Balance	15,000
Share Price | $ / shares	$ 3.59
Weighted Average Remaining Contractual Life (years)	8 months 23 days

Stock Based Compensation (Det_7

Stock Based Compensation (Details Narrative) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

Apr. 04, 2022

Feb. 08, 2022

Mar. 28, 2022

Mar. 01, 2022

Mar. 31, 2021

Jun. 30, 2022

Jun. 30, 2021

Jun. 01, 2022

May 31, 2022

May 01, 2022

Apr. 19, 2022

Dec. 31, 2021

Weighted Average Remaining Contractual Life

3 years 8 months 26 days

Issued Of Common Stock From Settlement Of Rsu

15,000

Restricted Vested Stock

15,000

Common stock, shares issued

53,846,973

53,772,261

RSU granted shares of common stock

$ 1,769,335

$ 893,086

February 8, 2022 [Member]

Common Stock Shares Issuable Upon Exercise Of Warrants

8,000

Vesting percentage

50%

Vest year

24 years

Total Compensation Expense

$ 22,640

March 1, 2022 [Member]

Common Stock Shares Issuable Upon Exercise Of Warrants

30,000

Vesting percentage

50%

Vest year

24 years

Total Compensation Expense

$ 84,300

April four two thousand twenrt two[Member] | Warrants [Member]

Share-based Payment Arrangement, Noncash Expense

53,601

337,823

Compensation Cost Related To Non-vested Warrants

$ 66,313

Vesting term

1 year 9 months 3 days

Stock option purchase

54,000

Expire description

This warrant shall vest in two equal installments at 12 months and 24 months from the grant date, subject to continued service and expire on April 4, 2028 and April 4, 2029, respectively, with an exercise price of $3.05 per

Estimated fair market value

$ 80,901

stock price

$ 2.95

exercise price

$ 3.05

volatility

71.07%

risk-free rate

2.53%

Warrant term

3 years 6 months

Options Held [Member]

Weighted Average Remaining Contractual Life

5 years 9 months

Common Stock, Shares Authorized

7,750,000

Common Stock Shares Reserved For Future Issuance

1,969,890

Share-based Payment Arrangement, Noncash Expense

$ 784,236

418,292

Compensation Cost Related To Non-vested Warrants

$ 674,046

Term

1 year 3 months 3 days

Intrinsic value

$ 0

Options Held [Member] | March 28, 2022 [Member]

Restricted Vested Stock

15,000

2015 Equity Incentive Plan [Member] | Options Held [Member]

Weighted Average Remaining Contractual Life

11 months 1 day

Share-based Payment Arrangement, Noncash Expense

$ 931,498

$ 136,971

RSUs, vested

50,000

26,250

Common stock, shares issued

35,000

21,712

Common stock, shares withheld for taxes

15,000

4,538

RSUs, cancelled

33,000

RSUs, granted

33,000

Vesting percentage

50%

RSUs, compensation expense

$ 80,850

Remaining unrecognized compensation cost related to non-vested RSUs

1,340,640

Restricted Stock Units [Member]

Intrinsic value

0

Restricted Stock Units [Member] | TwoInstallment [Member] | Four April Two Thousand Twenty Two [Member]

Awards, granted

32,000

Stock compensation expenses

94,400

Restricted Stock Units [Member] | ThreeInstallment [Member] | Four April Two Thousand Twenty Two [Member]

Stock compensation expenses

306,800

RSU granted shares of common stock

$ 104,000

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Finance Lease Obligations [Member]	Jun. 30, 2022 USD ($)
2022	$ 28,145
2023	56,292
2024	56,291
2025	56,291
2026	56,292
Greater Than 5 Years	302,554
Total	555,865
Less: Amount Representing Interest	(63,692)
Present Value Of Minimum Lease Payments	$ 492,173

Commitments and Contingencies_3

Commitments and Contingencies (Details 1)	Jun. 30, 2022 USD ($)
Total Operating Lease Obligations	$ 761,323
Operating Lease Right of Use Obligations [Member]
2022	127,652
2023	263,097
2024	162,756
2025	119,712
2026	120,400
Total Operating Lease Obligations	793,617
Less: Amount Representing Interest	(32,294)
Present Value Of Minimum Lease Payments	$ 761,323

Commitments and Contingencies_4

Commitments and Contingencies (Details 2)	Jun. 30, 2022 USD ($)
Total Operating Lease Liabilities	$ 761,323
Short Term Office Leases [Member]
2022	25,715
2023	22,505
Total Operating Lease Liabilities	$ 48,220

Commitments and Contingencies_5

Commitments and Contingencies (Details 3) - Grants Repayable [Member]	Jun. 30, 2022 USD ($)
2022	$ 40,743
2023	39,179
2024	17,002
2025	18,716
2026	24,600
Greater Than 5 Years	132,359
Total Grants Repayable	$ 272,599

Commitments and Contingencies_6

Commitments and Contingencies (Details 4)	Jun. 30, 2022 USD ($)
Commitments and Contingencies
2022	$ 796,290
2023	772,436
2024	631,800
2025	208,663
2026	128,713
Greater Than 5 Years	564,414
Total	3,102,316
Less: Amount Representing Interest	(274,071)
Total Long-term Debt	$ 2,828,245

Commitments and Contingencies_7

Commitments and Contingencies (Details 5)	Jun. 30, 2022 USD ($)
Commitments and Contingencies
2022	$ 784,479
2022 - 2026	0
Total Collaborative Agreement Obligations	$ 784,479

Commitments and Contingencies_8

Commitments and Contingencies (Details Narrative)		6 Months Ended
	Nov. 03, 2020	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Jun. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Initial Rent, In Month		$ 7,642
Right Of Use Assets In Exchange For Right Of Use Liabilities		461,341
Payable By Company For Services Rendered		4,375
Payments For Future Research And Collobration		784,479
Aggerate Amount Payable, Description	the Company to pay in aggregate of up to $2.9 million over a period of 22 months
Grant Repyable		272,599
Long-term debt payable		2,828,245
Unrecognized compensation expense		635,526
Compensation expense		541,337
Operating Lease Right-of-use Assets		739,015			$ 383,551
Operating Lease Liabilities		761,323
Short Term Lease Costs		41,708
Finance Lease Obligations [Member]
Lease Payable		555,865
August 2021 [Member]
Accrued Compensation		737,137
In 2018 [Member] | Walloon Region Government [Member] | Colorectal Cancer Research Agreement [Member]
Amount Repayable		$ 112,340
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
Repayment Of Grants | €				€ 181,500
Royality On Revenue		3.53%	3.53%
Grant Receivable | €				605,000
Grant Repaid By Installments		over 12 years	over 12 years
In 2018 [Member] | BNP Paribas leasing solutions [Member] | Finance Lease Obligations [Member]
Amount Payable		$ 0
Purchase Price For The Property | €				€ 25,000
Maturity Date		January 2022	January 2022
Implicit Interest		1.35%		1.35%
Leased Equipment Amortized Term		5 years	5 years
In 2016 [Member] | ING [Member] | Long-term Debt [Member]
Maturity Date		May 2031	May 2031
Fixed Interest Rate On Lease		2.62%		2.62%
Lease Payable		$ 492,173
In 2010 [Member] | Walloon Region Government [Member]
Amount Repayable		$ 57,562
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 6.00% royalty on revenue, is equal to twice the amount of funding received	it is due to pay a 6% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €314,406 and the 6.00% royalty on revenue, is equal to twice the amount of funding received
Repayment Of Grants | €				€ 314,406
Royality On Revenue		6%	6%
In 2020 [Member] | Walloon Region Government [Member]
Amount Repayable		$ 54,092
Terms Of Agreement Description		it is due to pay a 2.89% 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 €148,500 and the 2.89% royalty on revenue, is equal to the amount of funding received	it is due to pay a 2.89% 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 €148,500 and the 2.89% royalty on revenue, is equal to the amount of funding received
Repayment Of Grants | €				148,500
Royality On Revenue		2.89%	2.89%
Grant Receivable | €				495,000
Grant Repaid By Installments		over 10 years	over 10 years
In 2020 [Member] | Walloon Region Government [Member] | Colorectal Cancer Research Agreement [Member]
Amount Repayable		$ 48,605
Terms Of Agreement Description		it is due to pay a 4.34% 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 €278,830 and the 4.34% royalty on revenue, is equal to the amount of funding received	it is due to pay a 4.34% 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 €278,830 and the 4.34% royalty on revenue, is equal to the amount of funding received
Repayment Of Grants | €				278,830
Royality On Revenue		4.34%	4.34%
Grant Receivable | €				€ 929,433
Grant Repaid By Installments		over 15 years	over 15 years
In 2019 [Member] | Collaborative Arrangement, Co-promotion [Member]
Collaborative Obligations Amount Due		$ 18,994
Lease Agreement Expire Period		five-year	five-year
Collaborative Obligations Amount		$ 400,000
Research Collaboration Agreement Description		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 five-year period for a cost to the Company of up to $400,000 payable over such period	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 five-year period for a cost to the Company of up to $400,000 payable over such period
Stock Incentive Plan [Member]
Stock Option Expenses		$ 1,303,627
Restricted Stock		500,000
Total Of Stock Option		1,000,000
Stock Incentive Plan [Member] | RSU [Member]
Stock Option Expenses		1,113,059
Managing Director's Agreement [Member]
Amount Payable		217
Royalty Payment		$ 134,217
Royality		6%	6%
Loan Agreement [Member] | In 2016 [Member] | ING [Member] | Long-term Debt [Member]
Maturity Date		December 2031	December 2031
Fixed Interest Rate		2.62%		2.62%
Repayment Of Long-term Loan Amount | €			€ 270,000
Loan Agreement Term		15 years	15 years
Principal Balance Payable		$ 192,996
Loan Agreement [Member] | In 2016 [Member] | Namur Invest [Member] | Long-term Debt [Member]
Maturity Date		December 2023	December 2023
Fixed Interest Rate		4.85%		4.85%
Repayment Of Long-term Loan Amount | €			€ 440,000
Loan Agreement Term		7 years	7 years
Total Long-term Debt		$ 119,470
Loan Agreement [Member] | In 2019 [Member] | Namur Invest [Member] | Long-term Debt [Member]
Maturity Date		September 2024	September 2024
Fixed Interest Rate		4.80%		4.80%
Repayment Of Long-term Loan Amount | €			€ 500,000
Loan Agreement Term		4 years	4 years
Total Long-term Debt		$ 346,385
Loan Agreement [Member] | In 2017 [Member] | SOFINEX [Member] | Long-term Debt [Member]
Maturity Date		September 2024	September 2024
Fixed Interest Rate		4.50%		4.50%
Repayment Of Long-term Loan Amount | €			€ 1,000,000
Loan Agreement Term		7 years	7 years
Total Long-term Debt		$ 575,615
Loan Agreement [Member] | October 13, 2020 [Member] | Namur [Member] | Long-term Debt [Member]
Maturity Date		March 2031	March 2031
Fixed Interest Rate		4%		4%
Repayment Of Long-term Loan Amount | €			€ 830,000
Loan Agreement Term		10 years	10 years
Total Long-term Debt		$ 778,072
Loan Agreement [Member] | November 23, 2021 [Member] | SOFINEX [Member] | Long-term Debt [Member]
Maturity Date		June 2025	June 2025
Fixed Interest Rate		5%		5%
Loan Agreement Term		3 years	3 years
Total Long-term Debt		$ 470,958
Agreement Under Amount | €			€ 450,000
Loan Agreement [Member] | February 5, 2022 [Member] | Long-term Debt [Member] | First Insurance Funding [Member]
Maturity Date		November 2022	November 2022
Fixed Interest Rate		3.57%		3.57%
Repayment Of Long-term Loan Amount		$ 620,549
Loan Agreement Term		9 years	9 years
Total Long-term Debt		$ 344,749
Bioinformatic Analytics Of Cell Free DNA [Member] | On September 16, 2020 [Member]
Repayment Of Long-term Loan Amount | €			€ 54,879
Total Long-term Debt		100,236
Additional Cost Of Company		46,170
Research Co-operation Agreement [Member] | In 2016 [Member] | DKFZ [Member]
Collaborative Obligations Amount Due		$ 209,315
Lease Agreement Expire Period		five-year	five-year
Collaborative Obligations Amount | €				€ 400,000
Clinical Study Research Agreement [Member] | In 2018 [Member] | University of Taiwan [Member]
Collaborative Obligations Amount Due		$ 510,000
Lease Agreement Expire Period		three-year	three-year
Collaborative Obligations Amount		$ 25,500
Operating Lease Right of Use Obligations [Member]
Operating Lease Liabilities		$ 793,617
Weighted Average Discount Rate		2.43%		2.43%
Payment Of Lease Liabilities		$ 102,424
Operating Lease Expense		$ 120,733
Namur Innovation and Growth [Member] | Loan Agreement [Member] | In 2018 [Member] | Long-term Debt [Member]
Maturity Date		June 2022	June 2022
Fixed Interest Rate		4%		4%
Repayment Of Long-term Loan Amount | €			€ 500,000
Loan Agreement Term		4 years	4 years

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Aug. 31, 2022	Jul. 29, 2022	Aug. 03, 2022	Jun. 30, 2022	Dec. 31, 2021
Common stock, shares issued				53,846,973	53,772,261
Subsequent Event [Member]
Shares issued		3,450,000
Share price		$ 2
Proceed from sale of common stock		$ 6.4
Notes payable		$ 1.5
Interest rate		6%
Maturity date		Jul. 31, 2026
Estimated cost of studies	$ 4.2
Subsequent Event [Member] | 2015 Equity Incentive Plan [Member]
RSUs, vested			230,102
Common stock, shares issued			191,992
Common stock, shares withheld for taxes			38,110