Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-30156 | |
Entity Registrant Name | RENOVACARE, INC. | |
Entity Central Index Key | 0001016708 | |
Entity Tax Identification Number | 98-0384030 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 9375 E. Shea Blvd | |
Entity Address, Address Line Two | Suite 107-A | |
Entity Address, City or Town | Scottsdale | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85260 | |
City Area Code | 888 | |
Local Phone Number | 398-0202 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 87,352,364 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 4,342,978 | $ 7,412,969 |
Prepaid expenses | 466,468 | 566,275 |
Total current assets | 4,809,446 | 7,979,244 |
Equipment, net of accumulated depreciation of $8,308 and $3,584, respectively | 33,916 | 38,640 |
Intangible assets | 152,854 | 152,854 |
Security Deposit | 7,995 | 7,995 |
Right of Use Asset | 53,492 | 79,462 |
Other Assets | 94,247 | 137,749 |
Total assets | 5,151,950 | 8,395,944 |
Current liabilities | ||
Accounts payable and accrued liabilities | 165,476 | 1,237,437 |
Lease liability - current | 51,132 | 51,125 |
Total current liabilities | 216,608 | 1,288,562 |
Lease Liability - long term | 4,433 | 28,607 |
Total liabilities | 221,041 | 1,317,169 |
Stockholders' equity | ||
Preferred stock: $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding | ||
Common stock: $0.00001 par value; 500,000,000 shares authorized, 87,352,364 shares issued and outstanding at June 30, 2021 and December 31, 2020 | 874 | 874 |
Additional paid-in capital | 36,127,419 | 36,846,082 |
Retained deficit | (31,197,384) | (29,768,181) |
Total stockholders' equity | 4,930,909 | 7,078,775 |
Total liabilities and stockholders' equity | $ 5,151,950 | $ 8,395,944 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.00001 | $ 0.00001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 87,352,364 | 87,352,364 |
Common Stock, Shares, Outstanding | 87,352,364 | 87,352,364 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Operating expenses | ||||
Research and development | 704,569 | 1,347,005 | 1,758,862 | 1,539,778 |
General and administrative | 400,810 | 1,697,476 | (136,234) | 2,733,042 |
Total operating expenses, net | 1,105,379 | 3,044,481 | 1,622,628 | 4,272,820 |
Loss from operations | (1,105,379) | (3,044,481) | (1,622,628) | (4,272,820) |
Other income | ||||
Interest income | 2,615 | 32,888 | 2,622 | 86,474 |
Other income | 190,803 | 190,803 | ||
Total other income | 193,418 | 32,888 | 193,425 | 86,474 |
Net loss | $ (911,961) | $ (3,011,593) | $ (1,429,203) | $ (4,186,346) |
Basic and Diluted Loss per Common Share | $ (0.01) | $ (0.03) | $ (0.02) | $ (0.05) |
Weighted average number of common shares outstanding - basic and diluted | 87,352,364 | 87,352,364 | 87,352,364 | 87,352,364 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 874 | $ 32,378,833 | $ (20,219,845) | $ 12,159,862 |
Shares, Outstanding at beginning at Dec. 31, 2019 | 87,352,364 | |||
Stock based compensation due to common stock purchase options | 465,763 | 465,763 | ||
Net loss | (1,174,753) | (1,174,753) | ||
Ending balance, value at Mar. 31, 2020 | $ 874 | 32,844,596 | (21,394,598) | 11,450,872 |
Shares, Outstanding at end at Mar. 31, 2020 | 87,352,364 | |||
Stock based compensation due to common stock purchase options | 1,586,522 | 1,586,522 | ||
Net loss | (3,011,593) | (3,011,593) | ||
Ending balance, value at Jun. 30, 2020 | $ 874 | 34,431,118 | (24,406,191) | 10,025,801 |
Shares, Outstanding at end at Jun. 30, 2020 | 87,352,364 | |||
Beginning balance, value at Dec. 31, 2020 | $ 874 | 36,846,082 | (29,768,181) | 7,078,775 |
Shares, Outstanding at beginning at Dec. 31, 2020 | 87,352,364 | |||
Stock based compensation due to common stock purchase options | 352,063 | 352,063 | ||
Reversal of stock based compensation due to common stock purchase option cancellations | (1,248,575) | (1,248,575) | ||
Net loss | (517,242) | (517,242) | ||
Ending balance, value at Mar. 31, 2021 | $ 874 | 35,949,570 | (30,285,423) | 5,665,021 |
Shares, Outstanding at end at Mar. 31, 2021 | 87,352,364 | |||
Stock based compensation due to common stock purchase options | 243,979 | 243,979 | ||
Reversal of stock based compensation due to common stock purchase option cancellations | (66,130) | (66,130) | ||
Net loss | (911,961) | (911,961) | ||
Ending balance, value at Jun. 30, 2021 | $ 874 | $ 36,127,419 | $ (31,197,384) | $ 4,930,909 |
Shares, Outstanding at end at Jun. 30, 2021 | 87,352,364 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows used in operating activities | ||
Net loss | $ (1,429,203) | $ (4,186,346) |
Adjustments to reconcile net loss to net cash flows used in operating activities | ||
Depreciation expense | 4,724 | |
Stock based compensation expense | (675,163) | 2,052,285 |
Amortization of right of use asset | 25,970 | |
Changes in operating assets and liabilities: | ||
(Increase) decrease in prepaid expenses and other assets | 99,807 | (301,685) |
Increase (decrease) in accounts payable | (1,071,961) | 497,738 |
Increase (decrease) in accounts payable - related parties | 18,823 | |
Increase (decrease) in lease liability | (24,165) | |
Net cash flows used in operating activities | (3,069,991) | (1,919,185) |
Cash flows from investing activity | ||
Decrease (increase) in security deposit | (7,995) | |
Net cash flows from investing activity | (7,995) | |
Decrease in cash | (3,069,991) | (1,927,180) |
Cash at beginning of period | 7,412,969 | 12,185,248 |
Cash at end of period | $ 4,342,978 | $ 10,258,068 |
Organization, Overview of Opera
Organization, Overview of Operations, Basis of Presentation, Liquidity, Recent Accounting Standards and Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization, Overview of Operations, Basis of Presentation, Liquidity, Recent Accounting Standards and Earnings (Loss) Per Share | Note 1. Organization, Overview of Operations, Basis of Presentation, Liquidity, Recent Accounting Standards and Earnings (Loss) Per Share Organization RenovaCare, Inc. was incorporated on July 14, 1983 in the State of Utah under the name Far West Gold, Inc., and changed its domicile to Nevada in 1997. On January 7, 2014, the Company changed its name at the time from “Janus Resources, Inc.” to “RenovaCare, Inc.” so as to more fully reflect its current operations and business, and changed its trading symbol to “RCAR” effective as of January 9, 2014. The Company has an authorized capital of 500,000,000 shares of $ 0.00001 par value common stock, of which 87,352,364 shares are outstanding as of June 30, 2021, and 10,000,000 shares of $ 0.0001 par value preferred stock, of which none are outstanding. Overview of Operations RenovaCare, Inc., through its wholly owned subsidiary, RenovaCare Sciences Corp. is a development-stage company focusing on the research, development and commercialization of autologous (using a patient’s own cells) cellular therapies that can be used for medical and aesthetic applications. On July 12, 2013, the Company completed the acquisition of its flagship technologies (collectively, the “ CellMist TM The CellMist™ System is a cell isolation procedure that enzymatically renders stem cells from the patient’s own skin or other tissues. The resulting stem cell suspension is administered topically from SkinGun TM as a cell therapy onto wounds including burns to facilitate healing. In August 2019, the Company was awarded a continuation of a patent allowing the SkinGun TM encompassing improvements to the SkinGun™, expanding its potential application beyond the surgical setting into the field, and allowing the use of liquid suspension solutions to include drugs, hormones, and other useful agents. On May 6, 2021 the Food and Drug Administration gave full-approval of the Company’s Investigational Device Exemption (IDE) application to proceed with initial clinical testing of the CellMist™ System and SkinGun™ spray device in adult burn patients. The Company has four United States patents and patents in Germany, Australia, Canada, and Europe, with the European patent being validated in France, Germany, Italy, Netherlands, Spain, Switzerland/Lichtenstein, and United Kingdom. The Company also has patent applications pending in the United States and in multiple countries. The Company has six allowed trademarks in the United States and two pending applications. Globally, the Company has two European registered trademarks, two United Kingdom trademarks, two pending in Canada, and one allowed and one pending in Japan. Improvements in the design and efficiency of the CellMist™ System including a closed, automated cell isolation device and the SkinGun™ spray device are in development with StemCell Systems (Berlin, Germany), the Company’s R&D innovation partner. The Company is adapting its core technologies for possible use in other clinical indications. The Company is also developing the cell isolation and spray gun devices as stand-alone 510(k)-cleared products for isolation of cells from other tissues and spraying other solutions of medical importance. The Company does not have any commercialized products. The Company's activities have consisted principally of performing research and development activities and raising capital to support such activities. The Company has enlisted the assistance of several Contract Manufacturing Organizations (CMO) to manufacture clinical supplies including components of the CellMist System™ and the electronic SkinGun™ spray devices in compliance with FDA’s guidance for current Good Manufacturing Practices (cGMP) and Contract Research Organizations (CRO) to test and validate the Company’s products and processes and to conduct clinical trials that evaluate initially the safety and feasibility of an autologous skin cell therapy using the Company’s products to facilitate burn wound healing. These development activities are subject to significant risks and uncertainties, including possible failure of preclinical and clinical testing. The Company has not generated any revenue and has sustained recurring losses and negative cash flows from operations since inception. The Company expects to incur losses as it continues development of its products and technologies and expects that it will need to raise additional capital through partnerships or the sale of its securities to accomplish its business plan. Failing to secure such additional funding before achieving sustainable revenue and profit from operations poses a significant risk. The Company's ability to fund the development of its cellular therapies depends on the amount and timing of cash receipts from future financing activities. There can be no assurance as to the availability or terms upon which such financing and capital might be available. Basis of Presentation The accompanying unaudited interim consolidated financial statements of RenovaCare, Inc. and Subsidiary (the “ Company SEC U.S. GAAP The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Actual results may differ from those estimates. The accompanying unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments (including normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s consolidated financial position as of June 30, 2021, results of operations and stockholders’ equity for the three and six months ended June 30, 2021 and 2020, and cash flows for the six months ended June 30, 2021 and 2020. The Company did not record an income tax provision during the periods presented due to net taxable losses. The results of operations for any interim period are not necessarily indicative of the results of operations for the entire year. Liquidity As of June 30, 2021, the Company had $ 4,342,978 of cash on hand and cash equivalents, and working capital of $ 4,592,838 . As a result, the Company believes it currently has sufficient cash to meet its funding requirements over the next twelve months following the issuance of this Quarterly Report on Form 10-Q. However, the Company has experienced and continues to experience negative cash flows from operations, as well as an ongoing requirement for substantial additional capital investment. The Company expects that it may need to raise additional capital to accomplish its business plan over the next several years. There can be no assurance as to the availability or terms upon which such financing and capital might be available. See “Overview of Operations” above. Additionally, there is uncertainty relating to the full impact of the COVID-19 pandemic on the Company’s operations and capital requirements. Should financing when needed be unavailable or prohibitively expensive or the COVID-19 pandemic continue, it may adversely affect the Company’s ability to (i) retain employees and consultants; (ii) obtain additional financing on terms acceptable to the Company, if at all; (iii) delay regulatory submissions and approvals; (iv) delay, limit or preclude the Company from the operation of clinical study sites and testing laboratories; (v) delay, limit or preclude the Company from achieving technology or product development goals, milestones, or objectives; and (vi) preclude or delay entry into joint venture or partnership arrangements. The occurrence of any one or more of such events may affect the Company’s ability to continue on its pathway to commercialization of its technology or products. Recent Accounting Standards Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board's Accounting Standards Codification. The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable, the Company has not identified any standards that the Company believes merit further discussion other than as discussed above. The Company believes that none of the new standards will have a significant impact on the financial statements. Earnings (Loss) Per Share The Company presents both basic and diluted earnings per share ("EPS") amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. The Company has not included the effects of warrants, stock options and convertible debt on net loss per share because to do so would be antidilutive. Following is the computation of basic and diluted net loss per share for the three and six months ended June 30, 2021 and 2020: Summary of computation of basic and diluted net loss per share Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders' $ (911,961 ) $ (3,011,593 ) $ (1,429,203 ) $ (4,186,346 ) Denominator: Weighted average number of common shares outstanding 87,352,364 87,352,364 87,352,364 87,352,364 Basic and diluted EPS $ (0.01 ) $ (0.03 ) $ (0.02 ) $ (0.05 ) The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented: Stock options 3,089,999 4,788,071 3,089,999 4,788,071 Warrants 12,296,912 12,296,912 12,296,912 12,296,912 Total shares not included in the computation of diluted losses per share 15,386,911 17,084,983 15,386,911 17,084,983 |
Prepaid Expenses
Prepaid Expenses | 6 Months Ended |
Jun. 30, 2021 | |
Prepaid Expenses | |
Prepaid Expenses | Note 2. Prepaid Expenses Prepaid expenses consist of the following: Prepaid Expenses June 30, December 31, 2021 2020 Prepaid insurance $ - $ 54,180 Prepaid stock options for services 87,001 86,999 Prepaid professional fees 65,000 65,000 Prepaid research and development expense 296,196 289,746 Other prepaid costs 18,271 70,350 Total prepaid expenses $ 466,468 $ 566,275 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity | Note 3. Equity 2013 Long-Term Incentive Plan On June 20, 2013, the Company’s Board of Directors (the “ Board 2013 Plan 20,000,000 shares of the Company’s common stock have been reserved for issuance to the Company’s officers, directors, employees and consultants in order to attract and hire key technical personnel and management. Options granted to employees under the 2013 Plan, including directors and officers who are employees, may be incentive stock options or non-qualified stock options; options granted to others under the 2013 Plan are limited to non-qualified stock options. As of June 30, 2021, there were 16,668,266 shares available for future grants. The 2013 Plan is administered by the Board or a committee designated by the Board. Subject to the provisions of the 2013 Plan, the Board has the authority to determine the officers, employees and consultants to whom options will be granted, the number of shares covered by each option, vesting rights and the terms and conditions of each option that is granted to them; however, no person may be granted options to purchase more than 2,000,000 shares in any one fiscal year under the 2013 Plan, and the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000. Options granted pursuant to the 2013 Plan are exercisable no later than ten years after the date of grant. The exercise price per share of common stock for options granted under the 2013 Plan is the fair market value of the Company's common stock on the date of grant, using the closing price of the Company's common stock on the last trading day prior to the date of grant, except for incentive stock options granted to a holder of ten percent or more of the Company's common stock, for whom the exercise price per share will not be less than 110% of the fair market value. No option can be granted under the 2013 Plan after June 20, 2023. Common Stock At June 30, 2021, the Company had 500,000,000 authorized shares of common stock with a par value of $ 0.00001 per share and 87,352,364 shares of common stock outstanding. During the three and six months ended June 30, 2021 and 2020, the Company did not have any common stock transactions. Warrants The Company has issued warrants to purchase common stock at various exercise prices in connection with loan agreements and private placements. The following table summarizes information about warrants outstanding at June 30, 2021 and December 31, 2020: Summary of warrants outstanding Shares of Common Stock Issuable from Warrants Outstanding as of Weighted June 30, December 31, Average Description 2021 2020 Exercise Price Expiration Series E 584,416 584,416 $ 1.54 September 9, 2021 Series F 7,246 7,246 $ 3.45 February 23, 2022 & March 9, 2022 Series G 460,250 460,250 $ 2.68 July 21, 2022 Series H 910,000 910,000 $ 2.75 October 16, 2022 Series I 10,335,000 10,335,000 $ 2.00 November 26, 2025 Total 12,296,912 12,296,912 Stock Options The following table summarizes stock option activity for the six months ended June 30, 2021: Summary of stock option activity Number of Options Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value ($) Outstanding at December 31, 2020 5,895,570 2.45 5.14 3,376,267 Forfeited (2,805,571 ) 2.74 Outstanding at June 30, 2021 3,089,999 2.18 4.96 4,177,775 Vested and exercisable at June 30, 2021 2,427,499 1.90 4.93 3,972,400 The valuation methodology used to determine the fair value of stock options is the Black-Scholes Model. The Black-Scholes Model requires the use of a number of assumptions including volatility of the stock price, the risk-free interest rate, and the expected term of the stock options. The ranges of assumptions used in the Black-Scholes Model during the six months ended June 30, 2020 is set forth in the table below: Summary of assumption of stock option activity Six Months Ended June 30, 2020 Risk-free interest rate 0.034% - 1.67% Expected term in years 3.25 – 4.98 Weighted Avg. Expected Volatility 105.71% – 106.88% Expected dividend yield 0% The risk-free interest rate assumption is based upon observed interest rates on zero coupon U.S. Treasury bonds whose maturity period is appropriate for the expected term. Estimated volatility is a measure of the amount by which the stock price is expected to fluctuate each year during the term of an award. Our calculation of estimated volatility is based on historical stock prices over a period equal to the term of the awards. The average expected life is based on the contractual terms of the stock option using the simplified method. We utilize a dividend yield of zero based on the fact that we have never paid cash dividends and have no current intention to pay cash dividends. Future stock-based compensation may significantly differ based on changes in the fair value of our Common Stock and our estimates of expected volatility and the other relevant assumptions. The following table sets forth the share-based compensation cost resulting from stock option grants, including those previously granted and vesting over time, that were recorded in the Company’s Statements of Operations for the three and six months ended June 30, 2021 and 2020: Summary of consolidated statement of operations Three Months Ended June 30, Six Months Ended June 30 2021 2020 2021 2020 Research and development $ 228,625 $ 631,876 $ 507,438 $ 631,876 General and administrative (29,026 ) 954,646 (1,182,601 ) 1,420,409 Total $ (199,599 ) $ 1,586,522 $ (675,163 ) $ 2,052,285 Three and Six Months Ended June 30, 2021 During the first half of 2021, certain individuals resigned from the Company resulting in the forfeiture and cancellation of 2,805,571 options. Compensation expense was recorded on some of these options prior to their full vesting. As a result, during the three and six months ended June 30, 2021, the Company recognized $ 66,130 and $ 1,248,575 , respectively, of reversals of the prior recognized compensation expense related to the cancelled options. During the three and six months ended June 30, 2021, the expense recognized for options still in their vesting period totaled $ 265,726 and $ 639,541 , respectively. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 4. Leases In February 2020, the Company entered into a two-year lease for office premises located at 4 Becker Farm Road, Suite 105, Roseland, New Jersey. Monthly base rent in year one of the lease is $ 4,356 ; and $ 4,459 in year 2 of the lease. The term (and payment of the monthly rent) commenced upon completion of the landlord’s work on August 1, 2020. The Company’s existing Lease is not subject to any restrictions or covenants which preclude its ability to pay dividends, obtain financing, or enter into additional Lease’s. As of June 30, 2021, the Company has not entered into any leases which have not yet commenced which would entitle the Company to significant rights or create additional obligations. The Company does not have any finance leases. Supplemental lease information as of June 30, 2021: Schedule of supplemental lease information As of June 30, 2021 As of December 31, 2020 Operating lease right-of-use asset $ 53,492 $ 79,462 Current maturities of operating lease $ 51,132 $ 51,125 Non-current operating lease 4,433 28,607 Total operating lease liabilities $ 55,565 $ 79,732 Weighted Average remaining lease term (in years): 1.09 1.6 Discount rate: 7.0 % 7.0 % Right-of-use asset obtained in exchange for lease obligation $ 98,402 Supplemental cash flow information for the six months ended June 30, 2021: Cash paid for amount included in the measurement of lease liabilities for operating lease $ 26,136 The Company leases office space under a non-cancellable operating lease expiring in 2022. Future lease payments included in the measurement of lease liabilities on the balance sheet at June 30, 2021 for future periods are as follows: Schedule of future lease payments Years ending December 31, 2021, 2021 (Remaining) $ 26,652 2022 31,213 Total future minimum lease payments 57,864 Less imputed interest (2,299 ) Total $ 55,565 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5. Commitments and Contingencies Stem Cell Systems In connection with the Company’s anticipated regulatory filings, the Company has engaged StemCell Systems GmbH (“ StemCell Systems Strategic Agreement 27,000 monthly fee to be paid to StemCell Systems along with any additional expenses incurred. The Company, StemCell Systems and certain affiliates of StemCells entered into a Rights of First Refusal and Corporate Opportunities Agreement (the “ ROFR Agreement 128,000 and $ 122,000 during the three months ended June 30, 2021 and 2020, respectively; and $ 248,000 and $ 199,000 during the six months ended June 30, 2021 and 2020, respectively. SEC Complaint On May 28, 2021 the SEC filed a civil complaint naming the Company and Harmel S. Rayat, RenovaCare Chairman as defendants (the “ Complaint The Company believes that the claims asserted in the Complaint are without merit and intends to defend this matter vigorously. Most, if not all, of the cost to defend the Company and Mr. Rayat is expected to be covered by insurance. However, because of the inherent uncertainty as to the outcome of this proceeding, the Company is unable, at this time, to estimate the possible impact of the outcome of this matter nor provide assurance that the available insurance coverage will be sufficient to see the Complaint through to resolution. Class Action Complaints On July 16 and July 21, 2021, two purported shareholders of the Company filed putative class actions in the United States District Court for the District of New Jersey against the Company and certain of its current and former executive officers (captioned Gabrielle A. Boller, Individually and On Behalf of All Others Similarly Situated v. RenovaCare, Inc., Harmel Rayat, and Thomas Bold, No. 2:21-cv-13766-SDW-ESK (“Boller”), and Michael Solakian, Individually and On Behalf of All Others Similarly Situated v. RenovaCare, Inc., Harmel Rayat, and Thomas Bold, No. 2:21-cv-13930 (“Solakian”), respectively). The complaints in Boller and Solakian were brought both individually and on behalf of a putative class of the Company’s stockholders, claiming that in connection with the facts and circumstances underlying the allegations in the SEC Complaint, the Company engaged in fraudulent conduct and made false and misleading statements of material fact or omitted to state material facts necessary to make the statements made not misleading. Both Boller and Solakian seek to declare the action to be a class action and monetary damages, including costs and expenses, and award of reasonable attorneys’ fees, expert fees, and other costs, and such other relief as the Court may deem just and proper. The Company believes that the claims asserted in Boller and Solakian and any other Class Actions derived from the SEC Complaint are without merit and intends to defend itself vigorously. Based on the early stages of these legal proceedings, and the inherent uncertainty as to their outcome, at this time, the Company is not able to reasonably estimate a possible range of loss, if any, that may result from the allegations set forth in the complaints filed in the Class Actions. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6. Related Party Transactions During the three and six months ended June 30, 2020, Talia Jevan Properties, Inc. made payments totaling $ 5,287 and $ 10,811 , respectively, to Stephen Yan-Klassen, former CFO who resigned in 2020, for his salary on behalf of the Company. Talia Jevan Properties, Inc. is a related party of Harmel S. Rayat, Chairman of the Board. On August 1, 2013, the Company entered into a consulting agreement, as amended on May 1, 2016, with Jatinder Bhogal, an individual owning in excess of 5% of the Company’s issued and outstanding shares of common stock, to provide consulting services to the Company through his wholly owned company, Vector Asset Management, Inc. (“ VAMI 120,000 per year. On July 1, 2020 the Company amended the ECA and paid VAMI $4,000 per month through November 30, 2020 and $200 per month thereafter until May 31, 2021 at which time the ECA as amended expired. For consulting services provided by VAMI, during the three months ended June 30, 2021 and 2020, the Company recognized expenses of $ 400 and $ 30,000 , respectively; and $ 1,000 and $ 60,000 during the six months ended June 30, 2021 and 2020, respectively. Jatinder Bhogal resigned as the Company’s COO effective June 30, 2020. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 7. Subsequent Events Management has reviewed material events subsequent of the period ended June 30, 2021 and prior to the filing of financial statements in accordance with FASB ASC 855 “Subsequent Events”. |
Organization, Overview of Ope_2
Organization, Overview of Operations, Basis of Presentation, Liquidity, Recent Accounting Standards and Earnings (Loss) Per Share (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization | Organization RenovaCare, Inc. was incorporated on July 14, 1983 in the State of Utah under the name Far West Gold, Inc., and changed its domicile to Nevada in 1997. On January 7, 2014, the Company changed its name at the time from “Janus Resources, Inc.” to “RenovaCare, Inc.” so as to more fully reflect its current operations and business, and changed its trading symbol to “RCAR” effective as of January 9, 2014. The Company has an authorized capital of 500,000,000 shares of $ 0.00001 par value common stock, of which 87,352,364 shares are outstanding as of June 30, 2021, and 10,000,000 shares of $ 0.0001 par value preferred stock, of which none are outstanding. |
Overview of Operations | Overview of Operations RenovaCare, Inc., through its wholly owned subsidiary, RenovaCare Sciences Corp. is a development-stage company focusing on the research, development and commercialization of autologous (using a patient’s own cells) cellular therapies that can be used for medical and aesthetic applications. On July 12, 2013, the Company completed the acquisition of its flagship technologies (collectively, the “ CellMist TM The CellMist™ System is a cell isolation procedure that enzymatically renders stem cells from the patient’s own skin or other tissues. The resulting stem cell suspension is administered topically from SkinGun TM as a cell therapy onto wounds including burns to facilitate healing. In August 2019, the Company was awarded a continuation of a patent allowing the SkinGun TM encompassing improvements to the SkinGun™, expanding its potential application beyond the surgical setting into the field, and allowing the use of liquid suspension solutions to include drugs, hormones, and other useful agents. On May 6, 2021 the Food and Drug Administration gave full-approval of the Company’s Investigational Device Exemption (IDE) application to proceed with initial clinical testing of the CellMist™ System and SkinGun™ spray device in adult burn patients. The Company has four United States patents and patents in Germany, Australia, Canada, and Europe, with the European patent being validated in France, Germany, Italy, Netherlands, Spain, Switzerland/Lichtenstein, and United Kingdom. The Company also has patent applications pending in the United States and in multiple countries. The Company has six allowed trademarks in the United States and two pending applications. Globally, the Company has two European registered trademarks, two United Kingdom trademarks, two pending in Canada, and one allowed and one pending in Japan. Improvements in the design and efficiency of the CellMist™ System including a closed, automated cell isolation device and the SkinGun™ spray device are in development with StemCell Systems (Berlin, Germany), the Company’s R&D innovation partner. The Company is adapting its core technologies for possible use in other clinical indications. The Company is also developing the cell isolation and spray gun devices as stand-alone 510(k)-cleared products for isolation of cells from other tissues and spraying other solutions of medical importance. The Company does not have any commercialized products. The Company's activities have consisted principally of performing research and development activities and raising capital to support such activities. The Company has enlisted the assistance of several Contract Manufacturing Organizations (CMO) to manufacture clinical supplies including components of the CellMist System™ and the electronic SkinGun™ spray devices in compliance with FDA’s guidance for current Good Manufacturing Practices (cGMP) and Contract Research Organizations (CRO) to test and validate the Company’s products and processes and to conduct clinical trials that evaluate initially the safety and feasibility of an autologous skin cell therapy using the Company’s products to facilitate burn wound healing. These development activities are subject to significant risks and uncertainties, including possible failure of preclinical and clinical testing. The Company has not generated any revenue and has sustained recurring losses and negative cash flows from operations since inception. The Company expects to incur losses as it continues development of its products and technologies and expects that it will need to raise additional capital through partnerships or the sale of its securities to accomplish its business plan. Failing to secure such additional funding before achieving sustainable revenue and profit from operations poses a significant risk. The Company's ability to fund the development of its cellular therapies depends on the amount and timing of cash receipts from future financing activities. There can be no assurance as to the availability or terms upon which such financing and capital might be available. |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements of RenovaCare, Inc. and Subsidiary (the “ Company SEC U.S. GAAP The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Actual results may differ from those estimates. The accompanying unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments (including normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s consolidated financial position as of June 30, 2021, results of operations and stockholders’ equity for the three and six months ended June 30, 2021 and 2020, and cash flows for the six months ended June 30, 2021 and 2020. The Company did not record an income tax provision during the periods presented due to net taxable losses. The results of operations for any interim period are not necessarily indicative of the results of operations for the entire year. |
Liquidity | Liquidity As of June 30, 2021, the Company had $ 4,342,978 of cash on hand and cash equivalents, and working capital of $ 4,592,838 . As a result, the Company believes it currently has sufficient cash to meet its funding requirements over the next twelve months following the issuance of this Quarterly Report on Form 10-Q. However, the Company has experienced and continues to experience negative cash flows from operations, as well as an ongoing requirement for substantial additional capital investment. The Company expects that it may need to raise additional capital to accomplish its business plan over the next several years. There can be no assurance as to the availability or terms upon which such financing and capital might be available. See “Overview of Operations” above. Additionally, there is uncertainty relating to the full impact of the COVID-19 pandemic on the Company’s operations and capital requirements. Should financing when needed be unavailable or prohibitively expensive or the COVID-19 pandemic continue, it may adversely affect the Company’s ability to (i) retain employees and consultants; (ii) obtain additional financing on terms acceptable to the Company, if at all; (iii) delay regulatory submissions and approvals; (iv) delay, limit or preclude the Company from the operation of clinical study sites and testing laboratories; (v) delay, limit or preclude the Company from achieving technology or product development goals, milestones, or objectives; and (vi) preclude or delay entry into joint venture or partnership arrangements. The occurrence of any one or more of such events may affect the Company’s ability to continue on its pathway to commercialization of its technology or products. |
Recent Accounting Standards | Recent Accounting Standards Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board's Accounting Standards Codification. The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable, the Company has not identified any standards that the Company believes merit further discussion other than as discussed above. The Company believes that none of the new standards will have a significant impact on the financial statements. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company presents both basic and diluted earnings per share ("EPS") amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. The Company has not included the effects of warrants, stock options and convertible debt on net loss per share because to do so would be antidilutive. Following is the computation of basic and diluted net loss per share for the three and six months ended June 30, 2021 and 2020: Summary of computation of basic and diluted net loss per share Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders' $ (911,961 ) $ (3,011,593 ) $ (1,429,203 ) $ (4,186,346 ) Denominator: Weighted average number of common shares outstanding 87,352,364 87,352,364 87,352,364 87,352,364 Basic and diluted EPS $ (0.01 ) $ (0.03 ) $ (0.02 ) $ (0.05 ) The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented: Stock options 3,089,999 4,788,071 3,089,999 4,788,071 Warrants 12,296,912 12,296,912 12,296,912 12,296,912 Total shares not included in the computation of diluted losses per share 15,386,911 17,084,983 15,386,911 17,084,983 |
Organization, Overview of Ope_3
Organization, Overview of Operations, Basis of Presentation, Liquidity, Recent Accounting Standards and Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of computation of basic and diluted net loss per share | Summary of computation of basic and diluted net loss per share Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders' $ (911,961 ) $ (3,011,593 ) $ (1,429,203 ) $ (4,186,346 ) Denominator: Weighted average number of common shares outstanding 87,352,364 87,352,364 87,352,364 87,352,364 Basic and diluted EPS $ (0.01 ) $ (0.03 ) $ (0.02 ) $ (0.05 ) The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented: Stock options 3,089,999 4,788,071 3,089,999 4,788,071 Warrants 12,296,912 12,296,912 12,296,912 12,296,912 Total shares not included in the computation of diluted losses per share 15,386,911 17,084,983 15,386,911 17,084,983 |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Prepaid Expenses | |
Prepaid Expenses | Prepaid Expenses June 30, December 31, 2021 2020 Prepaid insurance $ - $ 54,180 Prepaid stock options for services 87,001 86,999 Prepaid professional fees 65,000 65,000 Prepaid research and development expense 296,196 289,746 Other prepaid costs 18,271 70,350 Total prepaid expenses $ 466,468 $ 566,275 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of warrants outstanding | Summary of warrants outstanding Shares of Common Stock Issuable from Warrants Outstanding as of Weighted June 30, December 31, Average Description 2021 2020 Exercise Price Expiration Series E 584,416 584,416 $ 1.54 September 9, 2021 Series F 7,246 7,246 $ 3.45 February 23, 2022 & March 9, 2022 Series G 460,250 460,250 $ 2.68 July 21, 2022 Series H 910,000 910,000 $ 2.75 October 16, 2022 Series I 10,335,000 10,335,000 $ 2.00 November 26, 2025 Total 12,296,912 12,296,912 |
Summary of stock option activity | Summary of stock option activity Number of Options Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value ($) Outstanding at December 31, 2020 5,895,570 2.45 5.14 3,376,267 Forfeited (2,805,571 ) 2.74 Outstanding at June 30, 2021 3,089,999 2.18 4.96 4,177,775 Vested and exercisable at June 30, 2021 2,427,499 1.90 4.93 3,972,400 |
Summary of assumption of stock option activity | Summary of assumption of stock option activity Six Months Ended June 30, 2020 Risk-free interest rate 0.034% - 1.67% Expected term in years 3.25 – 4.98 Weighted Avg. Expected Volatility 105.71% – 106.88% Expected dividend yield 0% The risk-free interest rate assumption is based upon observed interest rates on zero coupon U.S. Treasury bonds whose maturity period is appropriate for the expected term. Estimated volatility is a measure of the amount by which the stock price is expected to fluctuate each year during the term of an award. Our calculation of estimated volatility is based on historical stock prices over a period equal to the term of the awards. The average expected life is based on the contractual terms of the stock option using the simplified method. We utilize a dividend yield of zero based on the fact that we have never paid cash dividends and have no current intention to pay cash dividends. Future stock-based compensation may significantly differ based on changes in the fair value of our Common Stock and our estimates of expected volatility and the other relevant assumptions. |
Summary of consolidated statement of operations | Summary of consolidated statement of operations Three Months Ended June 30, Six Months Ended June 30 2021 2020 2021 2020 Research and development $ 228,625 $ 631,876 $ 507,438 $ 631,876 General and administrative (29,026 ) 954,646 (1,182,601 ) 1,420,409 Total $ (199,599 ) $ 1,586,522 $ (675,163 ) $ 2,052,285 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of supplemental lease information | Schedule of supplemental lease information As of June 30, 2021 As of December 31, 2020 Operating lease right-of-use asset $ 53,492 $ 79,462 Current maturities of operating lease $ 51,132 $ 51,125 Non-current operating lease 4,433 28,607 Total operating lease liabilities $ 55,565 $ 79,732 Weighted Average remaining lease term (in years): 1.09 1.6 Discount rate: 7.0 % 7.0 % Right-of-use asset obtained in exchange for lease obligation $ 98,402 Supplemental cash flow information for the six months ended June 30, 2021: Cash paid for amount included in the measurement of lease liabilities for operating lease $ 26,136 |
Leases (Details 1) | Schedule of future lease payments Years ending December 31, 2021, 2021 (Remaining) $ 26,652 2022 31,213 Total future minimum lease payments 57,864 Less imputed interest (2,299 ) Total $ 55,565 |
Organization, Overview of Ope_4
Organization, Overview of Operations, Basis of Presentation, Liquidity, Recent Accounting Standards and Earnings (Loss) Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Loss available to common stockholders' | $ (911,961) | $ (3,011,593) | $ (1,429,203) | $ (4,186,346) |
Denominator: | ||||
Weighted average number of common shares outstanding | 87,352,364 | 87,352,364 | 87,352,364 | 87,352,364 |
Basic and diluted EPS | $ (0.01) | $ (0.03) | $ (0.02) | $ (0.05) |
The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented: | ||||
Total shares not included in the computation of diluted losses per share | 15,386,911 | 17,084,983 | 15,386,911 | 17,084,983 |
Share-based Payment Arrangement [Member] | ||||
The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented: | ||||
Total shares not included in the computation of diluted losses per share | 3,089,999 | 4,788,071 | 3,089,999 | 4,788,071 |
Warrant [Member] | ||||
The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented: | ||||
Total shares not included in the computation of diluted losses per share | 12,296,912 | 12,296,912 | 12,296,912 | 12,296,912 |
Organization, Overview of Ope_5
Organization, Overview of Operations, Basis of Presentation, Liquidity, Recent Accounting Standards and Earnings (Loss) Per Share (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 | ||
Common Stock, Shares, Issued | 87,352,364 | 87,352,364 | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||
Preferred Stock, Shares Outstanding | 0 | 0 | ||
Cash | $ 4,342,978 | $ 7,412,969 | $ 10,258,068 | $ 12,185,248 |
Working capital | $ 4,592,838 |
Prepaid Expenses (Details)
Prepaid Expenses (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Prepaid Expenses | ||
Prepaid insurance | $ 54,180 | |
Prepaid stock options for services | 87,001 | 86,999 |
Prepaid professional fees | 65,000 | 65,000 |
Prepaid research and development expense | 296,196 | 289,746 |
Other prepaid costs | 18,271 | 70,350 |
Total prepaid expenses | $ 466,468 | $ 566,275 |
Equity (Details)
Equity (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Series E [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares of Common Stock Issuable from Warrants Outstanding | 584,416 | 584,416 |
Weighted Average Exercise Price | $ 1.54 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Sep. 9, 2021 | |
Series F [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares of Common Stock Issuable from Warrants Outstanding | 7,246 | 7,246 |
Weighted Average Exercise Price | $ 3.45 | |
Series F [Member] | Minimum [Member] | ||
Class of Warrant or Right [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Feb. 23, 2022 | |
Series F [Member] | Maximum [Member] | ||
Class of Warrant or Right [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Mar. 9, 2022 | |
Series G [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares of Common Stock Issuable from Warrants Outstanding | 460,250 | 460,250 |
Weighted Average Exercise Price | $ 2.68 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Jul. 21, 2022 | |
Series H [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares of Common Stock Issuable from Warrants Outstanding | 910,000 | 910,000 |
Weighted Average Exercise Price | $ 2.75 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Oct. 16, 2022 | |
Series I [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares of Common Stock Issuable from Warrants Outstanding | 10,335,000 | 10,335,000 |
Weighted Average Exercise Price | $ 2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Nov. 26, 2025 | |
Warrant [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares of Common Stock Issuable from Warrants Outstanding | 12,296,912 | 12,296,912 |
Equity (Details 1)
Equity (Details 1) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Options outstanding - beginning balance | 5,895,570 | |
Weighted Average Exercise Price, Options outstanding - beginning balance | $ 2.45 | |
Options outstanding | 4 years 11 months 15 days | 5 years 1 month 20 days |
Aggregate intrinsic value, Options outstanding - beginning balance | $ 3,376,267 | |
Options forfeited | (2,805,571) | |
Weighted Average Exercise Price, Options forfeited | $ 2.74 | |
Options oustanding - ending balance | 3,089,999 | 5,895,570 |
Weighted Average Exercise Price, Options outstanding - ending balance | $ 2.18 | $ 2.45 |
Aggregate intrinsic value, Options oustanding - ending balance | $ 4,177,775 | $ 3,376,267 |
Options Vested and Exercisable | 2,427,499 | |
Weighted Average Exercise Price, Options Vested and Exercisable | $ 1.90 | |
Options Vested and Exercisable | 4 years 11 months 4 days | |
Aggregate intrinsic value, Options Vested and Exercisable | $ 3,972,400 |
Equity (Details 2)
Equity (Details 2) | 6 Months Ended |
Jun. 30, 2020 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |
Expected dividend yield | 0.00% |
Minimum [Member] | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |
Risk-free interest rate | 0.034% |
Expected life in years | 3 years 3 months |
Expected Volatility | 105.71% |
Maximum [Member] | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |
Risk-free interest rate | 1.67% |
Expected life in years | 4 years 11 months 23 days |
Expected Volatility | 106.88% |
Equity (Details 3)
Equity (Details 3) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Total | $ (199,599) | $ 1,586,522 | $ (675,163) | $ 2,052,285 |
Research and Development Expense [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Total | 228,625 | 631,876 | 507,438 | 631,876 |
General and Administrative Expense [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Total | $ (29,026) | $ 954,646 | $ (1,182,601) | $ 1,420,409 |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 16,668,266 | 16,668,266 | |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 | $ 0.00001 |
Common Stock, Shares, Outstanding | 87,352,364 | 87,352,364 | 87,352,364 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 2,805,571 | ||
[custom:ReversalOfStockBasedCompensationDueToCommonStockPurchaseOptionCancellation] | $ 66,130 | $ 1,248,575 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 265,726 | $ 639,541 | |
N 2013 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 20,000,000 | ||
Stock options grant description | The 2013 Plan is administered by the Board or a committee designated by the Board. Subject to the provisions of the 2013 Plan, the Board has the authority to determine the officers, employees and consultants to whom options will be granted, the number of shares covered by each option, vesting rights and the terms and conditions of each option that is granted to them; however, no person may be granted options to purchase more than 2,000,000 shares in any one fiscal year under the 2013 Plan, and the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000. Options granted pursuant to the 2013 Plan are exercisable no later than ten years after the date of grant. | ||
Excecise price per share limit | not be less than 110% of the fair market value. |
Leases (Details)
Leases (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease right-of-use asset | $ 53,492 | $ 79,462 |
Current maturities of operating lease | 51,132 | 51,125 |
Non-current operating lease | 4,433 | 28,607 |
Total operating lease liabilities | $ 55,565 | $ 79,732 |
Weighted Average remaining lease term (in years): | 1 year 1 month 2 days | 1 year 7 months 6 days |
Discount rate | 7.00% | 7.00% |
Right-of-use asset obtained in exchange for lease obligation | $ 98,402 |
Leases (Details 1)
Leases (Details 1) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 (Remaining) | $ 26,652 | |
2022 | 31,213 | |
Total future minimum lease payments | 57,864 | |
Less imputed interest | (2,299) | |
Total | $ 55,565 | $ 79,732 |
Leases (Details Narrative)
Leases (Details Narrative) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Leases [Abstract] | |
Base rent for First year | $ 4,356 |
Base rent for Second year | $ 4,459 |
Lessee, Operating Lease, Term of Contract | 2 years |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Litigation Settlement, Expense | $ 128,000 | $ 122,000 | $ 248,000 | $ 199,000 |
Stem Cell Systems [Member] | ||||
Related Party Transaction [Line Items] | ||||
Debt Instrument, Periodic Payment | $ 27,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 22, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Vector Asset Management, Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 120,000 | ||||
[custom:PaymentOfCompensationDescription] | per year. On July 1, 2020 the Company amended the ECA and paid VAMI $4,000 per month through November 30, 2020 and $200 per month thereafter until May 31, 2021 at which time the ECA as amended expired. | ||||
Costs and Expenses, Related Party | $ 400 | $ 30,000 | $ 1,000 | $ 60,000 | |
Stephen Yan-Klesson | |||||
Related Party Transaction [Line Items] | |||||
Related Party Costs | $ 5,287 | $ 10,811 |