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GTHR Genethera

Document and Entity Information

Document and Entity Information - shares6 Months Ended
Jun. 30, 2020Aug. 14, 2020
Document And Entity Information
Entity Registrant NameGenethera Inc
Entity Central Index Key0001017110
Document Type10-Q
Document Period End DateJun. 30,
2020
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Is Entity's Reporting Status Current?Yes
Entity Filer CategoryNon-accelerated Filer
Entity Common Stock, Shares Outstanding35,902,602
Document Fiscal Period FocusQ2
Document Fiscal Year Focus2020
Entity Shell Companyfalse
Entity Emerging Growth Companyfalse
Entity Small Businesstrue
Entity File Number000-27237
Entity Interactive Data CurrentYes
Entity Incorporation, State or Country CodeNV
Document Quarterly Reporttrue

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)Jun. 30, 2020Dec. 31, 2019
Current assets
Cash $ 5,309
Prepaid expenses922
Total current assets922 5,309
Property and equipment
Automobile & Trucks26,400 26,400
Less: Accumulated depreciation(13,200)(10,560)
Total property and equipment, net13,200 15,840
Other assets - Deposit
TOTAL ASSETS14,122 21,149
Current liabilities
Accounts payable28,748 27,705
Accrued expenses6,432,802 6,092,364
Notes payable25,800 25,800
Convertible notes payable, net of discount54,500 54,500
Loan from shareholder735,330 741,778
Current liabilities7,277,180 6,942,147
Total liabilities7,277,180 6,942,147
Commitments and Contingencies
Stockholders' deficit:
Common stock, par value $0.001 per share, 300,000,000 shares authorized, 35,902,602 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively35,904 35,904
Common stock to be issued53,572 53,572
Additional paid-in capital23,448,986 23,448,986
Accumulated deficit(30,824,559)(30,485,499)
Total stockholders' deficit of Genethera, Inc.(7,260,058)(6,920,998)
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT14,122 21,149
Series A Preferred Stock [Member]
Stockholders' deficit:
Series A preferred stock, par value $0.001 per share, 20,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively; Series B preferred stock, par value $0.001 per share, 30,000,000 shares authorized, 26,038,572 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
Series B Preferred Stock [Member]
Stockholders' deficit:
Series A preferred stock, par value $0.001 per share, 20,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively; Series B preferred stock, par value $0.001 per share, 30,000,000 shares authorized, 26,038,572 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively $ 26,039 $ 26,039

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / sharesJun. 30, 2020Dec. 31, 2019
Common Stock, Par Value $ 0.001 $ 0.001
Common Stock, Shares Authorized300,000,000 300,000,000
Common Stock, Shares Issued35,902,602 35,902,602
Common Stock, Shares Outstanding35,902,602 35,902,602
Series A Preferred Stock [Member]
Preferred Stock, Par Value $ 0.001 $ 0.001
Preferred Stock, Shares Authorized20,000,000 20,000,000
Preferred Stock, Shares Issued0 0
Preferred Stock, Shares Outstanding0 0
Series B Preferred Stock [Member]
Preferred Stock, Par Value $ 0.001 $ 0.001
Preferred Stock, Shares Authorized30,000,000 30,000,000
Preferred Stock, Shares Issued26,038,572 26,038,572
Preferred Stock, Shares Outstanding26,038,572 26,038,572

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Expenses
General and administrative expenses $ 76,241 $ 19,676 $ 100,128 $ 60,085
Payroll expenses116,500 116,500 233,000 233,000
Research and Development
Depreciation1,320 1,320 2,640 2,640
Total operating expenses194,061 137,496 335,768 295,725
Loss from operations(194,061)(137,496)(335,768)(295,725)
Other expenses
Interest expense(1,646)(9,512)(3,292)(19,024)
Total other expense(1,646)(9,512)(3,292)(19,024)
Other Income
Total other Income
Net loss before income taxes(195,707)(147,008)(339,060)(314,749)
Provision for income taxes
Net loss $ (195,707) $ (147,008) $ (339,060) $ (314,749)
Loss per common share - Basic and diluted $ (0.01) $ 0 $ (0.01) $ (0.01)
Weighted average common shares outstanding -Basic and diluted35,902,602 35,902,602 35,902,602 35,902,602

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' (Deficit) (Unaudited) - USD ($)Preferred StockSeries A Preferred Stock [Member]Preferred StockSeries B Preferred Stock [Member]Common StockAdditional Paid-In CapitalAccumulated DeficitShares To be IssuedTotal
Beginning Balance at Dec. 31, 2018 $ 12 $ 26,039 $ 35,904 $ 22,568,815 $ (29,967,850) $ 53,572 $ (7,283,507)
Beginning Balance, Shares at Dec. 31, 201810,350 26,038,572 35,902,602
Net Loss (314,749) (314,749)
Ending Balance at Jun. 30, 2019 $ 12 $ 26,039 $ 35,904 22,568,815 (30,282,599)53,572 (7,598,256)
Ending Balance,Shares at Jun. 30, 201910,350 26,038,572 35,902,602
Beginning Balance at Mar. 31, 2019 $ 12 $ 26,039 $ 35,904 22,568,815 (30,135,591)53,572 (7,451,248)
Beginning Balance, Shares at Mar. 31, 201910,350 26,038,572 35,902,602
Net Loss(147,008) (147,008)
Ending Balance at Jun. 30, 2019 $ 12 $ 26,039 $ 35,904 22,568,815 (30,282,599)53,572 (7,598,256)
Ending Balance,Shares at Jun. 30, 201910,350 26,038,572 35,902,602
Beginning Balance at Dec. 31, 2019 $ 26,039 $ 35,904 23,448,986 (30,485,499)53,572 (6,920,998)
Beginning Balance, Shares at Dec. 31, 2019 26,038,572 35,902,602
Net Loss (339,060) (339,060)
Ending Balance at Jun. 30, 2020 $ 26,039 $ 36,504 23,448,986 (30,824,559)53,572 (7,260,058)
Ending Balance,Shares at Jun. 30, 2020 26,038,572 35,902,602
Beginning Balance at Mar. 31, 2020 $ 26,039 $ 35,904 23,448,986 (30,628,852)53,572 (7,064,351)
Beginning Balance, Shares at Mar. 31, 202026,038,572 35,902,602
Net Loss (195,707) (195,707)
Ending Balance at Jun. 30, 2020 $ 26,039 $ 36,504 $ 23,448,986 $ (30,824,559) $ 53,572 $ (7,260,058)
Ending Balance,Shares at Jun. 30, 2020 26,038,572 35,902,602

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)6 Months Ended
Jun. 30, 2020Jun. 30, 2019
Cash flows from operating activities
Net loss $ (339,060) $ (314,749)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation
Depreciation and amortization2,640 2,640
Shares issued for services
Changes in operating assets and liabilities:
Prepaid Expenses(922)(852)
Deposits(3,000)12,000
Accounts receivable - related parties
Accounts payable and accrued expenses - related parties(6,448)
Accounts payable and accrued expenses341,481 295,921
Net cash used in operating activities(5,309)(5,040)
Cash flows from investing activities
Purchase of Fixed Asset
Net cash used in investing activities
Cash flows from financing activities
Proceeds from convertible notes
Net cash provided by financing activities
Net decrease in cash(5,309)(5,040)
Cash at the beginning of the year5,309 5,040
Cash at the end of the year

Organization and nature of oper

Organization and nature of operations and summary of significant accounting policies6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]
Organization and nature of operations and summary of significant accounting policiesNote 1 – Organization and nature of
operations and summary of significant accounting policies Organization and nature of operations The consolidated financial statements include
GeneThera, Inc. and its wholly owned subsidiary GeneThera, Inc. (Colorado) (collectively, the “Company”). The Company
had a long-standing research collaboration with GTI Research. The Company is a biotechnology company that
develops molecular assays and therapeutics for the detection and treatment for COVID-19 and other zoonotic diseases. Basis of Presentation – Unaudited
Financial Information The accompanying unaudited condensed consolidated
financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United
States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations
of the United States Securities and Exchange Commission (the “SEC”) with respect to Form 10-Q and Article 8 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
The unaudited condensed consolidated financial statements furnished reflect all adjustments (consisting of normal recurring accruals)
which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Interim
results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements
should be read in conjunction with the consolidated financial statements of the Company for the year ended December 31, 2019 and
notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the
SEC. Use of estimates The preparation of financial statements in
accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified
to conform to the current period’s presentation. Principles of consolidation The consolidated financial statements include
the accounts of the Company and its subsidiary. All intercompany accounts are eliminated upon consolidation. Cash and cash equivalents Cash equivalents are highly liquid investments
with an original maturity of three months or less. Fair Value of Financial Instruments For purpose of this disclosure, the fair value
of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties,
other than in a forced sale or liquidation. The carrying amount of the Company’s short-term financial instruments approximates
fair value due to the relatively short period to maturity for these instruments. Property and equipment, net Property and equipment consist primarily of
office and laboratory equipment, leasehold improvements, vehicle, and is stated at cost. Depreciation is computed on a straight-line
basis over the estimated useful lives ranging from five to seven years. Leasehold improvements are amortized over the shorter of
their economic lives or lease terms. Fair Value of Financial Instruments The Company follows ASC 820-10 of the FASB
Accounting Standards Codification to measure the fair value of its financial instruments and disclosures about fair value of its
financial instruments. ASC 820-10 establishes a framework for measuring fair value in accounting principles generally accepted
in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and
comparability in fair value measurements and related disclosures, ASC 820-10 establishes a fair value hierarchy which prioritizes
the inputs to valuation techniques used to measure fair value into three (3) broad levels. The three (3) levels of fair value hierarchy
defined by ASC 820-10 are described below:
Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
Level 3 Pricing inputs that are generally unobservable inputs and not corroborated by market data.
Financial assets are considered Level 3 when
their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one
significant model assumption or input is unobservable. The fair value hierarchy gives the highest
priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable
inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the
categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s
financial assets and liabilities, such as cash, accounts receivable, inventory, prepaid expenses and other current assets, accounts
payable and accrued expenses approximate their fair values because of the short maturity of these instruments. Transactions involving related parties typically
cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings
may not exist. Reclassifications Certain prior period amounts have been reclassified
to conform to current period presentation. Impairment of Long-Lived Assets The Company reviews the recoverability of its
long-lived assets to determine whether events or changes in circumstances occurred that indicate the carrying value of the asset
may not be recoverable. The assessment of possible impairment is based on the ability to recover the carrying value of the asset
from the expected future cash flows of the related operations. If these cash flows are less than the carrying value of such asset,
an impairment loss is recognized for the difference between the estimated fair value and carrying value. The measurement of impairment
requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. Revenue recognition There were no revenues during the six months
ended June 30, 2020 and 2019, respectively. The Company follows the FASB Accounting Standards
Codification ASC 606 – Revenues from Contracts with Customers for revenue recognition. The Company considers revenue realized
or realizable and earned when all the following criteria are met:
1) Identification of the contract with a customer;
2) Identification of the performance obligations in the contract;
3) Determination of the transaction price;
4) Allocation of the transaction price to the performance obligations in the contract; and
5) Recognition of revenue when or as a performance obligation is satisfied. Revenue is recognized when each performance obligation is satisfied by the entity. An estimate of the variable consideration or performance obligations that an entity ultimately expects to be entitled to is included in the transaction price, and revenue is recognized upon satisfaction of the related performance obligation(s). An implicit or explicit significant financing component is taken into consideration. IP licenses must be analyzed. Each contract with customers is analyzed for multiple elements if any element must stand alone. Leases The lease agreement was terminated in April
2019. No right of use asset and liability were recorded for this lease. On January 1, 2019, the Company adopted ASC
842 using the modified retrospective approach and will recognize a right of use (“ROU”) asset and liability in the
consolidated balance sheet when and if the Company enters into a qualifying lease agreement. At contract inception, the Company determines
whether an arrangement is or contains a lease and whether the lease should be classified as an operating or a financing lease.
A contract is or contains a lease if the contract conveys the right to control the use of the identified asset for a period of
time in exchange for consideration. Control is determined based on the right to obtain all of the economic benefits from use of
the identified asset and the right to direct the use of the identified asset. ROU assets for operating leases represent the right
to use an underlying asset for the lease term, and operating lease liabilities represent the obligation to make lease payments. Lease liabilities are recognized based on the
present value of the future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months.
Minimum lease payments include only the fixed lease component of the agreement, as well as any variable rate payments that depend
on an index, initially measured using the index at the lease commencement date. Non-lease components are accounted for separately
from the fixed lease component for all leases. Most of the Company’s leases do not provide an implicit rate that can readily
be determined. Therefore, the applied discount rate is based on the Company’s incremental borrowing rate, which is determined
using its credit rating and other information available as of the commencement date and is the rate of interest it would have to
pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Lease terms may include options
to renew, which the Company factors into the determination of the lease term when it is reasonably certain that the Company will
exercise that option. The ROU asset is measured at the initial amount of the lease liability adjusted for lease payments made at
or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Operating lease expense is recognized on a
straight-line basis over the lease term and is included in “Cost of sales” and “Selling, general and administrative”
line items in the Company’s consolidated statements of comprehensive income. Leases with an initial term of 12 months or
less are not recorded on the balance sheet, and the expense for these short-term leases is recognized on a straight-line basis
over the lease term. The Company monitors for events or changes
in circumstances that require a reassessment of its leases. When a reassessment results in the premeasurement of a lease liability,
a corresponding adjustment is made to the carrying amount of the ROU asset unless doing so would reduce the ROU asset to an amount
less than zero, in which case the remaining adjustment would be recorded in the consolidated statements of comprehensive income. Stock-Based Compensation Stock-based compensation is accounted for under
FASB ASC Topic No. 718 – Compensation – Stock Compensation Research and development costs R&D cost are currently expensed as incurred
and primarily include cost associated with R&D arrangements with external parties in connection with the Company’s robotic
technology project. Income taxes Income taxes are accounted for in accordance
with the provisions of FASB ASC Topic No. 740 - Income Taxes Basic and diluted net loss per common
share Basic and diluted net loss per share calculations
are presented in accordance with FASB ASC Topic No. 260 – Earnings per Share As the Company is in a loss position,
any calculation of the dilutive effects of the Company’s convertible securities would reduce the loss per share amount, and,
as such, the Company will not perform the calculation. Shipping and Handling Costs The Company accounts for shipping and handling
fees in accordance with paragraph 605-45-45-19 of the FASB Accounting Standards Codification. While amounts charged to customers
for shipping products are included in revenues, the related costs are classified in cost of revenue as incurred. Shipping and handling costs were $0 and $0
for the six months ended June 30, 2020 and 2019, respectively Recently issued accounting pronouncements In March 2020, the FASB issued ASU No.
2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In December 2019, the FASB issued ASU 2019-12,
Income Taxes(Topic 740): “Simplifying the Accounting for Income Taxes” Management has evaluated all recent accounting
pronouncements as issued by the FASB in the form of Accounting Standards Updates (“ASU”) through the date these financial
statements were available to be issued and found no recent accounting pronouncements issued, but not yet effective accounting pronouncements,
when adopted, will have a material impact on the financial statements of the Company.

Going Concern

Going Concern6 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going ConcernNote 2- Going Concern As reflected in the accompanying consolidated
financial statements, the Company has an accumulated deficit of $30,824,559 and negative working capital of $7,276,258 as of June
30, 2020. This raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability
to continue as a going concern is dependent on its ability to raise additional capital and implement its business plan. The consolidated
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management believes that actions presently
being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue
as a going concern. Presently, the Company is considering ways
to apply its molecular robotic technology to address the COVID-19 pandemic. Management believes that actions presently being taken
to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern.

Property and Equipment

Property and Equipment6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Property and EquipmentNote 3 – Property and Equipment As of June 30, 2020, the Company had a vehicle
with a net book value of $13,200.

Related party transactions

Related party transactions6 Months Ended
Jun. 30, 2020
Related Party Transactions [Abstract]
Related party transactionsNote 4 – Related party transactions The Company has an outstanding loan payable
and accrued interest to Antonio Milici, its CEO and stockholder amounting to $679,783 as of June 30, 2020 and December 31, 2019,
respectively. This outstanding loan to the Company is unsecured and bears interest at 2.41%. The Company has an outstanding loan
and accrued interest payable to Tannya Irizarry, its interim CFO interim and stockholder, amounting to $55,547 and $61,995 as of
June 30, 2020 and December 31, 2019, respectively. This outstanding loan to the Company is unsecured and bears interest at 8%. Tannya Irizarry owns 50% of GTI Corporate Transfer
Agents, LLC, and the Company’s transfer agency. During the six months ended June 30, 2020 and 2019, the Company made payments
to GTI Corporate Transfer Agents, LLC in the amounts of $22,946 and $4,500, respectively. The Company will no longer rely on GTI Research,
Inc. (“GTIR”), the Company’s previous scientific robotic technology collaborator, for conducting research and
development activities on the robotic technology development project. The lease agreement with GTI Research, Inc. was terminated
on April 29, 2019. We have other collaborators which will be announced at a later time. The Company utilizes Elia Holdings, LLC for
construction and other maintenance services to maintain the Company’s office and lab space. Elia Holdings, LLC is controlled
by Rene Irizarry. Costs incurred related to such services were $11,225 and $0 during the six-month periods ended June 30, 2020
and 2019, respectively.

Accrued expenses

Accrued expenses6 Months Ended
Jun. 30, 2020
Payables and Accruals [Abstract]
Accrued expensesN ote
5 – Accrued expenses The Company’s accrued expenses consisted
of the following:
June 30, 2020 December 31, 2019
Accrued officer salaries (see below) $ 5,105,900 $ 4,872,900
Accrued interest 196,187 192,895
Other 1,130,716 1,026,569
$ 6,432,803 $ 6,092,781

Convertible notes payable

Convertible notes payable6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]
Convertible notes payableNote 6 – Convertible notes payable The Company’s issued convertible notes
are due on demand, bearing interest at an annual rate of 8%. The notes are convertible into shares of Company common stock at a
conversion price of $0.01 to $0.05 per share. As of June 30, 2020 and December 31, 2019, the total outstanding principal and interest
is $54,500. As of December 31, 2019, an analysis of the
principal amount of convertible notes payable that have elected conversion into common stock amounted to $366,000. The Company’s
transfer agent has been constrained in its efforts to issue the common stock for these convertible notes due to the noncompliance
of the Company’s filing requirements. The Company has ceased accruing interest on these convertible notes but continues to
accrue interest on the remaining convertible notes of $54,500. The convertible notes that have elected conversion without the stock
being issued have been included in ‘Accrued liabilities’ on the Balance Sheet.

Shareholders' equity

Shareholders' equity6 Months Ended
Jun. 30, 2020
Shareholders Equity
Shareholders' equityNote 7 - Shareholders’ equity Preferred Stock The Company has authorized 20,000,000 shares
of Series A Preferred Stock, $.001 par value, and 30,000,000 shares of Series B Preferred Stock, $.001 par value. As of June 30, 2020, and December 31, 2019,
the Company had 0 shares Series A Preferred Stock issued and outstanding, respectively. As of June 30, 2020, and December 31, 2019,
the Company had 26,038,572 shares of Series B Preferred Stock issued and outstanding, respectively. Common stock The Company has authorized 300,000,000 shares of its common stock, $.001 par value. The Company had issued and outstanding 35,902,602 shares as of June 30, 2020 and December 31, 2019, respectively.

Commitments

Commitments6 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
CommitmentsNote 8 – Commitments Employment Agreements In 2017, the Company entered into five-year
employment agreements with its chief executive and scientific officer and its chief administrative and financial officer. The agreements
provide for compensation of $21,500 and $17,333 per month, respectively, and expires on January 31, 2022. The agreements also provide for an aggregate
bonus of $135,000 to be paid in Series B Preferred stock in March of each year of the agreement. There are not enough authorized
shares to continue issuing the $135,000 worth of Series B Preferred stock, thus, beginning in 2019, the $135,000 was included as
in the total payroll accrual. Office Space Lease The Company has a temporary office space at
4685 W 127 th On April 3, 2020, GeneThera entered into a
preliminary agreement with Green RV Storage LLC for the purchase of a 16,000 square foot building located in the planned Northwest
36 Biotechnology Center in Broomfield, Colorado. The new state of the art facility will be the Company administrative and R&D
facility. The development is scheduled to be completed in fall of 2021.

Subsequent events

Subsequent events6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent eventsNote 9 – Subsequent events The impact of COVID-19 on the Company is unknown
at this time. The financial consequences of this situation cause uncertainty as to the future and its effects on the economy and
the Company. Presently, the Company is considering ways
to apply its molecular robotic technology to address the COVID-19 pandemic As of June 30, 2020, no additional conversions
of convertible notes have occurred, and no new convertible notes have been issued.

Organization and nature of op_2

Organization and nature of operations and summary of significant accounting policies (Policies)6 Months Ended
Jun. 30, 2020
Organization And Nature Of Operations And Summary Of Significant Accounting Policies
Organization and nature of operationsOrganization and nature of operations The consolidated financial statements include
GeneThera, Inc. and its wholly owned subsidiary GeneThera, Inc. (Colorado) (collectively, the “Company”). The Company
had a long-standing research collaboration with GTI Research. The Company is a biotechnology company that
develops molecular assays and therapeutics for the detection and treatment for COVID-19 and other zoonotic diseases.
Basis of Presentation - Unaudited Financial InformationBasis of Presentation – Unaudited
Financial Information The accompanying unaudited condensed consolidated
financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United
States of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations
of the United States Securities and Exchange Commission (the “SEC”) with respect to Form 10-Q and Article 8 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
The unaudited condensed consolidated financial statements furnished reflect all adjustments (consisting of normal recurring accruals)
which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Interim
results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements
should be read in conjunction with the consolidated financial statements of the Company for the year ended December 31, 2019 and
notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with
the SEC.
Use of estimatesUse of estimates The preparation of financial statements in
accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified
to conform to the current period’s presentation.
Principles of consolidationPrinciples of consolidation The consolidated financial statements include
the accounts of the Company and its subsidiary. All intercompany accounts are eliminated upon consolidation.
Cash and cash equivalentsCash and cash equivalents Cash equivalents are highly liquid investments
with an original maturity of three months or less.
Fair value of financial instrumentsFair Value of Financial Instruments For purpose of this disclosure, the fair value
of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties,
other than in a forced sale or liquidation. The carrying amount of the Company’s short-term financial instruments approximates
fair value due to the relatively short period to maturity for these instruments.
Property and equipment, netProperty and equipment, net Property and equipment consist primarily of
office and laboratory equipment, leasehold improvements, vehicle, and is stated at cost. Depreciation is computed on a straight-line
basis over the estimated useful lives ranging from five to seven years. Leasehold improvements are amortized over the shorter
of their economic lives or lease terms.
Fair Value InstrumentsFair Value of Financial Instruments The Company follows ASC 820-10 of the FASB
Accounting Standards Codification to measure the fair value of its financial instruments and disclosures about fair value of its
financial instruments. ASC 820-10 establishes a framework for measuring fair value in accounting principles generally accepted
in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and
comparability in fair value measurements and related disclosures, ASC 820-10 establishes a fair value hierarchy which prioritizes
the inputs to valuation techniques used to measure fair value into three (3) broad levels. The three (3) levels of fair value hierarchy
defined by ASC 820-10 are described below:
Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
Level 3 Pricing inputs that are generally unobservable inputs and not corroborated by market data.
Financial assets are considered Level 3 when
their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one
significant model assumption or input is unobservable. The fair value hierarchy gives the highest
priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable
inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the
categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s
financial assets and liabilities, such as cash, accounts receivable, inventory, prepaid expenses and other current assets, accounts
payable and accrued expenses approximate their fair values because of the short maturity of these instruments. Transactions involving related parties typically
cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings
may not exist.
ReclassificationsReclassifications Certain prior period amounts have been reclassified
to conform to current period presentation.
Impairment of long-lived assetsImpairment of Long-Lived Assets The Company reviews the recoverability of
its long-lived assets to determine whether events or changes in circumstances occurred that indicate the carrying value of the
asset may not be recoverable. The assessment of possible impairment is based on the ability to recover the carrying value of the
asset from the expected future cash flows of the related operations. If these cash flows are less than the carrying value of such
asset, an impairment loss is recognized for the difference between the estimated fair value and carrying value. The measurement
of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value
determinations.
Revenue recognitionRevenue recognition There were no revenues during the six months
ended June 30, 2020 and 2019, respectively. The Company follows the FASB Accounting Standards
Codification ASC 606 – Revenues from Contracts with Customers for revenue recognition. The Company considers revenue realized
or realizable and earned when all the following criteria are met:
1) Identification of the contract with a customer;
2) Identification of the performance obligations in the contract;
3) Determination of the transaction price;
4) Allocation of the transaction price to the performance obligations in the contract; and
5) Recognition of revenue when or as a performance obligation is satisfied. Revenue is recognized when each performance obligation is satisfied by the entity. An estimate of the variable consideration or performance obligations that an entity ultimately expects to be entitled to is included in the transaction price, and revenue is recognized upon satisfaction of the related performance obligation(s). An implicit or explicit significant financing component is taken into consideration. IP licenses must be analyzed. Each contract with customers is analyzed for multiple elements if any element must stand alone.
LeasesLeases The lease agreement was terminated in April
2019. No right of use asset and liability were recorded for this lease. On January 1, 2019, the Company adopted ASC
842 using the modified retrospective approach and will recognize a right of use (“ROU”) asset and liability in the
consolidated balance sheet when and if the Company enters into a qualifying lease agreement. At contract inception, the Company determines
whether an arrangement is or contains a lease and whether the lease should be classified as an operating or a financing lease.
A contract is or contains a lease if the contract conveys the right to control the use of the identified asset for a period of
time in exchange for consideration. Control is determined based on the right to obtain all of the economic benefits from use of
the identified asset and the right to direct the use of the identified asset. ROU assets for operating leases represent the right
to use an underlying asset for the lease term, and operating lease liabilities represent the obligation to make lease payments. Lease liabilities are recognized based on the
present value of the future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months.
Minimum lease payments include only the fixed lease component of the agreement, as well as any variable rate payments that depend
on an index, initially measured using the index at the lease commencement date. Non-lease components are accounted for separately
from the fixed lease component for all leases. Most of the Company’s leases do not provide an implicit rate that can readily
be determined. Therefore, the applied discount rate is based on the Company’s incremental borrowing rate, which is determined
using its credit rating and other information available as of the commencement date and is the rate of interest it would have to
pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Lease terms may include options
to renew, which the Company factors into the determination of the lease term when it is reasonably certain that the Company will
exercise that option. The ROU asset is measured at the initial amount of the lease liability adjusted for lease payments made at
or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Operating lease expense is recognized on a
straight-line basis over the lease term and is included in “Cost of sales” and “Selling, general and administrative”
line items in the Company’s consolidated statements of comprehensive income. Leases with an initial term of 12 months or
less are not recorded on the balance sheet, and the expense for these short-term leases is recognized on a straight-line basis
over the lease term. The Company monitors for events or changes
in circumstances that require a reassessment of its leases. When a reassessment results in the premeasurement of a lease liability,
a corresponding adjustment is made to the carrying amount of the ROU asset unless doing so would reduce the ROU asset to an amount
less than zero, in which case the remaining adjustment would be recorded in the consolidated statements of comprehensive income.
Stock-Based CompensationStock-Based Compensation Stock-based compensation is accounted for
under FASB ASC Topic No. 718 – Compensation – Stock Compensation
Research and development costsResearch and development costs R&D cost are currently expensed as incurred
and primarily include cost associated with R&D arrangements with external parties in connection with the Company’s robotic
technology project.
Income taxesIncome taxes Income taxes are accounted for in accordance
with the provisions of FASB ASC Topic No. 740 - Income Taxes
Basic and diluted net loss per common shareBasic and diluted net loss per common
share Basic and diluted net loss per share calculations
are presented in accordance with FASB ASC Topic No. 260 – Earnings per Share As the Company is in a loss position,
any calculation of the dilutive effects of the Company’s convertible securities would reduce the loss per share amount,
and, as such, the Company will not perform the calculation.
Shipping and Handling CostsShipping and Handling Costs The Company accounts for shipping and handling
fees in accordance with paragraph 605-45-45-19 of the FASB Accounting Standards Codification. While amounts charged to customers
for shipping products are included in revenues, the related costs are classified in cost of revenue as incurred. Shipping and handling costs were $0 and $0
for the six months ended June 30, 2020 and 2019, respectively
Recently issued accounting pronouncementsRecently issued accounting pronouncements In March 2020, the FASB issued ASU No.
2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In December 2019, the FASB issued ASU 2019-12,
Income Taxes(Topic 740): “Simplifying the Accounting for Income Taxes” Management has evaluated all recent accounting
pronouncements as issued by the FASB in the form of Accounting Standards Updates (“ASU”) through the date these financial
statements were available to be issued and found no recent accounting pronouncements issued, but not yet effective accounting pronouncements,
when adopted, will have a material impact on the financial statements of the Company.

Accrued expenses (Tables)

Accrued expenses (Tables)6 Months Ended
Jun. 30, 2020
Accrued Expenses
Schedule of Accrued ExpensesThe Company’s accrued expenses consisted
of the following:
June 30, 2020 December 31, 2019
Accrued officer salaries (see below) $ 5,105,900 $ 4,872,900
Accrued interest 196,187 192,895
Other 1,130,716 1,026,569
$ 6,432,803 $ 6,092,781

Organization and nature of op_3

Organization and nature of operations and summary of significant accounting policies (Details Narrative) - Office and Laboratory Equipment6 Months Ended
Jun. 30, 2020
Minimum [Member]
Useful Life of Assets5 years
Maximum [Member]
Useful Life of Assets7 years

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)Jun. 30, 2020Dec. 31, 2019
Disclosure Going Concern Details Narrative Abstract
Accumulated Deficit $ 30,824,559 $ 30,485,499
Working Capital $ 7,276,258

Property and Equipment (Details

Property and Equipment (Details Narrative) - USD ($)Jun. 30, 2020Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment $ 13,200 $ 15,840

Related party transactions (Det

Related party transactions (Details Narrative) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019Dec. 31, 2019
Loan Payable and Accrued Interest $ 735,330 $ 735,330 $ 741,778
Research and Development
Security Deposit
Antonio Milici [Member]
Loan Payable and Accrued Interest679,783 679,783 679,783
Tannya Irizarry [Member]
Loan Payable and Accrued Interest $ 55,547 55,547 $ 61,995
GTI Corporate Transfer Agents, LLC [Member]
Transfer Agent Fees $ 22,946 $ 600

Accrued expenses (Details)

Accrued expenses (Details) - USD ($)Jun. 30, 2020Dec. 31, 2019
Disclosure Accrued Expenses Details Abstract
Accrued officer salaries $ 5,105,900 $ 4,872,900
Accrued interest196,187 192,895
Other1,130,716 1,026,569
Accrued expenses $ 6,432,802 $ 6,092,364

Shareholders' equity (Details N

Shareholders' equity (Details Narrative) - $ / sharesJun. 30, 2020Dec. 31, 2019
Common Stock, Par Value $ 0.001 $ 0.001
Common Stock, Shares Authorized300,000,000 300,000,000
Common Stock, Shares Issued35,902,602 35,902,602
Common Stock, Shares Outstanding35,902,602 35,902,602
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized20,000,000 20,000,000
Preferred Stock, Par Value $ 0.001 $ 0.001
Preferred Stock, Shares Issued0 0
Preferred Stock, Shares Outstanding0 0
Series B Preferred Stock [Member]
Preferred Stock, Shares Authorized30,000,000 30,000,000
Preferred Stock, Par Value $ 0.001 $ 0.001
Preferred Stock, Shares Issued26,038,572 26,038,572
Preferred Stock, Shares Outstanding26,038,572 26,038,572