Cover
Cover | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Entity Registrant Name | Nymox Pharmaceutical Corporation |
Entity Central Index Key | 0001018735 |
Document Type | 6-K |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2022 |
Entity File Number | 001-12033 |
Entity Address Postal Zip Code | 20549 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | ||||
Sales of goods | $ 0 | $ 0 | $ 0 | $ 5 |
Total revenues | 0 | 0 | 0 | 5 |
Operating expenses | ||||
Research and development | 810 | 2,068 | 5,144 | 3,493 |
General and administrative | 963 | 1,912 | 1,703 | 2,915 |
Marketing | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 4 |
Total expenses | 1,773 | 3,980 | 6,847 | 6,408 |
Loss from operations | (1,773) | (3,980) | (6,847) | (6,408) |
Other Income/Expense | ||||
Other income | 3,117 | 3,117 | ||
Operating lease and financial obligations | (3) | (4) | (10) | (10) |
Interest income (cost) | (1) | (6) | (6) | (11) |
Loss before income tax | 1,340 | (3,990) | (3,746) | (6,429) |
Income tax provision (recovery) | 0 | 0 | 0 | 0 |
Net loss | $ 1,340 | $ (3,990) | $ (3,746) | $ (6,429) |
Net income(loss) per share Basic | $ 0.01 | $ (0.05) | $ (0.04) | $ (0.08) |
Weighted average number of common shares outstanding | 90,420 | 81,490 | 88,235 | 79,739 |
Net income(loss) per share Diluted | $ 0.01 | $ (0.05) | $ (0.04) | $ (0.08) |
Weighted average number of diluted shares outstanding | 105,439 | 81,490 | 88,235 | 79,739 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash at bank | $ 4,070 | $ 830 |
Other receivables | 9 | 13 |
Inventory | 34 | 34 |
Security deposit | 28 | 28 |
Prepaid expenses and other current assets | 44 | 132 |
Total current assets | 4,185 | 1,037 |
Non-current assets | ||
Property and equipment | 16 | 22 |
Operating lease right-of-use asset, net | 273 | 384 |
Total assets | 4,474 | 1,443 |
Current liabilities | ||
Accounts payable and accrued liabilities | 1,958 | 1,558 |
Operating lease liability due within one year | 232 | 228 |
Total current liability | 2,190 | 1,786 |
Long term operating lease liability | 52 | 163 |
Total liabilities | 2,242 | 1,949 |
Equity | ||
Share capital - unlimited authorized shares at no par value 91,265 and 85,546 shares outstanding at June 30, 2022 and December 31, 2021, respectively | 172,260 | 165,061 |
Share capital subscription receivable | (589) | (589) |
Additional paid-in capital | 26,869 | 27,584 |
Accumulated deficit | (196,308) | (192,562) |
Total stockholders' equity | 2,232 | (506) |
Total liabilities and stockholders' equity | $ 4,474 | $ 1,443 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - shares shares in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Consolidated Statements of Financial Position (Unaudited) | ||
Share capital, shares outstanding | 91,265 | 85,546 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (3,746) | $ (6,429) |
Adjustments for: | ||
Stock-based compensation | 476 | 1,708 |
Depreciation | 6 | 6 |
Amortization and others | 121 | 121 |
Changes in non-cash operating balances: | ||
Accounts receivable and other receivables | 4 | 5 |
Prepaid expenses and other current asset | 89 | 143 |
Accounts payable and accrued liabilities | 400 | (125) |
Net cash used in operating activities | (2,650) | (4,571) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | 0 | (2) |
Net cash flows used in investing activities | 0 | (2) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of share capital | 6,007 | 7,283 |
Repayment of operating lease and financing obligation | (117) | (120) |
Net cash flows used in financing activities | 5,890 | 7,163 |
Net increase in cash and cash equivalents | 3,240 | 2,590 |
CASH AT BANK | ||
Beginning of the period | 830 | 3,611 |
End of the period | 4,070 | 6,201 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Operating lease right-of-use asset and related liability | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in (Deficit) Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Number of Common Shares | Share Capital Subscription | Accumulated Deficit | Additional Paid-In Capital |
Balance, shares at Dec. 31, 2020 | 77,961 | ||||
Balance, amount at Dec. 31, 2020 | $ 2,145 | $ 151,722 | $ (589) | $ (180,025) | $ 31,037 |
Statement [Line Items] | |||||
Share issuance for cash and share subscription, shares | 3,670 | ||||
Share issuance for cash and share subscription, amount | 6,953 | $ 7,670 | (717) | ||
Warrants issued | 330 | 330 | |||
Stock-based compensation and service fee, shares | 2,100 | ||||
Stock-based compensation and service fee, amount | 1,708 | $ 3,072 | 0 | (1,364) | |
Net loss | (6,429) | 0 | 0 | (6,429) | 0 |
Balance, amount at Jun. 30, 2021 | 4,707 | $ 162,464 | (589) | (186,454) | 29,286 |
Balance, shares at Jun. 30, 2021 | 83,731 | ||||
Balance, shares at Dec. 31, 2021 | 85,546 | ||||
Balance, amount at Dec. 31, 2021 | (506) | $ 165,061 | (589) | (192,562) | 27,584 |
Statement [Line Items] | |||||
Share issuance for cash and share subscription, shares | 3,984 | ||||
Share issuance for cash and share subscription, amount | 4,266 | $ 4,834 | (568) | ||
Warrants issued | 1,741 | 1,741 | |||
Stock-based compensation and service fee, amount | 477 | 2,365 | 0 | (1,888) | |
Net loss | (3,746) | $ 0 | 0 | (3,746) | 0 |
Stock-based compensation and service fee, shares | 1,735 | ||||
Balance, amount at Jun. 30, 2022 | $ 2,232 | $ 172,260 | $ (589) | $ (196,308) | $ 26,869 |
Balance, shares at Jun. 30, 2022 | 91,265 |
Basis of preparation
Basis of preparation | 6 Months Ended |
Jun. 30, 2022 | |
Basis of preparation | 1. Basis of preparation: (a) Statement of compliance: The consolidated condensed unaudited interim consolidated financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and its interpretations as issued by the International Accounting Standards Board (“IASB”) and in accordance with IAS 34, Interim Financial Reporting The consolidated condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on August 12, 2022. (b) Basis of measurement: The condensed unaudited interim consolidated financial statements have been prepared on a going concern and on the historical cost basis. The functional currency of the Corporation is the US dollar. (c) Use of estimates and judgments: The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Information about critical judgments in applying accounting policies and assumption and estimation uncertainties that have the most significant effect on the amounts recognized in the consolidated financial statements is noted below: Significant estimates include, but are not limited to, the estimation of useful lives of equipment for purposes of depreciation, useful life of lease for purpose of amortization and the valuation of common shares and stock option issued for services. |
Liquidity, Going Concern and Ma
Liquidity, Going Concern and Managements Response | 6 Months Ended |
Jun. 30, 2022 | |
Liquidity, Going Concern and Management's Response | 2. Liquidity, Going Concern and Management’s Response: Management believes that current cash balances as of June 30, 2022 and planed fund raising is sufficient to finance the Company’s operations for at least the next 12 months. However, if necessary, the Company intends to seek additional equity or other financing, should the Company’s liquidity need change. Considering recent developments and the need for additional financing, there exists a material uncertainty that casts substantial doubt about the Corporation’s ability to continue as a going concern. These financial statements do not reflect adjustments that would be necessary. If the going concern assumption is not appropriate, then adjustments may be necessary to the carrying value and classification of assets and liabilities and reported results of operations and such an adjustment could be material. |
Share capital
Share capital | 6 Months Ended |
Jun. 30, 2022 | |
Share capital | 3. Share Capital: The holders of common shares are entitled to receive dividends as declared, which is at the discretion of the Corporation, and are entitled to one vote per share at the annual general meeting of the Corporation. The Corporation has never paid any dividends. (a) Private placements: On March 18, 2022, the company entered into a definitive agreement with institutional investors in a private placement of 3,878,789 shares of common stock and warrants to purchase 3,878,789 shares of common stock at a combined purchase price of $1.65 per share for gross proceeds of approximately $6,400,000 before deducting fees and other estimated offering expenses. The investor warrants have an exercise price of $2.00 per share, is immediately exercisable and will expire five years from the Effective Date. A.G.P./Alliance Global Partners is acting as sole placement agent for the private placement. On March 22, the company closed its financing. (b) Stock options: The Corporation has established a stock option plan (the “Plan”) for its key employees, its officers and directors, and certain consultants. The Plan is administered by the Board of Directors of the Corporation. The Board may from time to time designate individuals to whom options to purchase common shares of the Corporation may be granted, the number of shares to be optioned to each, and the option price per share. The option price per share cannot involve a discount to the market price at the time the option is granted. The maximum number of shares which may be optioned under the stock option plan is 15,000,000. The maximum number of shares which may be optioned to any one individual is 15% of the total issued and outstanding common shares. Options under the Plan expire ten years after the grant date and vest either immediately or over periods up to six years, and are equity-settled. As of June 30, 2022, 8,572,000 options could still be granted by the Corporation. The following table provides the activity of stock option awards during the six-month period ended June 30, 2022 and for options outstanding and exercisable at the end of the six-month period ended June 30, 2022, the weighted average exercise price and the weighted average years to expiration. Outstanding Weighted Weighted average average remaining exercise contractual Number Price life (in years) Outstanding, December 31, 2021 6,428,000 $ 1.81 3.86 Expired / Cancelled - - - Granted - - - Outstanding, June 30, 2022 6,428,000 $ 1.81 3.36 Options exercisable 6,373,833 $ 1.80 3.32 (c) Stock-based compensation: Stock -based compensation includes stock and stock option granted to employees and contractors Three months Six months ended June 30, ended June 30, Employee expenses 2022 2021 2022 2021 Stock options and compensation granted in: 2015 24,482 184,827 86,749 414,015 2020 32,369 52,858 64,738 105,716 2021 - 1,187,959 - 1,187,959 2022 324,777 - 324,777 - Total stock-based compensation expense recognized $ 381,628 $ 1,425,644 $ 476,264 $ 1,707,690 The stock-based compensation expense is disaggregated in the statements of operations and comprehensive loss as follows: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Stock-based compensation pertaining to general and administrative $ 337,018 $ 1,280,372 $ 368,151 $ 1,394,966 Stock-based compensation pertaining to research and development 44,610 145,272 108,113 312,724 Total $ 381,628 $ 1,425,644 $ 476,264 $ 1,707,690 (d) Warrants : In the first quarter of 2019, the Corporation issued 2,500,000 warrants in connection with one private placement. Each warrant entitles the holder to acquire one common share of the Corporation at an exercise price of $8.00 with a seven years term. The warrant was valued at $200,000 and recorded as part of additional paid in capital. In the second quarter of 2021, the Corporation issued 2,018,348 warrants in connection with one private placement. Each warrant entitles the holder to acquire one common share of the Corporation at an exercise price of $2.50 with a five year term. The warrant was recorded as part of additional paid in capital at a total of $330,277. In the first quarter of 2022, the Corporation issued 3,878,789 investor warrants in connection with one private placement. Each warrant entitles the holder to acquire one common share of the Corporation at an exercise price of $2.00 with a five year term. In addition, the Company issued Placement Agent (or its assigns) warrants to purchase up to 193,939 shares of common stock at an exercise price of $2.06 per share, The Placement Agent Warrants are immediately exercisable and will expire on the five-year anniversary of the Effective Date. The warrants were recorded as part of additional paid in capital at a total of $1,877,608. |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings per share | |
Earnings per share: | 4. Earnings per Share: Weighted average number of common shares outstanding: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Issued common shares at beginning of period 90.279,794 78,711,151 85,545,875 77,961,151 Effect of shares issued 140,139 2,778,823 2,689,564 1,778,303 Weighted average number of common shares outstanding - basic 90,419,933 81,489,974 88,235,439 79,739,454 Weighted average number of shares outstanding - diluted 105,439,009 81,489,974 88,235,439 79,739,454 There is no difference in diluted as compared to basic earnings per share for the period when the company has a net loss as the impact would be antidilutive. |
Operating leases and other comm
Operating leases and other commitments | 6 Months Ended |
Jun. 30, 2022 | |
Operating leases and other commitments | 5. Operating leases and other commitments Effective for annual reporting periods beginning on or after January 1, 2019, IFRS 16 introduced a new approach to lessee accounting that requires a lessee to recognize assets and liabilities for the rights and obligations created by leases. IFRS 16 requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months. The IASB concluded that such an approach will result in a more faithful representation of a lessee’s assets and liabilities and, together with enhanced disclosures, greater transparency of a lessee’s financial leverage and capital employed. We adopted this standard on January 1, 2019, with an immaterial cumulative adjustment of $11,667 to accumulated deficit rather than retrospectively adjusting prior periods. We used an incremental borrowing rate as a discount rate for our operating leases. The discount rate ranges from 4.75% to 5.00%. The average remaining years for our lease are 1.21 years as of June 30, 2022. The following table provides the changes in the Corporation’s operating lease right-of-use assets for the six months ended June 30, 2022 and year end of December 31, 2021 respectively: (amounts in dollars) Total Balances as of January 1, 2022 $ 383,969 Renewed office lease - Accumulated amortization (110,997 ) Balances as of June 30, 2022 $ 272,972 (amounts in dollars) Total Balances as of January 1, 2021 $ 422,297 Renewed office lease 184,160 Accumulated amortization (222,488 ) Balances as of December 31, 2021 $ 383,969 The following table provides the changes in the Corporation’s operating lease liability for the six months ended June 30, 2022 and year end of 2021 respectively: (amounts in dollars) Total Balances as of January 1, 2022 $ 391,459 Renewed office lease - Repayments of lease liability (117,039 ) Other 9,657 Balances as of June 30, 2022 $ 284,077 Lease liability due within one year $ 232,222 Lease liability long term $ 51,855 (amounts in dollars) Total Balances as of January 1, 2021 $ 425,620 Renewed office lease 184,160 Repayments of lease liability (237,574 ) Other 19,253 Balances as of December 31, 2021 $ 391,459 Lease liability due within one year $ 228,651 Lease liability long term $ 162,808 The total future commitment payment amount for above lease is $292,240 comparing an outstanding lease liability of $284,077 as of June 30, 2022. The difference is due to interest expense. In addition to the lease commitment, the corporation has a future insurance premium payment and copier rent of $2,771 as of June, 30,2022. |
New Drug Application (NDA) fee
New Drug Application (NDA) fee refund | 6 Months Ended |
Jun. 30, 2022 | |
New Drug Application (NDA) fee refund | 6. New Drug Application (NDA) fee refund : In March, 2022, the Company submitted it’s New Drug Application (NDA) to the FDA for Fexapotide Triflutate to seek marketing approval in the U.S. for Fexapotide Triflutate for the treatment of men with benign prostatic hyperplasia (BPH). The company paid a total of $3,117,218 for the application fee and recorded as R&D expense. Following the FDA guidance of industry user fee waivers, reductions and refund for drug products, the Company expects it will receive a full refund for the application fee. In May, 2022, the company received a full refund of the NDA fee and recorded it as other income. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transaction | 7. Related Party Transactions: The transactions we have with related parties include compensation arrangements for current compensation, share based compensation, and compensation under options, and share purchase as investor. Executive officers and directors participate in the Corporation’s stock option plan. Certain Executive officers are covered under the Corporation’s health plan. Key management personnel compensation is comprised of: Three months Six months ended June 30, ended June 30, 2022 2021 2022 2021 Salaries and bonus 60,000 - 360,000 250,000 Short-term employee benefits 598 602 1,181 1,185 Stock-based compensation 349,259 184,827 411,526 414,015 $ 409,857 $ 185,429 $ 772,707 665,200 Total honorariums to the independent directors of the Corporation for participating in Board and Committee meetings were nil for the period ended June 30, 2022 and 2021, respectively. On June 28, 2022, the company accepted the resignation of the CFO. The former Chief Financial Officer received no compensation as an individual and received no deferred or incentive compensation. We do make payments based on contract for services rendered to a corporation controlled by him. Amounts paid under this arrangement were $40,000 for the period ended June 30, 2022 and $240,000 for the period ended June 30, 2021, respectively. On May 11, 2022, the company issued 235,346 shares to James G. Robinson in consideration for his long and outstanding service to the company. The total value of the compensation shares is $324,777 . Our Corporate Legal Counsel receives no salary compensation as an individual and receives no deferred or incentive compensation. We do make payments based on contract for services rendered to a corporation controlled by him. Amounts paid under this arrangement were $242,500 for the period ended June 30, 2022 and $173,464 for the period ended June 30, 2021, respectively. One of directors, James G. Robinson, purchased 1,151,515 shares of common stock at a purchase price of $1.65 per share for a total value of 1.9M in the company’s financing in March, 2022. Concurrently with the closing of the Offering, he received warrants to purchase up to an aggregate of 1,151,515 shares of common stock, at an initial exercise price equal to $2.00 per share and will expire on the five-year anniversary of the Effective Date. |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent events | 8. Subsequent events: The Corporation has evaluated subsequent events through August 12, 2022, the date the financial statements were authorized for issuance by the Audit Committee of the Board of Directors. The Corporation has determined there are no subsequent events. |
Basis of preparation (Policies)
Basis of preparation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Statement of compliance | The consolidated condensed unaudited interim consolidated financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and its interpretations as issued by the International Accounting Standards Board (“IASB”) and in accordance with IAS 34, Interim Financial Reporting The consolidated condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on August 12, 2022. |
Basis of measurement | The condensed unaudited interim consolidated financial statements have been prepared on a going concern and on the historical cost basis. The functional currency of the Corporation is the US dollar. |
Use of estimates and judgments | The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Information about critical judgments in applying accounting policies and assumption and estimation uncertainties that have the most significant effect on the amounts recognized in the consolidated financial statements is noted below: Significant estimates include, but are not limited to, the estimation of useful lives of equipment for purposes of depreciation, useful life of lease for purpose of amortization and the valuation of common shares and stock option issued for services. |
Share capital (Tables)
Share capital (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Stock option award | Outstanding Weighted Weighted average average remaining exercise contractual Number Price life (in years) Outstanding, December 31, 2021 6,428,000 $ 1.81 3.86 Expired / Cancelled - - - Granted - - - Outstanding, June 30, 2022 6,428,000 $ 1.81 3.36 Options exercisable 6,373,833 $ 1.80 3.32 |
Summary of stock option-based compensation | Three months Six months ended June 30, ended June 30, Employee expenses 2022 2021 2022 2021 Stock options and compensation granted in: 2015 24,482 184,827 86,749 414,015 2020 32,369 52,858 64,738 105,716 2021 - 1,187,959 - 1,187,959 2022 324,777 - 324,777 - Total stock-based compensation expense recognized $ 381,628 $ 1,425,644 $ 476,264 $ 1,707,690 |
Summary of stock option-based compensation expense | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Stock-based compensation pertaining to general and administrative $ 337,018 $ 1,280,372 $ 368,151 $ 1,394,966 Stock-based compensation pertaining to research and development 44,610 145,272 108,113 312,724 Total $ 381,628 $ 1,425,644 $ 476,264 $ 1,707,690 |
Earning Per Share (Tables)
Earning Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Weighted average number of common shares outstanding | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Issued common shares at beginning of period 90.279,794 78,711,151 85,545,875 77,961,151 Effect of shares issued 140,139 2,778,823 2,689,564 1,778,303 Weighted average number of common shares outstanding - basic 90,419,933 81,489,974 88,235,439 79,739,454 Weighted average number of shares outstanding - diluted 105,439,009 81,489,974 88,235,439 79,739,454 |
Operating leases and other co_2
Operating leases and other commitment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Operating lease right-of-use assets | (amounts in dollars) Total Balances as of January 1, 2022 $ 383,969 Renewed office lease - Accumulated amortization (110,997 ) Balances as of June 30, 2022 $ 272,972 (amounts in dollars) Total Balances as of January 1, 2021 $ 422,297 Renewed office lease 184,160 Accumulated amortization (222,488 ) Balances as of December 31, 2021 $ 383,969 |
Summary of operating lease liability | (amounts in dollars) Total Balances as of January 1, 2022 $ 391,459 Renewed office lease - Repayments of lease liability (117,039 ) Other 9,657 Balances as of June 30, 2022 $ 284,077 Lease liability due within one year $ 232,222 Lease liability long term $ 51,855 (amounts in dollars) Total Balances as of January 1, 2021 $ 425,620 Renewed office lease 184,160 Repayments of lease liability (237,574 ) Other 19,253 Balances as of December 31, 2021 $ 391,459 Lease liability due within one year $ 228,651 Lease liability long term $ 162,808 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of key management personnel compensation | Three months Six months ended June 30, ended June 30, 2022 2021 2022 2021 Salaries and bonus 60,000 - 360,000 250,000 Short-term employee benefits 598 602 1,181 1,185 Stock-based compensation 349,259 184,827 411,526 414,015 $ 409,857 $ 185,429 $ 772,707 665,200 |
Share capital (Details)
Share capital (Details) - Equity Option [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Statement [Line Items] | |
Number of outstanding balance, Beginning | shares | 6,428,000 |
Expired / Cancelled | shares | 0 |
Granted | shares | 0 |
Number of outstanding balance, Ending | shares | 6,428,000 |
Options exercisable | shares | 6,373,833 |
Weighted average exercise price, Beginning | $ / shares | $ 1.81 |
Weighted average exercise price, Expired / Cancelled | $ / shares | 0 |
Weighted average exercise price, Granted | $ / shares | 0 |
Weighted average exercise price, Ending | $ / shares | 1.81 |
Weighted average exercise price, Options exercisable | $ / shares | $ 1.80 |
Weighted average remaining contractual life (in years), Beginning | 3 years 10 months 9 days |
Weighted average remaining contractual life (in years), Granted | 0 years |
Weighted average remaining contractual life (in years), Ending | 3 years 4 months 9 days |
Weighted average remaining contractual life options exercisable (in years) | 3 years 3 months 25 days |
Share capital (Details 1)
Share capital (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
2020 [Member] | ||||
Statement [Line Items] | ||||
Shares based compensation recognized expense | $ 32,369 | $ 52,858 | $ 64,738 | $ 105,716 |
2021 [Member] | ||||
Statement [Line Items] | ||||
Shares based compensation recognized expense | 0 | 1,187,959 | 0 | 1,187,959 |
2022 [Member] | ||||
Statement [Line Items] | ||||
Shares based compensation recognized expense | 324,777 | 0 | 324,777 | 0 |
2015 [Member] | ||||
Statement [Line Items] | ||||
Shares based compensation recognized expense | 24,482 | 184,827 | 86,749 | 414,015 |
Total [Member] | ||||
Statement [Line Items] | ||||
Shares based compensation recognized expense | $ 381,628 | $ 1,425,644 | $ 476,264 | $ 1,707,690 |
Share capital (Details 2)
Share capital (Details 2) - Equity Option [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement [Line Items] | ||||
Stock-based compensation pertaining to general and administrative expenses | $ 337,018 | $ 1,280,372 | $ 368,151 | $ 1,394,966 |
Stock-based compensation pertaining to research and development expenses | 44,610 | 145,272 | 108,113 | 312,724 |
Total | $ 381,628 | $ 1,425,644 | $ 476,264 | $ 1,707,690 |
Share capital (Details Narrativ
Share capital (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | |
Private Placements [Member] | |||
Statement [Line Items] | |||
Warrants issued | 2,500,000 | 3,878,789 | 2,018,348 |
Combined purchase price | $ 1.65 | ||
Warrant value | $ 200,000 | $ 330,277 | |
Exercise price or warrants | $ 8 | $ 2 | $ 2.50 |
Gross proceeds of before deducting fees | $ 6,400,000 | ||
Common stock shares issued | 193,939 | ||
Common stock exercise price | $ 2.06 | ||
Warrants of additional paid in capital | $ 1,877,608 | ||
Private Placements [Member] | Investor [Member] | |||
Statement [Line Items] | |||
Warrants issued | 3,878,789 | ||
Stock Option [Member] | |||
Statement [Line Items] | |||
Options available for granting | 8,572,000 | ||
Shares issuable upon exercise of warrants, maximum | 15,000,000 | ||
Percentage of issued and outstanding shares issuable maximum to one individual | 15% |
Earnings per share (Details)
Earnings per share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Issued common shares at beginning of period | 90,279,794 | 78,711,151 | 85,545,875 | 77,961,151 |
Effect of shares issued | 140,139 | 2,778,823 | 2,689,564 | 1,778,303 |
Weighted average number of common shares outstanding - basic | 90,419,933 | 81,489,974 | 88,235,439 | 79,739,454 |
Weighted average number of shares outstanding - diluted | 105,439,009 | 81,489,974 | 88,235,439 | 79,739,454 |
Operating leases and other co_3
Operating leases and other commitment (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Begininng balance | $ 383,969 | $ 422,297 |
Renewed office lease | 0 | 184,160 |
Accumulated amortization | (110,997) | (222,488) |
Ending balance | $ 272,972 | $ 383,969 |
Operating leases and other co_4
Operating leases and other commitment (Details 1) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Beginning balance | $ 391,459 | $ 425,620 |
Renewed office lease | 0 | 184,160 |
Repayments of lease liability | (117,039) | (237,574) |
Other | 9,657 | 19,253 |
Ending balance | 284,077 | 391,459 |
Lease liability due within one year | 232,222 | 228,651 |
Lease liability long term | $ 51,855 | $ 162,808 |
Operating leases and other co_5
Operating leases and other commitment (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement [Line Items] | |||
Operating lease liability | $ 284,077 | $ 391,459 | $ 425,620 |
Future payment amount and copier rent | 2,771 | ||
Future payment amount | 292,240 | ||
January 1, 2019 [Member] | |||
Statement [Line Items] | |||
Immaterial cumulative adjustment | $ 11,667 | ||
Description average remaining life and discount rate | The discount rate ranges from 4.75% to 5.00%. The average remaining years for our lease are 1.21 years as of June 30, 2022 |
New Drug Application (Details N
New Drug Application (Details Narrative) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
R&D expense | $ 3,117,218 |
Related Party Transactions (Det
Related Party Transactions (Details) - Director [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement [Line Items] | ||||
Salaries | $ 60,000 | $ 0 | $ 360,000 | $ 250,000 |
Short-term employee benefits | 598 | 602 | 1,181 | 1,185 |
Stock-based compensation | 349,259 | 184,827 | 411,526 | 414,015 |
Total | $ 409,857 | $ 185,429 | $ 772,707 | $ 665,200 |
Related Party Transactions (D_2
Related Party Transactions (Details Narrative) - USD ($) | 6 Months Ended | ||
May 11, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Corporate Legal Counsel [Member] | |||
Statement [Line Items] | |||
Amounts paid contract for services | $ 242,500 | $ 173,464 | |
Chief Financial Officers [Member] | |||
Statement [Line Items] | |||
Amounts paid contract for services | $ 40,000 | $ 240,000 | |
James G. Robinson [Member] | |||
Statement [Line Items] | |||
Compensation shares | 324,777 | ||
Issued shares of long and outstanding service | 235,346 | ||
Purchase price | $ 1.65 | ||
Total value | $ 1,900,000 | ||
Warrants purchase | 1,151,515 | ||
Purchase shares of common stock | 1,151,515 | ||
Exercise price | $ 2 |