Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 12, 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 | 000-30414 | |
Entity Registrant Name | ALR TECHNOLOGIES INC. | |
Entity Central Index Key | 0001087022 | |
Entity Tax Identification Number | 88-0225807 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 7400 Beaufont Springs Drive | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Richmond | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23225 | |
City Area Code | (804) | |
Local Phone Number | 554-3500 | |
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 | |
Elected Not To Use the Extended Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 542,716,344 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 376,639 | $ 66,190 |
Prepaid expenses | 57,556 | 62,659 |
Total assets | 434,195 | 128,849 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 937,270 | 1,113,720 |
Promissory notes payable to related parties | 3,031,966 | 3,031,966 |
Promissory notes payable to unrelated parties | 2,223,368 | 2,254,353 |
Interest payable | 3,847,411 | 3,575,326 |
Lines of credit from related parties | 12,615,579 | 11,914,092 |
Total liabilities | 22,655,594 | 21,889,457 |
Stockholders' Deficit | ||
Preferred stock: Authorized: 500,000,000 shares of preferred stock (December 31, 2020 - 500,000,000) with a par value of $0.001 per share Shares issued and outstanding: No Nil shares of preferred stock (December 31, 2020 - Nil) were issued and outstanding | ||
Common stock: Authorized: 10,000,000,000 shares of common stock (December 31, 2020 - 10,000,000,000) with a par value of $0.001 per share Shares issued and outstanding: 542,716,344 shares of common stock (December 31, 2020 - 511,020,709) | 542,716 | 511,020 |
Obligation to issue shares | 200,000 | |
Additional paid-in capital | 74,145,100 | 71,100,134 |
Accumulated deficit | (96,909,215) | (93,571,762) |
Stockholders’ deficit | (22,221,399) | (21,760,608) |
Total liabilities and stockholders’ deficit | $ 434,195 | $ 128,849 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred shares, authorized | 500,000,000 | 500,000,000 |
Preferred shares, par value | $ 0.001 | $ 0.001 |
Preferred shares, issued | 0 | 0 |
Preferred shares, outstanding | 0 | 0 |
Common shares, authorized | 10,000,000,000 | 10,000,000,000 |
Common shares, par value | $ 0.001 | $ 0.001 |
Common shares, Issued | 542,716,344 | 511,020,709 |
Common shares, outstanding | 542,716,344 | 511,020,709 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Expenses | ||||
Product development costs | $ 128,157 | $ 122,551 | $ 240,199 | $ 217,761 |
Professional fees | 138,890 | 429,246 | 356,118 | 466,550 |
Selling, general and administrative | 215,466 | 131,359 | 423,752 | 254,404 |
Operating Loss | 482,513 | 683,156 | 1,020,069 | 938,715 |
Interest expense | 1,804,403 | 525,636 | 2,283,770 | 1,044,627 |
Loss on settlement of debt | 33,614 | 33,614 | ||
Total Other Items | 1,838,017 | 525,636 | 2,317,384 | 1,044,627 |
Net Loss | $ (2,320,530) | $ (1,208,792) | $ (3,337,453) | $ (1,983,342) |
Weighted average number of shares of common stock outstanding, basic and diluted | 532,676,344 | 270,777,909 | 527,072,440 | 270,291,721 |
Loss per share, basic and diluted | $ 0 | $ 0 | $ (0.01) | $ (0.01) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net loss | $ (3,337,453) | $ (1,983,342) |
Stock-based compensation-product development costs | 97,842 | 18,804 |
Stock-based compensation-professional fees | 43,295 | 391,843 |
Stock-based compensation-interest | 1,287,834 | |
Interest expense on lines of credit | 670,452 | 719,455 |
Non-cash imputed interest expenses | 60,059 | 60,737 |
Loss on settlement of debt | 33,614 | |
Changes in operating assets and liabilities | ||
Decrease in prepaid expenses | 5,103 | |
Decrease in accounts payable and accrued liabilities | 17,736 | 83,595 |
Increase in interest payable | 264,100 | 265,834 |
Net cash used in operating activities | (857,418) | (443,074) |
FINANCING ACTIVITIES | ||
Proceeds from lines of credit | 401,758 | 441,948 |
Repayment of lines of credit interest | (370,723) | |
Proceeds from sales of shares of common stock | 1,136,832 | |
Net cash provided by financing activities | 1,167,867 | 441,948 |
Change in cash | 310,449 | (1,126) |
Cash, beginning of period | 66,190 | 1,838 |
Cash, end of period | $ 376,639 | $ 712 |
Basis of Presentation, Nature o
Basis of Presentation, Nature of Operations and Going Concern | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Nature of Operations and Going Concern | 1. Basis of Presentation, Nature of Operations and Going Concern ALR Technologies Inc. (the “Company”) was incorporated under the laws of the state of Nevada on March 24, 1987. On May 16, 2020, the Company incorporated a wholly owned subsidiary, ALR Technologies Sg Pte. Ltd. (“ALRT SG”), under the Companies Act Business Corporations Act of Alberta These unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) in U.S. dollars and on a going concern basis, which presumes the realization of assets and the discharge of liabilities and commitments in the normal course of operations for the foreseeable future. Several adverse conditions cast substantial doubt on the validity of this assumption. The Company has incurred significant losses over the six-month periods ended June 30, 2021 and 2020 of $ 3,337,453 1,983,342 22,221,399 21,760,608 The Company’s ability to continue as a going concern is dependent upon the continued financial support of its creditors and its ability to obtain financing to fund working capital and overhead requirements, fund the development of the Company’s product line, and ultimately, the Company’s ability to achieve profitable operations and repay overdue obligations. Management has obtained a mix of equity and line of credit financing from related parties. The line of credit facilities have available borrowing in principal up to $12,300,000. As of June 30, 2021, the total principal balance outstanding was $11,940,884. The resolution of whether the Company is able to continue as a going concern is dependent upon the realization of management’s plans. There can be no assurance that the Company will be able to raise any additional debt or equity capital from the sources described above or that the lenders in the line of credit arrangements will maintain the availability of borrowing from the line. If management is unsuccessful in obtaining short-term financing or achieving long-term profitable operations, the Company will be required to cease operations. In March 2020, the World Health Organization declared coronavirus, COVID-19, a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies and financial markets globally, potentially leading to an economic downturn. Management does not expect that COVID-19 will have a significant impact on the Company; however, it could have a potential impact on the Company’s ability to raise money, market its products to attract customers or procure equipment and parts for its glucose monitoring system. ALR TECHNOLOGIES INC. Notes to Condensed Consolidated Financial Statements For the Six Months Ended June 30, 2021 ($ United States) (Unaudited) 1. Basis of Presentation, Nature of Operations and Going Concern (continued) All of the Company’s debt is either due on demand or is in default, while continuing to accrue interest at its stated rate. The Company will seek to obtain creditors’ consents to delay repayment of the outstanding promissory notes payable and related interest thereto, until it is able to replace this financing with funds generated by operations, recapitalization with replacement debt or from equity financings through private placements. While some of the Company’s creditors have agreed to extend repayment deadlines in the past, there is no assurance that they will continue to do so in the future. In the past, creditors have successfully commenced legal action against the Company to recover debts outstanding. In those instances, the Company was able to obtain financing from related parties to cover the verdict or settlement; however, there is no assurance that the Company would be able to obtain the same financing in the future. If the Company is unsuccessful in obtaining financing to cover any potential verdicts or settlements, the Company will be required to cease operations. The Company’s activities will necessitate significant uses of working capital beyond 2021. Additionally, the Company’s capital requirements will depend on many factors, including the success of the Company’s continued product development and distribution efforts. The Company plans to continue financing its operations with the lines of credit it has available. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, ALR Technologies Sg Pte. Ltd., which was incorporated on May 16, 2020 in Singapore, and Canada Diabetes Solution Centre, Inc., which was incorporated on June 9, 2021 in Alberta. The Canadian subsidiary is currently inactive. All significant intercompany balances and transactions have been eliminated on consolidation. The unaudited condensed consolidated financial statements as of June 30, 2021 and for the period then ended have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, all adjustments necessary to present fairly the financial position as of June 30, 2021 and December 31, 2020 and the results of operations and cash flows as of June 30, 2021 and 2020, and for the periods then ended, have been made. Those adjustments consist of normal and recurring adjustments. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year. ALR TECHNOLOGIES INC. Notes to Condensed Consolidated Financial Statements For the Six Months Ended June 30, 2021 ($ United States) (Unaudited) |
Interest, Advances and Promisso
Interest, Advances and Promissory Notes Payable | 6 Months Ended |
Jun. 30, 2021 | |
Interest Advances And Promissory Notes Payable | |
Interest, Advances and Promissory Notes Payable | 3. Interest, Advances and Promissory Notes Payable a) Promissory notes payable to related parties A summary of the promissory notes payable to related parties is as follows: Schedule of Promissory Notes Payable - Relatives of Board of Directors Promissory Notes Payable to Related Parties June 30, December 31, 2020 Promissory notes payable to relatives of directors collateralized by a general security agreement over all the assets of the Company, past maturity: i. Interest at 1% per month $ 720,619 $ 720,619 ii. Interest at 1.25% per month 51,347 51,347 iii. Interest at the U.S. bank prime rate plus 1% 100,000 100,000 iv. Interest at 0.5% per month 695,000 695,000 Promissory notes payable, unsecured, to relatives of a director, bearing interest at 1% per month, past maturity 1,465,000 1,465,000 Total Promissory Notes Payable to Related Parties $ 3,031,966 $ 3,031,966 All amounts past maturity continue to accrue interest at their stated rate and are considered due on demand. b) Promissory notes payable to unrelated parties A summary of the promissory notes payable to unrelated parties is as follows: Schedule of Activity of Promissory Notes Payable to Unrelated Lenders Promissory Notes Payable to Unrelated Parties June 30, December 31, 2020 Unsecured promissory notes payable to unrelated lenders, past maturity: i. Interest at 1% per month $ 1,317,456 $ 1,337,456 ii. Interest at 0.667% per month 425,000 435,985 iii. Interest at 0.625% per month 150,000 150,000 iv. Non-interest-bearing 270,912 270,912 Promissory notes payable, secured by a guarantee from the Chief Executive Officer, bearing interest at 1% per month, past maturity 60,000 60,000 Total Promissory Notes Payable to Unrelated Parties $ 2,223,368 $ 2,254,353 During the six months ended June 30, 2021, the Company: · extinguished promissory notes totalling $20,000 through the issuance of shares of common stock (note 5). · Reallocated amounts of $10,985 from promissory notes to interest payable There was no promissory note activity during the year-ended December 31, 2020. All amounts past maturity continue to accrue interest at their stated rate and are considered due on demand. ALR TECHNOLOGIES INC. Notes to Condensed Consolidated Financial Statements For the Six Months Ended June 30, 2021 ($ United States) (Unaudited) 3. Interest, Advances and Promissory Notes Payable (continued) c) Interest payable A summary of the interest payable activity is as follows: ScheduleofInterestPayable Balance, December 31, 2019 $ 5,364,997 Interest incurred on promissory notes payable 528,871 Interest payable retired through issuance of shares (2,318,542 ) Balance, December 31, 2020 3,575,326 Reclassified from promissory notes payable 10,985 Interest incurred on promissory notes payable 264,100 Interest payable retired through issuance of shares (3,000 ) Balance, June 30, 2021 $ 3,847,411 Interest payable is due to related and non-related parties as follows: June 30, December 31, 2020 Related parties (relatives of the Chairman) $ 1,031,629 $ 873,666 Non-related parties 2,815,782 2,701,660 $ 3,847,411 $ 3,575,326 The payment terms, security and any interest payable are based on the underlying promissory notes payable that the Company has outstanding. d) Interest expense During the period ended June 30, 2021, the Company incurred interest expense of $2,283,770 (2020 - $1,044,627) as follows: · $1,287,834 (2020 - $nil) incurred related to the modification of options held by the Chairman and his spouse that were granted in connection with financing provided to the Company; · $670,452 (2020 - $719,455) incurred on lines of credit payable as shown in note 4; · $264,100 (2020 - $264,435) incurred on promissory notes (notes 3(a) and 3(b)); · $60,059 (2020 - $60,737) incurred from the calculation of imputed interest on accounts payable outstanding for longer than one year, advances payable and promissory notes payable, which had no stated interest rate; and · $1,325 (2020 - $nil) interest on other items. ALR TECHNOLOGIES INC. Notes to Condensed Consolidated Financial Statements For the Six Months Ended June 30, 2021 ($ United States) (Unaudited) |
Lines of Credit
Lines of Credit | 6 Months Ended |
Jun. 30, 2021 | |
Lines Of Credit | |
Lines of Credit | 4. Lines of Credit As of June 30, 2021, the Company had two lines of credit as follows: Schedule Line of Credit Related Party Creditor Interest Rate Borrowing Limit Repayment Terms Principal Borrowed Accrued Interest Total Outstanding Security Purpose Chairman and CEO 1% per Month $ 10,300,000 Due on Demand $ 9,940,884 $ 650,030 $ 10,590,914 General Security over Assets General Corporate Requirements Wife of Chairman 1% per Month 2,000,000 Due on Demand 2,000,000 24,665 2,024,665 General Security over Assets General Corporate Requirements Total $ 12,300,000 $ 11,940,884 $ 674,695 $ 12,615,579 As of December 31, 2020, the Company had two lines of credit as follows: Creditor Interest Rate Borrowing Limit Repayment Terms Principal Borrowed Accrued Interest Total Outstanding Security Purpose Chairman and CEO 1% per Month $ 10,300,000 Due on Demand $ 9,539,125 $ 314,967 $ 9,854,092 General Security over Assets General Corporate Requirements Wife of Chairman 1% per Month 2,000,000 Due on Demand 2,000,000 60,000 2,060,000 General Security over Assets General Corporate Requirements Total $ 12,300,000 $ 11,539,125 $ 374,967 $ 11,914,092 On September 21, 2020, the Company, the Chairman and the Chairman’s spouse agreed to retire a portion of the principal of $1,038,967 and accrued interest of $8,642,491 pursuant to two shares for debt agreements (note 5(b)). |
Capital Stock
Capital Stock | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Capital Stock | 5. Capital Stock a) Authorized capital stock i. Common Stock 10,000,000,000 shares of common stock with a par value of $0.001 per share. ii. Preferred Stock 500,000,000 shares of preferred stock with a par value of $0.001 per share. ALR TECHNOLOGIES INC. Notes to Condensed Consolidated Financial Statements For the Six Months Ended June 30, 2021 ($ United States) (Unaudited) 5. Capital Stock b) Issued capital stock During the period ended June 30, 2021: i) On January 4, 2021, 1,000 shares of common stock were cancelled by a shareholder; no consideration was exchanged. ii) On April 12, 2021, the Company elected to extend the initial 90-day period (April 22, 2021) by an additional 100-day period related to the closing of the Rights Offering. The Company had until July 31, 2021 to sell the remaining 113,025,592 shares of common stock. Subsequent to June 30, 2021 the Company extended the offering period to October 29, 2021 (note 10(b)). iii) The Company collected subscriptions of $1,124,832 pursuant to its registration statement and issued a total of 26,496,635 shares of common stock for gross proceeds of $1,324,832; $200,000 of the proceeds had been collected during the year ended December 31, 2020 and recognized as obligation to issue shares. iv) The Company received proceeds of $12,000 pursuant to the exercise of options to acquire 800,000 shares of common stock at a price of $0.015 per share. v) The Company entered into two shares for debt agreements with two creditors to issue an aggregate 4,400,000 shares of common stock at fair value of $0.057 per share for a purchase price of $250,800 in exchange for the retirement of $217,186 of liabilities comprised of: · Accounts payable - $ 194,186 · Promissory notes – Principal - $ 20,000 · Line of credit – Accrued interest - $ 3,000 The Company recognized loss on debt settlement of $33,614. The Company also issued commitment letters to two creditors offering them an aggregate 20,000,000 shares of common stock in exchange for the extinguishment of $1,511,377 in promissory notes and interest payable prior to December 31, 2021. During the year ended December 31, 2020: i) On February 11, 2020, the Company issued 2,000,000 restricted shares of common stock at a price of $0.04 per share with a value of $80,000 in exchange for the retirement of $60,000 of accounts payable and $20,000 for the provision of services. ii) On August 24, 2020, the Company issued 242,800 restricted shares of common stock at a price of $0.05 per share for proceeds of $12,140. ALR TECHNOLOGIES INC. Notes to Condensed Consolidated Financial Statements For the Six Months Ended June 30, 2021 ($ United States) (Unaudited) 5. Capital Stock b) Issued capital stock (continued) During the year ended December 31, 2020: (continued) iii) On September 21, 2020, the Company entered into two shares for debt agreements with the Chairman and his spouse to issue an aggregate 240,000,000 restricted shares of common stock at a price of $0.05 per share for a purchase price of $12,000,000 in exchange for the retirement of $12,000,000 of liabilities comprised of: · Promissory notes – Accrued interest - $ 2,318,542 · Line of credit – Accrued interest - $ 8,642,491 · Line of credit – Principal - $ 1,038,967 iv) On December 4, 2020, the Company filed a Form S-1 Registration Statement to distribute subscription rights to purchase up to an aggregate 127,522,227 shares of common stock at a price of $0.05 per share for maximum aggregate offering proceeds of $6,376,111. The Company collected subscriptions of $200,000 related to management’s right to allocate unsubscribed shares of common stock. |
Additional Paid-in Capital
Additional Paid-in Capital | 6 Months Ended |
Jun. 30, 2021 | |
Additional Paid-in Capital | |
Additional Paid-in Capital | 6. Additional Paid-in Capital Stock options A summary of stock option activity is as follows: Schedule of Share-based Compensation, Stock Options, Activity Six Months Ended June 30, 2021 Year Ended December 31, 2020 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Outstanding, beginning of period 5,362,701,500 $ 0.004 5,236,401,500 $ 0.003 Granted 92,500,000 $ 0.050 139,800,000 $ 0.047 Exercised (800,000) $ (0.015) - $ - Cancelled (7,400,000) $ (0.033) (13,500,000) $ (0.034) Outstanding, end of period 5,447,001,500 $ 0.005 5,362,701,500 $ 0.004 Exercisable, end of period 5,194,501,500 $ 0.003 5,202,701,500 $ 0.003 ALR TECHNOLOGIES INC. Notes to Condensed Consolidated Financial Statements For the Six Months Ended June 30, 2021 ($ United States) (Unaudited) 6. Additional Paid-in Capital (continued) Stock options (continued) During the period ended June 30, 2021: On January 28, 2021, the Company granted the option to acquire an aggregate 32,000,000 shares of common stock at a price of $0.05 per share to six individuals. All of the options will vest according to performance or time-based conditions. Options to acquire 22,000,000 shares of common stock will expire December 31, 2025, and options to acquire 10,000,000 shares of common stock will expire May 17, 2024. None of these options have vested to date. The fair value of the options granted totals $1,706,244, of which $573,292 relates to stock options that have time-based vesting conditions and $1,132,952 relates to stock options that have performance vesting conditions. During the current period, $112,813 relates to the stock options with time-based vesting conditions, which was recorded. The remaining fair value of $1,593,431 has not been recorded. On February 22, 2021, the Company granted the option to acquire an aggregate 5,000,000 shares of common stock at a price of $0.05 per share. These options were granted to three individuals and have an expiry date of May 17, 2024. None of these options have vested to date. The fair value of the options granted totals $225,141. During the current period, $23,092 relates to stock options with time-based vesting conditions, which was recorded. The remaining fair value of $202,049 has not been recorded. On April 14, 2021, the Company’s Board of Directors approved the grant of the option to acquire an aggregate 28,500,000 shares of common stock at a price of $0.05 per share until December 31, 2025 to five individuals. All of the options will vest according to performance or time-based conditions. None of these options have vested to date. The fair value of the options granted totals $1,565,812, of which $351,621 relates to stock options that have time-based vesting conditions and $1,214,191 relates to stock options that have performance vesting conditions. During the current period, $5,232 relates to the stock options with time-based vesting conditions, which was recorded. The remaining fair value of $1,560,580 has not been recorded. On May 12, 2021, the Company’s Board of Directors amended the option to acquire 2,000,000 shares, previously granted on January 28, 2021 to a consultant, to increase the option by 1,000,000 to provide the optionee the option to acquire an aggregate of 3,000,000 shares of common stock at a price of $0.05 per share until December 31, 2025. All other terms of the January 28, 2021 grant remain the same and the options are subject to performance vesting conditions. The fair value of the additional 1,000,000 amended options granted totaling $54,940 was not recorded, as it cannot be determined that it is more likely than not that the performance condition will be met. On May 31, 2021, the Company granted one consultant the option to acquire 5,000,000 shares of common stock of the Company at a price of $0.05 per share until December 31, 2025 subject to performance vesting conditions. The fair value of the options granted totaling $254,708 was not recorded, as it cannot be determined that it is more likely than not that the performance condition will be met. ALR TECHNOLOGIES INC. Notes to Condensed Consolidated Financial Statements For the Six Months Ended June 30, 2021 ($ United States) (Unaudited) 6. Additional Paid-in Capital (continued) Stock options (continued) During the period ended June 30, 2021: On June 27, 2021, the Company cancelled 7,400,000 stock options with an average exercise price of $0.033. On June 27, 2021, the Company’s Board of Directors approved the grant of the option to acquire an aggregate 21,000,000 shares of common stock at a price of $0.05 per share until June 30, 2026 to four individuals. All of the options will vest according to performance or time-based conditions. None of these options have vested to date. The fair value of the options granted totals $1,374,208, of which $26,175 relates to stock options that have time-based vesting conditions and $1,348,033 relates to stock options that have performance vesting conditions. The fair value of $1,374,208 has not been recorded. On June 30, 2021, the Company amended the option to acquire 4,365,001,300 shares of common stock granted on July 1, 2016 by extending the expiry date from July 1, 2021 to April 12, 2024. The options were granted in connection with lines of credit provided by the Chairman and his spouse which are currently outstanding (note 4). All of the options had vested in previous years. The fair value of the amendments totaled $1,287,834 and was recorded during the current period in interest expense. During the year ended December 31, 2020: On April 1, 2020, the Company granted one consultant the option to acquire 10,000,000 shares of common stock at a price of $0.035 per share for a term of five years. The fair value of the options granted totaling $391,843 was fully recorded at grant. On May 12, 2020, the Company amended the option to acquire 40,000,000 shares of common stock granted on June 12, 2019 to extend the period of vesting from May 31, 2020 to December 31, 2020. None of these options have vested to date. On May 18, 2020, the Company granted one consultant the option to acquire 500,000 shares of common stock of the Company at a price of $0.035 per share until May 17, 2024. The fair value of the options granted totaling $18,725 was fully recorded at grant. On June 1, 2020, the Company granted one consultant the option to acquire 10,000,000 shares of common stock of the Company at a price of $0.035 per share until May 31, 2025 subject to performance vesting conditions. The fair value of the options granted totaling $621,853 was not recorded, as it cannot be determined that it is more likely than not that the performance condition will be met. ALR TECHNOLOGIES INC. Notes to Condensed Consolidated Financial Statements For the Six Months Ended June 30, 2021 ($ United States) (Unaudited) 6. Additional Paid-in Capital (continued) Stock options (continued) During the year ended December 31, 2020: (continued) On June 5, 2020, the Company granted one sales agent the option to acquire 10,000,000 shares of common stock of the Company at a price of $0.035 per share until May 31, 2025 subject to the agent enrolling 20,000 patients into the ALRT Diabetes Solution by May 31, 2021. The fair value of the options granted totaling $494,868 was not recorded, as it cannot be determined that it is more likely than not that the performance condition will be met. On September 1, 2020, the Company granted thirteen individuals the option to acquire an aggregate 74,500,000 options at an exercise price of $0.05 per share; 22,000,000 stock options, which vested at the time of grant, will expire on May 17, 2024 and 52,500,000 stock options, which vest upon achievement of performance conditions, will expire on May 31, 2025. None of the stock options with performance vesting conditions have vested. The fair value of the options granted totals $3,854,619, of which $1,137,397 related to the stock options that have vested was recorded and $2,717,222 related to the options that have not vested was not recorded. On October 12, 2020, the Company granted eight individuals the option to acquire an aggregate 34,800,000 options at an exercise price of $0.05 per share until May 31, 2025; 18,300,000 vested at the time of grant and 16,500,000 of the stock options granted will vest upon achievement of performance conditions. None of the stock options with performance vesting conditions have vested. The fair value of the options granted totals $2,434,053, of which $1,279,973 related to the stock options that have vested was recorded and $1,154,080 related to the options that have not vested was not recorded. During the year ended December 31, 2020, the Company recorded a further $79 in compensation expense related to the vesting of stock options granted in previous years. ALR TECHNOLOGIES INC. Notes to Condensed Consolidated Financial Statements For the Six Months Ended June 30, 2021 ($ United States) (Unaudited) 6. Additional Paid-in Capital (continued) Stock options (continued) Outstanding: The options outstanding at June 30, 2021 and December 31, 2020 were as follows: Schedule of Options Outstanding June 30, 2021 December 31, 2020 Expiry Date Options Exercise Price Intrinsic Value Options Exercise Price Intrinsic Value July 1, 2021 - $ 0.002 $ 0.058 4,365,001,300 $ 0.002 $ 0.069 July 22, 2021 22,500,000 $ 0.035 $ 0.025 - $ - $ - November 27, 2022 5,600,000 $ 0.015 $ 0.045 6,950,000 $ 0.015 $ 0.056 January 31, 2023 40,500,000 $ 0.015 $ 0.045 40,500,000 $ 0.015 $ 0.056 June 13, 2023 5,000,000 $ 0.015 $ 0.045 5,000,000 $ 0.015 $ 0.056 October 1, 2023 - $ 0.050 $ 0.010 300,000 $ 0.050 $ 0.021 February 3, 2024 - $ 0.035 $ 0.025 10,000,000 $ 0.035 $ 0.036 March 14, 2024 6,650,000 $ 0.035 $ 0.025 9,150,000 $ 0.035 $ 0.036 April 12, 2024 4,925,001,500 $ 0.002 $ 0.058 560,000,200 $ 0.002 $ 0.069 April 12, 2024 3,350,000 $ 0.015 $ 0.045 3,900,000 $ 0.015 $ 0.056 April 12, 2024 200,000 $ 0.030 $ 0.030 200,000 $ 0.030 $ 0.041 May 6, 2024 13,000,000 $ 0.035 $ 0.025 13,000,000 $ 0.035 $ 0.036 May 17, 2024 77,000,000 $ 0.050 $ 0.010 62,000,000 $ 0.050 $ 0.021 May 17, 2024 19,400,000 $ 0.035 $ 0.025 25,400,000 $ 0.035 $ 0.036 June 17, 2024 5,000,000 $ 0.050 $ 0.010 5,000,000 $ 0.050 $ 0.021 June 17, 2024 - $ 0.035 $ 0.025 5,000,000 $ 0.035 $ 0.036 August 16, 2024 2,500,000 $ 0.050 $ 0.010 2,500,000 $ 0.050 $ 0.021 September 6, 2024 1,000,000 $ 0.050 $ 0.010 1,000,000 $ 0.050 $ 0.021 September 17, 2024 - $ 0.035 $ 0.025 5,000,000 $ 0.035 $ 0.036 October 3, 2024 3,500,000 $ 0.035 $ 0.025 3,500,000 $ 0.035 $ 0.036 October 24, 2024 2,000,000 $ 0.035 $ 0.025 2,000,000 $ 0.035 $ 0.036 December 11, 2024 120,000,000 $ 0.015 $ 0.045 120,000,000 $ 0.015 $ 0.056 April 1, 2025 10,000,000 $ 0.035 $ 0.025 10,000,000 $ 0.035 $ 0.036 May 31, 2025 20,000,000 $ 0.035 $ 0.025 20,000,000 $ 0.035 $ 0.036 May 31, 2025 87,300,000 $ 0.050 $ 0.010 87,300,000 $ 0.050 $ 0.021 December 31, 2025 56,500,000 $ 0.050 $ 0.010 - $ - $ - June 30, 2026 21,000,000 $ 0.050 $ 0.010 - $ - $ - Total 5,447,001,500 $ 0.005 $ 0.055 5,362,701,500 $ 0.004 $ 0.066 Weighted Average Remaining Contractual Life 2.83 1.05 ALR TECHNOLOGIES INC. Notes to Condensed Consolidated Financial Statements For the Six Months Ended June 30, 2021 ($ United States) (Unaudited) 6. Additional Paid-in Capital (continued) Stock options (continued) The fair value of the stock options granted and vested was allocated as follows: Schedule of Fair Value of Stock Options Granted-Allocation Three Months Ended Three Months Ended Six Months Ended Six Months Ended Interest expense $ 1,287,834 $ — $ 1,287,834 $ — Product development expense 61,697 18,725 97,842 18,804 Professional expense 28,070 391,843 43,295 391,843 $ 1,377,601 $ 410,568 $ 1,428,971 $ 410,647 The Company uses the fair value method for determining stock-based compensation for all options granted during the fiscal periods. The fair value was determined using the Black-Scholes option pricing model based on the following weighted average assumptions: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions June 30, December 31, 2020 Risk-free interest rate 0.66 % 0.20 % Expected life 4.6 4.6 Expected dividends 0 % 0 % Expected volatility 271 % 312 % Forfeiture rate 0 % 0 % The weighted average fair value for the options granted during the six months ended June 30, 2021 was $0.06 (year ended December 31, 2020 - $0.06 ). ALR TECHNOLOGIES INC. Notes to Condensed Consolidated Financial Statements For the Six Months Ended June 30, 2021 ($ United States) (Unaudited) |
Related Party Transactions and
Related Party Transactions and Balances | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Balances | 7. Related Party Transactions and Balances Schedule of related party transactions Three Months Ended Three Months Ended Six Months Ended Six Months Ended $ $ $ $ Related party transactions included within interest expense: Interest expenses on promissory notes issued to relatives of the Chairman & Chief Executive Officer of the Company 78,981 79,171 157,963 157,963 Interest expense on lines of credit payable to the Chairman & Chief Executive Officer of the Company and his spouse 355,715 363,001 670,452 719,455 Interest expense related to the modification of stock options held by the Chairman and Chief Executive Officer of the Company and his spouse related to financing provided 1,287,834 — 1,287,834 — Related party transactions including within selling, general and administration expenses: Consulting fees to the Chairman & Chief Executive Officer of the Company accrued on the line of credit available to the Company 62,400 62,400 124,800 124,800 Salary to the spouse of the Chairman & Chief Executive Officer of the Company for services as VP Corporate and Director of the Singapore subsidiary 11,254 — 11,254 — Loss on settlement of debt to a relative of the Chairman & Chief Executive Officer of the Company 16,800 — 16,800 — Related party transaction included within product development expense: Consulting fees to a relative of the Chairman and Chief Executive Officer of the Company — 30,000 — 60,000 Interest on promissory notes payable to related parties, management compensation and compensation paid to a relative of a director have been recorded at the exchange amount, which is the amount agreed to by the parties. Options granted to related parties have been recorded at their estimated fair value. ALR TECHNOLOGIES INC. Notes to Condensed Consolidated Financial Statements For the Six Months Ended June 30, 2021 ($ United States) (Unaudited) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Compensation Related Costs [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies a) Contingencies The Company has had three judgments against it relating to overdue promissory notes and accrued interest, and a fourth creditor has demanded repayment of an overdue promissory note and accrued interest. To date, the Company has not repaid any of these promissory notes and related accrued interest and could be subject to further action. The legal liability, totaling $1,234,382, of these promissory notes and related accrued interest have been fully recognized and recorded by the Company. The Company has accrued interest of $267,457 related to one of these promissory notes. On December 22, 2020 a default judgement was entered against the Company in regards to one of the above noted judgments totaling $551,576, consisting of the principal amount of $300,000 and accrued interest of $251,576, as of the date of the Civil Summons. b) Commitments The Company has a consulting arrangement with Mr. Sidney Chan, Chief Executive Officer and Chairman of the Board of Directors of the Company. Under the terms of the contract, Mr. Chan will be paid $240,000 per annum for services as Chief Executive Officer. The contract can be terminated at any time with thirty days’ notice and the payment of two years’ annual salary. Should the contract be terminated, all debts owed to Mr. Chan and his spouse must be immediately repaid. The initial term of the contract is for one year and automatically renews for continuous one-year terms. Also, under the terms of the contract are the following: i. Incentive revenue bonus Mr. Chan will be entitled to a 1% net sales commission from the sales of any of the Company’s products at any time during his life, regardless if Mr. Chan is still under contract with the Company. ii. Sale of business If more than 50% of the Company’s stock or assets are sold, Mr. Chan will be compensated for entering into non-compete agreements based on the selling price of the Company or its assets as follows: · 2% of sales price up to $24,999,999 plus · 3% of sales price between $25,000,000 and $49,999,999 plus · 4% of sales price between $50,000,000 and $199,999,999 plus · 5% of sales price in excess of $200,000,000. ALR TECHNOLOGIES INC. Notes to Condensed Consolidated Financial Statements For the Six Months Ended June 30, 2021 ($ United States) (Unaudited) |
Operating Segments
Operating Segments | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Operating Segments | 9. Operating Segments The Company has one operating segment, development of diabetes hardware and software. The Company’s geographical segments are summarized as follows: Schedule of Operating Segments June 30, 2021 December 31, 2020 Current and Total Assets Other $ 14,963 $ 7,632 Singapore 307,167 20,000 United States 112,065 101,217 $ 434,195 $ 128,849 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Net Loss Singapore $ (77,666 ) $ — United States (3,259,787 ) (1,983,342 ) $ (3,337,453 ) $ (1,983,342 ) |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events a) Effective July 22, 2021, the Company cancelled 22,500,000 stock options exercisable at $0.035 related to the termination of certain contractors and advisors. b) Effective July 19, 2021, the Company extended the outside offering date to place the remaining 101,025,592 rights to purchase shares of common stock from July 31, 2021 to October 29, 2021. |
Interest, Advances and Promis_2
Interest, Advances and Promissory Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Interest Advances And Promissory Notes Payable | |
Schedule of Activity of Promissory Notes Payable to Unrelated Lenders | A summary of the promissory notes payable to related parties is as follows: Schedule of Promissory Notes Payable - Relatives of Board of Directors Promissory Notes Payable to Related Parties June 30, December 31, 2020 Promissory notes payable to relatives of directors collateralized by a general security agreement over all the assets of the Company, past maturity: i. Interest at 1% per month $ 720,619 $ 720,619 ii. Interest at 1.25% per month 51,347 51,347 iii. Interest at the U.S. bank prime rate plus 1% 100,000 100,000 iv. Interest at 0.5% per month 695,000 695,000 Promissory notes payable, unsecured, to relatives of a director, bearing interest at 1% per month, past maturity 1,465,000 1,465,000 Total Promissory Notes Payable to Related Parties $ 3,031,966 $ 3,031,966 All amounts past maturity continue to accrue interest at their stated rate and are considered due on demand. b) Promissory notes payable to unrelated parties A summary of the promissory notes payable to unrelated parties is as follows: Schedule of Activity of Promissory Notes Payable to Unrelated Lenders Promissory Notes Payable to Unrelated Parties June 30, December 31, 2020 Unsecured promissory notes payable to unrelated lenders, past maturity: i. Interest at 1% per month $ 1,317,456 $ 1,337,456 ii. Interest at 0.667% per month 425,000 435,985 iii. Interest at 0.625% per month 150,000 150,000 iv. Non-interest-bearing 270,912 270,912 Promissory notes payable, secured by a guarantee from the Chief Executive Officer, bearing interest at 1% per month, past maturity 60,000 60,000 Total Promissory Notes Payable to Unrelated Parties $ 2,223,368 $ 2,254,353 |
ScheduleofInterestPayable | A summary of the interest payable activity is as follows: ScheduleofInterestPayable Balance, December 31, 2019 $ 5,364,997 Interest incurred on promissory notes payable 528,871 Interest payable retired through issuance of shares (2,318,542 ) Balance, December 31, 2020 3,575,326 Reclassified from promissory notes payable 10,985 Interest incurred on promissory notes payable 264,100 Interest payable retired through issuance of shares (3,000 ) Balance, June 30, 2021 $ 3,847,411 Interest payable is due to related and non-related parties as follows: June 30, December 31, 2020 Related parties (relatives of the Chairman) $ 1,031,629 $ 873,666 Non-related parties 2,815,782 2,701,660 $ 3,847,411 $ 3,575,326 |
Lines of Credit (Tables)
Lines of Credit (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Lines Of Credit | |
Schedule Line of Credit Related Party | As of June 30, 2021, the Company had two lines of credit as follows: Schedule Line of Credit Related Party Creditor Interest Rate Borrowing Limit Repayment Terms Principal Borrowed Accrued Interest Total Outstanding Security Purpose Chairman and CEO 1% per Month $ 10,300,000 Due on Demand $ 9,940,884 $ 650,030 $ 10,590,914 General Security over Assets General Corporate Requirements Wife of Chairman 1% per Month 2,000,000 Due on Demand 2,000,000 24,665 2,024,665 General Security over Assets General Corporate Requirements Total $ 12,300,000 $ 11,940,884 $ 674,695 $ 12,615,579 As of December 31, 2020, the Company had two lines of credit as follows: Creditor Interest Rate Borrowing Limit Repayment Terms Principal Borrowed Accrued Interest Total Outstanding Security Purpose Chairman and CEO 1% per Month $ 10,300,000 Due on Demand $ 9,539,125 $ 314,967 $ 9,854,092 General Security over Assets General Corporate Requirements Wife of Chairman 1% per Month 2,000,000 Due on Demand 2,000,000 60,000 2,060,000 General Security over Assets General Corporate Requirements Total $ 12,300,000 $ 11,539,125 $ 374,967 $ 11,914,092 |
Additional Paid-in Capital (Tab
Additional Paid-in Capital (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Additional Paid-in Capital | |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity is as follows: Schedule of Share-based Compensation, Stock Options, Activity Six Months Ended June 30, 2021 Year Ended December 31, 2020 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Outstanding, beginning of period 5,362,701,500 $ 0.004 5,236,401,500 $ 0.003 Granted 92,500,000 $ 0.050 139,800,000 $ 0.047 Exercised (800,000) $ (0.015) - $ - Cancelled (7,400,000) $ (0.033) (13,500,000) $ (0.034) Outstanding, end of period 5,447,001,500 $ 0.005 5,362,701,500 $ 0.004 Exercisable, end of period 5,194,501,500 $ 0.003 5,202,701,500 $ 0.003 |
Schedule of Options Outstanding | The options outstanding at June 30, 2021 and December 31, 2020 were as follows: Schedule of Options Outstanding June 30, 2021 December 31, 2020 Expiry Date Options Exercise Price Intrinsic Value Options Exercise Price Intrinsic Value July 1, 2021 - $ 0.002 $ 0.058 4,365,001,300 $ 0.002 $ 0.069 July 22, 2021 22,500,000 $ 0.035 $ 0.025 - $ - $ - November 27, 2022 5,600,000 $ 0.015 $ 0.045 6,950,000 $ 0.015 $ 0.056 January 31, 2023 40,500,000 $ 0.015 $ 0.045 40,500,000 $ 0.015 $ 0.056 June 13, 2023 5,000,000 $ 0.015 $ 0.045 5,000,000 $ 0.015 $ 0.056 October 1, 2023 - $ 0.050 $ 0.010 300,000 $ 0.050 $ 0.021 February 3, 2024 - $ 0.035 $ 0.025 10,000,000 $ 0.035 $ 0.036 March 14, 2024 6,650,000 $ 0.035 $ 0.025 9,150,000 $ 0.035 $ 0.036 April 12, 2024 4,925,001,500 $ 0.002 $ 0.058 560,000,200 $ 0.002 $ 0.069 April 12, 2024 3,350,000 $ 0.015 $ 0.045 3,900,000 $ 0.015 $ 0.056 April 12, 2024 200,000 $ 0.030 $ 0.030 200,000 $ 0.030 $ 0.041 May 6, 2024 13,000,000 $ 0.035 $ 0.025 13,000,000 $ 0.035 $ 0.036 May 17, 2024 77,000,000 $ 0.050 $ 0.010 62,000,000 $ 0.050 $ 0.021 May 17, 2024 19,400,000 $ 0.035 $ 0.025 25,400,000 $ 0.035 $ 0.036 June 17, 2024 5,000,000 $ 0.050 $ 0.010 5,000,000 $ 0.050 $ 0.021 June 17, 2024 - $ 0.035 $ 0.025 5,000,000 $ 0.035 $ 0.036 August 16, 2024 2,500,000 $ 0.050 $ 0.010 2,500,000 $ 0.050 $ 0.021 September 6, 2024 1,000,000 $ 0.050 $ 0.010 1,000,000 $ 0.050 $ 0.021 September 17, 2024 - $ 0.035 $ 0.025 5,000,000 $ 0.035 $ 0.036 October 3, 2024 3,500,000 $ 0.035 $ 0.025 3,500,000 $ 0.035 $ 0.036 October 24, 2024 2,000,000 $ 0.035 $ 0.025 2,000,000 $ 0.035 $ 0.036 December 11, 2024 120,000,000 $ 0.015 $ 0.045 120,000,000 $ 0.015 $ 0.056 April 1, 2025 10,000,000 $ 0.035 $ 0.025 10,000,000 $ 0.035 $ 0.036 May 31, 2025 20,000,000 $ 0.035 $ 0.025 20,000,000 $ 0.035 $ 0.036 May 31, 2025 87,300,000 $ 0.050 $ 0.010 87,300,000 $ 0.050 $ 0.021 December 31, 2025 56,500,000 $ 0.050 $ 0.010 - $ - $ - June 30, 2026 21,000,000 $ 0.050 $ 0.010 - $ - $ - Total 5,447,001,500 $ 0.005 $ 0.055 5,362,701,500 $ 0.004 $ 0.066 Weighted Average Remaining Contractual Life 2.83 1.05 |
Schedule of Fair Value of Stock Options Granted-Allocation | The fair value of the stock options granted and vested was allocated as follows: Schedule of Fair Value of Stock Options Granted-Allocation Three Months Ended Three Months Ended Six Months Ended Six Months Ended Interest expense $ 1,287,834 $ — $ 1,287,834 $ — Product development expense 61,697 18,725 97,842 18,804 Professional expense 28,070 391,843 43,295 391,843 $ 1,377,601 $ 410,568 $ 1,428,971 $ 410,647 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The Company uses the fair value method for determining stock-based compensation for all options granted during the fiscal periods. The fair value was determined using the Black-Scholes option pricing model based on the following weighted average assumptions: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions June 30, December 31, 2020 Risk-free interest rate 0.66 % 0.20 % Expected life 4.6 4.6 Expected dividends 0 % 0 % Expected volatility 271 % 312 % Forfeiture rate 0 % 0 % |
Related Party Transactions an_2
Related Party Transactions and Balances (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Schedule of related party transactions Three Months Ended Three Months Ended Six Months Ended Six Months Ended $ $ $ $ Related party transactions included within interest expense: Interest expenses on promissory notes issued to relatives of the Chairman & Chief Executive Officer of the Company 78,981 79,171 157,963 157,963 Interest expense on lines of credit payable to the Chairman & Chief Executive Officer of the Company and his spouse 355,715 363,001 670,452 719,455 Interest expense related to the modification of stock options held by the Chairman and Chief Executive Officer of the Company and his spouse related to financing provided 1,287,834 — 1,287,834 — Related party transactions including within selling, general and administration expenses: Consulting fees to the Chairman & Chief Executive Officer of the Company accrued on the line of credit available to the Company 62,400 62,400 124,800 124,800 Salary to the spouse of the Chairman & Chief Executive Officer of the Company for services as VP Corporate and Director of the Singapore subsidiary 11,254 — 11,254 — Loss on settlement of debt to a relative of the Chairman & Chief Executive Officer of the Company 16,800 — 16,800 — Related party transaction included within product development expense: Consulting fees to a relative of the Chairman and Chief Executive Officer of the Company — 30,000 — 60,000 |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segments | The Company has one operating segment, development of diabetes hardware and software. The Company’s geographical segments are summarized as follows: Schedule of Operating Segments June 30, 2021 December 31, 2020 Current and Total Assets Other $ 14,963 $ 7,632 Singapore 307,167 20,000 United States 112,065 101,217 $ 434,195 $ 128,849 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Net Loss Singapore $ (77,666 ) $ — United States (3,259,787 ) (1,983,342 ) $ (3,337,453 ) $ (1,983,342 ) |
Basis of Presentation, Nature_2
Basis of Presentation, Nature of Operations and Going Concern (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Net loss | $ 3,337,453 | $ 1,983,342 | |
Working capital deficit | $ 22,221,399 | $ 21,760,608 |
Schedule of Activity of Promiss
Schedule of Activity of Promissory Notes Payable to Unrelated Lenders (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Promissory notes payable to relatives of directors collateralized by a general security agreement over all the assets of the Company, past maturity: | ||
i. Interest at 1% per month | $ 720,619 | $ 720,619 |
ii. Interest at 1.25% per month | 51,347 | 51,347 |
iii. Interest at the U.S. bank prime rate plus 1% | 100,000 | 100,000 |
iv. Interest at 0.5% per month | 695,000 | 695,000 |
Promissory notes payable, unsecured, to relatives of a director, bearing interest at 1% per month, past maturity | 1,465,000 | 1,465,000 |
Total Promissory Notes Payable to Related Parties | 3,031,966 | 3,031,966 |
Unsecured promissory notes payable to unrelated lenders, past maturity: | ||
i. Interest at 1% per month | 1,317,456 | 1,337,456 |
ii. Interest at 0.667% per month | 425,000 | 435,985 |
iii. Interest at 0.625% per month | 150,000 | 150,000 |
iv. Non-interest-bearing | 270,912 | 270,912 |
Promissory notes payable, secured by a guarantee from the Chief Executive Officer, bearing interest at 1% per month, past maturity | 60,000 | 60,000 |
Total Promissory Notes Payable to Unrelated Parties | $ 2,223,368 | $ 2,254,353 |
ScheduleofInterestPayable (Deta
ScheduleofInterestPayable (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Interest Advances And Promissory Notes Payable | ||
Ending Balance | $ 3,575,326 | $ 5,364,997 |
Interest incurred on promissory notes payable | 264,100 | 528,871 |
Interest payable retired through issuance of shares | (3,000) | (2,318,542) |
Reclassified from promissory notes payable | 10,985 | |
Ending Balance | 3,847,411 | 3,575,326 |
Related parties (relatives of the Chairman) | 1,031,629 | 873,666 |
Non-related parties | 2,815,782 | 2,701,660 |
$ 3,847,411 | $ 3,575,326 |
Schedule Line of Credit Related
Schedule Line of Credit Related Party (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Summary of Investment Holdings [Line Items] | |||
Borrowing Limit | $ 12,300,000 | $ 12,300,000 | |
Principal Borrowed | 11,539,125 | 11,940,884 | |
Accrued Interest | 374,967 | 674,695 | |
Total Outstanding | 11,914,092 | $ 12,615,579 | |
FINANCING ACTIVITIES | |||
Summary of Investment Holdings [Line Items] | |||
Borrowing Limit | $ 10,300,000 | $ 10,300,000 | |
Repayment Terms | Due on Demand | Due on Demand | |
Principal Borrowed | $ 9,940,884 | $ 9,539,125 | |
Accrued Interest | 650,030 | 314,967 | |
Total Outstanding | $ 10,590,914 | $ 9,854,092 | |
Security | General Security over Assets | General Security over Assets | |
Purpose | General Corporate Requirements | General Corporate Requirements | |
Wife Of Chairman [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Borrowing Limit | $ 2,000,000 | $ 2,000,000 | |
Repayment Terms | Due on Demand | Due on Demand | |
Principal Borrowed | $ 2,000,000 | $ 2,000,000 | |
Accrued Interest | 24,665 | 60,000 | |
Total Outstanding | $ 2,024,665 | $ 2,060,000 | |
Security | General Security over Assets | General Security over Assets | |
Purpose | General Corporate Requirements | General Corporate Requirements |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Additional Paid-in Capital | ||
Outstanding, beginning of period | 5,362,701,500 | 5,236,401,500 |
Average Exercise Price, beginning | $ 0.004 | $ 0.003 |
Granted | 92,500,000 | 139,800,000 |
Granted, per share | $ 0.050 | $ 0.047 |
Exercised | (800,000) | |
Exercised per share | $ (0.015) | |
Cancelled | (7,400,000) | (13,500,000) |
Cancelled per share | $ (0.033) | $ (0.034) |
Outstanding, end of period | 5,447,001,500 | 5,362,701,500 |
Average Exercise price, ending | $ 0.005 | $ 0.004 |
Exercisable, end of period | 5,194,501,500 | 5,202,701,500 |
Exercisable, end of period | $ 0.003 | $ 0.003 |
Schedule of Options Outstanding
Schedule of Options Outstanding (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Summary of Investment Holdings [Line Items] | ||
Options | 5,447,001,500 | 5,362,701,500 |
Exercise Price | $ 0.005 | $ 0.004 |
Intrinsic Value | $ 0.055 | $ 0.066 |
Weighted Average Remaining Contractual Life | 2 years 9 months 29 days | 1 year 18 days |
Options 1 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 4,365,001,300 | |
Exercise Price | $ 0.002 | $ 0.002 |
Intrinsic Value | $ 0.058 | $ 0.069 |
Options 2 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 22,500,000 | |
Exercise Price | $ 0.035 | |
Intrinsic Value | $ 0.025 | |
Options 3 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 5,600,000 | 6,950,000 |
Exercise Price | $ 0.015 | $ 0.015 |
Intrinsic Value | $ 0.045 | $ 0.056 |
Options 4 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 40,500,000 | 40,500,000 |
Exercise Price | $ 0.015 | $ 0.015 |
Intrinsic Value | $ 0.045 | $ 0.056 |
Options 5 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 5,000,000 | 5,000,000 |
Exercise Price | $ 0.015 | $ 0.015 |
Intrinsic Value | $ 0.045 | $ 0.056 |
Options 6 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 300,000 | |
Exercise Price | $ 0.050 | $ 0.050 |
Intrinsic Value | $ 0.010 | $ 0.021 |
Options 7 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 10,000,000 | |
Exercise Price | $ 0.035 | $ 0.035 |
Intrinsic Value | $ 0.025 | $ 0.036 |
Options 8 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 6,650,000 | 9,150,000 |
Exercise Price | $ 0.035 | $ 0.035 |
Intrinsic Value | $ 0.025 | $ 0.036 |
Options 9 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 4,925,001,500 | 560,000,200 |
Exercise Price | $ 0.002 | $ 0.002 |
Intrinsic Value | $ 0.058 | $ 0.069 |
Options 10 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 3,350,000 | 3,900,000 |
Exercise Price | $ 0.015 | $ 0.015 |
Intrinsic Value | $ 0.045 | $ 0.056 |
Options 11 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 200,000 | 200,000 |
Exercise Price | $ 0.030 | $ 0.030 |
Intrinsic Value | $ 0.030 | $ 0.041 |
Options 12 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 13,000,000 | 13,000,000 |
Exercise Price | $ 0.035 | $ 0.035 |
Intrinsic Value | $ 0.025 | $ 0.036 |
Options 13 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 77,000,000 | 62,000,000 |
Exercise Price | $ 0.050 | $ 0.050 |
Intrinsic Value | $ 0.010 | $ 0.021 |
Options 14 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 19,400,000 | 25,400,000 |
Exercise Price | $ 0.035 | $ 0.035 |
Intrinsic Value | $ 0.025 | $ 0.036 |
Options 15 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 5,000,000 | 5,000,000 |
Exercise Price | $ 0.050 | $ 0.050 |
Intrinsic Value | $ 0.010 | $ 0.021 |
Options 16 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 5,000,000 | |
Exercise Price | $ 0.035 | $ 0.035 |
Intrinsic Value | $ 0.025 | $ 0.036 |
Options 17 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 2,500,000 | 2,500,000 |
Exercise Price | $ 0.050 | $ 0.050 |
Intrinsic Value | $ 0.010 | $ 0.021 |
Options 18 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 1,000,000 | 1,000,000 |
Exercise Price | $ 0.050 | $ 0.050 |
Intrinsic Value | $ 0.010 | $ 0.021 |
Options 19 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 5,000,000 | |
Exercise Price | $ 0.035 | $ 0.035 |
Intrinsic Value | $ 0.025 | $ 0.036 |
Options 20 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 3,500,000 | 3,500,000 |
Exercise Price | $ 0.035 | $ 0.035 |
Intrinsic Value | $ 0.025 | $ 0.036 |
Options 21 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 2,000,000 | 2,000,000 |
Exercise Price | $ 0.035 | $ 0.035 |
Intrinsic Value | $ 0.025 | $ 0.036 |
Options 22 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 120,000,000 | 120,000,000 |
Exercise Price | $ 0.015 | $ 0.015 |
Intrinsic Value | $ 0.045 | $ 0.056 |
Options 23 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 10,000,000 | 10,000,000 |
Exercise Price | $ 0.035 | $ 0.035 |
Intrinsic Value | $ 0.025 | $ 0.036 |
Options 24 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 20,000,000 | 20,000,000 |
Exercise Price | $ 0.035 | $ 0.035 |
Intrinsic Value | $ 0.025 | $ 0.036 |
Options 25 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 87,300,000 | 87,300,000 |
Exercise Price | $ 0.050 | $ 0.050 |
Intrinsic Value | $ 0.010 | $ 0.021 |
Options 26 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 56,500,000 | |
Exercise Price | $ 0.050 | |
Intrinsic Value | $ 0.010 | |
Options 27 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Options | 21,000,000 | |
Exercise Price | $ 0.050 | |
Intrinsic Value | $ 0.010 |
Schedule of Fair Value of Stock
Schedule of Fair Value of Stock Options Granted-Allocation (Details) - USD ($) | 4 Months Ended | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Additional Paid-in Capital | ||||
Interest expense | $ 1,287,834 | $ 1,287,834 | ||
Product development expense | 61,697 | 18,725 | 97,842 | 18,804 |
Professional expense | 28,070 | 391,843 | 43,295 | 391,843 |
$ 1,377,601 | $ 410,568 | $ 1,428,971 | $ 410,647 |
Schedule of Share-based Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Additional Paid-in Capital | ||
Risk-free interest rate | 0.66% | 0.20% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 7 months 6 days | 4 years 7 months 6 days |
Expected dividends | $ 0 | $ 0 |
Expected volatility | 271.00% | 312.00% |
Forfeiture rate | $ 0 | $ 0 |
Schedule of related party trans
Schedule of related party transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Related party transactions included within interest expense: | ||||
Interest expenses on promissory notes issued to relatives of the Chairman & Chief Executive Officer of the Company | $ 78,981 | $ 79,171 | $ 157,963 | $ 157,963 |
Interest expense on lines of credit payable to the Chairman & Chief Executive Officer of the Company and his spouse | 355,715 | 363,001 | 670,452 | 719,455 |
Interest expense related to the modification of stock options held by the Chairman and Chief Executive Officer of the Company and his spouse related to financing provided | 1,287,834 | 1,287,834 | ||
Related party transactions including within selling, general and administration expenses: | ||||
Consulting fees to the Chairman & Chief Executive Officer of the Company accrued on the line of credit available to the Company | 62,400 | 62,400 | 124,800 | 124,800 |
Salary to the spouse of the Chairman & Chief Executive Officer of the Company for services as VP Corporate and Director of the Singapore subsidiary | 11,254 | 11,254 | ||
Loss on settlement of debt to a relative of the Chairman & Chief Executive Officer of the Company | 16,800 | 16,800 | ||
Related party transaction included within product development expense: | ||||
Consulting fees to a relative of the Chairman and Chief Executive Officer of the Company | $ 30,000 | $ 60,000 |
Schedule of Operating Segments
Schedule of Operating Segments (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Current and Total Assets | |||
Other | $ 14,963 | $ 7,632 | |
Singapore | 307,167 | 20,000 | |
United States | 112,065 | 101,217 | |
434,195 | $ 128,849 | ||
Net Loss | |||
Singapore | (77,666) | ||
United States | (3,259,787) | (1,983,342) | |
$ (3,337,453) | $ (1,983,342) |