Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 14, 2020 | |
Details | ||
Registrant Name | MARIZYME INC | |
Registrant CIK | 0001413754 | |
Fiscal Year End | --12-31 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-53223 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 82-5464863 | |
Entity Address, Address Line One | 225 Chimney Corner Lane, Suite 2001 | |
Entity Address, City or Town | Jupiter | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33458 | |
Entity Address, Address Description | Address of principal executive offices | |
City Area Code | 732 | |
Local Phone Number | 723-7395 | |
Phone Fax Number Description | Registrant’s telephone number | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 34,857,980 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 |
INTERIM BALANCE SHEETS (Unaudit
INTERIM BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | |
Current Assets: | |||
Cash | $ 4,454 | $ 90 | |
Total Current Assets | 4,454 | 90 | |
Long Term Assets: | |||
Intangible Assets - Note 5 | [1] | 28,600,000 | 28,600,000 |
Patents in Process | 30,801 | 13,000 | |
Total Long Term Assets | 28,630,801 | 28,613,000 | |
TOTAL ASSETS | 28,635,255 | 28,613,090 | |
Current Liabilities: | |||
Accounts Payable and Accrued Liabilities | 440,639 | 270,218 | |
Short Term Loan | 1,000 | 0 | |
Total Liabilities | 441,639 | 270,218 | |
STOCKHOLDERS' EQUITY | |||
Common Stock, Value, Issued | 20,184 | 19,859 | |
Donated Capital | 41,422 | 41,422 | |
Additional Paid-in Capital | 60,034,872 | 59,278,172 | |
Treasury Stock | (16,000) | (16,000) | |
Accumulated Deficit | (31,886,862) | (30,980,581) | |
Total Stockholders' Equity | 28,193,616 | 28,342,872 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 28,635,255 | $ 28,613,090 | |
[1] | Note 4. |
INTERIM BALANCE SHEETS (Unaud_2
INTERIM BALANCE SHEETS (Unaudited) - Parenthetical - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Details | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 20,183,939 | 19,858,939 |
Common Stock, Shares, Outstanding | 20,183,939 | 19,858,939 |
INTERIM STATEMENTS OF OPERATION
INTERIM STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Expenses: | ||||
Operating Expenses | $ 425,050 | $ 164,560 | $ 880,952 | $ 200,475 |
General & Administrative | 9,861 | 72,802 | 25,330 | 105,127 |
Total Expenses | 434,911 | 237,362 | 906,281 | 305,602 |
Net loss and Comprehensive Loss for the period | $ (434,911) | $ (237,362) | $ (906,281) | $ (305,602) |
Net loss per share, basic and diluted | $ (0.02) | $ (0.01) | $ (0.05) | $ (0.02) |
Weighted average number of shares of common stock outstanding - basis & diluted | 20,027,062 | 19,763,769 | 19,961,309 | 19,746,153 |
INTERIM STATEMENTS OF EQUITY (U
INTERIM STATEMENTS OF EQUITY (Unaudited) - USD ($) | Common Stock | Additional Paid-in Capital | Donated Capital | Treasury Stock | Retained Earnings | Total |
Equity Balance, Starting at Dec. 31, 2018 | $ 19,740 | $ 58,454,704 | $ 41,422 | $ (16,000) | $ (29,922,542) | $ 28,577,324 |
Shares Outstanding, Starting at Dec. 31, 2018 | 19,740,302 | |||||
Net Income (Loss) | $ 0 | 0 | 0 | 0 | (305,602) | (305,602) |
Shares Outstanding, Ending at Jun. 30, 2019 | 19,858,939 | |||||
Equity Balance, Ending at Jun. 30, 2019 | $ 19,859 | 58,579,585 | 41,422 | (16,000) | (30,228,144) | 28,396,722 |
Equity Balance, Starting at Dec. 31, 2018 | $ 19,740 | 58,454,704 | 41,422 | (16,000) | (29,922,542) | 28,577,324 |
Shares Outstanding, Starting at Dec. 31, 2018 | 19,740,302 | |||||
Shares Outstanding, Ending at Dec. 31, 2019 | 19,858,939 | |||||
Equity Balance, Ending at Dec. 31, 2019 | $ 19,859 | 59,278,172 | 41,422 | (16,000) | (30,980,581) | 28,342,872 |
Stock Issued During Period, Value, New Issues | $ 119 | 124,881 | 0 | 0 | 0 | 125,000 |
Stock Issued During Period, Shares, New Issues | 118,637 | |||||
Stock Issued During Period, Value, Issued for Services | $ 125 | 124,875 | 0 | 0 | 0 | 125,000 |
Stock Issued During Period, Shares, Issued for Services | 125,000 | |||||
Stock Issued During Period, Value, Other | $ 195 | 184,665 | 0 | 0 | 0 | 184,860 |
Stock Issued During Period, Shares, Other | 195,000 | |||||
Stock Issued During Period, Value, Stock Options Exercised | $ 5 | 5,045 | 0 | 0 | 0 | 5,050 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 5,000 | |||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | $ 0 | 442,115 | 0 | 0 | 0 | 442,115 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | |||||
Net Income (Loss) | $ 0 | 0 | 0 | 0 | (906,281) | (906,281) |
Shares Outstanding, Ending at Jun. 30, 2020 | 20,183,939 | |||||
Equity Balance, Ending at Jun. 30, 2020 | $ 20,184 | $ 60,034,872 | $ 41,422 | $ (16,000) | $ (31,886,862) | $ 28,193,616 |
INTERIM STATEMENTS OF CASH FLOW
INTERIM STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flow from Operating Activities: | ||
Net Loss for the period | $ (906,281) | $ (305,602) |
Adjustments to reconcile Net Loss to to Net Cash used by operations: | ||
Stock Based Compensation | 567,115 | 0 |
Changes in assets and liabilities: | ||
Patents in Process | (17,801) | 0 |
Prepaid Expenses | 0 | 15,000 |
Accounts Payable and Accrued Liabilities | 170,421 | 169,880 |
Net Cash used by Operating Activities | (186,546) | (120,722) |
Net Cash provided (used) by Investing Activities | 0 | 0 |
Net Cash provided (used) by Financing Activities | ||
Proceeds from short term loan | 1,000 | 0 |
Capital Paid - In | 189,910 | 125,000 |
Net Cash provided by Financing Activities | 190,910 | 125,000 |
Net cash increase (decrease) for period | 4,364 | 4,278 |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 90 | 104 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 4,454 | 4,382 |
Supplementary Information: | ||
Interest Paid: | 0 | 0 |
Taxes Paid: | $ 0 | $ 0 |
Note 1 - COMPANY AND BACKGROUND
Note 1 - COMPANY AND BACKGROUND | 6 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 1 - COMPANY AND BACKGROUND | Note 1 COMPANY AND BACKGROUND Overview Marizyme, Inc., a Nevada corporation formerly known as GBS Enterprises Incorporated (the Company or Marizyme), conducted its primary business through its majority owned subsidiary, GBS Software AG (GROUP), a German-based public-company. By December 31, 2016, the Company had sold the controlling interest in GROUP and other subsidiaries, keeping only a minority interest in GROUP. On March 21, 2018, the Company formed a wholly-owned subsidiary named Marizyme, Inc., a Nevada corporation, and merged with it, effectively changing the Companys name to Marizyme, Inc. On June 1, 2018, the Company exchanged the shares of GROUP and all the intercompany assets and liabilities for 100% of the shares of X-Assets Enterprises, Inc, a Nevada Corporation. As part of a type-D business restructuring on September 5, 2018, the Company then distributed the X-Assets shares to its shareholders on a 1 for 1 basis. Beginning after the X-Assets share distribution, Marizyme refocused on the life sciences and began to seek technologies to acquire. On September 12, 2018 the Company consummated an asset acquisition with ACB Holding AB, Reg. No. 559119-5762, a Swedish corporation to acquire all right, title and interest in their Krillase technology in exchange for 16.98 million shares of Common Stock. Krillase is a naturally occurring enzyme that acts to break protein bonds and has applications in dental care, wound healing and thrombosis. The Companys common stock, $0.001 par value per share (the Common Stock), is currently quoted on the OTC Markets QB Tier under the ticker symbol MRZM. These financial statements have been prepared in accordance with generally accepted principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next twelve months. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classifications of assets and liabilities should the Company be unable to continue as a going concern. At June 30, 2020, the Company had not yet achieved profitable operations and had accumulated losses of $31,886,862 since its inception, all of which casts substantial doubt about the Companys ability to continue as a going concern. The Companys ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management is in the process of executing a strategy based upon a new strategic direction in the life sciences space. The Company has several technologies in the commercialization phase and in development. The Company is seeking acquisitions of biotechnology assets in support of this direction. There can be no assurances that management will be successful in executing this strategy. |
Note 2 - INTERIM REPORTING
Note 2 - INTERIM REPORTING | 6 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 2 - INTERIM REPORTING | Note 2 INTERIM REPORTING While the information presented in the accompanying interim nine-month financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. These interim financial statements follow the same accounting policies and methods of their application as the Companys December 31, 2019 annual financial statements. All adjustments are of a normal recurring nature. It is suggested that these interim financial statements be read in conjunction with the Companys December 31, 2019 annual financial statements. Operating results for the six months ended June 30, 2020 are not necessarily indicative of the results that can be expected for the year ended December 31, 2020. |
Note 3 - SUMMARY OF SIGNIFICANT
Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no changes in the accounting policies that effect these interim financial statements from the accounting policies disclosed in the notes to the audited annual financial statements for the year ended December 31, 2019. |
Note 4 - RECENT ACCOUNTING PRON
Note 4 - RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 4 - RECENT ACCOUNTING PRONOUNCEMENTS | Note 4 RECENT ACCOUNTING PRONOUNCEMENTS The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any pronouncement not yet effective but recently issued would, if adopted, have a material effect on the accompanying financial statements. |
Note 5 - INTANGIBLE ASSETS
Note 5 - INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 5 - INTANGIBLE ASSETS | Note 5 INTANGIBLE ASSETS On September 12, 2018 the Company consummated an asset acquisition with ACB Holding AB, Reg. No. 559119-5762, a Swedish corporation to acquire all right, title and interest in their Krillase technology in exchange for 16.98 million shares of Common Stock. Krillase is a naturally occurring enzyme that acts to break protein bonds and has applications in dental care, wound healing and thrombosis. The transaction was recorded at the fair value of the shares. No amortization has been recorded as the patents are not yet in a position to produce cash flows. During 2020, the Company incurred legal and filing fees of $17,801 associated with a patent application for pharmaceutical compositions and methods for the treatment of thrombosis. The patents are pending. |
Note 6 - CAPITAL STOCK
Note 6 - CAPITAL STOCK | 6 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 6 - CAPITAL STOCK | Note 6 CAPITAL STOCK The Company has authorized capital of 75,000,000 shares of Common Stock and 25,000,000 shares of blank check preferred stock, each with a par value of $0.001. On July 27, 2018 the Company completed a 1:29 reverse split of its Common Stock resulting in a total of 1,101,074 shares of Common Stock outstanding. As of June 30, 2020, there were 20,183,939 shares of Common Stock outstanding. The following transactions in the Companys capital stock were completed in the six months ended June 30, 2020: On January 9, 2020, the Company issued 125,000 shares to a consultant. On April 6, 2020, the company issued 160,000 shares of Common Stock to a consultant who exercised 160,000 options in lieu of $161,600 in accounts payable. On April 6, 2020, the company issued 5,000 shares of Common Stock to James Sapirstein who exercised 5,000 options in exchange for $5,050 in cash. On April 6, 2020 the company issued 15,000 shares of Common Stock to a consultant in exchange for services rendered. On June 8, 2020, the company issued 20,000 shares of Common Stock to a consultant who exercised 20,000 options in lieu of $20,200 in accounts payable. The following transactions in the Companys capital stock were completed in the year ended December 31, 2019: On June 12, 2019, the Company issued 90,910 share units at $1.10 each for gross proceeds of $100,000 and it issued 27,727 share units at $0.9016 for gross proceeds of $25,000. Each unit consist of one share of common stock and one warrant, which allows the holder to purchase one common share of capital stock for a period of three years at a price of $3.00 per share. The following transactions in the Companys capital stock were completed in the year ended December 31, 2018: On May 14, 2018, 1,000 shares of preferred stock were issued to the CEO for services valued at $1. The preferred stock had voting rights of 80% at shareholder meetings. On July 27, 2018, the Company completed a reverse stock split of 1 new share for 29 shares of the Companys issued and outstanding Common Stock. These financial statements give retroactive effect to this transaction. On September 12, 2018, 16,980,000 shares of Common Stock were issued to acquire patents and all rights, title and interest in Krillase technology and 1,500,000 shares of Common Stock were issued to the CEO in exchange for the 1,000 shares of preferred stock. On December 30, 2018, 159,228 shares of Common Stock were issued on conversion of convertible debt of $79,614. Options The following stock options were granted during the past two years: i) ii) iii) As at June 30, 2020, the number of option outstanding and exercisable are as follows including weighted average inputs used in calculating stock-based compensation: Exercise price # of options outstanding # of options exercisable Term Volatility Risk Free Interest Rate Dividend Rate Remaining life in years $1.50 265,000 265,000 10 yrs 196.63% 2.60 Nil 8.51 $1.01 2,450,000 920,000 10 yrs 204.19% 1.91 Nil 9.04 $1.01 250,000 75,000 10 yrs 219.21% 1.66 Nil 9.53 $1.05 * 2,965,000 1,260,000 *9.04 *Weighted Average Warrants On June 12, 2019 as part of a financing, the Company issued warrants to purchase 113,637 shares of Common Stock at a strike price of $3 for a period of three years. All of these warrants were still outstanding as of June 30, 2020. |
Note 7 - COMMITMENTS
Note 7 - COMMITMENTS | 6 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 7 - COMMITMENTS | Note 7 COMMITMENTS On July 13, 2019 the Company signed a consulting agreement with an individual to advise the Board of Directors. The individual receives $30,000 per month through July 13, 2022 and received an option to purchase 500,000 shares of Common Stock at a strike price of $1.01, which vest monthly through July 13, 2021. These options are included in the Note 6 options above. On November 7, 2019 the Company signed a 5 year exclusive distribution agreement with Somahlution, LLC to distribute Somahlution, LLCs DuraGraft products in Europe, South America and certain other territories. On April 27, 2020, the Company amended this agreement to specify the ownership of certain Intellectual Property that Marizyme acquired from Somahlution, LLC since the original agreement was signed. On December 16, 2019, Marizyme signed a definitive agreement to purchase all the assets of Somahlution, LLC and and its related companies subject to raising $10 Million. |
Note 8 - SUBSEQUENT EVENTS
Note 8 - SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 8 - SUBSEQUENT EVENTS | Note 8 SUBSEQUENT EVENTS On December 15, 2019, the Company entered into an asset purchase agreement, as amended on March 31, 2020 and May 29, 2020 (the Agreement), with Somahlution, LLC, Somahlution, Inc. and Somaceutica, LLC, companies duly organized under the laws of Delaware (collectively, Somah) to acquire all of the assets, and none of the liabilities, of Somah (the Acquisition). Somah is engaged in developing products to prevent ischemic injury to organs and tissues and its products (the Somah Products) include DuraGraft, a On July 30, 2020, the Company and Somah entered into Amendment No. 3 to the Agreement. Pursuant to the terms of this amendment, it was agreed that, as part of the Acquisition, the Company would acquire the outstanding capital stock of Somahlution, Inc., held by Somahlution, LLC, rather than the assets of Somahlution, Inc. This change to the Agreement was made to accommodate the European Union (EU) requirements with respect to the manufacture under Somahlution, Inc. of CE marked products for sale in the EU. On July 30, 2020, the Company closed the Acquisition. On August 3, 2020, the Company completed an initial closing of a private placement (the Private Placement) with certain accredited investors (the Investors) pursuant to which the Company sold and issued to the Investors an aggregate of 4,609,984 shares (the Shares) of its Common Stock at a purchase price of $1.25 per share. Each of the Investors is an accredited investor as that term is defined in Regulation D, Rule 501(a) under the Securities Act of 1933, as amended (the Securities Act). The Shares issued and sold in the Private Placement were offered and sold by the Company in reliance on an exemption from registration pursuant to Section 4(a)(2) of the Securities Act, and Rule 506(b) of Regulation D thereunder. In consideration for services rendered as the placement agent in the Private Placement, on August 2, 2020, the Company paid Univest Securities LLC cash commissions totaling $460,999, or 8% of the gross proceeds of the Private Placement closing, a 1% non-accountable expense allowance totaling $57,624.80, and the $31,250 balance (of a total of $37,500) due to the placement agent in advisory fees. Additionally, the Company issued to the placement agent a five-year warrant to purchase an aggregate of 229,499 shares of the Companys Common Stock at an exercise price of $1.375 per share (the Agent Warrant). The Agent Warrant, for which the placement agent paid the Company $100, may be exercised on a cashless basis. The exercise price of the Agent Warrant is subject to adjustment for stock splits, stock dividends, recapitalizations and the like. All of the Shares sold in the Private Placement are entitled to piggyback registration rights until such time as the Shares may otherwise be sold pursuant to Rule 144 under the Securities Act without limitation or restriction. |
Note 6 - CAPITAL STOCK_ Disclos
Note 6 - CAPITAL STOCK: Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Tables/Schedules | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Exercise price # of options outstanding # of options exercisable Term Volatility Risk Free Interest Rate Dividend Rate Remaining life in years $1.50 265,000 265,000 10 yrs 196.63% 2.60 Nil 8.51 $1.01 2,450,000 920,000 10 yrs 204.19% 1.91 Nil 9.04 $1.01 250,000 75,000 10 yrs 219.21% 1.66 Nil 9.53 $1.05 * 2,965,000 1,260,000 *9.04 *Weighted Average |
Note 1 - COMPANY AND BACKGROU_2
Note 1 - COMPANY AND BACKGROUND (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Details | |
Entity Incorporation, State or Country Code | NV |
Entity Information, Former Legal or Registered Name | GBS Enterprises Incorporated |
Note 6 - CAPITAL STOCK (Details
Note 6 - CAPITAL STOCK (Details) - $ / shares | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | Jul. 27, 2018 | |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | |||
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||
Sale of Stock, Transaction 1 | |||||
Sale of Stock, Transaction Date | Jan. 9, 2020 | ||||
Stock Issued During Period, Shares, New Issues | 125,000 | ||||
Sale of Stock, Transaction 2 | |||||
Sale of Stock, Transaction Date | Apr. 6, 2020 | ||||
Stock Issued During Period, Shares, New Issues | 160,000 | ||||
Sale of Stock, Transaction 3 | |||||
Sale of Stock, Transaction Date | Apr. 6, 2020 | ||||
Stock Issued During Period, Shares, New Issues | 5,000 | ||||
Sale of Stock, Transaction 4 | |||||
Sale of Stock, Transaction Date | Apr. 6, 2020 | ||||
Stock Issued During Period, Shares, New Issues | 15,000 | ||||
Sale of Stock, Transaction 5 | |||||
Sale of Stock, Transaction Date | Jun. 8, 2020 | ||||
Stock Issued During Period, Shares, New Issues | 20,000 | ||||
Sale of Stock, Transaction 6 | |||||
Sale of Stock, Transaction Date | Jun. 12, 2019 | ||||
Stock Issued During Period, Shares, New Issues | 90,910 | ||||
Sale of Stock, Transaction 7 | |||||
Sale of Stock, Transaction Date | May 14, 2018 | ||||
Stock Issued During Period, Shares, New Issues | 1,000 | ||||
Sale of Stock, Transaction 8 | |||||
Sale of Stock, Transaction Date | Jul. 27, 2018 | ||||
Sale of Stock, Description of Transaction | Company completed a reverse stock split of 1 new share for 29 shares of the Company’s issued and outstanding Common Stock | ||||
Sale of Stock, Transaction 9 | |||||
Sale of Stock, Transaction Date | Sep. 12, 2018 | ||||
Stock Issued During Period, Shares, New Issues | 16,980,000 | ||||
Sale of Stock, Transaction #10 | |||||
Sale of Stock, Transaction Date | Dec. 30, 2018 | ||||
Stock Issued During Period, Shares, New Issues | 159,228 | ||||
Common Stock | |||||
Shares, Outstanding | 20,183,939 | 19,858,939 | 19,740,302 | 19,858,939 | 1,101,074 |
Stock Issued During Period, Shares, New Issues | 118,637 |
Note 6 - CAPITAL STOCK_ Discl_2
Note 6 - CAPITAL STOCK: Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) | 6 Months Ended | |
Jun. 30, 2020$ / sharesshares | ||
Option #1 | ||
Exercise price | $ / shares | $ 1.50 | |
# of options outstanding | 265,000 | |
# of options exercisable | 265,000 | |
Term | 10 years | |
Volatility | 196.63% | |
Risk Free Interest Rate | 2.60% | |
Dividend Rate | 0.00% | |
Remaining life in years | 8 years 6 months 4 days | |
Option #2 | ||
Exercise price | $ / shares | $ 1.01 | |
# of options outstanding | 2,450,000 | |
# of options exercisable | 920,000 | |
Term | 10 years | |
Volatility | 204.19% | |
Risk Free Interest Rate | 1.91% | |
Dividend Rate | 0.00% | |
Remaining life in years | 9 years 14 days | |
Option #3 | ||
Exercise price | $ / shares | $ 1.01 | |
# of options outstanding | 250,000 | |
# of options exercisable | 75,000 | |
Term | 10 years | |
Volatility | 219.21% | |
Risk Free Interest Rate | 1.66% | |
Dividend Rate | 0.00% | |
Remaining life in years | 9 years 6 months 11 days | |
Option #4 | ||
Exercise price | $ / shares | $ 1.05 | [1] |
# of options outstanding | 2,965,000 | |
# of options exercisable | 1,260,000 | |
Remaining life in years | 9 years 14 days | [1] |
[1] | Weighted Average |
Note 8 - SUBSEQUENT EVENTS (Det
Note 8 - SUBSEQUENT EVENTS (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Event #1 | |
Subsequent Event, Date | Dec. 15, 2019 |
Subsequent Event, Description | Company entered into an asset purchase agreement, as amended on March 31, 2020 and May 29, 2020 (the “Agreement”), with Somahlution, LLC, Somahlution, Inc. and Somaceutica, LLC |
Event #2 | |
Subsequent Event, Date | Jul. 30, 2020 |
Subsequent Event, Description | Company and Somah entered into Amendment No. 3 to the Agreement |
Event #3 | |
Subsequent Event, Date | Jul. 30, 2020 |
Subsequent Event, Description | Company closed the Acquisition |
Event #4 | |
Subsequent Event, Date | Aug. 3, 2020 |
Subsequent Event, Description | Company completed an initial closing of a private placement (the “Private Placement”) with certain accredited investors (the “Investors”) |