Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 21, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-53497 | |
Entity Registrant Name | VIVOS INC | |
Entity Central Index Key | 0001449349 | |
Entity Tax Identification Number | 80-0138937 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 719 Jadwin Avenue | |
Entity Address, City or Town | Richland | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 99352 | |
City Area Code | (509) | |
Local Phone Number | 736-4000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 358,906,415 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash | $ 1,050,706 | $ 1,606,123 |
Accounts receivable | 6,500 | |
Prepaid expenses | 50,907 | 28,175 |
Total Current Assets | 1,108,113 | 1,634,298 |
TOTAL ASSETS | 1,108,113 | 1,634,298 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 215,093 | 166,915 |
Total Current Liabilities | 215,093 | 166,915 |
Total Liabilities | 215,093 | 166,915 |
Commitments and contingencies | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, par value, $0.001, 950,000,000 shares authorized, 343,906,505 and 343,530,678 issued and outstanding, respectively | 343,907 | 343,531 |
Additional paid in capital - common stock | 69,485,846 | 68,573,142 |
Accumulated deficit | (78,573,310) | (77,085,867) |
Total Stockholders’ Equity | 893,020 | 1,467,383 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,108,113 | 1,634,298 |
Series A Convertible Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock value | 2,071 | 2,071 |
Additional paid in capital - Convertible preferred stock | 8,842,458 | 8,842,458 |
Series B Convertible Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock value | 200 | 200 |
Additional paid in capital - Convertible preferred stock | 290,956 | 290,956 |
Series C Convertible Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock value | 385 | 385 |
Additional paid in capital - Convertible preferred stock | $ 500,507 | $ 500,507 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 950,000,000 | 950,000,000 |
Common stock, shares issued | 343,906,505 | 343,530,678 |
Common stock, shares outstanding | 343,906,505 | 343,530,678 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 2,071,007 | 2,071,007 |
Preferred stock, shares outstanding | 2,071,007 | 2,071,007 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 200,363 | 200,363 |
Preferred stock, shares outstanding | 200,363 | 200,363 |
Series C Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 385,302 | 385,302 |
Preferred stock, shares outstanding | 385,302 | 385,302 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues, net | $ 10,500 | $ 23,500 | ||
Cost of Goods Sold | (2,018) | (5,018) | ||
Gross profit | 8,482 | 18,482 | ||
OPERATING EXPENSES | ||||
Professional fees, including stock-based compensation | 521,470 | 1,652,231 | 1,098,507 | 1,730,445 |
Payroll expenses | 69,869 | 82,500 | 140,656 | 137,503 |
Research and development | 169,732 | 88,624 | 241,301 | 160,322 |
General and administrative expenses | 34,949 | 30,330 | 73,049 | 60,505 |
Total Operating Expenses | 796,020 | 1,853,685 | 1,553,513 | 2,088,775 |
OPERATING LOSS | (787,538) | (1,853,685) | (1,535,031) | (2,088,775) |
NON-OPERATING INCOME (EXPENSE) | ||||
Interest expense | (6,502) | (13,051) | ||
Forgiveness of debt | 47,588 | 129,745 | ||
Loss on debt extinguishment | (176,295) | |||
Total Non-Operating Income (Expenses) | (6,502) | 47,588 | (59,601) | |
NET LOSS BEFORE PROVISION FOR INCOME TAXES | (787,538) | (1,860,187) | (1,487,443) | (2,148,376) |
Provision for income taxes | ||||
NET LOSS | $ (787,538) | $ (1,860,187) | $ (1,487,443) | $ (2,148,376) |
Net loss per share - basic and diluted | $ 0 | $ (0.01) | $ 0 | $ (0.01) |
Weighted average common shares outstanding - basic | 343,906,505 | 328,215,562 | 343,761,071 | 314,454,422 |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] Series A Preferred Stock [Member] | Preferred Stock [Member] Additional Paid-In Capital - Series A Preferred [Member] | Preferred Stock [Member] Series B Preferred Stock [Member] | Preferred Stock [Member] Additional Paid-In Capital - Series B Preferred [Member] | Preferred Stock [Member] Series C Preferred Stock [Member] | Preferred Stock [Member] Additional Paid-In Capital - Series C Preferred [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2020 | $ 2,171 | $ 8,857,358 | $ 436 | $ 385,235 | $ 385 | $ 500,507 | $ 292,279 | $ 64,551,764 | $ (74,558,101) | $ 32,034 |
Balance, shares at Dec. 31, 2020 | 2,171,007 | 436,653 | 385,302 | 292,278,591 | ||||||
Cash | $ 22,500 | 1,777,500 | 1,800,000 | |||||||
Cash, shares | 22,500,000 | |||||||||
Note conversions/settlements | $ 1,259 | 225,406 | 226,665 | |||||||
Note conversions/settlements, shares | 1,259,250 | |||||||||
Accounts payable | $ 384 | 49,616 | 50,000 | |||||||
Accounts payable, shares | 384,445 | |||||||||
Warrant exercises | $ 3,870 | (3,870) | ||||||||
Warrant exercises, shares | 3,870,428 | |||||||||
Warrants purchased for cash | 11,238 | 11,238 | ||||||||
Net loss for the period | (288,189) | (288,189) | ||||||||
Balance at Mar. 31, 2021 | $ 2,171 | 8,857,358 | $ 436 | 385,235 | $ 385 | 500,507 | $ 320,292 | 66,611,654 | (74,846,290) | 1,831,748 |
Balance, shares at Mar. 31, 2021 | 2,171,007 | 436,653 | 385,302 | 320,292,714 | ||||||
Balance at Dec. 31, 2020 | $ 2,171 | 8,857,358 | $ 436 | 385,235 | $ 385 | 500,507 | $ 292,279 | 64,551,764 | (74,558,101) | 32,034 |
Balance, shares at Dec. 31, 2020 | 2,171,007 | 436,653 | 385,302 | 292,278,591 | ||||||
Net loss for the period | (2,148,376) | |||||||||
Balance at Jun. 30, 2021 | $ 2,071 | 8,842,458 | $ 436 | 385,235 | $ 385 | 500,507 | $ 334,937 | 68,266,009 | (76,706,477) | 1,625,561 |
Balance, shares at Jun. 30, 2021 | 2,071,007 | 436,653 | 385,302 | 334,937,194 | ||||||
Balance at Dec. 31, 2020 | $ 2,171 | 8,857,358 | $ 436 | 385,235 | $ 385 | 500,507 | $ 292,279 | 64,551,764 | (74,558,101) | $ 32,034 |
Balance, shares at Dec. 31, 2020 | 2,171,007 | 436,653 | 385,302 | 292,278,591 | ||||||
Stock option exercises, shares | 2,500,000 | |||||||||
Balance at Dec. 31, 2021 | $ 2,071 | 8,842,458 | $ 200 | 290,956 | $ 385 | 500,507 | $ 343,531 | 68,573,142 | (77,085,867) | $ 1,467,383 |
Balance, shares at Dec. 31, 2021 | 2,071,007 | 200,363 | 385,302 | 343,530,678 | ||||||
Balance at Mar. 31, 2021 | $ 2,171 | 8,857,358 | $ 436 | 385,235 | $ 385 | 500,507 | $ 320,292 | 66,611,654 | (74,846,290) | 1,831,748 |
Balance, shares at Mar. 31, 2021 | 2,171,007 | 436,653 | 385,302 | 320,292,714 | ||||||
Accounts payable | $ 520 | 39,480 | 40,000 | |||||||
Accounts payable, shares | 519,480 | |||||||||
Net loss for the period | (1,860,187) | (1,860,187) | ||||||||
RSUs | $ 12,000 | (12,000) | ||||||||
RSUs, shares | 12,000,000 | |||||||||
Stock option exercises | $ (100) | (14,900) | $ 2,125 | 12,875 | ||||||
Stock option exercises, shares | (100,000) | 2,125,000 | ||||||||
RSUs granted to consultants that have vested | 1,614,000 | 1,614,000 | ||||||||
Balance at Jun. 30, 2021 | $ 2,071 | 8,842,458 | $ 436 | 385,235 | $ 385 | 500,507 | $ 334,937 | 68,266,009 | (76,706,477) | 1,625,561 |
Balance, shares at Jun. 30, 2021 | 2,071,007 | 436,653 | 385,302 | 334,937,194 | ||||||
Balance at Dec. 31, 2021 | $ 2,071 | 8,842,458 | $ 200 | 290,956 | $ 385 | 500,507 | $ 343,531 | 68,573,142 | (77,085,867) | 1,467,383 |
Balance, shares at Dec. 31, 2021 | 2,071,007 | 200,363 | 385,302 | 343,530,678 | ||||||
Warrant exercises | $ 300 | (300) | ||||||||
Warrant exercises, shares | 299,577 | |||||||||
Net loss for the period | (699,905) | (699,905) | ||||||||
RSUs granted to consultants that have vested | 450,000 | 450,000 | ||||||||
Services | $ 76 | 4,804 | 4,880 | |||||||
Services, shares | 76,250 | |||||||||
Balance at Mar. 31, 2022 | $ 2,071 | 8,842,458 | $ 200 | 290,956 | $ 385 | 500,507 | $ 343,907 | 69,027,646 | (77,785,772) | 1,222,358 |
Balance, shares at Mar. 31, 2022 | 2,071,007 | 200,363 | 385,302 | 343,906,505 | ||||||
Balance at Dec. 31, 2021 | $ 2,071 | 8,842,458 | $ 200 | 290,956 | $ 385 | 500,507 | $ 343,531 | 68,573,142 | (77,085,867) | 1,467,383 |
Balance, shares at Dec. 31, 2021 | 2,071,007 | 200,363 | 385,302 | 343,530,678 | ||||||
Net loss for the period | $ (1,487,443) | |||||||||
Stock option exercises, shares | ||||||||||
Balance at Jun. 30, 2022 | $ 2,071 | 8,842,458 | $ 200 | 290,956 | $ 385 | 500,507 | $ 343,907 | 69,485,846 | (78,573,310) | $ 893,020 |
Balance, shares at Jun. 30, 2022 | 2,071,007 | 200,363 | 385,302 | 343,906,505 | ||||||
Balance at Mar. 31, 2022 | $ 2,071 | 8,842,458 | $ 200 | 290,956 | $ 385 | 500,507 | $ 343,907 | 69,027,646 | (77,785,772) | 1,222,358 |
Balance, shares at Mar. 31, 2022 | 2,071,007 | 200,363 | 385,302 | 343,906,505 | ||||||
Net loss for the period | (787,538) | (787,538) | ||||||||
RSUs granted to consultants that have vested | 458,200 | 458,200 | ||||||||
Balance at Jun. 30, 2022 | $ 2,071 | $ 8,842,458 | $ 200 | $ 290,956 | $ 385 | $ 500,507 | $ 343,907 | $ 69,485,846 | $ (78,573,310) | $ 893,020 |
Balance, shares at Jun. 30, 2022 | 2,071,007 | 200,363 | 385,302 | 343,906,505 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2021 | |
CASH FLOW FROM OPERTING ACTIVIITES | |||||||
Net loss | $ (787,538) | $ (699,905) | $ (1,860,187) | $ (288,189) | $ (1,487,443) | $ (2,148,376) | |
Adjustments to reconcile net loss to net cash used in operating activities | |||||||
Common stock, stock options and warrants for services | 4,880 | ||||||
RSUs issued for services | 908,200 | 1,614,000 | |||||
Loss on conversion of debt | 176,295 | $ (176,295) | |||||
Forgiveness of debt | (47,588) | (129,745) | |||||
Changes in assets and liabilities | |||||||
Accounts receivable | (6,500) | ||||||
Prepaid expenses and other assets | (22,732) | (34,288) | |||||
Accounts payable and accrued expenses | 95,766 | 24,933 | |||||
Payroll liabilities | (66,143) | ||||||
Accrued interest | 13,051 | ||||||
Total adjustments | 932,026 | 1,598,103 | |||||
Net cash used in operating activities | (555,417) | (550,273) | |||||
CASH FLOWS FROM FINANCING ACTIVITES | |||||||
Proceeds from common stcok and warrants | 1,811,238 | ||||||
Net cash provided by financing activities | 1,811,238 | ||||||
NET (DECREASE) INCREASE IN CASH | (555,417) | 1,260,965 | |||||
CASH - BEGINNING OF PERIOD | $ 1,606,123 | $ 903,704 | 1,606,123 | 903,704 | $ 903,704 | ||
CASH - END OF PERIOD | $ 1,050,706 | $ 2,164,669 | 1,050,706 | 2,164,669 | |||
CASH PAID DURING THE PERIOD FOR: | |||||||
Interest expense | |||||||
Income taxes | |||||||
SUPPLEMENTAL INFORMATION - NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||
Conversion of notes payable and accrued interest into common stock | 50,370 | ||||||
Common stock issued in cashless exercise of warrants | 300 | 3,870 | |||||
RSUs vested into common stock | 12,000 | ||||||
Accounts payable converted into shares of common stock | 90,000 | ||||||
Stock options exercised for recission of common and preferred stock | $ 60,000 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying condensed financial statements of Vivos Inc. (the “ Company Business Overview The Company was incorporated under the laws of Delaware on December 23, 1994 as Savage Mountain Sports Corporation (“ SMSC 950,000,000 0.001 20,000,000 0.001 Our principal place of business is located at 719 Jadwin Avenue, Richland, WA 99352. Our telephone number is (509) 736-4000. Our corporate website address is http://www.radiogel.com. Our common stock is currently quoted on the OTC Pink Marketplace under the symbol “RDGL.” The Company is a radiation oncology medical device company engaged in the development of its yttrium-90 based brachytherapy device, RadioGel ™ In January 2018, the Center for Veterinary Medicine Product Classification Group ruled that RadioGel ™ FDA ® Based on the FDA’s recommendation, RadioGel ™ ® ® ® ™ ® ™ ® ™” ® ® IsoPet Solutions The Company’s IsoPet Solutions division was established in May 2016 to focus on the veterinary oncology market, namely engagement of university veterinarian hospital to develop the detailed therapy procedures to treat animal tumors and ultimately use of the technology in private clinics. The Company has worked with three different university veterinarian hospitals on IsoPet ® ® The dogs were treated for canine soft tissue sarcoma. Response evaluation criteria in solid tumors (“ RECIST The testing at the University of Missouri met its objective to demonstrate the safety of IsoPet ® ® The effectiveness of IsoPet ® ® The Company anticipates that future profits, if any, will be derived from direct sales of RadioGel ™ ® ® Commencing in July 2019, the Company recognized its first commercial sale of IsoPet ® ® Our plan is to incorporate the data assembled from our work with Isopet ® ™ FDA ™ ™ ™ Y-90 half-life of 2.7 days, the radioactivity drops to 5% of its original value after ten days Recently, the Company modified its Indication for Use from skin cancel to cancerous tissue or solid tumors pathologically associated with locoregional papillary thyroid carcinoma and recurrent papillary thyroid carcinoma having discernable tumors associated with metastatic lymph nodes or extranodal disease in patients who are not surgical candidates or who have declined surgery, or patients who require post-surgical remnant ablation (for example, after prior incomplete radioiodine therapy). Papillary thyroid carcinoma belongs to the general class of head and neck tumors for which tumors are accessible by intraoperative direct needle injection. The Company’s Medical Advisory Board felt that demonstrating efficacy in clinical trials was much easier with this new indication. The Company’s lead brachytherapy products, including RadioGel ™ Battelle ™ Battelle License Intellectual Property Our original license with Battelle National Laboratory is reached its end of life. During the past several years, in anticipation of this we have expanded our proprietary knowledge and our trademark and patent protection. We have expanded our trademark protection from RadioGel to now include IsoPet. We obtained the International Certificate of Registration for ISOPET, which is the first step to file in several countries . The Company received the Patent Cooperation Treaty (“PCT”) International Search Report on our patent application (No.1811.191). Seven of our claims were immediately ruled as having novelty, inventive step and industrial applicability. This gives us the basis to extend for many years the patent protection for our proprietary Yttrium-90 phosphate particles utilized in Isopet ® Our patent team filed our particle patent in more than ten patent offices that collectively cover 63 countries throughout the world. We filed a continuation-in-part applications This year we also filed a provisional patent number 63-299,930 giving Following the provisional patent, we will file for utility patents on our polymer/hydrogel improvements. These include reducing the polymer production time and increasing the output by a factor of three. We have also further reduced the level of trace contaminants to be well below the FDA guidelines. We are continuously improving our injection system. We completed the development of a syringe shield and vial holder. We are now testing an advanced cooling system to hold the vial and syringes. We are also testing commercially available systems for deep injections, which will be useful in treating lung and pancreatic caners. Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company has suffered recurring losses and used significant cash in support of its operating activities and the Company’s cash position is not sufficient to support the Company’s operations. Research and development of the Company’s brachytherapy product line has been funded with proceeds from the sale of equity and debt securities as well as a series of grants. The Company requires funding of approximately $ 2.5 The Company completed its reverse stock split which was approved by FINRA and went effective on June 28, 2019. The Company’s stock offering under Regulation A+ was qualified by the Securities and Exchange Commission (“SEC”) on June 3, 2020. A second Regulation A+ was qualified by the SEC on September 15, 2021 to raise capital for 50,000,000 0.10 5,000,000 1,200,000 0.08 15,000,000 20,000,000 20,000 The Company’s Regulation A+’s raised approximately $ 5,200,000 For the animal therapy market: ● Fund the effort to communicate the benefits of IsoPet® to the veterinary community and the pet parents. ● Conduct additional clinical studies to generate more data for the veterinary community ● Subsidize some IsoPet ® ● Assist new regional clinics with their license and certification training. For the human market: ● Enhance the pedigree of the Quality Management System. ● Complete the previously defined pre-clinical testing and additional testing on an animal model closely aligned with our revised indication for use. Report the results to the FDA in a pre-submission meeting. ● Use the feedback from that meeting to write the IDE (Investigational Device Exemption), which is required to initiate clinical trials. Research and development of the Company’s brachytherapy product line has been funded with proceeds from the sale of equity and debt securities. The Company may require additional funding of approximately $2.5 million annually to maintain current operating activities. Over the next 12 to 48 months, the Company believes it will cost approximately $9 million to: (1) fund the FDA approval process to conduct human clinical trials, (2) conduct Phase I, pilot, clinical trials, (3) activate several regional clinics to administer IsoPet ® . The proceeds to be raised from the recent qualified Regulation A+ will be used to continue to fund this development. The continued deployment of the brachytherapy products and a worldwide regulatory approval effort will require additional resources and personnel. The principal variables in the timing and amount of spending for the brachytherapy products in the next 12 to 24 months will be the FDA’s classification of the Company’s brachytherapy products as Class II or Class III devices (or otherwise) and any requirements for additional studies which may possibly include clinical studies. Thereafter, the principal variables in the amount of the Company’s spending and its financing requirements would be the timing of any approvals and the nature of the Company’s arrangements with third parties for manufacturing, sales, distribution and licensing of those products and the products’ success in the U.S. and elsewhere. The Company intends to fund its activities through strategic transactions such as licensing and partnership agreements or from proceeds to be raised from the recent qualified Regulation A+. Following receipt of required regulatory approvals and financing, in the U.S., the Company intends to outsource material aspects of manufacturing, distribution, sales and marketing. Outside of the U.S., the Company intends to pursue licensing arrangements and/or partnerships to facilitate its global commercialization strategy. In the longer-term, subject to the Company receiving adequate funding, regulatory approval for RadioGel ™ Based on the Company’s financial history since inception, the Company’s independent registered public accounting firm has expressed substantial doubt as to the Company’s ability to continue as a going concern. The Company has limited revenue, nominal cash, and has accumulated deficits since inception. If the Company cannot obtain sufficient additional capital, the Company will be required to delay the implementation of its business strategy and may not be able to continue operations. The Company has been impacted from the effects of COVID-19. The Company’s headquarters are in Northeast Washington however there focus of the animal therapy market has been the Northwestern sector of the United States. The Company continues their marketing to the animal therapy market and attempt to increase the exposure to their product and generate revenue accordingly. As of June 30, 2022, the Company has $ 1,050,706 There is no guarantee that the Company will be able to raise additional funds or to do so at an advantageous price. The financial statements do not include any adjustments relating to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis and ultimately to attain profitability. The Company plans to seek additional funding to maintain its operations through debt and equity financing and to improve operating performance through a focus on strategic products and increased efficiencies in business processes and improvements to the cost structure. There is no assurance that the Company will be successful in its efforts to raise additional working capital or achieve profitable operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates the Company considers include criteria for stock-based compensation expense, and valuation allowances on deferred tax assets. Actual results could differ from those estimates. Financial Statement Reclassification Certain account balances from prior periods have been reclassified in these financial statements so as to conform to current period classifications. Cash Equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. The Company occasionally maintains cash balances in excess of the FDIC insured limit. The Company does not consider this risk to be material. Fair Value of Financial Instruments Fair value of financial instruments requires disclosure of the fair value information, whether or not recognized in the balance sheet, where it is practicable to estimate that value. As of June 30, 2022 and December 31, 2021, the balances reported for cash, prepaid expenses, accounts receivable, accounts payable, and accrued expenses, approximate the fair value because of their short maturities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification (“ ASC Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures certain financial instruments including options and warrants issued during the period at fair value on a recurring basis. Derivative Liabilities and Beneficial Conversion Feature The Company evaluates its convertible debt, options, warrants or other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC Topic 815, Accounting for Derivative Instruments and Hedging Activities (“ ASC 815 Embedded derivatives that are not clearly and closely related to the host contract are bifurcated and are recognized at fair value with changes in fair value recognized as either a gain or loss in earnings. The result of this accounting treatment is that the fair value of the derivative instrument is marked-to-market each balance sheet date and with the change in fair value recognized in the statement of operations as other income or expense. Upon conversion, exercise or cancellation of a derivative instrument, the instrument is marked to fair value at the date of conversion, exercise or cancellation than that the related fair value is removed from the books. Gains or losses on debt extinguishment are recognized in the statement of operations upon conversion, exercise or cancellation of a derivative instrument after any shares issued in such a transaction are recorded at market value. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date. Instruments that become a derivative after inception are recognized as a derivative on the date they become a derivative with the offsetting entry recorded in earnings. The Company determines the fair value of derivative instruments and hybrid instruments, considering all of the rights and obligations of each instrument, based on available market data using a binomial model, adjusted for the effect of dilution, because it embodies all of the requisite assumptions (including trading volatility, estimated terms, dilution and risk-free rates) necessary to fair value these instruments. For instruments in default with no remaining time to maturity the Company uses a one-year term for their years to maturity estimate unless a sooner conversion date can be estimated or is known. Estimating fair values of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques (such as Black-Scholes model) are highly volatile and sensitive to changes in the trading market price of our common stock. The Company accounts for the beneficial conversion feature on its convertible instruments in accordance with ASC 470-20. The Beneficial Conversion Feature (“BCF”) is normally characterized as the convertible portion or feature that provides a rate of conversion that is below market value or in the money when issued. The Company records a BCF when these criteria exist, when issued. BCFs that are contingent upon the occurrence of a future event are recorded when the contingency is resolved. To determine the effective conversion price, the Company first allocates the proceeds received to the convertible instrument, and then use those allocated proceeds to determine the effective conversion price. The intrinsic value of the conversion option should be measured using the effective conversion price for the convertible instrument on the proceeds allocated to that instrument. The accounting for a BCF requires that the BCF be recognized by allocating the intrinsic value of the conversion option to additional paid in capital, resulting in a discount to the convertible instrument. This discount should be accreted from the date on which the BCF is first recognized through the earliest conversion date for instruments that do not have a stated redemption date. Fixed Assets Fixed assets are carried at the lower of cost or net realizable value. Production equipment with a cost of $ 2,500 1,500 Depreciation is computed using the straight-line method over the following estimated useful lives: SCHEDULE OF DEPRECIATION ESTIMATED USEFUL LIFE Production equipment: 3 7 Office equipment: 2 5 Furniture and fixtures: 2 5 Leasehold improvements and capital lease assets are amortized over the shorter of the life of the lease or the estimated life of the asset. Management of the Company reviews the net carrying value of all of its equipment on an asset by asset basis whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. These reviews consider the net realizable value of each asset, as measured in accordance with the preceding paragraph, to determine whether impairment in value has occurred, and the need for any asset impairment write-down. License Fees License fees are stated at cost, less accumulated amortization. Amortization of license fees is computed using the straight-line method over the estimated economic useful life of the assets. Effective March 2012, the Company entered into an exclusive license agreement with Battelle Memorial Institute regarding the use of its patented RadioGel ™ 17,500 the increase in royalties from one percent (1%) to two percent (2%), then on October 8, 2019 to reduce the fee back to one percent (1%) The Company periodically reviews the carrying values of capitalized license fees and any impairments are recognized when the expected future operating cash flows to be derived from such assets are less than their carrying value. Patents and Intellectual Property While patents are being developed or pending, they are not being amortized. Management has determined that the economic life of the patents to be ten years and amortization, over such 10-year period and on a straight-line basis will begin once the patents have been issued and the Company begins utilization of the patents through production and sales, resulting in revenues. The Company evaluates the recoverability of intangible assets, including patents and intellectual property on a continual basis. Several factors are used to evaluate intangibles, including, but not limited to, management’s plans for future operations, recent operating results and projected and expected undiscounted future cash flows. There have been no such capitalized costs in the six months ended June 30, 2022 and 2021, respectively. However, a patent was filed on July 1, 2019 (No. 1811.191) filed by Michael Korenko and David Swanberg and assigned to the Company based on the Company’s proprietary particle manufacturing process. The timing of this filing was important given the Company’s plans to make IsoPet ® Revenue Recognition In May 2014, the Financial Accounting Standards Board (“F ASB ASU Under ASC 606, in order to recognize revenue, the Company is required to identify an approved contract with commitments to preform respective obligations, identify rights of each party in the transaction regarding goods to be transferred, identify the payment terms for the goods transferred, verify that the contract has commercial substance and verify that collection of substantially all consideration is probable. The adoption of ASC 606 did not have an impact on the Company’s operations or cash flows. The Company recognized revenue as they (i) identified the contracts with each customer; (ii) identified the performance obligation in each contract; (iii) determined the transaction price in each contract; (iv) were able to allocate the transaction price to the performance obligations in the contract; and (v) recognized revenue upon the satisfaction of the performance obligation. Upon the sales of the product to complete the procedures on the animals, the Company recognized revenue as that was considered the performance obligation. All revenue recognized in the six months ended June 30, 2022 and 2021 relate to consulting income with respect to the IsoPet ® Loss Per Share The Company accounts for its loss per common share by replacing primary and fully diluted earnings per share with basic and diluted earnings per share. Basic loss per share is computed by dividing loss available to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) for the period, and does not include the impact of any potentially dilutive common stock equivalents since the impact would be anti-dilutive. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares had been issued. For the given periods of loss, of the periods ended in the six months ended June 30, 2022 and 2021, the basic earnings per share equals the diluted earnings per share. The following represent common stock equivalents that could be dilutive in the future as of June 30, 2022 and December 31, 2021, which include the following: SCHEDULE OF DILUTIVE EARNINGS PER SHARE June 30, 2022 December 31, 2021 Preferred stock 9,909,570 9,909,570 Restricted stock units 25,362,500 25,262,500 Common stock options 2,252,809 2,252,809 Common stock warrants 30,037,500 31,862,500 Total potential dilutive securities 67,562,379 69,287,379 Research and Development Costs Research and developments costs, including salaries, research materials, administrative expenses and contractor fees, are charged to operations as incurred. The cost of equipment used in research and development activities which has alternative uses is capitalized as part of fixed assets and not treated as an expense in the period acquired. Depreciation of capitalized equipment used to perform research and development is classified as research and development expense in the year computed. The Company incurred $ 241,301 160,322 Advertising and Marketing Costs Advertising and marketing costs are expensed as incurred except for the cost of tradeshows which are deferred until the tradeshow occurs. During the six months ended June 30, 2022 and 2021, the Company incurred nominal advertising and marketing costs. Contingencies In the ordinary course of business, the Company is involved in legal proceedings involving contractual and employment relationships, product liability claims, patent rights, and a variety of other matters. The Company records contingent liabilities resulting from asserted and unasserted claims against it, when it is probable that a liability has been incurred and the amount of the loss is reasonably estimable. The Company discloses contingent liabilities when there is a reasonable possibility that the ultimate loss will exceed the recorded liability. Estimated probable losses require analysis of multiple factors, in some cases including judgments about the potential actions of third-party claimants and courts. Therefore, actual losses in any future period are inherently uncertain. The Company has entered into various agreements that require them to pay certain fees to consultants and/or employees that have been fully accrued for as of June 30, 2022 and December 31, 2021. Income Taxes To address accounting for uncertainty in tax positions, the Company clarifies the accounting for income taxes by prescribing a minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Company also provides guidance on de-recognition, measurement, classification, interest, and penalties, accounting in interim periods, disclosure and transition. The Company files income tax returns in the U.S. federal jurisdiction. The Company did not have any tax expense for the six months ended June 30, 2022 and 2021. The Company did not have any deferred tax liability or asset on its balance sheets on June 30, 2022 and December 31, 2021. Interest costs and penalties related to income taxes, if any, will be classified as interest expense and general and administrative costs, respectively, in the Company’s financial statements. For the six months ended June 30, 2022 and 2021, the Company did not recognize any interest or penalty expense related to income taxes. The Company believes that it is not reasonably possible for the amounts of unrecognized tax benefits to significantly increase or decrease within the next twelve months. Stock-Based Compensation The Company recognizes compensation costs under FASB ASC Topic 718, Compensation – Stock Compensation and ASU 2018-07. Companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. Recent Accounting Pronouncements In August, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contract’s in an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU simplifies the diluted net income per share calculation in certain areas. The ASU is effective for annual and interim periods beginning after December 31, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company has determined that this pronouncement does not have a material impact on its financial statements. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 2: RELATED PARTY TRANSACTIONS Related Party Notes Payable The $ 237,000 no Related Party Payables In December 2021, the Company converted the $ 32,110 401,373 no Preferred and Common Shares Issued to Officers and Directors In June 2021, the Company’s Chief Executive Officer exercised 2,500,000 60,000 375,000 100,000 8,120,152 16,000,000 150,000 91,304 75,000 22,266 76,250 4,880 |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES PAYABLE | NOTE 3: CONVERTIBLE NOTES PAYABLE As of June 30, 2022 and December 31, 2021, there remains no |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 4: STOCKHOLDERS’ EQUITY Common Stock The Company has 950,000,000 0.001 343,906,505 343,530,678 Preferred Stock As of June 30, 2022 and December 31, 2021, the Company has 20,000,000 0.001 On October 8, 2018 the Company created out of the shares of Preferred Stock, par value $ 0.001 5,000,000 On March 27, 2019 the Company created out of the shares of Preferred Stock, par value $ 0.001 5,000,000 Series A Convertible Preferred Stock (“Series A Convertible Preferred”) In June 2015, the Series A Certificate of Designation was filed with the Delaware Secretary of State to designate 2.5 2,500,000 5,000,000 Liquidation Preference 5.00 Dividends Conversion Series A Conversion Shares 4.00 In the event the Company completes an equity or equity-based public offering, registered with the SEC, resulting in gross proceeds to the Company totaling at least $ 5.0 Redemption Subject to certain conditions set forth in the Series A Certificate of Designation, in the event of a Change of Control (defined in the Series A Certificate of Designation as the time at which as a third party not affiliated with the Company or any holders of the Series A Convertible Preferred shall have acquired, in one or a series of related transactions, equity securities of the Company representing more than fifty percent 50% of the outstanding voting securities of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series A Convertible Preferred in cash at a price per share of Series A Convertible Preferred equal to 100% of the Liquidation Preference. Voting Rights Liquidation Liquidation Certain Price and Share Adjustments a) Stock Dividends and Stock Splits b) Merger or Reorganization In June 2021, 100,000 Series B Convertible Preferred Stock (“Series B Convertible Preferred”) In October 2018, the Series B Certificate of Designation was filed with the Delaware Secretary of State to designate 5.0 Liquidation Preference 1.00 Dividends Conversion Series B Conversion Shares 0.08 Redemption Subject to certain conditions set forth in the Series B Certificate of Designation, in the event of a Change of Control (defined in the Series B Certificate of Designation as the time at which as a third party not affiliated with the Company or any holders of the Series B Convertible Preferred shall have acquired, in one or a series of related transactions, equity securities of the Company representing more than fifty percent 50% of the outstanding voting securities of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series B Convertible Preferred in cash at a price per share of Series B Convertible Preferred equal to 100% Voting Rights Liquidation Liquidation Certain Price and Share Adjustments a) Stock Dividends and Stock Splits b) Merger or Reorganization In December 2021, 236,290 2,953,625 Series C Convertible Preferred Stock (“Series C Convertible Preferred”) In March 2019, the Series C Certificate of Designation was filed with the Delaware Secretary of State to designate 5.0 Liquidation Preference 1.00 Dividends Conversion Series C Conversion Shares 0.08 The Series C Convertible Preferred will only be convertible at any time after the date that the Company shall have amended its Certificate of Incorporation to increase the number of shares of common stock authorized for issuance thereunder or effect a reverse stock split of the outstanding shares of common stock by a sufficient amount to permit the conversion of all Series C Convertible Preferred into shares of common stock (“ Authorized Share Approval Initial Convertibility Date Conversion Rights Redemption Subject to certain conditions set forth in the Series C Certificate of Designation, in the event of a Change of Control (defined in the Series C Certificate of Designation as the time at which as a third party not affiliated with the Company or any holders of the Series C Convertible Preferred shall have acquired, in one or a series of related transactions, equity securities of the Company representing more than fifty percent 50% of the outstanding voting securities of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series C Convertible Preferred in cash at a price per share of Series C Convertible Preferred equal to 100% Voting Rights Liquidation Liquidation Certain Price and Share Adjustments a) Stock Dividends and Stock Splits b) Merger or Reorganization Common and Preferred Stock Issuances - 2022 In March 2022, the Company issued 299,577 825,000 76,250 4,880 90 Common and Preferred Stock Issuances - 2021 In January 2021, the Company issued 384,445 50,000 519,480 40,000 In January 2021, the Company issued 1,259,250 50,370 176,295 In March 2021, the Company issued 22,500,000 11,237,500 1,800,000 11,238 Between January 8, 2021 and January 29, 2021, the Company issued 3,870,428 5,430,000 |
COMMON STOCK OPTIONS, WARRANTS
COMMON STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS | 6 Months Ended |
Jun. 30, 2022 | |
Common Stock Options Warrants And Restricted Stock Units | |
COMMON STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS | NOTE 5: COMMON STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS Common Stock Options The Company recognizes in the financial statements compensation related to all stock-based awards, including stock options and warrants, based on their estimated grant-date fair value. The Company has estimated expected forfeitures and is recognizing compensation expense only for those awards expected to vest. All compensation is recognized by the time the award vests. The following schedule summarizes the changes in the Company’s stock options: SCHEDULE OF CHANGES IN STOCK OPTION Weighted Weighted Options Outstanding Average Average Number Exercise Remaining Aggregate Exercise Of Price Contractual Intrinsic Price Shares Per Share Life Value Per Share Balance at December 31, 2020 28,885,461 $ 0.024 0.04 5.57 $ 1,661,429 $ 0.05 Options granted - $ - - $ - Options exercised (2,500,000 ) $ - - $ - Options expired (24,132,652 ) $ - - $ - Balance at December 31, 2021 2,252,809 $ 0.024 0.04 7.70 $ 83,992 $ 0.04 Options granted - $ - - $ - Options exercised - $ - - $ - Options expired/canceled - $ - - $ - Balance at June 30, 2022 2,252,809 $ 0.024 0.04 7.20 $ 79,562 $ 0.04 Exercisable at June 30, 2022 2,252,809 $ 0.024 0.04 7.20 $ 79,562 $ 0.04 During the year ended December 31, 2021, the Company’s CEO exercised 2,500,000 24,120,152 12,500 During the six months ended June 30, 2022 and 2021, the Company recognized $ 0 0 Common Stock Warrants The following schedule summarizes the changes in the Company’s stock warrants: SCHEDULE OF CHANGES IN STOCK WARRANTS Warrants Outstanding Weighted Weighted Number Of Exercise Price Contractual Life Aggregate Exercise Balance at December 31, 2020 32,064,375 $ 0.04 80.00 1.65 $ 1,614,567 $ 0.06 Warrants granted 11,237,500 $ 0.10 - $ - Warrants exercised (10,730,000 ) $ - - $ Warrants expired/cancelled (709,375 ) $ - - $ Balance at December 31, 2021 31,862,500 $ 0.04 0.10 1.02 $ 538,875 $ 0.07 Warrants granted - $ - - $ - Warrants exercised (825,000 ) $ - - $ Warrants expired/cancelled (1,000,000 ) $ - - $ Balance at June 30, 2022 30,037,500 $ 0.04 0.10 0.56 $ 236,880 $ 0.07 Exercisable at June 30, 2022 30,037,500 $ 0.04 0.10 0.56 $ 236,880 $ 0.07 Changes to these inputs could produce a significantly higher or lower fair value measurement. The fair value of each option/warrant is estimated using the Black-Scholes valuation model. The following assumptions were used for the periods as follows: SCHEDULE OF ASSUMPTIONS USED IN FAIR VALUE MEASUREMENT Six Months Ended Year Ended June 30, 2022 December 31, 2021 Expected term - 2 5 Expected volatility - % 109 147 % Expected dividend yield - - Risk-free interest rate - % 0.20 0.58 % Between January 8, 2021 and January 29, 2021, the Company issued 3,870,428 5,430,000 In March 2021 the Company sold 11,237,500 11,238 two-year term 0.10 From July 9 through September 24, 2021, the Company issued 838,195 1,800,000 In October 2021, the Company issued 2,005,693 3,500,000 In March 2022 the Company issued 299,577 825,000 1,000,000 Restricted Stock Units The following schedule summarizes the changes in the Company’s restricted stock units: SCHEDULE OF CHANGES IN RESTRICTED STOCK UNITS Number Weighted Average Of Grant Date Shares Fair Value Balance at December 31, 2020 and 2019 262,500 $ 0.59 RSU’s granted 42,700,000 $ 0.08 RSU’s vested (17,700,000 ) $ - RSU’s forfeited - $ - Balance at December 31, 2021 25,262,500 $ 0.08 RSUs granted 100,000 $ 0.082 RSUs vested (10,100,000 ) $ - Balance at June 30, 2022 15,262,500 $ 0.08 During the six months ended June 30, 2022 and 2021, the Company recognized $ 908,200 1,614,000 1,505,400 On May 3, 2021, the Company has granted 12,000,000 700,000 12,000,000 On May 3, 2021, as part of an Employment Agreement with the CEO, the Company granted 30,000,000 30,000,000 15,000,000 5,000,000 5,000,000 5,000,000 15,000,000 5,000,000 On February 3, 2022, 5,000,000 450,000 On May 3, 2022, 5,000,000 450,000 On June 1, 2022, 100,000 8,200 |
COMMITMENT
COMMITMENT | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENT | NOTE 6: COMMITMENT On June 4, 2019, the Company entered into an Executive Employment Agreement (“Employment Agreement”) with Dr. Michael K. Korenko, the Company’s Chief Executive Officer. The employment term under the Employment Agreement commenced with an effective date of June 11, 2019 and expires on December 31, 2020, and December 31 of each successive year if the Employment Agreement is extended, unless terminated earlier as set forth in the Employment Agreement. The Company on December 31, 2020 extended this agreement through December 31, 2021 while renegotiating terms of a new Employment Agreement. On May 3, 2021, the Company and the Chief Executive Officer agreed the terms of a new Employment Agreement with an effective date of January 1, 2021 that has a term of three years and expires December 31, 2023 Under the terms of the Employment Agreement, the Company shall pay to Dr. Korenko a base compensation of $ 225,000 7,500 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7: SUBSEQUENT EVENTS On July 7, 2022, the Company sold 15,000,000 0.08 1,200,000 20,000,000 15,000,000 0.08 June 2025 5,000,000 0.01 December 2022 20,000 |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Business Overview | Business Overview The Company was incorporated under the laws of Delaware on December 23, 1994 as Savage Mountain Sports Corporation (“ SMSC 950,000,000 0.001 20,000,000 0.001 Our principal place of business is located at 719 Jadwin Avenue, Richland, WA 99352. Our telephone number is (509) 736-4000. Our corporate website address is http://www.radiogel.com. Our common stock is currently quoted on the OTC Pink Marketplace under the symbol “RDGL.” The Company is a radiation oncology medical device company engaged in the development of its yttrium-90 based brachytherapy device, RadioGel ™ In January 2018, the Center for Veterinary Medicine Product Classification Group ruled that RadioGel ™ FDA ® Based on the FDA’s recommendation, RadioGel ™ ® ® ® ™ ® ™ ® ™” ® ® |
IsoPet Solutions | IsoPet Solutions The Company’s IsoPet Solutions division was established in May 2016 to focus on the veterinary oncology market, namely engagement of university veterinarian hospital to develop the detailed therapy procedures to treat animal tumors and ultimately use of the technology in private clinics. The Company has worked with three different university veterinarian hospitals on IsoPet ® ® The dogs were treated for canine soft tissue sarcoma. Response evaluation criteria in solid tumors (“ RECIST The testing at the University of Missouri met its objective to demonstrate the safety of IsoPet ® ® The effectiveness of IsoPet ® ® The Company anticipates that future profits, if any, will be derived from direct sales of RadioGel ™ ® ® Commencing in July 2019, the Company recognized its first commercial sale of IsoPet ® ® Our plan is to incorporate the data assembled from our work with Isopet ® ™ FDA ™ ™ ™ Y-90 half-life of 2.7 days, the radioactivity drops to 5% of its original value after ten days Recently, the Company modified its Indication for Use from skin cancel to cancerous tissue or solid tumors pathologically associated with locoregional papillary thyroid carcinoma and recurrent papillary thyroid carcinoma having discernable tumors associated with metastatic lymph nodes or extranodal disease in patients who are not surgical candidates or who have declined surgery, or patients who require post-surgical remnant ablation (for example, after prior incomplete radioiodine therapy). Papillary thyroid carcinoma belongs to the general class of head and neck tumors for which tumors are accessible by intraoperative direct needle injection. The Company’s Medical Advisory Board felt that demonstrating efficacy in clinical trials was much easier with this new indication. The Company’s lead brachytherapy products, including RadioGel ™ Battelle ™ Battelle License |
Intellectual Property | Intellectual Property Our original license with Battelle National Laboratory is reached its end of life. During the past several years, in anticipation of this we have expanded our proprietary knowledge and our trademark and patent protection. We have expanded our trademark protection from RadioGel to now include IsoPet. We obtained the International Certificate of Registration for ISOPET, which is the first step to file in several countries . The Company received the Patent Cooperation Treaty (“PCT”) International Search Report on our patent application (No.1811.191). Seven of our claims were immediately ruled as having novelty, inventive step and industrial applicability. This gives us the basis to extend for many years the patent protection for our proprietary Yttrium-90 phosphate particles utilized in Isopet ® Our patent team filed our particle patent in more than ten patent offices that collectively cover 63 countries throughout the world. We filed a continuation-in-part applications This year we also filed a provisional patent number 63-299,930 giving Following the provisional patent, we will file for utility patents on our polymer/hydrogel improvements. These include reducing the polymer production time and increasing the output by a factor of three. We have also further reduced the level of trace contaminants to be well below the FDA guidelines. We are continuously improving our injection system. We completed the development of a syringe shield and vial holder. We are now testing an advanced cooling system to hold the vial and syringes. We are also testing commercially available systems for deep injections, which will be useful in treating lung and pancreatic caners. |
Going Concern | Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company has suffered recurring losses and used significant cash in support of its operating activities and the Company’s cash position is not sufficient to support the Company’s operations. Research and development of the Company’s brachytherapy product line has been funded with proceeds from the sale of equity and debt securities as well as a series of grants. The Company requires funding of approximately $ 2.5 The Company completed its reverse stock split which was approved by FINRA and went effective on June 28, 2019. The Company’s stock offering under Regulation A+ was qualified by the Securities and Exchange Commission (“SEC”) on June 3, 2020. A second Regulation A+ was qualified by the SEC on September 15, 2021 to raise capital for 50,000,000 0.10 5,000,000 1,200,000 0.08 15,000,000 20,000,000 20,000 The Company’s Regulation A+’s raised approximately $ 5,200,000 For the animal therapy market: ● Fund the effort to communicate the benefits of IsoPet® to the veterinary community and the pet parents. ● Conduct additional clinical studies to generate more data for the veterinary community ● Subsidize some IsoPet ® ● Assist new regional clinics with their license and certification training. For the human market: ● Enhance the pedigree of the Quality Management System. ● Complete the previously defined pre-clinical testing and additional testing on an animal model closely aligned with our revised indication for use. Report the results to the FDA in a pre-submission meeting. ● Use the feedback from that meeting to write the IDE (Investigational Device Exemption), which is required to initiate clinical trials. Research and development of the Company’s brachytherapy product line has been funded with proceeds from the sale of equity and debt securities. The Company may require additional funding of approximately $2.5 million annually to maintain current operating activities. Over the next 12 to 48 months, the Company believes it will cost approximately $9 million to: (1) fund the FDA approval process to conduct human clinical trials, (2) conduct Phase I, pilot, clinical trials, (3) activate several regional clinics to administer IsoPet ® . The proceeds to be raised from the recent qualified Regulation A+ will be used to continue to fund this development. The continued deployment of the brachytherapy products and a worldwide regulatory approval effort will require additional resources and personnel. The principal variables in the timing and amount of spending for the brachytherapy products in the next 12 to 24 months will be the FDA’s classification of the Company’s brachytherapy products as Class II or Class III devices (or otherwise) and any requirements for additional studies which may possibly include clinical studies. Thereafter, the principal variables in the amount of the Company’s spending and its financing requirements would be the timing of any approvals and the nature of the Company’s arrangements with third parties for manufacturing, sales, distribution and licensing of those products and the products’ success in the U.S. and elsewhere. The Company intends to fund its activities through strategic transactions such as licensing and partnership agreements or from proceeds to be raised from the recent qualified Regulation A+. Following receipt of required regulatory approvals and financing, in the U.S., the Company intends to outsource material aspects of manufacturing, distribution, sales and marketing. Outside of the U.S., the Company intends to pursue licensing arrangements and/or partnerships to facilitate its global commercialization strategy. In the longer-term, subject to the Company receiving adequate funding, regulatory approval for RadioGel ™ Based on the Company’s financial history since inception, the Company’s independent registered public accounting firm has expressed substantial doubt as to the Company’s ability to continue as a going concern. The Company has limited revenue, nominal cash, and has accumulated deficits since inception. If the Company cannot obtain sufficient additional capital, the Company will be required to delay the implementation of its business strategy and may not be able to continue operations. The Company has been impacted from the effects of COVID-19. The Company’s headquarters are in Northeast Washington however there focus of the animal therapy market has been the Northwestern sector of the United States. The Company continues their marketing to the animal therapy market and attempt to increase the exposure to their product and generate revenue accordingly. As of June 30, 2022, the Company has $ 1,050,706 There is no guarantee that the Company will be able to raise additional funds or to do so at an advantageous price. The financial statements do not include any adjustments relating to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis and ultimately to attain profitability. The Company plans to seek additional funding to maintain its operations through debt and equity financing and to improve operating performance through a focus on strategic products and increased efficiencies in business processes and improvements to the cost structure. There is no assurance that the Company will be successful in its efforts to raise additional working capital or achieve profitable operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates the Company considers include criteria for stock-based compensation expense, and valuation allowances on deferred tax assets. Actual results could differ from those estimates. |
Financial Statement Reclassification | Financial Statement Reclassification Certain account balances from prior periods have been reclassified in these financial statements so as to conform to current period classifications. |
Cash Equivalents | Cash Equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. The Company occasionally maintains cash balances in excess of the FDIC insured limit. The Company does not consider this risk to be material. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value of financial instruments requires disclosure of the fair value information, whether or not recognized in the balance sheet, where it is practicable to estimate that value. As of June 30, 2022 and December 31, 2021, the balances reported for cash, prepaid expenses, accounts receivable, accounts payable, and accrued expenses, approximate the fair value because of their short maturities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification (“ ASC Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures certain financial instruments including options and warrants issued during the period at fair value on a recurring basis. |
Derivative Liabilities and Beneficial Conversion Feature | Derivative Liabilities and Beneficial Conversion Feature The Company evaluates its convertible debt, options, warrants or other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC Topic 815, Accounting for Derivative Instruments and Hedging Activities (“ ASC 815 Embedded derivatives that are not clearly and closely related to the host contract are bifurcated and are recognized at fair value with changes in fair value recognized as either a gain or loss in earnings. The result of this accounting treatment is that the fair value of the derivative instrument is marked-to-market each balance sheet date and with the change in fair value recognized in the statement of operations as other income or expense. Upon conversion, exercise or cancellation of a derivative instrument, the instrument is marked to fair value at the date of conversion, exercise or cancellation than that the related fair value is removed from the books. Gains or losses on debt extinguishment are recognized in the statement of operations upon conversion, exercise or cancellation of a derivative instrument after any shares issued in such a transaction are recorded at market value. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date. Instruments that become a derivative after inception are recognized as a derivative on the date they become a derivative with the offsetting entry recorded in earnings. The Company determines the fair value of derivative instruments and hybrid instruments, considering all of the rights and obligations of each instrument, based on available market data using a binomial model, adjusted for the effect of dilution, because it embodies all of the requisite assumptions (including trading volatility, estimated terms, dilution and risk-free rates) necessary to fair value these instruments. For instruments in default with no remaining time to maturity the Company uses a one-year term for their years to maturity estimate unless a sooner conversion date can be estimated or is known. Estimating fair values of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques (such as Black-Scholes model) are highly volatile and sensitive to changes in the trading market price of our common stock. The Company accounts for the beneficial conversion feature on its convertible instruments in accordance with ASC 470-20. The Beneficial Conversion Feature (“BCF”) is normally characterized as the convertible portion or feature that provides a rate of conversion that is below market value or in the money when issued. The Company records a BCF when these criteria exist, when issued. BCFs that are contingent upon the occurrence of a future event are recorded when the contingency is resolved. To determine the effective conversion price, the Company first allocates the proceeds received to the convertible instrument, and then use those allocated proceeds to determine the effective conversion price. The intrinsic value of the conversion option should be measured using the effective conversion price for the convertible instrument on the proceeds allocated to that instrument. The accounting for a BCF requires that the BCF be recognized by allocating the intrinsic value of the conversion option to additional paid in capital, resulting in a discount to the convertible instrument. This discount should be accreted from the date on which the BCF is first recognized through the earliest conversion date for instruments that do not have a stated redemption date. |
Fixed Assets | Fixed Assets Fixed assets are carried at the lower of cost or net realizable value. Production equipment with a cost of $ 2,500 1,500 Depreciation is computed using the straight-line method over the following estimated useful lives: SCHEDULE OF DEPRECIATION ESTIMATED USEFUL LIFE Production equipment: 3 7 Office equipment: 2 5 Furniture and fixtures: 2 5 Leasehold improvements and capital lease assets are amortized over the shorter of the life of the lease or the estimated life of the asset. Management of the Company reviews the net carrying value of all of its equipment on an asset by asset basis whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. These reviews consider the net realizable value of each asset, as measured in accordance with the preceding paragraph, to determine whether impairment in value has occurred, and the need for any asset impairment write-down. |
License Fees | License Fees License fees are stated at cost, less accumulated amortization. Amortization of license fees is computed using the straight-line method over the estimated economic useful life of the assets. Effective March 2012, the Company entered into an exclusive license agreement with Battelle Memorial Institute regarding the use of its patented RadioGel ™ 17,500 the increase in royalties from one percent (1%) to two percent (2%), then on October 8, 2019 to reduce the fee back to one percent (1%) The Company periodically reviews the carrying values of capitalized license fees and any impairments are recognized when the expected future operating cash flows to be derived from such assets are less than their carrying value. |
Patents and Intellectual Property | Patents and Intellectual Property While patents are being developed or pending, they are not being amortized. Management has determined that the economic life of the patents to be ten years and amortization, over such 10-year period and on a straight-line basis will begin once the patents have been issued and the Company begins utilization of the patents through production and sales, resulting in revenues. The Company evaluates the recoverability of intangible assets, including patents and intellectual property on a continual basis. Several factors are used to evaluate intangibles, including, but not limited to, management’s plans for future operations, recent operating results and projected and expected undiscounted future cash flows. There have been no such capitalized costs in the six months ended June 30, 2022 and 2021, respectively. However, a patent was filed on July 1, 2019 (No. 1811.191) filed by Michael Korenko and David Swanberg and assigned to the Company based on the Company’s proprietary particle manufacturing process. The timing of this filing was important given the Company’s plans to make IsoPet ® |
Revenue Recognition | Revenue Recognition In May 2014, the Financial Accounting Standards Board (“F ASB ASU Under ASC 606, in order to recognize revenue, the Company is required to identify an approved contract with commitments to preform respective obligations, identify rights of each party in the transaction regarding goods to be transferred, identify the payment terms for the goods transferred, verify that the contract has commercial substance and verify that collection of substantially all consideration is probable. The adoption of ASC 606 did not have an impact on the Company’s operations or cash flows. The Company recognized revenue as they (i) identified the contracts with each customer; (ii) identified the performance obligation in each contract; (iii) determined the transaction price in each contract; (iv) were able to allocate the transaction price to the performance obligations in the contract; and (v) recognized revenue upon the satisfaction of the performance obligation. Upon the sales of the product to complete the procedures on the animals, the Company recognized revenue as that was considered the performance obligation. All revenue recognized in the six months ended June 30, 2022 and 2021 relate to consulting income with respect to the IsoPet ® |
Loss Per Share | Loss Per Share The Company accounts for its loss per common share by replacing primary and fully diluted earnings per share with basic and diluted earnings per share. Basic loss per share is computed by dividing loss available to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) for the period, and does not include the impact of any potentially dilutive common stock equivalents since the impact would be anti-dilutive. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares had been issued. For the given periods of loss, of the periods ended in the six months ended June 30, 2022 and 2021, the basic earnings per share equals the diluted earnings per share. The following represent common stock equivalents that could be dilutive in the future as of June 30, 2022 and December 31, 2021, which include the following: SCHEDULE OF DILUTIVE EARNINGS PER SHARE June 30, 2022 December 31, 2021 Preferred stock 9,909,570 9,909,570 Restricted stock units 25,362,500 25,262,500 Common stock options 2,252,809 2,252,809 Common stock warrants 30,037,500 31,862,500 Total potential dilutive securities 67,562,379 69,287,379 |
Research and Development Costs | Research and Development Costs Research and developments costs, including salaries, research materials, administrative expenses and contractor fees, are charged to operations as incurred. The cost of equipment used in research and development activities which has alternative uses is capitalized as part of fixed assets and not treated as an expense in the period acquired. Depreciation of capitalized equipment used to perform research and development is classified as research and development expense in the year computed. The Company incurred $ 241,301 160,322 |
Advertising and Marketing Costs | Advertising and Marketing Costs Advertising and marketing costs are expensed as incurred except for the cost of tradeshows which are deferred until the tradeshow occurs. During the six months ended June 30, 2022 and 2021, the Company incurred nominal advertising and marketing costs. |
Contingencies | Contingencies In the ordinary course of business, the Company is involved in legal proceedings involving contractual and employment relationships, product liability claims, patent rights, and a variety of other matters. The Company records contingent liabilities resulting from asserted and unasserted claims against it, when it is probable that a liability has been incurred and the amount of the loss is reasonably estimable. The Company discloses contingent liabilities when there is a reasonable possibility that the ultimate loss will exceed the recorded liability. Estimated probable losses require analysis of multiple factors, in some cases including judgments about the potential actions of third-party claimants and courts. Therefore, actual losses in any future period are inherently uncertain. The Company has entered into various agreements that require them to pay certain fees to consultants and/or employees that have been fully accrued for as of June 30, 2022 and December 31, 2021. |
Income Taxes | Income Taxes To address accounting for uncertainty in tax positions, the Company clarifies the accounting for income taxes by prescribing a minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Company also provides guidance on de-recognition, measurement, classification, interest, and penalties, accounting in interim periods, disclosure and transition. The Company files income tax returns in the U.S. federal jurisdiction. The Company did not have any tax expense for the six months ended June 30, 2022 and 2021. The Company did not have any deferred tax liability or asset on its balance sheets on June 30, 2022 and December 31, 2021. Interest costs and penalties related to income taxes, if any, will be classified as interest expense and general and administrative costs, respectively, in the Company’s financial statements. For the six months ended June 30, 2022 and 2021, the Company did not recognize any interest or penalty expense related to income taxes. The Company believes that it is not reasonably possible for the amounts of unrecognized tax benefits to significantly increase or decrease within the next twelve months. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation costs under FASB ASC Topic 718, Compensation – Stock Compensation and ASU 2018-07. Companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contract’s in an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU simplifies the diluted net income per share calculation in certain areas. The ASU is effective for annual and interim periods beginning after December 31, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company has determined that this pronouncement does not have a material impact on its financial statements. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF DEPRECIATION ESTIMATED USEFUL LIFE | Depreciation is computed using the straight-line method over the following estimated useful lives: SCHEDULE OF DEPRECIATION ESTIMATED USEFUL LIFE Production equipment: 3 7 Office equipment: 2 5 Furniture and fixtures: 2 5 |
SCHEDULE OF DILUTIVE EARNINGS PER SHARE | The following represent common stock equivalents that could be dilutive in the future as of June 30, 2022 and December 31, 2021, which include the following: SCHEDULE OF DILUTIVE EARNINGS PER SHARE June 30, 2022 December 31, 2021 Preferred stock 9,909,570 9,909,570 Restricted stock units 25,362,500 25,262,500 Common stock options 2,252,809 2,252,809 Common stock warrants 30,037,500 31,862,500 Total potential dilutive securities 67,562,379 69,287,379 |
COMMON STOCK OPTIONS, WARRANT_2
COMMON STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Common Stock Options Warrants And Restricted Stock Units | |
SCHEDULE OF CHANGES IN STOCK OPTION | The following schedule summarizes the changes in the Company’s stock options: SCHEDULE OF CHANGES IN STOCK OPTION Weighted Weighted Options Outstanding Average Average Number Exercise Remaining Aggregate Exercise Of Price Contractual Intrinsic Price Shares Per Share Life Value Per Share Balance at December 31, 2020 28,885,461 $ 0.024 0.04 5.57 $ 1,661,429 $ 0.05 Options granted - $ - - $ - Options exercised (2,500,000 ) $ - - $ - Options expired (24,132,652 ) $ - - $ - Balance at December 31, 2021 2,252,809 $ 0.024 0.04 7.70 $ 83,992 $ 0.04 Options granted - $ - - $ - Options exercised - $ - - $ - Options expired/canceled - $ - - $ - Balance at June 30, 2022 2,252,809 $ 0.024 0.04 7.20 $ 79,562 $ 0.04 Exercisable at June 30, 2022 2,252,809 $ 0.024 0.04 7.20 $ 79,562 $ 0.04 |
SCHEDULE OF CHANGES IN STOCK WARRANTS | The following schedule summarizes the changes in the Company’s stock warrants: SCHEDULE OF CHANGES IN STOCK WARRANTS Warrants Outstanding Weighted Weighted Number Of Exercise Price Contractual Life Aggregate Exercise Balance at December 31, 2020 32,064,375 $ 0.04 80.00 1.65 $ 1,614,567 $ 0.06 Warrants granted 11,237,500 $ 0.10 - $ - Warrants exercised (10,730,000 ) $ - - $ Warrants expired/cancelled (709,375 ) $ - - $ Balance at December 31, 2021 31,862,500 $ 0.04 0.10 1.02 $ 538,875 $ 0.07 Warrants granted - $ - - $ - Warrants exercised (825,000 ) $ - - $ Warrants expired/cancelled (1,000,000 ) $ - - $ Balance at June 30, 2022 30,037,500 $ 0.04 0.10 0.56 $ 236,880 $ 0.07 Exercisable at June 30, 2022 30,037,500 $ 0.04 0.10 0.56 $ 236,880 $ 0.07 |
SCHEDULE OF ASSUMPTIONS USED IN FAIR VALUE MEASUREMENT | Changes to these inputs could produce a significantly higher or lower fair value measurement. The fair value of each option/warrant is estimated using the Black-Scholes valuation model. The following assumptions were used for the periods as follows: SCHEDULE OF ASSUMPTIONS USED IN FAIR VALUE MEASUREMENT Six Months Ended Year Ended June 30, 2022 December 31, 2021 Expected term - 2 5 Expected volatility - % 109 147 % Expected dividend yield - - Risk-free interest rate - % 0.20 0.58 % |
SCHEDULE OF CHANGES IN RESTRICTED STOCK UNITS | The following schedule summarizes the changes in the Company’s restricted stock units: SCHEDULE OF CHANGES IN RESTRICTED STOCK UNITS Number Weighted Average Of Grant Date Shares Fair Value Balance at December 31, 2020 and 2019 262,500 $ 0.59 RSU’s granted 42,700,000 $ 0.08 RSU’s vested (17,700,000 ) $ - RSU’s forfeited - $ - Balance at December 31, 2021 25,262,500 $ 0.08 RSUs granted 100,000 $ 0.082 RSUs vested (10,100,000 ) $ - Balance at June 30, 2022 15,262,500 $ 0.08 |
SCHEDULE OF DEPRECIATION ESTIMA
SCHEDULE OF DEPRECIATION ESTIMATED USEFUL LIFE (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Minimum [Member] | Production Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 3 years |
Minimum [Member] | Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 2 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 2 years |
Maximum [Member] | Production Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 7 years |
Maximum [Member] | Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 5 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 5 years |
SCHEDULE OF DILUTIVE EARNINGS P
SCHEDULE OF DILUTIVE EARNINGS PER SHARE (Details) - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potential dilutive securities | 67,562,379 | 69,287,379 |
Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potential dilutive securities | 9,909,570 | 9,909,570 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potential dilutive securities | 25,362,500 | 25,262,500 |
Common Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potential dilutive securities | 2,252,809 | 2,252,809 |
Common Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potential dilutive securities | 30,037,500 | 31,862,500 |
BASIS OF PRESENTATION AND SIG_4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jul. 31, 2022 | Jul. 07, 2022 | Sep. 15, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||||||
Common stock, shares authorized | 950,000,000 | 950,000,000 | 950,000,000 | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Description of risk exposure | half-life of 2.7 days, the radioactivity drops to 5% of its original value after ten days | ||||||||
Current operation activities | $ 2,500,000 | ||||||||
Stock issued during period shares new issues | 50,000,000 | ||||||||
Share price | $ 0.10 | ||||||||
Number of shares issued, value | $ 5,000,000 | $ 1,800,000 | |||||||
Warrant sold during period | 11,237,500 | ||||||||
Offering term | Over the next 12 to 48 months, the Company believes it will cost approximately $9 million to: (1) fund the FDA approval process to conduct human clinical trials, (2) conduct Phase I, pilot, clinical trials, (3) activate several regional clinics to administer IsoPet® across the county, (4) create an independent production center within the current production site to create a template for future international manufacturing, and (5) initiate regulatory approval processes outside of the United States | ||||||||
Cash on hand | $ 1,050,706 | $ 1,050,706 | $ 1,606,123 | ||||||
Production costs | 2,500 | ||||||||
Other fixed assets cost | 1,500 | ||||||||
Nonrefundable license fee | $ 17,500 | ||||||||
Royalties percentage, description | the increase in royalties from one percent (1%) to two percent (2%), then on October 8, 2019 to reduce the fee back to one percent (1%) | ||||||||
Research and development costs | $ 169,732 | $ 88,624 | $ 241,301 | $ 160,322 | |||||
Maximum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from stock offering | $ 5,200,000 | ||||||||
Subsequent Event [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Stock issued during period shares new issues | 15,000,000 | 15,000,000 | |||||||
Share price | $ 0.08 | $ 0.08 | |||||||
Number of shares issued, value | $ 1,200,000 | $ 1,200,000 | |||||||
Warrant sold during period | 20,000,000 | 20,000,000 | |||||||
Warrants outstanding | $ 20,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2022 | Oct. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | May 31, 2021 | Jan. 31, 2021 | Jan. 29, 2021 | Mar. 31, 2022 | Sep. 24, 2021 | Jun. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||||||||||
Notes payable related party, outstanding balance | $ 0 | $ 237,000 | $ 237,000 | ||||||||||
Related party payable conversion | $ 32,110 | ||||||||||||
Accounts payable, related parties, current | $ 0 | ||||||||||||
Number of share exercised | 2,500,000 | ||||||||||||
Stock options exercised | |||||||||||||
Stock issued for services, value | $ 4,880 | ||||||||||||
Chief Executive Officer [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of share exercised | 2,500,000 | ||||||||||||
Cancelation of shares | 16,000,000 | 8,120,152 | |||||||||||
Number of securities warrant exercise, share | 75,000 | 150,000 | 75,000 | ||||||||||
Series A Preferred Stock [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Cancelation of shares | 100,000 | ||||||||||||
Chief Executive Officer [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of share exercised | 2,500,000 | ||||||||||||
Stock options exercised | $ 60,000 | ||||||||||||
Common Stock [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Conversion of common stock, shares | 1,259,250 | 401,373 | |||||||||||
Number of share exercised | 299,577 | 2,005,693 | 3,870,428 | 838,195 | 2,125,000 | ||||||||
Stock options exercised | $ 299,577 | $ 2,125 | |||||||||||
Cancelation of shares | 375,000 | ||||||||||||
Number of securities warrant exercise, share | 825,000 | 825,000 | |||||||||||
Stock issued for services, shares | 76,250 | ||||||||||||
Stock issued for services, value | $ 76 | ||||||||||||
Common Stock [Member] | Chief Executive Officer [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Conversion of stock shares converted | 22,266 | 91,304 | |||||||||||
Stock issued for services, shares | 76,250 | ||||||||||||
Stock issued for services, value | $ 4,880 |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Convertible Notes Payable [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible notes payable outstanding | $ 0 | $ 0 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Sep. 15, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | Jun. 30, 2021 | May 31, 2021 | Mar. 31, 2021 | Jan. 31, 2021 | Jan. 29, 2021 | Mar. 31, 2019 | Oct. 31, 2018 | Jun. 30, 2015 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 24, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 27, 2019 | Oct. 08, 2018 | Mar. 31, 2016 | |
Class of Stock [Line Items] | ||||||||||||||||||||||||
Common stock, shares authorized | 950,000,000 | 950,000,000 | 950,000,000 | 950,000,000 | ||||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||
Common stock, shares issued | 343,530,678 | 343,906,505 | 343,906,505 | 343,530,678 | ||||||||||||||||||||
Common stock, shares outstanding | 343,530,678 | 343,906,505 | 343,906,505 | 343,530,678 | ||||||||||||||||||||
Preferred stock shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||
Warrant exercises, shares | ||||||||||||||||||||||||
Issued for services, value | $ 4,880 | |||||||||||||||||||||||
Functional adjustment, shares | 90 | |||||||||||||||||||||||
Number of shares issued | 50,000,000 | |||||||||||||||||||||||
Number of shares issued, value | $ 5,000,000 | $ 1,800,000 | ||||||||||||||||||||||
Debt instrument, accrued interest | $ 50,370 | |||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (176,295) | $ 176,295 | ||||||||||||||||||||||
Number of warrants issued | 11,237,500 | 11,237,500 | ||||||||||||||||||||||
Proceeds from issuance of common stock | $ 1,800,000 | |||||||||||||||||||||||
Warrant purchase | $ 11,238 | $ 11,238 | ||||||||||||||||||||||
Number of share exercised | 2,500,000 | |||||||||||||||||||||||
Accounts Payable [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Number of shares issued | 519,480 | 384,445 | ||||||||||||||||||||||
Number of shares issued, value | $ 40,000 | $ 50,000 | ||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Cancellation of shares | 375,000 | |||||||||||||||||||||||
Conversion of preferred stock into common stock | 2,953,625 | 1,259,250 | ||||||||||||||||||||||
Warrant exercises, shares | $ 299,577 | $ 2,125 | ||||||||||||||||||||||
Exercise shares | 825,000 | 825,000 | ||||||||||||||||||||||
Shares issued for services | 76,250 | |||||||||||||||||||||||
Issued for services, value | $ 76 | |||||||||||||||||||||||
Number of shares issued | 22,500,000 | 22,500,000 | ||||||||||||||||||||||
Number of shares issued, value | $ 22,500 | |||||||||||||||||||||||
Debt conversion, share | 1,259,250 | 401,373 | ||||||||||||||||||||||
Number of warrants issued | 11,237,500 | 11,237,500 | ||||||||||||||||||||||
Number of share exercised | 299,577 | 2,005,693 | 3,870,428 | 838,195 | 2,125,000 | |||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Number of warrant exeercised | 825,000 | 3,500,000 | 5,430,000 | 1,800,000 | ||||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Cancellation of shares | 16,000,000 | 8,120,152 | ||||||||||||||||||||||
Exercise shares | 75,000 | 75,000 | 150,000 | |||||||||||||||||||||
Number of share exercised | 2,500,000 | |||||||||||||||||||||||
Chief Executive Officer [Member] | Common Stock [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Shares issued for services | 76,250 | |||||||||||||||||||||||
Issued for services, value | $ 4,880 | |||||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Preferred stock shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||||||||||
Preferred stock, par value | $ 0.001 | |||||||||||||||||||||||
Preferred stock, liquidation preference per share | $ 1 | |||||||||||||||||||||||
Conversion price per share | $ 0.08 | |||||||||||||||||||||||
Voting percentage | Subject to certain conditions set forth in the Series B Certificate of Designation, in the event of a Change of Control (defined in the Series B Certificate of Designation as the time at which as a third party not affiliated with the Company or any holders of the Series B Convertible Preferred shall have acquired, in one or a series of related transactions, equity securities of the Company representing more than fifty percent 50% of the outstanding voting securities of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series B Convertible Preferred in cash at a price per share of Series B Convertible Preferred equal to 100% of the Liquidation Preference | |||||||||||||||||||||||
Redemption percentage | 100% | |||||||||||||||||||||||
Conversion of preferred stock into common stock | 236,290 | |||||||||||||||||||||||
Series C Convertible Preferred Stock [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Preferred stock shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||||||||||
Preferred stock, par value | $ 0.001 | |||||||||||||||||||||||
Preferred stock, liquidation preference per share | $ 1 | |||||||||||||||||||||||
Conversion price per share | $ 0.08 | |||||||||||||||||||||||
Voting percentage | Subject to certain conditions set forth in the Series C Certificate of Designation, in the event of a Change of Control (defined in the Series C Certificate of Designation as the time at which as a third party not affiliated with the Company or any holders of the Series C Convertible Preferred shall have acquired, in one or a series of related transactions, equity securities of the Company representing more than fifty percent 50% of the outstanding voting securities of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series C Convertible Preferred in cash at a price per share of Series C Convertible Preferred equal to 100% of the Liquidation Preference | |||||||||||||||||||||||
Redemption percentage | 100% | |||||||||||||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Preferred stock shares authorized | 5,000,000 | 2,500,000 | 5,000,000 | 5,000,000 | 5,000,000 | |||||||||||||||||||
Preferred stock, liquidation preference per share | $ 5 | |||||||||||||||||||||||
Conversion price per share | $ 4 | |||||||||||||||||||||||
Gross proceeds from preferred stock | $ 5,000,000 | |||||||||||||||||||||||
Voting percentage | Subject to certain conditions set forth in the Series A Certificate of Designation, in the event of a Change of Control (defined in the Series A Certificate of Designation as the time at which as a third party not affiliated with the Company or any holders of the Series A Convertible Preferred shall have acquired, in one or a series of related transactions, equity securities of the Company representing more than fifty percent 50% of the outstanding voting securities of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series A Convertible Preferred in cash at a price per share of Series A Convertible Preferred equal to 100% of the Liquidation Preference. | |||||||||||||||||||||||
Series A Convertible Preferred Stock [Member] | Chief Executive Officer [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Cancellation of shares | 100,000 | |||||||||||||||||||||||
Series A Convertible Preferred Stock [Member] | Minimum [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Preferred stock shares authorized | 2,500,000 | |||||||||||||||||||||||
Series A Convertible Preferred Stock [Member] | Maximum [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Preferred stock shares authorized | 5,000,000 |
SCHEDULE OF CHANGES IN STOCK OP
SCHEDULE OF CHANGES IN STOCK OPTION (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Options Outstanding Beginning Balance | 2,252,809 | 28,885,461 | |
Weighted Average Remaining Contractual Life (in years) Outstanding, Ending | 7 years 2 months 12 days | 7 years 8 months 12 days | 5 years 6 months 25 days |
Aggregate Intrinsic Value Outstanding Beginning | $ 83,992 | $ 1,661,429 | |
Weighted Average Exercise Price Per Share Outstanding Beginning | $ 0.04 | $ 0.05 | |
Number of Options granted | |||
Exercise Price Per Share granted | |||
Weighted Average Exercise Price Per Share Options granted | |||
Number of Options exercised | (2,500,000) | ||
Exercise Price Per Share exercised | |||
Weighted Average Exercise Price Per Share Options exercised | |||
Number of Options expired/cancelled | (24,132,652) | ||
Exercise Price Per Share expired/cancelled | |||
Weighted Average Exercise Price Per Share Options expired/cancelled | |||
Number of Options Outstanding Ending Balance | 2,252,809 | 2,252,809 | 28,885,461 |
Aggregate Intrinsic Value Outstanding Ending | $ 79,562 | $ 83,992 | $ 1,661,429 |
Weighted Average Exercise Price Per Share Outstanding Ending | $ 0.04 | $ 0.04 | $ 0.05 |
Number of Options Exercisable | 2,252,809 | ||
Weighted Average Remaining Contractual Life (in years) Exercisable | 7 years 2 months 12 days | ||
Aggregate Intrinsic Value Exercisable | $ 79,562 | ||
Weighted Average Exercise Price Per Share Exercisable | $ 0.04 | ||
Minimum [Member] | |||
Exercise Price Per Share Outstanding Beginning Balance | 0.024 | 0.024 | |
Weighted Average Exercise Price Per Share Outstanding Ending | 0.024 | 0.024 | 0.024 |
Exercise Price Per Share Exercisable | 0.024 | ||
Maximum [Member] | |||
Exercise Price Per Share Outstanding Beginning Balance | 0.04 | 0.04 | |
Weighted Average Exercise Price Per Share Outstanding Ending | 0.04 | $ 0.04 | $ 0.04 |
Exercise Price Per Share Exercisable | $ 0.04 |
SCHEDULE OF CHANGES IN STOCK WA
SCHEDULE OF CHANGES IN STOCK WARRANTS (Details) - Warrant [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Shares, Warrants Outstanding Beginning | 31,862,500 | 32,064,375 |
Weighted Average Remaining Contractual Life Warrants Outstanding, Beginning | 1 year 7 days | 1 year 7 months 24 days |
Aggregate Intrinsic Value Outstanding Beginning | $ 538,875 | $ 1,614,567 |
Weighted Average Exercise Price Per Share Exercise Price Warrants Beginning | $ 0.07 | $ 0.06 |
Number of Shares, Warrants granted | 11,237,500 | |
Exercise Price Per Share Warrants granted | $ 0.10 | |
Weighted Average Exercise Price Per Share Exercise Price Warrants granted | ||
Number of Shares, Warrants exercised | (825,000) | (10,730,000) |
Exercise Price Per Share Warrants exercised | ||
Number of Shares, Warrants expired/cancelled | (1,000,000) | (709,375) |
Exercise Price Per Share Warrants expired/cancelled | ||
Number of Shares, Warrants Outstanding Ending | 30,037,500 | 31,862,500 |
Weighted Average Remaining Contractual Life Warrants Outstanding Ending | 6 months 21 days | |
Aggregate Intrinsic Value Outstanding Ending | $ 236,880 | $ 538,875 |
Weighted Average Exercise Price Per Share Exercise Price Warrants Ending | $ 0.07 | $ 0.07 |
Number of Shares, Warrants Exercisable Ending | 30,037,500 | |
Weighted Average Remaining Contractual Life Warrants Exercisable | 6 months 21 days | |
Aggregate Intrinsic Value Exercisable | $ 236,880 | |
Weighted Average Exercise Price Per Share Exercise Price Warrants Exercisable | $ 0.07 | |
Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Exercise Price Per Share Warrants Outstanding Beginning | 0.04 | 0.04 |
Exercise Price Per Share Warrants Outstanding Ending | 0.04 | 0.04 |
Exercise Price Per Share Exercisable | 0.04 | |
Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Exercise Price Per Share Warrants Outstanding Beginning | 0.10 | 80 |
Exercise Price Per Share Warrants Outstanding Ending | 0.10 | $ 0.10 |
Exercise Price Per Share Exercisable | $ 0.10 |
SCHEDULE OF ASSUMPTIONS USED IN
SCHEDULE OF ASSUMPTIONS USED IN FAIR VALUE MEASUREMENT (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Expected term | ||
Expected volatility | ||
Expected dividend yield | ||
Risk-free interest rate | ||
Minimum [Member] | ||
Expected term | 2 years | |
Expected volatility | 109% | |
Risk-free interest rate | 0.20% | |
Maximum [Member] | ||
Expected term | 5 years | |
Expected volatility | 147% | |
Risk-free interest rate | 0.58% |
SCHEDULE OF CHANGES IN RESTRICT
SCHEDULE OF CHANGES IN RESTRICTED STOCK UNITS (Details) - Restricted Stock Units [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Shares, RSU's Outstanding Beginning | 25,262,500 | 262,500 |
Weighted Average Grant Date Fair Value, RSU's Outstanding Beginning | $ 0.08 | $ 0.59 |
Number of Shares, RSU's Granted | 100,000 | 42,700,000 |
Weighted Average Grant Date Fair Value, RSU's Granted | $ 0.082 | $ 0.08 |
Number of Shares, RSU's Vested | (10,100,000) | (17,700,000) |
Weighted Average Grant Date Fair Value, RSU's Vested | ||
Number of Shares, RSU's Forfeited | ||
Weighted Average Grant Date Fair Value, RSU's Forfeited | ||
Number of Shares, RSU's Outstanding Ending | 15,262,500 | 25,262,500 |
Weighted Average Grant Date Fair Value, RSU's Outstanding Ending | $ 0.08 | $ 0.08 |
COMMON STOCK OPTIONS, WARRANT_3
COMMON STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Jun. 01, 2022 | Mar. 03, 2022 | Feb. 03, 2022 | Sep. 15, 2021 | May 03, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Oct. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jan. 29, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 24, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of share exercised | 2,500,000 | ||||||||||||||||||
Number of option expired | 24,132,652 | ||||||||||||||||||
Number of warrants issued | 11,237,500 | 11,237,500 | |||||||||||||||||
Warrants exercise price | $ 0.10 | $ 0.10 | |||||||||||||||||
Restricted stock unit vesting | $ 908,200 | $ 1,614,000 | |||||||||||||||||
Restricted stock expenses yet to be recognized | 1,505,400 | ||||||||||||||||||
Number of shares issued | 50,000,000 | ||||||||||||||||||
Restricted stock,value | $ 458,200 | $ 450,000 | $ 1,614,000 | ||||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of restricted shares unit granted | 12,000,000 | ||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Employment Agreement [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of restricted shares unit granted | 30,000,000 | ||||||||||||||||||
Number of restricted shares unit vested | 15,000,000 | ||||||||||||||||||
Number of shares grant date | 5,000,000 | ||||||||||||||||||
Restricted stock, shares | 15,000,000 | ||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Employment Agreement [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of shares grant date | 5,000,000 | ||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Employment Agreement [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of shares grant date | 5,000,000 | ||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of share exercised | 299,577 | 2,005,693 | 3,870,428 | 838,195 | 2,125,000 | ||||||||||||||
Number of warrants issued | 11,237,500 | 11,237,500 | |||||||||||||||||
Number of shares issued | 22,500,000 | 22,500,000 | |||||||||||||||||
Restricted stock,value | |||||||||||||||||||
Warrant [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of warrant exeercised | 825,000 | 3,500,000 | 5,430,000 | 1,800,000 | |||||||||||||||
Proceeds from issuance of warrant | $ 11,238 | ||||||||||||||||||
Warrants and rights outstanding term, description | two-year term | ||||||||||||||||||
Warrants expired | 1,000,000 | ||||||||||||||||||
Equity Option [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Stock based compensation | $ 0 | $ 0 | |||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of share exercised | 2,500,000 | ||||||||||||||||||
Number of stock option rescinded | 24,120,152 | ||||||||||||||||||
Number of option expired | 12,500 | ||||||||||||||||||
Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Restricted stock, shares | 5,000,000 | 5,000,000 | |||||||||||||||||
Restricted stock,value | $ 450,000 | $ 450,000 | |||||||||||||||||
Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | Employment Agreement [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of restricted shares unit granted | 30,000,000 | ||||||||||||||||||
Consultants [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of share exercised | 100,000 | ||||||||||||||||||
Consultants [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of restricted shares unit granted | 700,000 | ||||||||||||||||||
Restricted stock,value | $ 8,200 | ||||||||||||||||||
One Consultants [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of shares issued | 12,000,000 | ||||||||||||||||||
Board of Directors [Member] | Restricted Stock Units (RSUs) [Member] | Employment Agreement [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of shares grant date | 5,000,000 |
COMMITMENT (Details Narrative)
COMMITMENT (Details Narrative) - Employment Agreement [Member] - Dr. Michael K. Korenko [Member] | Jun. 04, 2019 USD ($) |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Agreement term description | The employment term under the Employment Agreement commenced with an effective date of June 11, 2019 and expires on December 31, 2020, and December 31 of each successive year if the Employment Agreement is extended, unless terminated earlier as set forth in the Employment Agreement. The Company on December 31, 2020 extended this agreement through December 31, 2021 while renegotiating terms of a new Employment Agreement. On May 3, 2021, the Company and the Chief Executive Officer agreed the terms of a new Employment Agreement with an effective date of January 1, 2021 that has a term of three years and expires December 31, 2023 |
Compensation amount | $ 225,000 |
Discretionary bonus | $ 7,500 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 3 Months Ended | |||
Jul. 31, 2022 | Jul. 07, 2022 | Sep. 15, 2021 | Mar. 31, 2021 | |
Subsequent Event [Line Items] | ||||
Cash, shares | 50,000,000 | |||
Share price | $ 0.10 | |||
Number of shares, value | $ 5,000,000 | $ 1,800,000 | ||
Number of warrants sold | 11,237,500 | |||
Warrants price | $ 0.10 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash, shares | 15,000,000 | 15,000,000 | ||
Share price | $ 0.08 | $ 0.08 | ||
Number of shares, value | $ 1,200,000 | $ 1,200,000 | ||
Number of warrants sold | 20,000,000 | 20,000,000 | ||
Warrants value | $ 20,000 | |||
Subsequent Event [Member] | Warrant One [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of warrants sold | 15,000,000 | |||
Warrants price | $ 0.08 | |||
Warrants description | June 2025 | |||
Subsequent Event [Member] | Warrant Two [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of warrants sold | 5,000,000 | |||
Warrants price | $ 0.01 | |||
Warrants description | December 2022 |