Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 16, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | NANOMIX Corp | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 46,320,805 | |
Amendment Flag | false | |
Entity Central Index Key | 0001473579 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-54586 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-0801073 | |
Entity Address, Address Line One | 2121 Williams Street | |
Entity Address, City or Town | San Leandro | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94577 | |
City Area Code | (510) | |
Local Phone Number | 428-5300 | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash | $ 10,961 | $ 297,351 |
Prepaid expenses and other current assets | 110,323 | 171,488 |
Total current assets | 121,284 | 468,839 |
Deposit | 57,555 | 97,555 |
Property and equipment, net | 340,027 | 339,318 |
Operating lease right-of-use assets | 639,335 | |
Total Assets | 1,158,201 | 905,712 |
Current liabilities: | ||
Accounts payable | 812,082 | 407,943 |
Accrued expenses | 665,723 | 726,148 |
Accounts payable and accrued expenses, related party | 369,973 | 354,973 |
Accrued interest | 359,586 | 332,561 |
Convertible note payable, net of discount | 200,000 | 200,000 |
Notes payable, related party | 547,821 | 547,821 |
Notes payable marketing | 450,000 | 450,000 |
Deferred Revenues | 293,523 | 293,523 |
Other current liabilities | 86,737 | 12,129 |
Total current liabilities | 3,785,445 | 3,325,098 |
Secured Promissory Note, net of discount | 2,808,621 | 2,012,287 |
Secured Promissory Note, net of discount, related party | 1,622,297 | 1,603,778 |
Operating lease liabilities, net of current portion | 556,278 | |
Total Liabilities | 8,772,641 | 6,941,163 |
Commitments and Contingencies (Note 7) | ||
Preferred stock B; 1,000,000 shares designated, 963,964 shares issued, 0 and 963,964 shares outstanding at March 31, 2022 and December 31, 2021, respectively | 963,964 | |
Preferred stock C; 1,000,000 shares designated, 1,000,000 shares issued, 8,867 and 1,000,000 shares outstanding at March 31, 2022 and December 31, 2021, respectively | 130,085 | 14,670,633 |
Preferred stock D; 10,000 shares designated, 500 shares issued, 500 and 0 shares outstanding at March 31, 2022 and December 31, 2021, respectively | 500,000 | |
Stockholders’ deficit: | ||
Common stock; $0.001 par value, 2,000,000,000 shares authorized, 46,203,866 and 5,300,084 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 46,204 | 5,300 |
Additional paid-in capital | 101,405,293 | 85,092,094 |
Stock payable | 20,375 | |
Accumulated deficit | (109,696,022) | (106,787,817) |
Total stockholders’ deficit | (8,244,525) | (21,670,048) |
Total Liabilities, Preferred Stock Subject to Redemption and Stockholders’ Deficit | $ 1,158,201 | $ 905,712 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 46,203,866 | 5,300,084 |
Common stock, shares outstanding | 46,203,866 | 5,300,084 |
Preferred Stock B | ||
Preferred stock, shares designated | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 963,964 | 963,964 |
Preferred stock, shares outstanding | 0 | 963,964 |
Preferred Stock C | ||
Preferred stock, shares designated | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 8,867 | 1,000,000 |
Preferred Stock D | ||
Preferred stock, shares designated | 10,000 | 10,000 |
Preferred stock, shares issued | 500 | 500 |
Preferred stock, shares outstanding | 500 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Revenues | $ 141,778 | |
Operating costs and expenses: | ||
Research and development | $ 861,353 | 608,771 |
Selling, general and administrative expenses | 1,136,381 | 388,871 |
Total operating expenses | 1,997,734 | 997,642 |
Loss from operations | (1,997,734) | (855,864) |
Other income (expense): | ||
Interest income | ||
Interest expense | (847,299) | (28,643) |
Interest expense, related, party | (327,943) | |
Total income (expense) | (847,299) | (356,586) |
Loss before income taxes | (2,845,033) | (1,212,450) |
Provision for income taxes | ||
Net loss | (2,845,033) | (1,212,450) |
Common stock warrant deemed dividends | (63,172) | |
Net loss attributable to common sharehoders | $ (2,908,205) | $ (1,212,450) |
Weighted average number of common shares outstanding – basic and diluted (in Shares) | 18,936,485 | 1,225,881 |
Net loss per common share – basic and diluted (in Dollars per share) | $ (0.15) | $ (0.99) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders’ Deficit (Unaudited) - USD ($) | Common Stock | Stock payable | Additional Paid-in Capital | Total Accumulated Deficit | Mezzanine Equity | Total |
Balance at Dec. 31, 2020 | $ 44,727,171 | $ (97,322,784) | $ 40,070,108 | $ (52,595,613) | ||
Balance (in Shares) at Dec. 31, 2020 | 4,298 | |||||
Stock based compensation | 28,405 | 28,405 | ||||
Issuance of Common Shares | $ 1 | 23,450 | 23,451 | |||
Issuance of Common Shares (in Shares) | 4,700 | |||||
Net loss | (1,212,450) | (1,212,450) | ||||
Balance at Mar. 31, 2021 | $ 1 | 44,779,026 | (98,535,234) | 40,070,108 | (53,756,207) | |
Balance (in Shares) at Mar. 31, 2021 | 8,998 | |||||
Balance at Dec. 31, 2021 | $ 5,300 | 20,375 | 85,092,094 | (106,787,817) | 15,634,597 | (21,670,048) |
Balance (in Shares) at Dec. 31, 2021 | 5,300,084 | |||||
Fractional shares rounding | $ 3 | (3) | ||||
Fractional shares rounding (in Shares) | 2,757 | |||||
Stock based compensation | 29,550 | 29,550 | ||||
Warrants issued with notes | 736,494 | 736,494 | ||||
Issuance of Series D Shares | 500,000 | |||||
Change in number of warrants pursuant by antidilution issuance | 63,172 | (63,172) | ||||
Preferred Stock B conversion into common stock | $ 5,572 | 958,392 | (963,964) | 963,964 | ||
Preferred Stock B conversion into common stock (in Shares) | 5,572,045 | |||||
Preferred Stock C conversion into common stock | $ 35,329 | (20,375) | 14,525,594 | (14,540,548) | 14,540,548 | |
Preferred Stock C conversion into common stock (in Shares) | 35,328,980 | |||||
Net loss | (2,845,033) | (2,845,033) | ||||
Balance at Mar. 31, 2022 | $ 46,204 | $ 101,405,293 | $ (109,696,022) | $ 630,085 | $ (8,244,525) | |
Balance (in Shares) at Mar. 31, 2022 | 46,203,866 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (2,845,033) | $ (1,212,450) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Depreciation and amortization expense | 21,443 | 8,165 |
Loss from asset disposal | 485 | |
Stock-based compensation | 29,550 | 28,405 |
Warrants | 136,493 | |
Amortization of debt discount | 814,853 | |
Leasing | 811 | |
Increase (decrease) in cash attributable to changes in operating assets and liabilities: | ||
Accounts receivable | 821 | |
Prepaid expenses | 61,165 | (8,686) |
Other assets | 40,000 | |
Accounts payable | 404,139 | 341,515 |
Accrued expenses | (60,425) | (111,742) |
Accounts payable and accrued expenses, related party | 15,000 | 50,000 |
Accrued Interest | 27,025 | 27,379 |
Accrued Interest, related party | 327,943 | |
Other liabilities | (8,448) | |
Net cash used by operating activities | (1,363,753) | (547,839) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (22,637) | (4,219) |
Net cash used by investing activities | (22,637) | (4,219) |
Cash flows from financing activities: | ||
Proceeds from notes payable | 290,000 | |
Proceeds from notes payable, related party | 290,000 | |
Proceeds from Secured Promissory Notes | 600,000 | |
Proceeds from issuance of common stock | 23,450 | |
Proceeds from issuance of Preferred stock D | 500,000 | |
Net cash provided by financing activities | 1,100,000 | 603,450 |
Net increase (decrease) in cash | (286,390) | 51,392 |
Cash at the beginning of the year | 297,351 | 15,098 |
Cash at the end of the year | 10,961 | 66,490 |
Non-cash investing and financing transactions: | ||
Right-of-use asset obtained in exchange for lease obligations | 639,335 | (53,717) |
Lease liability | (639,335) | 52,905 |
Convertible notes payable for accrued expenses | 37,500 | |
Preferred stock conversion into common stock | 15,504,512 | |
Dividend pursuant to warrant number change | 63,172 | |
Warrant issued with debt | $ 600,000 |
The Company and Nature of Busin
The Company and Nature of Business | 3 Months Ended |
Mar. 31, 2022 | |
The Company and Nature of Business [Abstract] | |
THE COMPANY AND NATURE OF BUSINESS | NOTE 1 – THE COMPANY AND NATURE OF BUSINESS Nature of Operations Boston Therapeutics, Inc. (the “Company”) was formed as a Delaware corporation on August 24, 2009 under the name Avanyx Therapeutics, Inc. On November 10, 2010, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Boston Therapeutics, Inc., a New Hampshire corporation (“BTI”) providing for the merger of BTI into the Company with the Company being the surviving entity (the “Merger”), the issuance by the Company of 4,000,000 shares of common stock to the stockholders of BTI in exchange for 100% of the outstanding common stock of BTI, and the change of the Company’s name to Boston Therapeutics, Inc. On February 12, 2018, the Company acquired CureDM Group Holdings LLC (“CureDM”), for 47,741,140 shares of common stock of which 25,000,000 were delivered at closing and 22,741,140 were to be delivered in four equal tranches of 5,685,285 each upon the achievement of specific milestones. On January 26, 2021, Boston Therapeutics, Inc., a Delaware corporation (the “Company”), BTHE Acquisition Inc., a California corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and Nanomix, Inc., a California corporation (“Nanomix”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, Merger Sub merged with and into Nanomix, with Nanomix continuing as a wholly-owned subsidiary of the Company and the surviving corporation of the merger (the “Merger”). On November 12, 2021, FINRA notified the Company that the name change to “Nanomix Corporation” and the symbol change to “NNMX” would be effective November 15, 2021. As consideration for the Merger, the Company issued to the shareholders of Nanomix 1,000,000 shares of a newly created Series C Convertible Preferred Stock of the Company (the “Preferred Stock”). On March 22, 2022, 991,133 of such shares of Preferred Stock issued to Nanomix shareholders automatically converted into 35,328,980 shares of common stock of the Company, 3,281 shares of Preferred Stock C were converted into 116,939 of common stock in April 2022 and 5,586 of Preferred Stock C are still outstanding and will be converted into 199,131 of common stock of the Company; the warrants assumed at closing may be exercisable into approximately 2,124,687 shares of common stock of the Company and the options and restricted stock units assumed at closing may be exercisable into approximately 5,718,838 shares of common stock of the Company. The shares of common stock issuable upon conversion of the Preferred Stock together with warrants, restricted stock units and options assumed on the closing date represent approximately 80% of the outstanding shares of Common Stock of the Company upon closing of the Merger. The merger closed on June 4, 2021. See Note 9 Nanomix has developed an advanced mobile Point-of-Care (POC) diagnostic system that can be used in performing a wide range of in vitro diagnostic tests in many environments. Our goal is to provide laboratory quality testing for time sensitive medical conditions, at the first point of contact that a patient has with the healthcare system, no matter where that occurs. The Nanomix eLab® system is CE Marked, a 510(k) is currently in development, and Emergency Use Application (EUA) for COVID testing has been submitted to the FDA. Nanomix intends to market and sell the Nanomix eLab system for the detection and diagnosis of a variety of time sensitive medical conditions. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | NOTE 2 – BASIS OF PRESENTATION The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The Company currently operates in one business segment focusing on the development of mobile diagnostic tests. The Company is not organized by market and is managed and operated as one business. A single management team reports to the chief operating decision maker, the Chief Executive Officer, who comprehensively manages the entire business. The Company does not currently operate any separate lines of business or separate business entities. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company has not yet realized any significant revenues from its planned operations. The Company had net losses of approximately $2.8 million and $1.2 million for the three months ended March 31, 2022 and 2021, respectively. These matters, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Since inception, the operations of the Company have been funded through the sale of common stock, preferred stock subject to redemption, debt and convertible debt, and derived revenue from contract research and development services. Management believes that its existing working capital is insufficient to fund the Company’s operations for the next twelve months. As a result, the Company will need to raise additional capital to fund its operations and continue to conduct activities that support the development and commercialization of its products. Management intends to raise additional funds by way of public or private offering and continued contract research and development services. Management cannot be certain that additional funding will be available on acceptable terms, or at all to the extent that the Company raises additional funds by issuing equity securities, the Company’s stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Company’s ability to conduct business. If the Company is not able to raise additional capital when required or an acceptable terms, the Company may have to (i) significantly delay, scale back or discontinue the development and/or commercialization of one or more product candidates; (ii) seek collaborators for product candidates at an earlier stage than otherwise would be desirable and on terms that are less favorable than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to technologies, product candidates or products that the Company would otherwise seek to develop or commercialize. The consolidated financial statements do not include any adjustments that might be necessary if Company is unable to continue as a going concern. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned or controlled operating subsidiaries. All intercompany accounts and transactions have been eliminated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the consolidated financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in its consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates and these differences may be material. The more significant estimates and assumptions by management include among others: recoverability of long-lived assets, accrued liabilities, the valuation allowance of deferred tax assets resulting from net operating losses and the valuation of the Company’s common stock, preferred stock, warrants and options on the Company’s common stock. Revenue Recognition The Company recognizes revenue when the customer obtains control of promised goods or services, in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The Company recognizes revenue following the five-step model prescribed under Accounting Standards Update (“ASU”) 2014-09 ASC 606 – Revenue from Contracts with customers: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies the performance obligation. R&D Revenue All contracts with customers are evaluated under the five-step model described above. The company recognizes income from R&D milestone-based contracts when those milestones are reached and non-milestone contracts and grants when earned. These projects are invoiced after expenses are incurred. Any projects or grants funded in advance are deferred until earned. Cash and Cash Equivalents For purposes of the Consolidated Statement of Cash Flows, the Company considers liquid investments with an original maturity of three months or less to be cash equivalents. As of March 31, 2022, the Company places all of its cash and with one financial institution. Such funds are insured by The Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. Cash balances could exceed insured amounts at any given time; however, the Company has not experienced any such losses. At March 31, 2022 and December 31, 2021 there were no cash equivalents. Allowances for Sales Returns and Doubtful Accounts The allowance for sales returns is based on the Company’s estimates of potential future product returns and other allowances related to current period product revenue. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of the Company’s products. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts and the aging of the related invoices, and represents the Company’s best estimate of probable credit losses in its existing trade accounts receivable. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. We determined that no allowances for sales returns and doubtful accounts were required at March 31, 2022 and December 31, 2021. Property and Equipment Property and equipment are carried at cost and depreciated or amortized using a straight-line basis over the estimated useful lives of assets, as follows: Computer equipment 3 years Office furniture and equipment 5 years Laboratory equipment 4 years Manufacturing equipment 5 years Leasehold improvements are depreciated over the shorter of their estimated useful lives or the term of the respective lease on a straight line basis. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations. The Company will assess the recoverability of property and equipment by determining whether the depreciation and amortization of these assets over their remaining life can be recovered through projected undiscounted future cash flows. The amount of equipment impairment, if any, will be measured based on fair value and is charged to operations in the period in which such impairment is determined by management. Income Taxes The Company accounts for income taxes under an asset and liability approach that recognizes deferred tax assets and liabilities based on the difference between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company follows a more-likely than -not threshold for financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. The company assesses the realizability of its net deferred tax assets on an annual basis. If, after considering all relevant positive and negative evidence, it is more likely than not that some portion or all of the net deferred tax assets will not be realized, the Company will reduce the net deferred tax assets by a valuation allowance. The realization of the net deferred tax assets is dependent on several factors, including the generation of sufficient taxable income prior to the expiration of the net operating loss carryforwards. The Company has no uncertain tax positions at any of the dates presented. Foreign Currency Translation The Company derives a portion of its revenue from foreign countries, but customers pay in U.S. Dollars. Therefore, no adjustments are required in the accompanying consolidated financial statements for foreign currency transactions. Research and Development Costs The Company expenses the cost of research and development as incurred. Research and development expenses comprise costs incurred in performing research and development activities, including clinical trial costs, manufacturing costs for both clinical and pre-clinical materials as well as other contracted services, license fees, and other externa costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity is performed or when the goods have been received, rather when payment is made, in accordance with ASC 730, Research and Development Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs ( Level 3 measurements). These tiers include: ● 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 had no assets or liabilities which were measured at fair value on a nonrecurring basis during the reporting periods. Fair Value of Financial Instruments In accordance with current accounting standards, certain assets and liabilities must be measured at fair value. ASC 820 defines fair value 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 (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. ASC 820 requires that certain assets and liabilities must be measured at fair value, and the standard details the disclosures that are required for items measured at fair value. The Company had no assets and liabilities required to be measured on a recurring basis at December 31, 2021 and 2020. The current assets and current liabilities reported on the Company’s balance sheets are estimated by management to approximate fair market value due to their short-term nature. Employee Stock-based Compensation Stock-based compensation issued to employees and members of the Company’s Board of Directors is measured at the date of grant based on the estimated fair value of the award, net of estimated forfeitures. The grant date fair value of a stock-based award is recognized as an expense over the requisite service period of the award on a straight-line basis. For purposes of determining the variables used in the calculation of stock-based compensation issued to employees, the Company performs an analysis of current market data and historical data to calculate an estimate of implied volatility, the expected term of the option and the expected forfeiture rate. With the exception of the expected forfeiture rate, which is not an input, the Company uses these estimates as variables in the Black-choles option pricing model. Depending upon the number of stock options granted, any fluctuations in these calculations could have a material effect on the results presented in the Company’s Statements of Operations. In addition, any differences between estimated forfeitures and actual forfeitures could also have a material impact on the Company’s financial statements. Stock-Based Compensation Issued to Non-employees Common stock issued to non-employees for acquiring goods or providing services is recognized at fair value when the goods are obtained or over the service period, which is generally the vesting period. If the award contains performance conditions, the measurement date of the award is the earlier of the date at which a commitment for performance by the non-employee is reached or the date at which performance is reached. A performance commitment is reached when performance by the non-employee is probable because of sufficiently large disincentives for nonperformance. Earnings per Share The computation of basic earnings per common share is based on the weighted average number of shares outstanding during the period. The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the period plus the weighted average common stock equivalents which would arise from the exercise of stock options, warrants, convertible preferred stock and other rights during the period. For the period ended March 31, 2022, the diluted weighted average number of shares is the same as the basic weighted average number of shares as the inclusion of any common stock equivalents would be anti-dilutive. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue [Abstract] | |
REVENUE | NOTE 4 – REVENUE Deferred Revenue The company recognizes income from R&D milestone-based contracts when those milestones are reached and non-milestone contracts and grants when earned. These projects are invoiced after expenses are incurred. Any projects or grants funded in advance are deferred until earned. From time to time the Company may receive prepayment from customers for products to be manufactured or component materials to be procured and shipped in future dates. Customer payments in advance of the applicable performance obligation are deferred and recognized in accordance with ASC 606. As of March 31, 2022 and December 31, 2021, there were $293,523 unearned advanced revenues. Disaggregation of Revenue The following table disaggregates total revenues for the periods ending March 31, 2022 and 2021: Three months Ended March 31, 2022 2021 Government grant income $ - $ 141,778 $ 0 $ 141,778 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 5 – PROPERTY AND EQUIPMENT Property and equipment consisted of the following at March 31, 2022 and December 31, 2021: As of As of 2022 2021 Computer Equipment &Office Equipment $ 27,502 $ 27,453 Lab Equipment 300,112 300,112 Manufacturing Equipment 445,280 435,220 Furniture and fixtures 14,370 14,370 Leasehold Improvements 11,550 20,232 Total property and equipment 798,814 797,387 Accumulated depreciation (458,787 ) (458,069 ) Total property and equipment, net of accumulated depreciation $ 340,027 $ 339,318 Depreciation expense was $21,443 and $8,165 for the three months ended March 31, 2022 and 2021, respectively. |
Notes Payable and Convertible N
Notes Payable and Convertible Notes Payable | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE | NOTE 6 – NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE Convertible Note payable, net of discount In August and September 2016, the Company issued senior convertible debentures for an aggregate of $1,600,000 (the “Convertible Debentures”) in exchange for an aggregate net cash proceeds of $1,327,300, net of financing costs. The Convertible Debentures have a stated interest rate of 6% per annum payable quarterly beginning June 30, 2017 and were due two years from the date of issuance, the latest due September 15, 2018 and are convertible into shares of the Company’s common stock at the option of the holder at a conversion price of $0.075 with certain anti-dilutive (reset) provisions and are subject to forced conversion if either i) the volume weighted average common stock price for each of any 10 consecutive trading days equals or exceeds $0.50, or (ii) the Company’s elects to lists a class of securities on a national securities exchange. As long as the convertible notes remain outstanding, the Company is restricted from incurring any indebtedness or liens, except as permitted (as defined), amend its charter in any matter that materially effects rights of noteholders, repay or repurchase more than de minimis number of shares of common stock other than conversion or warrant shares, repay or repurchase all or any portion of any indebtedness or pay cash dividends. The Convertible Notes and accrued interest were exchanged into common stock prior to the merger leaving a remaining Convertible notes payable balance of $200,000 as of March 31, 2022 and December 31, 2021. Accrued interest $58,008 and $55,008 was included in accrued interest balance as of March 31, 2022 and December 31, 2021, respectively. Notes Payable Through December 31, 2011, a founder of the company and significant shareholder, Dr. David Platt advanced $257,820 to the Company to fund start-up costs and operations. Advances by Dr. Platt carry an interest rate of 6.5% and were due on June 29, 2013. On May 7, 2012, Dr. Platt and the Company’s former President and also a significant shareholder entered into promissory notes to advance to the Company $20,000 each for an aggregate of $40,000. The notes accrue interest at 6.5% per year and were due June 30, 2013. The outstanding notes of $297,820 were amended each year to extend the maturity dates. Effective June 30, 2015, the outstanding notes for Dr. Platt were amended to extend the maturity dates to June 30, 2017. During 2017, the Company made fully paid the note and all accrued interest to the former President of the Company. Dr. Platt’s notes and accrued interest remain outstanding and are classified as current liabilities. In December 2013, the Board of Directors agreed to indemnify Dr. Platt for legal costs incurred in connection with an arbitration (now concluded) initiated before the American Arbitration Association by Galectin Therapeutics, Inc. (formerly named Pro-Pharmaceuticals, Inc.) for which Dr. Platt previously served as CEO and Chairman. Galectin sought to rescind or reform the Separation Agreement entered into with Dr. Platt upon his resignation from Galectin to remove a $1.0 million milestone payment which Dr. Platt asserted he was entitled to receive and to be repaid all separation benefits paid to Dr. Platt. The Company initially capped the amount for which it would indemnify Dr. Platt at $150,000 in December 2013 and Dr. Platt agreed to reimburse the indemnification amounts paid by the Company should he prevail in the arbitration. The Board decided to indemnify Dr. Platt after considering a number of factors, including the scope of the Company’s existing indemnification obligations to officers and directors and the potential impact of the arbitration on the Company. In May 2014, the Board approved a $50,000 increase in indemnification support, solely for the payment of outside legal expenses. The Company recorded a total of $182,697 in costs associated with Dr. Platt’s indemnification, of which $119,401 was expensed in the year ended December 31, 2013 and of which $63,296 was expensed in the year ended December 31, 2014. In July 2014, the arbitration was concluded in favor of Dr. Platt, confirming the effectiveness of the separation agreement and payment was made to Dr. Platt in July 2014. On March 2, 2015, the Board of Directors voted to reduce the amount that Dr. Platt was required to reimburse the Company to $82,355 and to offset this amount against interest accrued in respect of the outstanding note payable to Dr. Platt. In addition, the Board determined that Dr. Platt would be charged interest related to the $182,697 indemnification payment since funds were received by Dr. Platt in July 2014. The Board of Directors concluded the foregoing constituted complete satisfaction of Dr. Platt’s indemnification by the Company. Accordingly, the Company recorded the reduction in accrued interest through equity during the year ended December 31, 2015. As of March 31, 2022 and December 31, 2021, the balance of the notes payable to Dr. Platt totaled $277,821 and are included in notes payable. Accrued interest $135,942 and $127,575 was included into accrued interest balance as of March 31, 2022 and December 31, 2021, respectively. During 2021 the company issued notes payable for a total amount of $270,000 to CJY Holdings, Ltd (“CJY”). CJY is a Hong Kong company owned by Conroy Chi-Heng Cheng, a former director of Boston Therapeutics. The CJY Note is an unsecured obligation of the Company. Principal and interest under the CJY Note is due and payable after one year. Interest accrues on the CJY Note at the rate of 10% per annum. As of March 31, 2022 and December 31, 2021, the balance of the notes payable to CJY totaled $270,000 and are included notes payable. Accrued interest $30,142 and $23,485 was included into accrued interest balance as of March 31, 2022 andDecember 31, 2021, respectively. Note Payable Marketing On June 26, 2018, the Company entered into a License Agreement with Level Brands, Inc. (NYSE: LEVB), an innovative licensing, marketing and brand management company with a focus on lifestyle-based products which includes an exclusive license to the kathy ireland® Health & Wellness™ brand. Under the terms of the License Agreement, the Company received a non-exclusive, non-transferrable license to use the kathy ireland Health & Wellness™ trademark in the marketing, development, manufacture, sale and distribution of the Sugardown® product domestically and internationally. The initial term of the License Agreement is seven years, with an automatic two-year extension unless either party notifies the other of non-renewal at least 90 days prior to the end of the then current term. Level Brands has agreed to use its commercially reasonable efforts to perform certain promotional obligations, including: (i) producing four branded videos to promote the licensed product and/or the Company; (ii) creation of an electronic press kit; (iii) making their media and marketing teams available for use in creating the video content for which the Company will separately compensate; and (iv) curate social media posts in multiple social media channels. As compensation, the Company will provide Level Brands with the following: ● A marketing fee of $850,000, for development of video content and an electronic press kit which will be used ongoing to support product marketing. This fee is paid with a promissory note of $450,000 and a number of shares of stock of the Company valued at $400,000 in accrued expenses, based on the closing price on the day prior to the effective date; ● Quarterly fees for the first two years of up to $100,000 and issuance of 100,000 shares each quarter, based on sales volumes. The Company has the right to make all the stock payments in cash; and ● a royalty of 5% of the gross licensed marks sales up to $10,000,000, 7.5% royalty on sales from $10,000,000 to $50,000,0000 and 10% on sales over $50,000,000,payable monthly as well as a 1% of all revenue for all Company products as of the date hereof. The note payable of $450,000 bears interest at 8% and matures December 31, 2019, unless the Company raises $750,000 through Level Brands prior to that date in which case the Note is to be repaid in full including accrued interest. As of March 31, 2022 and December 31, 2021 the principal balance of the marketing note was $450,000. Accrued interest at March 31, 2022 and December 31, 2021 totaled $135,493 and $126,493, respectively. As of March 31 2022, the Company has not issued the $400,000 of common stock which was due upon execution of the agreement or any of the shares pursuant to the quarterly fee. The $400,000 is included in accrued expenses at March 31, 2022 and December 31, 2021. Due to the Company’s low sales volume, no accrual for royalties is included in the financial statements as the amounts would not be material. Level Brands sued the Company for non-performance under the contract. The matter was taken to arbitration with both parties claiming nonperformance under the contract. In October 2019, the arbitration was dismissed without prejudice. Convertible Note Payable From 2018 to June 3, 2021, the Company issued a total of $8.7 million of unsecured notes payable to investors including $7.7 million to related parties. These notes bear interest at a rate of 15% per annum and include a common stock warrant equal to 30% of the face value of the note. The outstanding principal, and accrued but unpaid interest on the notes converts into fully paid and non-assessable shares of Special Preferred Stock at a price of $0.32276 per share in a Qualified Investment. In the event of conversion not in conjunction with a Qualified Investment, the notes are convertible into Common Stock at a price of $0.10759. As of June 3, 2021, the Company had $1,960,116 interest accrued. On June 4,2021 as a part of merger, the principal amount and accrued interest were converted into 571,621 shares of Common Stock, fully converting the notes and accrued interest as of March 31, 2022 and December 31, 2021. The principal and accrued interest were converted per the terms of the agreement as such no gain or loss was recognized. The merger did not meet the Qualified Investment criteria. Note Payable and Senior Secured Convertible Notes In May 2018, the Company issued a secured note payable to a related party for a total amount of $1.0 million with a 90-day maturity. The maturity date of this note was extended by mutual agreement with the note holder and the note was outstanding until June 25, 2021. As of June 25,2021, the Company has $603,778 interest accrued. On June 25, 2021, the Company and the $1.0 secured million note payable Holder entered into exchange agreement, whereby the company issued the Holder a Senior Secured Convertible Note in the principal amount of $1,603,778 with a maturity date of June 18, 2023. On the maturity date, the Company shall pay to the Holder an amount in cash representing 115% of all outstanding Principal. No interest shall accrue thereunder unless and until an Event of Default has occurred. At any time after the Issuance Date, this Note may be convertible into validly, fully paid and non-assessable shares of Common Stock. As an incentive to enter into the agreement, the noteholder was also granted 1,368,762 2-year warrants exercisable at $1.1717. The issuance of the note and warrants resulted in a loss on modification of debt of $2,385,204 for the year ended December 31, 2021. As of March 31, 2022 and December 31, 2021, the note balance was $1,603,778. On June 25, 2021, the Company and Gold Blaze Limited Vistra Corporate Services entered into exchange agreement, where the company issued the Gold Blaze Limited Vistra Corporate Services Senior Secured Convertible Note in the principal amount of $500,000 with a maturity date of June 25, 2023. On the maturity date, the Company shall pay to the Holder an amount in cash representing 115% of all outstanding Principal. No interest shall accrue thereunder unless and until an Event of Default has occurred. At any time after the Issuance Date, this Note may be convertible into validly, fully paid and non-assessable shares of Common Stock. As an incentive to enter into the agreement, the noteholder was also granted 426,730 2-year warrants exercisable at $1.1717. The issuance of the note and warrants resulted in a discount from the beneficial conversion feature totaling $500,000. As of March 31, 2022 and December 31, 2021, the note was shown net of unamortized discount of $312,500 and $375,000, respectively. Discount amortization for the three months ended March 31, 2022 and March 31, 2021 was $62,500 and $0, respectively. In June 25, 2021, the Company issued a Senior Secured Convertible Note to HT Investment MA LLC for a principal amount $5.0 million and maturity date of June 25, 2023. On the maturity date, the Company shall pay to the Holder an amount in cash representing 115% of all outstanding Principal. No interest shall accrue thereunder unless and until an Event of Default has occurred. At any time after the Issuance Date, this Note may be convertible into validly, fully paid and non-assessable shares of Common Stock. As an incentive to enter into the agreement, the noteholder was also granted 4,267,304 2-year warrants exercisable at $1.1717. The issuance of the note and warrants resulted in a discount from the beneficial conversion feature totaling $4,500,000. Funds received were $4,500,000 net of an original issue discount of $500,000. As of March 31, 2022 and December 31, 2021, the note was shown net of unamortized discount of $3,125,000 and $3,750,000, respectively. Discount amortization for the three months ended March 31, 2022 and March 31, 2021 was $625,000 and $0, respectively. In September 27, 2021, the Company issued a Senior Secured Convertible Note to Dr. Harold Parnes for a principal amount $1.2 million and maturity date of September 27, 2023. On the maturity date, the Company shall pay to the Holder an amount in cash representing 115% of all outstanding Principal. No interest shall accrue thereunder unless and until an Event of Default has occurred. At any time after the Issuance Date, this Note may be convertible into validly, fully paid and non-assessable shares of Common Stock. As an incentive to enter into the agreement, the noteholder was also granted 1,024,153 2-year warrants exercisable at $1.1717. The issuance of the note and warrants resulted in a discount from the beneficial conversion feature totaling $222,534 and a discount from the relative fair value of warrants issued of $494,802. As of March 31, 2022 and December 31, 2021, the note was shown net of unamortized discount of $535,013 and $624,680, respectively. Discount amortization for the three months ended March 31, 2022 and March 31, 2021 was $89,667 and $0, respectively. In September 27, 2021, the Company issued a Senior Secured Convertible Note to Steve Schrader for a principal amount $131 thousand and maturity date of September 27, 2023. On the maturity date, the Company shall pay to the Holder an amount in cash representing 115% of all outstanding Principal. No interest shall accrue thereunder unless and until an Event of Default has occurred. At any time after the Issuance Date, this Note may be convertible into validly, fully paid and non-assessable shares of Common Stock. As an incentive to enter into the agreement, the noteholder was also granted 113,510 2-year warrants exercisable at $1.1717. The issuance of the note and warrants resulted in a discount from the beneficial conversion feature totaling $24,672 and a discount from the relative fair value of warrants issued of $54,598. As of March 31, 2022 and December 31, 2021, the note was shown net of unamortized discount of $59,124 and $69,033, respectively. Discount amortization for the three months ended March 31, 2022 and March 31, 2021 was $9,909 and $0, respectively. In February 28, 2022, , the Company issued a Senior Secured Convertible Note to Zygote Ventures for a principal amount $111,111 and maturity date of February 28, 2024. On the maturity date, the Company shall pay to the Holder an amount in cash representing 115% of all outstanding Principal. No interest shall accrue thereunder unless and until an Event of Default has occurred. At any time after the Issuance Date, this Note may be convertible into validly, fully paid and non-assessable shares of Common Stock. As an incentive to enter into the agreement, the noteholder was also granted 94,829 2-year warrants exercisable at $1.1717. The issuance of the note and warrants resulted in a discount totaling $100,000. Funds received were $100,000 net of an original issue discount of $11,111. As of March 31, 2022 and December 31, 2021, the note was shown net of unamortized discount of $106,481 and $0, respectively. Discount amortization for the three months ended March 31, 2022 and March 31, 2021 was $4,630 and $0, respectively. In February 28, 2022, , the Company issued a Senior Secured Convertible Note to Gold Blaze Limited Vistra Corporate Services for a principal amount $111,111 and maturity date of February 28, 2024. On the maturity date, the Company shall pay to the Holder an amount in cash representing 115% of all outstanding Principal. No interest shall accrue thereunder unless and until an Event of Default has occurred. At any time after the Issuance Date, this Note may be convertible into validly, fully paid and non-assessable shares of Common Stock. As an incentive to enter into the agreement, the noteholder was also granted 94,829 2-year warrants exercisable at $1.1717. The issuance of the note and warrants resulted in a discount totaling $100,000. Funds received were $100,000 net of an original issue discount of $11,111. As of March 31, 2022 and December 31, 2021, the note was shown net of unamortized discount of $106,481 and $0, respectively. Discount amortization for the three months ended March 31, 2022 and March 31, 2021 was $4,630 and $0, respectively. In February 28, 2022, , the Company issued a Senior Secured Convertible Note to Garrett Gruener for a principal amount $444,444 and maturity date of February 28, 2024. On the maturity date, the Company shall pay to the Holder an amount in cash representing 115% of all outstanding Principal. No interest shall accrue thereunder unless and until an Event of Default has occurred. At any time after the Issuance Date, this Note may be convertible into validly, fully paid and non-assessable shares of Common Stock. As an incentive to enter into the agreement, the noteholder was also granted 379,316 2-year warrants exercisable at $1.1717. The issuance of the note and warrants resulted in a discount totaling $400,000. Funds received were $400,000 net of an original issue discount of $44,444. As of March 31, 2022 and December 31, 2021, the note was shown net of unamortized discount of $425,926 and $0, respectively. Discount amortization for the three months ended March 31, 2022 and March 31, 2021 was $18,519 and $0, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 7 – COMMITMENTS AND CONTINGENCIES Preferred Stock Series B The Company has designated 1,000,000 shares of its preferred stock as Series B Preferred Stock. Each share of Series B Preferred Stock has a stated value of $1. Each share of the Series B Preferred Stock is convertible into 1,000 shares of the Company’s common stock. The Series B Preferred Stock shall have no voting rights until January 1, 2022 when it will be on an as converted basis (subject to limitations) and liquidation preference for each share of Series B Preferred Stock at an amount equal to the stated value per share. As of December 31, 2021, the Company has 963,964 shares of Series B Preferred Stock outstanding. The Series B Preferred Stock has been classified outside of permanent equity and liabilities since it embodies a conditional obligation that the Company may settle by paying the monetary value in cash upon a liquidation event due to the liquidation preferences of the Series B Preferred Stock based upon its designation. The Series B preferred stock shares are accounted for outside of permanent equity due to the terms of cash-redemption features. In March 2022 as a result of the Reverse Stock Split, all shares of Preferred Stock B converted into 5,572,045 shares of common stock of the Company. As of March 31, 2022, the Company has 0 shares of Series B Preferred Stock outstanding. Series C As consideration for the Merger, the Company issued to the shareholders of Nanomix 1,000,000 shares of a newly created Series C Convertible Preferred Stock of the Company (the “Preferred Stock”). Upon the effectiveness of the amendment to our Certificate of Incorporation to effectuate the reverse stock split of one-for-173, all such shares of Preferred Stock issued to Nanomix shareholders shall automatically convert into approximately 35,644,997 shares of common stock of the Company. Shares of the Series C Preferred Stock shall be entitled to vote on any matter and shall each collectively represent 80% of the votes eligible to be cast in any manner. The Series C Preferred Stock are not entitled to any dividends (unless specifically declared by our Board), but will participate on an as-converted-to-common-stock basis in any dividends to the holders of our common stock. The Series C preferred stock shares are accounted for outside of permanent equity due to the terms of cash-redemption features. In March 2022 as a result of the Reverse Stock Split, 991,133 shares of Preferred Stock C issued to the Nanomix shareholders converted into 35,328,980 shares of common stock of the Company. In April 2022 3,281 shares of preferred Stock C were converted into 116,939 shares of common stock of the Company. The remaining 5,586 shares of Preferred Stock C are still outstanding. Series D On March 23, 2022, Nanomix Corporation entered into a Securities Purchase Agreement with a Purchaser pursuant to which the Purchaser purchased five hundred (500) shares of the Company’s Series D Convertible Preferred Stock for an aggregate purchase price of $500,000. In addition, in connection with the issuance of the Series D Preferred Stock, the Purchaser received a five year warrant to purchase 60,000 shares of the Company’s common stock. The Warrant is exercisable at an exercise price of $2.0587 per share of Common Stock, subject to certain beneficial ownership limitations (with a maximum ownership limit of 9.99%). The exercise price is also subject to adjustment due to certain events, including stock dividends, stock splits and fundamental transactions and in connection with the issuance by the Company of our Common Stock or Common Stock equivalents at an effective price per share lower than the exercise price then in effect. The holders may exercise the Warrants on a cashless basis if the shares of our Common Stock underlying the Warrants are not then registered pursuant to an effective registration statement. In addition, upon the terms and subject to the conditions set forth in the Purchase Agreement, fifteen (15) calendar days following the effective date of a registration statement registering the resale of the maximum aggregate number of (i) shares of Common Stock issuable pursuant to the conversion of the Preferred Stock and (ii) Warrant Shares issuable upon exercise of the Warrants issuable pursuant to the Purchase Agreement, and on each of the 30 th th th th In connection with the entry into the Purchase Agreement, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of Series D Convertible Preferred Stock with the Delaware Secretary of State to create a new class of preferred stock designated Series D Preferred Stock and authorized the issuance of up to ten thousand (10,000) shares of Series D Preferred Stock. The Series D Preferred Stock has a stated value of $1,200 per share and the holder of the Series D Preferred Stock has the right to receive a dividend equal to eight percent (8%) per annum, payable quarterly, beginning on the issuance date of the Series D Preferred Stock and ending on the date that the Series D Preferred Stock has been converted or redeemed. Dividends may be paid in cash or in shares of Series D Preferred Stock at the discretion of the Company. At closing, the Company prepaid one year’s worth of interest in shares of Series D Preferred Stock. The Series D Preferred Stock will vote together with the common stock on an as-converted basis subject to the Beneficial Ownership Limitations. Further, the holders of the Series D Preferred Stock have the right to receive assets in the event of liquidation, dissolution or winding up before any distribution or payment shall be made to the holders of any securities junior to the Series D Preferred Stock. The Company is required to reserve and keep available out of our authorized and unissued shares of Common Stock three times the number of Common Stock needed to convert or exercise all Series D Preferred Stock and Warrants issued pursuant to the Purchase Agreement. The conversion price for the Series D Preferred Stock shall be the amount equal to the lower of (1) $2.08, a fixed price equaling the closing bid price of the Common Stock on the trading day immediately preceding the date of the Purchase Agreement and (2) one hundred percent (100%) of the quotient of (A) the sum of the VWAP of the Common Stock for each of the three (3) trading days with the lowest VWAP during the twenty (20) consecutive trading day period ending on the trading day immediately preceding the date of delivery of a conversion notice and (B) three, subject to the Beneficial Ownership Limitations. Following an “Event of Default,” as defined in the Purchase Agreement, the Conversion price shall equal the lower of: (a) the then applicable Conversion Price; or (b) a price per share equaling eighty percent (80%) of the lowest traded price for the Company’s common stock during the fifteen (15) Trading Days immediately preceding, but not including, the Conversion Date. The Conversion Price is also subject to adjustment due to certain events, including stock dividends, stock splits and fundamental transactions and in connection with the issuance by the Company of our Common Stock or Common Stock equivalents at an effective price per share lower than the Conversion Price then in effect. The Series D preferred stock shares are accounted for outside of permanent equity due to the terms of cash-redemption features. Research and Development Arrangement In April of 2020, the Company received a BARDA fixed price, cost sharing contract for development and EUA filing of COVID-19 Anitbody and Antigen tests on the Nanomix eLab platform. The total amount of the milestone-based contract was $569,647. As of December 31, 2021, the full amount of $569,467 had been received under the contract. Employments Agreements The Company does not have Employment Agreements with any employees. All employees are employed under “at will” arrangements without guarantees or separation arrangements. Leases During 2021 the Company leased its facility under a sublease agreement. The Sublease term was from November 19, 2019 to December 15, 2021. The sublease agreement was extended through December 31, 2021. Rent expense was recognized on a straight-line basis over the lease term. On December 6, 2021 the Company signed a short-term lease agreement for the same facility with a term from January 1, 2022 to March 31, 2022. On February 4, 2022 the Company signed a new facility lease agreement moving all operaations to a new location. The Lease term is from April 1, 2022 to March 31, 2027. Rent expense will be recognized on a straight-line basis over the lease term. See details in Note 8. Legal The Company is not currently involved in any legal matters in the normal course of business. From time to time, the Company could become involved in disputes and various litigation matters that arise in the normal course of business. These may include disputes and lawsuits related to intellectual property, licensing, contract law and employee relations matters. Periodically, the Company reviews the status of significant matters, if any exist, and assesses its potential financial exposure. If the potential loss from any claim and legal claim is considered probable and the amount can be estimated, the Company accrues a liability for the estimated loss. Legal proceedings are subject to uncertainties, and the outcomes are difficult to predict. Because of such uncertainties, accruals are based on the best information available at the time. As additional information becomes available, the Company reassesses the potential liability related to pending claims and litigations. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
LEASES | NOTE 8 – LEASES Our adoption of ASU 2016-02, Leases (Topic 842), and subsequent ASUs related to Topic 842, requires us to recognize substantially all leases on the balance sheet as an ROU asset and a corresponding lease liability. The new guidance also requires additional disclosures as detailed below. We adopted this standard on the effective date of January 1, 2019 and used this effective date as the date of initial application. Under this application method, we were not required to restate prior period financial information or provide Topic 842 disclosures for prior periods. We elected the ‘package of practical expedients,’ which permitted us to not reassess our prior conclusions related to lease identification, lease classification, and initial direct costs, and we did not elect the use of hindsight. Lease ROU assets and liabilities are recognized at commencement date of the lease, based on the present value of lease payments over the lease term. The lease ROU asset also includes any lease payments made and excludes any lease incentives. When readily determinable, we use the implicit rate in determining the present value of lease payments. When leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date, including the lease term. We recognized a $639,335 right-of-use asset and $639,335 related lease liability as of March 31, 2022 for our operating lease. For our operating lease, the asset is included in other long-term assets on the balance sheet and is amortized within operating income over the lease term. The long-term component of the lease liability is included in other long-term liabilities, net, and the current component is included in other current liabilities. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight-line basis over the lease term. As of March 31, 2022 the Company had three-months lease which was recognized over the period January 1, 2022 to March 31,2022. The company incurred rent expense, which is included as part of selling, general and administrative expenses, of $81,251 and $69,278 for the three months ended March 31, 2022 and 2021. The tables below present financial information associated with our lease. Balance Sheet March 31, December 31, Classification 2022 2021 Right-of-use assets Other long-term assets $ 639,335 $ 0 Current lease liabilities Other current liabilities 83,056 0 Non-current lease liabilities Other long-term liabilities 556,278 0 As of March 31, 2022, our maturities of our lease liability are as follows: March 31, Maturity of lease liabilities Operating 2023 $ 173,400 2024 178,602 2025 183,960 2026 189,479 2027 195,163 Total lease payments $ 920,604 Less: Imputed interest (281,269 ) Present value of lease liabilities $ 639,335 |
Business Combination
Business Combination | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATION | NOTE 9 – BUSINESS COMBINATION On June 4, 2021, the Company consummated the Business Combination with Nanomix, Inc pursuant to the agreement between Nanomix, Inc and Boston Therapeutics, Inc (the Merger Agreement”). Pursuant to ASC 805, for financial accounting and reporting purposes, Nanomix, Inc was deemed the accounting acquirer and the Company was treated as the accounting acquiree, and the Business Combination was accounted for as a reverse recapitalization. Acordingly, the Business Combination was treated as the equivalent of the Nanomix, Inc issuing stock for the net assets of Boston Therapeutics, Inc, accompanied by a recapitalization. The net assets of Boston Therapeutics, Inc were stated at historic costs, with no goodwill or other intangible assets recorded, and are consolidated with Nanomox, Inc’s financial statements on the Closing date. The shares and net income (loss) per share available to holders of the Company’s common stock, prior to the Business Combination, have been adjusted as shares reflecting the exchange ration established in the Merger Agreement. |
Stockholders' Deficit
Stockholders' Deficit | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE 10 – STOCKHOLDERS’ DEFICIT Common Stock As of December 31, 2020, the Company was authorized to issue 137,000,000 shares of common stock with a par value of $0.00001 per share, and 4,298 common shares were issued and outstanding. On January 25, 2021, the Company issued 1,214 common shares for option exercise with exercise price $1.73 per share On February 11, 2021, the Company issued 3,486 common shares for option exercise with average exercise price $6.12 per share. On June 4, 2021, as consideration for the Merger, the Company: ● converted 101,015,049 shares of preferred stock into 618,687 shares of common stock; ● converted $10,639,615.96 of notes payable and accrued interest into 571,621 shares of common stock with conversion rate 18.613; ● exchanged all outstanding 1,199,306 shares of common stock for newly created 1,000,000 shares Series C Convertible Preferred Stock; On September 2021, the Company re-purchased 5,435 of Nanomix, Inc. pre-merger common shares from unaccredited investors for the amount $202,188. On October 8, 2021, a Nanomix, Inc stock option was exercised for 506 shares of Nanomix, Inc. pre-merger common stock with an exercise price of $8.65 per share for a total amount of $4,375. The shares weren’t issued pending effectiveness of the reverse stock split and the exercise was recorded in Stock payable. Shares of Nanomix Corporation common stock were subsequently issued in 2022 after effectiveness of the reverse stock split. On November 15, 2021, a Nanomix, Inc stock option exercised for 2,312 shares of Nanomix, Inc. pre-merger common stock with an exercise price $6.92 per share for the amount $16,000. The shares weren’t issued pending effectiveness of the reverse stock split and the exercise was recorded in Stock payable. Shares of Nanomix Corporation common stock were subsequently issued in 2022 after effectiveness of the reverse stock split. On January 11, 2022, Nanomix Corporation filed a Certificate of Amendment to its Certificate of Incorporation, as amended, with the Delaware Secretary of State to effect a reverse split of the Company’s outstanding shares of common stock, par value $0.0001 per share (the “Common Stock”), at a ratio of 1-for-173. The reverse split was recorded retrospectively in 2021 financial statements converted 916,914,554 common shares of Boston Therapeutics stock into 5,300,084 common shares of Nanomix Corporation with par value $0.001. As of December 31, 2021, the Company had a total of 5,300,084 common shares issued and outstanding with a par value of $0.001. The Company has 2,000,000,000 authorized shares of common stock as of the same period and after the reverse stock split. On January 11, 2022, Nanomix Corporation filed a Certificate of Amendment to its Certificate of Incorporation, as amended, with the Delaware Secretary of State to effect a reverse split of the Company’s outstanding shares of common stock, par value $0.0001 per share (the “Common Stock”), at a ratio of 1-for-173. Pursuant to the Amendment, every one-hundred and seventy three (173) shares of the Company’s Common Stock issued and outstanding or held in treasury (if any) immediately prior to the effectiveness of Amendment were automatically reclassified as and combined, without further action, into one (1) validly issued, fully paid and nonassessable share of Common Stock. No fractional shares will be issued in connection with the Reverse Stock Split; but rather, the Company issued one whole share of the post-Reverse Stock Split Common Stock to any stockholder who otherwise would have received a fractional share as a result of the Reverse Stock Split. As a result additional 2,757 shares of common stock were issued. In March 2022 as a result of the Reverse Stock Split, all shares of Preferred Stock B converted into 5,572,045 shares of common stock of the Company. In March 2022 as a result of the Reverse Stock Split, 991,133 shares of Preferred Stock C issued to the Nanomix shareholders converted into 35,328,980 shares of common stock of the Company. As of March 31, 2022, the Company has 2,000,000,000 authorized shares of common stock, 46,203,866 common shares issued and outstanding with a par value of $0.001. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
WARRANTS | NOTE 11 – WARRANTS As described in Note 6, pursuant to issuance convertible notes payable to investors, the Company issued warrants to purchase an aggregate of 1,373,861 shares of the Company’s Common Stock at an exercise price $0.058 per share during 2018 - 2021. The Company has recognized an expense for these services within general and administrative expense in the accompanying Statements of Operations in the years of warrants issuance of approximately $0 for the three months ended March 31, 2022 and 2021, respectively. On September 1, 2018, the Company issued warrant to investor to purchase an aggregate of 527,921 shares of the Company’s Common Stock at an exercise price of $0.058 per share. On January 3, 2020, the Company issued warrants to Fastnet Advisors, LLC. to purchase an aggregate of 96,951 shares of the Company’s Common Stock at an exercise price of $0.058 per share. On December 14, 2020, the Company issued warrants outside consultant to purchase an aggregate of 102,178 shares of the Company’s Common Stock at an exercise price of $0.058 per share. On June 25, 2021, the Company issued warrants to related party to purchase an aggregate of 1,368,762 shares of the Company’s Common Stock at an exercise price of $1.1717 per share. The issuance of warrants resulted in a loss on modification of debt of $2,385,204. (refer to Note 6). On June 25, 2021, the Company issued warrants to Gold Blaze Limited Vista Corporate Services to purchase an aggregate of 426,730 shares of the Company’s Common Stock at an exercise price of $1.1717 per share. On June 25, 2021, the Company issued warrants to HT Investments MA LLC to purchase an aggregate of 4,267,304 shares of the Company’s Common Stock at an exercise price of $1.1717 per share. On September 27, 2021, the Company issued warrants to Dr. Harold Parnes to purchase an aggregate of 1,024,153 shares of the Company’s Common Stock at an exercise price of $1.1717 per share. On September 27, 2021, the Company issued warrants to Steve Schrader to purchase an aggregate of 113,510 shares of the Company’s Common Stock at an exercise price of $1.1717 per share. On February 28, 2022, the Company issued warrants to Gold Blaze Limited Vista Corporate Services to purchase an aggregate of 94,829 shares of the Company’s Common Stock at an exercise price of $1.1717 per share. On February 28, 2022, the Company issued warrants to Zygote Ventures to purchase an aggregate of 94,829 shares of the Company’s Common Stock at an exercise price of $1.1717 per share. On February 28, 2022, the Company issued warrants to Garrett Gruener to purchase an aggregate of 379,316 shares of the Company’s Common Stock at an exercise price of $1.1717 per share. On March 23, 2022, the Company issued warrants to GHS Investments LLC to purchase an aggregate of 60,000 shares of the Company’s Common Stock at an exercise price of $2.0587 per share. As of March 31, 2022 all warrants remain outstanding. The following represents a summary of the Warrants outstanding at March 31, 2022, and changes during the period then ended: Weighted Average Warrants Exercise Price Outstanding at December 31, 2020 2,002,622 $ 0.0581 Granted with exercise price $0.058 122,065 $ 0.0581 BTHE warrants 222,302 $ 1.7300 Granted with exercise price $1.1717 7,200,459 $ 1.1717 Exercised/Expired/Forfeited - - Outstanding at December 31, 2021 9,547,448 $ 0.9369 Granted with exercise price $1.1717 568,973 $ 1.1717 Granted with exercise price $2.0587 60,000 $ 2.0587 Exercised/Expired/Forfeited - - Outstanding at March 31, 2022 10,176,421 $ 0.9566 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 12 – STOCK-BASED COMPENSATION Terms of the Company’s share-based on compensation are governed by the Company’s 2010 Equity Incentive Plan (“the 2010 Plan”). The 2010 Plan permits the Company to grant non-statutory stock options, incentive stock options, restricted stocks, and stock purchase rights to the Company’s employees, outside directors and consultants; however incentive stock options may only be granted to the Company’s employees. As of June 30, 2021, the maximum aggregate number of shares of common stock that may be issued is 19,410,000 shares under the 2010 Plan, subject to adjustment due the effect of any stock split, stock dividend, combination, recapitalization or similar transaction. The exercise price for each option is determined by the Board of Directors, but will be (i) in the case of an incentive stock option, (A) granted to an employee who, at the time of grant of such option, is a 10% Holder, no less than 110% of the fair market value per share on the date of grant; or (B) granted to any other employee, no less than 100% of the fair market value per share on the date of grant; and (ii) in the case of a nonstatutory stock option, no less than 100% of the fair market value per share on the date of grant. The options awarded under the 2010 Plan shall vest as determined by the Board of Directors but shall not exceed a ten-year period. Restricted Stock Units During year ended December 31, 2021, the company granted 19,783,551 restricted stock units (RSU) to its employees. Of these, 1,542,776 were forfeited due to employee resignations. Restricted stock is valued at the fair market value on the date of grant with expense recognized over the vesting period from June 4, 2021 till February 20, 2023. The Company has recognized an expense for vested RSU within general and administrative expense in the accompanying Statements of Operations of approximately $9,159 and $0 for period ended March 31, 2022 and 2021, respectively. Options Issued to Directors and Employees as Compensation and to Nonemployees for Services Received Pursuant to the terms of the 2010 Plan, from 2010 to 2021, the Company has granted an aggregate of 5,340,844 options to its executive officers and employees of the Company and to Nonemployees for Services Received. Of these, 2,763,489 options were exercised or forfeited and 2,577,355 remain outstanding as of December 31, 2021. The exercise prices of these grants, as determined by the Company’s Board of Directors, were $0.058 to $0.46 per share. The Company has recognized an expense for these services within general and administrative expense in the accompanying Statements of Operations of approximately $20,391 and $28,405 for three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there was approximately $146,267 of total unrecognized compensation cost related to non-vested share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of 2.56 years. Stock-based Compensation Summary Tables The following table represents a summary of the options granted to employees and non-employees outstanding at March 31, 2022 and changes during the period then ended: Total Weighted Average Weighted Average Options Exercise Intrinsic Remaining Life Outstanding at December 31, 2021 2,577,335 $ 0.23 $ 0.06 5.67 Granted - - - - Exercised/Expired/Forfeited - - - - Outstanding at March 31, 2022 2,577,335 $ 0.23 $ 0.06 5.67 Exercisable at March, 2022 2,358,804 $ 0.23 $ 0.06 4.78 Expected to be vested 218,531 $ 0.29 $ 0.00 8.64 |
Warrants and Options Valuation
Warrants and Options Valuation | 3 Months Ended |
Mar. 31, 2022 | |
Warrants And Options Valuation [Abstract] | |
WARRANTS AND OPTIONS VALUATION | NOTE 13 – WARRANTS AND OPTIONS VALUATION The Company calculates the fair value of warrant and stock-based compensation awards granted to employees and nonemployees using the Black-Scholes option-pricing method. If the company determinates that other methods are more reasonable, or other methods for calculating these assumptions are prescribed by regulators, the fair value calculated for the Company’s stock options could change significantly. Higher volatility and longer expected lives would result in an increase to stock-based compensation expense to non-employees determined at the date of grant. Stock-based compensation expense to non-employees affects the Company’s selling, general and administrative expenses and research and development expenses. The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions, which determine the fair value of stock-based awards. The assumptions used in the Black-Scholes option-pricing method for the periods ended March 31, 2022 and 2021 are set forth below: For the period ended March 31, March 31, Expected dividend yield 0.00 % 0.00 % Expected stock-price volatility 54.97% - 127.09 % 54.97% - 122.28 % Risk-free rate 1.09% - 2.82 % 0.61% - 2.82 % Term of options 5-10 5-10 Stock price $ 0.29 $ 0.29 ● Expected term ● Expected volatility. ● Risk-free interest rate ● Expected dividend In addition to the assumptions used in the Black-Scholes option-pricing model, the Company also estimates a forfeiture rate to calculate the stock-based compensation for the Company’s equity awards. The Company will continue to use judgement in evaluating the expected volatility, expected terms and forfeiture rates utilized for the Company’s stock-based compensation calculations on a prospective basis. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 14 – RELATED PARTY TRANSACTIONS The Company had a secured note payable to Mr. Garrett Gruener, its investor, with a balance of $1,000,000 at June 25, 2021 and December 31, 2020. The note and related accrued interest of $603,778 were exchanged for an equal amount of Convertible Equity in the June 25, 2021 financing. As a result of the exchange as part of the merger, the Company issued a senior secured convertible note to Mr. Garrett Gruener, its investor, with a principal amount of $1,603,778 and 779,025 5-year warrants exercisable at $2.0587. The issuance of the note and warrants resulted in a loss on modification of debt of $2,385,204. As of March 31, 2022 and December 31, 2021, the note balance was $1,603,778. The Company has a Senior Secured Convertible Note to Garrett Gruener, its investor, for a principal amount $444,444. As of March 31, 2022 and December 31, 2021, the note net of unamortized discount balance as of March 31, 2022 and December 31, 2021 was $18,519 and $0, respectively. The Company had accrued salary payable and accounts payable to Mr. Ludvigson, its Chief Executive Officer, with a total balance of $65,000 as of March 31, 2022 and a balance of $50,000 as of December 31, 2021. Included in the account payable and accrued expenses at March 31, 2022 and December 31, 2021 are amounts due shareholders, officers and directors of Boston Therapeutics in the amounts of $304,973. The summary of related party balances as of March 31, 2022 and December 31, 2021: 31-Mar-22 31-Dec-21 Account payable and accrued expenses, related party: Mr. Ludvigson 65,000 50,000 Loraine Upham 11,995 11,995 Loraine Upham accrued compensation 188,716 188,716 David Platt 4,399 4,399 S. Colin Neill 73,750 73,750 Upham Bioconsulting, LLC 6,113 6,113 Uphambc Consulting 20,000 20,000 $ 369,973 $ 354,973 Senior Secured Convertible note, related party: Mr. Gruener 1,622,297 1,603,778 $ 1,622,297 $ 1,603,778 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 15 – INCOME TAXES The Company accounts for income taxes in accordance with standards of disclosure propounded by the FASB, and any related interpretations of those standards sanctioned by the FASB. Accordingly, deferred tax assets and liabilities are determined based on differences between the consolidated financial statement and tax bases of assets and liabilities, as well as a consideration of net operating loss and credit carry forwards, using enacted tax rates in effect for the period in which the differences are expected to impact taxable income. A valuation allowance is established, when necessary, to reduce deferred tax assets to the amount that is more likely than not to be realized. Due to the uncertainty as to the utilization of net operating loss carry forwards, a valuation allowance has been made to the extent of any tax benefit that net operating losses may generate. At the date the financial statements were available to be issued, the federal and state income tax returns for the year ended December 31, 2021 have not been filed by the company. As of December 31, 2020, the Company has federal and state net operating loss carryforward of approximately 93.0 million and $ 57,8 The Company’s deferred tax asset and valuation allowance at December 31, 2021: Schedule of Deferred Tax Assets As of December 31, 2021 NOL at 12/31/20 (93,056,108 ) Net income year ended December 31, 2021 (9,465,033 ) Loss on debt modification 2,385,204 Interest Expense - Debt Discount 1,511,049 Interest Expense 706,126 Other accrued expenses - CY 547,642 Stock Compensation - Options 139,515 Accrued Vacation – CY 35,152 Compensation – RSU 21,077 Change in fair value of derivative liability (15,282 ) Change in fair value of warrant liability (438,972 ) NOL at 12/31/21 (97,629,630 ) Effective rate 21 % Deferred tax asset (20,502,222 ) Valuation allowance 20,502,222 Net deferred tax asset at 12/31/21 - The ultimate realization of our deferred tax asset is dependent, in part, upon the tax laws in effect, our future earnings, and other events. As of and December 31, 2021 and 2020, we recorded a 100% allowance against our deferred tax asset since we were unable to conclude that it is more likely than not that our deferred tax asset will be realized. The company’s major tax jurisdictions are the United States and California. All of the Company’s tax years will remain open three and four years for examination by the Federal and state tax authorities, respectively, from the date of utilization of the net operating loss. As of December 31, 2021, the tax years beginning after 2018 and 2017 remain subject to examination by US Federal and Californian authorities. However, net operating losses carried forward are subject to examination in the tax year utilized. |
Employee Benefit Plan
Employee Benefit Plan | 3 Months Ended |
Mar. 31, 2022 | |
Employee Benefit Plan [Abstract] | |
EMPLOYEE BENEFIT PLAN | NOTE 16 – EMPLOYEE BENEFIT PLAN The company established a 401(k) tax deferred saving plan, which permits participants to make contributions by salary deduction pursuant to Section401(k) of the Internal Revenue Code. The Company may, at its discretion, make matching contributions to the plan. The Company is responsible for administrative cost of the Plan. As of March 31, 2022 and December 31, 2021, the Company has made no contributions to the plan since its inception. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17 – SUBSEQUENT EVENTS In April 2022 3,281 shares of Preferred Stock C were converted into 116,939 shares of common stock of the Company. 5,586 shares of Preferred Stock C are still outstanding and will be converted into 199,131 of common stock of the Company later. Management has evaluated subsequent events according to the requirements of ASC TOPIC 855 as of the date of the report, and believes there are no additional subsequent events to report. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in its consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates and these differences may be material. The more significant estimates and assumptions by management include among others: recoverability of long-lived assets, accrued liabilities, the valuation allowance of deferred tax assets resulting from net operating losses and the valuation of the Company’s common stock, preferred stock, warrants and options on the Company’s common stock. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when the customer obtains control of promised goods or services, in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The Company recognizes revenue following the five-step model prescribed under Accounting Standards Update (“ASU”) 2014-09 ASC 606 – Revenue from Contracts with customers: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies the performance obligation. R&D Revenue All contracts with customers are evaluated under the five-step model described above. The company recognizes income from R&D milestone-based contracts when those milestones are reached and non-milestone contracts and grants when earned. These projects are invoiced after expenses are incurred. Any projects or grants funded in advance are deferred until earned. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the Consolidated Statement of Cash Flows, the Company considers liquid investments with an original maturity of three months or less to be cash equivalents. As of March 31, 2022, the Company places all of its cash and with one financial institution. Such funds are insured by The Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. Cash balances could exceed insured amounts at any given time; however, the Company has not experienced any such losses. At March 31, 2022 and December 31, 2021 there were no cash equivalents. |
Allowances for Sales Returns and Doubtful Accounts | Allowances for Sales Returns and Doubtful Accounts The allowance for sales returns is based on the Company’s estimates of potential future product returns and other allowances related to current period product revenue. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of the Company’s products. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts and the aging of the related invoices, and represents the Company’s best estimate of probable credit losses in its existing trade accounts receivable. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. We determined that no allowances for sales returns and doubtful accounts were required at March 31, 2022 and December 31, 2021. |
Property and Equipment | Property and Equipment Property and equipment are carried at cost and depreciated or amortized using a straight-line basis over the estimated useful lives of assets, as follows: Computer equipment 3 years Office furniture and equipment 5 years Laboratory equipment 4 years Manufacturing equipment 5 years Leasehold improvements are depreciated over the shorter of their estimated useful lives or the term of the respective lease on a straight line basis. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations. The Company will assess the recoverability of property and equipment by determining whether the depreciation and amortization of these assets over their remaining life can be recovered through projected undiscounted future cash flows. The amount of equipment impairment, if any, will be measured based on fair value and is charged to operations in the period in which such impairment is determined by management. |
Income Taxes | Income Taxes The Company accounts for income taxes under an asset and liability approach that recognizes deferred tax assets and liabilities based on the difference between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company follows a more-likely than -not threshold for financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. The company assesses the realizability of its net deferred tax assets on an annual basis. If, after considering all relevant positive and negative evidence, it is more likely than not that some portion or all of the net deferred tax assets will not be realized, the Company will reduce the net deferred tax assets by a valuation allowance. The realization of the net deferred tax assets is dependent on several factors, including the generation of sufficient taxable income prior to the expiration of the net operating loss carryforwards. The Company has no uncertain tax positions at any of the dates presented. |
Foreign Currency Translation | Foreign Currency Translation The Company derives a portion of its revenue from foreign countries, but customers pay in U.S. Dollars. Therefore, no adjustments are required in the accompanying consolidated financial statements for foreign currency transactions. |
Research and Development Costs | Research and Development Costs The Company expenses the cost of research and development as incurred. Research and development expenses comprise costs incurred in performing research and development activities, including clinical trial costs, manufacturing costs for both clinical and pre-clinical materials as well as other contracted services, license fees, and other externa costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity is performed or when the goods have been received, rather when payment is made, in accordance with ASC 730, Research and Development |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs ( Level 3 measurements). These tiers include: ● 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 had no assets or liabilities which were measured at fair value on a nonrecurring basis during the reporting periods. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments In accordance with current accounting standards, certain assets and liabilities must be measured at fair value. ASC 820 defines fair value 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 (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. ASC 820 requires that certain assets and liabilities must be measured at fair value, and the standard details the disclosures that are required for items measured at fair value. The Company had no assets and liabilities required to be measured on a recurring basis at December 31, 2021 and 2020. The current assets and current liabilities reported on the Company’s balance sheets are estimated by management to approximate fair market value due to their short-term nature. |
Employee Stock-based Compensation | Employee Stock-based Compensation Stock-based compensation issued to employees and members of the Company’s Board of Directors is measured at the date of grant based on the estimated fair value of the award, net of estimated forfeitures. The grant date fair value of a stock-based award is recognized as an expense over the requisite service period of the award on a straight-line basis. For purposes of determining the variables used in the calculation of stock-based compensation issued to employees, the Company performs an analysis of current market data and historical data to calculate an estimate of implied volatility, the expected term of the option and the expected forfeiture rate. With the exception of the expected forfeiture rate, which is not an input, the Company uses these estimates as variables in the Black-choles option pricing model. Depending upon the number of stock options granted, any fluctuations in these calculations could have a material effect on the results presented in the Company’s Statements of Operations. In addition, any differences between estimated forfeitures and actual forfeitures could also have a material impact on the Company’s financial statements. |
Stock-Based Compensation Issued to Non-employees | Stock-Based Compensation Issued to Non-employees Common stock issued to non-employees for acquiring goods or providing services is recognized at fair value when the goods are obtained or over the service period, which is generally the vesting period. If the award contains performance conditions, the measurement date of the award is the earlier of the date at which a commitment for performance by the non-employee is reached or the date at which performance is reached. A performance commitment is reached when performance by the non-employee is probable because of sufficiently large disincentives for nonperformance. |
Earnings per Share | Earnings per Share The computation of basic earnings per common share is based on the weighted average number of shares outstanding during the period. The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the period plus the weighted average common stock equivalents which would arise from the exercise of stock options, warrants, convertible preferred stock and other rights during the period. For the period ended March 31, 2022, the diluted weighted average number of shares is the same as the basic weighted average number of shares as the inclusion of any common stock equivalents would be anti-dilutive. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of property and equipment | Computer equipment 3 years Office furniture and equipment 5 years Laboratory equipment 4 years Manufacturing equipment 5 years |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue [Abstract] | |
Schedule of table disaggregates total revenues | Three months Ended March 31, 2022 2021 Government grant income $ - $ 141,778 $ 0 $ 141,778 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | As of As of 2022 2021 Computer Equipment &Office Equipment $ 27,502 $ 27,453 Lab Equipment 300,112 300,112 Manufacturing Equipment 445,280 435,220 Furniture and fixtures 14,370 14,370 Leasehold Improvements 11,550 20,232 Total property and equipment 798,814 797,387 Accumulated depreciation (458,787 ) (458,069 ) Total property and equipment, net of accumulated depreciation $ 340,027 $ 339,318 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of financial information associated with our lease | Balance Sheet March 31, December 31, Classification 2022 2021 Right-of-use assets Other long-term assets $ 639,335 $ 0 Current lease liabilities Other current liabilities 83,056 0 Non-current lease liabilities Other long-term liabilities 556,278 0 |
Schedule of maturities of our lease liability | March 31, Maturity of lease liabilities Operating 2023 $ 173,400 2024 178,602 2025 183,960 2026 189,479 2027 195,163 Total lease payments $ 920,604 Less: Imputed interest (281,269 ) Present value of lease liabilities $ 639,335 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of warrants outstanding | Weighted Average Warrants Exercise Price Outstanding at December 31, 2020 2,002,622 $ 0.0581 Granted with exercise price $0.058 122,065 $ 0.0581 BTHE warrants 222,302 $ 1.7300 Granted with exercise price $1.1717 7,200,459 $ 1.1717 Exercised/Expired/Forfeited - - Outstanding at December 31, 2021 9,547,448 $ 0.9369 Granted with exercise price $1.1717 568,973 $ 1.1717 Granted with exercise price $2.0587 60,000 $ 2.0587 Exercised/Expired/Forfeited - - Outstanding at March 31, 2022 10,176,421 $ 0.9566 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of options granted to employees and non-employees outstanding | Total Weighted Average Weighted Average Options Exercise Intrinsic Remaining Life Outstanding at December 31, 2021 2,577,335 $ 0.23 $ 0.06 5.67 Granted - - - - Exercised/Expired/Forfeited - - - - Outstanding at March 31, 2022 2,577,335 $ 0.23 $ 0.06 5.67 Exercisable at March, 2022 2,358,804 $ 0.23 $ 0.06 4.78 Expected to be vested 218,531 $ 0.29 $ 0.00 8.64 |
Warrants and Options Valuation
Warrants and Options Valuation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Warrants And Options Valuation [Abstract] | |
Schedule of black-scholes option-pricing method | For the period ended March 31, March 31, Expected dividend yield 0.00 % 0.00 % Expected stock-price volatility 54.97% - 127.09 % 54.97% - 122.28 % Risk-free rate 1.09% - 2.82 % 0.61% - 2.82 % Term of options 5-10 5-10 Stock price $ 0.29 $ 0.29 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | 31-Mar-22 31-Dec-21 Account payable and accrued expenses, related party: Mr. Ludvigson 65,000 50,000 Loraine Upham 11,995 11,995 Loraine Upham accrued compensation 188,716 188,716 David Platt 4,399 4,399 S. Colin Neill 73,750 73,750 Upham Bioconsulting, LLC 6,113 6,113 Uphambc Consulting 20,000 20,000 $ 369,973 $ 354,973 Senior Secured Convertible note, related party: Mr. Gruener 1,622,297 1,603,778 $ 1,622,297 $ 1,603,778 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Taxes [Abstract] | |
Schedule of deferred tax asset and valuation allowance | Schedule of Deferred Tax Assets As of December 31, 2021 NOL at 12/31/20 (93,056,108 ) Net income year ended December 31, 2021 (9,465,033 ) Loss on debt modification 2,385,204 Interest Expense - Debt Discount 1,511,049 Interest Expense 706,126 Other accrued expenses - CY 547,642 Stock Compensation - Options 139,515 Accrued Vacation – CY 35,152 Compensation – RSU 21,077 Change in fair value of derivative liability (15,282 ) Change in fair value of warrant liability (438,972 ) NOL at 12/31/21 (97,629,630 ) Effective rate 21 % Deferred tax asset (20,502,222 ) Valuation allowance 20,502,222 Net deferred tax asset at 12/31/21 - |
The Company and Nature of Bus_2
The Company and Nature of Business (Details) | Feb. 12, 2018shares | Nov. 10, 2010shares | Apr. 30, 2022USD ($)shares | Mar. 22, 2022shares | Mar. 31, 2021shares | Dec. 31, 2021shares | Mar. 31, 2022shares | Jun. 04, 2021shares |
The Company and Nature of Business (Details) [Line Items] | ||||||||
Common stock shares issued | 991,133 | |||||||
Common stock outstanding percentage | 80.00% | |||||||
Convertible preferred stock | 3,281 | 101,015,049 | ||||||
Converted shares | 35,328,980 | 1,000 | ||||||
Convertible common stock | 116,939 | |||||||
Converted shares (in Dollars) | $ | $ 199,131 | |||||||
Common Stock [Member] | ||||||||
The Company and Nature of Business (Details) [Line Items] | ||||||||
Common stock shares issued | 4,700 | |||||||
Exercisable shares of common stock | 2,124,687 | |||||||
Preferred Stock C [Member] | ||||||||
The Company and Nature of Business (Details) [Line Items] | ||||||||
Convertible preferred stock | 1,000,000 | |||||||
Outstanding shares | 1,000,000 | 8,867 | ||||||
Subsequent Event [Member] | ||||||||
The Company and Nature of Business (Details) [Line Items] | ||||||||
Converted shares | 116,939 | |||||||
Subsequent Event [Member] | Preferred Stock C [Member] | ||||||||
The Company and Nature of Business (Details) [Line Items] | ||||||||
Convertible preferred stock | 3,281 | |||||||
Converted shares | 199,131 | |||||||
Outstanding shares | 5,586 | |||||||
RSU [Member] | ||||||||
The Company and Nature of Business (Details) [Line Items] | ||||||||
Exercisable shares of common stock | 5,718,838 | |||||||
Agreement and Plan of Merger [Member] | Boston Therapeutics, Inc. [Member] | ||||||||
The Company and Nature of Business (Details) [Line Items] | ||||||||
Common stock shares issued | 4,000,000 | |||||||
Common stock outstanding percentage | 100.00% | |||||||
Contribution Agreement [Member] | CureDM Group Holdings, LLC [Member] | ||||||||
The Company and Nature of Business (Details) [Line Items] | ||||||||
Common stock shares issued | 47,741,140 | |||||||
Number of shares issued at time of delivered | 25,000,000 | |||||||
Number of shares issued at time of milestones | 22,741,140 | |||||||
Number of tranches for delivered | Tranches | 4 | |||||||
Number of shares issued per tranches | 5,685,285 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounting Policies [Abstract] | ||
Net losses | $ 2.8 | $ 1.2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | Mar. 31, 2022USD ($) |
Accounting Policies [Abstract] | |
Federal deposit insurance corporation | $ 250,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment | 3 Months Ended |
Mar. 31, 2022 | |
Computer equipment [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Office furniture and equipment [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Laboratory equipment [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 4 years |
Manufacturing equipment [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Revenue (Details)
Revenue (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Revenue [Abstract] | ||
Unearned advanced revenues | $ 293,523 | $ 293,523 |
Revenue (Details) - Schedule of
Revenue (Details) - Schedule of table disaggregates total revenues - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 0 | $ 141,778 |
Government grant income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 141,778 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 21,443 | $ 8,165 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of property and equipment - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of property and equipment [Abstract] | ||
Computer Equipment &Office Equipment | $ 27,502 | $ 27,453 |
Lab Equipment | 300,112 | 300,112 |
Manufacturing Equipment | 445,280 | 435,220 |
Furniture and fixtures | 14,370 | 14,370 |
Leasehold Improvements | 11,550 | 20,232 |
Total property and equipment | 798,814 | 797,387 |
Accumulated depreciation | (458,787) | (458,069) |
Total property and equipment, net of accumulated depreciation | $ 340,027 | $ 339,318 |
Notes Payable and Convertible_2
Notes Payable and Convertible Notes Payable (Details) - USD ($) | Jun. 04, 2021 | Mar. 02, 2015 | Jun. 30, 2013 | Jun. 29, 2013 | May 07, 2012 | Dec. 31, 2011 | Feb. 28, 2022 | Sep. 27, 2021 | Jun. 25, 2021 | May 31, 2018 | Sep. 30, 2016 | Aug. 31, 2016 | Dec. 31, 2013 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 03, 2021 | Dec. 14, 2020 | Jan. 03, 2020 | Sep. 01, 2018 |
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Accrued interest | $ 58,008 | $ 55,008 | ||||||||||||||||||||
Aggregate amount | $ 290,000 | |||||||||||||||||||||
Outstanding notes | $ 297,820 | |||||||||||||||||||||
Description of board of directors | the Board of Directors voted to reduce the amount that Dr. Platt was required to reimburse the Company to $82,355 and to offset this amount against interest accrued in respect of the outstanding note payable to Dr. Platt. In addition, the Board determined that Dr. Platt would be charged interest related to the $182,697 indemnification payment since funds were received by Dr. Platt in July 2014. The Board of Directors concluded the foregoing constituted complete satisfaction of Dr. Platt’s indemnification by the Company. Accordingly, the Company recorded the reduction in accrued interest through equity during the year ended December 31, 2015. As of March 31, 2022 and December 31, 2021, the balance of the notes payable to Dr. Platt totaled $277,821 and are included in notes payable. | the Board of Directors agreed to indemnify Dr. Platt for legal costs incurred in connection with an arbitration (now concluded) initiated before the American Arbitration Association by Galectin Therapeutics, Inc. (formerly named Pro-Pharmaceuticals, Inc.) for which Dr. Platt previously served as CEO and Chairman. Galectin sought to rescind or reform the Separation Agreement entered into with Dr. Platt upon his resignation from Galectin to remove a $1.0 million milestone payment which Dr. Platt asserted he was entitled to receive and to be repaid all separation benefits paid to Dr. Platt. The Company initially capped the amount for which it would indemnify Dr. Platt at $150,000 in December 2013 and Dr. Platt agreed to reimburse the indemnification amounts paid by the Company should he prevail in the arbitration. The Board decided to indemnify Dr. Platt after considering a number of factors, including the scope of the Company’s existing indemnification obligations to officers and directors and the potential impact of the arbitration on the Company. In May 2014, the Board approved a $50,000 increase in indemnification support, solely for the payment of outside legal expenses. The Company recorded a total of $182,697 in costs associated with Dr. Platt’s indemnification, of which $119,401 was expensed in the year ended December 31, 2013 and of which $63,296 was expensed in the year ended December 31, 2014. In July 2014, the arbitration was concluded in favor of Dr. Platt, confirming the effectiveness of the separation agreement and payment was made to Dr. Platt in July 2014.On March 2, 2015, the Board of Directors voted to reduce the amount that Dr. Platt was required to reimburse the Company to $82,355 and to offset this amount against interest accrued in respect of the outstanding note payable to Dr. Platt. In addition, the Board determined that Dr. Platt would be charged interest related to the $182,697 indemnification payment since funds were received by Dr. Platt in July 2014. | ||||||||||||||||||||
Note payable marketing, description | ●A marketing fee of $850,000, for development of video content and an electronic press kit which will be used ongoing to support product marketing. This fee is paid with a promissory note of $450,000 and a number of shares of stock of the Company valued at $400,000 in accrued expenses, based on the closing price on the day prior to the effective date; ●Quarterly fees for the first two years of up to $100,000 and issuance of 100,000 shares each quarter, based on sales volumes. The Company has the right to make all the stock payments in cash; and ●a royalty of 5% of the gross licensed marks sales up to $10,000,000, 7.5% royalty on sales from $10,000,000 to $50,000,0000 and 10% on sales over $50,000,000,payable monthly as well as a 1% of all revenue for all Company products as of the date hereof. | |||||||||||||||||||||
Matures amount | $ 750,000 | |||||||||||||||||||||
Principal balance of the marketing note | 450,000 | $ 400,000 | ||||||||||||||||||||
Accrued interest | $ 135,493 | 126,493 | ||||||||||||||||||||
Accrued expenses | 400,000 | |||||||||||||||||||||
Warrant exercisable price per share (in Dollars per share) | $ 1.1717 | $ 1.1717 | $ 0.058 | $ 0.058 | $ 0.058 | |||||||||||||||||
Note balance amount | $ 10,639,615.96 | 200,000 | 200,000 | |||||||||||||||||||
Unamortized discount net | 312,500 | 375,000 | ||||||||||||||||||||
Amortization discount amount | $ 62,500 | 0 | ||||||||||||||||||||
Funds received | $ 100,000 | |||||||||||||||||||||
Original issue discount | 11,111 | |||||||||||||||||||||
Convertible Debentures [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Senior convertible debentures aggregate amount | $ 1,600,000 | $ 1,600,000 | ||||||||||||||||||||
Aggregate net cash proceeds | $ 1,327,300 | $ 1,327,300 | ||||||||||||||||||||
Convertible Debentures [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Description of conversion feature | The Convertible Debentures have a stated interest rate of 6% per annum payable quarterly beginning June 30, 2017 and were due two years from the date of issuance, the latest due September 15, 2018 and are convertible into shares of the Company’s common stock at the option of the holder at a conversion price of $0.075 with certain anti-dilutive (reset) provisions and are subject to forced conversion if either i) the volume weighted average common stock price for each of any 10 consecutive trading days equals or exceeds $0.50, or (ii) the Company’s elects to lists a class of securities on a national securities exchange. | |||||||||||||||||||||
Convertible notes payable balance | $ 200,000 | 200,000 | ||||||||||||||||||||
Convertible Notes Payable [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Convertible note payable, description | On June 4,2021 as a part of merger, the principal amount and accrued interest were converted into 571,621 shares of Common Stock, fully converting the notes and accrued interest as of March 31, 2022 and December 31, 2021. | |||||||||||||||||||||
Debt principle amount | $ 1,603,778 | |||||||||||||||||||||
Debt maturity date | Jun. 18, 2023 | |||||||||||||||||||||
Senior Notes [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Accrued interest | $ 603,778 | |||||||||||||||||||||
Secured notes payable | $ 1,000,000 | |||||||||||||||||||||
Senior Secured Convertible Note [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Secured notes payable | $ 1,000,000 | |||||||||||||||||||||
Outstanding cash percentage | 115.00% | |||||||||||||||||||||
Note holder granted shares (in Shares) | 1,368,762 | |||||||||||||||||||||
Warrants exercisable term | 2 years | |||||||||||||||||||||
Warrant exercisable price per share (in Dollars per share) | $ 1.1717 | |||||||||||||||||||||
Modification of debt loss | 2,385,204 | |||||||||||||||||||||
CJY Holdings Ltd [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Accrued interest | $ 30,142 | 23,485 | ||||||||||||||||||||
Notes payable total amount | 270,000 | |||||||||||||||||||||
Interest rate | 10.00% | |||||||||||||||||||||
Notes payable | $ 270,000 | |||||||||||||||||||||
Note Payable Marketing [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Notes payable | $ 450,000 | |||||||||||||||||||||
Interest rate | 8.00% | |||||||||||||||||||||
Dr David Platt [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Advance from related party | $ 257,820 | |||||||||||||||||||||
Interest rate | 6.50% | |||||||||||||||||||||
Dr David Platt [Member] | Promissory Note [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Advance from related party | $ 20,000 | |||||||||||||||||||||
Interest rate | 6.50% | |||||||||||||||||||||
Aggregate amount | $ 40,000 | |||||||||||||||||||||
Gold Blaze Limited Vistra Corporate Services [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Debt principle amount | $ 111,111 | $ 500,000 | ||||||||||||||||||||
Debt maturity date | Feb. 28, 2024 | Jun. 25, 2023 | ||||||||||||||||||||
Outstanding cash percentage | 115.00% | 115.00% | ||||||||||||||||||||
Note holder granted shares (in Shares) | 94,829 | 426,730 | ||||||||||||||||||||
Warrants exercisable term | 2 years | 2 years | ||||||||||||||||||||
Warrant exercisable price per share (in Dollars per share) | $ 1.1717 | $ 1.1717 | ||||||||||||||||||||
Beneficial conversion feature discount amount | $ 100,000 | $ 500,000 | ||||||||||||||||||||
Unamortized discount net | 106,481 | 0 | ||||||||||||||||||||
Amortization discount amount | 4,630 | 0 | ||||||||||||||||||||
HT Investment MA LLC [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Debt principle amount | $ 5,000,000 | |||||||||||||||||||||
Debt maturity date | Jun. 25, 2023 | |||||||||||||||||||||
Outstanding cash percentage | 115.00% | |||||||||||||||||||||
Note holder granted shares (in Shares) | 4,267,304 | |||||||||||||||||||||
Warrants exercisable term | 2 years | |||||||||||||||||||||
Warrant exercisable price per share (in Dollars per share) | $ 1.1717 | |||||||||||||||||||||
Beneficial conversion feature discount amount | $ 4,500,000 | |||||||||||||||||||||
Unamortized discount net | 3,125,000 | 3,750,000 | ||||||||||||||||||||
Amortization discount amount | 625,000 | 0 | ||||||||||||||||||||
Funds received amount | 4,500,000 | |||||||||||||||||||||
Original issue discount | $ 500,000 | |||||||||||||||||||||
Dr. Harold Parnes [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Debt principle amount | $ 1,200,000 | |||||||||||||||||||||
Debt maturity date | Sep. 27, 2023 | |||||||||||||||||||||
Outstanding cash percentage | 115.00% | |||||||||||||||||||||
Note holder granted shares (in Shares) | 1,024,153 | |||||||||||||||||||||
Warrants exercisable term | 2 years | |||||||||||||||||||||
Warrant exercisable price per share (in Dollars per share) | $ 1.1717 | |||||||||||||||||||||
Beneficial conversion feature discount amount | $ 222,534 | |||||||||||||||||||||
Unamortized discount net | 535,013 | 624,680 | ||||||||||||||||||||
Amortization discount amount | 89,667 | 0 | ||||||||||||||||||||
Fair value of warrant discount | 494,802 | |||||||||||||||||||||
Steve Schrader [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Debt principle amount | $ 131,000 | |||||||||||||||||||||
Debt maturity date | Sep. 27, 2023 | |||||||||||||||||||||
Outstanding cash percentage | 115.00% | |||||||||||||||||||||
Note holder granted shares (in Shares) | 113,510 | |||||||||||||||||||||
Warrants exercisable term | 2 years | |||||||||||||||||||||
Warrant exercisable price per share (in Dollars per share) | $ 1.1717 | |||||||||||||||||||||
Beneficial conversion feature discount amount | $ 24,672 | |||||||||||||||||||||
Unamortized discount net | 59,124 | |||||||||||||||||||||
Amortization discount amount | 9,909 | 0 | ||||||||||||||||||||
Fair value of warrant discount | $ 54,598 | |||||||||||||||||||||
Unamortized discount | 69,033 | |||||||||||||||||||||
Zygote Ventures [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Debt principle amount | $ 111,111 | |||||||||||||||||||||
Debt maturity date | Feb. 28, 2024 | |||||||||||||||||||||
Outstanding cash percentage | 115.00% | |||||||||||||||||||||
Note holder granted shares (in Shares) | 94,829 | |||||||||||||||||||||
Warrants exercisable term | 2 years | |||||||||||||||||||||
Warrant exercisable price per share (in Dollars per share) | $ 1.1717 | |||||||||||||||||||||
Beneficial conversion feature discount amount | $ 100,000 | |||||||||||||||||||||
Unamortized discount net | 106,481 | 0 | ||||||||||||||||||||
Amortization discount amount | 4,630 | 0 | ||||||||||||||||||||
Funds received amount | 100,000 | |||||||||||||||||||||
Original issue discount | 11,111 | |||||||||||||||||||||
Garrett Gruener [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Debt principle amount | $ 444,444 | |||||||||||||||||||||
Debt maturity date | Feb. 28, 2024 | |||||||||||||||||||||
Outstanding cash percentage | 115.00% | |||||||||||||||||||||
Note holder granted shares (in Shares) | 379,316 | |||||||||||||||||||||
Warrants exercisable term | 2 years | |||||||||||||||||||||
Warrant exercisable price per share (in Dollars per share) | $ 1.1717 | |||||||||||||||||||||
Beneficial conversion feature discount amount | $ 400,000 | |||||||||||||||||||||
Unamortized discount net | 425,926 | 0 | ||||||||||||||||||||
Amortization discount amount | 18,519 | $ 0 | ||||||||||||||||||||
Funds received amount | 400,000 | |||||||||||||||||||||
Original issue discount | $ 44,444 | |||||||||||||||||||||
Senior Secured Convertible Note [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Note balance amount | 1,603,778 | 1,603,778 | ||||||||||||||||||||
Notes Payable [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Accrued interest | $ 135,942 | $ 127,575 | ||||||||||||||||||||
Convertible Notes Payable [Member] | ||||||||||||||||||||||
Notes Payable and Convertible Notes Payable (Details) [Line Items] | ||||||||||||||||||||||
Stock Issued | $ 8,700,000 | |||||||||||||||||||||
Related parties | 7,700,000 | |||||||||||||||||||||
Interest rate | 15.00% | |||||||||||||||||||||
Warrant interest rate | 30.00% | |||||||||||||||||||||
Special preferred stock | $ 0.32276 | |||||||||||||||||||||
Notes convert, per share (in Dollars per share) | $ 0.10759 | |||||||||||||||||||||
Accrued interest | $ 1,960,116 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 30, 2022 | Mar. 23, 2022 | Mar. 22, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2022 | Nov. 15, 2021 | Oct. 08, 2021 | Sep. 27, 2021 | Jun. 25, 2021 | Dec. 14, 2020 | Jan. 03, 2020 | Sep. 01, 2018 | |
Commitments and Contingencies (Details) [Line Items] | |||||||||||||
Convertible shares | 35,328,980 | 1,000 | |||||||||||
Exercise price (in Dollars per share) | $ 1.1717 | $ 1.1717 | $ 0.058 | $ 0.058 | $ 0.058 | ||||||||
Ownership limit, percentage | 9.99% | ||||||||||||
Per share price (in Dollars per share) | $ 0.001 | $ 6.92 | $ 8.65 | ||||||||||
Warrant shares. percentage | 30.00% | ||||||||||||
Capitalized contract cost, net (in Dollars) | $ 569,647 | ||||||||||||
Amount received (in Dollars) | $ 569,467 | ||||||||||||
Common Stock [Member] | |||||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||||
Shares issued | 2,124,687 | ||||||||||||
Exercise price (in Dollars per share) | $ 2.0587 | $ 1.1717 | |||||||||||
Preferred Stock [Member] | |||||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||||
Purchased shares | 500 | ||||||||||||
Preferred Stock B [Member] | |||||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||||
Convertible shares | 5,572,045 | 1,000,000 | |||||||||||
Series B preferred stock stated value (in Dollars per share) | $ 1 | ||||||||||||
Series B preferred stock outstanding | 963,964 | ||||||||||||
Preferred Stock outstanding | 0 | 963,964 | |||||||||||
Preferred Stock C [Member] | |||||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||||
Reverse stock split | 991,133 | ||||||||||||
Remaining shares | 3,281 | ||||||||||||
Preferred Stock C [Member] | |||||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||||
Preferred Stock outstanding | 8,867 | 1,000,000 | |||||||||||
Votes eligible percentage | 80.00% | ||||||||||||
Outstanding shares | 5,586 | ||||||||||||
Series D Preferred Stock [Member] | |||||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||||
Preferred Stock outstanding | 500 | 0 | |||||||||||
Purchased shares | 500 | ||||||||||||
Aggregate purchase price (in Dollars) | $ 500,000 | ||||||||||||
Purchaser received term | 5 years | ||||||||||||
Purchase warrants | 60,000 | ||||||||||||
Per share price (in Dollars per share) | $ 1,000 | ||||||||||||
Preferred Stock, Shares Issued | (10,000) | ||||||||||||
Preferred stock per share (in Dollars per share) | $ 1,200 | ||||||||||||
Dividend equal, percentage | 8.00% | ||||||||||||
Conversion price, description | (1) $2.08, a fixed price equaling the closing bid price of the Common Stock on the trading day immediately preceding the date of the Purchase Agreement and (2) one hundred percent (100%) of the quotient of (A) the sum of the VWAP of the Common Stock for each of the three (3) trading days with the lowest VWAP during the twenty (20) consecutive trading day period ending on the trading day immediately preceding the date of delivery of a conversion notice and (B) three, subject to the Beneficial Ownership Limitations. Following an “Event of Default,” as defined in the Purchase Agreement, the Conversion price shall equal the lower of: (a) the then applicable Conversion Price; or (b) a price per share equaling eighty percent (80%) of the lowest traded price for the Company’s common stock during the fifteen (15) Trading Days immediately preceding, but not including, the Conversion Date. | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||||
Convertible shares | 116,939 | ||||||||||||
Subsequent Event [Member] | Preferred Stock C [Member] | |||||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||||
Convertible shares | 199,131 | ||||||||||||
Preferred Stock outstanding | 5,586 | ||||||||||||
Nanomix {Member] | |||||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||||
Convertible shares | 35,328,980 | ||||||||||||
Preferred stock convert into common stock | 35,644,997 | ||||||||||||
Nanomix {Member] | Preferred Stock C [Member] | |||||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||||
Shares issued | 1,000,000 |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Right-of-use asset | $ 639,335 | |
Related lease liability | 639,335 | |
Selling, general and administrative expenses | $ 81,251 | $ 69,278 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of financial information associated with our lease - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Right-of-use assets [Member] | ||
Leases (Details) - Schedule of financial information associated with our lease [Line Items] | ||
Balance Sheet Classification | Other long-term assets | |
Financial Leases | $ 639,335 | $ 0 |
Current lease liabilities [Member] | ||
Leases (Details) - Schedule of financial information associated with our lease [Line Items] | ||
Balance Sheet Classification | Other current liabilities | |
Financial Leases | $ 83,056 | 0 |
Non-current lease liabilities [Member] | ||
Leases (Details) - Schedule of financial information associated with our lease [Line Items] | ||
Balance Sheet Classification | Other long-term liabilities | |
Financial Leases | $ 556,278 | $ 0 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of maturities of our lease liability | Mar. 31, 2022USD ($) |
Schedule of maturities of our lease liability [Abstract] | |
2023 | $ 173,400 |
2024 | 178,602 |
2025 | 183,960 |
2026 | 189,479 |
2027 | 195,163 |
Total lease payments | 920,604 |
Less: Imputed interest | (281,269) |
Present value of lease liabilities | $ 639,335 |
Stockholders' Deficit (Details)
Stockholders' Deficit (Details) - USD ($) | Oct. 08, 2021 | Jun. 04, 2021 | Nov. 15, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Mar. 22, 2022 | Jan. 11, 2022 | Feb. 11, 2021 | Jan. 25, 2021 | Dec. 31, 2020 |
Stockholders' Deficit (Details) [Line Items] | |||||||||||
Common stock shares authorized | 2,000,000,000 | 2,000,000,000 | |||||||||
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 | $ 0.0001 | ||||||||
Common stock shares issued | 5,300,084 | 46,203,866 | 2,757 | 4,298 | |||||||
Shares issued | 3,486 | 1,214 | |||||||||
Exercise price per share (in Dollars per share) | $ 6.12 | $ 1.73 | |||||||||
Convertible of preferred stock | 101,015,049 | 3,281 | |||||||||
Conversion of shares | 618,687 | ||||||||||
Convertible notes payable (in Dollars) | $ 10,639,615.96 | $ 200,000 | $ 200,000 | ||||||||
Accrued interest of shares common stock | 571,621 | ||||||||||
Conversion rate (in Dollars) | $ 18.613 | ||||||||||
Common stock shares outstanding | 1,199,306 | 5,300,084 | 46,203,866 | ||||||||
Repurchase common shares | 5,435 | ||||||||||
Investors amount (in Dollars) | $ 202,188 | ||||||||||
Stock option exercised | 506 | 2,312 | |||||||||
Price per share (in Dollars per share) | $ 8.65 | $ 6.92 | $ 0.001 | ||||||||
Common stock amount (in Dollars) | $ 4,375 | $ 16,000 | |||||||||
Converted common shares | 916,914,554 | ||||||||||
Common stock issued and outstanding | 173 | ||||||||||
Common Stock [Member] | |||||||||||
Stockholders' Deficit (Details) [Line Items] | |||||||||||
Common stock shares authorized | 2,000,000,000 | 2,000,000,000 | 137,000,000 | ||||||||
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.0001 | $ 0.00001 | ||||||||
Common stock shares issued | 46,203,866 | ||||||||||
Common stock shares outstanding | 5,300,084 | 46,203,866 | |||||||||
Common stock issued | 5,300,084 | ||||||||||
Common stock par value (in Dollars) | $ 0.001 | ||||||||||
Preferred Stock C [Member] | |||||||||||
Stockholders' Deficit (Details) [Line Items] | |||||||||||
Shares issued | 1,000,000 | ||||||||||
Convertible of preferred stock | 1,000,000 | ||||||||||
Converted shares | 35,328,980 | ||||||||||
Preferred stock issued | 1,000,000 | 1,000,000 | |||||||||
Preferred Stock B [Member] | |||||||||||
Stockholders' Deficit (Details) [Line Items] | |||||||||||
Converted shares | 5,572,045 | ||||||||||
Nanomix {Member] | Preferred Stock C [Member] | |||||||||||
Stockholders' Deficit (Details) [Line Items] | |||||||||||
Preferred stock issued | 991,133 |
Warrants (Details)
Warrants (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||||
Feb. 28, 2022 | Jun. 25, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 23, 2022 | Dec. 31, 2021 | Sep. 27, 2021 | Dec. 14, 2020 | Jan. 03, 2020 | Sep. 01, 2018 | |
Warrants (Details) [Line Items] | ||||||||||
Purchase of aggregate shares (in Shares) | 1,368,762 | 113,510 | 102,178 | 527,921 | ||||||
Exercise price, per share | $ 1.1717 | $ 1.1717 | $ 0.058 | $ 0.058 | $ 0.058 | |||||
Loss on modification of debt (in Dollars) | $ 2,385,204 | |||||||||
Debt discount (in Dollars) | $ 1.1717 | |||||||||
Interest expense (in Dollars) | $ 379,316 | |||||||||
Common Stock [Member] | ||||||||||
Warrants (Details) [Line Items] | ||||||||||
Exercise price, per share | $ 1.1717 | $ 2.0587 | ||||||||
HT Investments MA LLC [Member] | ||||||||||
Warrants (Details) [Line Items] | ||||||||||
Purchase of aggregate shares (in Shares) | 96,951 | |||||||||
Warrants [Member] | ||||||||||
Warrants (Details) [Line Items] | ||||||||||
Purchase of aggregate shares (in Shares) | 1,373,861 | 1,024,153 | ||||||||
Exercise price, per share | $ 0.058 | $ 1.1717 | ||||||||
Warrants issuance (in Dollars) | $ 0 | $ 0 | ||||||||
Debt discount (in Dollars) | $ 94,829 | |||||||||
Gold Blaze Limited [Member] | ||||||||||
Warrants (Details) [Line Items] | ||||||||||
Purchase of aggregate shares (in Shares) | 94,829 | 426,730 | ||||||||
Exercise price, per share | $ 1.1717 | $ 1.1717 | ||||||||
HT Investments MA LLC [Member] | ||||||||||
Warrants (Details) [Line Items] | ||||||||||
Purchase of aggregate shares (in Shares) | 4,267,304 | |||||||||
Exercise price, per share | $ 1.1717 | |||||||||
GHS Investments LLC [Member] | ||||||||||
Warrants (Details) [Line Items] | ||||||||||
Purchase of aggregate shares (in Shares) | 60,000 | |||||||||
Exercise price, per share | $ 2.0587 |
Warrants (Details) - Schedule o
Warrants (Details) - Schedule of warrants outstanding - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of warrants outstanding [Abstract] | ||
Warrants, Outstanding at beginning | 9,547,448 | 2,002,622 |
Weighted Average Exercise Price, Outstanding at beginning | $ 0.9369 | $ 0.0581 |
Warrants, Outstanding at ending | 10,176,421 | 9,547,448 |
Weighted Average Exercise Price, Outstanding at ending | $ 0.9566 | $ 0.9369 |
Warrants, Granted with exercise price $0.058 | 122,065 | |
Weighted Average Exercise Price, Granted with exercise price $0.058 | $ 0.0581 | |
Warrants, BTHE warrants | 222,302 | |
Weighted Average Exercise Price, BTHE warrants | $ 1.73 | |
Warrants, Granted with exercise price $1.1717 | 568,973 | 7,200,459 |
Weighted Average Exercise Price, Granted with exercise price $1.1717 | $ 1.1717 | $ 1.1717 |
Warrants, Granted with exercise price $2.0587 | 60,000 | |
Weighted Average Exercise Price, Granted with exercise price $2.0587 | $ 2.0587 | |
Warrants, Exercised/Expired/Forfeited | ||
Weighted Average Exercise Price, Exercised/Expired/Forfeited | ||
Warrants, Exercised/Expired/Forfeited | ||
Weighted Average Exercise Price, Exercised/Expired/Forfeited |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Jun. 30, 2021 | |
Stock-Based Compensation (Details) [Line Items] | ||||
Percentage of fair market value, description | The exercise price for each option is determined by the Board of Directors, but will be (i) in the case of an incentive stock option, (A) granted to an employee who, at the time of grant of such option, is a 10% Holder, no less than 110% of the fair market value per share on the date of grant; or (B) granted to any other employee, no less than 100% of the fair market value per share on the date of grant; and (ii) in the case of a nonstatutory stock option, no less than 100% of the fair market value per share on the date of grant. | |||
General and administrative expense (in Dollars) | $ 20,391 | $ 28,405 | ||
Aggregate options share | 60,000 | |||
Unrecognized compensation expense (in Dollars) | $ 146,267 | |||
Weighted average period | 2 years 6 months 21 days | |||
Description of vesting period | Restricted stock is valued at the fair market value on the date of grant with expense recognized over the vesting period from June 4, 2021 till February 20, 2023. | |||
2010 Plan [Member] | ||||
Stock-Based Compensation (Details) [Line Items] | ||||
Aggregate options share | 5,340,844 | |||
Options exercised or forfeited | 2,763,489 | |||
Remain outstanding | 2,577,355 | |||
Maximum [Member] | ||||
Stock-Based Compensation (Details) [Line Items] | ||||
Shares of common stock issued | 19,410,000 | |||
Maximum [Member] | 2010 Plan [Member] | ||||
Stock-Based Compensation (Details) [Line Items] | ||||
Exercise price (in Dollars per share) | $ 0.46 | |||
Minimum [Member] | 2010 Plan [Member] | ||||
Stock-Based Compensation (Details) [Line Items] | ||||
Exercise price (in Dollars per share) | $ 0.058 | |||
Restricted Stock [Member] | ||||
Stock-Based Compensation (Details) [Line Items] | ||||
Restricted stock units | 19,783,551 | |||
Share forfeited | 1,542,776 | |||
General and administrative expense (in Dollars) | $ 9,159 | $ 0 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details) - Schedule of options granted to employees and non-employees outstanding | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Schedule of options granted to employees and non-employees outstanding [Abstract] | |
Options, Outstanding at Beginning (in Shares) | shares | 2,577,335 |
Weighted Average Exercise Price, Outstanding at Beginning Balance | $ 0.23 |
Total Weighted Average Intrinsic Value, Outstanding at Beginning Balance | $ 0.06 |
Remaining Life, Outstanding at Beginning Balance | 5 years 8 months 1 day |
Options, Granted (in Shares) | shares | |
Weighted Average Exercise Price, Granted | |
Total Weighted Average Intrinsic Value, Granted | |
Remaining Life, Granted | |
Options, Exercised/Expired/Forfeited (in Shares) | shares | |
Weighted Average Exercise Price, Exercised/Expired/Forfeited | |
Total Weighted Average Intrinsic Value, Exercised/Expired/Forfeited | |
Remaining Life, Exercised/Expired/Forfeited | |
Options, Outstanding at ending (in Shares) | shares | 2,577,335 |
Weighted Average Exercise Price, Outstanding at ending | $ 0.23 |
Total Weighted Average Intrinsic Value, Outstanding at ending | $ 0.06 |
Remaining Life, Outstanding at ending | 5 years 8 months 1 day |
Options, Exercisable (in Shares) | shares | 2,358,804 |
Weighted Average Exercise Price, Exercisable | $ 0.23 |
Total Weighted Average Intrinsic Value, Exercisable | $ 0.06 |
Remaining Life, Exercisable | 4 years 9 months 10 days |
Options, Expected to be vested (in Shares) | shares | 218,531 |
Weighted Average Exercise Price, Expected to be vested | $ 0.29 |
Total Weighted Average Intrinsic Value, Expected to be vested | $ 0 |
Remaining Life, Expected to be vested | 8 years 7 months 20 days |
Warrants and Options Valuatio_2
Warrants and Options Valuation (Details) - Schedule of black-scholes option-pricing method - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Warrants and Options Valuation (Details) - Schedule of black-scholes option-pricing method [Line Items] | ||
Expected dividend yield | 0.00% | 0.00% |
Stock price (in Dollars per share) | $ 0.29 | $ 0.29 |
Minimum [Member] | ||
Warrants and Options Valuation (Details) - Schedule of black-scholes option-pricing method [Line Items] | ||
Expected stock-price volatility | 54.97% | 54.97% |
Risk-free rate | 1.09% | 0.61% |
Term of options | 5 years | 5 years |
Maximum [Member] | ||
Warrants and Options Valuation (Details) - Schedule of black-scholes option-pricing method [Line Items] | ||
Expected stock-price volatility | 127.09% | 122.28% |
Risk-free rate | 2.82% | 2.82% |
Term of options | 10 years | 10 years |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Jun. 25, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions (Details) [Line Items] | |||
Related accrued interest | $ 603,778 | ||
Senior secured convertible note , description | the Company issued a senior secured convertible note to Mr. Garrett Gruener, its investor, with a principal amount of $1,603,778 and 779,025 5-year warrants exercisable at $2.0587. The issuance of the note and warrants resulted in a loss on modification of debt of $2,385,204. As of March 31, 2022 and December 31, 2021, the note balance was $1,603,778. | ||
Mr. Ludvigson [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Accrued salary payable | $ 65,000 | $ 50,000 | |
Garrett Gruener [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Principal amount | 444,444 | ||
Boston Therapeutics [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Amounts due shareholders, officers and directors | 304,973 | 304,973 | |
Mr. Garrett Gruener [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Secured note payable | $ 1,000,000 | ||
Garrett Gruener [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Net of unamortized discount balance | $ 18,519 | $ 0 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of related party transactions - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Account payable and accrued expenses, related party: | ||
Account payable and accrued expenses, related party | $ 369,973 | $ 354,973 |
Senior Secured Convertible note, related party: | ||
Senior Secured Convertible note, related party | 1,622,297 | 1,603,778 |
Mr. Ludvigson [Member] | ||
Account payable and accrued expenses, related party: | ||
Account payable and accrued expenses, related party | 65,000 | 50,000 |
Loraine Upham [Member] | ||
Account payable and accrued expenses, related party: | ||
Account payable and accrued expenses, related party | 11,995 | 11,995 |
Loraine Upham accrued compensation [Member] | ||
Account payable and accrued expenses, related party: | ||
Account payable and accrued expenses, related party | 188,716 | 188,716 |
David Platt [Member] | ||
Account payable and accrued expenses, related party: | ||
Account payable and accrued expenses, related party | 4,399 | 4,399 |
S. Colin Neill [Member] | ||
Account payable and accrued expenses, related party: | ||
Account payable and accrued expenses, related party | 73,750 | 73,750 |
Upham Bioconsulting, LLC [Member] | ||
Account payable and accrued expenses, related party: | ||
Account payable and accrued expenses, related party | 6,113 | 6,113 |
Uphambc Consulting [Member] | ||
Account payable and accrued expenses, related party: | ||
Account payable and accrued expenses, related party | 20,000 | 20,000 |
Mr. Gruener [Member] | ||
Senior Secured Convertible note, related party: | ||
Senior Secured Convertible note, related party | $ 1,622,297 | $ 1,603,778 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | ||
Federal net operating loss carryforward | $ 93 | |
State net operating loss carryforward | $ 578 | |
Allowance against our deferred tax asset percentage | 100.00% | 100.00% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of deferred tax asset and valuation allowance | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Schedule of deferred tax asset and valuation allowance [Abstract] | |
NOL at 12/31/20 | $ (93,056,108) |
Net income year ended December 31, 2021 | (9,465,033) |
Loss on debt modification | 2,385,204 |
Interest Expense - Debt Discount | 1,511,049 |
Interest Expense | 706,126 |
Other accrued expenses - CY | 547,642 |
Stock Compensation - Options | 139,515 |
Accrued Vacation – CY | 35,152 |
Compensation – RSU | 21,077 |
Change in fair value of derivative liability | (15,282) |
Change in fair value of warrant liability | (438,972) |
NOL at 12/31/21 | $ (97,629,630) |
Effective rate | 21.00% |
Deferred tax asset | $ (20,502,222) |
Valuation allowance | 20,502,222 |
Net deferred tax asset at 12/31/21 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | 1 Months Ended |
Apr. 30, 2022shares | |
Subsequent Events (Details) [Line Items] | |
Common stock converted | 116,939 |
Preferred Stock C [Member] | |
Subsequent Events (Details) [Line Items] | |
Preferred stock converted | 3,281 |
Common stock converted | 199,131 |
Outstanding shares | 5,586 |