Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 11, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | CohBar, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 61,788,325 | |
Amendment Flag | false | |
Entity Central Index Key | 0001522602 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-38326 | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 1,817,354 | $ 2,894,575 |
Investments | 15,999,690 | 18,120,266 |
Prepaid expenses and other current assets | 343,673 | 413,692 |
Total current assets | 18,160,717 | 21,428,533 |
Property and equipment, net | 357,589 | 394,004 |
Intangible assets, net | 17,805 | 18,075 |
Other assets | 69,620 | 67,403 |
Total assets | 18,605,731 | 21,908,015 |
Current liabilities: | ||
Accounts payable | 1,052,031 | 727,599 |
Accrued liabilities | 314,821 | 1,141,741 |
Accrued payroll and other compensation | 816,550 | 853,335 |
Note payable, net of debt discount and offering costs of $6,509 and $15,656 as of March 31, 2021 and December 31, 2020 , respectively | 273,491 | 349,344 |
Total current liabilities | 2,456,893 | 3,072,019 |
Notes payable, net of debt discount and offering costs of $21,800 and $26,159 as of March 31, 2021 and December 31, 2020 respectively | 353,200 | 348,841 |
Total liabilities | 2,810,093 | 3,420,860 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, Authorized 5,000,000 shares; No shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | ||
Common stock, $0.001 par value, Authorized 180,000,000 shares; Issued and outstanding 61,788,325 shares as of March 31, 2021 and 61,117,524 as of December 31, 2020 | 61,788 | 61,118 |
Additional paid-in capital | 89,030,480 | 87,684,323 |
Accumulated deficit | (73,296,630) | (69,258,286) |
Total stockholders’ equity | 15,795,638 | 18,487,155 |
Total liabilities and stockholders’ equity | $ 18,605,731 | $ 21,908,015 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Net of debt discount and offering costs (in Dollars) | $ 6,509 | $ 15,656 |
Debt discount of note payable and offering costs, current (in Dollars) | $ 21,800 | $ 26,159 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | ||
Preferred stock, outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 180,000,000 | 180,000,000 |
Common stock, issued | 61,788,325 | 61,117,524 |
Common stock, outstanding | 61,788,325 | 61,117,524 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | ||
Operating expenses: | ||
Research and development | 2,654,772 | 1,449,872 |
General and administrative | 1,358,679 | 1,831,621 |
Total operating expenses | 4,013,451 | 3,281,493 |
Operating loss | (4,013,451) | (3,281,493) |
Other income (expense): | ||
Interest income | 3,173 | 35,449 |
Interest expense | (14,560) | (77,836) |
Equity modification expense | (802,400) | |
Amortization of debt discount and offering costs | (13,506) | (91,283) |
Total other expense | (24,893) | (936,070) |
Net loss | $ (4,038,344) | $ (4,217,563) |
Basic and diluted net loss per share (in Dollars per share) | $ (0.07) | $ (0.10) |
Weighted average common shares outstanding - basic and diluted (in Shares) | 61,560,279 | 43,119,369 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock | Additional Paid-in-Captial | Accumulated Deficit | Total |
Balance at Dec. 31, 2019 | $ 43,069 | $ 61,087,082 | $ (52,993,325) | $ 8,136,826 |
Balance (in Shares) at Dec. 31, 2019 | 43,069,418 | |||
Stock based compensation | 882,645 | 882,645 | ||
Equity modification expense | 802,400 | 802,400 | ||
Exercise of employee stock options | $ 72 | 42,154 | 42,226 | |
Exercise of employee stock options (in Shares) | 71,981 | |||
Net loss | (4,217,563) | (4,217,563) | ||
Balance at Mar. 31, 2020 | $ 43,141 | 62,814,281 | (57,210,888) | 5,646,534 |
Balance (in Shares) at Mar. 31, 2020 | 43,141,399 | |||
Balance at Dec. 31, 2020 | $ 61,118 | 87,684,323 | (69,258,286) | 18,487,155 |
Balance (in Shares) at Dec. 31, 2020 | 61,117,524 | |||
Stock based compensation | 320,444 | 320,444 | ||
Exercise of employee stock options | $ 624 | 958,223 | 958,847 | |
Exercise of employee stock options (in Shares) | 623,901 | |||
Exercise of warrants | $ 46 | 67,490 | 67,536 | |
Exercise of warrants (in Shares) | 46,900 | |||
Net loss | (4,038,344) | (4,038,344) | ||
Balance at Mar. 31, 2021 | $ 61,788 | $ 89,030,480 | $ (73,296,630) | $ 15,795,638 |
Balance (in Shares) at Mar. 31, 2021 | 61,788,325 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (4,038,344) | $ (4,217,563) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 36,685 | 43,958 |
Stock-based compensation | 320,444 | 882,645 |
Equity modification expense | 802,400 | |
Amortization of debt discount | 12,932 | 87,201 |
Amortization of debt issuance costs | 574 | 4,081 |
Discount on investments | (2,424) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 70,019 | 63,414 |
Accounts payable | 324,432 | 17,348 |
Accrued liabilities | (826,920) | (6,018) |
Accrued payroll and other compensation | (36,785) | (104,435) |
Net cash used in operating activities | (4,139,387) | (2,426,969) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (7,183) | |
Payment for security deposit | (2,217) | (3,161) |
Purchases of investments | (8,029,000) | |
Proceeds from redemptions of investments | 10,152,000 | |
Net cash provided by (used in) investing activities | 2,120,783 | (10,344) |
Cash flows from financing activities: | ||
Proceeds from exercise of warrants | 67,536 | |
Repayment of promissory notes | (85,000) | |
Proceeds from exercise of employee stock options | 958,847 | 42,226 |
Net cash provided by financing activities | 941,383 | 42,226 |
Net decrease in cash and cash equivalents | (1,077,221) | (2,395,087) |
Cash at beginning of period | 2,894,575 | 12,563,853 |
Cash at end of period | 1,817,354 | $ 10,168,766 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $ 20,437 |
Business Organization and Natur
Business Organization and Nature of Operations | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
BUSINESS ORGANIZATION AND NATURE OF OPERATIONS | Note 1 - Business Organization and Nature of Operations CohBar, Inc. (“CohBar,” “its” or the “Company”) is a clinical stage biotechnology company focused on the research and development of mitochondria based therapeutics (“MBTs”), an emerging class of drugs for the treatment of chronic and age-related diseases including nonalcoholic steatohepatitis (“NASH”), obesity, cancer, fibrotic diseases such as idiopathic pulmonary fibrosis, acute respiratory distress syndrome (“ARDS”) including COVID-19 associated ARDS, type 2 diabetes mellitus and cardiovascular and neurodegenerative diseases. The Company’s primary activities include the research and development of its MBT pipeline, securing intellectual property protection for its discoveries and assets, managing collaborations and clinical trials with contract research organizations (“CROs”) and raising capital to fund the Company’s operations. To date, the Company has not generated any revenues from operations and does not expect to generate any revenues in the near future. The Company has financed its operations primarily with proceeds from sales of its equity securities, private placements, the exercise of outstanding warrants and stock options and the issuance of debt instruments. The Company is monitoring the COVID-19 pandemic, which continues to rapidly evolve, and has taken steps to mitigate the potential impacts on its business. The extent to which the pandemic may impact the Company’s business, preclinical studies and its clinical trial will depend on future developments, which are highly uncertain and cannot be predicted with confidence. The Company has modified its business practices by restricting nonessential travel, implementing a partial work from home policy for its employees and instituting new safety protocols for its lab to enable essential on-site work to continue. The Company expects to continue to take actions that are in the best interests of its employees and business partners. Due to the uncertainty surrounding the pandemic, the Company’s visibility into the duration of these actions is limited. The unaudited interim condensed financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by U.S. GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K (the “2020 Form 10-K”), filed with the SEC on March 30, 2021. The interim unaudited condensed financial statements should be read in conjunction with those audited financial statements included in the 2020 Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three-month period ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, or any other period. |
Liquidity and Going Concern
Liquidity and Going Concern | 3 Months Ended |
Mar. 31, 2021 | |
Liquidity And GOING Concern [Abstract] | |
LIQUIDITY AND GOING CONCERN | Note 2 – Liquidity and Going Concern As of March 31, 2021, the Company had working capital and stockholders’ equity of $15,703,824 and $15,795,638, respectively. During the three months ended March 31, 2021, the Company incurred a net loss of $4,038,344 and utilized cash of $4,139,387 in its operating activities. The Company’s management has evaluated whether there is substantial doubt about its ability to continue as a going concern. The Company has not generated any revenues, has incurred net losses since inception, does not expect to generate revenues in the near term and requires additional capital for its contemplated operational activities. These factors raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the issuance of these financial statements. If the Company is unable to raise additional capital whenever necessary, it may be forced to decelerate or curtail its research and development activities and/or other operations until such time as additional capital becomes available. Such limitation of its activities would allow the Company to slow its rate of spending and extend its use of cash until additional capital is raised. There can be no assurance that such a plan would be successful. There is no assurance that additional financing will be available when needed or that the Company will be able to obtain such financing on reasonable terms. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 3 - Summary of Significant Accounting Policies Basis of Presentation All amounts are presented in U.S. Dollars. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at dates of the financial statements and the reported amounts of revenue and expenses during the periods. Actual results could differ from these estimates. The Company’s significant estimates and assumptions include the fair value of financial instruments, stock-based compensation and the valuation allowance relating to the Company’s deferred tax assets. Concentrations of Credit Risk The Company maintains deposits in a financial institution which is insured by the Federal Deposit Insurance Corporation (“FDIC”). At various times, the Company has deposits in this financial institution in excess of the amount insured by the FDIC. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk. Investments Investments as of March 31, 2021 and December 31, 2020 consist of U.S. Treasury Bills, which are classified as held-to-maturity, totaling $15,999,690 and $18,120,266, respectively. The Company determines the appropriate balance sheet classification of its investments at the time of purchase and evaluates the classification at each balance sheet date. All of the Company’s U.S. Treasury Bills mature within the subsequent twelve months from the date of purchase. Unrealized gains and losses were de minimus Common Stock Purchase Warrants The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) provide the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement) providing that such contracts are indexed to the Company’s own stock. The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the Company’s control), or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). The Company assesses classification of its common stock purchase warrants and other free-standing derivatives at each reporting date to determine whether a change in classification between assets, liabilities and equity is required. The Company’s free-standing derivatives consist of warrants to purchase common stock that were issued in connection with its notes payable and a private offering. The Company evaluated these warrants to assess their proper classification using the applicable criteria enumerated under U.S. GAAP and determined that the common stock purchase warrants meet the criteria for equity classification in the accompanying balance sheets as of March 31, 2021 and December 31, 2020. Share-Based Payment The Company accounts for share-based payments using the fair value method. For employees and directors, the fair value of the award is measured, as discussed below, on the grant date. For non-employees, fair value is generally valued based on the fair value of the services provided or the fair value of the equity instruments on the measurement date, whichever is more readily determinable. The Company has granted stock options at exercise prices equal to the closing price of the Company’s common stock as reported by Nasdaq, with input from management on the date of grant. Upon exercise of an option or warrant, the Company issues new shares of common stock out of its authorized shares. The weighted-average fair value of options and warrants has been estimated on the grant date or measurement date using the Black-Scholes pricing model. The fair value of each instrument is estimated on the grant date or measurement date utilizing certain assumptions for a risk-free interest rate, volatility and expected remaining lives of the awards. The risk-free interest rate used is the United States Treasury rate for the day of the grant having a term equal to the life of the equity instrument. Beginning with the first quarter of the year ended December 31, 2019, the fair value of stock-based payment awards issued was estimated using a volatility derived from the Company’s share price. The assumptions used in calculating the fair value of share-based payment awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, the Company’s stock-based compensation expense could be materially different in the future. The weighted-average Black-Scholes assumptions are as follows: For the Three Months Ended March 31, 2021 2020 Expected life N/A 6.25 years Risk free interest rate N/A 1.61 % Expected volatility N/A 95 % Expected dividend yield N/A 0 % Forfeiture rate N/A 0 % As of March 31, 2021, total unrecognized stock option compensation expense was $2,231,902, which will be recognized as those options vest over a period of approximately four years. The amount of future stock option compensation expense could be affected by any future option grants or by any option holders leaving the Company before their grants are fully vested. Net Loss Per Share of Common Stock Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive and consist of the following: As of 2021 2020 Options 6,805,538 7,685,377 Warrants 19,368,918 4,907,223 Totals 26,174,456 12,592,600 Recent Accounting Pronouncement In December 2019, the Financial Accounting Standards Board issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which is intended to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740. This guidance is effective for fiscal years beginning after December 15, 2020. ASU 2019-12 did not have an impact on the accompanying consolidated financial statements and related disclosures. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities [Abstract] | |
ACCRUED LIABILITIES | Note 4 - Accrued Liabilities Accrued liabilities consist of: As of As of March 31, December 31, Lab services & supplies $ 27,425 $ 917,194 Professional fees 106,552 44,171 Interest 156,854 162,731 Other 23,990 17,645 Total accrued liabilities $ 314,821 $ 1,141,741 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 5 - Commitments and Contingencies Litigation, Claims and Assessments The Company may from time to time be party to litigation and subject to claims incident to the ordinary course of business. As the Company grows and gains prominence in the marketplace, it may become party to an increasing number of litigation matters and claims. The outcome of litigation and claims cannot be predicted with certainty, and the resolution of these matters could materially affect the Company’s future results of operations, cash flows or financial position. The Company is not currently a party to any legal proceedings. Operating Leases The Company is a party to (i) a lease agreement for laboratory space leased on a month-to month basis that is part of a shared facility in Menlo Park, California and (ii) a one-year lease agreement for office space in Fairfield, New Jersey, which expires in September 2021. Rent expense was $102,213 and $100,136 for the three months ended March 31, 2021 and 2020, respectively. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS’ EQUITY | Note 6 - Stockholders’ Equity Authorized Capital The Company has authorized the issuance and sale of up to 185,000,000 shares of stock, consisting of 180,000,000 shares of common stock having a par value of $0.001 and 5,000,000 shares of Preferred Stock having a par value of $0.001 per share. As of March 31, 2021 and 2020, there were no shares of Preferred Stock outstanding and there were no declared but unpaid dividends or undeclared dividend arrearages on any shares of the Company’s capital stock. Registration of Shares During the three months ended March 31, 2021, the Company filed a registration statement for the shares issued in its private offering (the “Private Offering”) with certain promissory note holders in December 2020. The Company converted outstanding amounts under its 8% Unsecured Promissory Notes (the “2018 Notes”) due in 2021 and 2022 in the Private Offering totaling an aggregate of $3,847,018 in principal and interest and issued 3,154,115 units at a price of $1.22 per unit. Each unit consists of one share of the Company’s common stock and one warrant to purchase 0.75 of one share of the Company’s common stock at an exercise price of $1.44 per share. Each warrant can be exercised at any time on or after June 18, 2021 and has an expiration date of June 18, 2026. Two officers of the Company participated in the Private Offering and converted an aggregate of approximately $131,000 in principal and interest into 107,000 units. Stock Options The Company has an incentive stock plan, the Amended and Restated 2011 Equity Incentive Plan (the “2011 Plan”), and has granted stock options to employees, non-employee directors and consultants from the 2011 Plan. Options granted under the 2011 Plan may be Incentive Stock Options or Non-statutory Stock Options, as determined by the Administrator at the time of grant. As of March 31, 2021, there were 5,169,561 shares remaining available for issuance under the 2011 Plan. During the three months ended March 31, 2021, stock options to purchase 623,901 shares of common stock were exercised for cash proceeds of $958,847. During the three months ended March 31, 2021, stock options to purchase 40,452 shares of common stock expired, were cancelled and returned to the option pool for future issuance. The Company recorded stock-based compensation as follows: For the Three Months Ended March 31, 2021 2020 Research and development $ 57,102 $ 212,429 General and administrative 263,342 670,216 Total $ 320,444 $ 882,645 The following table represents stock option activity for the three months ended March 31, 2021: Weighted Average Stock Options Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – December 31, 2020 7,469,891 5,390,431 $ 2.06 $ 1.68 $ 1.68 6.27 $ - Granted - - - - - - - Exercised (623,901 ) - - - - - - Cancelled (40,452 ) - - - - - - Balance – March 31, 2021 6,805,538 4,923,099 $ 2.12 $ 1.77 $ 1.77 6.27 $ 1,670,751 The following table summarizes information on stock options outstanding and exercisable as of March 31, 2021: Grant Price Weighted Average Total Number Weighted Average From To Exercise Price Outstanding Exercisable Remaining Contractual Term $ 0.26 $ 2.02 $ 0.71 2,455,621 2,286,454 4.12 years $ 2.10 $ 4.60 $ 2.42 3,756,917 2,084,249 7.51 years $ 5.30 $ 8.86 $ 6.25 593,000 552,396 7.09 years Totals 6,805,538 4,923,099 Warrants During the three months ended March 31, 2021, the Company granted warrants to two service providers to purchase a total of 60,000 shares of its common stock with an exercise price of $1.38 per share. Fifty thousand of these warrants were valued using the Black-Scholes option pricing model and the corresponding expense will be recognized over the vesting period of one year. Ten thousand of these warrants are performance based and will be valued and expensed at the time the performance conditions are met. The warrants have terms that range from two to three years with vesting over a one-year period. During the three months ended March 31, 2021, warrants to purchase 46,900 shares of common stock were exercised for cash proceeds of $67,536. During the three months ended March 31, 2021, warrants to purchase 17,000 shares of common stock expired and were cancelled. The following table summarizes information on warrants outstanding as of March 31, 2021. Weighted Average Aggregate Warrants Exercise Price Fair Value Contractual Intrinsic Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – December 31, 2020 19,372,818 15,495,973 $ 1.62 $ 1.61 $ 0.81 4.07 $ - Granted 60,000 - - - - - - Exercised (46,900 ) - - - - - - Cancelled (17,000 ) - - - - - - Balance – March 31, 2021 19,368,918 15,440,406 $ 1.62 $ 1.65 $ 0.81 3.83 $ 882,553 |
Non-Cash Expenses
Non-Cash Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
NON-CASH EXPENSES | Note 7 – Non-Cash Expenses The following table details the Company’s non-cash expenses included in the accompanying condensed statements of operations: For the Three Months Ended March 31, 2021 2020 Operating expenses: Stock-based compensation $ 320,444 $ 882,645 Depreciation & amortization 36,685 43,958 Subtotal $ 357,129 $ 926,603 Other expense: Amortization of debt discount 13,506 87,201 Equity expense - 802,400 Subtotal $ 13,506 $ 889,601 Total non-cash expenses $ 370,635 $ 1,816,204 |
Amendments to Notes and Warrant
Amendments to Notes and Warrants | 3 Months Ended |
Mar. 31, 2021 | |
Amendments To Notes And Warrants [Abstract] | |
AMENDMENTS TO NOTES AND WARRANTS | Note 8 – Amendments to Notes and Warrants Warrants On March 10, 2020, the Company entered into amendments (the “Amendments”) with certain holders of the 2018 Notes and Nontransferable Common Stock Purchase Warrants (the “2018 Warrants”). Pursuant to the Amendments, the maturity date of the applicable 2018 Notes was extended and the expiration date of the applicable 2018 Warrants was extended from March 29, 2021 to March 29, 2022. The terms of the applicable 2018 Notes were also amended to grant the holders of such 2018 Notes a right to participate in the Private Offering and to grant resale registration rights in connection therewith. The Company recognized in Other Expenses, $209,810 of costs relating to the 2018 Warrants extension in the accompanying condensed statements of operations. On August 10, 2020, the 2018 Notes and the 2018 Warrants were further amended. The Company determined the proper classification of the loan modification based on ASC 470-50, Debt Modifications and Extinguishments. Because the change in present value of cash flows of the modified debt is less than 10% when compared to the present value of the cash flows of the original debt, no change is required to be made to the debt in the accompanying condensed financial statements. Also, on March 10, 2020, the Company entered into an amendment with certain holders of the Company’s Common Stock Purchase Warrants (the “2017 Warrants”) pursuant to which the expiration date of the applicable 2017 Warrants was extended from June 30, 2020 to September 30, 2021. The Company recognized in Other Expenses, $592,590 of costs relating to the 2017 Warrants extension in the accompanying condensed statements of operations. |
Promissory Notes
Promissory Notes | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
PROMISSORY NOTES | Note 9 – Promissory Notes During the three months ended March 31, 2021, the Company paid $105,437 in principal and interest for two promissory notes that matured. Two promissory notes totaling $352,110 in principal and interest are due and payable on June 30, 2021. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Note 10 – Subsequent Events Management has evaluated subsequent events to determine if events or transactions occurring through the date on which the condensed financial statements were issued require adjustment or disclosure in the Company’s condensed financial statements. Subsequent to March 31, 2021, the Company granted options to purchase up to an aggregate of 6,222,000 shares of the Company’s common stock. The options were issued at an exercise prices of either $1.35 or $1.38 per share with terms of 10 years and vesting periods ranging from approximately three to four years. Subsequent to March 31, 2021, options to purchase an aggregate of 1,211,250 shares of the Company’s common stock were forfeited and returned to the option pool for future issuance. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | Basis of Presentation All amounts are presented in U.S. Dollars. |
USE OF ESTIMATES | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at dates of the financial statements and the reported amounts of revenue and expenses during the periods. Actual results could differ from these estimates. The Company’s significant estimates and assumptions include the fair value of financial instruments, stock-based compensation and the valuation allowance relating to the Company’s deferred tax assets. |
CONCENTRATIONS OF CREDIT RISK | Concentrations of Credit Risk The Company maintains deposits in a financial institution which is insured by the Federal Deposit Insurance Corporation (“FDIC”). At various times, the Company has deposits in this financial institution in excess of the amount insured by the FDIC. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk. |
INVESTMENTS | Investments Investments as of March 31, 2021 and December 31, 2020 consist of U.S. Treasury Bills, which are classified as held-to-maturity, totaling $15,999,690 and $18,120,266, respectively. The Company determines the appropriate balance sheet classification of its investments at the time of purchase and evaluates the classification at each balance sheet date. All of the Company’s U.S. Treasury Bills mature within the subsequent twelve months from the date of purchase. Unrealized gains and losses were de minimus |
COMMON STOCK PURCHASE WARRANTS | Common Stock Purchase Warrants The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) provide the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement) providing that such contracts are indexed to the Company’s own stock. The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the Company’s control), or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). The Company assesses classification of its common stock purchase warrants and other free-standing derivatives at each reporting date to determine whether a change in classification between assets, liabilities and equity is required. The Company’s free-standing derivatives consist of warrants to purchase common stock that were issued in connection with its notes payable and a private offering. The Company evaluated these warrants to assess their proper classification using the applicable criteria enumerated under U.S. GAAP and determined that the common stock purchase warrants meet the criteria for equity classification in the accompanying balance sheets as of March 31, 2021 and December 31, 2020. |
SHARE-BASED PAYMENT | Share-Based Payment The Company accounts for share-based payments using the fair value method. For employees and directors, the fair value of the award is measured, as discussed below, on the grant date. For non-employees, fair value is generally valued based on the fair value of the services provided or the fair value of the equity instruments on the measurement date, whichever is more readily determinable. The Company has granted stock options at exercise prices equal to the closing price of the Company’s common stock as reported by Nasdaq, with input from management on the date of grant. Upon exercise of an option or warrant, the Company issues new shares of common stock out of its authorized shares. The weighted-average fair value of options and warrants has been estimated on the grant date or measurement date using the Black-Scholes pricing model. The fair value of each instrument is estimated on the grant date or measurement date utilizing certain assumptions for a risk-free interest rate, volatility and expected remaining lives of the awards. The risk-free interest rate used is the United States Treasury rate for the day of the grant having a term equal to the life of the equity instrument. Beginning with the first quarter of the year ended December 31, 2019, the fair value of stock-based payment awards issued was estimated using a volatility derived from the Company’s share price. The assumptions used in calculating the fair value of share-based payment awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, the Company’s stock-based compensation expense could be materially different in the future. The weighted-average Black-Scholes assumptions are as follows: For the Three Months Ended March 31, 2021 2020 Expected life N/A 6.25 years Risk free interest rate N/A 1.61 % Expected volatility N/A 95 % Expected dividend yield N/A 0 % Forfeiture rate N/A 0 % As of March 31, 2021, total unrecognized stock option compensation expense was $2,231,902, which will be recognized as those options vest over a period of approximately four years. The amount of future stock option compensation expense could be affected by any future option grants or by any option holders leaving the Company before their grants are fully vested. |
NET LOSS PER SHARE OF COMMON STOCK | Net Loss Per Share of Common Stock Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive and consist of the following: As of 2021 2020 Options 6,805,538 7,685,377 Warrants 19,368,918 4,907,223 Totals 26,174,456 12,592,600 |
RECENT ACCOUNTING PRONOUNCEMENTS | Recent Accounting Pronouncement In December 2019, the Financial Accounting Standards Board issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which is intended to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740. This guidance is effective for fiscal years beginning after December 15, 2020. ASU 2019-12 did not have an impact on the accompanying consolidated financial statements and related disclosures. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of weighted-average Black-Scholes assumptions | For the Three Months Ended March 31, 2021 2020 Expected life N/A 6.25 years Risk free interest rate N/A 1.61 % Expected volatility N/A 95 % Expected dividend yield N/A 0 % Forfeiture rate N/A 0 % |
Schedule of anti-dilutive securities excluded from computation of diluted net loss per share | As of 2021 2020 Options 6,805,538 7,685,377 Warrants 19,368,918 4,907,223 Totals 26,174,456 12,592,600 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities [Abstract] | |
Schedule of accrued liabilities | As of As of March 31, December 31, Lab services & supplies $ 27,425 $ 917,194 Professional fees 106,552 44,171 Interest 156,854 162,731 Other 23,990 17,645 Total accrued liabilities $ 314,821 $ 1,141,741 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of stock-based compensation | For the Three Months Ended March 31, 2021 2020 Research and development $ 57,102 $ 212,429 General and administrative 263,342 670,216 Total $ 320,444 $ 882,645 |
Schedule of stock option activity | Weighted Average Stock Options Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – December 31, 2020 7,469,891 5,390,431 $ 2.06 $ 1.68 $ 1.68 6.27 $ - Granted - - - - - - - Exercised (623,901 ) - - - - - - Cancelled (40,452 ) - - - - - - Balance – March 31, 2021 6,805,538 4,923,099 $ 2.12 $ 1.77 $ 1.77 6.27 $ 1,670,751 |
Schedule of stock options outstanding and exercisable | Grant Price Weighted Average Total Number Weighted Average From To Exercise Price Outstanding Exercisable Remaining Contractual Term $ 0.26 $ 2.02 $ 0.71 2,455,621 2,286,454 4.12 years $ 2.10 $ 4.60 $ 2.42 3,756,917 2,084,249 7.51 years $ 5.30 $ 8.86 $ 6.25 593,000 552,396 7.09 years Totals 6,805,538 4,923,099 |
Schedule of warrants activity | Weighted Average Aggregate Warrants Exercise Price Fair Value Contractual Intrinsic Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – December 31, 2020 19,372,818 15,495,973 $ 1.62 $ 1.61 $ 0.81 4.07 $ - Granted 60,000 - - - - - - Exercised (46,900 ) - - - - - - Cancelled (17,000 ) - - - - - - Balance – March 31, 2021 19,368,918 15,440,406 $ 1.62 $ 1.65 $ 0.81 3.83 $ 882,553 |
Non-Cash Expenses (Tables)
Non-Cash Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of non-cash expenses included in condensed statements of operations | For the Three Months Ended March 31, 2021 2020 Operating expenses: Stock-based compensation $ 320,444 $ 882,645 Depreciation & amortization 36,685 43,958 Subtotal $ 357,129 $ 926,603 Other expense: Amortization of debt discount 13,506 87,201 Equity expense - 802,400 Subtotal $ 13,506 $ 889,601 Total non-cash expenses $ 370,635 $ 1,816,204 |
Liquidity and Going Concern (De
Liquidity and Going Concern (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liquidity And GOING Concern [Abstract] | ||||
Working capital | $ 15,703,824 | |||
Stockholders' equity | 15,795,638 | $ 5,646,534 | $ 18,487,155 | $ 8,136,826 |
Net Loss | (4,038,344) | (4,217,563) | ||
Cash used in operations | $ (4,139,387) | $ (2,426,969) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
U.S. Treasury Bills | $ 15,999,690 | $ 18,120,266 |
Unrecognized stock option compensation expense | $ 2,231,902 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of weighted-average Black-Scholes assumptions | 3 Months Ended |
Mar. 31, 2020 | |
Summary of Significant Accounting Policies (Details) - Schedule of weighted-average Black-Scholes assumptions [Line Items] | |
Forfeiture rate | 0.00% |
Equity Option [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of weighted-average Black-Scholes assumptions [Line Items] | |
Expected life | 6 years 3 months |
Risk free interest rate | 1.61% |
Expected volatility | 95.00% |
Expected dividend yield | 0.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of anti-dilutive securities excluded from computation of diluted net loss per share - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 26,174,456 | 12,592,600 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 19,368,918 | 4,907,223 |
Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 6,805,538 | 7,685,377 |
Accrued Liabilities (Details) -
Accrued Liabilities (Details) - Schedule of accrued liabilities - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of accrued liabilities [Abstract] | ||
Lab services & supplies | $ 27,425 | $ 917,194 |
Professional fees | 106,552 | 44,171 |
Interest | 156,854 | 162,731 |
Other | 23,990 | 17,645 |
Total accrued liabilities | $ 314,821 | $ 1,141,741 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Rent expense | $ 102,213 | $ 100,136 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Stockholders' Equity (Details) [Line Items] | |||
Authorized to Issue and sale of stock | 185,000,000 | ||
Common stock, shares authorized | 180,000,000 | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |
Registration of shares, description | the Company filed a registration statement for the shares issued in its private offering (the “Private Offering”) with certain promissory note holders in December 2020. The Company converted outstanding amounts under its 8% Unsecured Promissory Notes (the “2018 Notes”) due in 2021 and 2022 in the Private Offering totaling an aggregate of $3,847,018 in principal and interest and issued 3,154,115 units at a price of $1.22 per unit. Each unit consists of one share of the Company’s common stock and one warrant to purchase 0.75 of one share of the Company’s common stock at an exercise price of $1.44 per share. Each warrant can be exercised at any time on or after June 18, 2021 and has an expiration date of June 18, 2026. Two officers of the Company participated in the Private Offering and converted an aggregate of approximately $131,000 in principal and interest into 107,000 units. | ||
Cash proceeds of exercised, stock options (in Dollars) | $ 958,847 | $ 42,226 | |
Proceeds from warrant exercises (in Dollars) | $ 67,536 | ||
Stock Option [Member] | |||
Stockholders' Equity (Details) [Line Items] | |||
Options to purchase common stock | 623,901 | ||
Cash proceeds of exercised, stock options (in Dollars) | $ 958,847 | ||
Options to purchase common stock expired | 40,452 | ||
Warrants [Member] | |||
Stockholders' Equity (Details) [Line Items] | |||
Warrants to purchase of granted | 60,000 | ||
Exercise price (in Dollars per share) | $ 1.38 | ||
Vesting period, description | Fifty thousand of these warrants were valued using the Black-Scholes option pricing model and the corresponding expense will be recognized over the vesting period of one year. Ten thousand of these warrants are performance based and will be valued and expensed at the time the performance conditions are met. The warrants have terms that range from two to three years with vesting over a one-year period. | ||
Warrants to purchase of common stock exercised | 46,900 | ||
Proceeds from warrant exercises (in Dollars) | $ 67,536 | ||
Warrants to purchase of common stock expired | 17,000 | ||
2011 Plan [Member] | |||
Stockholders' Equity (Details) [Line Items] | |||
Remaining options to be issued | 5,169,561 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Schedule of stock-based compensation - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stockholders' Equity (Details) - Schedule of stock-based compensation [Line Items] | ||
Total | $ 320,444 | $ 882,645 |
Research and Development [Member] | ||
Stockholders' Equity (Details) - Schedule of stock-based compensation [Line Items] | ||
Total | 57,102 | 212,429 |
General and Administrative [Member] | ||
Stockholders' Equity (Details) - Schedule of stock-based compensation [Line Items] | ||
Total | $ 263,342 | $ 670,216 |
Stockholders' Equity (Details_2
Stockholders' Equity (Details) - Schedule of stock option activity | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Schedule of stock option activity [Abstract] | |
Stock Options, Outstanding, Beginning Balance (in Shares) | shares | 7,469,891 |
Stock Options, Exercisable, Beginning Balance (in Shares) | shares | 5,390,431 |
Weighted Average, Exercise Price, Outstanding, Beginning Balance | $ 2.06 |
Weighted Average, Exercise Price, Exercisable, Beginning Balance | 1.68 |
Weighted Average, Fair Value Vested, Beginning Balance | $ 1.68 |
Weighted Average, Contractual Life (Years), Beginning Balance | 6 years 98 days |
Aggregate Intrinsic Value, Beginning Balance (in Dollars) | $ | |
Stock Options, Outstanding, Granted (in Shares) | shares | |
Stock Options, Exercisable, Granted (in Shares) | shares | |
Weighted Average, Exercise Price, Outstanding, Granted | |
Weighted Average, Exercise Price, Exercisable, Granted | |
Weighted Average, Fair Value Vested, Granted | |
Aggregate Intrinsic Value, Granted (in Dollars) | $ | |
Stock Options, Outstanding, Exercised (in Shares) | shares | (623,901) |
Stock Options, Exercisable, Exercised (in Shares) | shares | |
Weighted Average, Exercise Price, Outstanding, Exercised | |
Weighted Average, Exercise Price, Exercisable, Exercised | |
Weighted Average, Fair Value Vested, Exercised | |
Aggregate Intrinsic Value, Exercised (in Dollars) | $ | |
Stock Options, Outstanding, Cancelled (in Shares) | shares | (40,452) |
Stock Options, Exercisable, Cancelled (in Shares) | shares | |
Weighted Average, Exercise Price, Outstanding, Cancelled | |
Weighted Average, Exercise Price, Exercisable, Cancelled | |
Weighted Average, Fair Value Vested, Cancelled | |
Aggregate Intrinsic Value, Cancelled (in Dollars) | $ | |
Stock Options, Outstanding, Ending Balance (in Shares) | shares | 6,805,538 |
Stock Options, Exercisable, Ending Balance (in Shares) | shares | 4,923,099 |
Weighted Average, Exercise Price, Outstanding, Ending Balance | $ 2.12 |
Weighted Average, Exercise Price, Exercisable, Ending Balance | 1.77 |
Weighted Average, Fair Value Vested, Ending Balance | $ 1.77 |
Weighted Average, Contractual Life (Years), Ending Balance | 6 years 98 days |
Aggregate Intrinsic Value, Ending Balance (in Dollars) | $ | $ 1,670,751 |
Stockholders' Equity (Details_3
Stockholders' Equity (Details) - Schedule of stock options outstanding and exercisable | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Weighted Average Exercise Price | |
Stock Options, Total Outstanding (in Shares) (in Shares) | shares | 6,805,538 |
Stock Options, Number Exercisable (in Shares) (in Shares) | shares | 4,923,099 |
Grant Price From 0.26 To 2.02 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Grant Price, Minimum | $ 0.26 |
Stock Options, Weighted Average Exercise Price | $ 0.71 |
Stock Options, Total Outstanding (in Shares) (in Shares) | shares | 2,455,621 |
Stock Options, Number Exercisable (in Shares) (in Shares) | shares | 2,286,454 |
Stock Options, Weighted Average Remaining Contractual Term | 4 years 43 days |
Stock Options, Grant Price, Maximum | $ 2.02 |
Grant Price From 2.10 To 4.60 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Grant Price, Minimum | 2.10 |
Stock Options, Weighted Average Exercise Price | $ 2.42 |
Stock Options, Total Outstanding (in Shares) (in Shares) | shares | 3,756,917 |
Stock Options, Number Exercisable (in Shares) (in Shares) | shares | 2,084,249 |
Stock Options, Weighted Average Remaining Contractual Term | 7 years 186 days |
Stock Options, Grant Price, Maximum | $ 4.60 |
Grant Price From 5.30 To 8.86 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Grant Price, Minimum | 5.30 |
Stock Options, Weighted Average Exercise Price | $ 6.25 |
Stock Options, Total Outstanding (in Shares) (in Shares) | shares | 593,000 |
Stock Options, Number Exercisable (in Shares) (in Shares) | shares | 552,396 |
Stock Options, Weighted Average Remaining Contractual Term | 7 years 32 days |
Stock Options, Grant Price, Maximum | $ 8.86 |
Stockholders' Equity (Details_4
Stockholders' Equity (Details) - Schedule of warrants activity - Warrant [Member] | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Warrants, Outstanding, Beginning Balance (in Shares) | shares | 19,372,818 |
Warrants, Exercisable, Beginning Balance (in Shares) | shares | 15,495,973 |
Weighted Average, Exercise Price, Outstanding, Beginning Balance | $ 1.62 |
Weighted Average, Exercise Price, Exercisable, Beginning Balance | 1.61 |
Weighted Average, Fair Value Vested, Beginning Balance | $ 0.81 |
Weighted Average, Contractual Life (Years), Beginning Balance | 4 years 25 days |
Aggregate Intrinsic Value, Beginning Balance (in Dollars) | $ | |
Warrants, Outstanding, Granted (in Shares) | shares | 60,000 |
Warrants, Exercisable, Granted (in Shares) | shares | |
Weighted Average, Exercise Price, Outstanding, Granted | |
Weighted Average, Exercise Price, Exercisable, Granted | |
Weighted Average, Fair Value Vested, Granted | |
Aggregate Intrinsic Value, Granted (in Dollars) | $ | |
Warrants, Outstanding, Exercised (in Shares) | shares | (46,900) |
Warrants, Exercisable, Exercised (in Shares) | shares | |
Weighted Average, Exercise Price, Outstanding, Exercised | |
Weighted Average, Exercise Price, Exercisable, Exercised | |
Weighted Average, Fair Value Vested, Exercised | |
Aggregate Intrinsic Value, Exercised (in Dollars) | $ | |
Warrants, Outstanding, Cancelled (in Shares) | shares | (17,000) |
Warrants, Exercisable, Cancelled (in Shares) | shares | |
Weighted Average, Exercise Price, Outstanding, Cancelled | |
Weighted Average, Exercise Price, Exercisable, Cancelled | |
Weighted Average, Fair Value Vested, Cancelled | |
Aggregate Intrinsic Value, Cancelled (in Dollars) | $ | |
Warrants, Outstanding, Ending Balance (in Shares) | shares | 19,368,918 |
Warrants, Exercisable, Ending Balance (in Shares) | shares | 15,440,406 |
Weighted Average, Exercise Price, Outstanding, Ending Balance | $ 1.62 |
Weighted Average, Exercise Price, Exercisable, Ending Balance | 1.65 |
Weighted Average, Fair Value Vested, Ending Balance | $ 0.81 |
Weighted Average, Contractual Life (Years), Ending Balance | 3 years 302 days |
Aggregate Intrinsic Value, Ending Balance (in Dollars) | $ | $ 882,553 |
Non-Cash Expenses (Details) - S
Non-Cash Expenses (Details) - Schedule of non-cash expenses included in condensed statements of operations - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating expenses: | ||
Stock-based compensation | $ 320,444 | $ 882,645 |
Depreciation & amortization | 36,685 | 43,958 |
Subtotal | 357,129 | 926,603 |
Other expense: | ||
Amortization of debt discount | 13,506 | 87,201 |
Equity expense | 802,400 | |
Subtotal | 13,506 | 889,601 |
Total non-cash expenses | $ 370,635 | $ 1,816,204 |
Amendments to Notes and Warra_2
Amendments to Notes and Warrants (Details) - USD ($) | Mar. 10, 2020 | Mar. 31, 2021 |
Amendments to Notes and Warrants (Details) [Line Items] | ||
Present value of cash flows of the modified debt, description | the change in present value of cash flows of the modified debt is less than 10% when compared to the present value of the cash flows of the original debt, no change is required to be made to the debt in the accompanying condensed financial statements. | |
2018 Warrants [Member] | ||
Amendments to Notes and Warrants (Details) [Line Items] | ||
Other expenses | $ 209,810 | |
2017 Warrants [Member] | ||
Amendments to Notes and Warrants (Details) [Line Items] | ||
Other expenses | $ 592,590 |
Promissory Notes (Details)
Promissory Notes (Details) - USD ($) | 1 Months Ended | 3 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Promissory Notes (Details) [Line Items] | ||
Principal and interest | $ 105,437 | |
Subsequent Event [Member] | ||
Promissory Notes (Details) [Line Items] | ||
Principal and interest | $ 352,110 |
Subsequent Events (Details)
Subsequent Events (Details) | 3 Months Ended |
Mar. 31, 2021shares | |
Subsequent Events [Abstract] | |
Subsequent events, description | the Company granted options to purchase up to an aggregate of 6,222,000 shares of the Company’s common stock. The options were issued at an exercise prices of either $1.35 or $1.38 per share with terms of 10 years and vesting periods ranging from approximately three to four years. |
Number of options aggregate share | 1,211,250 |