Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 12, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Cell Source, Inc. | |
Entity Central Index Key | 0001569340 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 32,663,482 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 241,619 | |
Prepaid expenses | 173,662 | 177,569 |
Other current assets | 42,050 | 29,651 |
Total Current Assets | 215,712 | 448,839 |
Restricted cash | 103,088 | 3,500 |
Total Assets | 318,800 | 452,339 |
Current Liabilities: | ||
Accounts payable | 152,425 | 193,095 |
Accrued expenses | 1,106,046 | 1,159,950 |
Accrued expenses - related parties | 76,201 | 198,701 |
Accrued interest | 614,342 | 671,968 |
Accrued interest - related parties | 349,780 | 325,276 |
Accrued compensation | 719,131 | 724,185 |
Advances payable | 195,500 | 195,500 |
Advances payable - related party | 100,000 | 100,000 |
Notes payable | 913,000 | 1,013,000 |
Notes payable - related parties | 150,000 | 150,000 |
Convertible notes payable - current portion, net of debt discount of $231,904 and $157,720 as of March 31, 2021 and December 31, 2020 , respectively | 4,507,568 | 3,417,836 |
Convertible notes payable - related parties | 225,000 | 225,000 |
Accrued dividend payable | 248,601 | 25,210 |
Total Liabilities | 9,357,594 | 8,399,721 |
Stockholders' Deficiency: | ||
Convertible Preferred Stock, $0.001 par value, 10,000,000 shares authorized; Series A Convertible Preferred Stock, 1,335,000 shares designated, 1,342,195 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively; liquidation preference of $10,315,063 and $10,091,672 of March 31, 2021 and December 31, 2020, respectively | 1,342 | 1,342 |
Common Stock, $0.001 par value, 200,000,000 shares authorized; 32,663,482 and 32,538,411 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 32,663 | 32,538 |
Additional paid-in capital | 18,157,935 | 17,724,731 |
Accumulated deficit | (27,230,734) | (25,705,993) |
Total Stockholders' Deficiency | (9,038,794) | (7,947,382) |
Total Liabilities and Stockholders' Deficiency | $ 318,800 | $ 452,339 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Convertible preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 32,663,482 | 32,538,411 |
Common stock, shares outstanding | 32,663,482 | 32,538,411 |
Series A Convertible Preferred Stock [Member] | ||
Convertible preferred stock, shares designated | 1,335,000 | 1,335,000 |
Convertible preferred stock, shares issued | 1,342,195 | 1,342,195 |
Convertible preferred stock, shares outstanding | 1,342,195 | 1,342,195 |
Convertible preferred stock liquidation preference | $ 10,315,063 | $ 10,091,672 |
Convertible Note Payable [Member] | ||
Convertible notes payable, net of debt discount | $ 231,904 | $ 157,720 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Expenses: | ||
Research and development | $ 235,764 | $ 257,545 |
Research and development - related party | 35,475 | 61,667 |
General and administrative | 850,117 | 414,120 |
Total Operating Expenses | 1,121,356 | 733,332 |
Loss From Operations | (1,121,356) | (733,332) |
Other (Expense) Income: | ||
Interest expense | (256,383) | (76,483) |
Interest expense - related parties | (24,504) | (11,166) |
Amortization of debt discount | (122,763) | (8,302) |
Gain on forgiveness of accrued interest | 49,983 | |
Change in fair value of derivative liabilities | 16,977 | |
Loss on extinguishment of notes payable | (49,718) | (1,441) |
Total Other Expense | (403,385) | (80,415) |
Net Loss | (1,524,741) | (813,747) |
Dividend attributable to Series A preferred stockholders | (223,391) | (211,305) |
Net Loss Applicable to Common Stockholders | $ (1,748,132) | $ (1,025,052) |
Net Loss Per Common Share - Basic and Diluted | $ (0.05) | $ (0.04) |
Weighted Average Common Shares Outstanding - Basic and Diluted | 32,556,476 | 29,120,597 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes In Stockholders' Deficiency (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Series A Convertible Preferred Stock [Member] | ||
Balance | $ 1,342 | $ 1,245 |
Balance, shares | 1,342,195 | 1,245,083 |
Issuance of Series A Convertible Preferred Stock for cash, | $ 13 | |
Issuance of Series A Convertible Preferred Stock for cash, shares | 13,333 | |
Series A Convertible Preferred Stock dividends: Accrual of earned dividends | ||
Issuance of common stock in connection with extension of notes payable | ||
Issuance of common stock in connection with extension of notes payable, shares | ||
Reclassification of derivative liabilities to equity | ||
Stock-based compensation: Common stock | ||
Stock-based compensation: Common stock, shares | ||
Issuance of common stock pursuant to cashless warrant exercise | ||
Issuance of common stock pursuant to cashless warrant exercise, shares | ||
Issuance of warrants in connection with issuance of convertible notes payable | ||
Issuance of warrants in connection with exchange of convertible notes payable | ||
Warrants issued in satisfaction of accrued interest | ||
Stock-based compensation: Options | ||
Stock-based compensation: Warrants | ||
Net loss | ||
Balance | $ 1,342 | $ 1,258 |
Balance, shares | 1,342,195 | 1,258,416 |
Common Stock [Member] | ||
Balance | $ 32,538 | $ 27,077 |
Balance, shares | 32,538,411 | 27,076,762 |
Issuance of Series A Convertible Preferred Stock for cash, | ||
Issuance of Series A Convertible Preferred Stock for cash, shares | ||
Series A Convertible Preferred Stock dividends: Accrual of earned dividends | ||
Issuance of common stock in connection with extension of notes payable | $ 227 | |
Issuance of common stock in connection with extension of notes payable, shares | 227,500 | |
Reclassification of derivative liabilities to equity | ||
Stock-based compensation: Common stock | $ 26 | |
Stock-based compensation: Common stock, shares | 25,671 | |
Issuance of common stock pursuant to cashless warrant exercise | $ 125 | |
Issuance of common stock pursuant to cashless warrant exercise, shares | 125,071 | |
Issuance of warrants in connection with issuance of convertible notes payable | ||
Issuance of warrants in connection with exchange of convertible notes payable | ||
Warrants issued in satisfaction of accrued interest | ||
Stock-based compensation: Options | ||
Stock-based compensation: Warrants | ||
Net loss | ||
Balance | $ 32,663 | $ 27,330 |
Balance, shares | 32,663,482 | 27,329,933 |
Additional Paid-In Capital [Member] | ||
Balance | $ 17,724,731 | $ 15,375,565 |
Issuance of Series A Convertible Preferred Stock for cash, | 99,987 | |
Issuance of Series A Convertible Preferred Stock for cash, shares | ||
Series A Convertible Preferred Stock dividends: Accrual of earned dividends | $ (223,391) | (211,305) |
Issuance of common stock in connection with extension of notes payable | 56,648 | |
Reclassification of derivative liabilities to equity | 345,830 | |
Stock-based compensation: Common stock | 6,392 | |
Issuance of common stock pursuant to cashless warrant exercise | $ (125) | |
Issuance of common stock pursuant to cashless warrant exercise, shares | ||
Issuance of warrants in connection with issuance of convertible notes payable | $ 196,966 | |
Issuance of warrants in connection with exchange of convertible notes payable | 139,728 | |
Warrants issued in satisfaction of accrued interest | 82,350 | |
Stock-based compensation: Options | 206,400 | |
Stock-based compensation: Warrants | 31,276 | |
Net loss | ||
Balance | 18,157,935 | 15,673,117 |
Accumulated Deficit [Member] | ||
Balance | (25,705,993) | (21,145,828) |
Issuance of Series A Convertible Preferred Stock for cash, | ||
Issuance of Series A Convertible Preferred Stock for cash, shares | ||
Series A Convertible Preferred Stock dividends: Accrual of earned dividends | ||
Issuance of common stock in connection with extension of notes payable | ||
Reclassification of derivative liabilities to equity | ||
Stock-based compensation: Common stock | ||
Issuance of common stock pursuant to cashless warrant exercise | ||
Issuance of common stock pursuant to cashless warrant exercise, shares | ||
Issuance of warrants in connection with issuance of convertible notes payable | ||
Issuance of warrants in connection with exchange of convertible notes payable | ||
Warrants issued in satisfaction of accrued interest | ||
Stock-based compensation: Options | ||
Stock-based compensation: Warrants | ||
Net loss | (1,524,741) | (813,747) |
Balance | (27,230,734) | (21,959,575) |
Balance | (7,947,382) | (5,741,941) |
Issuance of Series A Convertible Preferred Stock for cash, | 100,000 | |
Issuance of Series A Convertible Preferred Stock for cash, shares | ||
Series A Convertible Preferred Stock dividends: Accrual of earned dividends | $ (223,391) | (211,305) |
Issuance of common stock in connection with extension of notes payable | 56,875 | |
Reclassification of derivative liabilities to equity | 345,830 | |
Stock-based compensation: Common stock | 6,418 | |
Issuance of common stock pursuant to cashless warrant exercise | ||
Issuance of common stock pursuant to cashless warrant exercise, shares | ||
Issuance of warrants in connection with issuance of convertible notes payable | $ 196,966 | |
Issuance of warrants in connection with exchange of convertible notes payable | 139,728 | |
Warrants issued in satisfaction of accrued interest | 82,350 | |
Stock-based compensation: Options | 206,400 | |
Stock-based compensation: Warrants | 31,276 | |
Net loss | (1,524,741) | (813,747) |
Balance | $ (9,038,794) | $ (6,257,870) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows From Operating Activities: | ||
Net Loss | $ (1,524,741) | $ (813,747) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in fair value of derivative liabilities | (16,977) | |
Amortization of debt discount | 122,763 | 8,302 |
Gain on forgiveness of accrued interest | (49,983) | |
Loss on extinguishment of notes payable | 49,718 | 1,441 |
Non-cash interest expense - warrants | 180,991 | 18,668 |
Stock-based compensation: | ||
Options | 206,400 | (98) |
Warrants | 31,372 | 4,626 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 3,907 | (28,517) |
Other current assets | (12,399) | 254 |
Accounts payable | (40,670) | 177,379 |
Accrued expenses | (53,903) | 60,601 |
Accrued expenses - related parties | (122,500) | (113,833) |
Accrued interest | 99,174 | 68,233 |
Accrued interest - related parties | 740 | 748 |
Accrued compensation | (5,150) | 14,534 |
Net Cash Used In Operating Activities | (1,114,281) | (618,386) |
Cash Flows From Financing Activities: | ||
Proceeds from issuance of convertible notes payable | 1,197,250 | 575,000 |
Proceeds from issuance of Series A Preferred Stock | 100,000 | |
Repayment of notes payable | (100,000) | |
Repayment of convertible notes payable | (125,000) | (68,000) |
Net Cash Provided By Financing Activities | 972,250 | 607,000 |
Net Decrease In Cash and Restricted Cash | (142,031) | (11,386) |
Cash and Restricted Cash - Beginning of Period | 245,119 | 27,908 |
Cash and Restricted Cash - End of Period | 103,088 | 16,522 |
Cash and restricted cash consisted of the following: | ||
Cash | ||
Restricted cash | 103,088 | |
Cash and Restricted cash | 103,088 | |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for: Interest | ||
Cash paid for: Income taxes | ||
Non-cash investing and financing activities: | ||
Original issue discount in connection with convertible notes payable | 3,000 | |
Reclassification of derivative liabilities to equity | 345,830 | |
Issuance of common stock pursuant to cashless warrant exercise | 125 | |
Accrued interest converted into notes payable | 41,950 | |
Issuance of warrants in connection with the issuance of notes payable | 196,966 | |
Issuance of warrants in satisfaction of accrued interest | 82,350 | |
Accrual of earned preferred stock dividends | (223,391) | (211,305) |
Issuance of placement agent warrants | 10,907 | |
Issuance of common stock as debt discount in connection with extension of notes payable | 56,875 | |
Repayment of convertible note payable and accrued interest by third party | $ 100,896 |
Business Organization, Nature o
Business Organization, Nature of Operations, Risks and Uncertainties and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Organization, Nature of Operations, Risks and Uncertainties and Basis of Presentation | Note 1 - Business Organization, Nature of Operations, Risks and Uncertainties and Basis of Presentation Organization and Operations Cell Source, Inc. (“Cell Source”, “CSI” or the “Company”) is a Nevada corporation formed on June 6, 2012 that is the parent company of Cell Source Limited (“CSL”), a wholly owned subsidiary which was founded in Israel in 2011 in order to commercialize a suite of inventions relating to certain cancer treatments. The Company is a biotechnology company focused on developing cell therapy treatments based on the management of immune tolerance. The Company’s lead prospective product is its patented Veto Cell immune system management technology, which is an immune tolerance biotechnology that enables the selective blocking of immune responses. CSL’s Veto Cell immune system management technology is based on technologies patented, owned, and licensed to CSL by Yeda Research and Development Company Limited, an Israeli corporation (“Yeda”) (see Note 8 – Commitments and Contingencies ) Risks and Uncertainties In March 2020, the World Health Organization declared COVID-19, a novel strain of coronavirus, a pandemic. During 2020 and continuing into 2021, the global economy has been, and continues to be, affected by COVID-19. While the Company continues to see signs of economic recovery as certain governments began to gradually ease restrictions, provide economic stimulus and vaccine distribution accelerated, the rate of recovery on a global basis has been affected by resurgence of the virus or its variants in certain jurisdictions causing reinstatement of restrictions in certain jurisdictions. The Company continues to monitor the effects of COVID-19 and its impact on the Company’s operations, financial position, cash flows and its industry in general. The Company considered the impact of COVID-19 on its business and operational assumptions and estimates, and determined there were no material adverse impacts on the Company’s results of operations and financial position at March 31, 2021. The full extent of the future impact of COVID-19 on the Company’s operations and financial condition is uncertain. Accordingly, COVID-19 could have a material adverse effect on the Company’s business, results of operations, financial condition and prospects during 2021 and beyond, including the timing and ability of the Company to initiate and/or complete current and/or future preclinical studies and/or clinical trials, disrupt the Company’s regulatory activities, and/or have other adverse effects on the Company’s clinical development. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed consolidated financial position of the Company as of March 31, 2021 and the condensed consolidated results of its operations and cash flows for the three months ended March 31, 2021 and 2020. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results for the full year ending December 31, 2021 or any other period. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures of the Company as of December 31, 2020 and for the year then ended which were included in the Company’s Annual Report on Form 10-K that was filed with the Securities and Exchange Commission (“SEC”) on April 15, 2021. |
Going Concern and Management Pl
Going Concern and Management Plans | 3 Months Ended |
Mar. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Going Concern and Management Plans | Note 2 - Going Concern and Management Plans During the three months ended March 31, 2021, the Company had not generated any revenues, had a net loss of approximately $1,525,000 and had used cash in operations of approximately $1,114,000. As of March 31, 2021, the Company had a working capital deficiency of approximately $9,142,000 (including $1,558,000 of notes payable past due) and an accumulated deficit of approximately $27,231,000. Subsequent to March 31, 2021 and as more fully described in Note 9 – Subsequent Events, the Company received proceeds of $100,000 through the issuance of convertible notes. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date these financial statements are issued. The Company is currently funding its operations on a month-to-month basis. While there can be no assurance that it will be successful, the Company is in active negotiations to raise additional capital. The Company’s primary sources of operating funds since inception have been equity and debt financings. Management’s plans include continued efforts to raise additional capital through debt and equity financings. There is no assurance that these funds will be sufficient to enable the Company to fully complete its development activities or attain profitable operations. If the Company is unable to obtain such additional financing on a timely basis or, notwithstanding any request the Company may make, if the Company’s debt holders do not agree to convert their notes into equity or extend the maturity dates of their notes, the Company may have to curtail its development, marketing and promotional activities, which would have a material adverse effect on the Company’s business, financial condition and results of operations, and ultimately the Company could be forced to discontinue its operations and liquidate. The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplate continuation of the Company as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the financial statements do not necessarily purport to represent realizable or settlement values. The condensed consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Theatrical Film Costs [Abstract] | |
Summary of Significant Accounting Policies | Note 3 - Summary of Significant Accounting Policies Since the date of the Annual Report on Form 10-K for the year ended December 31, 2020, there have been no material changes to the Company’s significant accounting policies. Loss Per Share The Company computes basic net loss per share by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding for the period and excludes the effects of any potentially dilutive securities. Diluted earnings per share includes the dilution that would occur upon the exercise or conversion of all dilutive securities into common stock using the “treasury stock” and/or “if converted” methods, as applicable. Basic weighted average shares outstanding for the three months ended March 31, 2021 and 2020 includes the weighted average impact of warrants to purchase an aggregate of 0 and 2,043,835 shares of common stock because their exercise price was determined to be nominal. The common stock equivalents associated with the following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: March 31, 2021 2020 Options 6,182,004 3,782,004 Warrants 8,966,388 4,125,810 Convertible notes [1] [2] 1,708,020 2,555,477 Convertible preferred stock 13,421,950 12,584,160 Total 30,278,362 23,047,451 [1] Convertible notes are assumed to be converted at the rate of $0.75 per common share , which is the conversion price as of March 31, 2021. However, as further described in Note 5, Notes Payable [2] Excludes shares of common stock underlying convertible notes that are expected to become convertible into shares of Series B and Series C Convertible Preferred Stock since such stock had not been designated by the Company as of March 31, 2021. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 4 - Fair Value The following table provides a summary of the changes in fair value, including net transfers in and/or out, of all Level 3 liabilities measured at fair value on a recurring basis using unobservable inputs during the three months ended March 31, 2021: Accrued Accrued Interest Compensation Total Balance - January 1, 2021 $ 539,836 $ 84,953 $ 624,789 Change in fair value 41,607 97 41,704 Issuance of warrants (82,350 ) - (82,350 ) Balance - March 31, 2021 $ 499,093 $ 85,050 $ 584,143 Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The Company’s Level 3 liabilities shown in the above table consist of accrued obligations to issue warrants and common stock. In applying the Black-Scholes option pricing model utilized in the valuation of Level 3 liabilities, the Company used the following approximate assumptions: For the Months Ended March 31, 2021 2020 Risk-free interest rate 0.64%-0.92 % 0.33%-1.55 % Expected term (years) 4.00-5.00 0.52 - 5.00 Expected volatility 90 % 110 % Expected dividends 0.00 % 0.00 % The expected term used is the contractual life of the instrument being valued. Since the Company’s stock does not have significant trading volume, the Company is utilizing an expected volatility based on a review of the historical volatilities, over a period of time, equivalent to the expected life of the instrument being valued, of similarly positioned public companies within its industry. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued. As of March 31, 2021 and December 31, 2020, the Company had an obligation to issue 154,495 shares of common stock to service providers that had a fair value of $72,613, which was a component of accrued compensation on the condensed consolidated balance sheet. See Note 6 – Stockholders’ Deficiency – Stock Warrants for additional details associated with the issuance of warrants. |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Notes Payable [Abstract] | |
Notes Payable | Note 5 – Notes Payable As of March 31, 2021 and through the date of this filing, notes and convertible notes payable with principal amounts totaling $1,558,000 and $1,858,000, respectively, were past due and are classified as current liabilities on the condensed consolidated balance sheet as of March 31, 2021. Such notes continue to accrue interest and all relevant penalties have been accrued as of March 31, 2021. Of such past due notes payable, a holder of a note with principal amount of $250,000 issued a notice of default. See Note 8 – Commitments and Contingencies – Litigation for additional details. The Company is in negotiations with all holders of notes payable to extend the maturity dates of such notes or to convert the principal and accrued interest into equity. During the three months ended March 31, 2021 and 2020, the Company recorded interest expense of $280,887 and $87,649, respectively, and amortization of debt discount of $122,763 and $8,302, respectively. As of March 31, 2021 and December 31, 2020, the Company had $964,122 and $997,244, respectively, of accrued interest (including interest in the form of warrants (see Note 4)) and penalties related to notes payable, which is included with accrued interest and accrued interest – related parties on the condensed consolidated balance sheets. Convertible Notes Payable During the three months ended March 31, 2021, the Company issued convertible notes payable in the aggregate principal amount of $697,250 which have maturity dates ranging from July 7, 2021 through September 24, 2021. The notes accrue interest at 8% per annum and are convertible into the Company’s Series C Convertible Preferred Stock (the “Series C Preferred Stock”) at a conversion price of $7.50. The notes shall become convertible (i) at the holder’s option beginning on the date that the Company first issues any shares of its Series C Preferred Stock or (ii) automatically on the maturity date. It is anticipated that the Series C Preferred Stock shall convert into the Company’s common stock at a fixed rate of ten (10) shares of common stock for each share of Series C Preferred Stock. In connection with the issuances, the Company issued five-year immediately vested warrants to purchase an aggregate of 557,800 shares of common stock at an exercise price $1.25 per share. The warrants had an issuance date relative fair value of $114,617 which will be amortized over the term of the notes. On January 28, 2021, the Company issued a convertible note payable in the amount of $647,222 which matures on July 28, 2021 in exchange for another note in the principal amount of $555,556 that accrued interest at 13% per annum and had accrued interest of $41,948. The new note accrues interest at 8% per annum and such interest is payable at maturity, at the Company’s option, in cash or as payment-in-kind in common stock at a rate of $0.75 per share. The note shall become convertible, (i) beginning on the date that the Company first issues any shares of its Series C Preferred Stock, at the holder’s option into Series C Preferred Stock at a price of $7.50 per share or (ii) automatically on the maturity date into either Series C Preferred Stock at a price of $7.50 per share or common stock at price of $0.75 per share. If the Company fails to designate the Series C Preferred Stock by July 28, 2021, the note will be automatically converted into common stock at a price of $0.75 per share. In connection with the issuance of the convertible note, the Company issued a five-year immediately vested warrant to purchase 517,778 shares of common stock at an exercise price $1.25 per share. The warrants had an issuance date fair value of $106,183 that was recognized immediately. The Company determined the transaction was an extinguishment and, as a result, recognized a loss on extinguishment of notes payable of $49,718 on the condensed consolidated statement of operations during the three months ended March 31, 2021. On March 2, 2021, the Company amended a previously issued convertible note in the principal amount of $2,000,000 to increase the total principal amount allowed to be borrowed under the note from $2,000,000 to $4,000,000. In connection with the amendment, the Company received an additional $500,000 of proceeds, such that as of March 31, 2021, an aggregate of $2,500,000 of proceeds were outstanding under the note. Furthermore, the Company issued five-year immediately vested warrants for the purchase of 800,000 shares of common stock at an exercise price of $1.25 per share, of which, the fair value of the obligation to issue warrants to purchase 400,000 shares of common stock was accrued for as December 31, 2020 and the remaining warrants to purchase 400,000 shares of common stock was issued in connection with the $500,000 of proceeds received during the three months ended March 31, 2021. The warrants had an issuance date fair value of $164,700 which will be amortized over the term of the note. On March 11, 2021, the Company entered into convertible note purchase agreements with two noteholders whereby the Company agreed to repurchase an aggregate of $125,000 of convertible notes payable for the same amount in cash, at which time the notes were cancelled. In connection with the repayment, the parties agreed that the Company was no longer required to pay accrued interest associated with the notes payable in the amount of $49,983. As a result, the Company recognized a gain on forgiveness of accrued interest of $49,983 on its condensed consolidated statement of operations during the three months ended March 31, 2021. Notes Payable During the three months ended March 31, 2021, the Company paid $100,000 to a noteholder as a partial repayment of principal, such that the note had $150,000 outstanding as of March 31, 2021 after the partial repayment. |
Stockholders' Deficiency
Stockholders' Deficiency | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Deficiency | Note 6 – Stockholders’ Deficiency Series A Convertible Preferred Stock During the three months ended March 31, 2021 and 2020, the Company accrued additional preferred dividends of $223,391 and $211,305, respectively. Stock Warrants On January 5, 2021, the Company issued 125,000 five-year immediately vested warrants to a note holder in satisfaction of certain noteholder rights with an exercise price $0.95 per share. The warrant had an issuance date fair value of $33,545 which was recognized immediately. During the three months ended March 31, 2021, the Company issued 125,071 shares of common stock pursuant to a cashless warrant exercise by a noteholder of warrants to purchase 221,275 shares of common stock at an exercise price of $0.75 per share. See Note 5 – Notes Payable for additional details associated with the issuance of stock warrants. Stock Options On March 8, 2021, the Company granted 1,350,000 five-year immediately vested options under the Company’s Equity Incentive Plan to the Chief Executive Officer of the Company (of which, 750,000 were granted for service as Chief Executive Officer and 600,000 were granted for service as a director) with an exercise price $1.00 per share. The options had a grant date fair value of $218,600 which was recognized during the three months ended March 31, 2021. Stock-Based Compensation During the three months ended March 31, 2021, the Company recognized stock-based compensation expense of $237,772 (consisting of $31,372 of expense related to warrants (of which, $31,276 has been included within stockholders’ deficiency and $96 has been included within accrued compensation) and $206,400 of expense related to options (included within stockholder’s deficiency), which was included within general and administrative expenses. During the three months ended March 31, 2020, the Company recognized stock-based compensation expense of $4,528 (consisting of expense related to warrants of $(98) (included within accrued compensation) and $4,626 related to common stock (of which, $(1,792) included within accrued compensation and $6,418 included within stockholders’ deficiency), which was included within general and administrative expenses. As of March 31, 2021, there was $106,090 of unrecognized stock-based compensation expense to be recognized over a weighted average period of 0.75 years. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 7 – Related Party Transactions As of March 31, 2021 and December 31, 2020, the Company was required to issue warrants to purchase an aggregate of 1,131,500 and 1,056,500, respectively, shares of common stock at an exercise price of $0.75 per share to directors of the Company in connection with loans made to the Company in the aggregate amount of $459,000 which required certain penalties in the form of warrants. As a result, the Company had accrued $315,472 and $291,708 associated with the fair value of the obligations as of March 31, 2021 and December 31, 2020, respectively, which amount is included in accrued interest – related parties on the condensed consolidated balance sheets. See Note 8 – Commitments and Contingencies - Yeda Research and License Agreement for additional details. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8 – Commitments and Contingencies Yeda Research and License Agreement During the three months March 31, 2021 and 2020, the Company recorded research and development expenses of approximately $35,000 and $62,000, respectively, related to the Agreement. As of March 31, 2021 and December 31, 2020, the Company had $14,419 and $136,919, respectively, of accrued research and development expenses pursuant to the Agreement with Yeda, which are included within accrued expenses - related parties on the condensed consolidated balance sheets. MD Anderson Sponsored Research Agreements The Company recognized $ of research and development expenses during the and 2020, respectively, associated with services provided by The University of Texas M.D. Anderson Cancer Center (“MD Anderson”) under the two agreements with MD Anderson dated November 2018 and February 2019, respectively. Litigation Certain conditions may exist as of the date the condensed consolidated financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company, or unasserted claims that may result in such proceedings, the Company evaluates the merits of any legal proceedings or unasserted claims, as well as the merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s condensed consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability and an estimate of the range of possible losses, if determinable and material, would be disclosed. In January 2019, the holder of a promissory note in the principal amount of $250,000 due on March 16, 2016 instituted a collection action in the Supreme Court of the State of New York, County of New York. A motion for summary judgment was heard on July 12, 2019 and the Company did not oppose the motion. Judgment was entered in October 2019 in the amount of $267,680 and the Company’s motion to vacate was denied in February 2021. The Company has appealed the denial and is vigorously pursuing a motion to renew and reargue the motion to vacate so that it can present factual defenses to the plaintiff’s claims. The plaintiff has commenced steps to collect judgment. As of March 31, 2021, the Company has classified $99,588 as restricted cash which represents amounts held in a holding account in connection with the matter. Loss contingencies considered remote are generally not disclosed, unless they involve guarantees, in which case the guarantees would be disclosed. There can be no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. As of March 31, 2021 and December 31, 2020, the Company had not accrued any amounts for contingencies. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9 – Subsequent Events The Company has evaluated events that have occurred after the balance sheet and through the date the financial statements were issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements, except as disclosed below. Convertible Notes Payable In April 2021, the Company amended two convertible notes in the aggregate principal amount of $150,000 with maturity dates in April 2021 to extend the maturity dates by six months and to increase the interest rate from 8% per annum to 10% per annum. In addition, the conversion feature of the note was amended to change the shares into which the notes may be converted from Series B Preferred Stock to Series C Preferred Stock. On April 30, 2021, the Company issued a convertible note payable in the amount of $100,000 which matures on October 30, 2021. The note accrues interest at 8% per annum and is convertible into the Company’s Series C Convertible Preferred Stock at a conversion price of $7.50. The note shall be become convertible at (i) the holder’s option beginning on the date that the Company first issues any shares of its Series C Preferred Stock (ii) automatically on the maturity date. It is anticipated that the Series C Preferred Stock shall convert into the Company’s common stock at a fixed rate of ten shares of common stock for each share of Series C Preferred Stock. In connection with the issuance of the convertible note, the Company issued a five-year immediately vested warrant to purchase 80,000 shares of common stock at an exercise price $1.25 per share. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 30, 2021 | |
Accounting Policies [Abstract] | |
Loss Per Share | Loss Per Share The Company computes basic net loss per share by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding for the period and excludes the effects of any potentially dilutive securities. Diluted earnings per share includes the dilution that would occur upon the exercise or conversion of all dilutive securities into common stock using the “treasury stock” and/or “if converted” methods, as applicable. Basic weighted average shares outstanding for the three months ended March 31, 2021 and 2020 includes the weighted average impact of warrants to purchase an aggregate of 0 and 2,043,835 shares of common stock because their exercise price was determined to be nominal. The common stock equivalents associated with the following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: March 31, 2021 2020 Options 6,182,004 3,782,004 Warrants 8,966,388 4,125,810 Convertible notes [1] [2] 1,708,020 2,555,477 Convertible preferred stock 13,421,950 12,584,160 Total 30,278,362 23,047,451 [1] Convertible notes are assumed to be converted at the rate of $0.75 per common share , which is the conversion price as of March 31, 2021. However, as further described in Note 5, Notes Payable [2] Excludes shares of common stock underlying convertible notes that are expected to become convertible into shares of Series B and Series C Convertible Preferred Stock since such stock had not been designated by the Company as of March 31, 2021. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Weighted Average Dilutive Common Shares Anti-dilutive | The common stock equivalents associated with the following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: March 31, 2021 2020 Options 6,182,004 3,782,004 Warrants 8,966,388 4,125,810 Convertible notes [1] [2] 1,708,020 2,555,477 Convertible preferred stock 13,421,950 12,584,160 Total 30,278,362 23,047,451 [1] Convertible notes are assumed to be converted at the rate of $0.75 per common share , which is the conversion price as of March 31, 2021. However, as further described in Note 5, Notes Payable [2] Excludes shares of common stock underlying convertible notes that are expected to become convertible into shares of Series B and Series C Convertible Preferred Stock since such stock had not been designated by the Company as of March 31, 2021. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Changes In Fair Value of Liabilities Measured at Fair Value on Recurring Basis | The following table provides a summary of the changes in fair value, including net transfers in and/or out, of all Level 3 liabilities measured at fair value on a recurring basis using unobservable inputs during the three months ended March 31, 2021: Accrued Accrued Interest Compensation Total Balance - January 1, 2021 $ 539,836 $ 84,953 $ 624,789 Change in fair value 41,607 97 41,704 Issuance of warrants (82,350 ) - (82,350 ) Balance - March 31, 2021 $ 499,093 $ 85,050 $ 584,143 |
Schedule of Valuation of Level 3 Liabilities | In applying the Black-Scholes option pricing model utilized in the valuation of Level 3 liabilities, the Company used the following approximate assumptions: For the Months Ended March 31, 2021 2020 Risk-free interest rate 0.64%-0.92 % 0.33%-1.55 % Expected term (years) 4.00-5.00 0.52 - 5.00 Expected volatility 90 % 110 % Expected dividends 0.00 % 0.00 % |
Going Concern and Management _2
Going Concern and Management Plans (Detail Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |||
Net Loss | $ (1,748,132) | $ (1,025,052) | |
Net Cash Used In Operating Activities | (1,114,281) | $ (618,386) | |
Working capital deficiency | 9,142,000 | ||
Notes payable | 1,558,000 | ||
Accumulated deficit | (27,230,734) | $ (25,705,993) | |
Proceeds from convertible notes payable | $ 100,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Detail Narrative) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Weighted average impact of warrants | 0 | 2,043,835 |
Convertible notes, conversion price | $ 0.75 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Weighted Average Dilutive Common Shares Anti-dilutive (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Total | 30,278,362 | 23,047,451 |
Stock Option [Member] | ||
Total | 6,182,004 | 3,782,004 |
Warrants [Member] | ||
Total | 8,966,388 | 4,125,810 |
Convertible Notes [Member] | ||
Total | 1,708,020 | 2,555,477 |
Convertible Preferred Stock [Member] | ||
Total | 13,421,950 | 12,584,160 |
Fair Value (Details Narrative)
Fair Value (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Shares issued for services | 154,495 | 154,495 |
Value of shares issued for services | $ 72,613 | $ 72,613 |
Fair value - Schedule of Change
Fair value - Schedule of Changes In Fair Value of Liabilities Measured at Fair Value on Recurring Basis (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Beginning balance | $ 624,789 |
Change in fair value | 41,704 |
Issuance of warrants | (82,350) |
Ending balance | 584,143 |
Fair Value, Inputs, Level 3 [Member] | Fair Value Measurements Recurring [Member] | Accrued Interest [Member] | |
Beginning balance | 539,836 |
Change in fair value | 41,607 |
Issuance of warrants | (82,350) |
Ending balance | 499,093 |
Fair Value, Inputs, Level 3 [Member] | Fair Value Measurements Recurring [Member] | Accrued Compensation [Member] | |
Beginning balance | 84,953 |
Change in fair value | 97 |
Issuance of warrants | |
Ending balance | $ 85,050 |
Fair Value - Schedule of Valuat
Fair Value - Schedule of Valuation of Level 3 Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Risk Free Interest Rate [Member] | Minimum [Member] | ||
Fair value measurement input, percentage | 0.64 | 0.33 |
Fair value measurement, expected term (years) | 4 years | 6 months 7 days |
Risk Free Interest Rate [Member] | Maximum [Member] | ||
Fair value measurement input, percentage | 0.92 | 1.55 |
Fair value measurement, expected term (years) | 5 years | 5 years |
Expected Volatility [Member] | ||
Fair value measurement input, percentage | 90 | 110 |
Expected Dividend [Member] | ||
Fair value measurement input, percentage | 0 | 0 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | Mar. 11, 2021 | Mar. 02, 2021 | Jan. 28, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jan. 31, 2019 |
Debt principal amount | $ 250,000 | ||||||
Interest expense | $ 256,383 | ||||||
Amortization of debt discount | 122,763 | $ 8,302 | |||||
Accrued interest and penalties related to notes payable | $ 964,122 | $ 997,244 | |||||
Warrant term | 5 years | ||||||
Warrant to purchase shares of common stock | 800,000 | 400,000 | |||||
Warrant exercise price share | $ 1.25 | ||||||
Fair value of warrants | $ 164,700 | ||||||
Proceeds from warrants | 500,000 | ||||||
Notes payable | 1,558,000 | ||||||
Repayment of convertible notes payable | 125,000 | 68,000 | |||||
Forgivness of accrued interest | 49,983 | ||||||
Repayment of notes payable | 100,000 | ||||||
Noteholder [Member] | |||||||
Repayment of notes payable | $ 150,000 | ||||||
Convertible Note Purchase Agreements [Member] | Two Note Holders [Member] | |||||||
Notes payable | $ 49,983 | ||||||
Repayment of convertible notes payable | $ 125,000 | ||||||
Series C Preferred Stock [Member] | |||||||
Preferred stock conversion description | The note shall become convertible, (i) beginning on the date that the Company first issues any shares of its Series C Preferred Stock, at the holder's option into Series C Preferred Stock at a price of $7.50 per share or (ii) automatically on the maturity date into either Series C Preferred Stock at a price of $7.50 per share or common stock at price of $0.75 per share. If the Company fails to designate the Series C Preferred Stock by July 28, 2021, the note will be automatically converted into common stock at a price of $0.75 per share. | It is anticipated that the Series C Preferred Stock shall convert into the Company's common stock at a fixed rate of ten (10) shares of common stock for each share of Series C Preferred Stock. | |||||
Note Payable [Member] | |||||||
Interest expense | $ 280,887 | 87,649 | |||||
Amortization of debt discount | 122,763 | $ 8,302 | |||||
Note Payable [Member] | |||||||
Debt principal amount | 1,558,000 | ||||||
Proceeds of convertible note | $ 2,500,000 | ||||||
Convertible Note Payable [Member] | |||||||
Debt principal amount | 1,858,000 | ||||||
Convertible notes payable issued | 2,000,000 | $ 697,250 | |||||
Debt maturity start date | Jul. 7, 2021 | ||||||
Debt maturity end date | Sep. 24, 2021 | ||||||
Notes accrue interest rate | 8.00% | ||||||
Warrant term | 5 years | 5 years | |||||
Warrant to purchase shares of common stock | 517,778 | 557,800 | |||||
Warrant exercise price share | $ 1.25 | $ 1.25 | |||||
Fair value of warrants | $ 106,183 | $ 114,617 | |||||
Loss on extinguishment of debt | 49,718 | ||||||
Proceeds of convertible note | 500,000 | ||||||
Debt increased principal amount | $ 4,000,000 | ||||||
Past Due Notes Payable [Member] | |||||||
Debt principal amount | $ 250,000 | ||||||
Convertible Notes Payable One [Member] | |||||||
Convertible notes payable issued | $ 647,222 | ||||||
Debt maturity start date | Jul. 28, 2021 | ||||||
Convertible Notes Payable Two [Member] | |||||||
Debt principal amount | $ 555,556 | ||||||
Notes accrue interest rate | 13.00% | ||||||
Accrued interest | $ 41,948 | ||||||
New Note [Member] | |||||||
Notes accrue interest rate | 8.00% | ||||||
common stock share issued price per share | $ 0.75 |
Stockholders' Deficiency (Detai
Stockholders' Deficiency (Details Narrative) - USD ($) | Mar. 08, 2021 | Jan. 05, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Dividend attributable to Series A preferred stockholders | $ 223,391 | $ 211,305 | ||||
Warrants exercise price | $ 1.25 | |||||
Fair value of warrants | $ 164,700 | |||||
Issued shares of common stock pursuant to a cashless warrant | ||||||
Warrants purchase for common stock | 800,000 | 400,000 | ||||
Stock based compensation expenses | $ 237,772 | $ 237,772 | ||||
Stock-based compensation warrants | 31,372 | 4,626 | ||||
Warrants excluding accrued compensation | 31,276 | |||||
Accrued compensation | 96 | |||||
Stock options expenses | 206,400 | (98) | ||||
Stock options and warrants expenses | 4,528 | |||||
Stockholders equity | (9,038,794) | $ (6,257,870) | $ (7,947,382) | $ (5,741,941) | ||
Unrecognized share based compensation | 106,090 | |||||
Unrecognized share based compensation weighted average period | 9 months | |||||
General and Administrative Expenses [Member] | ||||||
Stockholders equity | $ 6,418 | |||||
Stock Option [Member] | ||||||
Stock option exercise price | $ 1 | |||||
Grant date fair value of options | $ 218,600 | |||||
Stock based compensation expenses | 4,528 | |||||
Stock options expenses | (98) | |||||
Warrant [Member] | ||||||
Stock options expenses | $ 4,626 | |||||
Common Stock [Member] | ||||||
Issued shares of common stock pursuant to a cashless warrant | 125,071 | |||||
Warrants excluding accrued compensation | ||||||
Accrued compensation | 1,792 | |||||
Stockholders equity | $ 32,663 | $ 27,330 | $ 32,538 | $ 27,077 | ||
Note Holder [Member] | Warrant [Member] | ||||||
Stock warrants issued | 125,000 | |||||
Vested term | 5 years | |||||
Warrants exercise price | $ 0.95 | $ 0.75 | ||||
Fair value of warrants | $ 33,545 | |||||
Issued shares of common stock pursuant to a cashless warrant | 125,071 | |||||
Warrants purchase for common stock | 221,275 | |||||
Chief Executive Officer [Member] | ||||||
Vested term | 5 years | |||||
Share based compensation arrangement of stock option grants | 1,350,000 | 750,000 | ||||
Director [Member] | ||||||
Stock warrants issued | 1,131,500 | 1,056,500 | ||||
Warrants exercise price | $ 0.75 | $ 0.75 | ||||
Share based compensation arrangement of stock option grants | 600,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Warrants exercise price | $ 1.25 | |
Director [Member] | ||
Warrants purchase for common stock | 1,131,500 | 1,056,500 |
Warrants exercise price | $ 0.75 | $ 0.75 |
Loan amount | $ 459,000 | |
Accrued interest - related parties | $ 315,472 | $ 291,708 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Oct. 31, 2019 | Jan. 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Research and development expenses | $ 235,764 | $ 257,545 | |||
Accrued research and development expenses | 1,106,046 | $ 1,159,950 | |||
Debt instrument, face amount | $ 250,000 | ||||
Debt instrument, maturity date | Mar. 16, 2016 | ||||
Litigation settlement | $ 267,680 | ||||
Restricted cash | 103,088 | 3,500 | |||
Yeda Research and License Agreement [Member] | |||||
Research and development expenses | 35,000 | 62,000 | |||
Accrued research and development expenses | 14,419 | $ 136,919 | |||
MD Anderson Sponsored Research Agreements [Member] | |||||
Research and development expenses | 200,764 | 237,545 | |||
Accrued research and development expenses | $ 337,859 | $ 462,785 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Apr. 30, 2021 | Apr. 30, 2021 | Jan. 31, 2019 | Mar. 31, 2021 | Jan. 28, 2021 |
Debt principal amount | $ 250,000 | ||||
Debt maturity date | Mar. 16, 2016 | ||||
Debt conversion price | $ 0.75 | ||||
Warrant term | 5 years | ||||
Warrant exercise price | $ 1.25 | ||||
Convertible Note Payable [Member] | |||||
Debt principal amount | $ 1,858,000 | ||||
Debt interest rate | 8.00% | ||||
Warrant term | 5 years | 5 years | |||
Warrant exercise price | $ 1.25 | $ 1.25 | |||
Subsequent Event [Member] | |||||
Warrant term | 5 years | 5 years | |||
Warrant to purchase common shares | 80,000 | 80,000 | |||
Warrant exercise price | $ 1.25 | $ 1.25 | |||
Subsequent Event [Member] | Series C Convertible Preferred Stock [Member] | |||||
Debt conversion price | $ 7.50 | $ 7.50 | |||
Subsequent Event [Member] | Two Convertible Debt [Member] | |||||
Debt principal amount | $ 150,000 | $ 150,000 | |||
Debt maturity date description | Maturity dates in April 2021 to extend the maturity dates by six months | ||||
Subsequent Event [Member] | Two Convertible Debt [Member] | Minimum [Member] | |||||
Debt interest rate | 8.00% | 8.00% | |||
Subsequent Event [Member] | Two Convertible Debt [Member] | Maximum [Member] | |||||
Debt interest rate | 10.00% | 10.00% | |||
Subsequent Event [Member] | Convertible Note Payable [Member] | |||||
Debt principal amount | $ 100,000 | $ 100,000 | |||
Debt interest rate | 8.00% | 8.00% | |||
Debt maturity date | Oct. 30, 2021 |