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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2023
OR
☐
TRANSITION REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT OF 1934
From
the transition period from ___________ to ____________
Commission
File Number 000-54933
IMMUNE
THERAPEUTICS, INC.
(Exact
name of small business issuer as specified in its charter)
Florida |
|
59-3226705 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
2431
Aloma Ave., Suite 124, Winter Park, FL |
|
32792 |
(Address
of principal executive offices) |
|
(Zip
Code) |
888-613-8802 |
(Registrant’s
telephone number, including area code) |
|
(Former
name or former address, if changed since last report) |
Securities
registered pursuant to Section 12(b) of the Act: None
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large
Accelerated Filer ☐ |
Accelerated
Filer ☐ |
|
|
|
|
|
|
Non-Accelerated
Filer ☐ |
Smaller
Reporting Company ☒ |
|
|
|
|
|
|
|
Emerging
growth Company ☐ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by a check mark whether the company is a shell company (as defined by Rule 12b-2 of the Exchange Act: Yes ☐ No ☒
APPLICABLE
ONLY TO CORPORATE ISSUERS:
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As
of August 18, 2023, there were 83,620,764 shares of common stock, $0.0001 par value per share, outstanding.
TABLE
OF CONTENTS
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain
statements contained or incorporated by reference in this Quarterly Report on Form 10-Q are considered forward-looking statements (within
the meaning of the Private Securities Litigation Reform Act of 1995) concerning our business, results of operations, economic performance
and/or financial condition, based on management’s current expectations, plans, estimates, assumptions, and projections. Forward-looking
statements are included, for example, in the discussions about:
|
● |
strategy; |
|
|
|
|
● |
new
product discovery and development; |
|
|
|
|
● |
current
or pending clinical trials; |
|
|
|
|
● |
our
products’ ability to demonstrate efficacy or an acceptable safety profile; |
|
|
|
|
● |
actions
by the U.S. Food and Drug Administration and other regulatory authorities; |
|
|
|
|
● |
product
manufacturing, including our arrangements with third-party suppliers; |
|
|
|
|
● |
product
introduction and sales; |
|
|
|
|
● |
royalties
and contract revenues; |
|
|
|
|
● |
expenses
and net income; |
|
|
|
|
● |
credit
and foreign exchange risk management; |
|
|
|
|
● |
liquidity; |
|
|
|
|
● |
asset
and liability risk management; |
|
|
|
|
● |
the
outcome of litigation and other proceedings; |
|
|
|
|
● |
intellectual
property rights and protections; |
|
|
|
|
● |
economic
factors; |
|
|
|
|
● |
competition;
and |
|
|
|
|
● |
legal
risks. |
Any
statements contained in this report that are not statements of historical fact may be deemed forward-looking statements. Forward-looking
statements generally are identified by the words “expects,” “anticipates,” “believes,” “intends,”
“estimates,” “aims,” “plans,” “may,” “could,” “will,” “will
continue,” “seeks,” “should,” “predict,” “potential,” “outlook,” “guidance,”
“target,” “forecast,” “probable,” “possible” or the negative of such terms and similar
expressions. Forward-looking statements are subject to change and may be affected by risks and uncertainties, most of which are difficult
to predict and are generally beyond our control. Forward-looking statements speak only as of the date they are made, and we undertake
no obligation to update any forward-looking statement in light of new information or future events, except as required by law, although
we intend to continue to meet our ongoing disclosure obligations under the U.S. securities laws and other applicable laws.
We
caution you that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or
implied by, the forward-looking statements, and therefore you should not place too much reliance on them. These factors include, among
others, those described herein, and elsewhere in this Quarterly Report and in our other public reports filed with the Securities and
Exchange Commission. It is not possible to predict or identify all such factors, and therefore the factors that are noted are not intended
to be a complete discussion of all potential risks or uncertainties that may affect forward-looking statements. If these or other risks
and uncertainties materialize, or if the assumptions underlying any of the forward-looking statements prove incorrect, our actual performance
and future actions may be materially different from those expressed in, or implied by, such forward-looking statements. We can offer
no assurance that our estimates or expectations will prove accurate or that we will be able to achieve our strategic and operational
goals.
Forward-looking
statements are based on information we have when those statements are made or management’s good faith belief as of that time with
respect to future events and are subject to significant risks and uncertainties that could cause actual performance or results to differ
materially from those expressed in or suggested by the forward-looking statements.
Important
factors that could cause such differences include, but are not limited to:
|
● |
our
lack of operating history; |
|
|
|
|
● |
our
current and future capital requirements and our ability to satisfy our capital needs; |
|
|
|
|
● |
our
inability to keep up with industry competition; |
|
|
|
|
● |
interpretations
of current laws and the passages of future laws; |
|
|
|
|
● |
acceptance
of our business model by investors and our ability to raise capital; |
|
|
|
|
● |
our
drug discovery and development activities may not result in products that are approved by the applicable regulatory authorities and
even if our drug candidates do obtain regulatory approval, they may never achieve market acceptance or commercial success; |
|
|
|
|
● |
our
reliance on key personnel and collaborative partners, including our ability to attract and retain scientists; |
|
|
|
|
● |
our
reliance on third-party manufacturing to supply drugs for clinical trials and sales; |
|
|
|
|
● |
our
limited distribution organization with no sales and marketing staff; |
|
|
|
|
● |
our
being subject to product liability claims; |
|
|
|
|
● |
our
reliance on key personnel, including our ability to attract and retain scientists; |
|
|
|
|
● |
legislation
or regulation that may increase the cost of our business or limit our service and product offerings; |
|
|
|
|
● |
risks
related to our intellectual property, including our ability to adequately protect intellectual property rights; |
|
|
|
|
● |
risks
related to government regulation, including our ability to obtain approvals for the commercialization of some or all of our drug
candidates, and ongoing regulatory obligations and continued regulatory review which may result in significant additional expense
and subject us to penalties if we fail to comply with applicable regulatory requirements; and |
|
|
|
|
● |
our
ability to obtain regulatory approvals to allow us to market our products internationally. |
Moreover,
new risks regularly emerge, and it is not possible for our management to predict or articulate all risks we face, nor can we assess the
impact of all risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ from
those contained in any forward-looking statements. All forward-looking statements included in this Quarterly Report are based on information
available to us on the date of this Quarterly Report. Except to the extent required by applicable laws or rules, we undertake no obligation
to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise. All subsequent
written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety
by the cautionary statements contained above and throughout this Quarterly Report.
PART
I – FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
IMMUNE
THERAPEUTICS, INC. AND SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
IMMUNE
THERAPEUTICS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
June
30, 2023 (Unaudited) | | |
December
31, 2022 | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current
Assets: | |
| | | |
| | |
Cash | |
$ | 17,426 | | |
$ | 150,491 | |
Total
current assets | |
| 17,426 | | |
| 150,491 | |
| |
| | | |
| | |
Intangible
Assets: | |
| | | |
| | |
Patents
and licenses, net | |
| 735,746 | | |
| 762,500 | |
| |
| | | |
| | |
Deposits | |
| 5,500 | | |
| 50,728 | |
| |
| | | |
| | |
Total
Assets | |
$ | 758,672 | | |
$ | 963,719 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
Current
Liabilities: | |
| | | |
| | |
Accounts
payable | |
$ | 1,359,562 | | |
$ | 1,300,366 | |
Accrued
payroll | |
| 336,002 | | |
| 336,002 | |
Notes
payable, net of debt discount | |
| 1,111,478 | | |
| 696,478 | |
Due
to related parties | |
| 635,067 | | |
| 394,736 | |
Accrued
interest | |
| 104,063 | | |
| 64,455 | |
Accrued
liabilities | |
| 136,057 | | |
| 136,057 | |
License
fees payable | |
| 178,793 | | |
| 549,079 | |
Total
current liabilities | |
| 3,861,022 | | |
| 3,477,173 | |
| |
| | | |
| | |
Total
Liabilities | |
| 3,861,022 | | |
| 3,477,173 | |
| |
| | | |
| | |
Stockholders’
Deficit: | |
| | | |
| | |
Common
stock – par value $0.0001; 750,000,000 and 750,000,000 shares authorized, respectively; 83,598,763 and 83,045,857 shares issued
and outstanding respectively | |
| 8,360 | | |
| 8,305 | |
Additional
paid in capital | |
| 380,767,830 | | |
| 380,436,432 | |
Stock
issuances due | |
| 10,303 | | |
| 10,303 | |
Accumulated
deficit | |
| (383,888,844 | ) | |
| (382,968,494 | ) |
| |
| | | |
| | |
Total
stockholders’ deficit | |
| (3,102,351 | ) | |
| (2,513,454 | ) |
Total
Liabilities and Stockholders’ Deficit | |
$ | 758,672 | | |
$ | 963,719 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
IMMUNE
THERAPEUTICS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
| |
June
30, 2023 | | |
June
30, 2022 | | |
June
30, 2023 | | |
June
30, 2022 | |
| |
Three
Months ended | | |
Six
Months ended | |
| |
June
30, 2023 | | |
June
30, 2022 | | |
June
30, 2023 | | |
June
30, 2022 | |
| |
| | |
| | |
| | |
| |
Operating
expenses | |
| | | |
| | | |
| | | |
| | |
Selling,
general and administrative | |
$ | 248,886 | | |
$ | 292,117 | | |
$ | 456,403 | | |
$ | 473,733 | |
Research
and development expense | |
| 175,209 | | |
| - | | |
| 356,132 | | |
| - | |
Depreciation
and amortization expense | |
| 13,377 | | |
| - | | |
| 26,754 | | |
| - | |
Total
operating expense | |
| 437,472 | | |
| 292,117 | | |
| 839,289 | | |
| 473,733 | |
| |
| | | |
| | | |
| | | |
| | |
Loss
from operations | |
| (437,472 | ) | |
| (292,117 | ) | |
| (839,289 | ) | |
| (473,733 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
income (expense): | |
| | | |
| | | |
| | | |
| | |
Gain
on issuance of license agreement | |
| - | | |
| 3,165,151 | | |
| - | | |
| 3,165,151 | |
Gain
on settlement of obligations | |
| - | | |
| 297,579 | | |
| - | | |
| 297,579 | |
Charge
resulting from warrant modification and debt settlement | |
| - | | |
| (1,011,625 | ) | |
| - | | |
| (1,011,625 | ) |
Impairment
loss investment in common stock | |
| - | | |
| (362,250 | ) | |
| - | | |
| (2,645,000 | ) |
Interest
expense | |
| (66,762 | ) | |
| (3,885 | ) | |
| (81,061 | ) | |
| (96,069 | ) |
Total
other income (expense) | |
| (66,762 | ) | |
| 2,084,970 | | |
| (81,061 | ) | |
| (289,964 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
income (loss) income | |
$ | (504,234 | ) | |
$ | 1,792,853 | | |
$ | (920,350 | ) | |
$ | (763,697 | ) |
Net
income (loss) attributable to common stockholders | |
$ | (504,234 | ) | |
$ | 1,792,853 | | |
$ | (920,350 | ) | |
$ | (763,697 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic
income (loss) income per share attributable to common stockholders | |
$ | (0.01 | ) | |
$ | 2.57 | | |
$ | (0.01 | ) | |
$ | (1.29 | ) |
Diluted
income (loss) earnings per share attributable to common stockholders | |
$ | (0.00 | ) | |
$ | 0.23 | | |
$ | (0.01 | ) | |
$ | (1.29 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic
weighted average number of shares outstanding | |
| 83,285,054 | | |
| 696,752 | | |
| 83,381,739 | | |
| 590,822 | |
Diluted
weighted average number of shares outstanding | |
| 83,285,054 | | |
| 7,804,548 | | |
| 83,381,739 | | |
| 590,822 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
IMMUNE
THERAPEUTICS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY/(DEFICIT)
FOR
THE PERIODS ENDED JUNE 30, 2023 AND 2022
(Unaudited)
| |
Shares | | |
Amount | | |
Capital | | |
Issued | | |
Deficit | | |
Total | |
| |
Common
Stock | | |
Additional
Paid-in | | |
Stock
To Be | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Issued | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Balance
December 31, 2021 | |
| 483,714 | | |
$ | 49 | | |
$ | 371,473,810 | | |
$ | 10,303 | | |
$ | (379,432,418 | ) | |
$ | (7,948,256 | ) |
Issuance
of common stock upon conversion of notes and obligations | |
| 7,255,660 | | |
| 726 | | |
| 479,174 | | |
| - | | |
| - | | |
| 479,000 | |
Issuance
of common stock for services | |
| 49,500 | | |
| 4 | | |
| 2,470 | | |
| - | | |
| - | | |
| 2,474 | |
Issuance
of common stock upon warrant exercise | |
| 12,565,000 | | |
| 1,256 | | |
| 647,068 | | |
| - | | |
| - | | |
| 648,324 | |
Charge
resulting from warrant modification | |
| - | | |
| - | | |
| 1,011,625 | | |
| - | | |
| - | | |
| 1,011,625 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (763,697 | ) | |
| (763,697 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
June 30, 2022 | |
| 20,353,874 | | |
$ | 2,035 | | |
$ | 373,614,147 | | |
$ | 10,303 | | |
$ | (380,196,115 | ) | |
$ | (6,569,630 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
December 31, 2022 | |
| 83,045,857 | | |
$ | 8,305 | | |
$ | 380,436,432 | | |
$ | 10,303 | | |
$ | (382,968,494 | ) | |
$ | (2,513,454 | ) |
Balance | |
| 83,045,857 | | |
$ | 8,305 | | |
$ | 380,436,432 | | |
$ | 10,303 | | |
$ | (382,968,494 | ) | |
$ | (2,513,454 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for extension of patent and license agreement | |
| 500,000 | | |
| 50 | | |
| 299,950 | | |
| - | | |
| - | | |
| 300,000 | |
Issuance
of common stock upon settlement of notes and obligations | |
| 52,906 | | |
| 5 | | |
| 31,448 | | |
| - | | |
| - | | |
| 31,453 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (920,350 | ) | |
| (920,350 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
June 30, 2023 | |
| 83,598,763 | | |
$ | 8,360 | | |
$ | 380,767,830 | | |
$ | 10,303 | | |
$ | (383,888,844 | ) | |
$ | (3,102,351 | ) |
Balance
| |
| 83,598,763 | | |
$ | 8,360 | | |
$ | 380,767,830 | | |
$ | 10,303 | | |
$ | (383,888,844 | ) | |
$ | (3,102,351 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
IMMUNE
THERAPEUTICS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR
THE PERIODS ENDED JUNE 30, 2023 AND 2022
(Unaudited)
| |
June
30, 2023 | | |
June
30, 2022 | |
| |
Six
Months Ended | |
| |
June
30, 2023 | | |
June
30, 2022 | |
CASH
FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net
loss | |
$ | (920,350 | ) | |
$ | (763,697 | ) |
| |
| | | |
| | |
Adjustments
to reconcile net loss to net cash flows used in operating activities: | |
| | | |
| | |
Gain
on issuance of license agreement | |
| - | | |
| (3,165,151 | ) |
Gain
on settlement of obligations | |
| - | | |
| (297,579 | ) |
Loss
on impairment on investment in common stock | |
| - | | |
| 2,645,000 | |
Charge
resulting from warrant modification | |
| - | | |
| 1,011,625 | |
Amortization
of intangibles | |
| 26,754 | | |
| - | |
Common
stock issued for the extension of patent and license agreement | |
| 300,000 | | |
| - | |
| |
| | | |
| | |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Deposits | |
| 45,228 | | |
| - | |
Accounts
payable | |
| (340,804 | ) | |
| (146,811 | ) |
License
fees payable | |
| 29,714 | | |
| - | |
Accrued
payroll | |
| - | | |
| 4,620 | |
Accrued
interest | |
| 39,608 | | |
| 83,265 | |
Accrued
liabilities | |
| - | | |
| 67,960 | |
Due
to related parties | |
| 240,331 | | |
| - | |
| |
| | | |
| | |
Net
cash used in operating activities | |
| (579,519 | ) | |
| (560,768 | ) |
| |
| | | |
| | |
CASH
FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds
from undocumented investor advances | |
| - | | |
| 6,369 | |
Proceeds
from related parties | |
| 100,000 | | |
| 322,047 | |
Proceeds
from issuance of notes payable | |
| 346,453 | | |
| | |
Net
cash provided by financing activities | |
| 446,453 | | |
| 338,416 | |
| |
| | | |
| | |
Decrease
in cash | |
| (133,066 | ) | |
| (222,352 | ) |
Cash
and cash equivalents, beginning of year | |
| 150,491 | | |
| 493,885 | |
Cash
and cash equivalents, end of period | |
$ | 17,426 | | |
$ | 271,533 | |
| |
| | | |
| | |
SUPPLEMENTAL
DISCOSURE OF NON-CASH ACTIVITIES: | |
| | | |
| | |
Conversion
of debt and accrued interest to common stock | |
$ | 31,453 | | |
$ | 1,128,224 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Immune
Therapeutics, Inc.
Notes
to the Condensed Consolidated Financial Statements
June
30, 2023
(Unaudited)
1.
Company Overview
Immune
Therapeutics Inc. (the “Company” or “IMUN”) is a Florida corporation trading on the OTC-Pink. The Company is
a drug development and commercialization company. We identify, evaluate, and seek to acquire technologies in the medical device and drug
development sectors with the intent to further develop them and move them to commercialization. On February 28, 2023, we received a written
consent from a majority of our outstanding shareholders to change the name of our Company to “Biostax Corp.” On March 27,
2023, we filed a definitive information statement on Schedule 14C and mailed the information statement to shareholders on record as of
the date of the filing. We plan to file our name change amendment with the Secretary of State of Florida at least twenty calendar days
after the Financial Industry Regulatory Authority, Inc. processes our name change.
Going
Concern
As
of June 30, 2023, the Company had $17,426 in cash on hand, negative working capital of $3,843,596 and accumulated stockholders’
deficit of $383,888,844. For the six months ended June 30, 2023, the Company reported a net loss attributable to common shareholders
of $920,350. For the six months ended June 30, 2022, the Company reported net loss attributable to common shareholders of $763,697.
Historically
the Company has relied on the funding of operations through private equity financing and management expects operating losses and negative
cash flows to continue at more significant levels in the future. As the Company continues to incur losses, its transition to profitability
is dependent upon the successful development, approval, and commercialization of its current or future product candidates as they become
available and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may never achieve
profitability, and unless and until it does, the Company will continue to need to raise additional cash. Management intends to fund future
operations through additional private or public debt or equity offerings and may seek additional capital through arrangements with strategic
partners or from other sources.
Working
capital at June 30, 2023 is not sufficient to meet the cash requirements to fund planned operations through the next twelve months without
additional sources of cash. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include
adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s
assets and the satisfaction of liabilities in the normal course of business.
Management
is continuing to develop strategies to re-capitalize the Company and position it for future growth. Key steps to this process include:
|
● |
Improve
the condition of the balance sheet via license arrangements and capital infusions. |
|
● |
Identify
and acquire late-stage assets for commercialization. |
|
● |
Build
out operational infrastructure to generate revenue opportunities to grow shareholder value. |
There
can be no guarantee that the Company will be successful in securing adequate capital to continue operations and in identifying and acquiring
assets for future development.
If
the Company is unable to secure new working capital, other alternative strategies will be required.
Historically,
the Company’s strategy has been to acquire and develop assets; potentially spin them out and retain both an equity stake and royalties
and milestone payments. In so doing, the Company would act as an incubator for late-stage drug development. Management believes that
this strategy can be successful. At this time, the Company is reviewing several opportunities which it may pursue as soon as funding
is available. At present, no definitive action has been taken.
There
can be no guarantees that the Company will be successful in:
|
● |
Executing
its restructuring plan; |
|
● |
Securing
adequate capital to continue operations; or |
|
● |
Identifying
and acquiring assets for future development. |
Company
History
Immune
Therapeutics, Inc. (the “Company” or “Immune”) was initially incorporated in Florida on December 2, 1993, as
Resort Clubs International, Inc. (“Resort Clubs”). It was formed to manage and market golf course properties in resort markets
throughout the United States. Galliano International Ltd. (“Galliano”) was incorporated in Delaware on May 27, 1998 and began
trading in November 1999 through the filing of a 15C-211. On November 10, 2004, Galliano merged with Resort Clubs. Resort Clubs was the
surviving corporation. On August 23, 2010, Resort Clubs changed its name to pH Environmental Inc. (“pH Environmental”). On
April 23, 2012, pH Environmental completed a name change to TNI BioTech, Inc., and on April 24, 2012, we executed a share exchange agreement
for the acquisition of all the outstanding shares of TNI BioTech IP, Inc. On September 4, 2014, a majority of our shareholders approved
an amendment to our Amended and Restated Articles of Incorporation, as amended, to change our name to Immune Therapeutics, Inc. We filed
our name change amendment with the Secretary of State of Florida on October 27, 2014, changing our name to Immune Therapeutics, Inc.
On February 28, 2023, we received a written consent from a majority of our outstanding shareholders to change the name of our Company
to “Biostax Corp.” On March 27, 2023, we filed a definitive information statement on Schedule 14C and mailed the information
statement to shareholders on record as of the date of the filing. We plan to file our name change amendment with the Secretary of State
of Florida at least twenty calendar days after the Financial Industry Regulatory Authority, Inc. processes our name change.
2.
Summary of Significant Accounting Policies
Basis
of Presentation
The
condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with U.S. generally accepted accounting principles have been omitted. However, in the opinion of management, all
adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the financial position
and results of operations for the periods presented have been made. The results for interim periods are not necessarily indicative of
trends or of results to be expected for the full year. These financial statements should be read in conjunction with the financial statements
of the Company for the year ended December 31, 2022 (including the notes thereto) set forth in the Company’s Annual Report on Form
10- K for that period.
Use
of Estimates
The
preparation of the Company’s financial statements in conformity with U.S. generally accepted accounting principles requires management
to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results
could differ from such estimates.
Cash,
Cash Equivalents, and Short-Term Investments
The
Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents.
Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and
money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency
obligations. Cash equivalents are reported at fair value. At June 30, 2023 and December 31, 2022, the Company had cash and cash equivalents
of $17,426 and $150,491, respectively.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company
is exposed to credit risk, subject to federal deposit insurance, in the event of a default by the financial institutions holding its
cash and cash equivalents to the extent of amounts recorded on the condensed consolidated balance sheets. The cash accounts are insured
by the Federal Deposit Insurance Corporation up to $250,000.
Segment
and Geographic Information
Operating
segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief
operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views
its operations and manages its business in one operating segment and does not segment the business for internal reporting or decision
making.
Fair
Value of Financial Instruments
In
accordance with the reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic
825, “Financial Instruments”, the Company calculates the fair value of its assets and liabilities which qualify as
financial instruments under this standard and includes this additional information in the notes to the financial statements when the
fair value is different than the carrying value of those financial instruments.
Cash,
cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity of
these instruments. The carrying value of the Company’s investment in the common stock of Statera BioPharma, Inc. (“STAB”)
reflects an asset impairment charge taken in the second quarter of 2022 and is carried at zero in the consolidated balance sheet. The
carrying value of notes payable approximate fair value since they bear market rates of interest and other terms. None of these instruments
are held for trading purposes.
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization
of our technologies. The Company incurred $356,132 of research and development costs during the six months ended June 30, 2023, which
includes legal fees related to the maintenance and prosecution of licensed and owned intellectual property as well as the fair value
of common stock issued to extend the payment terms of the Company’s license agreement with TaiwanJ Pharmaceuticals. The Company
did not incur any research and development costs during the six months ended June 30, 2022.
Income
Taxes
The
Company follows ASC Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future
tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets
and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax
rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance
to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled.
The
standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in
the financial statements. Under ASC Topic 740, the Company may recognize the tax benefit from an uncertain tax position only if it is
more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of
the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC Topic 740 also provides guidance on
de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
At
the date of adoption, and as of June 30, 2023 and 2022, the Company does not have a liability for unrecognized tax uncertainties. The
Company’s policy is to record interest and penalties on uncertain tax positions as income tax expense. As of June 30, 2023, and
2022, the Company does not have any interest or penalties related to uncertain tax positions.
Stock-Based
Compensation and Issuance of Common Stock for Non-Cash Consideration
The
Company measures and recognizes compensation expense for share-based awards based on estimated fair values equaling either the market
value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration
pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at
the date of the agreement.
The
Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows
the provisions of ASC Topic 718, “Compensation-Stock Compensation.” The measurement date for the fair value of the
equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor
is reached or (ii) the date at which the consultant or vendor’s performance is complete.
The
Company did not issue any stock-based compensation awards during the six months ended June 30, 2023 and 2022.
Net
Income (Loss) per Share
For
the six month period ended June 30, 2023, basic and diluted net loss per share is calculated by dividing the net loss by the weighted
average number of common shares outstanding for the period, without consideration for common stock equivalents.
Diluted
net income (loss) per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents
outstanding for the period, using the treasury-stock method. For purposes of the diluted net income (loss) per share calculation, shares
to be issued pursuant to convertible debt and warrants are considered to be common stock equivalents but are excluded from the calculation
of diluted net income (loss) per share in 2023 and 2022 because their effect would be anti-dilutive. A total of 33,495 warrants 736,732
shares, resulting from the conversion of principal and interest on convertible notes, have been excluded from this calculation for the
six month period ended June 30, 2023.
For
the six month period ended June 30, 2023, diluted income per share was calculated by dividing the net income by the weighted-average
number of common shares outstanding for the period determined using the treasury-stock method. A reconciliation of the weighted average
shares outstanding used in basic and diluted earnings per share for the periods ended June 30, 2023 and 2022 are as follows:
Schedule of Basic and Diluted Earnings per Share
| |
June
30, 2023 | | |
June
30, 2022 | |
| |
Three
Months ended | |
| |
June
30, 2023 | | |
June
30, 2022 | |
Basic
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (504,234 | ) | |
$ | 1,792,853 | |
Weighted
average common shares (Denominator) | |
| 83,285,054 | | |
| 696,752 | |
Basic
EPS | |
$ | (0.01 | ) | |
$ | 2.57 | |
| |
| | | |
| | |
Diluted
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (504,234 | ) | |
$ | 1,792,853 | |
Weighted
average common shares (Denominator) | |
| 83,285,054 | | |
| 7,804,548 | |
Diluted
EPS | |
$ | 0.00 | | |
$ | 0.23 | |
| |
June
30, 2023 | | |
June
30, 2022 | |
| |
Six
Months ended | |
| |
June
30, 2023 | | |
June
30, 2022 | |
Basic
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (920,350 | ) | |
$ | (763,697 | ) |
Weighted
average common shares (Denominator) | |
| 83,381,739 | | |
| 590,822 | |
Basic
EPS | |
$ | (0.01 | ) | |
$ | (1.29 | ) |
| |
| | | |
| | |
Diluted
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (920,350 | ) | |
$ | (763,697 | ) |
Weighted
average common shares (Denominator) | |
| 83,381,739 | | |
| 590,822 | |
Diluted
EPS | |
$ | (0.01 | ) | |
$ | (1.29 | ) |
Recent
Accounting Standards
The
Company has reviewed the accounting pronouncements issued by the Financial Accounting Standards Board during the six months ended June
30, 2023. Applicable pronouncements will be adopted by the Company in accordance with the accounting guidance and definition. Management
does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s
consolidated financial statements.
Management
does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s
consolidated financial statements.
Note
3. Notes payable
During
the three-month period ended June 30, 2023, the Company reported the following activity in notes and accrued interest:
On
April 13, 2023, the Company issued a $250,000 promissory note to TaiwanJ Pharmaceuticals, pursuant to the Second Extension Agreement
to the Intellectual Property License Agreement. The note accrues interest at 18% annually and matured on May 30, 2023. This note is presently
in default.
On
June 2, 2023, the Company issued a $15,000 promissory note to one lender. The note matures in 90 days and accrues interest of 8% annually.
Notes
Payable on June 30, 2023 and December 31, 2022 are as follows:
Schedule
of Notes Payable
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Promissory
note was issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020. The note is in default. | |
$ | 231,478 | | |
$ | 231,478 | |
| |
| | | |
| | |
Promissory
note issued in 2019 for the settlement of debt in the same amount and matured in 2021. Lender earns interest at 15%. This note was
modified in November 2022, extending maturity to September 2023. | |
| 150,000 | | |
| 150,000 | |
| |
| | | |
| | |
Promissory
note issued in 2022 and matures in July 2023. Lender earns interest at 6%. | |
| 65,000 | | |
| 65,000 | |
| |
| | | |
| | |
Promissory
note issued in 2022 and matures in July 2023. Lender earns interest at 6%. The holder of the note is a former Director and the former
Chief Executive Officer of the Company. | |
| 200,000 | | |
| 200,000 | |
| |
| | | |
| | |
Promissory
note issued in 2022 and matures in December 2023. Lender earns interest at 7.75%. | |
| 50,000 | | |
| 50,000 | |
| |
| | | |
| | |
Promissory
note issued in March 2023 and matured in May 2023. Lender earns interest at 8%. This note was issued to H. Louis Salomonsky, a Director
of the Company. This note is in default. | |
| 100,000 | | |
| - | |
| |
| | | |
| | |
Promissory
note issued in March 2023 and matured in June 2023. Lender earns interest at 8%. This note is in default.. | |
| 50,000 | | |
| - | |
| |
| | | |
| | |
Promissory
note issued in April 2023 and matured in May 2023. Lender earns interest at 18%. The note is in default. | |
| 250,000 | | |
| - | |
| |
| | | |
| | |
Promissory
note issued in June 2023 and matures in September 2023. Lender earns interest at 8%. | |
| 15,000 | | |
| - | |
| |
| | | |
| | |
Notes
payable total | |
$ | 1,111,478 | | |
$ | 696,478 | |
At
June 30, 2023 and December 31, 2022, the Company had accrued $104,062 and $64,455, respectively, in unpaid interest on notes payable.
4.
Capital Structure – Common Stock and Stock Purchase Warrants
Each
holder of common stock is entitled to vote on all matters and is entitled to one vote for each share held. No holder of shares of stock
of any class shall be entitled as a matter of right to subscribe for or purchase or receive any part of any new or additional issue of
shares of stock of any class, or of securities convertible into shares of stock or any class, whether now hereafter authorized or whether
issued for money, for consideration other than money, or by way of dividend.
Stock
Warrants
During
the six month period ended June 30, 2023 no common stock warrants were issued, exercised or modified.
On
June 29, 2022, the Company’s board of directors approved a resolution to clarify the anti-dilution protection granted to certain
note and warrant holders. In connection with this board action, the Company recognized a non-cash charge of $1,011,625 in the Statement
of Operations for the three- and six-month periods ended June 30, 2022. The fair value of the re-measured warrants was determined using
the Black Scholes model and used the following assumptions:
Schedule
of Fair Value of the Remeasured Warrants
Expected
term (years) | |
| 0.63 | |
Risk
free rate | |
| 2.04 | % |
Volatility | |
| 436 | % |
Dividend
yield | |
| - | |
The
average risk-free interest rate was based on the U.S. Treasury security rate in effect on June 29, 2022. We determined expected volatility
using the historical closing stock price. The expected life was determined using the simplified method as we do not believe we had sufficient
historical warrant exercise experiences on which to base the expected term.
Warrant
holders exercised 12,565,000 common stock warrants during the second quarter of 2022. An additional 31,899 warrants were forfeited or
cancelled during the second quarter of 2022.
The
following is a summary of outstanding common stock warrants as of June 30, 2023.
Schedule
of Outstanding Common Stock Warrants
Expiration Date |
|
Number of Shares |
|
|
Exercise Price |
|
|
Remaining Life (years) |
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2023 |
|
|
1,500 |
|
|
$ |
100 |
|
|
|
.25 |
|
Third Quarter 2028 |
|
|
3,000 |
|
|
$ |
70 |
|
|
|
5.25 |
|
Second Quarter 2032 |
|
|
28,995 |
|
|
$ |
10 - 70 |
|
|
|
9.00 |
|
|
|
|
33,495 |
|
|
$ |
10 - 100 |
|
|
|
|
|
Following
is a summary of stock warrant activity for the six months ended June 30, 2023:
Schedule
of Stock Outstanding Warrants Activity
| |
Number
of Shares | | |
Exercise Price | | |
Weighted Average
Price | |
Warrants
as of December 31, 2022 | |
| 38,495 | | |
$ | 10
- 200 | | |
$ | 59.42 | |
Issued | |
| - | | |
$ | - | | |
$ | - | |
Expired
and forfeited | |
| (5,000 | ) | |
$ | 30
- 200 | | |
$ | 66.00 | |
Exercised | |
| - | | |
$ | - | | |
$ | - | |
Warrants
as of June 30, 2023 | |
| 33,495 | | |
$ | 10
- 100 | | |
$ | 58.44 | |
5.
Income Taxes – Results of Operations
There
was no income tax expense reflected in the results of operations for the periods ended June 30, 2023 and 2022 because the Company has
significant net loss operating carryforwards available to offset the potential tax liabilities. Our tax rate can be affected by recurring
items, such as tax rates in foreign jurisdictions and the relative amount of income we earn in jurisdictions. It may also be affected
by discrete items that may occur in any given year but are not consistent from year to year.
For
U.S. federal purposes the corporate statutory income tax rate was 21%, for 2023 and 2022 tax years. The Company has recognized no tax
benefit for the losses generated for the periods through June 30, 2023.
ASC
Topic 740 requires that a valuation allowance be provided if it is more likely than not that some portion or all a deferred tax asset
will not be realized. The Company’s ability to realize the benefit of its deferred tax asset will depend on the generation of future
taxable income. Because the Company has yet to recognize revenue, we believe that the full valuation allowance should be provided.
6.
Subsequent Events
Amendment
2 to License with Cytocom Inc. (which is now Statera Biopharma Inc.)
In
December 2013, the Company formed Cytocom Inc., which changed its name to Statera Biopharma Inc. (“Statera”) or STAB, on
September 1, 2021, as a subsidiary of the Company, and transferred rights, titles and interests to the Company as follows:
|
(i) |
Patents,
patent applications, and all divisional, continuations and continuations-in-part thereof, together with all reissues, reexaminations,
renewals, and extensions thereof and all rights to obtain such divisional, continuations and continuations-in-part, reissues, reexaminations,
renewals and extensions, and all utility models and statutory invention registrations and any other such analogous rights. |
|
|
|
|
(ii) |
Trademarks,
service marks, internet domain names, trade dress, trade styles, logos, trade names, services names, brand names, corporate names,
assumed business names and general intangibles and other source identifiers of a like nature, together with the goodwill associated
with any of the foregoing, and all registrations and applications for registrations thereof, together with all renewals and extensions
thereof and all rights to obtain such renewals and extensions. |
|
|
|
|
(iii) |
Copyrights,
mask work rights, database and design rights, moral rights and rights in internet websites, whether registered or unregistered and
whether published or unpublished, all registrations and recordings thereof and all applications in connection therewith, together
with all renewals, continuations, reversions and extensions thereof and all rights to obtain such renewals, continuations, reversions
and extensions. |
|
|
|
|
(iv) |
Confidential
and proprietary information, including, trade secrets and know-how. |
On
May 1, 2018, the Company entered into an amended and restated licensing agreement (the “Restated Agreement”) with STAB. The
Restated Agreement restates the licensing arrangement between the Company and STAB and grants the Company distribution and marketing
rights for Lodonal™ and meta enkephalin (MENK) for humans in certain emerging markets. In addition, the Company was granted the
rights to distribute and market Lodonal™ and MENK for animal use in the United States. The royalty due to STAB was reduced from
5% to 1% of net sales in the Restated Agreement, and the Company no longer would have any ongoing obligations to pay for costs in connection
with the assets of STAB. While the Company formalized the agreement in May 1 2018, Penn State University, a licensor that was part of
the group of intellectual property that was to be moved, did not consent the move of their license or payables to STAB at the time of
the Restated Agreement.
On
April 8, 2019, the Company signed a second amendment to its licensing agreement (the “Second Amendment”) with STAB. The Second
Amendment confirmed that, (as of its effective date December 31, 2018) the Company owned 15.57% of the STAB common shares issued and
outstanding on that date. The Company agreed to assume responsibility to repay all accounts payable obligations and accrued liabilities
owed by STAB as of the effective date, except those accounts payable obligations and accrued liabilities as specified in the Second Amendment.
The Company also assumed the responsibility to repay all notes payable, together with any interest or fees payable thereon, owed by STAB
as of the effective date, except those notes payable obligations, together with any interest or fees payable thereon, as specified by
the Second Amendment. The parties further agreed that in the event of a change of control of STAB, and at the option of STAB, the Company
would have the right to purchase outright the Company’s licensing rights to emerging markets for humans under the License Agreement
at a price equal to value of those licensing rights as determined by and independent valuator acceptable to the Company and STAB.
On
May 13, 2020, the Company and STAB entered into an Amendment to the Second Amendment (“Third Amendment”) that was effective
December 31, 2018. The Third Amendment provides STAB with the Company’s previously licensed rights for LDN and MENK in emerging
markets. The original terms for consideration for the sublicense were not finalized until August 12, 2020, at which time STAB and the
Company signed a letter agreement in which STAB agreed to assume a combination of defaulted notes plus certain other liabilities. Such
terms were amended, and the Company agreed to transfer all the rights, title, and interests to STAB in technology licensed from Penn
State Research Foundation (“PSU”) in exchange for STAB assuming all past due and future obligations under the PSU
license. While the Company formalized the agreement to assign all outstanding liabilities due to PSU, a vendor of the Company, PSU did
not consent to the assignment of the payables to STAB. As of December 31, 2021, the Company had no outstanding accounts payable balances
due to PSU.
On
July 20, 2021, STAB and the Company agreed to modify the terms of the original sublicense. The renegotiated terms are presented below.
The assignment of the notes and associated accrued interest and penalties in default was fully executed in the third quarter of 2020
with the transfer of the notes upon the creditors’ signoff. The Company recognized a gain upon the assignment of these notes in
the third quarter of 2020.
Consideration
for License to STAB as of December 31, 2022:
Schedule
of Consideration
Consideration
/ Assumption of: | |
| |
Notes
and associated accrued interest in default | |
$ | 3,302,209 | |
Accounts
payable and accruals | |
| 230,000 | |
Past
Due Employee Obligations | |
| 1,110,567 | |
Total
anticipated Consideration | |
$ | 4,642,776 | |
Recognized
through December 31, 2020 | |
| (3,302,209 | ) |
To
Be Recognized upon Execution | |
$ | 1,340,567 | |
As
of December 31, 2022, the Notes transaction has not been fully executed. The notes in default have been assigned and the transfer signed
off by the creditors, but STAB still has not completed the assumption of the agreed upon obligations.
On
March 24, 2023, the Company and STAB entered into an amendment to the licensing agreement (“Third License Amendment”). This
agreement is subject to approval of the United States Bankruptcy Court for the District of Colorado, which is the process of reviewing
the involuntary petition commenced against STAB on August 16, 2022.
The
Third License Amendment:
|
● |
Restates
the licensing arrangement between the Company and STAB and grants the Company manufacturing, distribution and marketing rights for
LDN and MENK in humans for all indications except Crohn’s Disease (worldwide), and in animals (US only). |
|
● |
Grants
the Company the right grant sublicenses to third parties for the manufacturing, distribution and marketing of these products. |
|
● |
Updates
the royalty rates as follows: |
Schedule
of Royalty Rate
Annual
Sales of Royalty Qualifying Licensed Products | |
Royalty
Rate | |
<$500,000,000 | |
| 2 | % |
500,000,000
to < $1,000,000,000 | |
| 4 | % |
>
$1,000,000,000) | |
| 6 | % |
The
Company anticipates the Third License Amendment to be approved by the United States Bankruptcy Court.
Second
Extension to License Agreement with TaiwanJ Pharmaceuticals
On
September 30, 2022, the Company entered into an Intellectual Property License Agreement (the “Agreement”) with TaiwanJ Pharmaceuticals
Co. Ltd., a Taiwanese corporation (“TaiwanJ”), pursuant to which TaiwanJ granted the Company an exclusive, royalty-bearing
license, including the right to grant sublicenses, to commercialize and sell TaiwanJ’s pharmaceutical products including naltrexone,
or any other small molecule composition that either alone or in combination can be formulated and used in humans to show anti-fibrotic,
immune-modulating, and/or anti-inflammatory effects for the treatments of various diseases, (the “Products”).
Pursuant
to the terms of the Agreement, the Company was to provide a non-refundable, up-front payment of $500,000 by December 31, 2022. The Company
did not provide this payment by the due date.
On
January 5, 2023, the Company entered into an agreement to extend the up-front payment due date under the Intellectual Property Licensing
Agreement (the “Extension”) with TaiwanJ Pharmaceuticals Co. Ltd. Pursuant to the Extension, the Company issued 250,000 shares
of common stock to TaiwainJ, in return for a 30-day extension of payment terms.
On
March 27, 2023, the Company paid $150,000 of the $500,000 license payment due.
On
April 13, 2023, The Company entered into a second extension to the Intellectual Property License Agreement (the “Second Extension”)
with TaiwanJ Pharmaceuticals Co. Ltd. Pursuant to the Second Extension, the Company has agreed to make a $100,000 cash payment to TaiwanJ
Pharmaceuticals by April 30, 2023 and issue a promissory note for the remaining $250,000 license fee. The $250,000 promissory note was
issued on April 14, 2023, matures on May 31, 2023 and pays an interest rate of 1.5% per month. This note is currently in default.
Other
Subsequent Events
On
April 11, 2023, The Company entered into a second amendment to the promissory note agreement with investor Ira Gaines. Pursuant to the
Second Amendment, the Company has agreed to make an additional $10,000 cash payment and issue an additional 50,000 shares of common stock
to Mr. Gaines, in exchange for extending the term of the original amendment to the promissory note.
On
July 14th, the Company received a $7,500 loan from Global Reverb Corporation, a related party of which Noreen Griffin is the
sole beneficial owner.
On
July 20, 2023, the board of directors of the Company appointed Ms. Noreen Griffin, age 70, as the Chief Executive Officer of the Company.
Ms. Griffin is the mother of Robert Wilson, a Director of the Company. Ms. Griffin replaces Kelly Wilson who was serving as the interim
Chief Executive Officer. Ms. Wilson resigned as the interim Chief Executive Officer effective as of the same date. Ms. Wilson’s
resignation as interim Chief Executive Officer was not due to any disagreement with the Company on any matter. Ms. Wilson remains the
Company’s Chief Operating Officer.
On
August 2, 2023, the Company entered into a consulting agreement with Noreen Griffin, following her appointment as Chief Executive Officer.
Pursuant to the terms of the consulting agreement, we agreed to pay Ms. Griffin a monthly fee of $20,834 and a monthly insurance stipend
of $1,200, in return for 40 hours of weekly services. Pursuant to the terms of the agreement, Ms. Griffin agrees to accrue her salary
from the commencement of the agreement until the Company has raised funding of $1,000,000. The salary accrual shall earn interest at
8.5% per year.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
The
following management’s discussion and analysis of financial condition and results of operations provides information that management
believes is relevant to an assessment and understanding of our plans and financial condition. The following financial information is
derived from our condensed consolidated financial statements and should be read in conjunction with such condensed consolidated financial
statements and notes thereto and set forth elsewhere herein.
Use
of Terms
Except
as otherwise indicated by the context and for the purposes of this report only, references in this report to “we,” “us,”
“our” and the “Company” refer to Immune Therapeutics, Inc. a Florida corporation and its consolidated subsidiaries.
FORWARD-LOOKING
STATEMENTS AND ASSOCIATED RISKS
The
Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This report contains
certain forward-looking statements that are based on the beliefs of management as well as assumptions made by and currently available
to management. The statements contained in this report relating to matters that are not historical facts are forward-looking statements
that involve risks and uncertainties, including, but not limited to, future demand for our products and services, the successful commercialization
of our products, general domestic and global economic conditions, government and environmental conditions and regulations, competition
and customer strategies, changes in our business strategy or development plans, capital deployment, business disruptions, including those
by fires, raw material supplies, environmental regulations, and other risks and uncertainties, certain of which are beyond our control.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may
differ materially from those forward-looking statements. For further discussion of certain of the matters described above see the Cautionary
Note Regarding Forward-Looking Statements included in our 2022 Annual Report on Form 10-K.
Undue
reliance should not be placed on our forward-looking statements. Except as required by law, we disclaim an obligation to update any factors
or to publicly announce the results of any revisions to any of the forward-looking statements contained in this quarterly report on Form
10-Q to reflect new information, future events, or other developments. The following discussion and analysis should be read in conjunction
with the accompanying condensed consolidated financial statements and notes thereto appearing elsewhere in this Form 10-Q.
Forward-looking
statements can be identified by words such as “future,” “anticipates,” “believes,” “estimates,”
“expects,” “intends,” “will,” “would,” “could,” “can,” “may,”
and similar terms. Forward-looking statements are not a guarantee of future performance and the Company’s actual results may differ
significantly from the results discussed in the forward-looking statements. Each of the terms the “Company”, “we”,
“us” or “our” as used herein refers collectively to Immune Therapeutics, Inc. and its subsidiaries, unless otherwise
stated.
COMPANY
OVERVIEW
Immune
Therapeutics Inc. is a Florida corporation trading on the OTC-Pink. The Company is a drug development and commercialization company.
We identify, evaluate, and seek to acquire technologies in the medical device and drug development sectors with the intent to further
develop them and move them to commercialization.
Our
strategy has been limited due to lack of capital. Management is seeking to secure new investment capital with which to continue to pursue
the Company’s strategy. There is no guarantee that the Company will be successful in securing additional capital.
GOING
CONCERN
As
of June 30, 2023, the Company had $17,426 in cash on hand, negative working capital of $3,843,596 and accumulated deficit of $383,888,844.
For the six months ended June 30, 2023, the Company reported a net loss attributable to common shareholders of $920,350. For the six
months ended June 30, 2022, the Company reported net loss attributable to common shareholders of $763,697.
Historically
the Company has relied on the funding of operations through private equity financing and management expects operating losses and negative
cash flows to continue at more significant levels in the future. As the Company continues to incur losses, transition to profitability
is dependent upon the successful development, approval, and commercialization of its current or future product candidates as they become
available and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may never achieve
profitability, and unless and until it does, the Company will continue to need to raise additional cash. Management intends to fund future
operations through additional private or public debt or equity offerings and may seek additional capital through arrangements with strategic
partners or from other sources.
Working
capital at June 30, 2023 is not sufficient to meet the cash requirements to fund planned operations through the next twelve months without
additional sources of cash. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include
adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s
assets and the satisfaction of liabilities in the normal course of business.
Management
is continuing to develop strategies to re-capitalize the Company and position it for future growth. Key steps to this process include:
|
● |
Improve
the condition of the balance sheet via license arrangements and capital infusions. |
|
● |
Identify
and acquire late-stage assets for commercialization. |
|
● |
Build
out operational infrastructure to generate revenue opportunities to grow shareholder value. |
There
can be no guarantee that the Company will be successful in securing adequate capital to continue operations and in identifying and acquiring
assets for future development.
If
the Company is unable to secure new working capital, other alternative strategies will be required.
Historically,
the Company has been able to acquire and develop assets, spin them out and retain both an equity stake and royalties and milestone payments.
In so doing, the Company has acted as an incubator for late-stage drug development. Management believes that this strategy can continue
to be successful. At this time, the Company is reviewing several opportunities which it may pursue as soon as funding is available. At
present no definitive actions have been taken.
There
can be no guarantees that the Company will be successful in:
|
● |
Executing
its restructuring plan |
|
● |
Securing
adequate capital to continue operations. |
|
● |
Identifying
and acquiring assets for future development. |
Recent
Developments
On
April 11, 2023, The Company entered into a second amendment to the promissory note agreement with investor Ira Gaines. Pursuant to the
Second Amendment, the Company has agreed to make an additional $10,000 cash payment and issue an additional 50,000 shares of common stock
to Mr. Gaines, in exchange for extending the term of the original amendment to the promissory note.
On
July 14th, the company received a $7,500 loan from Global Reverb Corporation, a related party of which Noreen Griffin is the
sole beneficial owner.
On
August 3, 2023, the board of directors of the Company appointed Ms. Noreen Griffin, age 70, as the Chief Executive Officer of the Company.
Ms. Griffin is the mother of Robert Wilson, a Director of the Company. Ms. Griffin replaces Kelly Wilson who was serving as the interim
Chief Executive Officer. Ms. Wilson resigned as the interim Chief Executive Officer effective as of the same date. Ms. Wilson’s
resignation as interim Chief Executive Officer was not due to any disagreement with the Company on any matter. Ms. Wilson remains the
Company’s Chief Operating Officer.
On
August 3, 2023, the Company entered into a consulting agreement with Noreen Griffin, following her appointment as Chief Executive Officer.
Pursuant to the terms of the consulting agreement, we agreed to pay Ms. Griffin a monthly fee of $20,834 and a monthly insurance stipend
of $1,200, in return for 40 hours of weekly services. Pursuant to the terms of the agreement, Ms. Griffin agrees to accrue her salary
from the commencement of the agreement until the Company has raised funding of $1,000,000. The salary accrual shall earn interest at
8.5%.
RESULTS
OF OPERATIONS
COMPARISON
OF THE THREE MONTHS ENDED JUNE 30, 2023
TO
THE THREE MONTHS ENDED JUNE 30, 2022
Revenues
We
had no revenues from operations for the three months ended June 30, 2023 and 2022.
Operating
Expenses
Selling,
General and Administrative Expenses
Selling,
general and administrative expenses for the three months ended June 30, 2023 and 2022 were as follows:
| |
For
the three months ended June 30 | |
| |
2023 | | |
2022 | |
Selling,
general and administrative | |
$ | 248,886 | | |
$ | 292,117 | |
Increase
(Decrease) from prior year | |
$ | (43,231 | ) | |
$ | 106,827 | |
Percent
change from prior year | |
| (15 | )% | |
| 58 | % |
During
the three months ended June 30, 2023, the Company has focused on the negotiation and finalization of certain licensing transactions and
business development opportunities.
For
the three months ended June 30, 2023 and 2022, selling, general and administrative expenses were compromised of the following:
| |
For
the three months ended
June
30 | |
| |
2023 | | |
2022 | |
Shareholder
and investor relations | |
$ | 6,542 | | |
$ | 3,715 | |
Professional
fees and consulting costs | |
| 35,535 | | |
| 14,474 | |
Consulting
fees with related parties | |
| 198,798 | | |
| 206,329 | |
Board
fees | |
| - | | |
| 20,000 | |
Salaries
and benefits | |
| - | | |
| 41,162 | |
Other
expenses | |
| 8,011 | | |
| 6,437 | |
Total | |
$ | 248,886 | | |
$ | 292,117 | |
The
decrease in selling, general and administrative expenses for the three months ended June 30, 2023 over the same period in 2022 was primarily
due to the Company focusing on internal operations after its completion of its recapitalization during the second and third quarters
of 2022 and reflect the following:
|
● |
Reduction
in payroll expenses related to the elimination of internal financial reporting personnel. |
|
● |
Reduction
in Board fees related to the reduced number of Directors and reversal of Board fees accrued in prior quarter. |
Research
and Development Expenses
R&D
expenses and related percentages for the three months ended June 30, 2023 and 2022 were as follows:
| |
For
the three months ended June 30, |
| |
2023 | |
2022 |
Research
and development | |
$ | 175,209 | | |
$ | - | |
Increase/(decrease)
from prior year | |
$ | 175,209 | | |
$ | (3,974 | ) |
Percent
increase/(decrease) from prior year | |
| 100 | % | |
| (100 | )% |
Research
and development expense for the three months ended June 30, 2023 was $175,209, compared to no expenses incurred in the same period in
2022. The increase in research and development expenses for the three months ended June 30, 2023 over the same period of 2022 was primarily
due to an increase in amounts payable to TaiwanJ for our license to use certain intellectual property.
The
research and development expenses for the three months ended June 30, 2023 reflect the following:
|
● |
Fair
value of 250,000 shares of common stock issued to TaiwanJ Pharmaceuticals, pursuant to the Second Extension of the license of intangible
assets. |
|
● |
Late
charges related to the up front payment terms, pursuant to the license of intangible assets from TaiwanJ Pharmaceuticals. |
|
● |
Legal
fees related to the maintenance and prosecution of licensed and owned intellectual property. |
Interest
Expense
Interest
expense for the three months ended June 30, 2023 and 2022 were as follows:
| |
For
the three months ended June 30, |
| |
2023 | |
2022 |
Interest
expense | |
$ | 66,762 | | |
$ | 3,885 | |
Increase
(decrease) from prior year | |
$ | 62,877 | | |
$ | (28,246 | ) |
Percentage
Decrease from prior year | |
| 1,618 | % | |
| (88 | )% |
Interest
expense is comprised of accrued interest on notes payable owed by the Company. The increase from 2022 to 2023 reflects the increase in
the amount of notes payable, increases in interest rates and payments of additional penalties and interest accrued on defaulted notes.
LIQUIDITY
AND CAPITAL RESOURCES
Overview
Liquidity
is measured by our ability to secure enough cash to meet our contractual and operating needs as they arise. The Company does not anticipate
generating sufficient cash flows from our operations to fund the next twelve months. We had cash on hand of $17,426 at June 30, 2023,
compared to $150,491 at December 31, 2022.
Summary
of Cash Flows
| |
For
the six months ended June
30, |
| |
2023 | |
2022 |
Net
cash used in operating activities | |
$ | (579,519 | ) | |
$ | (222,352 | ) |
Net
cash provided by financing activities | |
| 446,453 | | |
| - | |
Net
decrease in cash and cash equivalents | |
$ | (133,066 | ) | |
$ | (222,352 | ) |
Net
cash used in operating activities was $579,519 for the six months ended June 30, 2023, compared to $222,352 for the corresponding period
in 2022. The use of cash in 2023 resulted primarily from our loss from operations and a reclassification of legacy accounts payable to
other income, offset by other changes in our working capital accounts. The reclassified accounts payable had been outstanding for more
than five years, and have been deemed no longer valid payables.
For
the six months ended June 30, 2022, the Company used $222,352 in cash to support operating activities. Included in net income for the
six months ended June 30, 2022, are non-cash gains of: $3,165,151 recognized upon the assignment of notes and other obligations in connection
with a license agreement, $297,579 recognized upon the settlement with owners of the obligations, offset by non-cash charges upon the
recognition of an asset impairment of the STAB common shares held by the Company, and a charge for the market value from the modification
of certain warrant provisions.
The
Company had no cash used or provided from investing activities during the six month periods ended June 30, 2023 and 2022.
For
the six months ended June 30, 2023 and 2022, the Company received $446,453 and $338,416 in financing activities from issued notes payable,
respectively.
The
Company does not expect to generate revenues in the foreseeable future. If the Company is unable to raise additional working capital
to meet its operating obligations and expenditures, the Company will be required to modify its business plan.
CONTRACTUAL
OBLIGATIONS
Promissory
Notes
The
notes payable on the Company’s Condensed Consolidated Balance Sheet above contains, at June 30, 2023, certain promissory notes
on which the Company was in arrears on payment of principal as follows:
|
● |
$231,478
in promissory notes issued in 2019. The notes accrue interest at 6% and matured in 2020. |
|
● |
$150,000
promissory note issued in 2023. The note accrued interest at 8% and matured in 2023. |
|
● |
$250,000
promissory note issued in 2023. The note accrues interest at 18% and matured in 2023. |
Promissory
notes were issued in 2019 accruing interest at 6% with a balance due of $291,809 due as of June 30, 2022.
Promissory
notes accruing interest at 8% and maturing in 2023 were issued in the second quarter of 2023. The note reflect all principal, interest
and penalties associated with the original instrument. The promissory notes have a balance due of $153,258 as of June 30, 2022.
Promissory
note issued in 2023 accruing interest at 18% with a balance due of $259,625 due as of May 31, 2023.
Please
refer to Note 3 to the Condensed Consolidated Financial Statements of Part I Item 1, which is incorporated by reference, for additional
details regarding these promissory notes.
OFF
BALANCE SHEET ARRANGEMENTS
During
the six months ended June 30, 2023 and 2022, the Company did not engage in any off-balance sheet arrangements that have or are reasonably
likely to have a current or future effect on our financial conditions, changes in financial condition, revenues or expenses, results
of operations, liquidity, capital expenditures or capital resources.
CRITICAL
ACCOUNTING POLICIES AND ESTIMATES
We
have identified the policies below as critical to our business operations and the understanding of its results of operations. The Company’s
senior management has reviewed these critical accounting policies and related disclosures with the Company’s board of directors.
The impact and any associated risks related to these policies on our business operations are discussed throughout this section where
such policies affect our reported and expected financial results.
Fair
Value of Financial Instruments
In
accordance with the reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic
825, “Financial Instruments”, the Company calculates the fair value of its assets and liabilities which qualify as
financial instruments under this standard and includes this additional information in the notes to the financial statements when the
fair value is different than the carrying value of those financial instruments.
Cash,
cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity of
these instruments. The carrying value of the Company’s investment in the common stock of STAB reflects an asset impairment charge
taken in the second quarter of 2022 and is carried at zero in the consolidated balance sheet. The carrying value of notes payable approximate
fair value since they bear market rates of interest and other terms. None of these instruments are held for trading purposes.
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization
of our technologies.
Income
Taxes
The
Company follows ASC Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future
tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets
and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax
rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance
to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled.
Stock-Based
Compensation and Issuance of Stock for Non-Cash Consideration
The
Company measures and recognizes compensation expense for share-based awards based on estimated fair values equaling either the market
value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration
pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at
the date of the agreement.
The
Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows
the provisions of ASC Topic 718, “Compensation-Stock Compensation.” The measurement date for the fair value of the
equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor
is reached or (ii) the date at which the consultant or vendor’s performance is complete.
Recent
Accounting Standards
The
Company has reviewed the accounting pronouncements issued by the Financial Accounting Standards Board during the six months ended June
30, 2023. Applicable pronouncements will be adopted by the Company in accordance with the accounting guidance and definition. Management
does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s
consolidated financial statements.
Management
does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s
consolidated financial statements.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
Applicable.
ITEM
4. CONTROLS AND PROCEDURES
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting that occurred during the period covered by this report on Form 10-Q
that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Evaluation
of Disclosure Controls and Procedures
As
of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our
principal executive officer and principal financial officer, of our disclosure controls and procedures as defined in Rule 13a-15(e) under
the Securities Exchange Act of 1934, as amended, or the Exchange Act. Based on this evaluation, the principal executive officer and the
principal financial officer concluded that, because of the weakness in internal control over financial reporting described below, our
disclosure controls and procedures are ineffective to ensure that information required to be disclosed by us in the reports we file or
submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange
Commission rules and forms.
Management
assessed the effectiveness of our internal controls over financial reporting using the framework set forth in Internal Control-Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based upon this assessment, management concluded
that our internal control over financial reporting was not effective. The reportable conditions and material weakness relate to a limited
segregation of duties and lack of an audit committee. The limited segregation of duties within the Company and the lack of an audit committee
are due to the small number of employees. Management has determined that this control deficiency constitutes a material weakness. This
material weakness could result in material misstatements of significant accounts and disclosures that would result in a material misstatement
to our interim or annual financial statements that would not be prevented or detected. In addition, due to limited staffing, we are not
always able to detect minor errors or omissions in reporting.
Going
forward, management anticipates that additional staff will be necessary to remediate these weaknesses, as well as other planned improvements.
Additional staff will enable us to document and apply transactional and periodic controls procedures, permit a better review and approval
process and improve quality of financial reporting. However, the potential addition of new staff is contingent on obtaining additional
financing, and there is no assurance that we will be able to do so.
Limitations
on the Effectiveness of Disclosure Controls and Procedures and Internal Control Over Financial Reporting
Readers
are cautioned that our management does not expect that our disclosure controls and procedures or our internal control over financial
reporting will necessarily prevent all fraud and material error. An internal control system, no matter how well conceived and operated,
can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations
in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any,
within our control have been detected. The design of any system of controls also is based in part upon certain assumptions about the
likelihood of future events, and there can be no assurance that any control design will succeed in achieving its stated goals under all
potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance
with the policies or procedures may deteriorate.
PART
II - OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
We
are not party to any material pending legal proceedings. From time to time, we may be involved in legal proceedings which arise during
the ordinary course of business.
ITEM
1A. RISK FACTORS
Not
applicable.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During
the quarter ended June 30, 2023, the Company issued the following securities:
The
Company issued 250,000 shares of common stock to TaiwanJ Pharmaceuticals Co., Ltd. pursuant to the Second Amendment to the Intellectual
Property Licensing Agreement executed on January 12, 2023.
The
Company issued 52,906 shares of common stock to Ira Gaines, pursuant to the Second Amendment to Promissory Note issued on October 1,
2019.
We
did not repurchase any shares of our common stock during the three months ended June 30, 2023.
The
issuances of shares of common stock described above will not be registered under the Securities Act of 1933, as amended, or the Securities
Act, in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act, and/or Regulation D promulgated
thereunder.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
Refer
to Note 3 to the Condensed Consolidated Financial Statements of Part I Item 1, which is incorporated by reference, for additional details.
The notes payable on the Company’s Condensed Consolidated Balance Sheet above contains, at June 30, 2023, certain promissory notes
on which the Company was in arrears on payment of principal as follows:
$231,478
promissory note issued in 2019. The note accrued interest at 6% and matured in 2020
$100,000
promissory note issued in March 2023. The note accrued interest at 8% and matured on May 23, 2023.
$50,000
promissory note issued in March 2023. The note accrued interest at 8% and matured on June 22, 2023.
$250,000
promissory note issued in April 2023. The note accrued interest at 18% and matured on May 30, 2023.
ITEM
4. MINE SAFETY DISCLOSURES
None.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
The
following exhibits are filed with this Quarterly Report:
Exhibit |
|
Description |
|
|
|
3.1 |
|
Articles of Incorporation and Amendments Thereto (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to Form 10 filed with the SEC on June 7, 2013). |
|
|
|
3.2 |
|
Bylaws (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to the Form 10 filed with the SEC on June 7, 2013). |
|
|
|
10.1 |
|
Intellectual Property License Agreement, dated September 30, 2022, between Immune Therapeutics, Inc. and TaiwainJ Pharmaceuticals Co. Ltd. (incorporated by reference to Form 8-K filed on October 12, 2022).*** |
|
|
|
31.1* |
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
31.2* |
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.1** |
|
Certification of Chief Executive Officer pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.2** |
|
Certification of Chief Financial Officer pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
101.INS* |
|
Inline
XBRL Instance Document |
101.SCH* |
|
Inline
XBRL Taxonomy Extension Schema |
101.CAL* |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase |
101.DEF* |
|
Inline
XBRL Taxonomy Extension Definition Linkbase |
101.LAB* |
|
Inline
XBRL Taxonomy Extension Label Linkbase |
101.PRE* |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase |
104* |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
*
Filed herewith
**
Furnished herewith
***
Portions of this exhibit have been omitted in compliance with Regulation S-K Item 601(b)(10)(iv) because the Company has determined that
the information is not material and is the type that the Company treats as private or confidential.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
Immune
Therapeutics, Inc. |
|
|
Date:
August 18, 2023 |
By: |
/s/
Noreen Griffin |
|
Name: |
Noreen
Griffin |
|
Title: |
Chief
Executive Officer |
|
Immune
Therapeutics, Inc. |
|
|
Date:
August 18, 2023 |
By: |
/s/
Glen Farmer |
|
Name: |
Glen
Farmer |
|
Title: |
Chief
Financial Officer |
Exhibit 31.1
CERTIFICATION
I, Noreen Griffin, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Immune Therapeutics, Inc.; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 18, 2023 |
By: |
/s/ Noreen Griffin |
|
|
Noreen Griffin |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION
I, Glen Farmer, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Immune Therapeutics, Inc.; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 18, 2023 |
By: |
/s/ Glen Farmer |
|
|
Glen Farmer |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. Section 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the quarterly report of Immune Therapeutics, Inc. (the “Company”) on Form 10-Q for the quarter ending June
30, 2023 as filed with the Securities and Exchange Commission (the “Report”), I , Noreen Griffin, Chief Executive Officer
(Principal Executive Officer) of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section
1350 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company at the dates and for the periods indicated.
Date: August 18, 2023 |
By: |
/s/
Noreen Griffin |
|
|
Noreen Griffin |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. Section 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report of Immune
Therapeutics, Inc. (the “Company”) on Form 10-Q for the quarter ending June 30, 2023 as filed with the Securities and Exchange
Commission (the “Report”), I , Glen Farmer, Chief Financial Officer (Principal Financial and Accounting Officer) of the Company,
hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1) The Report fully complies
with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and
(2) The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates
and for the periods indicated.
Date: August 18, 2023 |
By: |
/s/ Glen Farmer |
|
|
Glen Farmer |
|
|
Chief Financial Officer
(Principal Financial and Accounting Officer) |
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Aug. 18, 2023 |
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current Assets: |
|
|
Cash |
$ 17,426
|
$ 150,491
|
Total current assets |
17,426
|
150,491
|
Intangible Assets: |
|
|
Patents and licenses, net |
735,746
|
762,500
|
Deposits |
5,500
|
50,728
|
Total Assets |
758,672
|
963,719
|
Current Liabilities: |
|
|
Accounts payable |
1,359,562
|
1,300,366
|
Accrued payroll |
336,002
|
336,002
|
Notes payable, net of debt discount |
1,111,478
|
696,478
|
Accrued interest |
104,063
|
64,455
|
Accrued liabilities |
136,057
|
136,057
|
License fees payable |
178,793
|
549,079
|
Total current liabilities |
3,861,022
|
3,477,173
|
Total Liabilities |
3,861,022
|
3,477,173
|
Stockholders’ Deficit: |
|
|
Common stock – par value $0.0001; 750,000,000 and 750,000,000 shares authorized, respectively; 83,598,763 and 83,045,857 shares issued and outstanding respectively |
8,360
|
8,305
|
Additional paid in capital |
380,767,830
|
380,436,432
|
Stock issuances due |
10,303
|
10,303
|
Accumulated deficit |
(383,888,844)
|
(382,968,494)
|
Total stockholders’ deficit |
(3,102,351)
|
(2,513,454)
|
Total Liabilities and Stockholders’ Deficit |
758,672
|
963,719
|
Related Party [Member] |
|
|
Current Liabilities: |
|
|
Due to related parties |
$ 635,067
|
$ 394,736
|
X |
- DefinitionCurrent portion of license fees payable.
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
750,000,000
|
750,000,000
|
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83,598,763
|
83,045,857
|
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83,598,763
|
83,045,857
|
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v3.23.2
Condensed Consolidated Statement of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Operating expenses |
|
|
|
|
Selling, general and administrative |
$ 248,886
|
$ 292,117
|
$ 456,403
|
$ 473,733
|
Research and development expense |
175,209
|
|
356,132
|
|
Depreciation and amortization expense |
13,377
|
|
26,754
|
|
Total operating expense |
437,472
|
292,117
|
839,289
|
473,733
|
Loss from operations |
(437,472)
|
(292,117)
|
(839,289)
|
(473,733)
|
Other income (expense): |
|
|
|
|
Gain on issuance of license agreement |
|
3,165,151
|
|
3,165,151
|
Gain on settlement of obligations |
|
297,579
|
|
297,579
|
Charge resulting from warrant modification and debt settlement |
|
(1,011,625)
|
|
(1,011,625)
|
Impairment loss investment in common stock |
|
(362,250)
|
|
(2,645,000)
|
Interest expense |
(66,762)
|
(3,885)
|
(81,061)
|
(96,069)
|
Total other income (expense) |
(66,762)
|
2,084,970
|
(81,061)
|
(289,964)
|
Net income (loss) income |
(504,234)
|
1,792,853
|
(920,350)
|
(763,697)
|
Net income (loss) attributable to common stockholders |
$ (504,234)
|
$ 1,792,853
|
$ (920,350)
|
$ (763,697)
|
Basic income (loss) income per share attributable to common stockholders |
$ (0.01)
|
$ 2.57
|
$ (0.01)
|
$ (1.29)
|
Diluted income (loss) earnings per share attributable to common stockholders |
$ (0.00)
|
$ 0.23
|
$ (0.01)
|
$ (1.29)
|
Basic weighted average number of shares outstanding |
83,285,054
|
696,752
|
83,381,739
|
590,822
|
Diluted weighted average number of shares outstanding |
83,285,054
|
7,804,548
|
83,381,739
|
590,822
|
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v3.23.2
Condensed Consolidated Statements of Stockholders' Equity/(Deficit) (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Stock to be Issued [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
$ 49
|
$ 371,473,810
|
$ 10,303
|
$ (379,432,418)
|
$ (7,948,256)
|
Balance, shares at Dec. 31, 2021 |
483,714
|
|
|
|
|
Issuance of common stock upon settlement of notes and obligations |
$ 726
|
479,174
|
|
|
479,000
|
Issuance of common stock upon settlement of notes and obligations, shares |
7,255,660
|
|
|
|
|
Issuance of common stock for services |
$ 4
|
2,470
|
|
|
2,474
|
Issuance of common stock for services, shares |
49,500
|
|
|
|
|
Issuance of common stock upon warrant exercise |
$ 1,256
|
647,068
|
|
|
648,324
|
Issuance of common stock upon warrant exercise, shares |
12,565,000
|
|
|
|
|
Charge resulting from warrant modification |
|
1,011,625
|
|
|
1,011,625
|
Net loss |
|
|
|
(763,697)
|
(763,697)
|
Balance at Jun. 30, 2022 |
$ 2,035
|
373,614,147
|
10,303
|
(380,196,115)
|
(6,569,630)
|
Balance, shares at Jun. 30, 2022 |
20,353,874
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 8,305
|
380,436,432
|
10,303
|
(382,968,494)
|
(2,513,454)
|
Balance, shares at Dec. 31, 2022 |
83,045,857
|
|
|
|
|
Issuance of common stock upon settlement of notes and obligations |
$ 5
|
31,448
|
|
|
31,453
|
Issuance of common stock upon settlement of notes and obligations, shares |
52,906
|
|
|
|
|
Net loss |
|
|
|
(920,350)
|
(920,350)
|
Issuance of common stock for extension of patent and license agreement |
$ 50
|
299,950
|
|
|
300,000
|
Issuance of common stock for extension of patent and license agreement, shares |
500,000
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 8,360
|
$ 380,767,830
|
$ 10,303
|
$ (383,888,844)
|
$ (3,102,351)
|
Balance, shares at Jun. 30, 2023 |
83,598,763
|
|
|
|
|
X |
- DefinitionStock issued during period shares issued for extension of patent and license agreement.
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v3.23.2
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss |
$ (920,350)
|
$ (763,697)
|
Adjustments to reconcile net loss to net cash flows used in operating activities: |
|
|
Gain on issuance of license agreement |
|
(3,165,151)
|
Gain on settlement of obligations |
|
(297,579)
|
Loss on impairment on investment in common stock |
|
2,645,000
|
Charge resulting from warrant modification |
|
1,011,625
|
Amortization of intangibles |
26,754
|
|
Common stock issued for the extension of patent and license agreement |
300,000
|
|
Changes in operating assets and liabilities: |
|
|
Deposits |
45,228
|
|
Accounts payable |
(340,804)
|
(146,811)
|
License fees payable |
29,714
|
|
Accrued payroll |
|
4,620
|
Accrued interest |
39,608
|
83,265
|
Accrued liabilities |
|
67,960
|
Due to related parties |
240,331
|
|
Net cash used in operating activities |
(579,519)
|
(560,768)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from undocumented investor advances |
|
6,369
|
Proceeds from related parties |
100,000
|
322,047
|
Proceeds from issuance of notes payable |
346,453
|
|
Net cash provided by financing activities |
446,453
|
338,416
|
Decrease in cash |
(133,066)
|
(222,352)
|
Cash and cash equivalents, beginning of year |
150,491
|
493,885
|
Cash and cash equivalents, end of period |
17,426
|
271,533
|
SUPPLEMENTAL DISCOSURE OF NON-CASH ACTIVITIES: |
|
|
Conversion of debt and accrued interest to common stock |
$ 31,453
|
$ 1,128,224
|
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v3.23.2
Company Overview
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Company Overview |
1.
Company Overview
Immune
Therapeutics Inc. (the “Company” or “IMUN”) is a Florida corporation trading on the OTC-Pink. The Company is
a drug development and commercialization company. We identify, evaluate, and seek to acquire technologies in the medical device and drug
development sectors with the intent to further develop them and move them to commercialization. On February 28, 2023, we received a written
consent from a majority of our outstanding shareholders to change the name of our Company to “Biostax Corp.” On March 27,
2023, we filed a definitive information statement on Schedule 14C and mailed the information statement to shareholders on record as of
the date of the filing. We plan to file our name change amendment with the Secretary of State of Florida at least twenty calendar days
after the Financial Industry Regulatory Authority, Inc. processes our name change.
Going
Concern
As
of June 30, 2023, the Company had $17,426 in cash on hand, negative working capital of $3,843,596 and accumulated stockholders’
deficit of $383,888,844. For the six months ended June 30, 2023, the Company reported a net loss attributable to common shareholders
of $920,350. For the six months ended June 30, 2022, the Company reported net loss attributable to common shareholders of $763,697.
Historically
the Company has relied on the funding of operations through private equity financing and management expects operating losses and negative
cash flows to continue at more significant levels in the future. As the Company continues to incur losses, its transition to profitability
is dependent upon the successful development, approval, and commercialization of its current or future product candidates as they become
available and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may never achieve
profitability, and unless and until it does, the Company will continue to need to raise additional cash. Management intends to fund future
operations through additional private or public debt or equity offerings and may seek additional capital through arrangements with strategic
partners or from other sources.
Working
capital at June 30, 2023 is not sufficient to meet the cash requirements to fund planned operations through the next twelve months without
additional sources of cash. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include
adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s
assets and the satisfaction of liabilities in the normal course of business.
Management
is continuing to develop strategies to re-capitalize the Company and position it for future growth. Key steps to this process include:
|
● |
Improve
the condition of the balance sheet via license arrangements and capital infusions. |
|
● |
Identify
and acquire late-stage assets for commercialization. |
|
● |
Build
out operational infrastructure to generate revenue opportunities to grow shareholder value. |
There
can be no guarantee that the Company will be successful in securing adequate capital to continue operations and in identifying and acquiring
assets for future development.
If
the Company is unable to secure new working capital, other alternative strategies will be required.
Historically,
the Company’s strategy has been to acquire and develop assets; potentially spin them out and retain both an equity stake and royalties
and milestone payments. In so doing, the Company would act as an incubator for late-stage drug development. Management believes that
this strategy can be successful. At this time, the Company is reviewing several opportunities which it may pursue as soon as funding
is available. At present, no definitive action has been taken.
There
can be no guarantees that the Company will be successful in:
|
● |
Executing
its restructuring plan; |
|
● |
Securing
adequate capital to continue operations; or |
|
● |
Identifying
and acquiring assets for future development. |
Company
History
Immune
Therapeutics, Inc. (the “Company” or “Immune”) was initially incorporated in Florida on December 2, 1993, as
Resort Clubs International, Inc. (“Resort Clubs”). It was formed to manage and market golf course properties in resort markets
throughout the United States. Galliano International Ltd. (“Galliano”) was incorporated in Delaware on May 27, 1998 and began
trading in November 1999 through the filing of a 15C-211. On November 10, 2004, Galliano merged with Resort Clubs. Resort Clubs was the
surviving corporation. On August 23, 2010, Resort Clubs changed its name to pH Environmental Inc. (“pH Environmental”). On
April 23, 2012, pH Environmental completed a name change to TNI BioTech, Inc., and on April 24, 2012, we executed a share exchange agreement
for the acquisition of all the outstanding shares of TNI BioTech IP, Inc. On September 4, 2014, a majority of our shareholders approved
an amendment to our Amended and Restated Articles of Incorporation, as amended, to change our name to Immune Therapeutics, Inc. We filed
our name change amendment with the Secretary of State of Florida on October 27, 2014, changing our name to Immune Therapeutics, Inc.
On February 28, 2023, we received a written consent from a majority of our outstanding shareholders to change the name of our Company
to “Biostax Corp.” On March 27, 2023, we filed a definitive information statement on Schedule 14C and mailed the information
statement to shareholders on record as of the date of the filing. We plan to file our name change amendment with the Secretary of State
of Florida at least twenty calendar days after the Financial Industry Regulatory Authority, Inc. processes our name change.
|
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v3.23.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
2.
Summary of Significant Accounting Policies
Basis
of Presentation
The
condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with U.S. generally accepted accounting principles have been omitted. However, in the opinion of management, all
adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the financial position
and results of operations for the periods presented have been made. The results for interim periods are not necessarily indicative of
trends or of results to be expected for the full year. These financial statements should be read in conjunction with the financial statements
of the Company for the year ended December 31, 2022 (including the notes thereto) set forth in the Company’s Annual Report on Form
10- K for that period.
Use
of Estimates
The
preparation of the Company’s financial statements in conformity with U.S. generally accepted accounting principles requires management
to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results
could differ from such estimates.
Cash,
Cash Equivalents, and Short-Term Investments
The
Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents.
Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and
money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency
obligations. Cash equivalents are reported at fair value. At June 30, 2023 and December 31, 2022, the Company had cash and cash equivalents
of $17,426 and $150,491, respectively.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company
is exposed to credit risk, subject to federal deposit insurance, in the event of a default by the financial institutions holding its
cash and cash equivalents to the extent of amounts recorded on the condensed consolidated balance sheets. The cash accounts are insured
by the Federal Deposit Insurance Corporation up to $250,000.
Segment
and Geographic Information
Operating
segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief
operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views
its operations and manages its business in one operating segment and does not segment the business for internal reporting or decision
making.
Fair
Value of Financial Instruments
In
accordance with the reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic
825, “Financial Instruments”, the Company calculates the fair value of its assets and liabilities which qualify as
financial instruments under this standard and includes this additional information in the notes to the financial statements when the
fair value is different than the carrying value of those financial instruments.
Cash,
cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity of
these instruments. The carrying value of the Company’s investment in the common stock of Statera BioPharma, Inc. (“STAB”)
reflects an asset impairment charge taken in the second quarter of 2022 and is carried at zero in the consolidated balance sheet. The
carrying value of notes payable approximate fair value since they bear market rates of interest and other terms. None of these instruments
are held for trading purposes.
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization
of our technologies. The Company incurred $356,132 of research and development costs during the six months ended June 30, 2023, which
includes legal fees related to the maintenance and prosecution of licensed and owned intellectual property as well as the fair value
of common stock issued to extend the payment terms of the Company’s license agreement with TaiwanJ Pharmaceuticals. The Company
did not incur any research and development costs during the six months ended June 30, 2022.
Income
Taxes
The
Company follows ASC Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future
tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets
and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax
rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance
to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled.
The
standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in
the financial statements. Under ASC Topic 740, the Company may recognize the tax benefit from an uncertain tax position only if it is
more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of
the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC Topic 740 also provides guidance on
de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
At
the date of adoption, and as of June 30, 2023 and 2022, the Company does not have a liability for unrecognized tax uncertainties. The
Company’s policy is to record interest and penalties on uncertain tax positions as income tax expense. As of June 30, 2023, and
2022, the Company does not have any interest or penalties related to uncertain tax positions.
Stock-Based
Compensation and Issuance of Common Stock for Non-Cash Consideration
The
Company measures and recognizes compensation expense for share-based awards based on estimated fair values equaling either the market
value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration
pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at
the date of the agreement.
The
Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows
the provisions of ASC Topic 718, “Compensation-Stock Compensation.” The measurement date for the fair value of the
equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor
is reached or (ii) the date at which the consultant or vendor’s performance is complete.
The
Company did not issue any stock-based compensation awards during the six months ended June 30, 2023 and 2022.
Net
Income (Loss) per Share
For
the six month period ended June 30, 2023, basic and diluted net loss per share is calculated by dividing the net loss by the weighted
average number of common shares outstanding for the period, without consideration for common stock equivalents.
Diluted
net income (loss) per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents
outstanding for the period, using the treasury-stock method. For purposes of the diluted net income (loss) per share calculation, shares
to be issued pursuant to convertible debt and warrants are considered to be common stock equivalents but are excluded from the calculation
of diluted net income (loss) per share in 2023 and 2022 because their effect would be anti-dilutive. A total of 33,495 warrants 736,732
shares, resulting from the conversion of principal and interest on convertible notes, have been excluded from this calculation for the
six month period ended June 30, 2023.
For
the six month period ended June 30, 2023, diluted income per share was calculated by dividing the net income by the weighted-average
number of common shares outstanding for the period determined using the treasury-stock method. A reconciliation of the weighted average
shares outstanding used in basic and diluted earnings per share for the periods ended June 30, 2023 and 2022 are as follows:
Schedule of Basic and Diluted Earnings per Share
| |
June
30, 2023 | | |
June
30, 2022 | |
| |
Three
Months ended | |
| |
June
30, 2023 | | |
June
30, 2022 | |
Basic
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (504,234 | ) | |
$ | 1,792,853 | |
Weighted
average common shares (Denominator) | |
| 83,285,054 | | |
| 696,752 | |
Basic
EPS | |
$ | (0.01 | ) | |
$ | 2.57 | |
| |
| | | |
| | |
Diluted
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (504,234 | ) | |
$ | 1,792,853 | |
Weighted
average common shares (Denominator) | |
| 83,285,054 | | |
| 7,804,548 | |
Diluted
EPS | |
$ | 0.00 | | |
$ | 0.23 | |
| |
June
30, 2023 | | |
June
30, 2022 | |
| |
Six
Months ended | |
| |
June
30, 2023 | | |
June
30, 2022 | |
Basic
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (920,350 | ) | |
$ | (763,697 | ) |
Weighted
average common shares (Denominator) | |
| 83,381,739 | | |
| 590,822 | |
Basic
EPS | |
$ | (0.01 | ) | |
$ | (1.29 | ) |
| |
| | | |
| | |
Diluted
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (920,350 | ) | |
$ | (763,697 | ) |
Weighted
average common shares (Denominator) | |
| 83,381,739 | | |
| 590,822 | |
Diluted
EPS | |
$ | (0.01 | ) | |
$ | (1.29 | ) |
Recent
Accounting Standards
The
Company has reviewed the accounting pronouncements issued by the Financial Accounting Standards Board during the six months ended June
30, 2023. Applicable pronouncements will be adopted by the Company in accordance with the accounting guidance and definition. Management
does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s
consolidated financial statements.
Management
does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s
consolidated financial statements.
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v3.23.2
Notes payable
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Notes payable |
Note
3. Notes payable
During
the three-month period ended June 30, 2023, the Company reported the following activity in notes and accrued interest:
On
April 13, 2023, the Company issued a $250,000 promissory note to TaiwanJ Pharmaceuticals, pursuant to the Second Extension Agreement
to the Intellectual Property License Agreement. The note accrues interest at 18% annually and matured on May 30, 2023. This note is presently
in default.
On
June 2, 2023, the Company issued a $15,000 promissory note to one lender. The note matures in 90 days and accrues interest of 8% annually.
Notes
Payable on June 30, 2023 and December 31, 2022 are as follows:
Schedule
of Notes Payable
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Promissory
note was issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020. The note is in default. | |
$ | 231,478 | | |
$ | 231,478 | |
| |
| | | |
| | |
Promissory
note issued in 2019 for the settlement of debt in the same amount and matured in 2021. Lender earns interest at 15%. This note was
modified in November 2022, extending maturity to September 2023. | |
| 150,000 | | |
| 150,000 | |
| |
| | | |
| | |
Promissory
note issued in 2022 and matures in July 2023. Lender earns interest at 6%. | |
| 65,000 | | |
| 65,000 | |
| |
| | | |
| | |
Promissory
note issued in 2022 and matures in July 2023. Lender earns interest at 6%. The holder of the note is a former Director and the former
Chief Executive Officer of the Company. | |
| 200,000 | | |
| 200,000 | |
| |
| | | |
| | |
Promissory
note issued in 2022 and matures in December 2023. Lender earns interest at 7.75%. | |
| 50,000 | | |
| 50,000 | |
| |
| | | |
| | |
Promissory
note issued in March 2023 and matured in May 2023. Lender earns interest at 8%. This note was issued to H. Louis Salomonsky, a Director
of the Company. This note is in default. | |
| 100,000 | | |
| - | |
| |
| | | |
| | |
Promissory
note issued in March 2023 and matured in June 2023. Lender earns interest at 8%. This note is in default.. | |
| 50,000 | | |
| - | |
| |
| | | |
| | |
Promissory
note issued in April 2023 and matured in May 2023. Lender earns interest at 18%. The note is in default. | |
| 250,000 | | |
| - | |
| |
| | | |
| | |
Promissory
note issued in June 2023 and matures in September 2023. Lender earns interest at 8%. | |
| 15,000 | | |
| - | |
| |
| | | |
| | |
Notes
payable total | |
$ | 1,111,478 | | |
$ | 696,478 | |
At
June 30, 2023 and December 31, 2022, the Company had accrued $104,062 and $64,455, respectively, in unpaid interest on notes payable.
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v3.23.2
Capital Structure – Common Stock and Stock Purchase Warrants
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Capital Structure – Common Stock and Stock Purchase Warrants |
4.
Capital Structure – Common Stock and Stock Purchase Warrants
Each
holder of common stock is entitled to vote on all matters and is entitled to one vote for each share held. No holder of shares of stock
of any class shall be entitled as a matter of right to subscribe for or purchase or receive any part of any new or additional issue of
shares of stock of any class, or of securities convertible into shares of stock or any class, whether now hereafter authorized or whether
issued for money, for consideration other than money, or by way of dividend.
Stock
Warrants
During
the six month period ended June 30, 2023 no common stock warrants were issued, exercised or modified.
On
June 29, 2022, the Company’s board of directors approved a resolution to clarify the anti-dilution protection granted to certain
note and warrant holders. In connection with this board action, the Company recognized a non-cash charge of $1,011,625 in the Statement
of Operations for the three- and six-month periods ended June 30, 2022. The fair value of the re-measured warrants was determined using
the Black Scholes model and used the following assumptions:
Schedule
of Fair Value of the Remeasured Warrants
Expected
term (years) | |
| 0.63 | |
Risk
free rate | |
| 2.04 | % |
Volatility | |
| 436 | % |
Dividend
yield | |
| - | |
The
average risk-free interest rate was based on the U.S. Treasury security rate in effect on June 29, 2022. We determined expected volatility
using the historical closing stock price. The expected life was determined using the simplified method as we do not believe we had sufficient
historical warrant exercise experiences on which to base the expected term.
Warrant
holders exercised 12,565,000 common stock warrants during the second quarter of 2022. An additional 31,899 warrants were forfeited or
cancelled during the second quarter of 2022.
The
following is a summary of outstanding common stock warrants as of June 30, 2023.
Schedule
of Outstanding Common Stock Warrants
Expiration Date |
|
Number of Shares |
|
|
Exercise Price |
|
|
Remaining Life (years) |
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2023 |
|
|
1,500 |
|
|
$ |
100 |
|
|
|
.25 |
|
Third Quarter 2028 |
|
|
3,000 |
|
|
$ |
70 |
|
|
|
5.25 |
|
Second Quarter 2032 |
|
|
28,995 |
|
|
$ |
10 - 70 |
|
|
|
9.00 |
|
|
|
|
33,495 |
|
|
$ |
10 - 100 |
|
|
|
|
|
Following
is a summary of stock warrant activity for the six months ended June 30, 2023:
Schedule
of Stock Outstanding Warrants Activity
| |
Number
of Shares | | |
Exercise Price | | |
Weighted Average
Price | |
Warrants
as of December 31, 2022 | |
| 38,495 | | |
$ | 10
- 200 | | |
$ | 59.42 | |
Issued | |
| - | | |
$ | - | | |
$ | - | |
Expired
and forfeited | |
| (5,000 | ) | |
$ | 30
- 200 | | |
$ | 66.00 | |
Exercised | |
| - | | |
$ | - | | |
$ | - | |
Warrants
as of June 30, 2023 | |
| 33,495 | | |
$ | 10
- 100 | | |
$ | 58.44 | |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.2
Income Taxes – Results of Operations
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes – Results of Operations |
5.
Income Taxes – Results of Operations
There
was no income tax expense reflected in the results of operations for the periods ended June 30, 2023 and 2022 because the Company has
significant net loss operating carryforwards available to offset the potential tax liabilities. Our tax rate can be affected by recurring
items, such as tax rates in foreign jurisdictions and the relative amount of income we earn in jurisdictions. It may also be affected
by discrete items that may occur in any given year but are not consistent from year to year.
For
U.S. federal purposes the corporate statutory income tax rate was 21%, for 2023 and 2022 tax years. The Company has recognized no tax
benefit for the losses generated for the periods through June 30, 2023.
ASC
Topic 740 requires that a valuation allowance be provided if it is more likely than not that some portion or all a deferred tax asset
will not be realized. The Company’s ability to realize the benefit of its deferred tax asset will depend on the generation of future
taxable income. Because the Company has yet to recognize revenue, we believe that the full valuation allowance should be provided.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
6.
Subsequent Events
Amendment
2 to License with Cytocom Inc. (which is now Statera Biopharma Inc.)
In
December 2013, the Company formed Cytocom Inc., which changed its name to Statera Biopharma Inc. (“Statera”) or STAB, on
September 1, 2021, as a subsidiary of the Company, and transferred rights, titles and interests to the Company as follows:
|
(i) |
Patents,
patent applications, and all divisional, continuations and continuations-in-part thereof, together with all reissues, reexaminations,
renewals, and extensions thereof and all rights to obtain such divisional, continuations and continuations-in-part, reissues, reexaminations,
renewals and extensions, and all utility models and statutory invention registrations and any other such analogous rights. |
|
|
|
|
(ii) |
Trademarks,
service marks, internet domain names, trade dress, trade styles, logos, trade names, services names, brand names, corporate names,
assumed business names and general intangibles and other source identifiers of a like nature, together with the goodwill associated
with any of the foregoing, and all registrations and applications for registrations thereof, together with all renewals and extensions
thereof and all rights to obtain such renewals and extensions. |
|
|
|
|
(iii) |
Copyrights,
mask work rights, database and design rights, moral rights and rights in internet websites, whether registered or unregistered and
whether published or unpublished, all registrations and recordings thereof and all applications in connection therewith, together
with all renewals, continuations, reversions and extensions thereof and all rights to obtain such renewals, continuations, reversions
and extensions. |
|
|
|
|
(iv) |
Confidential
and proprietary information, including, trade secrets and know-how. |
On
May 1, 2018, the Company entered into an amended and restated licensing agreement (the “Restated Agreement”) with STAB. The
Restated Agreement restates the licensing arrangement between the Company and STAB and grants the Company distribution and marketing
rights for Lodonal™ and meta enkephalin (MENK) for humans in certain emerging markets. In addition, the Company was granted the
rights to distribute and market Lodonal™ and MENK for animal use in the United States. The royalty due to STAB was reduced from
5% to 1% of net sales in the Restated Agreement, and the Company no longer would have any ongoing obligations to pay for costs in connection
with the assets of STAB. While the Company formalized the agreement in May 1 2018, Penn State University, a licensor that was part of
the group of intellectual property that was to be moved, did not consent the move of their license or payables to STAB at the time of
the Restated Agreement.
On
April 8, 2019, the Company signed a second amendment to its licensing agreement (the “Second Amendment”) with STAB. The Second
Amendment confirmed that, (as of its effective date December 31, 2018) the Company owned 15.57% of the STAB common shares issued and
outstanding on that date. The Company agreed to assume responsibility to repay all accounts payable obligations and accrued liabilities
owed by STAB as of the effective date, except those accounts payable obligations and accrued liabilities as specified in the Second Amendment.
The Company also assumed the responsibility to repay all notes payable, together with any interest or fees payable thereon, owed by STAB
as of the effective date, except those notes payable obligations, together with any interest or fees payable thereon, as specified by
the Second Amendment. The parties further agreed that in the event of a change of control of STAB, and at the option of STAB, the Company
would have the right to purchase outright the Company’s licensing rights to emerging markets for humans under the License Agreement
at a price equal to value of those licensing rights as determined by and independent valuator acceptable to the Company and STAB.
On
May 13, 2020, the Company and STAB entered into an Amendment to the Second Amendment (“Third Amendment”) that was effective
December 31, 2018. The Third Amendment provides STAB with the Company’s previously licensed rights for LDN and MENK in emerging
markets. The original terms for consideration for the sublicense were not finalized until August 12, 2020, at which time STAB and the
Company signed a letter agreement in which STAB agreed to assume a combination of defaulted notes plus certain other liabilities. Such
terms were amended, and the Company agreed to transfer all the rights, title, and interests to STAB in technology licensed from Penn
State Research Foundation (“PSU”) in exchange for STAB assuming all past due and future obligations under the PSU
license. While the Company formalized the agreement to assign all outstanding liabilities due to PSU, a vendor of the Company, PSU did
not consent to the assignment of the payables to STAB. As of December 31, 2021, the Company had no outstanding accounts payable balances
due to PSU.
On
July 20, 2021, STAB and the Company agreed to modify the terms of the original sublicense. The renegotiated terms are presented below.
The assignment of the notes and associated accrued interest and penalties in default was fully executed in the third quarter of 2020
with the transfer of the notes upon the creditors’ signoff. The Company recognized a gain upon the assignment of these notes in
the third quarter of 2020.
Consideration
for License to STAB as of December 31, 2022:
Schedule
of Consideration
Consideration
/ Assumption of: | |
| |
Notes
and associated accrued interest in default | |
$ | 3,302,209 | |
Accounts
payable and accruals | |
| 230,000 | |
Past
Due Employee Obligations | |
| 1,110,567 | |
Total
anticipated Consideration | |
$ | 4,642,776 | |
Recognized
through December 31, 2020 | |
| (3,302,209 | ) |
To
Be Recognized upon Execution | |
$ | 1,340,567 | |
As
of December 31, 2022, the Notes transaction has not been fully executed. The notes in default have been assigned and the transfer signed
off by the creditors, but STAB still has not completed the assumption of the agreed upon obligations.
On
March 24, 2023, the Company and STAB entered into an amendment to the licensing agreement (“Third License Amendment”). This
agreement is subject to approval of the United States Bankruptcy Court for the District of Colorado, which is the process of reviewing
the involuntary petition commenced against STAB on August 16, 2022.
The
Third License Amendment:
|
● |
Restates
the licensing arrangement between the Company and STAB and grants the Company manufacturing, distribution and marketing rights for
LDN and MENK in humans for all indications except Crohn’s Disease (worldwide), and in animals (US only). |
|
● |
Grants
the Company the right grant sublicenses to third parties for the manufacturing, distribution and marketing of these products. |
|
● |
Updates
the royalty rates as follows: |
Schedule
of Royalty Rate
Annual
Sales of Royalty Qualifying Licensed Products | |
Royalty
Rate | |
<$500,000,000 | |
| 2 | % |
500,000,000
to < $1,000,000,000 | |
| 4 | % |
>
$1,000,000,000) | |
| 6 | % |
The
Company anticipates the Third License Amendment to be approved by the United States Bankruptcy Court.
Second
Extension to License Agreement with TaiwanJ Pharmaceuticals
On
September 30, 2022, the Company entered into an Intellectual Property License Agreement (the “Agreement”) with TaiwanJ Pharmaceuticals
Co. Ltd., a Taiwanese corporation (“TaiwanJ”), pursuant to which TaiwanJ granted the Company an exclusive, royalty-bearing
license, including the right to grant sublicenses, to commercialize and sell TaiwanJ’s pharmaceutical products including naltrexone,
or any other small molecule composition that either alone or in combination can be formulated and used in humans to show anti-fibrotic,
immune-modulating, and/or anti-inflammatory effects for the treatments of various diseases, (the “Products”).
Pursuant
to the terms of the Agreement, the Company was to provide a non-refundable, up-front payment of $500,000 by December 31, 2022. The Company
did not provide this payment by the due date.
On
January 5, 2023, the Company entered into an agreement to extend the up-front payment due date under the Intellectual Property Licensing
Agreement (the “Extension”) with TaiwanJ Pharmaceuticals Co. Ltd. Pursuant to the Extension, the Company issued 250,000 shares
of common stock to TaiwainJ, in return for a 30-day extension of payment terms.
On
March 27, 2023, the Company paid $150,000 of the $500,000 license payment due.
On
April 13, 2023, The Company entered into a second extension to the Intellectual Property License Agreement (the “Second Extension”)
with TaiwanJ Pharmaceuticals Co. Ltd. Pursuant to the Second Extension, the Company has agreed to make a $100,000 cash payment to TaiwanJ
Pharmaceuticals by April 30, 2023 and issue a promissory note for the remaining $250,000 license fee. The $250,000 promissory note was
issued on April 14, 2023, matures on May 31, 2023 and pays an interest rate of 1.5% per month. This note is currently in default.
Other
Subsequent Events
On
April 11, 2023, The Company entered into a second amendment to the promissory note agreement with investor Ira Gaines. Pursuant to the
Second Amendment, the Company has agreed to make an additional $10,000 cash payment and issue an additional 50,000 shares of common stock
to Mr. Gaines, in exchange for extending the term of the original amendment to the promissory note.
On
July 14th, the Company received a $7,500 loan from Global Reverb Corporation, a related party of which Noreen Griffin is the
sole beneficial owner.
On
July 20, 2023, the board of directors of the Company appointed Ms. Noreen Griffin, age 70, as the Chief Executive Officer of the Company.
Ms. Griffin is the mother of Robert Wilson, a Director of the Company. Ms. Griffin replaces Kelly Wilson who was serving as the interim
Chief Executive Officer. Ms. Wilson resigned as the interim Chief Executive Officer effective as of the same date. Ms. Wilson’s
resignation as interim Chief Executive Officer was not due to any disagreement with the Company on any matter. Ms. Wilson remains the
Company’s Chief Operating Officer.
On
August 2, 2023, the Company entered into a consulting agreement with Noreen Griffin, following her appointment as Chief Executive Officer.
Pursuant to the terms of the consulting agreement, we agreed to pay Ms. Griffin a monthly fee of $20,834 and a monthly insurance stipend
of $1,200, in return for 40 hours of weekly services. Pursuant to the terms of the agreement, Ms. Griffin agrees to accrue her salary
from the commencement of the agreement until the Company has raised funding of $1,000,000. The salary accrual shall earn interest at
8.5% per year.
|
X |
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with U.S. generally accepted accounting principles have been omitted. However, in the opinion of management, all
adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the financial position
and results of operations for the periods presented have been made. The results for interim periods are not necessarily indicative of
trends or of results to be expected for the full year. These financial statements should be read in conjunction with the financial statements
of the Company for the year ended December 31, 2022 (including the notes thereto) set forth in the Company’s Annual Report on Form
10- K for that period.
|
Use of Estimates |
Use
of Estimates
The
preparation of the Company’s financial statements in conformity with U.S. generally accepted accounting principles requires management
to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results
could differ from such estimates.
|
Cash, Cash Equivalents, and Short-Term Investments |
Cash,
Cash Equivalents, and Short-Term Investments
The
Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents.
Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and
money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency
obligations. Cash equivalents are reported at fair value. At June 30, 2023 and December 31, 2022, the Company had cash and cash equivalents
of $17,426 and $150,491, respectively.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company
is exposed to credit risk, subject to federal deposit insurance, in the event of a default by the financial institutions holding its
cash and cash equivalents to the extent of amounts recorded on the condensed consolidated balance sheets. The cash accounts are insured
by the Federal Deposit Insurance Corporation up to $250,000.
|
Segment and Geographic Information |
Segment
and Geographic Information
Operating
segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief
operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views
its operations and manages its business in one operating segment and does not segment the business for internal reporting or decision
making.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
In
accordance with the reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic
825, “Financial Instruments”, the Company calculates the fair value of its assets and liabilities which qualify as
financial instruments under this standard and includes this additional information in the notes to the financial statements when the
fair value is different than the carrying value of those financial instruments.
Cash,
cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity of
these instruments. The carrying value of the Company’s investment in the common stock of Statera BioPharma, Inc. (“STAB”)
reflects an asset impairment charge taken in the second quarter of 2022 and is carried at zero in the consolidated balance sheet. The
carrying value of notes payable approximate fair value since they bear market rates of interest and other terms. None of these instruments
are held for trading purposes.
|
Research and Development Costs |
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization
of our technologies. The Company incurred $356,132 of research and development costs during the six months ended June 30, 2023, which
includes legal fees related to the maintenance and prosecution of licensed and owned intellectual property as well as the fair value
of common stock issued to extend the payment terms of the Company’s license agreement with TaiwanJ Pharmaceuticals. The Company
did not incur any research and development costs during the six months ended June 30, 2022.
|
Income Taxes |
Income
Taxes
The
Company follows ASC Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future
tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets
and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax
rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance
to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled.
The
standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in
the financial statements. Under ASC Topic 740, the Company may recognize the tax benefit from an uncertain tax position only if it is
more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of
the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC Topic 740 also provides guidance on
de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
At
the date of adoption, and as of June 30, 2023 and 2022, the Company does not have a liability for unrecognized tax uncertainties. The
Company’s policy is to record interest and penalties on uncertain tax positions as income tax expense. As of June 30, 2023, and
2022, the Company does not have any interest or penalties related to uncertain tax positions.
|
Stock-Based Compensation and Issuance of Common Stock for Non-Cash Consideration |
Stock-Based
Compensation and Issuance of Common Stock for Non-Cash Consideration
The
Company measures and recognizes compensation expense for share-based awards based on estimated fair values equaling either the market
value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration
pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at
the date of the agreement.
The
Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows
the provisions of ASC Topic 718, “Compensation-Stock Compensation.” The measurement date for the fair value of the
equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor
is reached or (ii) the date at which the consultant or vendor’s performance is complete.
The
Company did not issue any stock-based compensation awards during the six months ended June 30, 2023 and 2022.
|
Net Income (Loss) per Share |
Net
Income (Loss) per Share
For
the six month period ended June 30, 2023, basic and diluted net loss per share is calculated by dividing the net loss by the weighted
average number of common shares outstanding for the period, without consideration for common stock equivalents.
Diluted
net income (loss) per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents
outstanding for the period, using the treasury-stock method. For purposes of the diluted net income (loss) per share calculation, shares
to be issued pursuant to convertible debt and warrants are considered to be common stock equivalents but are excluded from the calculation
of diluted net income (loss) per share in 2023 and 2022 because their effect would be anti-dilutive. A total of 33,495 warrants 736,732
shares, resulting from the conversion of principal and interest on convertible notes, have been excluded from this calculation for the
six month period ended June 30, 2023.
For
the six month period ended June 30, 2023, diluted income per share was calculated by dividing the net income by the weighted-average
number of common shares outstanding for the period determined using the treasury-stock method. A reconciliation of the weighted average
shares outstanding used in basic and diluted earnings per share for the periods ended June 30, 2023 and 2022 are as follows:
Schedule of Basic and Diluted Earnings per Share
| |
June
30, 2023 | | |
June
30, 2022 | |
| |
Three
Months ended | |
| |
June
30, 2023 | | |
June
30, 2022 | |
Basic
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (504,234 | ) | |
$ | 1,792,853 | |
Weighted
average common shares (Denominator) | |
| 83,285,054 | | |
| 696,752 | |
Basic
EPS | |
$ | (0.01 | ) | |
$ | 2.57 | |
| |
| | | |
| | |
Diluted
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (504,234 | ) | |
$ | 1,792,853 | |
Weighted
average common shares (Denominator) | |
| 83,285,054 | | |
| 7,804,548 | |
Diluted
EPS | |
$ | 0.00 | | |
$ | 0.23 | |
| |
June
30, 2023 | | |
June
30, 2022 | |
| |
Six
Months ended | |
| |
June
30, 2023 | | |
June
30, 2022 | |
Basic
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (920,350 | ) | |
$ | (763,697 | ) |
Weighted
average common shares (Denominator) | |
| 83,381,739 | | |
| 590,822 | |
Basic
EPS | |
$ | (0.01 | ) | |
$ | (1.29 | ) |
| |
| | | |
| | |
Diluted
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (920,350 | ) | |
$ | (763,697 | ) |
Weighted
average common shares (Denominator) | |
| 83,381,739 | | |
| 590,822 | |
Diluted
EPS | |
$ | (0.01 | ) | |
$ | (1.29 | ) |
|
Recent Accounting Standards |
Recent
Accounting Standards
The
Company has reviewed the accounting pronouncements issued by the Financial Accounting Standards Board during the six months ended June
30, 2023. Applicable pronouncements will be adopted by the Company in accordance with the accounting guidance and definition. Management
does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s
consolidated financial statements.
Management
does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s
consolidated financial statements.
|
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v3.23.2
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Basic and Diluted Earnings per Share |
Schedule of Basic and Diluted Earnings per Share
| |
June
30, 2023 | | |
June
30, 2022 | |
| |
Three
Months ended | |
| |
June
30, 2023 | | |
June
30, 2022 | |
Basic
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (504,234 | ) | |
$ | 1,792,853 | |
Weighted
average common shares (Denominator) | |
| 83,285,054 | | |
| 696,752 | |
Basic
EPS | |
$ | (0.01 | ) | |
$ | 2.57 | |
| |
| | | |
| | |
Diluted
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (504,234 | ) | |
$ | 1,792,853 | |
Weighted
average common shares (Denominator) | |
| 83,285,054 | | |
| 7,804,548 | |
Diluted
EPS | |
$ | 0.00 | | |
$ | 0.23 | |
| |
June
30, 2023 | | |
June
30, 2022 | |
| |
Six
Months ended | |
| |
June
30, 2023 | | |
June
30, 2022 | |
Basic
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (920,350 | ) | |
$ | (763,697 | ) |
Weighted
average common shares (Denominator) | |
| 83,381,739 | | |
| 590,822 | |
Basic
EPS | |
$ | (0.01 | ) | |
$ | (1.29 | ) |
| |
| | | |
| | |
Diluted
EPS | |
| | | |
| | |
Income
(loss) available to common shareholders (Numerator) | |
$ | (920,350 | ) | |
$ | (763,697 | ) |
Weighted
average common shares (Denominator) | |
| 83,381,739 | | |
| 590,822 | |
Diluted
EPS | |
$ | (0.01 | ) | |
$ | (1.29 | ) |
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v3.23.2
Notes payable (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Notes Payable |
Notes
Payable on June 30, 2023 and December 31, 2022 are as follows:
Schedule
of Notes Payable
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Promissory
note was issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020. The note is in default. | |
$ | 231,478 | | |
$ | 231,478 | |
| |
| | | |
| | |
Promissory
note issued in 2019 for the settlement of debt in the same amount and matured in 2021. Lender earns interest at 15%. This note was
modified in November 2022, extending maturity to September 2023. | |
| 150,000 | | |
| 150,000 | |
| |
| | | |
| | |
Promissory
note issued in 2022 and matures in July 2023. Lender earns interest at 6%. | |
| 65,000 | | |
| 65,000 | |
| |
| | | |
| | |
Promissory
note issued in 2022 and matures in July 2023. Lender earns interest at 6%. The holder of the note is a former Director and the former
Chief Executive Officer of the Company. | |
| 200,000 | | |
| 200,000 | |
| |
| | | |
| | |
Promissory
note issued in 2022 and matures in December 2023. Lender earns interest at 7.75%. | |
| 50,000 | | |
| 50,000 | |
| |
| | | |
| | |
Promissory
note issued in March 2023 and matured in May 2023. Lender earns interest at 8%. This note was issued to H. Louis Salomonsky, a Director
of the Company. This note is in default. | |
| 100,000 | | |
| - | |
| |
| | | |
| | |
Promissory
note issued in March 2023 and matured in June 2023. Lender earns interest at 8%. This note is in default.. | |
| 50,000 | | |
| - | |
| |
| | | |
| | |
Promissory
note issued in April 2023 and matured in May 2023. Lender earns interest at 18%. The note is in default. | |
| 250,000 | | |
| - | |
| |
| | | |
| | |
Promissory
note issued in June 2023 and matures in September 2023. Lender earns interest at 8%. | |
| 15,000 | | |
| - | |
| |
| | | |
| | |
Notes
payable total | |
$ | 1,111,478 | | |
$ | 696,478 | |
|
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v3.23.2
Capital Structure – Common Stock and Stock Purchase Warrants (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Fair Value of the Remeasured Warrants |
Schedule
of Fair Value of the Remeasured Warrants
Expected
term (years) | |
| 0.63 | |
Risk
free rate | |
| 2.04 | % |
Volatility | |
| 436 | % |
Dividend
yield | |
| - | |
|
Schedule of Outstanding Common Stock Warrants |
The
following is a summary of outstanding common stock warrants as of June 30, 2023.
Schedule
of Outstanding Common Stock Warrants
Expiration Date |
|
Number of Shares |
|
|
Exercise Price |
|
|
Remaining Life (years) |
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2023 |
|
|
1,500 |
|
|
$ |
100 |
|
|
|
.25 |
|
Third Quarter 2028 |
|
|
3,000 |
|
|
$ |
70 |
|
|
|
5.25 |
|
Second Quarter 2032 |
|
|
28,995 |
|
|
$ |
10 - 70 |
|
|
|
9.00 |
|
|
|
|
33,495 |
|
|
$ |
10 - 100 |
|
|
|
|
|
|
Schedule of Stock Outstanding Warrants Activity |
Following
is a summary of stock warrant activity for the six months ended June 30, 2023:
Schedule
of Stock Outstanding Warrants Activity
| |
Number
of Shares | | |
Exercise Price | | |
Weighted Average
Price | |
Warrants
as of December 31, 2022 | |
| 38,495 | | |
$ | 10
- 200 | | |
$ | 59.42 | |
Issued | |
| - | | |
$ | - | | |
$ | - | |
Expired
and forfeited | |
| (5,000 | ) | |
$ | 30
- 200 | | |
$ | 66.00 | |
Exercised | |
| - | | |
$ | - | | |
$ | - | |
Warrants
as of June 30, 2023 | |
| 33,495 | | |
$ | 10
- 100 | | |
$ | 58.44 | |
|
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v3.23.2
Subsequent Events (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Schedule of Consideration |
Consideration
for License to STAB as of December 31, 2022:
Schedule
of Consideration
Consideration
/ Assumption of: | |
| |
Notes
and associated accrued interest in default | |
$ | 3,302,209 | |
Accounts
payable and accruals | |
| 230,000 | |
Past
Due Employee Obligations | |
| 1,110,567 | |
Total
anticipated Consideration | |
$ | 4,642,776 | |
Recognized
through December 31, 2020 | |
| (3,302,209 | ) |
To
Be Recognized upon Execution | |
$ | 1,340,567 | |
|
Schedule of Royalty Rate |
Schedule
of Royalty Rate
Annual
Sales of Royalty Qualifying Licensed Products | |
Royalty
Rate | |
<$500,000,000 | |
| 2 | % |
500,000,000
to < $1,000,000,000 | |
| 4 | % |
>
$1,000,000,000) | |
| 6 | % |
|
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v3.23.2
Company Overview (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
Cash |
$ 17,426
|
|
$ 17,426
|
|
|
Working capital |
3,843,596
|
|
3,843,596
|
|
|
Accumulated deficit |
383,888,844
|
|
383,888,844
|
|
$ 382,968,494
|
Net loss |
$ 504,234
|
$ (1,792,853)
|
$ 920,350
|
$ 763,697
|
|
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v3.23.2
Schedule of Basic and Diluted Earnings per Share (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Accounting Policies [Abstract] |
|
|
|
|
Income (loss) available to common shareholders (Numerator) |
$ (504,234)
|
$ 1,792,853
|
$ (920,350)
|
$ (763,697)
|
Weighted average common shares (Denominator) |
83,285,054
|
696,752
|
83,381,739
|
590,822
|
Basic EPS |
$ (0.01)
|
$ 2.57
|
$ (0.01)
|
$ (1.29)
|
Income (loss) available to common shareholders (Numerator) |
$ (504,234)
|
$ 1,792,853
|
$ (920,350)
|
$ (763,697)
|
Weighted average common shares (Denominator) |
83,285,054
|
7,804,548
|
83,381,739
|
590,822
|
Diluted EPS |
$ (0.00)
|
$ 0.23
|
$ (0.01)
|
$ (1.29)
|
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v3.23.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
Cash and cash equivalents |
$ 17,426
|
|
$ 17,426
|
|
$ 150,491
|
Cash at federal deposit |
250,000
|
|
250,000
|
|
|
Research and development costs |
$ 175,209
|
|
356,132
|
|
|
Interest or penalties related to uncertain tax position |
|
|
0
|
0
|
|
Stock-based compensation |
|
|
$ 0
|
$ 0
|
|
Warrant [Member] |
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
Anti-dilutive securities |
|
|
33,495
|
|
|
Conversion of Convertible Notes [Member] |
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
Anti-dilutive securities |
|
|
736,732
|
|
|
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Schedule of Notes Payable (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
Notes payable total |
$ 1,111,478
|
$ 696,478
|
Notes Payable [Member] |
|
|
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|
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Notes payable total |
231,478
|
231,478
|
Notes Payable One [Member] |
|
|
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|
|
Notes payable total |
150,000
|
150,000
|
Notes Payable Two [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable total |
65,000
|
65,000
|
Notes Payable Three [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable total |
200,000
|
200,000
|
Notes Payable Four [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable total |
50,000
|
50,000
|
Notes Payable Five [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
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100,000
|
|
Notes Payable Six [Member] |
|
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|
|
Notes payable total |
50,000
|
|
Notes Payable Seven [Member] |
|
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Short-Term Debt [Line Items] |
|
|
Notes payable total |
250,000
|
|
Notes Payable Eight [Member] |
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$ 15,000
|
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v3.23.2
Schedule of Stock Outstanding Warrants Activity (Details)
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Shares Warrants, Beginning balance | shares |
38,495
|
Weighted Average Price, Beginning balance |
$ 59.42
|
Number of Shares Warrants, Issued | shares |
|
Exercise Price, Issued |
|
Weighted Average Price, issued |
|
Number of Shares Warrants, Expired and forfeited | shares |
(5,000)
|
Weighted Average Price, Expired and forfeited |
$ 66.00
|
Number of Shares Warrants, Exercised | shares |
|
Exercise Price, Exercised |
|
Weighted Average Price, Exercised |
|
Number of Shares Warrants, Ending balance | shares |
33,495
|
Weighted Average Price, Ending balance |
$ 58.44
|
Minimum [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Exercise Price, Beginning balance |
10
|
Exercise Price, Expired and forfeited |
30
|
Exercise Price, Ending balance |
10
|
Maximum [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Exercise Price, Beginning balance |
200
|
Exercise Price, Expired and forfeited |
200
|
Exercise Price, Ending balance |
$ 100
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v3.23.2
Capital Structure – Common Stock and Stock Purchase Warrants (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Fair value adjustments of warrants |
|
$ 1,011,625
|
|
$ 1,011,625
|
Warrant [Member] |
|
|
|
|
Stock issued during period new issues |
|
|
|
12,565,000
|
Warrants forefeited |
|
|
|
31,899
|
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- DefinitionAmount of expense (income) related to adjustment to fair value of warrant liability.
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v3.23.2
v3.23.2
Schedule of Consideration (Details) - Statera [Member]
|
12 Months Ended |
Dec. 31, 2022
USD ($)
|
Notes and associated accrued interest in default |
$ 3,302,209
|
Accounts payable and accruals |
230,000
|
Past Due Employee Obligations |
1,110,567
|
Total anticipated Consideration |
4,642,776
|
Recognized through December 31, 2020 |
(3,302,209)
|
Total Consideration to be Recognized Upon Execution |
$ 1,340,567
|
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v3.23.2
Schedule of Royalty Rate (Details)
|
Mar. 24, 2023 |
Less than 500,000,000 [Member] |
|
Royalty Rate |
2.00%
|
From 500,000,000 to less than 1,000,000,000 [Member] |
|
Royalty Rate |
4.00%
|
Greater than 1,000,000,000 [Member] |
|
Royalty Rate |
6.00%
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v3.23.2
Subsequent Events (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
12 Months Ended |
|
|
|
Aug. 02, 2023 |
Apr. 13, 2023 |
Apr. 11, 2023 |
Mar. 27, 2023 |
Jan. 05, 2023 |
Apr. 08, 2019 |
May 01, 2018 |
Dec. 31, 2022 |
Jul. 14, 2023 |
Jun. 30, 2023 |
Apr. 14, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Cash payment |
|
|
|
|
|
|
|
|
|
$ 17,426
|
|
Taiwan J Pharmaceuticals Co Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Up front payment |
|
|
|
$ 500,000
|
|
|
|
$ 500,000
|
|
|
|
Number of shares issued, shares |
|
|
|
|
250,000
|
|
|
|
|
|
|
License payment due |
|
|
|
$ 150,000
|
|
|
|
|
|
|
|
Cash payment |
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
License fee |
|
$ 250,000
|
|
|
|
|
|
|
|
|
|
Promissory note issued |
|
|
|
|
|
|
|
|
|
|
$ 250,000
|
Maturing period |
|
May 31, 2023
|
|
|
|
|
|
|
|
|
|
Percentage of interest rate per annum |
|
1.50%
|
|
|
|
|
|
|
|
|
|
Global Reverb Corporation [Member] | Subsequent Event [Member] | Noreen Griffin [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Loan receivable |
|
|
|
|
|
|
|
|
$ 7,500
|
|
|
Statera [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Common stock shares issued and outstanding |
|
|
|
|
|
15.57%
|
|
|
|
|
|
Ira Graines [Member] | Promissory Note Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Cash payment |
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
Ira Graines [Member] | Promissory Note Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued, shares |
|
|
50,000
|
|
|
|
|
|
|
|
|
Noreen Griffin [Member] | Consulting Agreement [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Payment for administrative fee |
$ 20,834
|
|
|
|
|
|
|
|
|
|
|
Monthly insurance stipend |
1,200
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages and officers compensation |
$ 1,000,000
|
|
|
|
|
|
|
|
|
|
|
Salary accrual interest |
8.50%
|
|
|
|
|
|
|
|
|
|
|
Maximum [Member] | Statera [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Royalty due |
|
|
|
|
|
|
5.00%
|
|
|
|
|
Minimum [Member] | Statera [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Royalty due |
|
|
|
|
|
|
1.00%
|
|
|
|
|
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