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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, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR
THE TRANSITION PERIOD FROM __________ TO __________
Commission
File Number 000-53497
VIVOS
INC
(Exact
name of registrant as specified in its charter)
Delaware |
|
80-0138937 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
1030
N Center Parkway,
Kennewick,
WA 99336
(Address
of principal executive offices, Zip Code)
(509)
222-2222
(Registrant’s
telephone number, including area code)
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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate
by 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. (Check one):
|
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 company 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 check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 13, 2024, there were 417,564,051 shares of the registrant’s
common stock outstanding.
TABLE
OF CONTENTS
PART
I – FINANCIAL INFORMATION
VIVOS
INC
BALANCE
SHEETS
JUNE
30, 2024 (UNAUDITED) AND DECEMBER 31, 2023
| |
JUNE 30, | | |
DECEMBER 31, | |
| |
2024 | | |
2023 | |
| |
| (UNAUDITED) | | |
| | |
| |
| | | |
| | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash | |
$ | 1,724,417 | | |
$ | 1,592,287 | |
Accounts receivable | |
| 13,500 | | |
| 7,000 | |
Prepaid expenses | |
| 31,748 | | |
| 10,837 | |
| |
| | | |
| | |
Total Current Assets | |
| 1,769,665 | | |
| 1,610,124 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 1,769,665 | | |
$ | 1,610,124 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 166,560 | | |
$ | 245,004 | |
| |
| | | |
| | |
Total Current Liabilities | |
| 166,560 | | |
| 245,004 | |
| |
| | | |
| | |
Total Liabilities | |
| 166,560 | | |
| 245,004 | |
| |
| | | |
| | |
Commitments and contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Preferred stock, par value, $0.001, 20,000,000 shares authorized, Series A Convertible Preferred, 5,000,000 shares authorized,
2,071,007 shares issued and outstanding, respectively | |
| 2,071 | | |
| 2,071 | |
Additional paid in capital - Series A Convertible preferred stock | |
| 8,842,458 | | |
| 8,842,458 | |
Series B Convertible Preferred, shares authorized, 200,363 shares issued and outstanding,
respectively | |
| 200 | | |
| 200 | |
Additional paid in capital - Series B Convertible preferred stock | |
| 290,956 | | |
| 290,956 | |
Series C Convertible Preferred, 5,000,000 shares authorized, 385,302 shares issued and outstanding,
respectively | |
| 385 | | |
| 385 | |
Preferred stock value | |
| 385 | | |
| 385 | |
Additional paid in capital - Series C Convertible preferred stock | |
| 500,507 | | |
| 500,507 | |
Additional paid in capital | |
| 500,507 | | |
| 500,507 | |
Common stock, par value, $0.001, 950,000,000 shares authorized, 417,681,245 and 387,894,033 issued and
outstanding, respectively | |
| 417,681 | | |
| 387,894 | |
Additional paid in capital - common stock | |
| 75,061,625 | | |
| 73,791,430 | |
Accumulated deficit | |
| (83,512,778 | ) | |
| (82,450,781 | ) |
| |
| | | |
| | |
Total Stockholders’ Equity | |
| 1,603,105 | | |
| 1,365,120 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | |
$ | 1,769,665 | | |
$ | 1,610,124 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
VIVOS
INC
STATEMENTS
OF OPERATIONS (UNAUDITED)
FOR
THE SIX AND THREE MONTHS ENDED JUNE 30, 2024 AND 2023
| |
| | |
| | |
| | |
| |
| |
SIX MONTHS ENDED | | |
THREE MONTHS ENDED | |
| |
JUNE 30, | | |
JUNE 30, | | |
JUNE 30, | | |
JUNE 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Revenues, net | |
$ | 18,000 | | |
$ | 12,500 | | |
$ | 13,500 | | |
$ | 6,500 | |
Cost of Goods Sold | |
| (16,780 | ) | |
| (16,536 | ) | |
| (10,780 | ) | |
| (9,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Gross profit (loss) | |
| 1,220 | | |
| (4,036 | ) | |
| 2,720 | | |
| (2,500 | ) |
| |
| | | |
| | | |
| | | |
| | |
OPERATING EXPENSES | |
| | | |
| | | |
| | | |
| | |
Professional fees, including stock-based compensation | |
| 683,452 | | |
| 692,963 | | |
| 279,814 | | |
| 608,747 | |
Payroll expenses | |
| 181,753 | | |
| 144,521 | | |
| 90,628 | | |
| 72,013 | |
Research and development | |
| 157,109 | | |
| 219,728 | | |
| 99,662 | | |
| 173,353 | |
General and administrative expenses | |
| 78,345 | | |
| 101,475 | | |
| 54,925 | | |
| 57,792 | |
| |
| | | |
| | | |
| | | |
| | |
Total Operating Expenses | |
| 1,100,659 | | |
| 1,158,687 | | |
| 525,029 | | |
| 911,905 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING LOSS | |
| (1,099,439 | ) | |
| (1,162,723 | ) | |
| (522,309 | ) | |
| (914,405 | ) |
| |
| | | |
| | | |
| | | |
| | |
NON-OPERATING INCOME (EXPENSE) | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 37,442 | | |
| 11,879 | | |
| 18,851 | | |
| 11,879 | |
| |
| | | |
| | | |
| | | |
| | |
Total Non-Operating Income (Expenses) | |
| 37,442 | | |
| 11,879 | | |
| 18,851 | | |
| 11,879 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS | |
$ | (1,061,997 | ) | |
$ | (1,150,844 | ) | |
$ | (503,458 | ) | |
$ | (902,526 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share - basic and diluted | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding | |
| 396,394,150 | | |
| 365,370,257 | | |
| 403,381,853 | | |
| 368,167,902 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
VIVOS
INC
STATEMENT
OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR
THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
Additional | | |
| | |
| | |
Additional | | |
| | |
| | |
Additional | | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
Paid-In | | |
| | |
| | |
Paid-In | | |
| | |
| | |
Paid-In | | |
| | |
Additional | | |
| | |
| |
| |
Series A Preferred | | |
Capital - Series A | | |
Series B Preferred | | |
Capital - Series B | | |
Series C Preferred | | |
Capital - Series C | | |
Common Stock | | |
Paid-In
Capital - | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Preferred | | |
Shares | | |
Amount | | |
Preferred | | |
Shares | | |
Amount | | |
Preferred | | |
Shares | | |
Amount | | |
Common | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance - December 31, 2022 | |
| 2,071,007 | | |
$ | 2,071 | | |
$ | 8,842,458 | | |
| 200,363 | | |
$ | 200 | | |
$ | 290,956 | | |
| 385,302 | | |
$ | 385 | | |
$ | 500,507 | | |
| 362,541,528 | | |
$ | 362,541 | | |
$ | 71,217,954 | | |
$ | (79,556,028 | ) | |
$ | 1,661,044 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (248,318 | ) | |
| (248,318 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - March 31, 2023 | |
| 2,071,007 | | |
| 2,071 | | |
| 8,842,458 | | |
| 200,363 | | |
| 200 | | |
| 290,956 | | |
| 385,302 | | |
| 385 | | |
| 500,507 | | |
| 362,541,528 | | |
| 362,541 | | |
| 71,217,954 | | |
| (79,804,346 | ) | |
| 1,412,726 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 8,000,000 | | |
| 8,000 | | |
| 632,000 | | |
| - | | |
| 640,000 | |
Warrants purchased for cash | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 10,665 | | |
| - | | |
| 10,665 | |
RSUs granted to consultants that have vested | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 515,975 | | |
| - | | |
| 515,975 | |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (902,526 | ) | |
| (902,526 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - June 30, 2023 | |
| 2,071,007 | | |
$ | 2,071 | | |
$ | 8,842,458 | | |
| 200,363 | | |
$ | 200 | | |
$ | 290,956 | | |
| 385,302 | | |
$ | 385 | | |
$ | 500,507 | | |
| 370,541,528 | | |
$ | 370,541 | | |
$ | 72,376,594 | | |
$ | (80,706,872 | ) | |
$ | 1,676,840 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - December 31, 2023 | |
| 2,071,007 | | |
$ | 2,071 | | |
$ | 8,842,458 | | |
| 200,363 | | |
$ | 200 | | |
$ | 290,956 | | |
| 385,302 | | |
$ | 385 | | |
$ | 500,507 | | |
| 387,894,033 | | |
$ | 387,894 | | |
$ | 73,791,430 | | |
$ | (82,450,781 | ) | |
$ | 1,365,120 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,000,000 | | |
| 2,000 | | |
| 126,000 | | |
| - | | |
| 128,000 | |
Services | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 139,834 | | |
| 140 | | |
| 9,342 | | |
| - | | |
| 9,482 | |
Warrants purchased for cash | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,000 | | |
| - | | |
| 2,000 | |
RSUs granted to consultants that have vested | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 361,500 | | |
| - | | |
| 361,500 | |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (558,539 | ) | |
| (558,539 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - March 31, 2024 | |
| 2,071,007 | | |
| 2,071 | | |
| 8,842,458 | | |
| 200,363 | | |
| 200 | | |
| 290,956 | | |
| 385,302 | | |
| 385 | | |
| 500,507 | | |
| 390,033,867 | | |
| 390,034 | | |
| 74,290,272 | | |
| (83,009,320 | ) | |
| 1,307,563 | |
Balance | |
| 2,071,007 | | |
| 2,071 | | |
| 8,842,458 | | |
| 200,363 | | |
| 200 | | |
| 290,956 | | |
| 385,302 | | |
| 385 | | |
| 500,507 | | |
| 390,033,867 | | |
| 390,034 | | |
| 74,290,272 | | |
| (83,009,320 | ) | |
| 1,307,563 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 11,000,000 | | |
| 11,000 | | |
| 693,000 | | |
| - | | |
| 704,000 | |
Services | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 22,766 | | |
| 22 | | |
| 3,728 | | |
| - | | |
| 3,750 | |
Cashless exercise of warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 16,624,612 | | |
| 16,625 | | |
| (16,625 | ) | |
| - | | |
| - | |
Warrants purchased for cash | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 5,000 | | |
| - | | |
| 5,000 | |
RSUs granted to consultants that have vested | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 86,250 | | |
| - | | |
| 86,250 | |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (503,458 | ) | |
| (503,458 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - June 30, 2024 | |
| 2,071,007 | | |
$ | 2,071 | | |
$ | 8,842,458 | | |
| 200,363 | | |
$ | 200 | | |
$ | 290,956 | | |
| 385,302 | | |
$ | 385 | | |
$ | 500,507 | | |
| 417,681,245 | | |
$ | 417,681 | | |
$ | 75,061,625 | | |
$ | (83,512,778 | ) | |
$ | 1,603,105 | |
Balance | |
| 2,071,007 | | |
$ | 2,071 | | |
$ | 8,842,458 | | |
| 200,363 | | |
$ | 200 | | |
$ | 290,956 | | |
| 385,302 | | |
$ | 385 | | |
$ | 500,507 | | |
| 417,681,245 | | |
$ | 417,681 | | |
$ | 75,061,625 | | |
$ | (83,512,778 | ) | |
$ | 1,603,105 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
VIVOS INC
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
| |
2024 | | |
2023 | |
CASH FLOW FROM OPERTING ACTIVIITES | |
| | | |
| | |
Net loss | |
$ | (1,061,997 | ) | |
$ | (1,150,844 | ) |
Adjustments to reconcile net loss to net cash used in operating activities | |
| | | |
| | |
Common stock, stock options and warrants for services | |
| 13,232 | | |
| - | |
RSUs issued for services | |
| 447,750 | | |
| 515,975 | |
Changes in assets and liabilities | |
| | | |
| | |
Accounts receivable | |
| (6,500 | ) | |
| 5,000 | |
Prepaid expenses and other assets | |
| (20,911 | ) | |
| (9,212 | ) |
Accounts payable and accrued expenses | |
| (78,444 | ) | |
| 31,118 | |
Total adjustments | |
| 355,127 | | |
| 542,881 | |
| |
| | | |
| | |
Net cash used in operating activities | |
| (706,870 | ) | |
| (607,963 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITES | |
| | | |
| | |
Proceeds from common stock and warrants | |
| 839,000 | | |
| 650,665 | |
Net cash provided by financing activities | |
| 839,000 | | |
| 650,665 | |
| |
| | | |
| | |
NET INCREASE IN CASH | |
| 132,130 | | |
| 42,702 | |
| |
| | | |
| | |
CASH - BEGINNING OF PERIOD | |
| 1,592,287 | | |
| 1,706,065 | |
| |
| | | |
| | |
CASH - END OF PERIOD | |
$ | 1,724,417 | | |
$ | 1,748,767 | |
| |
| | | |
| | |
CASH PAID DURING THE PERIOD FOR: | |
| | | |
| | |
Interest expense | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Income taxes | |
$ | - | | |
$ | - | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
VIVOS
INC.
NOTES
TO CONDENSED FINANCIAL STATEMENTS
(unaudited)
NOTE
1: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
The
accompanying condensed financial statements of Vivos Inc. (the “Company”) have been prepared without audit, pursuant
to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures required by accounting principles
generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. These condensed financial
statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations of the
Company for the period presented. The results of operations for the six months ended June 30, 2024, are not necessarily indicative of
the results that may be expected for any future period or the fiscal year ending December 31, 2024 and should be read in conjunction
with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission
on March 18, 2024.
Business
Overview
The
Company was incorporated under the laws of Delaware on December 23, 1994 as Savage Mountain Sports Corporation (“SMSC”).
On September 6, 2006, the Company changed its name to Advanced Medical Isotope Corporation, and on December 28, 2017, the Company began
operating as Vivos Inc. The Company has authorized capital of 950,000,000 shares of common stock, $0.001 par value per share, and 20,000,000
shares of preferred stock, $0.001 par value per share.
Our
principal place of business is located at 1030 North Center Parkway, Kennewick, WA 99336. Our telephone number is (509) 222-2222. Our
corporate website address is http://www.radiogel.com. Our common stock is currently quoted on the OTC Pink Marketplace under the symbol
“RDGL.”
The
Company is a radiation oncology medical device company engaged in the development of its yttrium-90 based brachytherapy device, RadioGel™,
for the treatment of non-resectable tumors. A prominent team of radiochemists, scientists and engineers, collaborating with strategic
partners, including national laboratories, universities and private corporations, lead the Company’s development efforts. The Company’s
overall vision is to globally empower physicians, medical researchers and patients by providing them with new isotope technologies that
offer safe and effective treatments for cancer.
In
January 2018, the Center for Veterinary Medicine Product Classification Group ruled that RadioGel ™should be classified
as a device for animal therapy of feline sarcomas and canine soft tissue sarcomas. Additionally, after a legal review, the Company believes
that the device classification obtained from the Food and Drug Administration (“FDA”) Center for Veterinary Medicine
is not limited to canine and feline sarcomas, but rather may be extended to a much broader population of veterinary cancers, including
all or most solid tumors in animals. We expect the result of such classification and label review will be that no additional regulatory
approvals are necessary for the use of IsoPet® for the treatment of solid tumors in animals. The FDA does not have premarket
authority over devices with a veterinary classification, and the manufacturers are responsible for assuring that the product is safe,
effective, properly labeled, and otherwise in compliance with all applicable laws and regulations.
Based
on the FDA’s recommendation, RadioGel™ will be marketed as “IsoPet®” for use by veterinarians
to avoid any confusion between animal and human therapy. The Company already has trademark protection for the “IsoPet®”
name. IsoPet® and RadioGel™ are used synonymously throughout this document. The only distinction between
IsoPet® and RadioGel™ is the FDA’s recommendation that we use “IsoPet®”
for veterinarian usage, and reserve “RadioGel™” for human therapy. Based on these developments, the Company
has shifted its primary focus to the development and marketing of Isopet® for animal therapy, through the Company’s
IsoPet® Solutions division.
IsoPet
Solutions
The
Company’s IsoPet Solutions division was established in May 2016 to focus on the veterinary oncology market, namely engagement of
university veterinarian hospitals to develop the detailed therapy procedures to treat animal tumors and ultimately use of the technology
in private clinics. The Company has worked with three different university veterinarian hospitals on IsoPet® testing and
therapy. Washington State University treated five cats for feline sarcoma and served to develop the procedures which are incorporated
in our label. They concluded that the product was safe and effective in killing cancer cells. Colorado State University demonstrated
the CT and PET-CT imaging of IsoPet®. A contract was signed with University of Missouri to treat canine sarcomas and equine
sarcoids starting in November 2017.
The
dogs were treated for canine soft tissue sarcoma. Response evaluation criteria in solid tumors (“RECIST”) is a set
of published rules that define when tumors in cancer patients improve (respond), stay the same (stabilize), or worsen (progress) during
treatment. The criteria were published by an international collaboration including the European Organisation for Research and Treatment
of Cancer (“EORTC”), National Cancer Institute of the United States, and the National Cancer Institute of Canada Clinical
Trials Group.
The
testing at the University of Missouri met its objective to demonstrate the safety of IsoPet®. Using its advanced CT and
PET equipment it was able to demonstrate that the dose calculations were accurate and that the injections perfused into the cell interstices
and did not stay concentrated in a bolus. This results in a more homogeneous dose distribution. There was insignificant spread of Y-90
outside the points of injection demonstrating the effectiveness of the particles and the gel to localize the radiation with no spreading
to the blood or other organs nor to urine or fecal material. This confirms that IsoPet® is safe for same day therapy.
The
effectiveness of IsoPet® for life extension was not the prime objective, but it resulted in valuable insights. Of the
cases one is still cancer-free but the others eventually recurred since there was not a strong focus on treating the margins. The University
of Missouri has agreed to become a regional center to administer IsoPet® therapy and will incorporate the improvements
suggested by the testing program.
The
Company anticipates that future profits, if any, will be derived from direct sales of RadioGel™ (under the name IsoPet®)
and related services, and from licensing to private medical and veterinary clinics in the United States of America (the “USA”,
or, the “U.S.”) and internationally. The Company intends to report the results from the IsoPet® Solutions
division as a separate operating segment in accordance with generally accepted accounting principles (“GAAP”).
Commencing
in July 2019, the Company recognized its first commercial sale of IsoPet®. A veterinarian from Alaska brought his cat
with a re-occurrent spindle cell sarcoma tumor on his face. The cat had previously received external beam therapy, but now the tumor
was growing rapidly. He was given a high dose of 400 Gray with heavy therapy at the margins. This sale met the revenue recognition requirements
under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic
606 – Revenue from Contracts with Customers (“ASC 606”) as the performance obligation was satisfied. The Company
completed sales for an additional four animals that received the IsoPet® during 2019.
Our
plan is to incorporate the data assembled from our work with Isopet® in animal therapy to support the Company’s
efforts in the development of our RadioGel™ device candidate, including obtaining approval from the FDA to market and
sell RadioGel™ as a Class II medical device. RadioGel™ is an injectable particle-gel for brachytherapy
radiation treatment of cancerous tumors in people and animals. RadioGel™ is comprised of a hydrogel, or a substance
that is liquid at room temperature and then gels when reaching body temperature after injection into a tumor. In the gel are small particles,
less than two microns, of Y-90. Once injected, these inert particles are locked in place inside the tumor by the gel, delivering a very
high local radiation dose. The radiation is beta, consisting of high-speed electrons. These electrons only travel a short distance so
the device can deliver high radiation to the tumor with minimal dose to the surrounding tissue. Optimally, patients can go home immediately
following treatment without the risk of radiation exposure to family members. Since Y-90 has a half-life of 2.7 days, the radioactivity
drops to 5% of its original value after ten days.
Recently
the Company modified its Indication for Use from skin cancel to cancerous tissue or solid tumors pathologically associated with locoregional
papillary thyroid carcinoma and recurrent papillary thyroid carcinoma having discernable tumors associated with metastatic lymph nodes
or extranodal disease in patients who are not surgical candidates or who have declined surgery, or patients who require post-surgical
remnant ablation (for example, after prior incomplete radioiodine therapy). Papillary thyroid carcinoma belongs to the general class
of head and neck tumors for which tumors are accessible by intraoperative direct needle injection. The Company’s Medical Advisory
Board felt that demonstrating efficacy in clinical trials was much easier with this new indication.
Intellectual
Property
Our
original license with Battelle National Laboratory (the “Battelle License”) reached its end of life in 2022. During
the past several years, we have expanded our proprietary knowledge, as well as our trademark and patent protection, in anticipation of
the Battelle License reaching the end of its term.
Our
RadioGel™ trademark protection is in 17 countries. We have expanded our trademark protection from RadioGel™ to
now include IsoPet®. We obtained the International Certificate of Registration for ISOPET, which is the first step to
file in several countries.
We
have filed for trademark protection for the term Precision Radionuclide Therapy™. We believe this term will be increasingly
important.
The
Company received the Patent Cooperation Treaty (“PCT”) International Search Report on our patent application (No.1811.191).
Seven of our claims were immediately ruled as having novelty, inventive step and industrial applicability. This gives us the basis to
extend for many years the patent protection for our proprietary Y-90 phosphate particles utilized in Isopet® and Radiogel™.
Our
patent team filed our particle patent in more than ten patent offices that collectively cover 63 countries throughout the world. We filed
a continuation-in-part applications number 1774054 in the USA to expand the claims on our particle patent. The U.S. Patent office recently
gave us the Notice of Allowance for our patent to produce our yttrium phosphate microparticles, U.S. Patent Application Serial No: 16-459,466.
We also filed an amendment to correct the wording on our claims at make them consistent with the USE claims. Ref: 4207-0005; European
Patent Application NO. 20 834 229.5; VIVOS INC; Our Ref: FS/53791.
We
filed a hydrogel utility patent in the USA (16309:17/943,311) and internationally (16389:PCT/US22/4374) based on the last 18 months of
development work to optimize our hydrogel component. These include reducing the polymer production time and increasing the output by
a factor of three. We have also further reduced the level of trace contaminants to be well below the FDA guidelines.
We
filed a provisional patent (Serial Number 63436562) to protect our innovative improvements in our shipping container, our vial shield,
our syringe shield, and our Peltier chiller. Our objectives were to reduce shipping costs, decrease radiation exposure, and enhance sterility.
These devices will be preferentially used at Mayo Clinics for human clinical studies at our IsoPet regional treatment centers. The Company
filed a utility patent in the fourth quarter of 2023 for this therapy support equipment.
We
anticipate that Precision Radionuclide Therapy will become increasingly important in the future and expand to other isotope and other
indications for use. Therefore, we filed an alternate particle utility patent (Serial number 18/152,137). We will focus our near-term
effort on the Y-90 therapy, which we believe is the best beta emitter; however, we leveraged our hydrogel utility patent to incorporate
other promising isotopes and compounds for a range of future applications. This includes gamma and alpha particle emitters.
Going
Concern
The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction
of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company has suffered recurring
losses and used significant cash in support of its operating activities and the Company’s cash position is not sufficient to support
the Company’s operations. Research and development of the Company’s brachytherapy product line has been funded with proceeds
from the sale of equity and debt securities as well as a series of grants. The Company requires funding of approximately $2.5 million
annually to maintain current operating activities.
Financing
and Strategy
In
November 2019, the Securities and Exchange Commission (the “SEC”) qualified the Company’s offering of its common
stock, par value $0.001 per share (“Common Stock”), under Regulation A of Section 3(6) of the Securities Act of 1933,
as amended (the “Securities Act”)(“Regulation A”), which offering was and amended from time to
time thereafter (the “2019 Regulation A+ Offering”). In September 2021, the SEC qualified the Company’s offering
of Common Stock under Regulation A, which offering was amended from time to time thereafter (together with the 2019 Regulation A+ Offering,
the “Prior Regulation A+ Offerings”). During the year ended December 31, 2023, $1,179,245 was raised through the sale
of 16,132,000 shares of common stock and the private placement of 18,797,000 warrants. During the six months ended June 30, 2024, the
Company raised $839,000 through the issuance of 13,000,000 shares of common stock and 7,000,000 warrants. The Company’s Prior Regulation
A Offerings undertaken pursuant to Regulation A+ have raised approximately $6,000,000 from the sale of shares of common stock.
On
July 17, 2024, the SEC qualified the Company’s offering under Regulation A to offer up to $60,000,000 shares of its Common
Stock (the “July 2024 Regulation A+ Offering”).
The
Company is using the proceeds generated as follows:
Research
and development of the Company’s brachytherapy product line has been funded with proceeds from the sale of equity and debt securities.
The Company may require additional funding of approximately $5 million annually to maintain current operating activities. Over
the next 12 to 48 months, the Company believes it will cost approximately $9 million to: (1) fund the FDA approval process to conduct
human clinical trials; (2) conduct Phase I, pilot, and clinical trials; (3) activate several regional clinics to administer IsoPet®
across the county; (4) create an independent production center within the current production site to create a template for future
international manufacturing; and (5) initiate regulatory approval processes outside of the United States. The proceeds to be raised from
the Regulation A+ Offering will be used to continue to fund this development.
The
continued deployment of the brachytherapy products and a worldwide regulatory approval effort will require additional resources and personnel.
The principal variables in the timing and amount of spending for the brachytherapy products in the next 12 to 24 months will be the FDA’s
classification of the Company’s brachytherapy products as Class II or Class III devices (or otherwise), and any requirements for
additional studies (which may possibly include clinical studies). Thereafter, the principal variables in the amount of the Company’s
spending and its financing requirements would be: (1) the timing of any approvals; (2) the nature of the Company’s arrangements
with third parties for manufacturing, sales, distribution and licensing of those products; and (3) the products’ success in the
U.S. and elsewhere. The Company intends to fund its activities through strategic transactions such as licensing and partnership agreements,
as well as proceeds to be raised from the Regulation A+ Offering.
Following
receipt of required regulatory approvals and necessary financing to fund our working capital requirements, the Company intends to outsource
material aspects of manufacturing, distribution, sales and marketing for operations within the U.S. Outside of the U.S., the Company
intends to pursue licensing arrangements and/or partnerships to facilitate its global commercialization strategy.
Long-term,
the Company intends to consider resuming research efforts with respect to other products and technologies intended to help improve the
diagnosis and treatment of cancer and other illnesses. These long-term goals are subject to the Company: (1) receiving adequate funding;
(2) receiving regulatory approval for RadioGel™ and other brachytherapy products; and (3) being able to successfully commercialize
its brachytherapy products.
Based
on the Company’s financial history since inception, the Company’s independent registered public accounting firm has expressed
substantial doubt as to the Company’s ability to continue as a going concern. The Company has limited revenue, nominal cash, and
has accumulated deficits since inception. If the Company cannot obtain sufficient additional capital, the Company will be required to
delay the implementation of its business strategy and may not be able to continue operations.
The
Company’s headquarters are in Northeast Washington, however, our focus on the animal therapy market has been the Northwestern sector
of the U.S. The Company continues its marketing efforts on the animal therapy market and our attempts to increase the exposure to our
product, and generate revenue accordingly.
As
of June 30, 2024, the Company has $1,724,417 cash on hand. There are currently commitments to vendors for products and services purchased.
To continue the development of the Company’s products, the current level of cash will not be enough to cover the fixed and variable
obligations of the Company.
The
Company anticipates using the proceeds from the July 2024 Regulation A+ Offering as follows:
For
the animal therapy market:
|
● |
Expand
communication on our website, the social media, conference, and journals to increase the number of certified clinics for small animal
and equine therapy and to increase the number of patients. |
|
● |
Subsidize
some IsoPet® therapies, if necessary, to ensure that all viable candidates are treated. |
|
● |
Assist
a new regional clinic with their license and certification training. |
For
the human market:
|
● |
Enhance
the pedigree of the Quality Management System. |
|
● |
Begin
automation of product manufacturing. |
|
● |
Fund
liability insurance for human clinical studies. |
|
● |
Fund
human clinical studies in the US. |
Research
and development of the Company’s precision radionuclide therapy product line has been funded with proceeds from the sale of equity
and debt securities, including from the Prior Regulation A+ Offerings. The Company requires additional funding of approximately 2.5
million annually to maintain operating activities.
Over
the next 36 months, the Company believes it will cost approximately $8.0 to $9.0 million to: (1) fund the FDA approval process to conduct
human clinical trials; (2) conduct Phase I, pilot, clinical trials; (3) activate several regional clinics to administer IsoPet®
across the county; (4) create an independent production center within the current production site to create a template for future
international manufacturing; and (5) initiate regulatory approval processes outside of the United States. The
proceeds raised from the Prior Regulation A+ Offerings were used to fund this development and proceeds from the July 2024 Regulation
A+ Offering will used to continue such development efforts.
The
continued deployment of the precision radionuclide therapy products and a worldwide regulatory approval effort will require additional
resources and personnel. The principal variables in the timing and amount of spending for the precision radionuclide therapy products
in the next 12 to 24 months will be the FDA’s classification of the Company’s precision radionuclide therapy products as
Class II or Class III devices (or otherwise) and any requirements for additional studies which may possibly include clinical studies.
Thereafter, the principal variables in the amount of the Company’s spending and its financing requirements would be the timing
of any approvals and the nature of the Company’s arrangements with third parties for manufacturing, sales, distribution and licensing
of those products and the products’ success in the U.S. and elsewhere. The Company intends to fund its activities through strategic
transactions such as licensing and partnership agreements or from proceeds raised from the Prior Regulation A+ Offering and from the
July 2024 Regulation A+ Offering.
The
Company intends to expand the indications for use in phases: first, for lymph nodes associated with thyroid cancer, secondly, cancerous
lung nodules, and finally, all non-sectable solid tumors. It is anticipated that the medical community may begin to use RadioGel off-label,
we will support but will not encourage that practice.
Following
receipt of required regulatory approvals and financing, in the U.S., the Company intends to outsource material aspects of manufacturing,
distribution, sales and marketing. Outside of the U.S., the Company intends to pursue licensing arrangements and/or partnerships to facilitate
its global commercialization strategy.
Long-term,
the Company intends to consider resuming research efforts with respect to other products and technologies, such as Gamma Gel and Alpha
Gel intended to help improve the diagnosis and treatment of cancer and other illnesses. These long-term goals are subject to the Company:
(1) receiving adequate funding; (2) receiving regulatory approval for RadioGel™ and other precision radionuclide therapy
products; and (3) being able to successfully commercialize its precision radionuclide therapy products.
Based
on the Company’s financial history since inception, the Company’s independent registered public accounting firm has expressed
substantial doubt as to the Company’s ability to continue as a going concern. The Company has limited revenue, nominal cash, and
has accumulated deficits since inception. If the Company cannot obtain sufficient additional capital, the Company will be required to
delay the implementation of its business strategy and may not be able to continue operations.
The
Company’s headquarters are in Southeast Washington., The initial focus of the animal therapy market has been the Northwestern sector
of the United States. The Company has initiated marketing efforts to the animal therapy market in other regions of the United States,
attempting to increase the exposure to our product and increase revenue opportunities..
As
of June 30, 2024, the Company has $1,724,417 cash on hand. There are currently commitments to vendors for products and services purchased.
To continue the development of the Company’s products, the current level of cash may not be enough to cover the fixed and variable
obligations of the Company. The Company has focused on operating on minimum overhead, including using a virtual office for the last several
years and experienced industry consultants available on an as needed basis.. This has helped stretch the investment dollars on activities
that enhance our objectives.
There
is no guarantee that the Company will be able to raise additional funds or to do so at an advantageous price.
The
financial statements do not include any adjustments relating to the recoverability and classification of liabilities that might be necessary
should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent upon its
ability to generate sufficient cash flow to meet its obligations on a timely basis and ultimately to attain profitability. The Company
plans to seek additional funding to maintain its operations through debt and equity financing and to improve operating performance through
a focus on strategic products and increased efficiencies in business processes and improvements to the cost structure. There is no assurance
that the Company will be successful in its efforts to raise additional working capital or achieve profitable operations. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
Use
of Estimates
The
preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at
the date of financial statements and the reported amount of revenue and expense during the reporting period. Estimates the Company considers
include criteria for stock-based compensation expense, and valuation allowances on deferred tax assets. Actual results could differ from
those estimates.
Financial
Statement Reclassification
Certain
account balances from prior periods have been reclassified in these financial statements so as to conform to current period classifications.
Cash
Equivalents
For
the purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity
of three months or less to be cash equivalents.
The
Company occasionally maintains cash balances in excess of the FDIC insured limit. The Company does not consider this risk to be material.
Fair
Value of Financial Instruments
Fair
value of financial instruments requires disclosure of the fair value information, whether or not recognized in the balance sheet, where
it is practicable to estimate that value. As of June 30, 2024 and December 31, 2023, the balances reported for cash, prepaid expense,
accounts receivable, accounts payable, and accrued expense, approximate the fair value because of their short maturities.
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Accounting Standards Codification (“ASC”) Topic 820 established a three-tier
fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs
(level 3 measurements). These tiers include:
Level
1, defined as observable inputs such as quoted prices for identical instruments in active markets;
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices
for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The
Company measures certain financial instruments including options and warrants issued during the period at fair value on a recurring basis.
Patents
and Intellectual Property
While
patents are being developed or pending, they are not being amortized. Management has determined that the economic life of the patents
to be ten years and amortization, over such 10-year period and on a straight-line basis will begin once the patents have been issued
and the Company begins utilization of the patents through production and sales, resulting in revenues.
The
Company evaluates the recoverability of intangible assets, including patents and intellectual property on a continual basis. Several
factors are used to evaluate intangibles, including, but not limited to, management’s plans for future operations, recent operating
results and projected and expected undiscounted future cash flows.
There
have been no such capitalized costs in the three and six months ended June 30, 2024 and 2023, respectively. However, a patent was filed
on July 1, 2019 (No. 1811.191) filed by Michael Korenko and David Swanberg and assigned to the Company based on the Company’s proprietary
particle manufacturing process. The timing of this filing was important given the Company’s plans to make IsoPet®
commercially available, which it did on or about July 9, 2019. This additional patent protection will strengthen the Company’s
competitive position. It is the Company’s intention to further extend this patent protection to several key countries within one
year, as permitted under international patent laws and treaties.
Revenue
Recognition
In
May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”)
No. 2014-09, Revenue from Contracts with Customers (Topic 606). This standard provides a single set of guidelines for revenue recognition
to be used across all industries and requires additional disclosures. The updated guidance introduces a five-step model to achieve its
core principal of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects
the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the updated
guidance effective January 1, 2018 using the full retrospective method.
Under
ASC 606, in order to recognize revenue, the Company is required to identify an approved contract with commitments to perform respective
obligations, identify rights of each party in the transaction regarding goods to be transferred, identify the payment terms for the goods
transferred, verify that the contract has commercial substance and verify that collection of substantially all consideration is probable.
The adoption of ASC 606 did not have an impact on the Company’s operations or cash flows.
The
Company recognized revenue as they (i) identified the contracts with each customer; (ii) identified the performance obligation in each
contract; (iii) determined the transaction price in each contract; (iv) were able to allocate the transaction price to the performance
obligations in the contract; and (v) recognized revenue upon the satisfaction of the performance obligation. Upon the sales of the product
to complete the procedures on the animals, the Company recognized revenue as that was considered the performance obligation.
All
revenue recognized in the three and six months ended June 30, 2024 and 2023 relate to the procedures performed with respect to the IsoPet®
therapies.
Loss
Per Share
The
Company accounts for its loss per common share by replacing primary and fully diluted earnings per share with basic and diluted earnings
per share. Basic loss per share is computed by dividing loss available to common stockholders (the numerator) by the weighted-average
number of common shares outstanding (the denominator) for the period, and does not include the impact of any potentially dilutive common
stock equivalents since the impact would be anti-dilutive. The computation of diluted earnings per share is similar to basic earnings
per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding
if potentially dilutive common shares had been issued. For the given periods of loss, of the periods ended in the six months ended June
30, 2024 and 2023, the basic earnings per share equals the diluted earnings per share.
The
following represent common stock equivalents that could be dilutive in the future as of June 30, 2024 and December 31, 2023, which include
the following:
SCHEDULE
OF DILUTIVE EARNINGS PER SHARE
| |
June 30, 2024 | | |
December 31, 2023 | |
Preferred stock | |
| 9,909,570 | | |
| 9,909,570 | |
Restricted stock units | |
| 17,000,000 | | |
| 1,450,000 | |
Common stock options | |
| 2,252,809 | | |
| 2,252,809 | |
Common stock warrants | |
| 8,600,000 | | |
| 26,134,000 | |
Total potential dilutive securities | |
| 37,762,379 | | |
| 39,746,379 | |
Research
and Development Costs
Research
and developments costs, including salaries, research materials, administrative expense and contractor fees, are charged to operations
as incurred. The cost of equipment used in research and development activities which has alternative uses is capitalized as part of fixed
assets and not treated as an expense in the period acquired. Depreciation of capitalized equipment used to perform research and development
is classified as research and development expense in the year computed.
The
Company incurred $99,662 and $173,353 in research and development costs for the three months ended June 30, 2024 and 2023, respectively,
and $157,109 and $219,728 in research and development costs for the six months ended June 30, 2024 and 2023, respectively, all of which
were recorded in the Company’s operating expense noted on the statements of operations for the periods then ended.
Advertising
and Marketing Costs
Advertising
and marketing costs are expensed as incurred except for the cost of tradeshows which are deferred until the tradeshow occurs. During
the three and six months ended June 30, 2024 and 2023, the Company incurred nominal advertising and marketing costs.
Contingencies
In
the ordinary course of business, the Company is involved in legal proceedings involving contractual and employment relationships, product
liability claims, patent rights, and a variety of other matters. The Company records contingent liabilities resulting from asserted and
unasserted claims against it, when it is probable that a liability has been incurred and the amount of the loss is reasonably estimable.
The Company discloses contingent liabilities when there is a reasonable possibility that the ultimate loss will exceed the recorded liability.
Estimated probable losses require analysis of multiple factors, in some cases including judgments about the potential actions of third-party
claimants and courts. Therefore, actual losses in any future period are inherently uncertain. The Company has entered into various agreements
that require them to pay certain fees to consultants and/or employees that have been fully accrued for as of June 30, 2024 and December
31, 2023.
Income
Taxes
To
address accounting for uncertainty in tax positions, the Company clarifies the accounting for income taxes by prescribing a minimum recognition
threshold that a tax position is required to meet before being recognized in the financial statements. The Company also provides guidance
on de-recognition, measurement, classification, interest, and penalties, accounting in interim periods, disclosure and transition.
The
Company files income tax returns in the U.S. federal jurisdiction. The Company did not have any tax expense for the three and six months
ended June 30, 2024 and 2023. The Company did not have any deferred tax liability or asset on its balance sheets as of June 30, 2024
and December 31, 2023.
Interest
costs and penalties related to income taxes, if any, will be classified as interest expense and general and administrative costs, respectively,
in the Company’s financial statements. For the three and six months ended June 30, 2024 and 2023, the Company did not recognize
any interest or penalty expense related to income taxes. The Company believes that it is not reasonably possible for the amounts of unrecognized
tax benefits to significantly increase or decrease within the next twelve months.
Stock-Based
Compensation
The
Company recognizes compensation costs under FASB ASC Topic 718, Compensation – Stock Compensation and ASU 2018-07. Companies are
required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize
the costs in the financial statements over the period during which employees are required to provide services. Share based compensation
arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase
plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized
over the respective vesting periods of the option grant.
Recent
Accounting Pronouncements
The
Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition,
results of operations, cash flows or disclosures.
NOTE
2: RELATED PARTY TRANSACTIONS
In
September 2023, our Chief Executive Officer advanced $10,000 to the Company, which amount was repaid October 4, 2023.
NOTE
3: STOCKHOLDERS’ EQUITY
Common
Stock
The
Company has authorized 950,000,000 shares of common stock, par value of $0.001. As of June 30, 2024 and December 31, 2023, there are
417,681,245 and 387,894,033 shares of common stock issued and outstanding, respectively.
Preferred
Stock
The
Company has authorized 20,000,000 shares of preferred stock, a par value of $0.001. There are currently three series of preferred stock
outstanding; Series A Convertible Preferred Stock, Series B Convertible Preferred Stock and Series C Convertible Preferred Stock. The
Company’s Board of Directors is authorized to provide for the issuance of shares of preferred stock in one or more series, fix
or alter the designations, preferences, rights, qualifications, limitations or restrictions of the shares of each series, including the
dividend rights, dividend rates, conversion rights, voting rights, term of redemption including sinking fund provisions, redemption price
or prices, liquidation preferences and the number of shares constituting any series or designations of such series without further vote
or action by the shareholders. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control
of management without further action by the shareholders and may adversely affect the voting and other rights of the holders of common
stock. The issuance of preferred stock with voting and conversion rights may adversely affect the voting power of the holders of common
stock, including the loss of voting control to others.
Series
A Convertible Preferred Stock
On
June 30, 2015, a certificate of designations was filed with the Delaware Secretary of State to designate 2,500,000 shares of the Company’s
preferred stock as Series A Convertible Preferred Stock, par value $0.001 per share (“Series A Preferred”) (the “Series
A COD”). Effective March 31, 2016, the Company amended the Series A COD, increasing the maximum number of shares of Series
A Preferred from 2,500,000 shares to 5,000,000 shares. As of June 30, 2024 and December 31, 2023, there are 2,071,007 shares of Series
A Preferred issued and outstanding, respectively.
The
following summarizes the current rights and preferences of the Series A Preferred:
Liquidation
Preference. The Series A Preferred has a liquidation preference of $5.00 per share.
Dividends.
Shares of Series A Preferred do not have any separate dividend rights.
Conversion.
Subject to certain limitations set forth in the Series A COD, each share of Series A Preferred is convertible, at the option of the holder,
into that number of shares of common stock (the “Series A Conversion Shares”) equal to the liquidation preference
thereof, divided by Conversion Price (as such term is defined in the Series A COD), currently $4.00.
In
the event the Company completes an equity or equity-based public offering, registered with the SEC, resulting in gross proceeds to the
Company totaling at least $5.0 million, all issued and outstanding shares of Series A Preferred at that time will automatically convert
into Series A Conversion Shares.
Redemption.
Subject to certain conditions set forth in the Series A COD, in the event of a Change of Control (defined in the Series A COD), or at
such time as a third party not affiliated with the Company or any holders of the Series A Preferred shall have acquired, in one or a
series of related transactions, equity securities of the Company representing more than fifty percent (50%) of the outstanding voting securities
of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series A Preferred in
cash at a price per share of Series A Preferred equal to 100% of the Liquidation Preference.
Voting
Rights. Holders of Series A Preferred are entitled to vote on all matters, together with the holders of common stock, and have the
equivalent of five votes for every Series A Conversion Share issuable upon conversion of such holder’s outstanding shares of Series
A Preferred. However, the Series A Conversion Shares, when issued, will have all the same voting rights as other issued and outstanding
common stock of the Company, and none of the rights of the Series A Preferred.
Liquidation.
Upon any liquidation, dissolution, or winding-up of the Company, whether voluntary or involuntary (a “Liquidation”),
the holders of Series A Preferred shall be entitled to receive out of the assets, whether capital or surplus, of the Company an amount
equal to the liquidation preference of the Series A Preferred before any distribution or payment shall be made to the holders of any
junior securities, and if the assets of the Company are insufficient to pay in full such amounts, then the entire assets to be distributed
to the holders of the Series A Preferred shall be ratably distributed among the holders in accordance with the respective amounts that
would be payable on such shares if all amounts payable thereon were paid in full.
Certain
Price and Share Adjustments.
a)
Stock Dividends and Stock Splits. If the Company (i) pays a stock dividend or otherwise makes a distribution or distributions payable
in shares of common stock on shares of common stock or any other common stock equivalents; (ii) subdivides outstanding shares of common
stock into a larger number of shares; (iii) combines (including by way of a reverse stock split) outstanding shares of common stock into
a smaller number of shares; or (iv) issues, in the event of a reclassification of shares of the common stock, any shares of capital stock
of the Company, then the conversion price shall be adjusted accordingly.
b)
Merger or Reorganization. If the Company is involved in any reorganization, recapitalization, reclassification, consolidation or merger
in which the common stock is converted into or exchanged for securities, cash or other property than each share of Series A Preferred
shall be convertible into the kind and amount of securities, cash or other property that a holder of the number of shares of common stock
issuable upon conversion of one share of Series A Preferred prior to any such merger or reorganization would have been entitled to receive
pursuant to such transaction.
Series
B Convertible Preferred Stock
On
October 10, 2018, a certificate of designation was filed with the Delaware Secretary of State to designate 5,000,000 shares of our preferred
stock as Series B Convertible Preferred Stock, par value $0.001 per share (“Series B Preferred”) (the “Series
B COD”). As of June 30, 2024 and December 31, 2023, there are 200,363 shares of Series B Preferred issued and outstanding,
respectively.
The
following summarizes the current rights and preferences of the Series B Preferred:
Liquidation
Preference. The Series B Preferred has a liquidation preference of $1.00 per share.
Dividends.
Shares of Series B Preferred do not have any separate dividend rights.
Conversion.
Subject to certain limitations set forth in the Series B COD, each share of Series B Convertible is convertible, at the option of the
holder, into that number of shares of common stock (the “Series B Conversion Shares”) equal to the liquidation preference
thereof, divided by the Conversion Price (as such term is defined in the Series B COD), currently $0.08.
Redemption.
Subject to certain conditions set forth in the Series B COD, in the event of a Change of Control (defined in the Series B COD), or at
such as a third party not affiliated with the Company or any holders of the Series B Convertible shall have acquired, in one or a series
of related transactions, equity securities of the Company representing more than fifty percent (50%) of the outstanding voting securities
of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series B Preferred in
cash at a price per share of Series B Preferred equal to 100% of the Liquidation Preference.
Voting
Rights. Holders of Series B Preferred are entitled to vote on all matters, together with the holders of common stock, and have the
equivalent of two votes for every Series B Conversion Share issuable upon conversion of such holder’s outstanding shares of Series
B Preferred. However, the Series B Conversion Shares, when issued, will have the same voting rights as other issued and outstanding shares
of common stock of the Company, and none of the rights of the Series A Preferred.
Liquidation.
Upon any liquidation, dissolution, or winding-up of the Company, whether voluntary or involuntary (a “Liquidation”),
the holders of Series B Preferred shall be entitled to receive out of the assets, whether capital or surplus, of the Company an amount
equal to the liquidation preference of the Series B Preferred before any distribution or payment shall be made to the holders of any
junior securities, and if the assets of the Company are insufficient to pay in full such amounts, then the entire assets to be distributed
to the holders of the Series B Preferred shall be ratably distributed among the holders in accordance with the respective amounts that
would be payable on such shares if all amounts payable thereon were paid in full.
Certain
Price and Share Adjustments.
a)
Stock Dividends and Stock Splits. If the Company (i) pays a stock dividend or otherwise makes a distribution or distributions payable
in shares of common stock on shares of common stock or any other common stock equivalents; (ii) subdivides outstanding shares of common
stock into a larger number of shares; (iii) combines (including by way of a reverse stock split) outstanding shares of common stock into
a smaller number of shares; or (iv) issues, in the event of a reclassification of shares of the common stock, any shares of capital stock
of the Company, then the conversion price shall be adjusted accordingly.
b)
Merger or Reorganization. If the Company is involved in any reorganization, recapitalization, reclassification, consolidation or merger
in which the common stock is converted into or exchanged for securities, cash or other property than each share of Series B Preferred
shall be convertible into the kind and amount of securities, cash or other property that a holder of the number of shares of common stock
issuable upon conversion of one share of Series B Preferred prior to any such merger or reorganization would have been entitled to receive
pursuant to such transaction.
Series
C Convertible Preferred Stock
On
March 27, 2019, a certificate of designation was filed with the Delaware Secretary of State to designate 5,000,000 shares of our preferred
stock as Series C Convertible Preferred Stock, par value $0.001 per share (“Series C Preferred”) (the “Series
C COD”). As of June 30, 2024 and December 31, 2023, there were 385,302 shares of Series C Preferred issued and outstanding,
respectively.
The
following summarizes the current rights and preferences of the Series C Preferred:
Liquidation
Preference. The Series C Preferred has a liquidation preference of $1.00 per share.
Dividends.
Shares of Series C Preferred do not have any separate dividend rights.
Conversion.
Subject to certain limitations set forth in the Series C COD, each share of Series C Preferred is convertible, at the option of the holder,
into that number of shares of common stock (the “Series C Conversion Shares”) equal to the liquidation preference
thereof, divided by Conversion Price (as such term is defined in the Series C COD), currently $0.08.
The
Series C Preferred will only be convertible at any time after the date that the Company shall have amended its Certificate of Incorporation
to increase the number of shares of common stock authorized for issuance thereunder or effect a reverse stock split of the outstanding
shares of common stock by a sufficient amount to permit the conversion of all Series C Preferred into shares of common stock (“Authorized
Share Approval”) (such date, the “Initial Convertibility Date”), each share of Series C Preferred shall
be convertible into validly issued, fully paid and non-assessable shares of common stock on the terms and conditions set forth in the
Series C COD under the definition “Conversion Rights”.
Redemption.
Subject to certain conditions set forth in the Series C COD, in the event of a Change of Control (defined in the Series C COD), or at
such time as a third party not affiliated with the Company or any holders of the Series C Preferred shall have acquired, in one or a
series of related transactions, equity securities of the Company representing more than fifty percent (50%) of the outstanding voting securities
of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series C Preferred in
cash at a price per share of Series C Preferred equal to 100% of the Liquidation Preference.
Voting
Rights. Holders of Series C Preferred are entitled to vote on all matters, together with the holders of common stock, and have the
equivalent of thirty-two votes for every Series C Conversion Share issuable upon conversion of such holder’s outstanding shares
of Series C Preferred. However, the Series C Conversion Shares, when issued, will have the same voting rights as other issued and outstanding
shares of common stock of the Company, and none of the rights of the Series C Preferred.
Liquidation.
Upon any liquidation, dissolution, or winding-up of the Company, whether voluntary or involuntary (a “Liquidation”),
the holders of Series C Preferred shall be entitled to receive out of the assets, whether capital or surplus, of the Company an amount
equal to the liquidation preference of the Series C Preferred before any distribution or payment shall be made to the holders of any
junior securities, and if the assets of the Company are insufficient to pay in full such amounts, then the entire assets to be distributed
to the holders of the Series C Preferred shall be ratably distributed among the holders in accordance with the respective amounts that
would be payable on such shares if all amounts payable thereon were paid in full.
Certain
Price and Share Adjustments.
a)
Stock Dividends and Stock Splits. If the Company (i) pays a stock dividend or otherwise makes a distribution or distributions payable
in shares of common stock on shares of common stock or any other common stock equivalents; (ii) subdivides outstanding shares of common
stock into a larger number of shares; (iii) combines (including by way of a reverse stock split) outstanding shares of common stock into
a smaller number of shares; or (iv) issues, in the event of a reclassification of shares of the common stock, any shares of capital stock
of the Company, then the conversion price shall be adjusted accordingly.
b)
Merger or Reorganization. If the Company is involved in any reorganization, recapitalization, reclassification, consolidation or merger
in which the common stock is converted into or exchanged for securities, cash or other property than each share of Series C Preferred
shall be convertible into the kind and amount of securities, cash or other property that a holder of the number of shares of common stock
issuable upon conversion of one share of Series C Preferred prior to any such merger or reorganization would have been entitled to receive
pursuant to such transaction.
Common
and Preferred Stock Issuances
Common
and Preferred Stock Issuances - 2024
From
January 1, 2024 through June 30, 2024, the Company issued 13,000,000 shares of common stock and warrants to purchase 7,000,000 shares
of common stock pursuant to the Regulation A+ Offering for cash proceeds of $839,000.
The
Company issued 162,600 shares of common stock for services rendered valued at $13,232.
The
Company issued 16,624,612 shares of common stock in the cashless exercise of 24,534,000 warrants.
Common
and Preferred Stock Issuances – 2023
In
April 2023, the Company issued 8,000,000 shares of common stock, 2,665,000 Series A warrants and 8,000,000 Series B warrants in their
Regulation A+ Offering for $640,000. The Company sold the warrants for $10,665.
NOTE
4: COMMON STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS
Common
Stock Options
The
Company recognizes in the financial statements compensation related to all stock-based awards, including stock options and warrants,
based on their estimated grant-date fair value. The Company has estimated expected forfeitures and is recognizing compensation expense
only for those awards expected to vest. All compensation is recognized by the time the award vests.
The
following schedule summarizes the changes in the Company’s stock options:
SCHEDULE
OF CHANGES IN STOCK OPTION
| |
Options
Outstanding | | |
Weighted
Average | | |
| | |
Weighted
Average | |
| |
Number
Of Shares | | |
Exercise
Price Per
Share | | |
Remaining
Contractual Life | | |
Aggregate
Intrinsic Value | | |
Exercise
Price Per Share | |
Six
Months Ended June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding
at January 1, 2024 | |
| 2,252,809 | | |
$ |
0.024-0.04 | | |
| 5.70 years | | |
$ | 78,886 | | |
$ | 0.04 | |
Granted | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Expired/canceled | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Outstanding
at June 30, 2024 | |
| 2,252,809 | | |
$ | 0.024-0.04
| | |
| 5.20 years | | |
$ | 374,454 | | |
$ | 0.04 | |
Exercisable
at June 30, 2024 | |
| 2,252,809 | | |
$ | 0.024-0.04
| | |
| 5.20 years | | |
$ | 374,454 | | |
$ | 0.04 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Six
Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding
at January 1, 2023 | |
| 2,252,809 | | |
$ | 0.024-0.04 | | |
| 6.70 years | | |
$ | 16,032 | | |
$ | 0.04 | |
Granted | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Expired/canceled | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Outstanding
at June 30, 2023 | |
| 2,252,809 | | |
$ | 0.024-0.04 | | |
| 6.20 years | | |
$ | 39,462 | | |
$ | 0.04 | |
Exercisable
at June 30, 2023 | |
| 2,252,809 | | |
$ | 0.024-0.04 | | |
| 6.20 years | | |
$ | 39,462 | | |
$ | 0.04 | |
During
the three and six months ended June 30, 2024 and the three and six months ended June 30, 2023, the Company recognized $0 of stock-based
compensation expense related to the vesting of stock options.
Common
Stock Warrants
The
following schedule summarizes the changes in the Company’s stock warrants:
SCHEDULE
OF CHANGES IN STOCK WARRANTS
| |
Warrants Outstanding | | |
Weighted Average | | |
| | |
Weighted Average | |
| |
Number Of Shares | | |
Exercise Price Per Share | | |
Remaining Contractual Life | | |
Aggregate Intrinsic Value | | |
Exercise Price Per Share | |
Six Months Ended June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding at January 1, 2024 | |
| 26,134,000 | | |
$ | 0.06-0.10 | | |
| 3.54 years | | |
$ | - | | |
$ | 0.0827 | |
Granted | |
| 7,000,000 | | |
$ | 0.075 | | |
| - | | |
$ | - | | |
$ | - | |
Exercised | |
| (24,534,000 | ) | |
$ | - | | |
| - | | |
$ | - | | |
$ | - | |
Expired/cancelled | |
| - | | |
$ | - | | |
| - | | |
$ | - | | |
$ | - | |
Outstanding at June 30, 2024 | |
| 8,600,000 | | |
$ | 0.075 | | |
| 3.50 years | | |
$ | 1,105,100 | | |
$ | 0.075 | |
Exercisable at June 30, 2024 | |
| 8,600,000 | | |
$ | 0.075 | | |
| 3.50 years | | |
$ | 1,105,100 | | |
$ | 0.075 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Six Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding at January 1, 2023 | |
| 26,737,500 | | |
$ | 0.06-0.10 | | |
| 1.52 years | | |
$ | - | | |
$ | 0.09 | |
Granted | |
| 10,665,000 | | |
$ | 0.0775 | | |
| - | | |
$ | - | | |
$ | - | |
Redeemed | |
| (500,000 | ) | |
$ | - | | |
| - | | |
| $ | | |
$ | - | |
Expired/cancelled | |
| (11,237,500 | ) | |
$ | - | | |
| - | | |
| $ | | |
$ | - | |
Outstanding at June 30, 2023 | |
| 25,665,000 | | |
$ | 0.06-0.10 | | |
| 2.16 years | | |
$ | 119,392 | | |
$ | 0.079 | |
Exercisable at June 30, 2023 | |
| 25,665,000 | | |
$ | 0.06-0.10 | | |
| 2.16 years | | |
$ | 119,392 | | |
$ | 0.079 | |
Changes
to these inputs could produce a significantly higher or lower fair value measurement. The fair value of each option/warrant is estimated
using the Black-Scholes valuation model. The following assumptions were used for the periods as follows:
SCHEDULE
OF ASSUMPTIONS USED IN FAIR VALUE MEASUREMENT
| |
| June 30, 2024 | | |
| June 30, 2023 | |
| |
| Six Months Ended | | |
| Six Months Ended | |
| |
| June 30, 2024 | | |
| June 30, 2023 | |
Expected term | |
| - | | |
| - | |
Expected volatility | |
| - | % | |
| - | % |
Expected dividend yield | |
| - | | |
| - | |
Risk-free interest rate | |
| - | % | |
| - | % |
The
Company granted 10,665,000 warrants in their Reg A+ funding in April 2023, with an exercise price of $0.0775 and a three-year term.
The
Company granted 2,000,000 warrants in their Regulation A+ Offering in January 2024, with an exercise price of $0.075 and a three-year
term and 5,000,000 warrants with the same terms on April 1, 2024.
The
Company issued 16,624,612 shares of common stock in the cashless exercise of 24,534,000 warrants.
Restricted
Stock Units
The
following schedule summarizes the changes in the Company’s restricted stock units:
SCHEDULE
OF CHANGES IN RESTRICTED STOCK UNITS
| |
Number Of Shares | | |
Weighted Average Grant Date Fair Value | |
Six Months Ended June 30, 2024 | |
| | | |
| | |
| |
| | | |
| | |
Outstanding at January 1, 2024 | |
| 1,450,000 | | |
$ | 0.09 | |
Granted | |
| 21,050,000 | | |
$ | 0.077 | |
Vested | |
| (5,000,000 | ) | |
$ | - | |
Forfeited | |
| - | | |
$ | - | |
Outstanding at June 30, 2024 | |
| 17,000,000 | | |
$ | 0.08 | |
| |
| | | |
| | |
Six Months Ended June 30, 2023 | |
| | | |
| | |
| |
| | | |
| | |
Outstanding at January 1, 2023 | |
| 10,262,500 | | |
$ | 0.08 | |
Granted | |
| 2,900,000 | | |
$ | 0.091 | |
Vested | |
| (5,000,000 | ) | |
$ | - | |
Forfeited | |
| - | | |
$ | - | |
Outstanding at June 30, 2023 | |
| 8,162,500 | | |
$ | 0.09 | |
During
the six months ended June 30, 2024 and 2023, the Company recognized $447,750 and $515,975 in expense related to the vesting of its restricted
stock units. As of June 30, 2024, the Company had $1,312,695 worth of expense yet to be recognized for restricted stock units not yet
vested.
On
January 1, 2024, the Company granted 20,000,000 restricted stock units to its Chief Executive Officer as part of his new employment agreement
that vest in four equal installments over a two-year period beginning February 1, 2024. During the six months ended June 30, 2024, 5,000,000
of these restricted stock units vested. In May 2024, the Company granted 1,050,000 restricted stock units to consultants that vest through
December 31, 2025.
NOTE
5: COMMITMENT
On
June 4, 2019, the Company entered into an Executive Employment Agreement (“Employment Agreement”) with Dr. Michael
K. Korenko, the Company’s Chief Executive Officer. The employment term under the Employment Agreement commenced with an effective
date of June 11, 2019 and expires on December 31, 2020, and December 31 of each successive year if the Employment Agreement is extended,
unless terminated earlier as set forth in the Employment Agreement. On December 31, 2020, the Company extended the Employment Agreement
through December 31, 2021 while renegotiating terms of a new Employment Agreement. On May 3, 2021, the Company and the Chief Executive
Officer agreed the terms of a new Employment Agreement with an effective date of January 1, 2021 that has a term of three years and expired
December 31, 2023. The Company renewed the Employment Agreement for a term of two years expiring December 31, 2025.
Under
the terms of the Employment Agreement effective January 1, 2024, the Company shall pay to Dr. Korenko a base compensation of $295,500.
In addition, there is a discretionary bonus to be earned in the amount of $10,000 per quarter upon the satisfaction of conditions to
be determined by the Board of Directors of the Company. In addition, the Company granted Dr. Korenko 20,000,000 restricted stock units
on January 1, 2024 that vest over the two year period.
NOTE
6: SUBSEQUENT EVENTS
In
July 2024, the Company issued 295,306 shares of common stock in the cashless exercise of 500,000 warrants.
In
July 2024, the Company issued 250,000 shares of common stock for services valued at $51,475.
In July 2024, the Company settled 500,000 RSUs for common stock.
On
July 17, 2024, the SEC qualified the Company’s offering pursuant to Regulation A+ of up to $60,000,000 shares of Common
Stock at an offering price of $0.015 per share, which offering statement was filed with the SEC on June 28, 2024, as amended on July
15, 2024.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Except
for statements of historical fact, certain information described in this Quarterly Report on Form 10-Q (“Quarterly Report”)
contains “forward-looking statements” that involve substantial risks and uncertainties. You can identify these statements
by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,”
“intend,” “may,” “should,” “will,” “would” or similar words. The statements
that contain these or similar words should be read carefully because these statements discuss the Company’s future expectations,
including its expectations of its future results of operations or financial position, or state other “forward-looking” information.
Vivos Inc. believes that it is important to communicate its future expectations to its investors. However, there may be events in the
future that the Company is not able to accurately predict or to control. Further, the Company urges you to be cautious of the forward-looking
statements which are contained in this Quarterly Report because they involve risks, uncertainties and other factors affecting its operations,
market growth, service, products and licenses. The risk factors in the section captioned “Risk Factors” in Item 1A of the
Company’s Annual Report on Form 10-K, filed with the SEC on March 18, 2024, as well as other cautionary language in this Quarterly
Report, describe such risks, uncertainties and events that may cause the Company’s actual results and achievements, whether expressed
or implied, to differ materially from the expectations the Company describes in its forward-looking statements. The occurrence of any
of the events described as risk factors could have a material adverse effect on the Company’s business, results of operations and
financial position.
Vivos
Inc. (the “Company”) was incorporated under the laws of Delaware on December 23, 1994 as Savage Mountain Sports Corporation
(“SMSC”). On September 6, 2006, the Company changed its name to Advanced Medical Isotope Corporation, and on December
28, 2017, the Company began operating as Vivos Inc. The Company has authorized capital of 950,000,000 shares of common stock, $0.001
par value per share, and 20,000,000 shares of preferred stock, $0.001 par value per share.
Our
principal place of business is located at 1030 North Center Parkway, Kennewick, WA 99336. Our telephone number is (509) 222-2222. Our
corporate website address is http://www.radiogel.com. Our common stock is currently quoted on the OTC Pink Marketplace under the symbol
“RDGL.”
The
Company is a radiation oncology medical device company engaged in the development of its yttrium-90 based brachytherapy device, RadioGel™,
for the treatment of non-resectable tumors. A prominent team of radiochemists, scientists and engineers, collaborating with strategic
partners, including national laboratories, universities and private corporations, lead the Company’s development efforts. The Company’s
overall vision is to globally empower physicians, medical researchers and patients by providing them with new isotope technologies that
offer safe and effective treatments for cancer.
In
January 2018, the Center for Veterinary Medicine Product Classification Group ruled that RadioGel ™should be classified
as a device for animal therapy of feline sarcomas and canine soft tissue sarcomas. Additionally, after a legal review, the Company believes
that the device classification obtained from the Food and Drug Administration (“FDA”) Center for Veterinary Medicine
is not limited to canine and feline sarcomas, but rather may be extended to a much broader population of veterinary cancers, including
all or most solid tumors in animals. We expect the result of such classification and label review will be that no additional regulatory
approvals are necessary for the use of IsoPet® for the treatment of solid tumors in animals. The FDA does not have premarket
authority over devices with a veterinary classification, and the manufacturers are responsible for assuring that the product is safe,
effective, properly labeled, and otherwise in compliance with all applicable laws and regulations.
Based
on the FDA’s recommendation, RadioGel™ will be marketed as “IsoPet®” for use by veterinarians
to avoid any confusion between animal and human therapy. The Company already has trademark protection for the “IsoPet®”
name. IsoPet® and RadioGel™ are used synonymously throughout this document. The only distinction
between IsoPet® and RadioGel™ is the FDA’s recommendation that we use “IsoPet®”
for veterinarian usage, and reserve “RadioGel™” for human therapy. Based on these developments, the Company
has shifted its primary focus to the development and marketing of Isopet® for animal therapy, through the Company’s IsoPet®
Solutions division.
Financing
and Strategy
In
November 2019, the Securities and Exchange Commission (the “SEC”) qualified the Company’s offering of its common
stock, par value $0.001 per share (“Common Stock”), under Regulation A of Section 3(6) of the Securities Act of 1933,
as amended (the “Securities Act”)(“Regulation A”), which offering was and amended from time to
time thereafter (the “2019 Regulation A+ Offering”). In September 2021, the SEC qualified the Company’s offering
of Common Stock under Regulation A, which offering was amended from time to time thereafter (together with the 2019 Regulation A+ Offering,
the “Prior Regulation A+ Offerings”). During the year ended December 31, 2023, $1,179,245 was raised through the sale
of 16,132,000 shares of common stock and the private placement of 18,797,000 warrants. During the period January 1, 2024 through May
10, 2024, the Company raised $834,000 through the issuance of 13,000,000 shares of common stock and the private placement of 2,000,000
warrants. During the six months ended June 30, 2024, the Company raised $839,000 through the issuance of 13,000,000 shares of common
stock and 7,000,000 warrants. The Company’s Prior Regulation A Offerings undertaken pursuant to Regulation A+ have raised approximately
$6,000,000 from the sale of shares of common stock.
On
July 17, 2024, the SEC qualified the Company’s offering under Regulation A to offer up to $60,000,000 shares of its Common
Stock (the “July 2024 Regulation A+ Offering”).
The
Company anticipates using the proceeds from the July 2024 Regulation A+ Offering as follows:
For
the animal therapy market:
|
● |
Expand
communication on our website, the social media, conference, and journals to increase the number of certified clinics for small animal
and equine therapy and to increase the number of patients. |
|
● |
Subsidize
some IsoPet® therapies, if necessary, to ensure that all viable candidates are treated. |
|
● |
Assist
a new regional clinic with their license and certification training. |
For
the human market:
|
● |
Enhance
the pedigree of the Quality Management System. |
|
● |
Begin
automation of product manufacturing. |
|
● |
Fund
liability insurance for human clinical studies. |
|
● |
Fund
human clinical studies in the US. |
Research
and development of the Company’s precision radionuclide therapy product line has been funded with proceeds from the sale of equity
and debt securities, including from the Prior Regulation A+ Offerings. The Company requires additional funding of approximately 2.5 million
annually to maintain operating activities. Over the next 36 months, the Company believes it will cost approximately $8.0 to $9.0 million
to: (1) fund the FDA approval process to conduct human clinical trials; (2) conduct Phase I, pilot, clinical trials; (3) activate several
regional clinics to administer IsoPet® across the county; (4) create an independent production center within the current production
site to create a template for future international manufacturing; and (5) initiate regulatory approval processes outside of the United
States. The proceeds raised from the Prior Regulation A+ Offerings were used to fund this development and proceeds from the July 2024
Regulation A+ Offering will used to continue such development efforts.
The
continued deployment of the precision radionuclide therapy products and a worldwide regulatory approval effort will require additional
resources and personnel. The principal variables in the timing and amount of spending for the precision radionuclide therapy products
in the next 12 to 24 months will be the FDA’s classification of the Company’s precision radionuclide therapy products as
Class II or Class III devices (or otherwise) and any requirements for additional studies which may possibly include clinical studies.
Thereafter, the principal variables in the amount of the Company’s spending and its financing requirements would be the timing
of any approvals and the nature of the Company’s arrangements with third parties for manufacturing, sales, distribution and licensing
of those products and the products’ success in the U.S. and elsewhere. The Company intends to fund its activities through strategic
transactions such as licensing and partnership agreements or from proceeds raised from the Prior Regulation A+ Offering and from the
July 2024 Regulation A+ Offering.
The
Company intends to expand the indications for use in phases: first, for lymph nodes associated with thyroid cancer, secondly, cancerous
lung nodules, and finally, all non-sectable solid tumors. It is anticipated that the medical community may begin to use RadioGel off-label,
we will support but will not encourage that practice.
Following
receipt of required regulatory approvals and financing, in the U.S., the Company intends to outsource material aspects of manufacturing,
distribution, sales and marketing. Outside of the U.S., the Company intends to pursue licensing arrangements and/or partnerships to facilitate
its global commercialization strategy.
Long-term,
the Company intends to consider resuming research efforts with respect to other products and technologies, such as Gamma Gel and Alpha
Gel intended to help improve the diagnosis and treatment of cancer and other illnesses. These long-term goals are subject to the Company:
(1) receiving adequate funding; (2) receiving regulatory approval for RadioGel™ and other precision radionuclide therapy
products; and (3) being able to successfully commercialize its precision radionuclide therapy products.
Based
on the Company’s financial history since inception, the Company’s independent registered public accounting firm has expressed
substantial doubt as to the Company’s ability to continue as a going concern. The Company has limited revenue, nominal cash, and
has accumulated deficits since inception. If the Company cannot obtain sufficient additional capital, the Company will be required to
delay the implementation of its business strategy and may not be able to continue operations.
The
Company’s headquarters are in Southeast Washington., The initial focus of the animal therapy market has been the Northwestern sector
of the United States. The Company has initiated marketing efforts to the animal therapy market in other regions of the United States,
attempting to increase the exposure to our product and increase revenue opportunities.
As
of June 30, 2024, the Company has $1,724,417 cash on hand. There are currently commitments to vendors for products and services purchased.
To continue the development of the Company’s products, the current level of cash may not be enough to cover the fixed and variable
obligations of the Company. The Company has focused on operating on minimum overhead, including using a virtual office for the last several
years and experienced industry consultants available on an as needed basis.. This has helped stretch the investment dollars on activities
that enhance our objectives.
There
is no guarantee that the Company will be able to raise additional funds or to do so at an advantageous price.
The
financial statements do not include any adjustments relating to the recoverability and classification of liabilities that might be necessary
should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent upon its
ability to generate sufficient cash flow to meet its obligations on a timely basis and ultimately to attain profitability. The Company
plans to seek additional funding to maintain its operations through debt and equity financings and to improve operating performance through
a focus on strategic products and increased efficiencies in business processes and improvements to the cost structure. There is no assurance
that the Company will be successful in its efforts to raise additional working capital or achieve profitable operations. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
Available
Information
The
Company prepares and files annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and certain other
information with the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information
regarding issuers that file electronically with the SEC at http://www.sec.gov. Moreover, the Company maintains a website at http://www.radiogel.com
that contains important information about the Company, including biographies of key management personnel, as well as information about
the Company’s business. This information is publicly available and is updated regularly.
Results
of Operations
Comparison
of the Six Months Ended June 30, 2024 and 2023
The
following table sets forth information from our statements of operations for the six months ended June 30, 2024 and 2023:
| |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
Revenues | |
$ | 18,000 | | |
$ | 12,500 | |
Cost of goods sold | |
| (16,780 | ) | |
| (16,536 | ) |
Gross profit (loss) | |
| 1,220 | | |
| (4,036 | ) |
Operating expense | |
| (1,100,659 | ) | |
| (1,158,687 | ) |
Operating loss | |
| (1,099,439 | ) | |
| (1,162,723 | ) |
Non-operating income (expense) | |
| 37,442 | | |
| 11,879 | |
Net loss | |
$ | (1,061,997 | ) | |
$ | (1,150,844 | ) |
Revenues
and Cost of Goods Sold
Revenue
was $18,000 and $12,500 for the six months ended June 30, 2024 and 2023, respectively. All revenue recognized in the six months ended
June 30, 2024 and 2023 relate to consulting income with respect to the IsoPet® therapies.
Management
does not anticipate that the Company will generate sufficient revenue to sustain operations until such time as the Company secures multiple
revenue-generating arrangements with respect to RadioGel™ and/or any of our other brachytherapy technologies.
Operating
Expense
Operating
expense for the six months ended June 30, 2024 and 2023, respectively consists of the following:
| |
Six months ended June 30, 2024 | | |
Six months ended June 30, 2023 | |
Professional fees, including stock-based compensation | |
$ | 683,452 | | |
$ | 692,963 | |
Payroll expense | |
| 181,753 | | |
| 144,521 | |
Research and development | |
| 157,109 | | |
| 219,728 | |
General and administrative expense | |
| 78,345 | | |
| 101,475 | |
Total operating expense | |
$ | 1,100,659 | | |
$ | 1,158,687 | |
Operating
expenses for the six months ended June 30, 2024 and 2023 was $1,100,659 and $1,158,687, respectively. The decrease in operating expense
from 2023 to 2024 can be attributed to a decrease in professional fees from $692,963 for the six months ended June 30, 2023 to $683,452
for the six months ended June 30, 2024, partially attributable to the stock based compensation expense related to the restricted stock
units; a decrease in general and administrative expense from $101,475 for the six months ended June 30, 2023 to $78,345 for the six months
ended June 30, 2024; a decrease in research and development expense from $219,728 for the six months ended June 30, 2023 to $157,109
for the six months ended June 30, 2024 as the Company ramped up the development of their products in 2023 to include studies that are
required to continue to have their products accepted by the FDA, and completed some of those studies for the 2024 period; and an increase
in payroll expense related to the CEOs employment contract and bonus, to $181,753 for the six months ended June 30, 2024 from $144,521
for the six months ended June 30, 2023.
Non-Operating
Income (Expense)
Non-operating
income (expense) for the six months ended June 30, 2024 and 2023 consists of the following:
| |
Six months ended June 30, 2024 | | |
Six months ended June 30, 2023 | |
Interest income | |
$ | 37,442 | | |
$ | 11,879 | |
Non-operating income (expense) | |
$ | 37,442 | | |
$ | 11,879 | |
Non-operating
income (expense) for the six months ended June 30, 2024 and 2023 related to interest earned on the Company’s cash accounts.
Net
Loss
Our
net loss for the six months ended June 30, 2024 and 2023 was $(1,061,997) and $(1,150,844), respectively.
Comparison
of the Three Months Ended June 30, 2024 and 2023
The
following table sets forth information from our statements of operations for the three months ended June 30, 2024 and 2023:
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | |
Revenues | |
$ | 13,500 | | |
$ | 6,500 | |
Cost of goods sold | |
| (10,780 | ) | |
| (9,000 | ) |
Gross profit (loss) | |
| 2,720 | | |
| (2,500 | ) |
Operating expense | |
| (525,029 | ) | |
| (911,905 | ) |
Operating loss | |
| (522,309 | ) | |
| (914,405 | ) |
Non-operating income (expense) | |
| 18,851 | | |
| 11,879 | |
Net loss | |
$ | (503,458 | ) | |
$ | (902,526 | ) |
Revenues
and Cost of Goods Sold
Revenue
was $13,500 and $6,500 for the three months ended June 30, 2024 and 2023, respectively. All revenue recognized in the three months ended
June 30, 2024 and 2023 relate to consulting income with respect to the IsoPet® therapies.
Management
does not anticipate that the Company will generate sufficient revenue to sustain operations until such time as the Company secures multiple
revenue-generating arrangements with respect to RadioGel™ and/or any of our other brachytherapy technologies.
Operating
Expense
Operating
expense for the three months ended June 30, 2024 and 2023, respectively consists of the following:
| |
Three months ended June 30, 2024 | | |
Three months ended June 30, 2023 | |
Professional fees, including stock-based compensation | |
$ | 279,814 | | |
$ | 608,747 | |
Payroll expense | |
| 90,628 | | |
| 72,013 | |
Research and development | |
| 99,662 | | |
| 173,353 | |
General and administrative expense | |
| 54,925 | | |
| 57,792 | |
Total operating expense | |
$ | 525,029 | | |
$ | 911,905 | |
Operating
expense for the three months ended June 30, 2024 and 2023 was $525,029 and $911,905, respectively. The decrease in operating expense
from 2023 to 2024 can be attributed to a decrease in professional fees from $608,747 for the three months ended June 30, 2023 to $279,814
for the three months ended June 30, 2024, attributable to the stock based compensation expense related to the restricted stock units;
a decrease in general and administrative expense from $57,792 for the three months ended June 30, 2023 to $54,925 for the three months
ended June 30, 2024; a decrease in research and development expense from $173,353 for the three months ended June 30, 2023 to $99,662
for the three months ended June 30, 2024 as the Company ramped up the development of their products in 2023 to include studies that are
required to continue to have their products accepted by the FDA, and completed some of those studies for the 2024 period; and an increase
in payroll expense related to the CEOs employment contract and bonus to $90,628 for the three months ended June 30, 2024 from $72,013
for the three months ended June 30, 2023.
Non-Operating
Income (Expense)
Non-operating
income (expense) for the three months ended June 30, 2024 and 2023 consists of the following:
| |
Three months ended June 30, 2024 | | |
Three months ended June 30, 2023 | |
Interest income | |
$ | 18,851 | | |
$ | 11,879 | |
Non-operating income (expense) | |
$ | 18,851 | | |
$ | 11,879 | |
Non-operating
income (expense) for the three months ended June 30, 2024 and 2023 related to interest earned on the Company’s cash accounts.
Net
Loss
Our
net loss for the three months ended June 30, 2024 and 2023 was $(503,458) and $(902,526), respectively.
Liquidity
and Capital Resources
At
June 30, 2024, the Company had working capital of $1,603,105, as compared to working capital of $1,365,120 at December 31, 2023. During
the six months ended June 30, 2024 and 2023, the Company experienced negative cash flow from operations of $706,870 and $607,963 and
had no cash from investing activities. In both 2024 and 2023, there were no investing activities, and in 2024 and 2023, the Company raised
$839,000 and $650,665 from the sales of common stock and warrants as part of our Reg A+. As of June 30, 2024, the Company did not have
any commitments for capital expenditures.
Cash
used in operating activities increased from $607,963 for the six months ended June 30, 2023 to $706,870 for the six months ended June
30, 2024. Cash used in operating activities was primarily a result of the Company’s non-cash items, such as loss from operations,
stock-based compensation, as well as the changes in accounts receivable, prepaid expense and accounts payable in 2024 compared to only
having net changes from current assets and liabilities and stock-based compensation in 2023.
The
Company has generated material operating losses since inception. The Company had a net loss of $1,061,997 and $1,150,844 for the six
months ended June 30, 2024 and 2023, respectively. The Company expects to continue to experience net operating losses for the foreseeable
future. Historically, the Company has relied upon investor funds to maintain its operations and develop the Company’s business.
The Company anticipates raising additional capital within the next twelve months for working capital as well as business expansion, although
the Company can provide no assurance that additional capital will be available on terms acceptable to the Company, if at all. If the
Company is unable to obtain additional financing to meet its working capital requirements, it may have to curtail its business or cease
all operations.
The
Company requires funding of at least $5 million per year to maintain current operating activities. Over the next 24 months, the Company
believes it will cost approximately $9 million to: (1) fund the FDA approval process to conduct human clinical trials; (2) conduct Phase
I, pilot, and clinical trials; (3) activate several regional clinics to administer IsoPet® across the county; (4) create
an independent production center within the current production site to create a template for future international manufacturing; and
(5) initiate regulatory approval processes outside of the United States.
The
principal variables in the timing and amount of spending for the brachytherapy products in the next 12 to 24 months will be the FDA’s
classification of the Company’s brachytherapy products as Class II or Class III devices (or otherwise) and any requirements for
additional studies, which may possibly include clinical studies. Thereafter, the principal variables in the amount of the Company’s
spending and its financing requirements would be the timing of any approvals and the nature of the Company’s arrangements with
third parties for manufacturing, sales, distribution and licensing of those products and the products’ success in the U.S. and
elsewhere. The Company intends to fund its activities through strategic transactions such as licensing and partnership agreements or
additional capital raises.
Although
the Company is seeking to raise additional capital and has engaged in numerous discussions with investment bankers and investors, to
date, the Company has not received firm commitments for the required funding. Based upon its discussions, the Company anticipates that
if the Company is able to obtain the funding required to retire outstanding debt, pay past due payables and maintain its current operating
activities, that the terms and conditions associated with such future funding will result in material dilution to existing shareholders.
Recent
geopolitical events, including the inherent instability and volatility in global capital markets, as well as the lack of liquidity in
the capital markets, could also impact the Company’s ability to obtain financing and its ability to execute its business plan.
Our
Chief Executive Officer currently works from his home office in virtual communication with key personnel. Cadwell Laboratories, which
is controlled by Carl Cadwell, a director of the Company, provides office space to management on an as-needed basis until such time as
the Company leases permanent office space.
Accounting
Policies and Estimates
The
preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed financial
statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions that are
believed to be reasonable under the circumstances. Actual results could differ from these estimates under different assumptions or conditions.
During the period ended June 30, 2024, we believe there have been no significant changes to the items disclosed as significant accounting
policies in management’s notes to the financial statements in our annual report on Form 10-K for the year ended December 31, 2023,
filed on March 18, 2024.
Off-Balance
Sheet Arrangements
The
Company does not have any off-balance sheet arrangements that are reasonably likely to have a current or future effect on the Company’s
financial condition, revenues, results of operations, liquidity or capital expenditures.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
This
item is not applicable to us because we are a smaller reporting company as defined by Rule 12b-2 under the Securities Exchange Act of
1934.
Item
4. Controls and Procedures.
Disclosure
Controls and Procedures
Based
on an evaluation as of the date of the end of the period covered by this report, the Company’s Chief Executive Officer and Interim
Chief Financial Officer conducted an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls
and procedures, as required by Exchange Act Rule 13a-15. Based on that evaluation, the Company’s Chief Executive Officer and Interim
Chief Financial Officer concluded that, because of material weakness related to proper segregation of duties, the Company’s disclosure
controls and procedures were ineffective as of the end of the period covered by this report to ensure that information required to be
disclosed by the Company in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and
reported within the time periods specified by the SEC’s rules and forms.
Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in the
Company’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods
specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures
designed to ensure that information required to be disclosed in the Company’s reports filed under the Exchange Act is accumulated
and communicated to management, including the Company’s Chief Executive Officer and the Company’s Interim Chief Financial
Officer, to allow timely decisions regarding required disclosure.
Changes
in Internal Control Over Financial Reporting
There
have been no changes in the Company’s internal control over financial reporting that occurred during the period ended June 30,
2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial
reporting.
The
term “internal control over financial reporting” is defined as a process designed by, or under the supervision of, the registrant’s
principal executive and principal financial officers, or persons performing similar functions, and effected by the registrant’s
board of directors, management and other personnel, 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 and includes
those policies and procedures that:
|
(a) |
Pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets
of the registrant; |
|
|
|
|
(b) |
Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the registrant are being made only in accordance
with authorizations of management and directors of the registrant; and |
|
|
|
|
(c) |
Provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the registrant’s
assets that could have a material effect on the financial statements. |
PART
II
Item
1. Legal Proceedings
The
Company may, from time to time, be involved in various legal proceedings incidental to the conduct of our business. Historically, the
outcome of all such legal proceedings has not, in the aggregate, had a material adverse effect on our business, financial condition,
results of operations or liquidity.
Item
2. Unregistered Sales of Equity Securities
From
January 1, 2024 through June 30, 2024, the Company issued 13,000,000 shares of common stock and warrants to purchase 7,000,000 shares
of common stock pursuant to the Regulation A+ Offering for cash proceeds of $839,000.
The Company issued 162,600 shares of common stock for services rendered
valued at $13,232.
The
Company issued 16,624,612 shares of common stock in the cashless exercise of 24,534,000 warrants.
Item
6. Exhibits.
*
Filed herewith.
SIGNATURES
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 hereunto duly authorized.
|
Vivos
Inc. |
|
|
|
Date:
August 13, 2024 |
By: |
/s/
Michael Korenko |
|
Name:
|
Michael
K. Korenko |
|
Title: |
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
Date:
August 13, 2024 |
By: |
/s/
Michael Pollack |
|
Name:
|
Michael
Pollack |
|
Title: |
Interim
Chief Financial Officer |
|
|
(Interim
Principal Financial and Accounting Officer) |
EXHIBIT
31.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Michael K. Korenko, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Vivos 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(s) 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(s) 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 13, 2024 |
|
|
|
/s/ Michael K. Korenko |
|
Michael K. Korenko |
|
Chief Executive Officer |
|
(Principal Executive Officer)
|
|
EXHIBIT
31.2
CERTIFICATION
OF INTERIM CHIEF FINANCIAL OFFICER
PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Michael Pollack, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Vivos 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(s) 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(s) 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 13, 2024 |
|
|
|
/s/ Michael Pollack |
|
Michael Pollack |
|
Interim Chief Financial Officer |
|
(Interim Principal Financial 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 accompanying quarterly report of Vivos Inc. (the “Company”) on Form 10-Q for the quarter ended
June 30, 2024 (the “Report”), the undersigned, Michael Korenko, Chief Executive Officer of the Company, and Michael
Pollack, Interim Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended;
and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of
the Company.
Date: August 13, 2024 |
|
|
|
/s/ Michael K. Korenko |
|
Name: |
Michael K. Korenko |
|
Title: |
Chief Executive Officer |
|
/s/ Michael Pollack |
|
Name: |
Michael Pollack |
|
Title: |
Interim Chief Financial Officer |
|
v3.24.2.u1
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 13, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-53497
|
|
Entity Registrant Name |
VIVOS
INC
|
|
Entity Central Index Key |
0001449349
|
|
Entity Tax Identification Number |
80-0138937
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
1030
N Center Parkway
|
|
Entity Address, City or Town |
Kennewick
|
|
Entity Address, State or Province |
WA
|
|
Entity Address, Postal Zip Code |
99336
|
|
City Area Code |
(509)
|
|
Local Phone Number |
222-2222
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
417,564,051
|
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v3.24.2.u1
Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets: |
|
|
Cash |
$ 1,724,417
|
$ 1,592,287
|
Accounts receivable |
13,500
|
7,000
|
Prepaid expenses |
31,748
|
10,837
|
Total Current Assets |
1,769,665
|
1,610,124
|
TOTAL ASSETS |
1,769,665
|
1,610,124
|
Current Liabilities: |
|
|
Accounts payable and accrued expenses |
166,560
|
245,004
|
Total Current Liabilities |
166,560
|
245,004
|
Total Liabilities |
166,560
|
245,004
|
Commitments and contingencies |
|
|
STOCKHOLDERS’ EQUITY |
|
|
Common stock, par value, $0.001, 950,000,000 shares authorized, 417,681,245 and 387,894,033 issued and outstanding, respectively |
417,681
|
387,894
|
Additional paid in capital - common stock |
75,061,625
|
73,791,430
|
Accumulated deficit |
(83,512,778)
|
(82,450,781)
|
Total Stockholders’ Equity |
1,603,105
|
1,365,120
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
1,769,665
|
1,610,124
|
Series A Convertible Preferred Stock [Member] |
|
|
STOCKHOLDERS’ EQUITY |
|
|
Preferred stock value |
2,071
|
2,071
|
Additional paid in capital |
8,842,458
|
8,842,458
|
Series B Convertible Preferred Stock [Member] |
|
|
STOCKHOLDERS’ EQUITY |
|
|
Preferred stock value |
200
|
200
|
Additional paid in capital |
290,956
|
290,956
|
Series C Convertible Preferred Stock [Member] |
|
|
STOCKHOLDERS’ EQUITY |
|
|
Preferred stock value |
385
|
385
|
Additional paid in capital |
$ 500,507
|
$ 500,507
|
X |
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v3.24.2.u1
Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Nov. 01, 2019 |
Mar. 27, 2019 |
Oct. 10, 2018 |
Mar. 31, 2016 |
Mar. 30, 2016 |
Jun. 30, 2015 |
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
|
|
|
|
|
|
Preferred stock, shares authorized |
20,000,000
|
20,000,000
|
|
|
|
|
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
$ 0.001
|
|
|
|
|
|
Common stock, shares authorized |
950,000,000
|
950,000,000
|
|
|
|
|
|
|
Common stock, shares issued |
417,681,245
|
387,894,033
|
|
|
|
|
|
|
Common stock, shares outstanding |
417,681,245
|
387,894,033
|
|
|
|
|
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
$ 0.001
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
|
|
|
5,000,000
|
2,500,000
|
2,500,000
|
Preferred stock, shares issued |
2,071,007
|
2,071,007
|
|
|
|
|
|
|
Preferred stock, shares outstanding |
2,071,007
|
2,071,007
|
|
|
|
|
|
|
Series B Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Preferred stock, par value |
|
|
|
|
$ 0.001
|
|
|
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
|
|
5,000,000
|
|
|
|
Preferred stock, shares issued |
200,363
|
200,363
|
|
|
|
|
|
|
Preferred stock, shares outstanding |
200,363
|
200,363
|
|
|
|
|
|
|
Series C Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Preferred stock, par value |
|
|
|
$ 0.001
|
|
|
|
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
|
5,000,000
|
|
|
|
|
Preferred stock, shares issued |
385,302
|
385,302
|
|
|
|
|
|
|
Preferred stock, shares outstanding |
385,302
|
385,302
|
|
|
|
|
|
|
X |
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v3.24.2.u1
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Revenues, net |
$ 13,500
|
$ 6,500
|
$ 18,000
|
$ 12,500
|
Cost of Goods Sold |
(10,780)
|
(9,000)
|
(16,780)
|
(16,536)
|
Gross profit (loss) |
2,720
|
(2,500)
|
1,220
|
(4,036)
|
OPERATING EXPENSES |
|
|
|
|
Professional fees, including stock-based compensation |
279,814
|
608,747
|
683,452
|
692,963
|
Payroll expenses |
90,628
|
72,013
|
181,753
|
144,521
|
Research and development |
99,662
|
173,353
|
157,109
|
219,728
|
General and administrative expenses |
54,925
|
57,792
|
78,345
|
101,475
|
Total Operating Expenses |
525,029
|
911,905
|
1,100,659
|
1,158,687
|
OPERATING LOSS |
(522,309)
|
(914,405)
|
(1,099,439)
|
(1,162,723)
|
NON-OPERATING INCOME (EXPENSE) |
|
|
|
|
Interest income |
18,851
|
11,879
|
37,442
|
11,879
|
Total Non-Operating Income (Expenses) |
18,851
|
11,879
|
37,442
|
11,879
|
NET LOSS BEFORE PROVISION FOR INCOME TAXES |
(503,458)
|
(902,526)
|
(1,061,997)
|
(1,150,844)
|
Provision for income taxes |
|
|
|
|
NET LOSS |
$ (503,458)
|
$ (902,526)
|
$ (1,061,997)
|
$ (1,150,844)
|
Net loss per share - basic |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Net loss per share - diluted |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Weighted average common shares outstanding - basic |
403,381,853
|
368,167,902
|
396,394,150
|
365,370,257
|
Weighted average common shares outstanding - diluted |
403,381,853
|
368,167,902
|
396,394,150
|
365,370,257
|
X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
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v3.24.2.u1
Statement of Changes in Stockholders' Equity (Unaudited) - USD ($)
|
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Preferred Stock [Member]
Additional Paid-In Capital - Series A Preferred [Member]
|
Preferred Stock [Member]
Series B Preferred Stock [Member]
|
Preferred Stock [Member]
Additional Paid-In Capital - Series B Preferred [Member]
|
Preferred Stock [Member]
Series C Preferred Stock [Member]
|
Preferred Stock [Member]
Additional Paid-In Capital - Series C Preferred [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 2,071
|
$ 8,842,458
|
$ 200
|
$ 290,956
|
$ 385
|
$ 500,507
|
$ 362,541
|
$ 71,217,954
|
$ (79,556,028)
|
$ 1,661,044
|
Balance, shares at Dec. 31, 2022 |
2,071,007
|
|
200,363
|
|
385,302
|
|
362,541,528
|
|
|
|
Net loss for the period |
|
|
|
|
|
|
|
|
(248,318)
|
(248,318)
|
Balance at Mar. 31, 2023 |
$ 2,071
|
8,842,458
|
$ 200
|
290,956
|
$ 385
|
500,507
|
$ 362,541
|
71,217,954
|
(79,804,346)
|
1,412,726
|
Balance, shares at Mar. 31, 2023 |
2,071,007
|
|
200,363
|
|
385,302
|
|
362,541,528
|
|
|
|
Balance at Dec. 31, 2022 |
$ 2,071
|
8,842,458
|
$ 200
|
290,956
|
$ 385
|
500,507
|
$ 362,541
|
71,217,954
|
(79,556,028)
|
1,661,044
|
Balance, shares at Dec. 31, 2022 |
2,071,007
|
|
200,363
|
|
385,302
|
|
362,541,528
|
|
|
|
Net loss for the period |
|
|
|
|
|
|
|
|
|
(1,150,844)
|
Balance at Jun. 30, 2023 |
$ 2,071
|
8,842,458
|
$ 200
|
290,956
|
$ 385
|
500,507
|
$ 370,541
|
72,376,594
|
(80,706,872)
|
1,676,840
|
Balance, shares at Jun. 30, 2023 |
2,071,007
|
|
200,363
|
|
385,302
|
|
370,541,528
|
|
|
|
Balance at Mar. 31, 2023 |
$ 2,071
|
8,842,458
|
$ 200
|
290,956
|
$ 385
|
500,507
|
$ 362,541
|
71,217,954
|
(79,804,346)
|
1,412,726
|
Balance, shares at Mar. 31, 2023 |
2,071,007
|
|
200,363
|
|
385,302
|
|
362,541,528
|
|
|
|
Net loss for the period |
|
|
|
|
|
|
|
|
(902,526)
|
(902,526)
|
Cash |
|
|
|
|
|
|
$ 8,000
|
632,000
|
|
640,000
|
Cash, shares |
|
|
|
|
|
|
8,000,000
|
|
|
|
Warrants purchased for cash |
|
|
|
|
|
|
|
10,665
|
|
10,665
|
RSUs granted to consultants that have vested |
|
|
|
|
|
|
|
515,975
|
|
515,975
|
Balance at Jun. 30, 2023 |
$ 2,071
|
8,842,458
|
$ 200
|
290,956
|
$ 385
|
500,507
|
$ 370,541
|
72,376,594
|
(80,706,872)
|
1,676,840
|
Balance, shares at Jun. 30, 2023 |
2,071,007
|
|
200,363
|
|
385,302
|
|
370,541,528
|
|
|
|
Balance at Dec. 31, 2023 |
$ 2,071
|
8,842,458
|
$ 200
|
290,956
|
$ 385
|
500,507
|
$ 387,894
|
73,791,430
|
(82,450,781)
|
1,365,120
|
Balance, shares at Dec. 31, 2023 |
2,071,007
|
|
200,363
|
|
385,302
|
|
387,894,033
|
|
|
|
Net loss for the period |
|
|
|
|
|
|
|
|
(558,539)
|
(558,539)
|
Cash |
|
|
|
|
|
|
$ 2,000
|
126,000
|
|
128,000
|
Cash, shares |
|
|
|
|
|
|
2,000,000
|
|
|
|
Warrants purchased for cash |
|
|
|
|
|
|
|
2,000
|
|
2,000
|
RSUs granted to consultants that have vested |
|
|
|
|
|
|
|
361,500
|
|
361,500
|
Services |
|
|
|
|
|
|
$ 140
|
9,342
|
|
9,482
|
Services, shares |
|
|
|
|
|
|
139,834
|
|
|
|
Balance at Mar. 31, 2024 |
$ 2,071
|
8,842,458
|
$ 200
|
290,956
|
$ 385
|
500,507
|
$ 390,034
|
74,290,272
|
(83,009,320)
|
1,307,563
|
Balance, shares at Mar. 31, 2024 |
2,071,007
|
|
200,363
|
|
385,302
|
|
390,033,867
|
|
|
|
Balance at Dec. 31, 2023 |
$ 2,071
|
8,842,458
|
$ 200
|
290,956
|
$ 385
|
500,507
|
$ 387,894
|
73,791,430
|
(82,450,781)
|
1,365,120
|
Balance, shares at Dec. 31, 2023 |
2,071,007
|
|
200,363
|
|
385,302
|
|
387,894,033
|
|
|
|
Net loss for the period |
|
|
|
|
|
|
|
|
|
(1,061,997)
|
Services |
|
|
|
|
|
|
|
|
|
$ 13,232
|
Services, shares |
|
|
|
|
|
|
|
|
|
162,600
|
Balance at Jun. 30, 2024 |
$ 2,071
|
8,842,458
|
$ 200
|
290,956
|
$ 385
|
500,507
|
$ 417,681
|
75,061,625
|
(83,512,778)
|
$ 1,603,105
|
Balance, shares at Jun. 30, 2024 |
2,071,007
|
|
200,363
|
|
385,302
|
|
417,681,245
|
|
|
|
Balance at Mar. 31, 2024 |
$ 2,071
|
8,842,458
|
$ 200
|
290,956
|
$ 385
|
500,507
|
$ 390,034
|
74,290,272
|
(83,009,320)
|
1,307,563
|
Balance, shares at Mar. 31, 2024 |
2,071,007
|
|
200,363
|
|
385,302
|
|
390,033,867
|
|
|
|
Net loss for the period |
|
|
|
|
|
|
|
|
(503,458)
|
(503,458)
|
Cash |
|
|
|
|
|
|
$ 11,000
|
693,000
|
|
704,000
|
Cash, shares |
|
|
|
|
|
|
11,000,000
|
|
|
|
Warrants purchased for cash |
|
|
|
|
|
|
|
5,000
|
|
5,000
|
RSUs granted to consultants that have vested |
|
|
|
|
|
|
|
86,250
|
|
86,250
|
Services |
|
|
|
|
|
|
$ 22
|
3,728
|
|
3,750
|
Services, shares |
|
|
|
|
|
|
22,766
|
|
|
|
Cashless exercise of warrants |
|
|
|
|
|
|
$ 16,625
|
(16,625)
|
|
|
Cashless exercise of warrants, shares |
|
|
|
|
|
|
16,624,612
|
|
|
|
Balance at Jun. 30, 2024 |
$ 2,071
|
$ 8,842,458
|
$ 200
|
$ 290,956
|
$ 385
|
$ 500,507
|
$ 417,681
|
$ 75,061,625
|
$ (83,512,778)
|
$ 1,603,105
|
Balance, shares at Jun. 30, 2024 |
2,071,007
|
|
200,363
|
|
385,302
|
|
417,681,245
|
|
|
|
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v3.24.2.u1
Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
CASH FLOW FROM OPERTING ACTIVIITES |
|
|
Net loss |
$ (1,061,997)
|
$ (1,150,844)
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
Common stock, stock options and warrants for services |
13,232
|
|
RSUs issued for services |
447,750
|
515,975
|
Changes in assets and liabilities |
|
|
Accounts receivable |
(6,500)
|
5,000
|
Prepaid expenses and other assets |
(20,911)
|
(9,212)
|
Accounts payable and accrued expenses |
(78,444)
|
31,118
|
Total adjustments |
355,127
|
542,881
|
Net cash used in operating activities |
(706,870)
|
(607,963)
|
CASH FLOWS FROM FINANCING ACTIVITES |
|
|
Proceeds from common stock and warrants |
839,000
|
650,665
|
Net cash provided by financing activities |
839,000
|
650,665
|
NET INCREASE IN CASH |
132,130
|
42,702
|
CASH - BEGINNING OF PERIOD |
1,592,287
|
1,706,065
|
CASH - END OF PERIOD |
1,724,417
|
1,748,767
|
CASH PAID DURING THE PERIOD FOR: |
|
|
Interest expense |
|
|
Income taxes |
|
|
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v3.24.2.u1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES |
NOTE
1: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
The
accompanying condensed financial statements of Vivos Inc. (the “Company”) have been prepared without audit, pursuant
to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures required by accounting principles
generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. These condensed financial
statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations of the
Company for the period presented. The results of operations for the six months ended June 30, 2024, are not necessarily indicative of
the results that may be expected for any future period or the fiscal year ending December 31, 2024 and should be read in conjunction
with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission
on March 18, 2024.
Business
Overview
The
Company was incorporated under the laws of Delaware on December 23, 1994 as Savage Mountain Sports Corporation (“SMSC”).
On September 6, 2006, the Company changed its name to Advanced Medical Isotope Corporation, and on December 28, 2017, the Company began
operating as Vivos Inc. The Company has authorized capital of 950,000,000 shares of common stock, $0.001 par value per share, and 20,000,000
shares of preferred stock, $0.001 par value per share.
Our
principal place of business is located at 1030 North Center Parkway, Kennewick, WA 99336. Our telephone number is (509) 222-2222. Our
corporate website address is http://www.radiogel.com. Our common stock is currently quoted on the OTC Pink Marketplace under the symbol
“RDGL.”
The
Company is a radiation oncology medical device company engaged in the development of its yttrium-90 based brachytherapy device, RadioGel™,
for the treatment of non-resectable tumors. A prominent team of radiochemists, scientists and engineers, collaborating with strategic
partners, including national laboratories, universities and private corporations, lead the Company’s development efforts. The Company’s
overall vision is to globally empower physicians, medical researchers and patients by providing them with new isotope technologies that
offer safe and effective treatments for cancer.
In
January 2018, the Center for Veterinary Medicine Product Classification Group ruled that RadioGel ™should be classified
as a device for animal therapy of feline sarcomas and canine soft tissue sarcomas. Additionally, after a legal review, the Company believes
that the device classification obtained from the Food and Drug Administration (“FDA”) Center for Veterinary Medicine
is not limited to canine and feline sarcomas, but rather may be extended to a much broader population of veterinary cancers, including
all or most solid tumors in animals. We expect the result of such classification and label review will be that no additional regulatory
approvals are necessary for the use of IsoPet® for the treatment of solid tumors in animals. The FDA does not have premarket
authority over devices with a veterinary classification, and the manufacturers are responsible for assuring that the product is safe,
effective, properly labeled, and otherwise in compliance with all applicable laws and regulations.
Based
on the FDA’s recommendation, RadioGel™ will be marketed as “IsoPet®” for use by veterinarians
to avoid any confusion between animal and human therapy. The Company already has trademark protection for the “IsoPet®”
name. IsoPet® and RadioGel™ are used synonymously throughout this document. The only distinction between
IsoPet® and RadioGel™ is the FDA’s recommendation that we use “IsoPet®”
for veterinarian usage, and reserve “RadioGel™” for human therapy. Based on these developments, the Company
has shifted its primary focus to the development and marketing of Isopet® for animal therapy, through the Company’s
IsoPet® Solutions division.
IsoPet
Solutions
The
Company’s IsoPet Solutions division was established in May 2016 to focus on the veterinary oncology market, namely engagement of
university veterinarian hospitals to develop the detailed therapy procedures to treat animal tumors and ultimately use of the technology
in private clinics. The Company has worked with three different university veterinarian hospitals on IsoPet® testing and
therapy. Washington State University treated five cats for feline sarcoma and served to develop the procedures which are incorporated
in our label. They concluded that the product was safe and effective in killing cancer cells. Colorado State University demonstrated
the CT and PET-CT imaging of IsoPet®. A contract was signed with University of Missouri to treat canine sarcomas and equine
sarcoids starting in November 2017.
The
dogs were treated for canine soft tissue sarcoma. Response evaluation criteria in solid tumors (“RECIST”) is a set
of published rules that define when tumors in cancer patients improve (respond), stay the same (stabilize), or worsen (progress) during
treatment. The criteria were published by an international collaboration including the European Organisation for Research and Treatment
of Cancer (“EORTC”), National Cancer Institute of the United States, and the National Cancer Institute of Canada Clinical
Trials Group.
The
testing at the University of Missouri met its objective to demonstrate the safety of IsoPet®. Using its advanced CT and
PET equipment it was able to demonstrate that the dose calculations were accurate and that the injections perfused into the cell interstices
and did not stay concentrated in a bolus. This results in a more homogeneous dose distribution. There was insignificant spread of Y-90
outside the points of injection demonstrating the effectiveness of the particles and the gel to localize the radiation with no spreading
to the blood or other organs nor to urine or fecal material. This confirms that IsoPet® is safe for same day therapy.
The
effectiveness of IsoPet® for life extension was not the prime objective, but it resulted in valuable insights. Of the
cases one is still cancer-free but the others eventually recurred since there was not a strong focus on treating the margins. The University
of Missouri has agreed to become a regional center to administer IsoPet® therapy and will incorporate the improvements
suggested by the testing program.
The
Company anticipates that future profits, if any, will be derived from direct sales of RadioGel™ (under the name IsoPet®)
and related services, and from licensing to private medical and veterinary clinics in the United States of America (the “USA”,
or, the “U.S.”) and internationally. The Company intends to report the results from the IsoPet® Solutions
division as a separate operating segment in accordance with generally accepted accounting principles (“GAAP”).
Commencing
in July 2019, the Company recognized its first commercial sale of IsoPet®. A veterinarian from Alaska brought his cat
with a re-occurrent spindle cell sarcoma tumor on his face. The cat had previously received external beam therapy, but now the tumor
was growing rapidly. He was given a high dose of 400 Gray with heavy therapy at the margins. This sale met the revenue recognition requirements
under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic
606 – Revenue from Contracts with Customers (“ASC 606”) as the performance obligation was satisfied. The Company
completed sales for an additional four animals that received the IsoPet® during 2019.
Our
plan is to incorporate the data assembled from our work with Isopet® in animal therapy to support the Company’s
efforts in the development of our RadioGel™ device candidate, including obtaining approval from the FDA to market and
sell RadioGel™ as a Class II medical device. RadioGel™ is an injectable particle-gel for brachytherapy
radiation treatment of cancerous tumors in people and animals. RadioGel™ is comprised of a hydrogel, or a substance
that is liquid at room temperature and then gels when reaching body temperature after injection into a tumor. In the gel are small particles,
less than two microns, of Y-90. Once injected, these inert particles are locked in place inside the tumor by the gel, delivering a very
high local radiation dose. The radiation is beta, consisting of high-speed electrons. These electrons only travel a short distance so
the device can deliver high radiation to the tumor with minimal dose to the surrounding tissue. Optimally, patients can go home immediately
following treatment without the risk of radiation exposure to family members. Since Y-90 has a half-life of 2.7 days, the radioactivity
drops to 5% of its original value after ten days.
Recently
the Company modified its Indication for Use from skin cancel to cancerous tissue or solid tumors pathologically associated with locoregional
papillary thyroid carcinoma and recurrent papillary thyroid carcinoma having discernable tumors associated with metastatic lymph nodes
or extranodal disease in patients who are not surgical candidates or who have declined surgery, or patients who require post-surgical
remnant ablation (for example, after prior incomplete radioiodine therapy). Papillary thyroid carcinoma belongs to the general class
of head and neck tumors for which tumors are accessible by intraoperative direct needle injection. The Company’s Medical Advisory
Board felt that demonstrating efficacy in clinical trials was much easier with this new indication.
Intellectual
Property
Our
original license with Battelle National Laboratory (the “Battelle License”) reached its end of life in 2022. During
the past several years, we have expanded our proprietary knowledge, as well as our trademark and patent protection, in anticipation of
the Battelle License reaching the end of its term.
Our
RadioGel™ trademark protection is in 17 countries. We have expanded our trademark protection from RadioGel™ to
now include IsoPet®. We obtained the International Certificate of Registration for ISOPET, which is the first step to
file in several countries.
We
have filed for trademark protection for the term Precision Radionuclide Therapy™. We believe this term will be increasingly
important.
The
Company received the Patent Cooperation Treaty (“PCT”) International Search Report on our patent application (No.1811.191).
Seven of our claims were immediately ruled as having novelty, inventive step and industrial applicability. This gives us the basis to
extend for many years the patent protection for our proprietary Y-90 phosphate particles utilized in Isopet® and Radiogel™.
Our
patent team filed our particle patent in more than ten patent offices that collectively cover 63 countries throughout the world. We filed
a continuation-in-part applications number 1774054 in the USA to expand the claims on our particle patent. The U.S. Patent office recently
gave us the Notice of Allowance for our patent to produce our yttrium phosphate microparticles, U.S. Patent Application Serial No: 16-459,466.
We also filed an amendment to correct the wording on our claims at make them consistent with the USE claims. Ref: 4207-0005; European
Patent Application NO. 20 834 229.5; VIVOS INC; Our Ref: FS/53791.
We
filed a hydrogel utility patent in the USA (16309:17/943,311) and internationally (16389:PCT/US22/4374) based on the last 18 months of
development work to optimize our hydrogel component. These include reducing the polymer production time and increasing the output by
a factor of three. We have also further reduced the level of trace contaminants to be well below the FDA guidelines.
We
filed a provisional patent (Serial Number 63436562) to protect our innovative improvements in our shipping container, our vial shield,
our syringe shield, and our Peltier chiller. Our objectives were to reduce shipping costs, decrease radiation exposure, and enhance sterility.
These devices will be preferentially used at Mayo Clinics for human clinical studies at our IsoPet regional treatment centers. The Company
filed a utility patent in the fourth quarter of 2023 for this therapy support equipment.
We
anticipate that Precision Radionuclide Therapy will become increasingly important in the future and expand to other isotope and other
indications for use. Therefore, we filed an alternate particle utility patent (Serial number 18/152,137). We will focus our near-term
effort on the Y-90 therapy, which we believe is the best beta emitter; however, we leveraged our hydrogel utility patent to incorporate
other promising isotopes and compounds for a range of future applications. This includes gamma and alpha particle emitters.
Going
Concern
The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction
of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company has suffered recurring
losses and used significant cash in support of its operating activities and the Company’s cash position is not sufficient to support
the Company’s operations. Research and development of the Company’s brachytherapy product line has been funded with proceeds
from the sale of equity and debt securities as well as a series of grants. The Company requires funding of approximately $2.5 million
annually to maintain current operating activities.
Financing
and Strategy
In
November 2019, the Securities and Exchange Commission (the “SEC”) qualified the Company’s offering of its common
stock, par value $0.001 per share (“Common Stock”), under Regulation A of Section 3(6) of the Securities Act of 1933,
as amended (the “Securities Act”)(“Regulation A”), which offering was and amended from time to
time thereafter (the “2019 Regulation A+ Offering”). In September 2021, the SEC qualified the Company’s offering
of Common Stock under Regulation A, which offering was amended from time to time thereafter (together with the 2019 Regulation A+ Offering,
the “Prior Regulation A+ Offerings”). During the year ended December 31, 2023, $1,179,245 was raised through the sale
of 16,132,000 shares of common stock and the private placement of 18,797,000 warrants. During the six months ended June 30, 2024, the
Company raised $839,000 through the issuance of 13,000,000 shares of common stock and 7,000,000 warrants. The Company’s Prior Regulation
A Offerings undertaken pursuant to Regulation A+ have raised approximately $6,000,000 from the sale of shares of common stock.
On
July 17, 2024, the SEC qualified the Company’s offering under Regulation A to offer up to $60,000,000 shares of its Common
Stock (the “July 2024 Regulation A+ Offering”).
The
Company is using the proceeds generated as follows:
Research
and development of the Company’s brachytherapy product line has been funded with proceeds from the sale of equity and debt securities.
The Company may require additional funding of approximately $5 million annually to maintain current operating activities. Over
the next 12 to 48 months, the Company believes it will cost approximately $9 million to: (1) fund the FDA approval process to conduct
human clinical trials; (2) conduct Phase I, pilot, and clinical trials; (3) activate several regional clinics to administer IsoPet®
across the county; (4) create an independent production center within the current production site to create a template for future
international manufacturing; and (5) initiate regulatory approval processes outside of the United States. The proceeds to be raised from
the Regulation A+ Offering will be used to continue to fund this development.
The
continued deployment of the brachytherapy products and a worldwide regulatory approval effort will require additional resources and personnel.
The principal variables in the timing and amount of spending for the brachytherapy products in the next 12 to 24 months will be the FDA’s
classification of the Company’s brachytherapy products as Class II or Class III devices (or otherwise), and any requirements for
additional studies (which may possibly include clinical studies). Thereafter, the principal variables in the amount of the Company’s
spending and its financing requirements would be: (1) the timing of any approvals; (2) the nature of the Company’s arrangements
with third parties for manufacturing, sales, distribution and licensing of those products; and (3) the products’ success in the
U.S. and elsewhere. The Company intends to fund its activities through strategic transactions such as licensing and partnership agreements,
as well as proceeds to be raised from the Regulation A+ Offering.
Following
receipt of required regulatory approvals and necessary financing to fund our working capital requirements, the Company intends to outsource
material aspects of manufacturing, distribution, sales and marketing for operations within the U.S. Outside of the U.S., the Company
intends to pursue licensing arrangements and/or partnerships to facilitate its global commercialization strategy.
Long-term,
the Company intends to consider resuming research efforts with respect to other products and technologies intended to help improve the
diagnosis and treatment of cancer and other illnesses. These long-term goals are subject to the Company: (1) receiving adequate funding;
(2) receiving regulatory approval for RadioGel™ and other brachytherapy products; and (3) being able to successfully commercialize
its brachytherapy products.
Based
on the Company’s financial history since inception, the Company’s independent registered public accounting firm has expressed
substantial doubt as to the Company’s ability to continue as a going concern. The Company has limited revenue, nominal cash, and
has accumulated deficits since inception. If the Company cannot obtain sufficient additional capital, the Company will be required to
delay the implementation of its business strategy and may not be able to continue operations.
The
Company’s headquarters are in Northeast Washington, however, our focus on the animal therapy market has been the Northwestern sector
of the U.S. The Company continues its marketing efforts on the animal therapy market and our attempts to increase the exposure to our
product, and generate revenue accordingly.
As
of June 30, 2024, the Company has $1,724,417 cash on hand. There are currently commitments to vendors for products and services purchased.
To continue the development of the Company’s products, the current level of cash will not be enough to cover the fixed and variable
obligations of the Company.
The
Company anticipates using the proceeds from the July 2024 Regulation A+ Offering as follows:
For
the animal therapy market:
|
● |
Expand
communication on our website, the social media, conference, and journals to increase the number of certified clinics for small animal
and equine therapy and to increase the number of patients. |
|
● |
Subsidize
some IsoPet® therapies, if necessary, to ensure that all viable candidates are treated. |
|
● |
Assist
a new regional clinic with their license and certification training. |
For
the human market:
|
● |
Enhance
the pedigree of the Quality Management System. |
|
● |
Begin
automation of product manufacturing. |
|
● |
Fund
liability insurance for human clinical studies. |
|
● |
Fund
human clinical studies in the US. |
Research
and development of the Company’s precision radionuclide therapy product line has been funded with proceeds from the sale of equity
and debt securities, including from the Prior Regulation A+ Offerings. The Company requires additional funding of approximately 2.5
million annually to maintain operating activities.
Over
the next 36 months, the Company believes it will cost approximately $8.0 to $9.0 million to: (1) fund the FDA approval process to conduct
human clinical trials; (2) conduct Phase I, pilot, clinical trials; (3) activate several regional clinics to administer IsoPet®
across the county; (4) create an independent production center within the current production site to create a template for future
international manufacturing; and (5) initiate regulatory approval processes outside of the United States. The
proceeds raised from the Prior Regulation A+ Offerings were used to fund this development and proceeds from the July 2024 Regulation
A+ Offering will used to continue such development efforts.
The
continued deployment of the precision radionuclide therapy products and a worldwide regulatory approval effort will require additional
resources and personnel. The principal variables in the timing and amount of spending for the precision radionuclide therapy products
in the next 12 to 24 months will be the FDA’s classification of the Company’s precision radionuclide therapy products as
Class II or Class III devices (or otherwise) and any requirements for additional studies which may possibly include clinical studies.
Thereafter, the principal variables in the amount of the Company’s spending and its financing requirements would be the timing
of any approvals and the nature of the Company’s arrangements with third parties for manufacturing, sales, distribution and licensing
of those products and the products’ success in the U.S. and elsewhere. The Company intends to fund its activities through strategic
transactions such as licensing and partnership agreements or from proceeds raised from the Prior Regulation A+ Offering and from the
July 2024 Regulation A+ Offering.
The
Company intends to expand the indications for use in phases: first, for lymph nodes associated with thyroid cancer, secondly, cancerous
lung nodules, and finally, all non-sectable solid tumors. It is anticipated that the medical community may begin to use RadioGel off-label,
we will support but will not encourage that practice.
Following
receipt of required regulatory approvals and financing, in the U.S., the Company intends to outsource material aspects of manufacturing,
distribution, sales and marketing. Outside of the U.S., the Company intends to pursue licensing arrangements and/or partnerships to facilitate
its global commercialization strategy.
Long-term,
the Company intends to consider resuming research efforts with respect to other products and technologies, such as Gamma Gel and Alpha
Gel intended to help improve the diagnosis and treatment of cancer and other illnesses. These long-term goals are subject to the Company:
(1) receiving adequate funding; (2) receiving regulatory approval for RadioGel™ and other precision radionuclide therapy
products; and (3) being able to successfully commercialize its precision radionuclide therapy products.
Based
on the Company’s financial history since inception, the Company’s independent registered public accounting firm has expressed
substantial doubt as to the Company’s ability to continue as a going concern. The Company has limited revenue, nominal cash, and
has accumulated deficits since inception. If the Company cannot obtain sufficient additional capital, the Company will be required to
delay the implementation of its business strategy and may not be able to continue operations.
The
Company’s headquarters are in Southeast Washington., The initial focus of the animal therapy market has been the Northwestern sector
of the United States. The Company has initiated marketing efforts to the animal therapy market in other regions of the United States,
attempting to increase the exposure to our product and increase revenue opportunities..
As
of June 30, 2024, the Company has $1,724,417 cash on hand. There are currently commitments to vendors for products and services purchased.
To continue the development of the Company’s products, the current level of cash may not be enough to cover the fixed and variable
obligations of the Company. The Company has focused on operating on minimum overhead, including using a virtual office for the last several
years and experienced industry consultants available on an as needed basis.. This has helped stretch the investment dollars on activities
that enhance our objectives.
There
is no guarantee that the Company will be able to raise additional funds or to do so at an advantageous price.
The
financial statements do not include any adjustments relating to the recoverability and classification of liabilities that might be necessary
should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent upon its
ability to generate sufficient cash flow to meet its obligations on a timely basis and ultimately to attain profitability. The Company
plans to seek additional funding to maintain its operations through debt and equity financing and to improve operating performance through
a focus on strategic products and increased efficiencies in business processes and improvements to the cost structure. There is no assurance
that the Company will be successful in its efforts to raise additional working capital or achieve profitable operations. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
Use
of Estimates
The
preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at
the date of financial statements and the reported amount of revenue and expense during the reporting period. Estimates the Company considers
include criteria for stock-based compensation expense, and valuation allowances on deferred tax assets. Actual results could differ from
those estimates.
Financial
Statement Reclassification
Certain
account balances from prior periods have been reclassified in these financial statements so as to conform to current period classifications.
Cash
Equivalents
For
the purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity
of three months or less to be cash equivalents.
The
Company occasionally maintains cash balances in excess of the FDIC insured limit. The Company does not consider this risk to be material.
Fair
Value of Financial Instruments
Fair
value of financial instruments requires disclosure of the fair value information, whether or not recognized in the balance sheet, where
it is practicable to estimate that value. As of June 30, 2024 and December 31, 2023, the balances reported for cash, prepaid expense,
accounts receivable, accounts payable, and accrued expense, approximate the fair value because of their short maturities.
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Accounting Standards Codification (“ASC”) Topic 820 established a three-tier
fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs
(level 3 measurements). These tiers include:
Level
1, defined as observable inputs such as quoted prices for identical instruments in active markets;
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices
for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The
Company measures certain financial instruments including options and warrants issued during the period at fair value on a recurring basis.
Patents
and Intellectual Property
While
patents are being developed or pending, they are not being amortized. Management has determined that the economic life of the patents
to be ten years and amortization, over such 10-year period and on a straight-line basis will begin once the patents have been issued
and the Company begins utilization of the patents through production and sales, resulting in revenues.
The
Company evaluates the recoverability of intangible assets, including patents and intellectual property on a continual basis. Several
factors are used to evaluate intangibles, including, but not limited to, management’s plans for future operations, recent operating
results and projected and expected undiscounted future cash flows.
There
have been no such capitalized costs in the three and six months ended June 30, 2024 and 2023, respectively. However, a patent was filed
on July 1, 2019 (No. 1811.191) filed by Michael Korenko and David Swanberg and assigned to the Company based on the Company’s proprietary
particle manufacturing process. The timing of this filing was important given the Company’s plans to make IsoPet®
commercially available, which it did on or about July 9, 2019. This additional patent protection will strengthen the Company’s
competitive position. It is the Company’s intention to further extend this patent protection to several key countries within one
year, as permitted under international patent laws and treaties.
Revenue
Recognition
In
May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”)
No. 2014-09, Revenue from Contracts with Customers (Topic 606). This standard provides a single set of guidelines for revenue recognition
to be used across all industries and requires additional disclosures. The updated guidance introduces a five-step model to achieve its
core principal of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects
the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the updated
guidance effective January 1, 2018 using the full retrospective method.
Under
ASC 606, in order to recognize revenue, the Company is required to identify an approved contract with commitments to perform respective
obligations, identify rights of each party in the transaction regarding goods to be transferred, identify the payment terms for the goods
transferred, verify that the contract has commercial substance and verify that collection of substantially all consideration is probable.
The adoption of ASC 606 did not have an impact on the Company’s operations or cash flows.
The
Company recognized revenue as they (i) identified the contracts with each customer; (ii) identified the performance obligation in each
contract; (iii) determined the transaction price in each contract; (iv) were able to allocate the transaction price to the performance
obligations in the contract; and (v) recognized revenue upon the satisfaction of the performance obligation. Upon the sales of the product
to complete the procedures on the animals, the Company recognized revenue as that was considered the performance obligation.
All
revenue recognized in the three and six months ended June 30, 2024 and 2023 relate to the procedures performed with respect to the IsoPet®
therapies.
Loss
Per Share
The
Company accounts for its loss per common share by replacing primary and fully diluted earnings per share with basic and diluted earnings
per share. Basic loss per share is computed by dividing loss available to common stockholders (the numerator) by the weighted-average
number of common shares outstanding (the denominator) for the period, and does not include the impact of any potentially dilutive common
stock equivalents since the impact would be anti-dilutive. The computation of diluted earnings per share is similar to basic earnings
per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding
if potentially dilutive common shares had been issued. For the given periods of loss, of the periods ended in the six months ended June
30, 2024 and 2023, the basic earnings per share equals the diluted earnings per share.
The
following represent common stock equivalents that could be dilutive in the future as of June 30, 2024 and December 31, 2023, which include
the following:
SCHEDULE
OF DILUTIVE EARNINGS PER SHARE
| |
June 30, 2024 | | |
December 31, 2023 | |
Preferred stock | |
| 9,909,570 | | |
| 9,909,570 | |
Restricted stock units | |
| 17,000,000 | | |
| 1,450,000 | |
Common stock options | |
| 2,252,809 | | |
| 2,252,809 | |
Common stock warrants | |
| 8,600,000 | | |
| 26,134,000 | |
Total potential dilutive securities | |
| 37,762,379 | | |
| 39,746,379 | |
Research
and Development Costs
Research
and developments costs, including salaries, research materials, administrative expense and contractor fees, are charged to operations
as incurred. The cost of equipment used in research and development activities which has alternative uses is capitalized as part of fixed
assets and not treated as an expense in the period acquired. Depreciation of capitalized equipment used to perform research and development
is classified as research and development expense in the year computed.
The
Company incurred $99,662 and $173,353 in research and development costs for the three months ended June 30, 2024 and 2023, respectively,
and $157,109 and $219,728 in research and development costs for the six months ended June 30, 2024 and 2023, respectively, all of which
were recorded in the Company’s operating expense noted on the statements of operations for the periods then ended.
Advertising
and Marketing Costs
Advertising
and marketing costs are expensed as incurred except for the cost of tradeshows which are deferred until the tradeshow occurs. During
the three and six months ended June 30, 2024 and 2023, the Company incurred nominal advertising and marketing costs.
Contingencies
In
the ordinary course of business, the Company is involved in legal proceedings involving contractual and employment relationships, product
liability claims, patent rights, and a variety of other matters. The Company records contingent liabilities resulting from asserted and
unasserted claims against it, when it is probable that a liability has been incurred and the amount of the loss is reasonably estimable.
The Company discloses contingent liabilities when there is a reasonable possibility that the ultimate loss will exceed the recorded liability.
Estimated probable losses require analysis of multiple factors, in some cases including judgments about the potential actions of third-party
claimants and courts. Therefore, actual losses in any future period are inherently uncertain. The Company has entered into various agreements
that require them to pay certain fees to consultants and/or employees that have been fully accrued for as of June 30, 2024 and December
31, 2023.
Income
Taxes
To
address accounting for uncertainty in tax positions, the Company clarifies the accounting for income taxes by prescribing a minimum recognition
threshold that a tax position is required to meet before being recognized in the financial statements. The Company also provides guidance
on de-recognition, measurement, classification, interest, and penalties, accounting in interim periods, disclosure and transition.
The
Company files income tax returns in the U.S. federal jurisdiction. The Company did not have any tax expense for the three and six months
ended June 30, 2024 and 2023. The Company did not have any deferred tax liability or asset on its balance sheets as of June 30, 2024
and December 31, 2023.
Interest
costs and penalties related to income taxes, if any, will be classified as interest expense and general and administrative costs, respectively,
in the Company’s financial statements. For the three and six months ended June 30, 2024 and 2023, the Company did not recognize
any interest or penalty expense related to income taxes. The Company believes that it is not reasonably possible for the amounts of unrecognized
tax benefits to significantly increase or decrease within the next twelve months.
Stock-Based
Compensation
The
Company recognizes compensation costs under FASB ASC Topic 718, Compensation – Stock Compensation and ASU 2018-07. Companies are
required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize
the costs in the financial statements over the period during which employees are required to provide services. Share based compensation
arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase
plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized
over the respective vesting periods of the option grant.
Recent
Accounting Pronouncements
The
Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition,
results of operations, cash flows or disclosures.
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- DefinitionThe entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
3: STOCKHOLDERS’ EQUITY
Common
Stock
The
Company has authorized 950,000,000 shares of common stock, par value of $0.001. As of June 30, 2024 and December 31, 2023, there are
417,681,245 and 387,894,033 shares of common stock issued and outstanding, respectively.
Preferred
Stock
The
Company has authorized 20,000,000 shares of preferred stock, a par value of $0.001. There are currently three series of preferred stock
outstanding; Series A Convertible Preferred Stock, Series B Convertible Preferred Stock and Series C Convertible Preferred Stock. The
Company’s Board of Directors is authorized to provide for the issuance of shares of preferred stock in one or more series, fix
or alter the designations, preferences, rights, qualifications, limitations or restrictions of the shares of each series, including the
dividend rights, dividend rates, conversion rights, voting rights, term of redemption including sinking fund provisions, redemption price
or prices, liquidation preferences and the number of shares constituting any series or designations of such series without further vote
or action by the shareholders. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control
of management without further action by the shareholders and may adversely affect the voting and other rights of the holders of common
stock. The issuance of preferred stock with voting and conversion rights may adversely affect the voting power of the holders of common
stock, including the loss of voting control to others.
Series
A Convertible Preferred Stock
On
June 30, 2015, a certificate of designations was filed with the Delaware Secretary of State to designate 2,500,000 shares of the Company’s
preferred stock as Series A Convertible Preferred Stock, par value $0.001 per share (“Series A Preferred”) (the “Series
A COD”). Effective March 31, 2016, the Company amended the Series A COD, increasing the maximum number of shares of Series
A Preferred from 2,500,000 shares to 5,000,000 shares. As of June 30, 2024 and December 31, 2023, there are 2,071,007 shares of Series
A Preferred issued and outstanding, respectively.
The
following summarizes the current rights and preferences of the Series A Preferred:
Liquidation
Preference. The Series A Preferred has a liquidation preference of $5.00 per share.
Dividends.
Shares of Series A Preferred do not have any separate dividend rights.
Conversion.
Subject to certain limitations set forth in the Series A COD, each share of Series A Preferred is convertible, at the option of the holder,
into that number of shares of common stock (the “Series A Conversion Shares”) equal to the liquidation preference
thereof, divided by Conversion Price (as such term is defined in the Series A COD), currently $4.00.
In
the event the Company completes an equity or equity-based public offering, registered with the SEC, resulting in gross proceeds to the
Company totaling at least $5.0 million, all issued and outstanding shares of Series A Preferred at that time will automatically convert
into Series A Conversion Shares.
Redemption.
Subject to certain conditions set forth in the Series A COD, in the event of a Change of Control (defined in the Series A COD), or at
such time as a third party not affiliated with the Company or any holders of the Series A Preferred shall have acquired, in one or a
series of related transactions, equity securities of the Company representing more than fifty percent (50%) of the outstanding voting securities
of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series A Preferred in
cash at a price per share of Series A Preferred equal to 100% of the Liquidation Preference.
Voting
Rights. Holders of Series A Preferred are entitled to vote on all matters, together with the holders of common stock, and have the
equivalent of five votes for every Series A Conversion Share issuable upon conversion of such holder’s outstanding shares of Series
A Preferred. However, the Series A Conversion Shares, when issued, will have all the same voting rights as other issued and outstanding
common stock of the Company, and none of the rights of the Series A Preferred.
Liquidation.
Upon any liquidation, dissolution, or winding-up of the Company, whether voluntary or involuntary (a “Liquidation”),
the holders of Series A Preferred shall be entitled to receive out of the assets, whether capital or surplus, of the Company an amount
equal to the liquidation preference of the Series A Preferred before any distribution or payment shall be made to the holders of any
junior securities, and if the assets of the Company are insufficient to pay in full such amounts, then the entire assets to be distributed
to the holders of the Series A Preferred shall be ratably distributed among the holders in accordance with the respective amounts that
would be payable on such shares if all amounts payable thereon were paid in full.
Certain
Price and Share Adjustments.
a)
Stock Dividends and Stock Splits. If the Company (i) pays a stock dividend or otherwise makes a distribution or distributions payable
in shares of common stock on shares of common stock or any other common stock equivalents; (ii) subdivides outstanding shares of common
stock into a larger number of shares; (iii) combines (including by way of a reverse stock split) outstanding shares of common stock into
a smaller number of shares; or (iv) issues, in the event of a reclassification of shares of the common stock, any shares of capital stock
of the Company, then the conversion price shall be adjusted accordingly.
b)
Merger or Reorganization. If the Company is involved in any reorganization, recapitalization, reclassification, consolidation or merger
in which the common stock is converted into or exchanged for securities, cash or other property than each share of Series A Preferred
shall be convertible into the kind and amount of securities, cash or other property that a holder of the number of shares of common stock
issuable upon conversion of one share of Series A Preferred prior to any such merger or reorganization would have been entitled to receive
pursuant to such transaction.
Series
B Convertible Preferred Stock
On
October 10, 2018, a certificate of designation was filed with the Delaware Secretary of State to designate 5,000,000 shares of our preferred
stock as Series B Convertible Preferred Stock, par value $0.001 per share (“Series B Preferred”) (the “Series
B COD”). As of June 30, 2024 and December 31, 2023, there are 200,363 shares of Series B Preferred issued and outstanding,
respectively.
The
following summarizes the current rights and preferences of the Series B Preferred:
Liquidation
Preference. The Series B Preferred has a liquidation preference of $1.00 per share.
Dividends.
Shares of Series B Preferred do not have any separate dividend rights.
Conversion.
Subject to certain limitations set forth in the Series B COD, each share of Series B Convertible is convertible, at the option of the
holder, into that number of shares of common stock (the “Series B Conversion Shares”) equal to the liquidation preference
thereof, divided by the Conversion Price (as such term is defined in the Series B COD), currently $0.08.
Redemption.
Subject to certain conditions set forth in the Series B COD, in the event of a Change of Control (defined in the Series B COD), or at
such as a third party not affiliated with the Company or any holders of the Series B Convertible shall have acquired, in one or a series
of related transactions, equity securities of the Company representing more than fifty percent (50%) of the outstanding voting securities
of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series B Preferred in
cash at a price per share of Series B Preferred equal to 100% of the Liquidation Preference.
Voting
Rights. Holders of Series B Preferred are entitled to vote on all matters, together with the holders of common stock, and have the
equivalent of two votes for every Series B Conversion Share issuable upon conversion of such holder’s outstanding shares of Series
B Preferred. However, the Series B Conversion Shares, when issued, will have the same voting rights as other issued and outstanding shares
of common stock of the Company, and none of the rights of the Series A Preferred.
Liquidation.
Upon any liquidation, dissolution, or winding-up of the Company, whether voluntary or involuntary (a “Liquidation”),
the holders of Series B Preferred shall be entitled to receive out of the assets, whether capital or surplus, of the Company an amount
equal to the liquidation preference of the Series B Preferred before any distribution or payment shall be made to the holders of any
junior securities, and if the assets of the Company are insufficient to pay in full such amounts, then the entire assets to be distributed
to the holders of the Series B Preferred shall be ratably distributed among the holders in accordance with the respective amounts that
would be payable on such shares if all amounts payable thereon were paid in full.
Certain
Price and Share Adjustments.
a)
Stock Dividends and Stock Splits. If the Company (i) pays a stock dividend or otherwise makes a distribution or distributions payable
in shares of common stock on shares of common stock or any other common stock equivalents; (ii) subdivides outstanding shares of common
stock into a larger number of shares; (iii) combines (including by way of a reverse stock split) outstanding shares of common stock into
a smaller number of shares; or (iv) issues, in the event of a reclassification of shares of the common stock, any shares of capital stock
of the Company, then the conversion price shall be adjusted accordingly.
b)
Merger or Reorganization. If the Company is involved in any reorganization, recapitalization, reclassification, consolidation or merger
in which the common stock is converted into or exchanged for securities, cash or other property than each share of Series B Preferred
shall be convertible into the kind and amount of securities, cash or other property that a holder of the number of shares of common stock
issuable upon conversion of one share of Series B Preferred prior to any such merger or reorganization would have been entitled to receive
pursuant to such transaction.
Series
C Convertible Preferred Stock
On
March 27, 2019, a certificate of designation was filed with the Delaware Secretary of State to designate 5,000,000 shares of our preferred
stock as Series C Convertible Preferred Stock, par value $0.001 per share (“Series C Preferred”) (the “Series
C COD”). As of June 30, 2024 and December 31, 2023, there were 385,302 shares of Series C Preferred issued and outstanding,
respectively.
The
following summarizes the current rights and preferences of the Series C Preferred:
Liquidation
Preference. The Series C Preferred has a liquidation preference of $1.00 per share.
Dividends.
Shares of Series C Preferred do not have any separate dividend rights.
Conversion.
Subject to certain limitations set forth in the Series C COD, each share of Series C Preferred is convertible, at the option of the holder,
into that number of shares of common stock (the “Series C Conversion Shares”) equal to the liquidation preference
thereof, divided by Conversion Price (as such term is defined in the Series C COD), currently $0.08.
The
Series C Preferred will only be convertible at any time after the date that the Company shall have amended its Certificate of Incorporation
to increase the number of shares of common stock authorized for issuance thereunder or effect a reverse stock split of the outstanding
shares of common stock by a sufficient amount to permit the conversion of all Series C Preferred into shares of common stock (“Authorized
Share Approval”) (such date, the “Initial Convertibility Date”), each share of Series C Preferred shall
be convertible into validly issued, fully paid and non-assessable shares of common stock on the terms and conditions set forth in the
Series C COD under the definition “Conversion Rights”.
Redemption.
Subject to certain conditions set forth in the Series C COD, in the event of a Change of Control (defined in the Series C COD), or at
such time as a third party not affiliated with the Company or any holders of the Series C Preferred shall have acquired, in one or a
series of related transactions, equity securities of the Company representing more than fifty percent (50%) of the outstanding voting securities
of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series C Preferred in
cash at a price per share of Series C Preferred equal to 100% of the Liquidation Preference.
Voting
Rights. Holders of Series C Preferred are entitled to vote on all matters, together with the holders of common stock, and have the
equivalent of thirty-two votes for every Series C Conversion Share issuable upon conversion of such holder’s outstanding shares
of Series C Preferred. However, the Series C Conversion Shares, when issued, will have the same voting rights as other issued and outstanding
shares of common stock of the Company, and none of the rights of the Series C Preferred.
Liquidation.
Upon any liquidation, dissolution, or winding-up of the Company, whether voluntary or involuntary (a “Liquidation”),
the holders of Series C Preferred shall be entitled to receive out of the assets, whether capital or surplus, of the Company an amount
equal to the liquidation preference of the Series C Preferred before any distribution or payment shall be made to the holders of any
junior securities, and if the assets of the Company are insufficient to pay in full such amounts, then the entire assets to be distributed
to the holders of the Series C Preferred shall be ratably distributed among the holders in accordance with the respective amounts that
would be payable on such shares if all amounts payable thereon were paid in full.
Certain
Price and Share Adjustments.
a)
Stock Dividends and Stock Splits. If the Company (i) pays a stock dividend or otherwise makes a distribution or distributions payable
in shares of common stock on shares of common stock or any other common stock equivalents; (ii) subdivides outstanding shares of common
stock into a larger number of shares; (iii) combines (including by way of a reverse stock split) outstanding shares of common stock into
a smaller number of shares; or (iv) issues, in the event of a reclassification of shares of the common stock, any shares of capital stock
of the Company, then the conversion price shall be adjusted accordingly.
b)
Merger or Reorganization. If the Company is involved in any reorganization, recapitalization, reclassification, consolidation or merger
in which the common stock is converted into or exchanged for securities, cash or other property than each share of Series C Preferred
shall be convertible into the kind and amount of securities, cash or other property that a holder of the number of shares of common stock
issuable upon conversion of one share of Series C Preferred prior to any such merger or reorganization would have been entitled to receive
pursuant to such transaction.
Common
and Preferred Stock Issuances
Common
and Preferred Stock Issuances - 2024
From
January 1, 2024 through June 30, 2024, the Company issued 13,000,000 shares of common stock and warrants to purchase 7,000,000 shares
of common stock pursuant to the Regulation A+ Offering for cash proceeds of $839,000.
The
Company issued 162,600 shares of common stock for services rendered valued at $13,232.
The
Company issued 16,624,612 shares of common stock in the cashless exercise of 24,534,000 warrants.
Common
and Preferred Stock Issuances – 2023
In
April 2023, the Company issued 8,000,000 shares of common stock, 2,665,000 Series A warrants and 8,000,000 Series B warrants in their
Regulation A+ Offering for $640,000. The Company sold the warrants for $10,665.
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- DefinitionThe entire disclosure for equity.
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v3.24.2.u1
COMMON STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
COMMON STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS |
NOTE
4: COMMON STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS
Common
Stock Options
The
Company recognizes in the financial statements compensation related to all stock-based awards, including stock options and warrants,
based on their estimated grant-date fair value. The Company has estimated expected forfeitures and is recognizing compensation expense
only for those awards expected to vest. All compensation is recognized by the time the award vests.
The
following schedule summarizes the changes in the Company’s stock options:
SCHEDULE
OF CHANGES IN STOCK OPTION
| |
Options
Outstanding | | |
Weighted
Average | | |
| | |
Weighted
Average | |
| |
Number
Of Shares | | |
Exercise
Price Per
Share | | |
Remaining
Contractual Life | | |
Aggregate
Intrinsic Value | | |
Exercise
Price Per Share | |
Six
Months Ended June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding
at January 1, 2024 | |
| 2,252,809 | | |
$ |
0.024-0.04 | | |
| 5.70 years | | |
$ | 78,886 | | |
$ | 0.04 | |
Granted | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Expired/canceled | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Outstanding
at June 30, 2024 | |
| 2,252,809 | | |
$ | 0.024-0.04
| | |
| 5.20 years | | |
$ | 374,454 | | |
$ | 0.04 | |
Exercisable
at June 30, 2024 | |
| 2,252,809 | | |
$ | 0.024-0.04
| | |
| 5.20 years | | |
$ | 374,454 | | |
$ | 0.04 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Six
Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding
at January 1, 2023 | |
| 2,252,809 | | |
$ | 0.024-0.04 | | |
| 6.70 years | | |
$ | 16,032 | | |
$ | 0.04 | |
Granted | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Expired/canceled | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Outstanding
at June 30, 2023 | |
| 2,252,809 | | |
$ | 0.024-0.04 | | |
| 6.20 years | | |
$ | 39,462 | | |
$ | 0.04 | |
Exercisable
at June 30, 2023 | |
| 2,252,809 | | |
$ | 0.024-0.04 | | |
| 6.20 years | | |
$ | 39,462 | | |
$ | 0.04 | |
During
the three and six months ended June 30, 2024 and the three and six months ended June 30, 2023, the Company recognized $0 of stock-based
compensation expense related to the vesting of stock options.
Common
Stock Warrants
The
following schedule summarizes the changes in the Company’s stock warrants:
SCHEDULE
OF CHANGES IN STOCK WARRANTS
| |
Warrants Outstanding | | |
Weighted Average | | |
| | |
Weighted Average | |
| |
Number Of Shares | | |
Exercise Price Per Share | | |
Remaining Contractual Life | | |
Aggregate Intrinsic Value | | |
Exercise Price Per Share | |
Six Months Ended June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding at January 1, 2024 | |
| 26,134,000 | | |
$ | 0.06-0.10 | | |
| 3.54 years | | |
$ | - | | |
$ | 0.0827 | |
Granted | |
| 7,000,000 | | |
$ | 0.075 | | |
| - | | |
$ | - | | |
$ | - | |
Exercised | |
| (24,534,000 | ) | |
$ | - | | |
| - | | |
$ | - | | |
$ | - | |
Expired/cancelled | |
| - | | |
$ | - | | |
| - | | |
$ | - | | |
$ | - | |
Outstanding at June 30, 2024 | |
| 8,600,000 | | |
$ | 0.075 | | |
| 3.50 years | | |
$ | 1,105,100 | | |
$ | 0.075 | |
Exercisable at June 30, 2024 | |
| 8,600,000 | | |
$ | 0.075 | | |
| 3.50 years | | |
$ | 1,105,100 | | |
$ | 0.075 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Six Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding at January 1, 2023 | |
| 26,737,500 | | |
$ | 0.06-0.10 | | |
| 1.52 years | | |
$ | - | | |
$ | 0.09 | |
Granted | |
| 10,665,000 | | |
$ | 0.0775 | | |
| - | | |
$ | - | | |
$ | - | |
Redeemed | |
| (500,000 | ) | |
$ | - | | |
| - | | |
| $ | | |
$ | - | |
Expired/cancelled | |
| (11,237,500 | ) | |
$ | - | | |
| - | | |
| $ | | |
$ | - | |
Outstanding at June 30, 2023 | |
| 25,665,000 | | |
$ | 0.06-0.10 | | |
| 2.16 years | | |
$ | 119,392 | | |
$ | 0.079 | |
Exercisable at June 30, 2023 | |
| 25,665,000 | | |
$ | 0.06-0.10 | | |
| 2.16 years | | |
$ | 119,392 | | |
$ | 0.079 | |
Changes
to these inputs could produce a significantly higher or lower fair value measurement. The fair value of each option/warrant is estimated
using the Black-Scholes valuation model. The following assumptions were used for the periods as follows:
SCHEDULE
OF ASSUMPTIONS USED IN FAIR VALUE MEASUREMENT
| |
| June 30, 2024 | | |
| June 30, 2023 | |
| |
| Six Months Ended | | |
| Six Months Ended | |
| |
| June 30, 2024 | | |
| June 30, 2023 | |
Expected term | |
| - | | |
| - | |
Expected volatility | |
| - | % | |
| - | % |
Expected dividend yield | |
| - | | |
| - | |
Risk-free interest rate | |
| - | % | |
| - | % |
The
Company granted 10,665,000 warrants in their Reg A+ funding in April 2023, with an exercise price of $0.0775 and a three-year term.
The
Company granted 2,000,000 warrants in their Regulation A+ Offering in January 2024, with an exercise price of $0.075 and a three-year
term and 5,000,000 warrants with the same terms on April 1, 2024.
The
Company issued 16,624,612 shares of common stock in the cashless exercise of 24,534,000 warrants.
Restricted
Stock Units
The
following schedule summarizes the changes in the Company’s restricted stock units:
SCHEDULE
OF CHANGES IN RESTRICTED STOCK UNITS
| |
Number Of Shares | | |
Weighted Average Grant Date Fair Value | |
Six Months Ended June 30, 2024 | |
| | | |
| | |
| |
| | | |
| | |
Outstanding at January 1, 2024 | |
| 1,450,000 | | |
$ | 0.09 | |
Granted | |
| 21,050,000 | | |
$ | 0.077 | |
Vested | |
| (5,000,000 | ) | |
$ | - | |
Forfeited | |
| - | | |
$ | - | |
Outstanding at June 30, 2024 | |
| 17,000,000 | | |
$ | 0.08 | |
| |
| | | |
| | |
Six Months Ended June 30, 2023 | |
| | | |
| | |
| |
| | | |
| | |
Outstanding at January 1, 2023 | |
| 10,262,500 | | |
$ | 0.08 | |
Granted | |
| 2,900,000 | | |
$ | 0.091 | |
Vested | |
| (5,000,000 | ) | |
$ | - | |
Forfeited | |
| - | | |
$ | - | |
Outstanding at June 30, 2023 | |
| 8,162,500 | | |
$ | 0.09 | |
During
the six months ended June 30, 2024 and 2023, the Company recognized $447,750 and $515,975 in expense related to the vesting of its restricted
stock units. As of June 30, 2024, the Company had $1,312,695 worth of expense yet to be recognized for restricted stock units not yet
vested.
On
January 1, 2024, the Company granted 20,000,000 restricted stock units to its Chief Executive Officer as part of his new employment agreement
that vest in four equal installments over a two-year period beginning February 1, 2024. During the six months ended June 30, 2024, 5,000,000
of these restricted stock units vested. In May 2024, the Company granted 1,050,000 restricted stock units to consultants that vest through
December 31, 2025.
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- DefinitionThe entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP).
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v3.24.2.u1
COMMITMENT
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENT |
NOTE
5: COMMITMENT
On
June 4, 2019, the Company entered into an Executive Employment Agreement (“Employment Agreement”) with Dr. Michael
K. Korenko, the Company’s Chief Executive Officer. The employment term under the Employment Agreement commenced with an effective
date of June 11, 2019 and expires on December 31, 2020, and December 31 of each successive year if the Employment Agreement is extended,
unless terminated earlier as set forth in the Employment Agreement. On December 31, 2020, the Company extended the Employment Agreement
through December 31, 2021 while renegotiating terms of a new Employment Agreement. On May 3, 2021, the Company and the Chief Executive
Officer agreed the terms of a new Employment Agreement with an effective date of January 1, 2021 that has a term of three years and expired
December 31, 2023. The Company renewed the Employment Agreement for a term of two years expiring December 31, 2025.
Under
the terms of the Employment Agreement effective January 1, 2024, the Company shall pay to Dr. Korenko a base compensation of $295,500.
In addition, there is a discretionary bonus to be earned in the amount of $10,000 per quarter upon the satisfaction of conditions to
be determined by the Board of Directors of the Company. In addition, the Company granted Dr. Korenko 20,000,000 restricted stock units
on January 1, 2024 that vest over the two year period.
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v3.24.2.u1
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
6: SUBSEQUENT EVENTS
In
July 2024, the Company issued 295,306 shares of common stock in the cashless exercise of 500,000 warrants.
In
July 2024, the Company issued 250,000 shares of common stock for services valued at $51,475.
In July 2024, the Company settled 500,000 RSUs for common stock.
On
July 17, 2024, the SEC qualified the Company’s offering pursuant to Regulation A+ of up to $60,000,000 shares of Common
Stock at an offering price of $0.015 per share, which offering statement was filed with the SEC on June 28, 2024, as amended on July
15, 2024.
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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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v3.24.2.u1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Business Overview |
Business
Overview
The
Company was incorporated under the laws of Delaware on December 23, 1994 as Savage Mountain Sports Corporation (“SMSC”).
On September 6, 2006, the Company changed its name to Advanced Medical Isotope Corporation, and on December 28, 2017, the Company began
operating as Vivos Inc. The Company has authorized capital of 950,000,000 shares of common stock, $0.001 par value per share, and 20,000,000
shares of preferred stock, $0.001 par value per share.
Our
principal place of business is located at 1030 North Center Parkway, Kennewick, WA 99336. Our telephone number is (509) 222-2222. Our
corporate website address is http://www.radiogel.com. Our common stock is currently quoted on the OTC Pink Marketplace under the symbol
“RDGL.”
The
Company is a radiation oncology medical device company engaged in the development of its yttrium-90 based brachytherapy device, RadioGel™,
for the treatment of non-resectable tumors. A prominent team of radiochemists, scientists and engineers, collaborating with strategic
partners, including national laboratories, universities and private corporations, lead the Company’s development efforts. The Company’s
overall vision is to globally empower physicians, medical researchers and patients by providing them with new isotope technologies that
offer safe and effective treatments for cancer.
In
January 2018, the Center for Veterinary Medicine Product Classification Group ruled that RadioGel ™should be classified
as a device for animal therapy of feline sarcomas and canine soft tissue sarcomas. Additionally, after a legal review, the Company believes
that the device classification obtained from the Food and Drug Administration (“FDA”) Center for Veterinary Medicine
is not limited to canine and feline sarcomas, but rather may be extended to a much broader population of veterinary cancers, including
all or most solid tumors in animals. We expect the result of such classification and label review will be that no additional regulatory
approvals are necessary for the use of IsoPet® for the treatment of solid tumors in animals. The FDA does not have premarket
authority over devices with a veterinary classification, and the manufacturers are responsible for assuring that the product is safe,
effective, properly labeled, and otherwise in compliance with all applicable laws and regulations.
Based
on the FDA’s recommendation, RadioGel™ will be marketed as “IsoPet®” for use by veterinarians
to avoid any confusion between animal and human therapy. The Company already has trademark protection for the “IsoPet®”
name. IsoPet® and RadioGel™ are used synonymously throughout this document. The only distinction between
IsoPet® and RadioGel™ is the FDA’s recommendation that we use “IsoPet®”
for veterinarian usage, and reserve “RadioGel™” for human therapy. Based on these developments, the Company
has shifted its primary focus to the development and marketing of Isopet® for animal therapy, through the Company’s
IsoPet® Solutions division.
|
IsoPet Solutions |
IsoPet
Solutions
The
Company’s IsoPet Solutions division was established in May 2016 to focus on the veterinary oncology market, namely engagement of
university veterinarian hospitals to develop the detailed therapy procedures to treat animal tumors and ultimately use of the technology
in private clinics. The Company has worked with three different university veterinarian hospitals on IsoPet® testing and
therapy. Washington State University treated five cats for feline sarcoma and served to develop the procedures which are incorporated
in our label. They concluded that the product was safe and effective in killing cancer cells. Colorado State University demonstrated
the CT and PET-CT imaging of IsoPet®. A contract was signed with University of Missouri to treat canine sarcomas and equine
sarcoids starting in November 2017.
The
dogs were treated for canine soft tissue sarcoma. Response evaluation criteria in solid tumors (“RECIST”) is a set
of published rules that define when tumors in cancer patients improve (respond), stay the same (stabilize), or worsen (progress) during
treatment. The criteria were published by an international collaboration including the European Organisation for Research and Treatment
of Cancer (“EORTC”), National Cancer Institute of the United States, and the National Cancer Institute of Canada Clinical
Trials Group.
The
testing at the University of Missouri met its objective to demonstrate the safety of IsoPet®. Using its advanced CT and
PET equipment it was able to demonstrate that the dose calculations were accurate and that the injections perfused into the cell interstices
and did not stay concentrated in a bolus. This results in a more homogeneous dose distribution. There was insignificant spread of Y-90
outside the points of injection demonstrating the effectiveness of the particles and the gel to localize the radiation with no spreading
to the blood or other organs nor to urine or fecal material. This confirms that IsoPet® is safe for same day therapy.
The
effectiveness of IsoPet® for life extension was not the prime objective, but it resulted in valuable insights. Of the
cases one is still cancer-free but the others eventually recurred since there was not a strong focus on treating the margins. The University
of Missouri has agreed to become a regional center to administer IsoPet® therapy and will incorporate the improvements
suggested by the testing program.
The
Company anticipates that future profits, if any, will be derived from direct sales of RadioGel™ (under the name IsoPet®)
and related services, and from licensing to private medical and veterinary clinics in the United States of America (the “USA”,
or, the “U.S.”) and internationally. The Company intends to report the results from the IsoPet® Solutions
division as a separate operating segment in accordance with generally accepted accounting principles (“GAAP”).
Commencing
in July 2019, the Company recognized its first commercial sale of IsoPet®. A veterinarian from Alaska brought his cat
with a re-occurrent spindle cell sarcoma tumor on his face. The cat had previously received external beam therapy, but now the tumor
was growing rapidly. He was given a high dose of 400 Gray with heavy therapy at the margins. This sale met the revenue recognition requirements
under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic
606 – Revenue from Contracts with Customers (“ASC 606”) as the performance obligation was satisfied. The Company
completed sales for an additional four animals that received the IsoPet® during 2019.
Our
plan is to incorporate the data assembled from our work with Isopet® in animal therapy to support the Company’s
efforts in the development of our RadioGel™ device candidate, including obtaining approval from the FDA to market and
sell RadioGel™ as a Class II medical device. RadioGel™ is an injectable particle-gel for brachytherapy
radiation treatment of cancerous tumors in people and animals. RadioGel™ is comprised of a hydrogel, or a substance
that is liquid at room temperature and then gels when reaching body temperature after injection into a tumor. In the gel are small particles,
less than two microns, of Y-90. Once injected, these inert particles are locked in place inside the tumor by the gel, delivering a very
high local radiation dose. The radiation is beta, consisting of high-speed electrons. These electrons only travel a short distance so
the device can deliver high radiation to the tumor with minimal dose to the surrounding tissue. Optimally, patients can go home immediately
following treatment without the risk of radiation exposure to family members. Since Y-90 has a half-life of 2.7 days, the radioactivity
drops to 5% of its original value after ten days.
Recently
the Company modified its Indication for Use from skin cancel to cancerous tissue or solid tumors pathologically associated with locoregional
papillary thyroid carcinoma and recurrent papillary thyroid carcinoma having discernable tumors associated with metastatic lymph nodes
or extranodal disease in patients who are not surgical candidates or who have declined surgery, or patients who require post-surgical
remnant ablation (for example, after prior incomplete radioiodine therapy). Papillary thyroid carcinoma belongs to the general class
of head and neck tumors for which tumors are accessible by intraoperative direct needle injection. The Company’s Medical Advisory
Board felt that demonstrating efficacy in clinical trials was much easier with this new indication.
|
Intellectual Property |
Intellectual
Property
Our
original license with Battelle National Laboratory (the “Battelle License”) reached its end of life in 2022. During
the past several years, we have expanded our proprietary knowledge, as well as our trademark and patent protection, in anticipation of
the Battelle License reaching the end of its term.
Our
RadioGel™ trademark protection is in 17 countries. We have expanded our trademark protection from RadioGel™ to
now include IsoPet®. We obtained the International Certificate of Registration for ISOPET, which is the first step to
file in several countries.
We
have filed for trademark protection for the term Precision Radionuclide Therapy™. We believe this term will be increasingly
important.
The
Company received the Patent Cooperation Treaty (“PCT”) International Search Report on our patent application (No.1811.191).
Seven of our claims were immediately ruled as having novelty, inventive step and industrial applicability. This gives us the basis to
extend for many years the patent protection for our proprietary Y-90 phosphate particles utilized in Isopet® and Radiogel™.
Our
patent team filed our particle patent in more than ten patent offices that collectively cover 63 countries throughout the world. We filed
a continuation-in-part applications number 1774054 in the USA to expand the claims on our particle patent. The U.S. Patent office recently
gave us the Notice of Allowance for our patent to produce our yttrium phosphate microparticles, U.S. Patent Application Serial No: 16-459,466.
We also filed an amendment to correct the wording on our claims at make them consistent with the USE claims. Ref: 4207-0005; European
Patent Application NO. 20 834 229.5; VIVOS INC; Our Ref: FS/53791.
We
filed a hydrogel utility patent in the USA (16309:17/943,311) and internationally (16389:PCT/US22/4374) based on the last 18 months of
development work to optimize our hydrogel component. These include reducing the polymer production time and increasing the output by
a factor of three. We have also further reduced the level of trace contaminants to be well below the FDA guidelines.
We
filed a provisional patent (Serial Number 63436562) to protect our innovative improvements in our shipping container, our vial shield,
our syringe shield, and our Peltier chiller. Our objectives were to reduce shipping costs, decrease radiation exposure, and enhance sterility.
These devices will be preferentially used at Mayo Clinics for human clinical studies at our IsoPet regional treatment centers. The Company
filed a utility patent in the fourth quarter of 2023 for this therapy support equipment.
We
anticipate that Precision Radionuclide Therapy will become increasingly important in the future and expand to other isotope and other
indications for use. Therefore, we filed an alternate particle utility patent (Serial number 18/152,137). We will focus our near-term
effort on the Y-90 therapy, which we believe is the best beta emitter; however, we leveraged our hydrogel utility patent to incorporate
other promising isotopes and compounds for a range of future applications. This includes gamma and alpha particle emitters.
|
Going Concern |
Going
Concern
The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction
of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company has suffered recurring
losses and used significant cash in support of its operating activities and the Company’s cash position is not sufficient to support
the Company’s operations. Research and development of the Company’s brachytherapy product line has been funded with proceeds
from the sale of equity and debt securities as well as a series of grants. The Company requires funding of approximately $2.5 million
annually to maintain current operating activities.
|
Financing and Strategy |
Financing
and Strategy
In
November 2019, the Securities and Exchange Commission (the “SEC”) qualified the Company’s offering of its common
stock, par value $0.001 per share (“Common Stock”), under Regulation A of Section 3(6) of the Securities Act of 1933,
as amended (the “Securities Act”)(“Regulation A”), which offering was and amended from time to
time thereafter (the “2019 Regulation A+ Offering”). In September 2021, the SEC qualified the Company’s offering
of Common Stock under Regulation A, which offering was amended from time to time thereafter (together with the 2019 Regulation A+ Offering,
the “Prior Regulation A+ Offerings”). During the year ended December 31, 2023, $1,179,245 was raised through the sale
of 16,132,000 shares of common stock and the private placement of 18,797,000 warrants. During the six months ended June 30, 2024, the
Company raised $839,000 through the issuance of 13,000,000 shares of common stock and 7,000,000 warrants. The Company’s Prior Regulation
A Offerings undertaken pursuant to Regulation A+ have raised approximately $6,000,000 from the sale of shares of common stock.
On
July 17, 2024, the SEC qualified the Company’s offering under Regulation A to offer up to $60,000,000 shares of its Common
Stock (the “July 2024 Regulation A+ Offering”).
The
Company is using the proceeds generated as follows:
Research
and development of the Company’s brachytherapy product line has been funded with proceeds from the sale of equity and debt securities.
The Company may require additional funding of approximately $5 million annually to maintain current operating activities. Over
the next 12 to 48 months, the Company believes it will cost approximately $9 million to: (1) fund the FDA approval process to conduct
human clinical trials; (2) conduct Phase I, pilot, and clinical trials; (3) activate several regional clinics to administer IsoPet®
across the county; (4) create an independent production center within the current production site to create a template for future
international manufacturing; and (5) initiate regulatory approval processes outside of the United States. The proceeds to be raised from
the Regulation A+ Offering will be used to continue to fund this development.
The
continued deployment of the brachytherapy products and a worldwide regulatory approval effort will require additional resources and personnel.
The principal variables in the timing and amount of spending for the brachytherapy products in the next 12 to 24 months will be the FDA’s
classification of the Company’s brachytherapy products as Class II or Class III devices (or otherwise), and any requirements for
additional studies (which may possibly include clinical studies). Thereafter, the principal variables in the amount of the Company’s
spending and its financing requirements would be: (1) the timing of any approvals; (2) the nature of the Company’s arrangements
with third parties for manufacturing, sales, distribution and licensing of those products; and (3) the products’ success in the
U.S. and elsewhere. The Company intends to fund its activities through strategic transactions such as licensing and partnership agreements,
as well as proceeds to be raised from the Regulation A+ Offering.
Following
receipt of required regulatory approvals and necessary financing to fund our working capital requirements, the Company intends to outsource
material aspects of manufacturing, distribution, sales and marketing for operations within the U.S. Outside of the U.S., the Company
intends to pursue licensing arrangements and/or partnerships to facilitate its global commercialization strategy.
Long-term,
the Company intends to consider resuming research efforts with respect to other products and technologies intended to help improve the
diagnosis and treatment of cancer and other illnesses. These long-term goals are subject to the Company: (1) receiving adequate funding;
(2) receiving regulatory approval for RadioGel™ and other brachytherapy products; and (3) being able to successfully commercialize
its brachytherapy products.
Based
on the Company’s financial history since inception, the Company’s independent registered public accounting firm has expressed
substantial doubt as to the Company’s ability to continue as a going concern. The Company has limited revenue, nominal cash, and
has accumulated deficits since inception. If the Company cannot obtain sufficient additional capital, the Company will be required to
delay the implementation of its business strategy and may not be able to continue operations.
The
Company’s headquarters are in Northeast Washington, however, our focus on the animal therapy market has been the Northwestern sector
of the U.S. The Company continues its marketing efforts on the animal therapy market and our attempts to increase the exposure to our
product, and generate revenue accordingly.
As
of June 30, 2024, the Company has $1,724,417 cash on hand. There are currently commitments to vendors for products and services purchased.
To continue the development of the Company’s products, the current level of cash will not be enough to cover the fixed and variable
obligations of the Company.
The
Company anticipates using the proceeds from the July 2024 Regulation A+ Offering as follows:
For
the animal therapy market:
|
● |
Expand
communication on our website, the social media, conference, and journals to increase the number of certified clinics for small animal
and equine therapy and to increase the number of patients. |
|
● |
Subsidize
some IsoPet® therapies, if necessary, to ensure that all viable candidates are treated. |
|
● |
Assist
a new regional clinic with their license and certification training. |
For
the human market:
|
● |
Enhance
the pedigree of the Quality Management System. |
|
● |
Begin
automation of product manufacturing. |
|
● |
Fund
liability insurance for human clinical studies. |
|
● |
Fund
human clinical studies in the US. |
Research
and development of the Company’s precision radionuclide therapy product line has been funded with proceeds from the sale of equity
and debt securities, including from the Prior Regulation A+ Offerings. The Company requires additional funding of approximately 2.5
million annually to maintain operating activities.
Over
the next 36 months, the Company believes it will cost approximately $8.0 to $9.0 million to: (1) fund the FDA approval process to conduct
human clinical trials; (2) conduct Phase I, pilot, clinical trials; (3) activate several regional clinics to administer IsoPet®
across the county; (4) create an independent production center within the current production site to create a template for future
international manufacturing; and (5) initiate regulatory approval processes outside of the United States. The
proceeds raised from the Prior Regulation A+ Offerings were used to fund this development and proceeds from the July 2024 Regulation
A+ Offering will used to continue such development efforts.
The
continued deployment of the precision radionuclide therapy products and a worldwide regulatory approval effort will require additional
resources and personnel. The principal variables in the timing and amount of spending for the precision radionuclide therapy products
in the next 12 to 24 months will be the FDA’s classification of the Company’s precision radionuclide therapy products as
Class II or Class III devices (or otherwise) and any requirements for additional studies which may possibly include clinical studies.
Thereafter, the principal variables in the amount of the Company’s spending and its financing requirements would be the timing
of any approvals and the nature of the Company’s arrangements with third parties for manufacturing, sales, distribution and licensing
of those products and the products’ success in the U.S. and elsewhere. The Company intends to fund its activities through strategic
transactions such as licensing and partnership agreements or from proceeds raised from the Prior Regulation A+ Offering and from the
July 2024 Regulation A+ Offering.
The
Company intends to expand the indications for use in phases: first, for lymph nodes associated with thyroid cancer, secondly, cancerous
lung nodules, and finally, all non-sectable solid tumors. It is anticipated that the medical community may begin to use RadioGel off-label,
we will support but will not encourage that practice.
Following
receipt of required regulatory approvals and financing, in the U.S., the Company intends to outsource material aspects of manufacturing,
distribution, sales and marketing. Outside of the U.S., the Company intends to pursue licensing arrangements and/or partnerships to facilitate
its global commercialization strategy.
Long-term,
the Company intends to consider resuming research efforts with respect to other products and technologies, such as Gamma Gel and Alpha
Gel intended to help improve the diagnosis and treatment of cancer and other illnesses. These long-term goals are subject to the Company:
(1) receiving adequate funding; (2) receiving regulatory approval for RadioGel™ and other precision radionuclide therapy
products; and (3) being able to successfully commercialize its precision radionuclide therapy products.
Based
on the Company’s financial history since inception, the Company’s independent registered public accounting firm has expressed
substantial doubt as to the Company’s ability to continue as a going concern. The Company has limited revenue, nominal cash, and
has accumulated deficits since inception. If the Company cannot obtain sufficient additional capital, the Company will be required to
delay the implementation of its business strategy and may not be able to continue operations.
The
Company’s headquarters are in Southeast Washington., The initial focus of the animal therapy market has been the Northwestern sector
of the United States. The Company has initiated marketing efforts to the animal therapy market in other regions of the United States,
attempting to increase the exposure to our product and increase revenue opportunities..
As
of June 30, 2024, the Company has $1,724,417 cash on hand. There are currently commitments to vendors for products and services purchased.
To continue the development of the Company’s products, the current level of cash may not be enough to cover the fixed and variable
obligations of the Company. The Company has focused on operating on minimum overhead, including using a virtual office for the last several
years and experienced industry consultants available on an as needed basis.. This has helped stretch the investment dollars on activities
that enhance our objectives.
There
is no guarantee that the Company will be able to raise additional funds or to do so at an advantageous price.
The
financial statements do not include any adjustments relating to the recoverability and classification of liabilities that might be necessary
should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent upon its
ability to generate sufficient cash flow to meet its obligations on a timely basis and ultimately to attain profitability. The Company
plans to seek additional funding to maintain its operations through debt and equity financing and to improve operating performance through
a focus on strategic products and increased efficiencies in business processes and improvements to the cost structure. There is no assurance
that the Company will be successful in its efforts to raise additional working capital or achieve profitable operations. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at
the date of financial statements and the reported amount of revenue and expense during the reporting period. Estimates the Company considers
include criteria for stock-based compensation expense, and valuation allowances on deferred tax assets. Actual results could differ from
those estimates.
|
Financial Statement Reclassification |
Financial
Statement Reclassification
Certain
account balances from prior periods have been reclassified in these financial statements so as to conform to current period classifications.
|
Cash Equivalents |
Cash
Equivalents
For
the purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity
of three months or less to be cash equivalents.
The
Company occasionally maintains cash balances in excess of the FDIC insured limit. The Company does not consider this risk to be material.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
Fair
value of financial instruments requires disclosure of the fair value information, whether or not recognized in the balance sheet, where
it is practicable to estimate that value. As of June 30, 2024 and December 31, 2023, the balances reported for cash, prepaid expense,
accounts receivable, accounts payable, and accrued expense, approximate the fair value because of their short maturities.
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Accounting Standards Codification (“ASC”) Topic 820 established a three-tier
fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs
(level 3 measurements). These tiers include:
Level
1, defined as observable inputs such as quoted prices for identical instruments in active markets;
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices
for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The
Company measures certain financial instruments including options and warrants issued during the period at fair value on a recurring basis.
|
Patents and Intellectual Property |
Patents
and Intellectual Property
While
patents are being developed or pending, they are not being amortized. Management has determined that the economic life of the patents
to be ten years and amortization, over such 10-year period and on a straight-line basis will begin once the patents have been issued
and the Company begins utilization of the patents through production and sales, resulting in revenues.
The
Company evaluates the recoverability of intangible assets, including patents and intellectual property on a continual basis. Several
factors are used to evaluate intangibles, including, but not limited to, management’s plans for future operations, recent operating
results and projected and expected undiscounted future cash flows.
There
have been no such capitalized costs in the three and six months ended June 30, 2024 and 2023, respectively. However, a patent was filed
on July 1, 2019 (No. 1811.191) filed by Michael Korenko and David Swanberg and assigned to the Company based on the Company’s proprietary
particle manufacturing process. The timing of this filing was important given the Company’s plans to make IsoPet®
commercially available, which it did on or about July 9, 2019. This additional patent protection will strengthen the Company’s
competitive position. It is the Company’s intention to further extend this patent protection to several key countries within one
year, as permitted under international patent laws and treaties.
|
Revenue Recognition |
Revenue
Recognition
In
May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”)
No. 2014-09, Revenue from Contracts with Customers (Topic 606). This standard provides a single set of guidelines for revenue recognition
to be used across all industries and requires additional disclosures. The updated guidance introduces a five-step model to achieve its
core principal of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects
the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the updated
guidance effective January 1, 2018 using the full retrospective method.
Under
ASC 606, in order to recognize revenue, the Company is required to identify an approved contract with commitments to perform respective
obligations, identify rights of each party in the transaction regarding goods to be transferred, identify the payment terms for the goods
transferred, verify that the contract has commercial substance and verify that collection of substantially all consideration is probable.
The adoption of ASC 606 did not have an impact on the Company’s operations or cash flows.
The
Company recognized revenue as they (i) identified the contracts with each customer; (ii) identified the performance obligation in each
contract; (iii) determined the transaction price in each contract; (iv) were able to allocate the transaction price to the performance
obligations in the contract; and (v) recognized revenue upon the satisfaction of the performance obligation. Upon the sales of the product
to complete the procedures on the animals, the Company recognized revenue as that was considered the performance obligation.
All
revenue recognized in the three and six months ended June 30, 2024 and 2023 relate to the procedures performed with respect to the IsoPet®
therapies.
|
Loss Per Share |
Loss
Per Share
The
Company accounts for its loss per common share by replacing primary and fully diluted earnings per share with basic and diluted earnings
per share. Basic loss per share is computed by dividing loss available to common stockholders (the numerator) by the weighted-average
number of common shares outstanding (the denominator) for the period, and does not include the impact of any potentially dilutive common
stock equivalents since the impact would be anti-dilutive. The computation of diluted earnings per share is similar to basic earnings
per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding
if potentially dilutive common shares had been issued. For the given periods of loss, of the periods ended in the six months ended June
30, 2024 and 2023, the basic earnings per share equals the diluted earnings per share.
The
following represent common stock equivalents that could be dilutive in the future as of June 30, 2024 and December 31, 2023, which include
the following:
SCHEDULE
OF DILUTIVE EARNINGS PER SHARE
| |
June 30, 2024 | | |
December 31, 2023 | |
Preferred stock | |
| 9,909,570 | | |
| 9,909,570 | |
Restricted stock units | |
| 17,000,000 | | |
| 1,450,000 | |
Common stock options | |
| 2,252,809 | | |
| 2,252,809 | |
Common stock warrants | |
| 8,600,000 | | |
| 26,134,000 | |
Total potential dilutive securities | |
| 37,762,379 | | |
| 39,746,379 | |
|
Research and Development Costs |
Research
and Development Costs
Research
and developments costs, including salaries, research materials, administrative expense and contractor fees, are charged to operations
as incurred. The cost of equipment used in research and development activities which has alternative uses is capitalized as part of fixed
assets and not treated as an expense in the period acquired. Depreciation of capitalized equipment used to perform research and development
is classified as research and development expense in the year computed.
The
Company incurred $99,662 and $173,353 in research and development costs for the three months ended June 30, 2024 and 2023, respectively,
and $157,109 and $219,728 in research and development costs for the six months ended June 30, 2024 and 2023, respectively, all of which
were recorded in the Company’s operating expense noted on the statements of operations for the periods then ended.
|
Advertising and Marketing Costs |
Advertising
and Marketing Costs
Advertising
and marketing costs are expensed as incurred except for the cost of tradeshows which are deferred until the tradeshow occurs. During
the three and six months ended June 30, 2024 and 2023, the Company incurred nominal advertising and marketing costs.
|
Contingencies |
Contingencies
In
the ordinary course of business, the Company is involved in legal proceedings involving contractual and employment relationships, product
liability claims, patent rights, and a variety of other matters. The Company records contingent liabilities resulting from asserted and
unasserted claims against it, when it is probable that a liability has been incurred and the amount of the loss is reasonably estimable.
The Company discloses contingent liabilities when there is a reasonable possibility that the ultimate loss will exceed the recorded liability.
Estimated probable losses require analysis of multiple factors, in some cases including judgments about the potential actions of third-party
claimants and courts. Therefore, actual losses in any future period are inherently uncertain. The Company has entered into various agreements
that require them to pay certain fees to consultants and/or employees that have been fully accrued for as of June 30, 2024 and December
31, 2023.
|
Income Taxes |
Income
Taxes
To
address accounting for uncertainty in tax positions, the Company clarifies the accounting for income taxes by prescribing a minimum recognition
threshold that a tax position is required to meet before being recognized in the financial statements. The Company also provides guidance
on de-recognition, measurement, classification, interest, and penalties, accounting in interim periods, disclosure and transition.
The
Company files income tax returns in the U.S. federal jurisdiction. The Company did not have any tax expense for the three and six months
ended June 30, 2024 and 2023. The Company did not have any deferred tax liability or asset on its balance sheets as of June 30, 2024
and December 31, 2023.
Interest
costs and penalties related to income taxes, if any, will be classified as interest expense and general and administrative costs, respectively,
in the Company’s financial statements. For the three and six months ended June 30, 2024 and 2023, the Company did not recognize
any interest or penalty expense related to income taxes. The Company believes that it is not reasonably possible for the amounts of unrecognized
tax benefits to significantly increase or decrease within the next twelve months.
|
Stock-Based Compensation |
Stock-Based
Compensation
The
Company recognizes compensation costs under FASB ASC Topic 718, Compensation – Stock Compensation and ASU 2018-07. Companies are
required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize
the costs in the financial statements over the period during which employees are required to provide services. Share based compensation
arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase
plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized
over the respective vesting periods of the option grant.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
The
Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition,
results of operations, cash flows or disclosures.
|
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v3.24.2.u1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF DILUTIVE EARNINGS PER SHARE |
The
following represent common stock equivalents that could be dilutive in the future as of June 30, 2024 and December 31, 2023, which include
the following:
SCHEDULE
OF DILUTIVE EARNINGS PER SHARE
| |
June 30, 2024 | | |
December 31, 2023 | |
Preferred stock | |
| 9,909,570 | | |
| 9,909,570 | |
Restricted stock units | |
| 17,000,000 | | |
| 1,450,000 | |
Common stock options | |
| 2,252,809 | | |
| 2,252,809 | |
Common stock warrants | |
| 8,600,000 | | |
| 26,134,000 | |
Total potential dilutive securities | |
| 37,762,379 | | |
| 39,746,379 | |
|
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v3.24.2.u1
COMMON STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
SCHEDULE OF CHANGES IN STOCK OPTION |
The
following schedule summarizes the changes in the Company’s stock options:
SCHEDULE
OF CHANGES IN STOCK OPTION
| |
Options
Outstanding | | |
Weighted
Average | | |
| | |
Weighted
Average | |
| |
Number
Of Shares | | |
Exercise
Price Per
Share | | |
Remaining
Contractual Life | | |
Aggregate
Intrinsic Value | | |
Exercise
Price Per Share | |
Six
Months Ended June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding
at January 1, 2024 | |
| 2,252,809 | | |
$ |
0.024-0.04 | | |
| 5.70 years | | |
$ | 78,886 | | |
$ | 0.04 | |
Granted | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Expired/canceled | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Outstanding
at June 30, 2024 | |
| 2,252,809 | | |
$ | 0.024-0.04
| | |
| 5.20 years | | |
$ | 374,454 | | |
$ | 0.04 | |
Exercisable
at June 30, 2024 | |
| 2,252,809 | | |
$ | 0.024-0.04
| | |
| 5.20 years | | |
$ | 374,454 | | |
$ | 0.04 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Six
Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding
at January 1, 2023 | |
| 2,252,809 | | |
$ | 0.024-0.04 | | |
| 6.70 years | | |
$ | 16,032 | | |
$ | 0.04 | |
Granted | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Expired/canceled | |
| - | | |
$ | - | | |
| - | | |
| | | |
$ | - | |
Outstanding
at June 30, 2023 | |
| 2,252,809 | | |
$ | 0.024-0.04 | | |
| 6.20 years | | |
$ | 39,462 | | |
$ | 0.04 | |
Exercisable
at June 30, 2023 | |
| 2,252,809 | | |
$ | 0.024-0.04 | | |
| 6.20 years | | |
$ | 39,462 | | |
$ | 0.04 | |
|
SCHEDULE OF CHANGES IN STOCK WARRANTS |
The
following schedule summarizes the changes in the Company’s stock warrants:
SCHEDULE
OF CHANGES IN STOCK WARRANTS
| |
Warrants Outstanding | | |
Weighted Average | | |
| | |
Weighted Average | |
| |
Number Of Shares | | |
Exercise Price Per Share | | |
Remaining Contractual Life | | |
Aggregate Intrinsic Value | | |
Exercise Price Per Share | |
Six Months Ended June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding at January 1, 2024 | |
| 26,134,000 | | |
$ | 0.06-0.10 | | |
| 3.54 years | | |
$ | - | | |
$ | 0.0827 | |
Granted | |
| 7,000,000 | | |
$ | 0.075 | | |
| - | | |
$ | - | | |
$ | - | |
Exercised | |
| (24,534,000 | ) | |
$ | - | | |
| - | | |
$ | - | | |
$ | - | |
Expired/cancelled | |
| - | | |
$ | - | | |
| - | | |
$ | - | | |
$ | - | |
Outstanding at June 30, 2024 | |
| 8,600,000 | | |
$ | 0.075 | | |
| 3.50 years | | |
$ | 1,105,100 | | |
$ | 0.075 | |
Exercisable at June 30, 2024 | |
| 8,600,000 | | |
$ | 0.075 | | |
| 3.50 years | | |
$ | 1,105,100 | | |
$ | 0.075 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Six Months Ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding at January 1, 2023 | |
| 26,737,500 | | |
$ | 0.06-0.10 | | |
| 1.52 years | | |
$ | - | | |
$ | 0.09 | |
Granted | |
| 10,665,000 | | |
$ | 0.0775 | | |
| - | | |
$ | - | | |
$ | - | |
Redeemed | |
| (500,000 | ) | |
$ | - | | |
| - | | |
| $ | | |
$ | - | |
Expired/cancelled | |
| (11,237,500 | ) | |
$ | - | | |
| - | | |
| $ | | |
$ | - | |
Outstanding at June 30, 2023 | |
| 25,665,000 | | |
$ | 0.06-0.10 | | |
| 2.16 years | | |
$ | 119,392 | | |
$ | 0.079 | |
Exercisable at June 30, 2023 | |
| 25,665,000 | | |
$ | 0.06-0.10 | | |
| 2.16 years | | |
$ | 119,392 | | |
$ | 0.079 | |
|
SCHEDULE OF ASSUMPTIONS USED IN FAIR VALUE MEASUREMENT |
SCHEDULE
OF ASSUMPTIONS USED IN FAIR VALUE MEASUREMENT
| |
| June 30, 2024 | | |
| June 30, 2023 | |
| |
| Six Months Ended | | |
| Six Months Ended | |
| |
| June 30, 2024 | | |
| June 30, 2023 | |
Expected term | |
| - | | |
| - | |
Expected volatility | |
| - | % | |
| - | % |
Expected dividend yield | |
| - | | |
| - | |
Risk-free interest rate | |
| - | % | |
| - | % |
|
SCHEDULE OF CHANGES IN RESTRICTED STOCK UNITS |
The
following schedule summarizes the changes in the Company’s restricted stock units:
SCHEDULE
OF CHANGES IN RESTRICTED STOCK UNITS
| |
Number Of Shares | | |
Weighted Average Grant Date Fair Value | |
Six Months Ended June 30, 2024 | |
| | | |
| | |
| |
| | | |
| | |
Outstanding at January 1, 2024 | |
| 1,450,000 | | |
$ | 0.09 | |
Granted | |
| 21,050,000 | | |
$ | 0.077 | |
Vested | |
| (5,000,000 | ) | |
$ | - | |
Forfeited | |
| - | | |
$ | - | |
Outstanding at June 30, 2024 | |
| 17,000,000 | | |
$ | 0.08 | |
| |
| | | |
| | |
Six Months Ended June 30, 2023 | |
| | | |
| | |
| |
| | | |
| | |
Outstanding at January 1, 2023 | |
| 10,262,500 | | |
$ | 0.08 | |
Granted | |
| 2,900,000 | | |
$ | 0.091 | |
Vested | |
| (5,000,000 | ) | |
$ | - | |
Forfeited | |
| - | | |
$ | - | |
Outstanding at June 30, 2023 | |
| 8,162,500 | | |
$ | 0.09 | |
|
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v3.24.2.u1
SCHEDULE OF DILUTIVE EARNINGS PER SHARE (Details) - shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total potential dilutive securities |
37,762,379
|
39,746,379
|
Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total potential dilutive securities |
9,909,570
|
9,909,570
|
Restricted Stock Units (RSUs) [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total potential dilutive securities |
17,000,000
|
1,450,000
|
Equity Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total potential dilutive securities |
2,252,809
|
2,252,809
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total potential dilutive securities |
8,600,000
|
26,134,000
|
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v3.24.2.u1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
Jul. 17, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Nov. 01, 2019 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
Common stock, shares authorized |
|
950,000,000
|
|
950,000,000
|
|
950,000,000
|
|
Common stock, par value |
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
|
20,000,000
|
|
20,000,000
|
|
20,000,000
|
|
Preferred stock, par value |
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
|
Current operating activities |
|
|
|
$ 2,500,000
|
|
|
|
Sale of common stock |
|
|
|
6,000,000
|
|
|
|
Cash on hand |
|
$ 1,724,417
|
|
$ 1,724,417
|
|
|
|
Economic life of the patent |
|
10 years
|
|
10 years
|
|
|
|
Research and development costs |
|
$ 99,662
|
$ 173,353
|
$ 157,109
|
$ 219,728
|
|
|
Brachytherapy Product Line [Member] |
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
Current operating activities |
|
|
|
$ 5,000,000
|
|
|
|
Offering term |
|
|
|
Over
the next 12 to 48 months, the Company believes it will cost approximately $9 million to: (1) fund the FDA approval process to conduct
human clinical trials; (2) conduct Phase I, pilot, and clinical trials; (3) activate several regional clinics to administer IsoPet®
across the county; (4) create an independent production center within the current production site to create a template for future
international manufacturing; and (5) initiate regulatory approval processes outside of the United States. The proceeds to be raised from
the Regulation A+ Offering will be used to continue to fund this development.
|
|
|
|
Radionuclide Therapy Product Line [Member] |
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
Current operating activities |
|
|
|
$ 2,500,000
|
|
|
|
Offering term |
|
|
|
Over
the next 36 months, the Company believes it will cost approximately $8.0 to $9.0 million to: (1) fund the FDA approval process to conduct
human clinical trials; (2) conduct Phase I, pilot, clinical trials; (3) activate several regional clinics to administer IsoPet®
across the county; (4) create an independent production center within the current production site to create a template for future
international manufacturing; and (5) initiate regulatory approval processes outside of the United States.
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
Number of warrants issued |
|
7,000,000
|
|
7,000,000
|
|
18,797,000
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
Number of common stock shares issued, value |
|
|
|
$ 839,000
|
|
|
|
Number of common stock shares issued, shares |
|
|
|
13,000,000
|
|
|
|
Common Stock [Member] | Subsequent Event [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
Number of common stock shares issued, value |
$ 60,000,000
|
|
|
|
|
|
|
Private Placement [Member] |
|
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
|
Number of common stock shares issued, value |
|
|
|
|
|
$ 1,179,245
|
|
Number of common stock shares issued, shares |
|
|
|
|
|
16,132,000
|
|
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- DefinitionAmount of liabilities classified as other.
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v3.24.2.u1
SCHEDULE OF CHANGES IN STOCK OPTION (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Number of Options Outstanding Beginning Balance |
2,252,809
|
2,252,809
|
2,252,809
|
|
Weighted Average Remaining Contractual Life (in years) Outstanding |
5 years 2 months 12 days
|
6 years 2 months 12 days
|
5 years 8 months 12 days
|
6 years 8 months 12 days
|
Aggregate Intrinsic Value Outstanding Beginning |
$ 78,886
|
$ 16,032
|
$ 16,032
|
|
Weighted Average Exercise Price Per Share Outstanding Beginning |
$ 0.04
|
$ 0.04
|
$ 0.04
|
|
Number of Options granted |
|
|
|
|
Exercise Price Per Share granted |
|
|
|
|
Weighted Average Exercise Price Per Share Options granted |
|
|
|
|
Number of Options exercised |
|
|
|
|
Exercise Price Per Share exercised |
|
|
|
|
Weighted Average Exercise Price Per Share Options exercised |
|
|
|
|
Number of Options expired/cancelled |
|
|
|
|
Exercise Price Per Share expired/cancelled |
|
|
|
|
Weighted Average Exercise Price Per Share Options expired/cancelled |
|
|
|
|
Number of Options Outstanding Ending Balance |
2,252,809
|
2,252,809
|
2,252,809
|
2,252,809
|
Aggregate Intrinsic Value Outstanding Ending |
$ 374,454
|
$ 39,462
|
$ 78,886
|
$ 16,032
|
Weighted Average Exercise Price Per Share Outstanding Ending |
$ 0.04
|
$ 0.04
|
$ 0.04
|
$ 0.04
|
Number of Options Exercisable |
2,252,809
|
2,252,809
|
|
|
Weighted Average Remaining Contractual Life (in years) Exercisable |
5 years 2 months 12 days
|
6 years 2 months 12 days
|
|
|
Aggregate Intrinsic Value Exercisable |
$ 374,454
|
$ 39,462
|
|
|
Weighted Average Exercise Price Per Share Exercisable |
$ 0.04
|
$ 0.04
|
|
|
Minimum [Member] |
|
|
|
|
Exercise Price Per Share Outstanding Beginning Balance |
0.024
|
0.024
|
0.024
|
|
Weighted Average Exercise Price Per Share Outstanding Ending |
0.024
|
0.024
|
0.024
|
$ 0.024
|
Exercise Price Per Share Exercisable |
0.024
|
0.024
|
|
|
Maximum [Member] |
|
|
|
|
Exercise Price Per Share Outstanding Beginning Balance |
0.04
|
|
|
|
Weighted Average Exercise Price Per Share Outstanding Ending |
0.04
|
0.04
|
$ 0.04
|
|
Exercise Price Per Share Exercisable |
$ 0.04
|
$ 0.04
|
|
|
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v3.24.2.u1
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
|
|
Mar. 27, 2019 |
Oct. 10, 2018 |
Jun. 30, 2015 |
Apr. 30, 2023 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Nov. 01, 2019 |
Mar. 31, 2016 |
Mar. 30, 2016 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
950,000,000
|
|
|
950,000,000
|
|
950,000,000
|
|
|
|
Common stock, par value |
|
|
|
|
$ 0.001
|
|
|
$ 0.001
|
|
$ 0.001
|
$ 0.001
|
|
|
Common stock, shares issued |
|
|
|
|
417,681,245
|
|
|
417,681,245
|
|
387,894,033
|
|
|
|
Common stock, shares outstanding |
|
|
|
|
417,681,245
|
|
|
417,681,245
|
|
387,894,033
|
|
|
|
Preferred stock shares authorized |
|
|
|
|
20,000,000
|
|
|
20,000,000
|
|
20,000,000
|
|
|
|
Preferred stock, par value |
|
|
|
|
$ 0.001
|
|
|
$ 0.001
|
|
$ 0.001
|
|
|
|
Proceeds from issuance or sale of equity |
|
|
|
|
|
|
|
$ 839,000
|
$ 650,665
|
|
|
|
|
Issued for services, shares |
|
|
|
|
|
|
|
162,600
|
|
|
|
|
|
Issued for services, value |
|
|
|
|
$ 3,750
|
$ 9,482
|
|
$ 13,232
|
|
|
|
|
|
Number of shares issued, value |
|
|
|
|
$ 704,000
|
$ 128,000
|
$ 640,000
|
|
|
|
|
|
|
Common Stock and Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
13,000,000
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant purchase |
|
|
|
|
7,000,000
|
|
|
7,000,000
|
|
18,797,000
|
|
|
|
Issued for common stock warrant exercise |
|
|
|
|
|
|
|
16,624,612
|
|
|
|
|
|
Issued for cashless exercise, warrants |
|
|
|
|
24,534,000
|
|
|
24,534,000
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
8,000,000
|
11,000,000
|
2,000,000
|
8,000,000
|
|
|
|
|
|
|
Issued for services, shares |
|
|
|
|
22,766
|
139,834
|
|
|
|
|
|
|
|
Issued for services, value |
|
|
|
|
$ 22
|
$ 140
|
|
|
|
|
|
|
|
Issued for common stock warrant exercise |
|
|
|
|
|
|
|
16,624,612
|
|
|
|
|
|
Number of shares issued, value |
|
|
|
$ 640,000
|
$ 11,000
|
$ 2,000
|
$ 8,000
|
|
|
|
|
|
|
Proceeds from issuance of warrants |
|
|
|
$ 10,665
|
|
|
|
|
|
|
|
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock shares authorized |
|
|
2,500,000
|
|
5,000,000
|
|
|
5,000,000
|
|
5,000,000
|
|
5,000,000
|
2,500,000
|
Preferred stock, par value |
|
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
Preferred stock shares issued |
|
|
|
|
2,071,007
|
|
|
2,071,007
|
|
2,071,007
|
|
|
|
Preferred stock shares outstanding |
|
|
|
|
2,071,007
|
|
|
2,071,007
|
|
2,071,007
|
|
|
|
Preferred stock, liquidation preference per share |
|
|
5.00
|
|
|
|
|
|
|
|
|
|
|
Conversion price per share |
|
|
$ 4.00
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds from preferred stock |
|
|
$ 5,000,000.0
|
|
|
|
|
|
|
|
|
|
|
Preferred stock redemption, description |
|
|
Subject to certain conditions set forth in the Series A COD, in the event of a Change of Control (defined in the Series A COD), or at
such time as a third party not affiliated with the Company or any holders of the Series A Preferred shall have acquired, in one or a
series of related transactions, equity securities of the Company representing more than fifty percent (50%) of the outstanding voting securities
of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series A Preferred in
cash at a price per share of Series A Preferred equal to 100% of the Liquidation Preference
|
|
|
|
|
|
|
|
|
|
|
Redemption percentage |
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
Voting percentage |
|
|
Holders of Series A Preferred are entitled to vote on all matters, together with the holders of common stock, and have the
equivalent of five votes for every Series A Conversion Share issuable upon conversion of such holder’s outstanding shares of Series
A Preferred. However, the Series A Conversion Shares, when issued, will have all the same voting rights as other issued and outstanding
common stock of the Company, and none of the rights of the Series A Preferred
|
|
|
|
|
|
|
|
|
|
|
Series B Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock shares authorized |
|
5,000,000
|
|
|
5,000,000
|
|
|
5,000,000
|
|
5,000,000
|
|
|
|
Preferred stock, par value |
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock shares issued |
|
|
|
|
200,363
|
|
|
200,363
|
|
200,363
|
|
|
|
Preferred stock shares outstanding |
|
|
|
|
200,363
|
|
|
200,363
|
|
200,363
|
|
|
|
Preferred stock, liquidation preference per share |
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price per share |
|
$ 0.08
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock redemption, description |
|
Subject to certain conditions set forth in the Series B COD, in the event of a Change of Control (defined in the Series B COD), or at
such as a third party not affiliated with the Company or any holders of the Series B Convertible shall have acquired, in one or a series
of related transactions, equity securities of the Company representing more than fifty percent (50%) of the outstanding voting securities
of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series B Preferred in
cash at a price per share of Series B Preferred equal to 100% of the Liquidation Preference
|
|
|
|
|
|
|
|
|
|
|
|
Redemption percentage |
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
Voting percentage |
|
Holders of Series B Preferred are entitled to vote on all matters, together with the holders of common stock, and have the
equivalent of two votes for every Series B Conversion Share issuable upon conversion of such holder’s outstanding shares of Series
B Preferred. However, the Series B Conversion Shares, when issued, will have the same voting rights as other issued and outstanding shares
of common stock of the Company, and none of the rights of the Series A Preferred
|
|
|
|
|
|
|
|
|
|
|
|
Series C Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock shares authorized |
5,000,000
|
|
|
|
5,000,000
|
|
|
5,000,000
|
|
5,000,000
|
|
|
|
Preferred stock, par value |
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock shares issued |
|
|
|
|
385,302
|
|
|
385,302
|
|
385,302
|
|
|
|
Preferred stock shares outstanding |
|
|
|
|
385,302
|
|
|
385,302
|
|
385,302
|
|
|
|
Preferred stock, liquidation preference per share |
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price per share |
$ 0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock redemption, description |
Subject to certain conditions set forth in the Series C COD, in the event of a Change of Control (defined in the Series C COD), or at
such time as a third party not affiliated with the Company or any holders of the Series C Preferred shall have acquired, in one or a
series of related transactions, equity securities of the Company representing more than fifty percent (50%) of the outstanding voting securities
of the Company), the Company, at its option, will have the right to redeem all or a portion of the outstanding Series C Preferred in
cash at a price per share of Series C Preferred equal to 100% of the Liquidation Preference
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption percentage |
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Voting percentage |
Holders of Series C Preferred are entitled to vote on all matters, together with the holders of common stock, and have the
equivalent of thirty-two votes for every Series C Conversion Share issuable upon conversion of such holder’s outstanding shares
of Series C Preferred. However, the Series C Conversion Shares, when issued, will have the same voting rights as other issued and outstanding
shares of common stock of the Company, and none of the rights of the Series C Preferred
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
2,665,000
|
|
|
|
|
|
|
|
|
|
Series B Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
8,000,000
|
|
|
|
|
|
|
|
|
|
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v3.24.2.u1
SCHEDULE OF CHANGES IN STOCK WARRANTS (Details) - Warrant [Member] - USD ($)
|
|
1 Months Ended |
6 Months Ended |
12 Months Ended |
Apr. 01, 2024 |
Jan. 31, 2024 |
Apr. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Number of Shares, Warrants Outstanding Beginning |
|
26,134,000
|
|
26,134,000
|
26,737,500
|
26,737,500
|
|
Exercise Price Per Share Warrants Outstanding Beginning |
|
|
|
|
|
|
|
Weighted Average Remaining Contractual Life Warrants Outstanding Ending |
|
|
|
3 years 6 months
|
2 years 1 month 28 days
|
3 years 6 months 14 days
|
1 year 6 months 7 days
|
Aggregate Intrinsic Value Outstanding Beginning |
|
|
|
|
|
|
|
Weighted Average Exercise Price Per Share Exercise Price Warrants Exercisable Beginning |
|
$ 0.0827
|
|
$ 0.0827
|
$ 0.09
|
$ 0.09
|
|
Number of Shares, Warrants granted |
5,000,000
|
2,000,000
|
10,665,000
|
7,000,000
|
10,665,000
|
|
|
Exercise Price Per Share Warrants granted |
|
$ 0.075
|
$ 0.0775
|
$ 0.075
|
$ 0.0775
|
|
|
Weighted Average Exercise Price Per Share Exercise Price Warrants granted |
|
|
|
|
|
|
|
Number of Shares, Warrants exercised |
|
|
|
(24,534,000)
|
|
|
|
Exercise Price Per Share Warrants exercised |
|
|
|
|
|
|
|
Number of Shares, Warrants expired/cancelled |
|
|
|
|
(11,237,500)
|
|
|
Exercise Price Per Share Warrants expired/cancelled |
|
|
|
|
|
|
|
Number of Shares, Warrants Outstanding Ending |
|
|
|
8,600,000
|
25,665,000
|
26,134,000
|
26,737,500
|
Exercise Price Per Share Warrants Outstanding Ending |
|
|
|
$ 0.075
|
|
|
|
Aggregate Intrinsic Value Outstanding Ending |
|
|
|
$ 1,105,100
|
$ 119,392
|
|
|
Weighted Average Exercise Price Per Share Exercise Price Warrants Ending |
|
|
|
$ 0.075
|
$ 0.079
|
|
|
Number of Shares, Warrants Exercisable Ending |
|
|
|
8,600,000
|
25,665,000
|
|
|
Exercise Price Per Share Warrants Exercisable Ending |
|
|
|
$ 0.075
|
|
|
|
Weighted Average Remaining Contractual Life Warrants Exercisable |
|
|
|
3 years 6 months
|
2 years 1 month 28 days
|
|
|
Aggregate Intrinsic Value Exercisable |
|
|
|
$ 1,105,100
|
$ 119,392
|
|
|
Weighted Average Exercise Price Per Share Exercise Price Warrants Exercisable |
|
|
|
$ 0.075
|
$ 0.079
|
$ 0.0827
|
$ 0.09
|
Number of Shares, Warrants redeemed |
|
|
|
|
(500,000)
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Exercise Price Per Share Warrants Outstanding Beginning |
|
0.06
|
|
0.06
|
$ 0.06
|
0.06
|
|
Exercise Price Per Share Warrants Outstanding Ending |
|
|
|
|
0.06
|
0.06
|
0.06
|
Exercise Price Per Share Warrants Exercisable Ending |
|
|
|
|
0.06
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Exercise Price Per Share Warrants Outstanding Beginning |
|
$ 0.10
|
|
$ 0.10
|
0.10
|
0.10
|
|
Exercise Price Per Share Warrants Outstanding Ending |
|
|
|
|
0.10
|
$ 0.10
|
$ 0.10
|
Exercise Price Per Share Warrants Exercisable Ending |
|
|
|
|
$ 0.10
|
|
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SCHEDULE OF CHANGES IN RESTRICTED STOCK UNITS (Details) - Restricted Stock Units [Member] - $ / shares
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of Shares, RSU's Beginning balance |
1,450,000
|
10,262,500
|
Weighted Average Grant Date Fair Value, RSU's Outstanding Beginning |
$ 0.09
|
$ 0.08
|
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21,050,000
|
2,900,000
|
Weighted Average Grant Date Fair Value, RSU's granted |
$ 0.077
|
$ 0.091
|
Number of Shares, RSU's vested |
(5,000,000)
|
(5,000,000)
|
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|
|
Number of Shares, RSU's forfeited |
|
|
Weighted Average Grant Date Fair Value, RSU's forfeited |
|
|
Number of Shares, RSU's Ending balance |
17,000,000
|
8,162,500
|
Weighted Average Grant Date Fair Value, RSU's Outstanding Ending |
$ 0.08
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$ 0.09
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v3.24.2.u1
COMMON STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
Apr. 01, 2024 |
Jan. 01, 2024 |
May 31, 2024 |
Jan. 31, 2024 |
Apr. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Restricted stock expense vesting |
|
|
|
|
|
|
|
$ 447,750
|
$ 515,975
|
Restricted stock expenses yet to be recognized |
|
|
|
|
|
|
|
$ 1,312,695
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
16,624,612
|
|
Number of Shares, Warrants exercised |
|
|
|
|
|
|
|
24,534,000
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Number of Shares, warrants granted |
5,000,000
|
|
|
2,000,000
|
10,665,000
|
|
|
7,000,000
|
10,665,000
|
Exercise price per share warrants granted |
|
|
|
$ 0.075
|
$ 0.0775
|
|
|
$ 0.075
|
$ 0.0775
|
Vest period |
|
|
|
3 years
|
3 years
|
|
|
|
|
Number of Shares, Warrants exercised |
|
|
|
|
|
|
|
24,534,000
|
|
Restricted Stock Units [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Number of restricted shares unit granted |
|
|
|
|
|
|
|
21,050,000
|
2,900,000
|
Restricted stock units vested |
|
|
|
|
|
|
|
5,000,000
|
5,000,000
|
Restricted Stock Units [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Vest period |
|
2 years
|
|
|
|
|
|
|
|
Number of restricted shares unit granted |
|
20,000,000
|
|
|
|
|
|
|
|
Restricted stock units vested |
|
|
|
|
|
|
|
5,000,000
|
|
Restricted Stock Units (RSUs) [Member] | Consultants [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Number of restricted shares unit granted |
|
|
1,050,000
|
|
|
|
|
|
|
Equity Option [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
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v3.24.2.u1
COMMITMENT (Details Narrative) - Dr. Michael K. Korenko [Member] - USD ($)
|
Jan. 01, 2024 |
Jun. 04, 2019 |
Employment Agreement [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Agreement term description |
|
The employment term under the Employment Agreement commenced with an effective
date of June 11, 2019 and expires on December 31, 2020, and December 31 of each successive year if the Employment Agreement is extended,
unless terminated earlier as set forth in the Employment Agreement. On December 31, 2020, the Company extended the Employment Agreement
through December 31, 2021 while renegotiating terms of a new Employment Agreement. On May 3, 2021, the Company and the Chief Executive
Officer agreed the terms of a new Employment Agreement with an effective date of January 1, 2021 that has a term of three years and expired
December 31, 2023. The Company renewed the Employment Agreement for a term of two years expiring December 31, 2025.
|
Compensation amount |
$ 295,500
|
|
Discretionary bonus |
$ 10,000
|
|
Vest period |
2 years
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Granted restricted stock units |
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|
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v3.24.2.u1
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
Jul. 17, 2024 |
Jul. 31, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2024 |
Subsequent Event [Line Items] |
|
|
|
|
|
Shares of common stock |
|
|
|
|
162,600
|
Services value of common stock |
|
|
$ 3,750
|
$ 9,482
|
$ 13,232
|
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Shared settled |
|
500,000
|
|
|
|
Common Stock And Warrant [Member] | Subsequent Event [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Shares of common stock |
|
295,306
|
|
|
|
Cashless exercise of warrants |
|
500,000
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Shares of common stock |
|
|
|
|
16,624,612
|
Shares of common stock |
|
|
22,766
|
139,834
|
|
Services value of common stock |
|
|
$ 22
|
$ 140
|
|
Number of common stock shares issued, value |
|
|
|
|
$ 839,000
|
Common Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Shares of common stock |
|
250,000
|
|
|
|
Services value of common stock |
|
$ 51,475
|
|
|
|
Offering price per share |
$ 0.015
|
|
|
|
|
Common Stock [Member] | Subsequent Event [Member] | Maximum [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Number of common stock shares issued, value |
$ 60,000,000
|
|
|
|
|
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