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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 September 30, 2023
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: 001-41488
SHUTTLE
PHARMACEUTICALS HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
82-5089826 |
(State
or other jurisdiction of |
|
(I.R.S.
Employer |
incorporation
or organization) |
|
Identification
No.) |
401
Professional Drive, Suite 260
Gaithersburg,
MD 20879
(Address
of principal executive offices) (Zip Code)
(240)
403-4212
(Registrant’s
telephone number, including area code)
N/A
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock |
|
SHPH |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
|
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The
number of shares outstanding of the registrant’s common stock on November 13, 2023 was 15,999,125.
Shuttle
Pharmaceuticals Holdings, Inc.
Form
10-Q
For
the Quarterly Period Ended September 30, 2023
TABLE
OF CONTENTS
PART
I. Financial Information
Item
1. Unaudited Condensed Consolidated Financial Statements
Shuttle
Pharmaceuticals Holdings, Inc.
Condensed
Consolidated Balance Sheets
(Unaudited)
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 3,885,997 | | |
$ | 8,417,203 | |
Prepaid expenses | |
| 170,104 | | |
| 161,148 | |
Marketable securities | |
| 2,920,592 | | |
| - | |
Accrued interest income | |
| 12,435 | | |
| - | |
Other assets | |
| 6,480 | | |
| - | |
Total Current Assets | |
| 6,995,608 | | |
| 8,578,351 | |
| |
| | | |
| | |
Property and equipment, net | |
| 26,810 | | |
| 12,592 | |
Other assets | |
| - | | |
| 6,480 | |
Operating lease right-of-use asset | |
| 353,400 | | |
| 56,122 | |
Total Assets | |
$ | 7,375,818 | | |
$ | 8,653,545 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 180,000 | | |
$ | 116,745 | |
Accounts payable and accrued expenses related party | |
| - | | |
| 12,500 | |
Accounts payable and accrued expenses | |
| - | | |
| 12,500 | |
Accrued interest payable | |
| 106,578 | | |
| - | |
Accrued interest payable - related parties | |
| - | | |
| 98,135 | |
Accrued interest payable | |
| - | | |
| 98,135 | |
Notes payable to related parties | |
| - | | |
| 685,473 | |
Convertible notes payable, net | |
| 462,825 | | |
| - | |
Operating lease liability | |
| 61,034 | | |
| 62,823 | |
Total Current Liabilities | |
| 810,437 | | |
| 975,676 | |
| |
| | | |
| | |
Convertible notes payable non-current, net | |
| 134,382 | | |
| - | |
Derivative liabilities | |
| 512,825 | | |
| - | |
Operating lease liability non-current | |
| 308,425 | | |
| - | |
Total Liabilities | |
| 1,766,069 | | |
| 975,676 | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
Series A Convertible Preferred Stock, $0.00001 par value; $1,000 per share liquidation value; 20,000,000 shares authorized; no shares outstanding | |
| - | | |
| - | |
Common stock, $0.00001 par value; 100,000,000 shares authorized; 15,999,125 and 13,603,129 shares issued and outstanding, respectively | |
| 160 | | |
| 136 | |
Additional paid in capital | |
| 19,456,701 | | |
| 16,572,622 | |
Accumulated deficit | |
| (13,847,112 | ) | |
| (8,894,889 | ) |
Total Stockholders’ Equity | |
| 5,609,749 | | |
| 7,677,869 | |
Total Liabilities and Stockholders’ Equity | |
$ | 7,375,818 | | |
$ | 8,653,545 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Shuttle
Pharmaceuticals Holdings, Inc.
Condensed
Consolidated Statements of Operations
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Research and development, net of contract expense reimbursements | |
| 1,140,307 | | |
| 669,038 | | |
| 3,084,488 | | |
| 1,048,821 | |
General and administrative | |
| 170,423 | | |
| 81,864 | | |
| 452,342 | | |
| 104,711 | |
Legal and professional | |
| 288,416 | | |
| 70,566 | | |
| 1,072,728 | | |
| 659,958 | |
Total operating expenses | |
| 1,599,146 | | |
| 821,468 | | |
| 4,609,558 | | |
| 1,813,490 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (1,599,146 | ) | |
| (821,468 | ) | |
| (4,609,558 | ) | |
| (1,813,490 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Interest expense - related parties | |
| - | | |
| (13,725 | ) | |
| (6,825 | ) | |
| (39,108 | ) |
Interest expense | |
| (623,465 | ) | |
| (604,716 | ) | |
| (1,952,147 | ) | |
| (920,660 | ) |
Interest income | |
| 20,765 | | |
| - | | |
| 56,720 | | |
| - | |
Finance fee | |
| - | | |
| - | | |
| (104,245 | ) | |
| - | |
Change in fair value of derivative liabilities | |
| 442,900 | | |
| 112,797 | | |
| 2,118,175 | | |
| 94,025 | |
Gain on sale of marketable securities | |
| - | | |
| - | | |
| 1,744 | | |
| - | |
Change in fair value of marketable securities | |
| 9,606 | | |
| - | | |
| 21,134 | | |
| - | |
Loss on settlement of convertible debt | |
| (43,414 | ) | |
| - | | |
| (477,221 | ) | |
| - | |
Gain on settlement of accounts payable | |
| - | | |
| 328,687 | | |
| - | | |
| 328,687 | |
Gain on forgiveness of Paycheck Protection Program note payable | |
| - | | |
| - | | |
| - | | |
| 73,007 | |
Total other income (expense) | |
| (193,608 | ) | |
| (176,957 | ) | |
| (342,665 | ) | |
| (464,049 | ) |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
Net loss | |
$ | (1,792,754 | ) | |
$ | (998,425 | ) | |
$ | (4,952,223 | ) | |
$ | (2,277,539 | ) |
| |
| | | |
| | | |
| | | |
| | |
Dividend on Series A Preferred Stock | |
| - | | |
| (19,473 | ) | |
| - | | |
| (71,009 | ) |
Net loss attributable to common stockholders | |
$ | (1,792,754 | ) | |
$ | (1,017,898 | ) | |
$ | (4,952,223 | ) | |
$ | (2,348,548 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding - basic and diluted | |
| 15,744,210 | | |
| 10,164,979 | | |
| 14,554,878 | | |
| 9,723,510 | |
Net loss per shares - basic and diluted | |
$ | (0.11 | ) | |
$ | (0.10 | ) | |
$ | (0.34 | ) | |
$ | (0.23 | ) |
Net loss per shares - basic | |
$ | (0.11 | ) | |
$ | (0.10 | ) | |
$ | (0.34 | ) | |
$ | (0.23 | ) |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Shuttle
Pharmaceuticals Holdings, Inc.
Condensed
Consolidated Statements of Changes in Stockholders’ Equity (Deficit)
(Unaudited)
For
the Three and Nine Months Ended September 30, 2023
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
be Issued | | |
Deficit | | |
Equity | |
| |
Series A Preferred Stock | | |
Common Stock | | |
Additional
Paid in | | |
Common
Stock to | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
be Issued | | |
Deficit | | |
Equity | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - December 31, 2022 | |
| - | | |
$ | - | | |
| 13,603,129 | | |
$ | 136 | | |
$ | 16,572,622 | | |
$ | - | | |
$ | (8,894,889 | ) | |
$ | 7,677,869 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants issued for financing costs | |
| - | | |
| - | | |
| - | | |
| - | | |
| 99,543 | | |
| - | | |
| - | | |
| 99,543 | |
Financing fees allocated to warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| (8,727 | ) | |
| - | | |
| - | | |
| (8,727 | ) |
Common stock issued for conversion of accrued interest and principal | |
| - | | |
| - | | |
| 50,998 | | |
| 1 | | |
| 104,546 | | |
| - | | |
| - | | |
| 104,547 | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 8,333 | | |
| - | | |
| - | | |
| 8,333 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (975,097 | ) | |
| (975,097 | ) |
Balance - March 31, 2023 | |
| - | | |
| - | | |
| 13,654,127 | | |
| 137 | | |
| 16,776,317 | | |
| - | | |
| (9,869,986 | ) | |
| 6,906,468 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for conversion of accrued interest and principal | |
| - | | |
| - | | |
| 1,827,911 | | |
| 18 | | |
| 2,163,974 | | |
| - | | |
| - | | |
| 2,163,992 | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 49,522 | | |
| - | | |
| - | | |
| 49,522 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,184,372 | ) | |
| (2,184,372 | ) |
Balance - June 30,2023 | |
| - | | |
$ | - | | |
| 15,482,038 | | |
$ | 155 | | |
$ | 18,989,813 | | |
$ | - | | |
$ | (12,054,358 | ) | |
$ | 6,935,610 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for conversion of convertible debt | |
| - | | |
| - | | |
| 502,087 | | |
| 5 | | |
| 429,305 | | |
| - | | |
| - | | |
| 429,310 | |
Common stock issued for restricted stock units | |
| - | | |
| - | | |
| 15,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Stock based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 37,583 | | |
| - | | |
| - | | |
| 37,583 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,792,754 | ) | |
| (1,792,754 | ) |
Balance - September 30, 2023 | |
| - | | |
$ | - | | |
| 15,999,125 | | |
$ | 160 | | |
$ | 19,456,701 | | |
$ | - | | |
$ | (13,847,112 | ) | |
$ | 5,609,749 | |
For
the Three and Nine Months Ended September 30, 2022
| |
Series A Preferred Stock | | |
Common Stock | | |
Additional
Paid in | | |
Common
Stock to | | |
Accumulated | | |
Total
Stockholders’ Equity | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
be Issued | | |
Deficit | | |
(Deficit) | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - December 31, 2021 | |
| 1,213 | | |
$ | - | | |
| 9,312,152 | | |
$ | 93 | | |
$ | 4,150,867 | | |
$ | 16,340 | | |
$ | (5,795,432 | ) | |
$ | (1,628,132 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants issued for financing costs | |
| - | | |
| - | | |
| - | | |
| - | | |
| 319,643 | | |
| - | | |
| - | | |
| 319,643 | |
Common stock issued for conversion of accrued interest | |
| - | | |
| - | | |
| 839 | | |
| - | | |
| 16,340 | | |
| (16,340 | ) | |
| - | | |
| - | |
Common stock issued for restricted stock units | |
| - | | |
| - | | |
| 5,104 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 166,533 | | |
| - | | |
| - | | |
| 166,533 | |
Dividends on Series A preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (25,768 | ) | |
| (25,768 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (681,839 | ) | |
| (681,839 | ) |
Balance - March 31, 2022 | |
| 1,213 | | |
| - | | |
| 9,318,095 | | |
| 93 | | |
| 4,653,383 | | |
| - | | |
| (6,503,039 | ) | |
| (1,849,563 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for restricted stock units | |
| - | | |
| - | | |
| 5,104 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 166,533 | | |
| - | | |
| - | | |
| 166,533 | |
Dividends on Series A preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (25,768 | ) | |
| (25,768 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (597,275 | ) | |
| (597,275 | ) |
Balance - June 30, 2022 | |
| 1,213 | | |
$ | - | | |
| 9,323,199 | | |
$ | 93 | | |
$ | 4,819,916 | | |
$ | - | | |
$ | (7,126,082 | ) | |
$ | (2,306,073 | ) |
Balance | |
| 1,213 | | |
$ | - | | |
| 9,323,199 | | |
$ | 93 | | |
$ | 4,819,916 | | |
$ | - | | |
$ | (7,126,082 | ) | |
$ | (2,306,073 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for cash | |
| - | | |
| - | | |
| 1,409,771 | | |
| 14 | | |
| 10,031,401 | | |
| - | | |
| - | | |
| 10,031,415 | |
Warrants exercised for cash | |
| - | | |
| - | | |
| 1,409,771 | | |
| 14 | | |
| 14,084 | | |
| - | | |
| - | | |
| 14,098 | |
Warrants issued for financing costs | |
| - | | |
| - | | |
| - | | |
| - | | |
| 92,598 | | |
| - | | |
| - | | |
| 92,598 | |
Common stock issued for conversion of convertible debt | |
| - | | |
| - | | |
| 147,500 | | |
| 1 | | |
| 588,523 | | |
| - | | |
| - | | |
| 588,524 | |
Common stock issued for exercise of warrants with settlement of notes payable | |
| - | | |
| - | | |
| 857,780 | | |
| 9 | | |
| 576,467 | | |
| - | | |
| - | | |
| 576,476 | |
Common stock issued for restricted stock units | |
| - | | |
| - | | |
| 1,045 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 23,667 | | |
| - | | |
| - | | |
| 23,667 | |
Dividends on Series A preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (19,473 | ) | |
| (19,473 | ) |
Common shares issued for dividends on and conversion of Series A preferred stock | |
| (1,213 | ) | |
| - | | |
| 437,327 | | |
| 5 | | |
| 402,064 | | |
| - | | |
| - | | |
| 402,069 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (998,425 | ) | |
| (998,425 | ) |
Balance - September 30, 2022 | |
| - | | |
$ | - | | |
| 13,586,393 | | |
$ | 136 | | |
$ | 16,548,719 | | |
$ | - | | |
$ | (8,143,980 | ) | |
$ | 8,404,875 | |
Balance | |
| - | | |
$ | - | | |
| 13,586,393 | | |
$ | 136 | | |
$ | 16,548,719 | | |
$ | - | | |
$ | (8,143,980 | ) | |
$ | 8,404,875 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Shuttle
Pharmaceuticals Holdings, Inc.
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
| |
2023 | | |
2022 | |
| |
Nine Months Ended | |
| |
September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (4,952,223 | ) | |
$ | (2,277,539 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 4,828 | | |
| 4,484 | |
Change in fair value of derivative liabilities | |
| (2,118,175 | ) | |
| (94,025 | ) |
Amortization of debt discount and finance fees | |
| 1,654,724 | | |
| 885,505 | |
Gain on marketable securities | |
| (1,744 | ) | |
| - | |
Change in fair value of marketable securities | |
| (21,134 | ) | |
| - | |
Accrued interest settled with common stock | |
| 294,927 | | |
| - | |
Loss on settlement of convertible debt | |
| 477,221 | | |
| - | |
Gain on settlement of accounts payable | |
| - | | |
| (328,687 | ) |
Gain on forgiveness of Paycheck Protection Program note payable | |
| - | | |
| (73,007 | ) |
Gain on interest relief on conversion of notes payable | |
| - | | |
| 12,625 | |
Stock-based compensation | |
| 95,438 | | |
| 356,733 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accrued interest income | |
| (12,435 | ) | |
| - | |
Contracts receivable | |
| - | | |
| (5,954 | ) |
Prepaid expenses | |
| (8,956 | ) | |
| (158,276 | ) |
Operating lease right of use asset | |
| - | | |
| - | |
Accounts payable and accrued expenses | |
| 63,255 | | |
| (392,473 | ) |
Accounts payable and accrued expenses - related parties | |
| (12,500 | ) | |
| - | |
Accrued interest payable | |
| 106,578 | | |
| 5,727 | |
Accrued interest payable - related parties | |
| (98,135 | ) | |
| 38,286 | |
Change in operating lease asset and liability | |
| 9,358 | | |
| (3,986 | ) |
Net cash used in operating activities | |
| (4,518,973 | ) | |
| (2,030,587 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Proceeds from disposition of marketable securities | |
| 80,000 | | |
| - | |
Purchase of equipment | |
| (19,046 | ) | |
| - | |
Net cash used in investing activities | |
| (2,916,760 | ) | |
| - | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds from issuance of common shares and exercise of warrants | |
| - | | |
| 10,045,513 | |
Proceeds from note payable-related party | |
| - | | |
| 50,000 | |
Repayment of note payable-related party | |
| (685,473 | ) | |
| (50,000 | ) |
Proceeds from convertible notes payable and warrants | |
| 3,935,000 | | |
| 600,715 | |
Payment for finance costs related to convertible note payable | |
| (345,000 | ) | |
| - | |
Net cash provided by financing activities | |
| 2,904,527 | | |
| 10,646,228 | |
| |
| | | |
| | |
Net change in cash and cash equivalents | |
| (4,531,206 | ) | |
| 8,615,641 | |
Cash and cash equivalents, beginning of period | |
| 8,417,203 | | |
| 504,749 | |
Cash and cash equivalents, end of period | |
$ | 3,885,997 | | |
$ | 9,120,390 | |
| |
| | | |
| | |
Cash paid for: | |
| | | |
| | |
Interest | |
$ | 102,373 | | |
$ | 17,489 | |
Income taxes | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Supplemental non-cash financing activities: | |
| | | |
| | |
Common stock issued for conversion of accrued interest | |
$ | - | | |
$ | 16,340 | |
Common stock issued for settlement of debt | |
$ | 2,697,849 | | |
$ | 588,524 | |
Common stock issued for exercise of warrants with settlement of notes payable | |
$ | - | | |
$ | 576,476 | |
Common stock issued for dividend payable | |
$ | - | | |
$ | 402,067 | |
Warrants issued for financing fees | |
$ | 90,816 | | |
$ | - | |
Initial recognition of right of use asset and liability | |
$ | 365,556 | | |
$ | - | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Shuttle
Pharmaceuticals Holdings, Inc.
Notes
to Unaudited Condensed Consolidated Financial Statements
September
30, 2023
Note
1 – Organization and Liquidity
Organization
and Line of Business
The
Company was formed as Shuttle Pharmaceuticals, LLC, in the State of Maryland on December 18, 2012. On August 12, 2016, the Company filed
articles of conversion with the State of Maryland to convert from an LLC to a C corporation, at which time the Company changed its name
to Shuttle Pharmaceuticals, Inc. (“Shuttle”). In connection with the conversion the Company issued 45,000,000 shares of common
stock in exchange for 100% of the outstanding membership interests in Shuttle prior to conversion. On June 4, 2018, Shuttle completed
a reverse merger with Shuttle Pharmaceuticals Holdings, Inc. (then known as Shuttle Pharma Acquisition Corp, Inc.), a Delaware corporation
(the “Company”), pursuant to which Shuttle, our operating entity, became a wholly owned subsidiary of the Company.
The
Company’s primary purpose is to develop and commercialize unique drugs for the sensitization of cancers and protection of normal
tissues, with the goal of improving outcomes for cancer patients receiving radiation therapy. Shuttle has deployed its proprietary technology
to develop novel cancer immunotherapies, producing a pipeline of selective HDAC inhibitors for cancer and immunotherapy applications.
The Company’s HDAC platform is designed to target candidate molecules with potential roles in therapeutics beyond cancer, including
autoimmune, inflammatory, metabolic, neurological and infectious diseases. The Company’s Ropidoxuridine product, which is used
with radiation therapy to sensitize cancer cells, was funded by a Small Business Innovation Research (“SBIR”) contract provided
by the National Cancer Institute (“NCI”), a unit of the National Institutes of Health (“NIH”). Ropidoxuridine
has been further developed though the Company’s collaborations with scientists at the University of Virginia for use in combination
with proton therapy to improve patient survival. Historically, and prior to the Company’s initial public offering, the Company
has obtained funding to develop products through NIH grants, including a product to predict late effects of radiation with metabolite
biomarkers and develop prostate cancer cell lines in health disparities research.
The
production and marketing of the Company’s products and its ongoing research and development activities will be and are subject
to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any products
or combination of products developed by the Company must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive
regulatory approval process implemented by the Food and Drug Administration (“FDA”) under the Food, Drug and Cosmetic Act.
There can be no assurance that the Company will not encounter problems in clinical trials that will cause the Company or the FDA to delay
or suspend clinical trials.
The
Company’s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and
operate without infringing on the proprietary rights of others, both in the United States and in other countries. There can be no assurance
that patents issued to or licensed by the Company will not be challenged, invalidated or circumvented, or that the rights granted thereunder
will provide proprietary protection or competitive advantages to the Company now or in the future.
Liquidity
The
Company has incurred losses since inception and a net loss of $4,952,223 during the nine months ended September 30, 2023. However, in
September 2022, the Company completed its initial public offering of common stock, generating net proceeds of $10,022,193. Additionally,
in January 2023, the Company entered into a securities purchase agreement with an institutional investor through which the Company sold
a convertible note with a principal value of $4,300,000, along with a four year warrant to purchase 1,018,079 shares of common stock,
exercisable at $2.35 per share, providing the Company with $3,590,000 in net proceeds. To date, the warrant has not yet been exercised.
Consequently, the Company’s existing cash resources and marketable securities and the cash received from the equity offering are
expected to provide sufficient funds to carry out the Company’s planned operations through the fourth quarter of 2024.
Note
2 – Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“GAAP”) for interim financial statements and with the instructions to Form 10-Q
and Rule 8-03 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not
contain all information and notes required by accounting principles generally accepted in the United States of America for annual financial
statements. A complete discussion of the Company’s significant accounting policies is included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2022.
In
the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all of
the adjustments necessary to present the financial position of the Company as of September 30, 2023 and the results of operations and
cash flows for the periods presented. The accompanying condensed consolidated financial statements of the Company have not been audited
by the Company’s independent registered public accounting firm, except that the year-end condensed consolidated balance sheet was
derived from audited financial statements. The results of operations for the three and nine months ended September 30, 2023 are not necessarily
indicative of the operating results for the full fiscal year or any future period. These unaudited condensed consolidated financial statements
should be read in conjunction with the financial statements and related notes thereto for the year ended December 31, 2022 included in
the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2023.
Basis
of Consolidation
The
unaudited condensed consolidated financial statements have been prepared on a consolidated basis with those of the Company’s
wholly-owned subsidiary, Shuttle Pharmaceuticals, Inc. All intercompany transactions and balances have been eliminated.
Reclassifications
Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations.
Use
of Estimates
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts,
historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that
are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from
the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future
results of operations will be affected. Significant estimates are contained in the accompanying condensed consolidated financial
statements for the valuation of derivatives, share-based compensation, useful lives
for depreciation and amortization of long-lived assets, and the incremental borrowing rate used on right-of-use assets.
Cash
and Cash Equivalents
Cash
and cash equivalents include cash in bank accounts and money market funds with maturities of less than three months from inception, which
are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss
in value. As of September 30, 2023 and December 31, 2022, cash and cash equivalents consisted of the following:
Schedule
of Cash and Cash Equivalents
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Cash | |
$ | 2,867,519 | | |
$ | 5,411,378 | |
Money market funds | |
| 1,018,478 | | |
| 3,005,825 | |
Total cash
and cash equivalents | |
$ | 3,885,997 | | |
$ | 8,417,203 | |
Periodically,
the Company may carry cash balances at financial institutions in excess of the federally insured limit of $250,000 per institution. The
amount in excess of the FDIC insurance as of September 30, 2023 was approximately $3,256,000. The Company has not experienced losses
on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to
these deposits is not significant.
Marketable
Securities
Our
investments in debt securities are carried at fair value. Investments in debt securities that are not classified as held-to-maturity
are carried at fair value and classified as either trading or available-for-sale. Realized and unrealized gains and losses on trading
of debt securities are charged to income.
The
marketable securities held by the Company, which are classified as trading marketable securities, consisted of an outstanding balance
of $2,920,592 and $0 as of September 30, 2023 and December 31, 2022, respectively. During the nine months ended September 30, 2023 and
2022, the Company recognized interest income of $56,720 and $0, realized gains of $1,744 and $0, and unrealized gains of $21,134 and
$0, respectively.
Fair
Value of Financial Instruments
The
Company follows accounting guidelines on fair value measurements for financial instruments measured on a recurring basis, as well as
for certain assets and liabilities that are initially recorded at their estimated fair values. Fair Value is defined as the exit price,
or the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
as of the measurement date. The Company uses the following three-level hierarchy that maximizes the use of observable inputs and minimizes
the use of unobservable inputs to value its financial instruments:
|
● |
Level
1: Observable inputs such as unadjusted quoted prices in active markets for identical instruments. |
|
|
|
|
● |
Level
2: Quoted prices for similar instruments that are directly or indirectly observable in the marketplace. |
|
|
|
|
● |
Level
3: Significant unobservable inputs which are supported by little or no market activity and that are financial instruments whose values
are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which
the determination of fair value requires a significant judgment or estimation. |
Financial
instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair
value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety
requires the Company to make judgments and consider factors specific to the asset or liability. The use of different assumptions and/or
estimation methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed, or initial
amounts recorded, may not be indicative of the amount that the Company or holders of the instruments could realize in a current market
exchange.
The
carrying amounts of the Company’s financial instruments including cash and cash equivalents, prepaid expenses, accounts payable
and accrued liabilities approximate fair value due to the short-term maturities of these instruments.
Set
out below are the Company’s financial instruments that are required to be remeasured at fair value on a recurring basis and their
fair value hierarchy as of September 30, 2023 (none for December 31, 2022):
Schedule
of Fair Value, Assets and Liabilities Measured on Recurring Basis
September 30, 2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Carrying Value | |
Assets | |
| | | |
| | | |
| | | |
| | |
Marketable Securities: | |
| | | |
| | | |
| | | |
| | |
United States Treasury Bonds | |
$ | 2,920,592 | | |
$ | - | | |
$ | - | | |
$ | 2,920,592 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Derivative Liability - Warrants | |
$ | - | | |
$ | - | | |
$ | 497,157 | | |
$ | 497,157 | |
Derivative Liability - Accelerated feature | |
| - | | |
| - | | |
| 15,668 | | |
| 15,668 | |
Total Liabilities | |
$ | - | | |
$ | - | | |
$ | 512,825 | | |
$ | 512,825 | |
Derivative
Financial Instruments
The
Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. We evaluate all of our
financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For
derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value
and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For our derivative
financial instruments, the Company used a Monte Carlo valuation model to value the derivative instruments at inception and on subsequent
valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or
as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or
non-current based on whether or not net-cash settlement or conversion of the instrument could be required within twelve (12) months of
the balance sheet date.
Research
and Development Expenses
Research
and development expenses are charged to expense as incurred. Research and development expenses include, but are not limited to, product
development, clinical and regulatory expenses, payroll and other personnel expenses, materials, supplies, related subcontract expenses,
and consulting costs. In September of 2022, TCG GreenChem, Inc. (“TCG GreenChem”) was contracted for process research, development
and cGMP compliant manufacture of IpdR, for which the final report was completed and delivered by TCG GreenChem during September 2023.
The total project cost was $1,500,000 paid in four milestone payments. The Company has made all required milestone payments as follows:
the first payment of $450,000 was paid during the quarter ended September 30, 2022, pursuant to which TCG GreenChem commenced work on
the project, the second milestone payment of $300,000 was paid during the three months ended March 31, 2023, the third payment of $300,000
was paid on June 8, 2023, and the final payment of $450,000 was made during September 2023. As of the date of this filing, sufficient
quantities of the API have been completed in order to perform our Phase II clinical trial. On September 14, 2023 the FDA
provided written responses to Shuttle’s request for pre-investigational new drug application (PIND) meeting to discuss the clinical
development of Ropidoxuridine and a new Phase II protocol in patients with unME-MGMT glioblastoma. The positive feedback from the FDA
has been incorporated into the clinical trial protocol.
Regarding
the accounting treatment for reimbursements, GAAP provides limited guidance on the accounting for government grants received by for-profit
companies. We understand there is more than one acceptable alternative for the accounting treatment – a reduction of costs, a deferred
credit to be amortized, revenue or other income. The Company has concluded that reimbursements are more akin to a reduction of costs
and applies reimbursements against incurred research costs.
Net
Loss Per Common Stock
Net
loss per share of common stock requires presentation of basic earnings per share on the face of the statements of operations for all
entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic earnings per share
computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average
number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing net income by the weighted
average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the
potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants unless
the result would be antidilutive.
The
dilutive effect of restricted stock units subject to vesting and other share-based payment awards is calculated using the “treasury
stock method,” which assumes that the “proceeds” from the exercise of these instruments are used to purchase common
shares at the average market price for the period. The dilutive effect of convertible securities is calculated using the “if-converted
method.” Under the if-converted method, securities are assumed to be converted at the beginning of the period, and the resulting
shares of common stock are included in the denominator of the diluted calculation for the entire period being presented.
For
the three and nine months ended September 30, 2023 and 2022, the following common stock equivalents were excluded from the
computation of diluted net loss per share as the result of the computation was anti-dilutive.
Schedule
of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | |
Convertible notes (Note 6) | |
| 1,101,830 | | |
| - | |
Warrants | |
| 1,446,155 | | |
| 20,000 | |
Restricted stock units | |
| 168,050 | | |
| - | |
| |
| 2,716,035 | | |
| 20,000 | |
Recent
Accounting Pronouncements
The
Company has considered all recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have
a material impact on its financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under
the circumstances.
Note
3 – Leases
Operating
lease right-of-use (“ROU”) assets and liabilities are recognized at the present value of the future lease payments as of
the lease commencement date. The interest rate used to determine the present value of our lease ending in October of 2023 was our incremental
borrowing rate estimated at 10% when the lease was entered into in 2019. Our new lease beginning in June of 2023, the interest rate used
was an equity built up, risk adjusted rate, estimated to be 10.48%, as the interest rate implicit in most of our leases is not readily
determinable. Operating lease expense is recognized on a straight-line basis over the lease term.
The
Company currently has two lease agreements which allow for the use of a laboratory facility. The first is for a monthly payment of $6,480,
with a security deposit of $6,480 held for the duration of the lease, and commenced on October 1, 2018, with the first payment made on
January 1, 2019 and an expiry date of October 31, 2023. On February 16, 2023, the Company entered into a new lease agreement for new
office and laboratory space, with base rent of $7,206 per month for a period of 64 months, which increases at the rate of 3% per year,
that commenced June 1, 2023. The new lease included a six-month 50% rent abatement upon commencement. Additional common area maintenance
(“CAM”) fees are charged monthly and revised annually. The estimated monthly CAM fees are $3,300 per month for the first
year of the lease, which are being expensed as incurred. An irrevocable letter of credit (“LOC”) for the security deposit
of $43,234 and base rent of $3,891, including 50% abatement, and $3,315 of CAM cost, was due and paid on execution of the lease agreement.
Alexandria Real Estate (ARE-QRS-CORP) is the beneficiary of the LOC, and the expiry date of the LOC is February 15, 2024.
The
following summarizes the right-of use asset and lease information for the Company’s operating leases:
Schedule
of Right-of Use Asset and Lease Information About Operating Lease
| |
2023 | | |
2022 | |
| |
Nine Months Ended | |
| |
September 30, | |
| |
2023 | | |
2022 | |
Operating lease cost | |
$ | 83,230 | | |
$ | 52,631 | |
Sublease income | |
| (6,377 | ) | |
| (4,949 | ) |
Total lease cost | |
$ | 76,853 | | |
$ | 47,682 | |
| |
| | | |
| | |
Other information | |
| | | |
| | |
Cash paid for operating cash flows from operating leases | |
$ | 73,884 | | |
$ | 56,617 | |
Right-of-use assets obtained in exchange for new operating lease liability | |
$ | 365,556 | | |
$ | - | |
| |
| | | |
| | |
Weighted-average remaining lease term — operating leases (year) | |
| 4.93 | | |
| 1.05 | |
Weighted-average discount rate — operating leases | |
| 10.48 | % | |
| 10 | % |
Future
non-cancelable minimum lease payments under the operating lease liability as of September 30, 2023, are as follows:
Schedule
of Future Non-cancelable Minimum Lease Payments Under the Operating Lease Liability
Years
Ended December 31, | |
Lease
Ending
August 31, 2028 | | |
Lease
Ending
October 31, 2023 | |
| |
As of September 30, 2023 | |
Years Ended December 31, | |
Lease Ending
August 31, 2028 | | |
Lease Ending
October 31, 2023 | |
2023 (remaining three months) | |
$ | 15,677 | | |
$ | 6,480 | |
2024 | |
| 91,545 | | |
| - | |
2025 | |
| 94,247 | | |
| - | |
2026 | |
| 97,074 | | |
| - | |
2027 | |
| 99,986 | | |
| - | |
2028 | |
| 68,235 | | |
| - | |
Total future minimum lease payments | |
| 466,764 | | |
| 6,480 | |
Less: imputed interest | |
| (103,785 | ) | |
| - | |
Present value of payments | |
$ | 362,979 | | |
$ | 6,480 | |
Note
4 – Notes Payable-Related Party
On
December 1, 2020, the Company consolidated all of the outstanding loans owed to an officer of the Company and to his spouse, resulting
in the following two loans: (i) a single loan from the spouse of an officer of the Company, dated December 1, 2020, with a principal
balance of $, bearing interest at the rate of per annum, with a maturity date of ; and (ii) a single loan
owed to an officer of the Company in the principal amount of $139,229, bearing interest at the rate of 7.5% per annum, with a maturity
date of December 31, 2021. In December of 2021 the maturity dates of these loans were further extended to June 30, 2022. In July of 2022,
the notes were extended to June 30, 2023.
On
June 21, 2021, the Company entered into a loan from the spouse of an officer of the Company in the amount of $ (principal) with
an interest rate of per annum due June 21, 2022. In July of 2022, the loan was extended to June 30, 2023.
During
the six months ended June 30, 2023 principal payments of $ and interest of $ were paid. As of September 30, 2023 the principal
and interest balances for the related party notes were $0.
Note
5 – Convertible Notes and Notes Payable
Alto
Opportunity Master Fund, SPC
On
January 11, 2023, the Company entered into a securities purchase agreement (the “SPA”) with Alto Opportunity Master Fund,
SPC – Segregated Master Portfolio B, a Cayman entity (the “Investor”), pursuant to which the Company sold to the Investor
a $4,300,000 convertible note (the “Alto Convertible Note”) and warrant (the “Warrant”) to purchase 1,018,079
shares of common stock, exercisable at $2.35 per share, in exchange for gross proceeds of $3,935,000 million (the “Investment Amount”)
(See Note 6). The Company determined that the warrants contain a net cash settlement feature at inception and categorized the warrants
as a liability in the accompanying unaudited condensed consolidated financial statements. The Alto Convertible Note matures on March 11,
2025, but may be extended at the option of the noteholder. The Alto Convertible Note amortizes on a monthly basis and the Company can
make such monthly amortization payments in cash or, subject to certain equity conditions, in registered shares of common stock or a combination
thereof. Installments may be deferred by the noteholder, resulting in a variable interest rate. However, the effective interest rate
is approximately 366% based on the internal rate of return calculated on a series of cash flows that occur at regular intervals. For equity
repayment, the Alto Convertible Note is convertible into shares of common stock at a price per share equal to the lower of (i) $2.35,
(ii) 90% of the three lowest daily VWAPs of the 15 trading days prior to the payment date, or (iii) 90% of the VWAP of the trading day
prior to payment date. The noteholder may convert at any time at a fixed price of $2.35 per share. The noteholder has an acceleration
of installment amount conversion option (the “Acceleration Option”), whereby the noteholder, with certain share percentage
limitations, can convert to common stock any outstanding installment amount at an amount equal to the installment amount plus five times
(5x) the installment amount at any time. The Company has determined the Acceleration Option is an embedded derivative within the host
instrument and has bifurcated it from the host instrument and recorded it as a derivative liability valued at $1,442,000, using a Monte
Carlo simulation model (Note 7). The Convertible Note is repayable over 26 months and bears interest at the rate of 5% per annum. Additionally,
the note contains certain redemption options and “Make Whole” provisions.
In
conjunction with entry into the SPA, the Company entered into a series of related agreements, including a security agreement (the “Security
Agreement”), an intellectual property security agreement (the “IP Security Agreement”) and a subsidiary guaranty (the
“Subsidiary Guaranty”). The security agreements and guaranty allow, among other things, for the Investor to have a security
interest in and place a lien on all of the Company’s assets and intellectual property until such time as the Alto Convertible Note
is paid off. In addition, the SPA called for the Company to enter into a springing deposit account control agreement (the “Springing
DACA”), which, in the event the Company defaults on its repayment of the Alto Convertible Note, would allow the Investor to assume
control of the Company’s bank account only with regard to any funds remaining outstanding under the Alto Convertible Note. As such,
in conjunction with entry into the SPA, the Company established a separate bank account in which it deposited the Investment Amount and
pursuant to which the Company, the Investor and the bank holding the Investment Amount, First Republic Bank, entered into the Springing
DACA agreement. As the Investment Amount had been held at First Republic Bank, in light of certain banking crises then affecting smaller
banks, on March 12, 2023, the Company and the Investor moved the Investment Amount from First Republic Bank, after which time the Springing
DACA was no longer in effect. Further, pursuant to amendments to the SPA entered into in May and June of 2023, the Company and the Investor
agreed that all of the Investment Amount would be released to the Company and the relevant provision of the SPA which required the Springing
DACA would no longer be deemed applicable. In addition, the Company granted the Investor the option to purchase up to an additional $10
million in convertible notes and warrants on substantially the same terms as the Alto Convertible Note and Warrant, excluding the Springing
DACA requirement, with such option to be effective through December 31, 2025. The Company’s agreement with the Investor anticipates that the
Company will require additional capital and, as such, provides access to additional capital that the Company may need in order to complete
the Phase II clinical trial. The Company expects that such subsequent convertible notes and warrants would be issued on substantially
similar terms as the January 11, 2023 initial agreement, as amended, thus providing the Company the opportunity to negotiate certain
aspects of the agreement.
Boustead
Securities, LLC (“Boustead”) served as a placement agent for the Alto Convertible Note and Warrant offering and received
$345,000 cash compensation and a warrant to purchase 71,266 shares of common stock, exercisable at $2.35 per share. The Boustead warrant
was determined to be an equity instrument valued on a non-recurring basis. The Company used the Black Scholes valuation model using a
term of five years, volatility of 110%, a risk-free rate of 3.53% for a value of $99,543.
The
Company allocated the finance costs related to the Boustead placement agent fee of $345,000, based on the relative fair market values
of the Convertible Note and warrants issued. The allocation of the financing costs applied $232,027 to the debt component as a debt discount
that is being amortized to interest expense over the term of the Convertible Note, $104,245 to the warrant derivative liability component,
expensed as a finance fee, and $8,727 to the equity warrant as a reduction in additional paid in capital.
The
Company allocated to the debt component of the note an original discount of $300,000, legal fees of $65,000, $215,000 for additional
interest fees on day one added to note principal, $1,442,000 for the accelerated conversion feature, and $1,288,543 for the fair value
of warrants, resulting in an additional $3,310,543 debt discount that is being amortized to interest expense over the term of the Alto
Convertible Note.
During
the three and nine months ended September 30, 2023, the Company recorded interest expense of $623,465
and $1,952,147
respectively, which included amortization of debt discount as interest expense of $538,302
and $1,550,479 respectively. During the
three and nine months ended September 30, 2023, the Company settled $331,800
and $1,925,700
of principal, respectively, and settled $54,096
and $294,927,
respectively, of accrued interest, which settlements were made in the form of 502,087
and 2,380,996
shares of common stock, respectively, during the three and nine months ended September 30, 2023.
As
of September 30, 2023, the outstanding principal for the convertible note was $2,589,300 and the debt discount remaining was $1,992,093,
with a net convertible note carrying value of $597,207, which represents the current and non-current portions of the convertible note
as of September 30, 2023.
Note
6 – Stockholders’ Equity
Common
Stock
During
the three and nine months ended September 30, 2023, the Company issued:
|
● |
502,087
and 2,380,996 shares of common stock to settle $331,800 and $1,925,700 of principal and $54,096 and $294,927 of interest, respectively,
on a Convertible Note and incurred $43,414 and $477,221 of loss on settlement, respectively. |
|
● |
15,000 and 15,000 shares of common stock issued for vesting of restricted
stock units. |
During
the three and nine months ended September 30, 2022, the Company issued:
|
● |
0
and 839 shares of common stock for conversion of $0 and $16,340 of accrued interest, respectively. |
|
● |
1,045
and 11,253 shares of common stock upon vesting of restricted stock units, respectively. |
|
● |
1,409,771 and 1,409,771 shares of common stock upon completion of the Company’s initial public offering for
$10,031,415 and $10,031,415, respectively. |
|
● |
147,500 and 147,500 shares of common stock upon settlement of notes payable for $588,524 and $588,524, respectively. |
|
● |
2,267,551 and 2,267,551 shares of common stock upon exercise of warrants to settle notes payable for $590,574 and
$590,574, respectively. |
|
● |
336,810 and 336,810 shares of common stock upon conversion of preferred shares and 100,517 to settle dividends payable
for $402,068 and $402,068, respectively. |
Warrants
In
connection with the January 2023 Alto Convertible Note, Boustead was granted warrants to purchase 71,266 shares of common stock, at an
exercise price of $2.35 per share (Note 5). In addition, Alto was granted warrants to purchase 1,018,079 shares of common stock, at an
exercise price of $2.35 per share (Note 5, 7).
A
summary of activity regarding all warrants issued for the nine months ended September 30, 2023 were as follows:
Schedule
of Warrants Activity
| |
Number of | | |
Weighted Average | | |
Average | |
| |
warrants | | |
Exercise Price | | |
Life (years) | |
Outstanding, December 31, 2022 | |
| 356,810 | | |
$ | 3.92 | | |
| 2.79 | |
Granted - Boustead | |
| 71,266 | | |
| 2.35 | | |
| 5.00 | |
Granted - Ayrton | |
| 1,018,079 | | |
| 2.35 | | |
| 4.00 | |
Outstanding, September 30, 2023 | |
| 1,446,155 | | |
$ | 2.74 | | |
| 3.03 | |
The
intrinsic value of the warrants as of September 30, 2023 is $0. All of the outstanding warrants are exercisable as of September 30, 2023.
Equity
Incentive Plan
Our
2018 Equity Incentive Plan (the “2018 Plan”) provides for equity incentives to be granted to our employees, executive officers,
directors and key advisers and consultants. Equity incentive grants may be made in the form of stock options with an exercise price of
not less than the fair market value of the underlying shares as determined pursuant to the 2018 Equity Incentive Plan, restricted stock
awards, other stock-based awards, or any combination of the foregoing. The 2018 Equity Incentive Plan is administered by the Company’s
compensation committee. We have reserved 3,000,000 shares of our common stock for issuance under the 2018 Equity Incentive Plan. As of
September 30, 2023, 578,180 shares have been granted under the 2018 Equity Incentive Plan, of which 410,130 shares have vested.
Restricted
Stock Units
We
may grant restricted stock units (“RSU”) under our 2018 Plan. RSUs are bookkeeping entries representing an amount equal to
the fair market value of one share of our common stock. Subject to the provisions of our 2018 Plan, the administrator determines the
terms and conditions of RSUs, including the vesting criteria and the form and timing of payment. Notwithstanding the foregoing, the administrator,
in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed. RSUs granted typically vest annually
in one third increments from the date of appointment.
During
the nine months ended September 30, 2023 and 2022, pursuant to agreements with directors and officers, 159,326 and 0 RSUs with a value
of $291,400 and $0 were granted and compensation expense for the RSUs of $95,438 and $356,733, respectively, and was included in compensation
under Research and Development.
As
of September 30, 2023, there was $257,072 of unrecognized RSU compensation cost related to non-vested share-based compensation arrangements
which is expected to be recognized by the end of May 31, 2026.
A
summary of activity regarding the Restricted Stock Units issued follows:
Schedule
of Restricted Stock Units (RSUs)
| |
Number of RSU | | |
Weighted
Average Grant
Date Fair
Value Per RSU | |
Outstanding, December 31, 2022 | |
| 99,273 | | |
$ | 15.06 | |
Granted | |
| 159,326 | | |
| 1.83 | |
Vested | |
| (90,549 | ) | |
| - | |
Outstanding, September 30, 2023 | |
| 168,050 | | |
$ | 1.98 | |
Note
7 – Derivative Liabilities
Fair
Value Assumptions Used in Accounting for Derivative Liabilities
ASC
815 requires us to assess the fair market value of derivative liabilities at the end of each reporting period and recognize any change
in the fair market value as other income or expense.
In
January 2023, in connection with the Alto Convertible Note, the Company issued warrants to purchase 1,018,079 shares of common stock,
with an exercise price of $2.35 per share, valued at $1,189,000. The Company determined our derivative liabilities from the warrants
issued in relation to the Alto Convertible Note do not satisfy the classification as equity instruments due to the existence of a certain
net cash settlement provision that is not within the sole control of the Company. In addition, there are certain down round provisions
that could reduce the exercise price if the Company issues securities at lower prices in the future.
The
Company determined our derivative liability from the noteholder’s Acceleration Option for the Alto Convertible Note is not clearly
and closely related to the host, and should be thus accounted for as a bifurcated derivative liability.
We
classified these derivative liabilities as a Level 3 fair value measurement and used the Monte Carlo pricing model to calculate the fair
value as of January 11, 2023 ($2,631,000 included in debt discount) and September 30, 2023 ($512,825). Key inputs for the simulation
are summarized below. The Monte Carlo simulation uses an implied VWAP for the January 11, 2023 valuation date. The implied VWAP was backsolved
by setting the summation of the parts (e.g., derivatives and debt without derivatives) equal to the cash proceeds. The simulation was
then iterated and manipulated to solve for the implied share price, which was approximately $1.58 per share (or an approximate 14% discount
to the quoted market VWAP on January 11, 2023).
The
key inputs for the Monte Carlo simulation for the nine months ended September 30, 2023, were as follows:
Schedule
of Monte Carlo Simulation Assumption
Net cash settlement and down round key valuation inputs – warrants | |
| |
Annualized volatility | |
58.91% - 95.99 | % |
Risk-free interest rate | |
4.77% - 5.55% | |
VWAP | |
0.49 - 0.59 | |
Dividend yield | |
| 0 | % |
Exercise price | |
| 2.35 | |
Probability of fundamental transaction | |
| 5% - 25 | % |
Date of fundamental transaction | |
| 0.28 years to 3.28 years | |
* |
Based
on a Monte Carlo simulation analysis of 75,000 – 100,000 iterations |
Acceleration
option key valuation inputs | |
| | |
Annualized volatility | |
| 17.23% - 54.7 | % |
Risk-free interest rate | |
| 5.16% - 5.55 | % |
VWAP | |
| 0.49 - 0.59 | |
Probability of fundamental transaction | |
| 5% - 25 | % |
Date of fundamental transaction | |
| 0 years to 1.45 years | |
* |
Based
on a Monte Carlo simulation analysis of 75,000 – 100,000 iterations |
The
following table summarizes the changes in the derivative liabilities:
Schedule
of Derivative Liabilities
Fair
Value Measurements Using Significant Unobservable Inputs (Level 3) |
| |
Warrants | | |
Accelerated
Feature | |
Balance
- December 31, 2022 | |
$ | - | | |
$ | - | |
Addition
of new derivatives | |
| 1,189,000 | | |
| 1,442,000 | |
Gain
on change in fair value | |
| (383,000 | ) | |
| (858,000 | ) |
Balance
- March 31, 2023 | |
$ | 806,000 | | |
$ | 584,000 | |
| |
| | | |
| | |
Gain
on change in fair value | |
| (328,243 | ) | |
| (106,032 | ) |
Balance
- June 30, 2023 | |
$ | 477,757 | | |
$ | 477,968 | |
| |
| | | |
| | |
(Gain)
loss on change in fair value of the derivative | |
| 19,400 | | |
| (462,300 | ) |
Balance
- September 30, 2023 | |
$ | 497,157 | | |
$ | 15,668 | |
Fair Value Measurements Using Significant Unobservable
Inputs (Level 3) |
Balance - December 31, 2021 | |
$ | 94,025 | |
Gain on change in fair value - warrants | |
| (94,025 | ) |
Balance - September 30, 2022 | |
$ | - | |
Note
8 – Subsequent Events
Management
evaluated all additional events subsequent to the balance sheet date through the date the unaudited interim condensed consolidated financial
statements were issued and determined that, other than as set forth below, there were no items required to be disclosed.
On October 24, 2023, the Company entered into a license agreement (the
“License Agreement”) with Georgetown University (“Georgetown”), pursuant to which Georgetown agreed to license
the invention known as “Predictive Biomarkers for Adverse Effects of Radiation Therapy,” (U.S. Application No. 17/476,148,
titled Predictive Biomarkers for Adverse Effects of Radiation Therapy, filed on September 15, 2021) (the “Intellectual Property”),
which had previously been developed by the Company’s officers when they were employees of Georgetown. Under the terms of the License
Agreement, the Company will be entitled to use the Intellectual Property on a worldwide basis in exchange for making certain milestone
payments and adhering to other terms of the License Agreement: including initiating a validation clinical trial of the Licensed Product,
completion of the validation of the clinical trial in relation to the Licensed Products, obtaining U.S. regulatory approval of the Licensed
Product, and reaching certain fundraising and sales milestones in relation to the Licensed Product. In addition, assuming the Company
successfully obtains FDA approval and commences commercial sale of the Licensed Product, the Company will be obligated to pay at least
a guaranteed minimum royalty payment each year following the First Commercial Sale (as defined in the License Agreement), along with earned
royalty payments of 5% of any Net Sales of any Licensed Product or Licensed Method sold in the Licensed Territory.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following Management’s Discussion and Analysis of Financial Condition and Results of Operations (the “MD&A”) should
be read in conjunction with our unaudited financial statements and the related notes thereto included elsewhere in this quarterly report.
The MD&A contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations,
and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the words “believe,”
“plan,” “intend,” “anticipate,” “target,” “estimate,” “expect,”
and the like, and/or future-tense or conditional constructions (“will,” “may,” “could,” “should,”
etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to
risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking
statements in this quarterly report. Our actual results and the timing of events could differ materially from those anticipated in these
forward-looking statements as a result of several factors.
Overview
Founded
by Georgetown University Medical School faculty members, Shuttle Pharmaceuticals Holdings, Inc. is a discovery and development stage
pharmaceutical company leveraging our proprietary technology to develop novel therapies that are designed to cure cancer. Originally
formed as Shuttle Pharmaceuticals, LLC in 2012, our goal is to extend the benefits of cancer treatments by leveraging insights into cancer
therapy with surgery, radiation therapy, chemotherapy and immunotherapy. While there are several therapies being developed with the goal
of curing cancer, one of the most effective and proven approaches to this is radiation therapy (RT). We are developing a pipeline of
products designed to address the limitations of the current standard of cancer therapies. We believe that our product candidates will
enable us to deliver cancer treatments that are safer, more reliable and at a greater scale than that of the current standard of care.
Operations
to date have focused on continuing our research and development efforts to advance Ropidoxuridine clinical testing and improved drug
formulation, to advance HDAC6 inhibitor (SP-2-225) preclinical development, and complete SBIR contract work on predictive biomarkers
of radiation response, as well as prostate cell lines for health disparities research. We received Small Business Innovation Research
(“SBIR”) contract funding from the National Institutes of Health (“NIH”) for the aforementioned projects. The
clinical development of Ropidoxuridine has shown drug bioavailability and a maximum tolerated dose has been established for use in Phase
II clinical trials. TCG GreenChem, Inc. (“TCG GreenChem”), with whom we have contracted for process research, development
and cGMP compliant manufacture of IPdR, has successfully completed the initial manufacturing campaign for the active pharmaceutical ingredient
(API) of Ropidoxuridine for use in the Company’s upcoming Phase II clinical trial in brain cancer patients undergoing radiation
therapy. Shuttle has been working concomitantly with TCG GreenChem to manufacture API and University of Iowa Pharmaceuticals to develop
the formulation and packaging of the drug product into capsules for clinical use. Both activities have now been completed. In addition,
Shuttle received a positive response from the Type B pre-IND meeting with the FDA and is following the guidance provided by the FDA for
the proposed Phase II clinical trial. With this, the Company believes it remains on track to commence its Phase II clinical study in
the fourth quarter of 2023. The radiation biomarker project and the health disparities project have been completed and the company is
following up with plans for clinical validation and potential commercialization. Changes in operational, administrative, legal and professional
expenses related to our operations are set forth in more detail in the discussion below.
Results
of Operations
Comparison
of the three months ended September 30, 2023 and 2022
The
following table summarizes the results of our operations:
| |
Three
Months Ended | | |
| | |
| |
| |
September
30, | | |
| | |
| |
| |
2023 | | |
2022 | | |
Change | | |
% | |
Revenue | |
$ | - | | |
$ | - | | |
$ | - | | |
| - | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research
and development, net of contract reimbursements | |
| 1,140,307 | | |
| 669,038 | | |
| 471,269 | | |
| 70 | % |
General and administrative | |
| 170,423 | | |
| 81,864 | | |
| 88,559 | | |
| 108 | % |
Legal
and professional | |
| 288,416 | | |
| 70,566 | | |
| 217,850 | | |
| 309 | % |
Total
operating expenses | |
| 1,599,146 | | |
| 821,468 | | |
| 777,678 | | |
| 95 | % |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense - related
parties | |
| - | | |
| (13,725 | ) | |
| 13,725 | | |
| (100 | )% |
Interest expense | |
| (623,465 | ) | |
| (604,716 | ) | |
| (18,749 | ) | |
| 3 | % |
Change
in fair value of marketable securities | |
| 9,606 | | |
| - | | |
| 9,606 | | |
| 100 | % |
Interest income | |
| 20,765 | | |
| - | | |
| 20,765 | | |
| 100 | % |
Change in fair value of derivative
liabilities | |
| 442,900 | | |
| 112,797 | | |
| 330,103 | | |
| 293 | % |
Loss on settlement of convertible
debt | |
| (43,414 | ) | |
| - | | |
| (43,414 | ) | |
| (100 | )% |
Gain
on settlement of accounts payable | |
| - | | |
| 328,687 | | |
| (328,687 | ) | |
| (100 | )% |
Total
other expense | |
| (193,608 | ) | |
| (176,957 | ) | |
| (16,651 | ) | |
| 9 | % |
Net
loss | |
$ | 1,792,754 | | |
$ | 998,425 | | |
$ | 794,329 | | |
| 80 | % |
Research
and Development, net of contract expense reimbursements. Research and development (“R&D”) expense was $1,140,307 for the three months ended September 30,
2023, as compared to $669,038 for three months ended September 30, 2022. The increase of $471,269, or 70%, is primarily related to the
Company increasing R&D spending as a result of having received funding from the Company’s initial public offering in the third
quarter of fiscal 2022 and, the convertible note issued during the period ended March 31, 2023.
Compensation
related expenses were $395,235 in the three months ended September 30, 2023 as compared to $200,541 in the three months ended September
30, 2022. Compensation related expenses increased from 29.7% of total R&D in the three months ended September 30, 2022 to 34.7% for
the three months ended September 30, 2023. Subcontract work made up 66.6% of total R&D expenses in the three months ended September
30, 2022 and 60.0% of total R&D expenses during the three months ended September 30, 2023.
General
and Administrative Expenses. General and Administrative expenses in the three months ended September 30, 2023 increased by $88,560,
or 108%, from $81,864 in the three months ended September 30, 2022 to $170,424 in the three months ended September 30, 2023. The increase
in general and administrative expenses was primarily due to increases in insurance expenses of $21,731, director fees of $31,250 and
advertising costs of $34,550, which increased expenses were offset by reduced corporate filing fees of $27,200.
Legal
and Professional Expenses. During the three months ended September 30, 2023, legal and professional expenses increased by
$217,850 or 309%. The increase in legal and professional fees was primarily due to increases in our expenses related to our public
filing requirements, contracts and financing related work.
Other
Income Expense. Other expense was $193,608 for the three months ended September 30, 2023, which consisted of $623,465 in interest
expense on convertible loans, interest income of $20,765, loss on settlement of convertible debt of $43,414, change in marketable securities
of $9,606, and a gain on change in fair value of derivative liabilities of $442,900. Other expense was $176,957 for the three months
ended September 30, 2022, which consisted of $604,716 in interest expense, $13,725 in interest expense on related party loans, gain on
settlement of accounts payable of $328,687 and change in fair value of derivative liability of $112,767.
Comparison
of the nine months ended September 30, 2023 and 2022
The
following table summarizes the results of our operations:
|
|
Nine
Months Ended |
|
|
|
|
|
|
|
|
|
September
30, |
|
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
Change |
|
|
% |
|
Revenue |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
- |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net of contract expense reimbursements |
|
|
3,084,488 |
|
|
|
1,048,821 |
|
|
|
2,035,667 |
|
|
|
194 |
% |
General and administrative |
|
|
452,342 |
|
|
|
104,711 |
|
|
|
347,631 |
|
|
|
332 |
% |
Legal and professional |
|
|
1,072,728 |
|
|
|
659,958 |
|
|
|
412,770 |
|
|
|
63 |
% |
Total operating expenses |
|
|
4,609,558 |
|
|
|
1,813,490 |
|
|
|
2,796,068 |
|
|
|
154 |
% |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense - related
parties |
|
|
(6,825 |
) |
|
|
(39,108 |
) |
|
|
32,283 |
|
|
|
(83 |
)% |
Interest expense |
|
|
(1,952,147 |
) |
|
|
(920,660 |
) |
|
|
(1,031,487 |
) |
|
|
112 |
% |
Interest income |
|
|
56,720 |
|
|
|
- |
|
|
|
56,720 |
|
|
|
100 |
% |
Finance fee |
|
|
(104,245 |
) |
|
|
- |
|
|
|
(104,245 |
) |
|
|
(100 |
)% |
Change in fair value of derivative
liabilities |
|
|
2,118,175 |
|
|
|
94,025 |
|
|
|
2,024,150 |
|
|
|
2,153 |
% |
Gain on sale of marketable
securities |
|
|
1,744 |
|
|
|
- |
|
|
|
1,744 |
|
|
|
100 |
% |
Change in fair value of marketable
securities |
|
|
21,134 |
|
|
|
- |
|
|
|
21,134 |
|
|
|
100 |
% |
Loss on settlement of convertible
debt |
|
|
(477,221 |
) |
|
|
- |
|
|
|
(477,221 |
) |
|
|
(100 |
)% |
Gain on settlement of accounts
payable |
|
|
- |
|
|
|
328,687 |
|
|
|
(328,687 |
) |
|
|
(100 |
)% |
Gain on forgiveness of Paycheck
Protection Program note payable |
|
|
- |
|
|
|
73,007 |
|
|
|
(73,007 |
) |
|
|
(100 |
)% |
Total other expense |
|
|
(342,665 |
) |
|
|
(464,049 |
) |
|
|
121,384 |
|
|
|
(26 |
)% |
Net loss |
|
$ |
4,952,223 |
|
|
$ |
2,277,539 |
|
|
$ |
2,674,684 |
|
|
|
117 |
% |
Research
and Development, net of contract expense reimbursements. R&D expense was $3,084,488 for the nine months ended September 30,
2023, as compared to $1,260,276 less the final $211,455 reimbursement from the Topic 345: Predictive Biomarkers of Prostate Cancer
NIH contract for a net of $1,048,821 for the nine months ended September 30, 2022. The increase of $2,035,667, or 194%, is primarily
related to the Company increasing R&D spending as a result of funding received from the Company’s initial public offering
in the third quarter of fiscal 2022 and the convertible note issued during the first quarter of fiscal 2023 and the $211,455 reimbursement received in the same period in the prior year.
Compensation
related expenses were $1,468,277 in the nine months ended September 30, 2023 as compared to $727,421 in the nine months ended
September 30, 2022. Compensation related expenses decreased from 57.7% of total R&D, excluding reimbursements, in the nine
months ended September 30, 2022 to 47.6% for the nine months ended September 30, 2023. Subcontract work made up 35.7% of total
R&D expenses, excluding reimbursements, in the nine months ended September 30, 2022 and 48.3% of total R&D expenses during
the nine months ended September 30, 2023. Other general R&D expenses, including supplies and rent were 6.6% in the nine months
ended September 30, 2022 and 4.1% in the nine months ended September 30, 2023.
General
and Administrative Expenses. General and Administrative expenses in the nine months ended September 30, 2023 increased by $347,631,
or 332%, from $104,711 in the nine months ended September 30, 2022 to $452,342 in the nine months ended September 30, 2023 primarily
due to increases in insurance expenses of $93,494, director fees of $100,000, advertising expenses of $88,361 and corporate filing fees
of $27,120.
Legal
and Professional Expenses. During the nine months ended September 30, 2023, legal and professional expenses increased by $412,770
or 63%. The increase in legal and professional fees was primarily due to increases in our expenses related to public filing requirements,
contract work and financing activities.
Other
Income Expense. Other expense was $342,665 for the nine months ended September 30, 2023, which consisted of $1,952,147 in interest
expense on convertible loans, $6,825 in interest expense on related party loans, interest income of $56,720, finance fee on convertible
loans of $104,245, loss on settlement of convertible debt of $477,221, gain on sale of marketable securities of $1,744, unrealized gain
on marketable securities of $21,134, and a gain on change in fair value of derivative liabilities of $2,118,175. Other expense was $464,049
for the nine months ended September 30, 2022, which consisted of $920,660 in interest expense, $39,108 in interest expense on related
party loans and gains on change in derivative liability of $94,025, gain on settlement of accounts payable of $328,687 and forgiveness
of Paycheck Protection Program note payable of $73,007.
Liquidity
and Capital Resources
Our
capital needs to date have been met by funds raised through our initial public offering and a subsequent convertible note offering, private
placement offerings of our securities, as well as through contributions from existing stockholders, SBIR contracts and other grants.
In the nine months ended September 30, 2023, we raised a net total of $3,590,000 after finder’s fees through the sale of convertible
notes and warrants. In the year ended December 31, 2022, we raised a total of $10,672,908 through the sale of shares of common stock,
convertible notes, and warrants. In addition, since inception, we have received a total of $5,531,722 in SBIR contracts and other grants
received primarily through the NIH.
We
believe that we will continue to expend substantial resources for the foreseeable future in relation to completion of clinical development
and regulatory preparedness of our product candidates, preparations for a commercial launch of our product candidates, if approved by
the FDA, and development of any other current or future product candidates we may choose to develop. These expenditures will include
costs associated with research and development, conducting preclinical studies and clinical trials, obtaining marketing approvals, and,
if we are not able to enter into planned collaborations, manufacturing and supply as well as marketing and selling any products approved
for sale. In addition, other unanticipated costs may arise. Because the outcome of any drug development process is highly uncertain,
we cannot reasonably estimate the actual amounts necessary to complete the development and commercialization of our current product candidates,
if approved, or future product candidates that may be developed, if any.
There
can be no assurance that additional financing will be available to us when needed, on favorable terms or otherwise. Moreover, any such
additional financing may dilute the interests of existing stockholders. The absence of additional financing, when needed, could cause
us to delay implementation of our business plan in whole or in part, curtail our business activities and seriously harm our business
and our prospects.
Balance
Sheet Data:
| |
September
30, | | |
December
31, | | |
| | |
| |
| |
2023 | | |
2022 | | |
Change | | |
% | |
Current
assets | |
$ | 6,995,608 | | |
$ | 8,578,351 | | |
$ | (1,582,743 | ) | |
| (18 | )% |
Current
liabilities | |
| 810,437 | | |
| 975,676 | | |
| (165,239 | ) | |
| (17 | )% |
Working
capital | |
$ | 6,185,171 | | |
$ | 7,602,675 | | |
$ | (1,417,504 | ) | |
| (19 | )% |
As
of September 30, 2023, total current assets were $6,995,608 and total current liabilities were $810,437, resulting in working capital
of $6,185,171. As of December 31, 2022, total current assets were $8,578,351 and total current liabilities were $975,676, resulting in
a working capital of $7,602,675. The current assets primarily resulted from $3,590,000 net cash received from the issuance of a convertible
note payable and $783,608 repaid for a related party notes ($685,473 in principal and $98,135 of accrued interest), for net cash provided
by issuance and settlement of notes for the period of $2,904,527. Additionally, we continued progress on our R&D programs during
the period ended September 30, 2023. The decrease in current liabilities is primarily due to the current portion of the $4,300,000 convertible
note which is $462,825, accrued interest of $106,578 an increase in accounts payable of $63,255, offset by the reduction of $783,608
in related party notes payable and accrued interest.
Cash
Flows from Operating Activities
| |
Nine Months
Ended | | |
| | |
| |
| |
September
30, | | |
| | |
| |
| |
2023 | | |
2022 | | |
Change | | |
% | |
Cash used in operating
activities | |
$ | (4,518,973 | ) | |
$ | (2,030,587 | ) | |
$ | (2,488,386 | ) | |
| 123 | % |
Cash used in investing activities | |
$ | (2,916,760 | ) | |
$ | - | | |
$ | (2,916,760 | ) | |
| (100 | )% |
Cash provided by financing
activities | |
$ | 2,904,527 | | |
$ | 10,646,228 | | |
$ | (7,741,701 | ) | |
| (73 | )% |
Cash
on hand | |
$ | 3,885,997 | | |
$ | 9,120,390 | | |
$ | (5,234,393 | ) | |
| (57 | )% |
To
date, we have not generated positive cash flows from operating activities. For the nine months ended September 30, 2023, net cash flows
used in operating activities was $4,518,973, consisting of a net loss of $4,952,223, increased by a gain on change in derivative liabilities
of $2,118,175, offset by amortization of debt discount of $1,654,724, loss on settlement of convertible debt of $477,221, accrued interest
settled with common stock of $294,927, stock-based compensation of $95,438 and further reduced by a net change in working capital of
$47,165. For the nine months ended September 30, 2022, net cash flows used in operating activities was $2,030,587, consisting of a net
loss of $2,277,539, reduced by depreciation expense of $4,484, gain on change in warrant liability of $94,025, amortization of debt
discount of $885,505, stock-based compensation of $356,733, gain on forgiveness of the PPP loan of $73,007, gain on settlement of accounts
payable of $328,687 and a net change in working capital of $516,676.
Cash
Flows from Investing Activities
For
the nine months ended September 30, 2023, we invested in trading marketable securities for $2,977,714 and received $80,000 in proceeds
from disposition of marketable securities and purchased $19,046 of equipment. For the nine months ended September 30, 2022, we had no
investing activities.
Cash
Flows from Financing Activities
For
the nine months ended September 30, 2023, we received a net of $3,590,000 from the sale and issuance of convertible notes payable
and warrants and repaid $685,473 in related party notes payable. For the nine months ended September 30, 2022, we received
$10,045,513 from the issuance of common shares and $650,715 from the issuance of convertible notes and repaid $50,000 of notes
payable.
Off-Balance
Sheet Arrangements
We
do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources
that are material to investors.
Critical
Accounting Policies and Significant Judgments and Estimates
This
discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been
prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The preparation of
these financial statements requires us 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 the financial statements, as well as the reported expenses
incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we
believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of
assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under
different assumptions or conditions. While our significant accounting policies are described in more detail in the notes to our
financial statements included elsewhere in this registration statement, we believe that the following accounting policies are
critical to understanding our historical and future performance, as these policies relate to the more significant areas involving
management’s judgments and estimates.
Our
most critical accounting policies and estimates relate to the following:
|
● |
Research
and Development Expenses |
|
● |
Operating
Lease Accounting |
|
● |
Fair
Value of Financial Instruments |
Research
and Development
Research
and development expenses are expensed as incurred and, prior to our initial public offering in September 2022, have historically been
offset by contract receivable payments from an NIH SBIR contract that has supported our scientific research. This is stated in the financials
as research and development-net of contract expense reimbursements.
Operating
Lease Right-of-use Assets and Operating Lease Liability
Operating
lease right-of-use assets and liabilities are recognized at the present value of the future lease payments at the lease commencement
date. The interest rate used to determine the present value is our incremental borrowing rate, estimated to be 10.48%, as the interest
rate implicit in most of our leases is not readily determinable. Operating lease expense is recognized on a straight-line basis over
the lease term.
Fair
Value of Financial Instruments
We
evaluate all of our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded
at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations.
For derivative financial instruments that are accounted for as equity, the derivative instrument is initially recorded at its fair value
and recorded to additional paid in capital. The classification of derivative instruments, including whether such instruments should be
recorded as liabilities or as equity, is evaluated at the end of each reporting period.
For
our derivative financial instruments classified as a liability, the Company used a Monte Carlo valuation model to value the derivative
instruments at inception and on subsequent valuation dates. The Monte Carlo simulation uses an implied VWAP for valuation. The implied
VWAP was backsolved by setting the summation of the parts (e.g., derivatives and debt without derivatives) equal to the cash proceeds.
For our derivative financial instruments classified as equity, the Company used a Black Scholes valuation model, to calculate the fair
value on issuance date, without revaluation.
The
use of Monte Carlo and Black Scholes valuation models require key inputs, some of which are based on estimates and judgements by management
and/or external consultants. Any change to these key inputs could produce significantly higher or lower fair value measurements.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
As
a “smaller reporting company,” we are not required to provide the information required by this Item.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed
under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission’s rules, regulations and forms, and that such information is accumulated and communicated
to our management, including our Chief Executive Officer and Chief Financial Officer, to allow for timely decisions regarding required
disclosure.
In
the preparation of our Quarterly Report on Form 10-Q for the period ended September 30, 2023, we identified certain deficiencies in our
internal controls over financial reporting related to the following financial reporting areas to be material weaknesses: accounting policy
and documentation of management’s contemplation of the accounting treatment and implications over significant unusual transactions,
and adequate controls over financials statement close process and financial reporting reviews. Based on this evaluation, as a result
of our material weaknesses in internal controls over financial reporting, management concluded that our disclosure controls and procedures
were not effective as of September 30, 2023.
Changes
in Internal Controls
In
connection with our continued monitoring and maintenance of our controls procedures as part of the implementation of Section 404 of the
Sarbanes-Oxley Act, we continue to review and improve the effectiveness of our internal controls. The following changes in our internal
control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during
the period ending September 30, 2023 or subsequent to the date the Company completed its evaluation, that have materially affected, or
are reasonably likely to materially affect, our internal control over financial reporting were:
|
(1) |
Automation
and electronic data interfaces of banking and payroll systems with our accounting system to improve accuracy, efficiency, and timeliness
of reporting; |
|
|
|
|
(2) |
Reorganization
of, and additional procedures for, recordkeeping; |
|
|
|
|
(3) |
Additional
segregated monthly review and month end close procedures to identify errors or omissions in recording transactions; |
|
|
|
|
(4) |
Addition
of accounting staff supervised by an experienced financial reporting company to improve preparation of financial statements in accordance
with GAAP; and |
|
|
|
|
(5) |
Segregation
of approval and review of financial transactions. |
|
|
|
|
(6) |
Implementation of a more rigorous schedule to accommodate additional analyses related to convertible notes. |
Management
will continue to monitor and evaluate the effectiveness of our internal controls and procedures over financial reporting on an ongoing
basis and are committed to taking further action and implementing additional improvements as necessary.
PART
II — OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
Currently,
there are no legal proceedings pending or threatened against us. We are not presently party to any pending or other threatened legal
proceedings or claims that we believe will have a material adverse effect on our business, financial condition or operating results,
although from time to time, we may become involved in legal proceedings in the ordinary course of business.
ITEM
1A. RISK FACTORS
As
a smaller reporting company, we are not required to provide the information required by this item.
ITEM
2. UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
Not
applicable.
ITEM
4. MINE SAFETY DISCLOSURES
Not
Applicable.
ITEM
5. OTHER INFORMATION
None.
Item
6. Exhibits
The
following exhibits are filed or furnished with this report:
Exhibit
No. |
|
Description
of Exhibit |
3.1 |
|
Amended
and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 (File
No. 333-265429) filed on June 3, 2022). |
3.2 |
|
Certificate
of Amendment to Amended and Restated Certificate of Incorporation, effective March 30, 2022 (incorporated by reference to Exhibit
3.2 to the Registration Statement on Form S-1 (File No. 333-265429) filed on June 3, 2022). |
3.3 |
|
Certificate
of Amendment to Amended and Restated Certificate of Incorporation, effective June 22, 2022 (incorporated by reference to Exhibit
3.5 to the Registration Statement on Form S-1/A (File No. 333-265429) filed on June 23, 2022). |
3.4 |
|
Second
Amended and Restated By-Laws (incorporated by reference to Exhibit 3.1 to the current Report on Form 8-K filed on November 1, 2022). |
4.1 |
|
Form
of Convertible Note, dated January 11, 2023, issued by Shuttle Pharmaceuticals Holdings, Inc. to Alto Capital Master Fund, SPC –
Segregated Master Portfolio B (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed January 12, 2023). |
4.2 |
|
Form
of Warrant, dated January 11, 2023, issued by Shuttle Pharmaceuticals Holdings, Inc. to Alto Capital Master Fund, SPC – Segregated
Master Portfolio B (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed January 12, 2023). |
10.1 |
|
Consulting
Agreement, dated October 1, 2023, between Shuttle Pharmaceuticals Holdings, Inc. and Joseph Armstrong (incorporated by reference
to Exhibit 10.1 to the Current Report on Form 8-K filed October 5, 2023). |
10.2 |
|
License Agreement, dated October 24, 2023, by and between Shuttle Pharmaceuticals Holdings, Inc. and Georgetown University (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed October 30, 2023).+ |
31.1 |
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
31.2 |
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
32.1 |
|
Certification
of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** |
32.2 |
|
Certification
of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** |
101.INS |
|
Inline
XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded
within the Inline XBRL document. |
101.SCH |
|
Inline
XBRL Taxonomy Schema Document |
101.CAL |
|
Inline
XBRL Taxonomy Calculation Linkbase Document |
101.DEF |
|
Inline
XBRL Taxonomy Definition Linkbase Data |
101.LAB |
|
Inline
XBRL Taxonomy Label Linkbase Document |
101.PRE |
|
Inline
XBRL Taxonomy Presentation Linkbase Document |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
*
Filed herewith.
**Furnished
herewith.
+Certain portions of the exhibit have been redacted in accordance with
Item 601(b) of Regulation S-K. The Company will supplementally furnish an unredacted copy to the SEC upon requested; provided however,
that the Company may request confidential treatment pursuant to Ruel 24b-2 of the Securities Exchange Act of 1934, as amended, to the
extent so furnished.
SIGNATURES
In
accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
SHUTTLE
PHARMACEUTICALS HOLDINGS, INC. |
|
|
|
November
13, 2023 |
By: |
/s/
Anatoly Dritschilo |
|
|
Anatoly
Dritschilo, M.D. |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
November
13, 2023 |
By: |
/s/
Michael Vander Hoek |
|
|
Michael
Vander Hoek
|
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
Exhibit
31.1
CERTIFICATION
I,
Anatoly Dritschilo, M.D., certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q Pursuant to Rule 15d-2 under the Securities Exchange Act of 1934 for the period ended
September 30, 2023 of Shuttle Pharmaceuticals Holdings, Inc. (the “registrant”);
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
November 13, 2023 |
/s/
Anatoly Dritschilo |
|
Anatoly
Dritschilo, M.D. |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATION
I,
Michael Vander Hoek, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q Pursuant to Rule 15d-2 under the Securities Exchange Act of 1934 for the period ended
September 30, 2023 of Shuttle Pharmaceuticals Holdings, Inc. (the “registrant”);
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
November 13, 2023 |
/s/
Michael Vander Hoek |
|
Michael
Vander Hoek |
|
Chief
Financial Officer
|
|
(Principal
Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Shuttle Pharmaceuticals Holdings, Inc. (the “Company”) on Form 10-Q pursuant to Rule
15d-2 under the Securities Exchange Act of 1934 for the period ended September 30, 2023, as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), I, Anatoly Dritschilo, M.D., Chief Executive 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) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
November 13, 2023
|
/s/
Anatoly Dritschilo |
|
Anatoly
Dritschilo, M.D. |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Shuttle Pharmaceuticals Holdings, Inc. (the “Company”) on Form 10-Q pursuant to Rule
15d-2 under the Securities Exchange Act of 1934 for the period ended September 30, 2023, as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), I, Michael Vander Hoek, 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) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
November 13, 2023
|
/s/
Michael Vander Hoek |
|
Michael
Vander Hoek |
|
Chief
Financial Officer |
|
(Principal
Financial and Accounting Officer) |
v3.23.3
Cover - shares
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v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
Cash and cash equivalents |
$ 3,885,997
|
$ 8,417,203
|
Prepaid expenses |
170,104
|
161,148
|
Marketable securities |
2,920,592
|
|
Accrued interest income |
12,435
|
|
Other assets |
6,480
|
|
Total Current Assets |
6,995,608
|
8,578,351
|
Property and equipment, net |
26,810
|
12,592
|
Other assets |
|
6,480
|
Operating lease right-of-use asset |
353,400
|
56,122
|
Total Assets |
7,375,818
|
8,653,545
|
Current Liabilities |
|
|
Convertible notes payable, net |
462,825
|
|
Operating lease liability |
61,034
|
62,823
|
Total Current Liabilities |
810,437
|
975,676
|
Convertible notes payable non-current, net |
134,382
|
|
Derivative liabilities |
512,825
|
|
Operating lease liability non-current |
308,425
|
|
Total Liabilities |
1,766,069
|
975,676
|
Stockholders’ Equity |
|
|
Series A Convertible Preferred Stock, $0.00001 par value; $1,000 per share liquidation value; 20,000,000 shares authorized; no shares outstanding |
|
|
Common stock, $0.00001 par value; 100,000,000 shares authorized; 15,999,125 and 13,603,129 shares issued and outstanding, respectively |
160
|
136
|
Additional paid in capital |
19,456,701
|
16,572,622
|
Accumulated deficit |
(13,847,112)
|
(8,894,889)
|
Total Stockholders’ Equity |
5,609,749
|
7,677,869
|
Total Liabilities and Stockholders’ Equity |
7,375,818
|
8,653,545
|
Nonrelated Party [Member] |
|
|
Current Liabilities |
|
|
Accounts payable and accrued expenses |
180,000
|
116,745
|
Accrued interest payable |
106,578
|
|
Related Party [Member] |
|
|
Current Liabilities |
|
|
Accounts payable and accrued expenses |
|
12,500
|
Accrued interest payable |
|
98,135
|
Notes payable to related parties |
|
$ 685,473
|
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v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.00001
|
$ 0.00001
|
Preferred stock, liquidation preference per share |
$ 1,000
|
$ 1,000
|
Preferred stock, shares authorized |
20,000,000
|
20,000,000
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.00001
|
$ 0.00001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
15,999,125
|
13,603,129
|
Common stock, shares outstanding |
15,999,125
|
13,603,129
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Revenue |
|
|
|
|
Operating expenses |
|
|
|
|
Research and development, net of contract expense reimbursements |
1,140,307
|
669,038
|
3,084,488
|
1,048,821
|
General and administrative |
170,423
|
81,864
|
452,342
|
104,711
|
Legal and professional |
288,416
|
70,566
|
1,072,728
|
659,958
|
Total operating expenses |
1,599,146
|
821,468
|
4,609,558
|
1,813,490
|
Loss from operations |
(1,599,146)
|
(821,468)
|
(4,609,558)
|
(1,813,490)
|
Other income (expense) |
|
|
|
|
Interest income |
20,765
|
|
56,720
|
|
Finance fee |
|
|
(104,245)
|
|
Change in fair value of derivative liabilities |
442,900
|
112,797
|
2,118,175
|
94,025
|
Gain on sale of marketable securities |
|
|
1,744
|
|
Change in fair value of marketable securities |
9,606
|
|
21,134
|
|
Loss on settlement of convertible debt |
(43,414)
|
|
(477,221)
|
|
Gain on settlement of accounts payable |
|
328,687
|
|
328,687
|
Gain on forgiveness of Paycheck Protection Program note payable |
|
|
|
73,007
|
Total other income (expense) |
(193,608)
|
(176,957)
|
(342,665)
|
(464,049)
|
Loss before income taxes |
(1,775,254)
|
(998,425)
|
(4,952,223)
|
(2,277,539)
|
Provision for income taxes |
|
|
|
|
Net loss |
(1,792,754)
|
(998,425)
|
(4,952,223)
|
(2,277,539)
|
Dividend on Series A Preferred Stock |
|
(19,473)
|
|
(71,009)
|
Net loss attributable to common stockholders |
$ (1,792,754)
|
$ (1,017,898)
|
$ (4,952,223)
|
$ (2,348,548)
|
Weighted average common shares outstanding basic |
15,744,210
|
10,164,979
|
14,554,878
|
9,723,510
|
Net loss per shares - basic |
$ (0.11)
|
$ (0.10)
|
$ (0.34)
|
$ (0.23)
|
Net loss per shares - diluted |
$ (0.11)
|
$ (0.10)
|
$ (0.34)
|
$ (0.23)
|
Related Party [Member] |
|
|
|
|
Other income (expense) |
|
|
|
|
Interest expense |
|
$ (13,725)
|
$ (6,825)
|
$ (39,108)
|
Nonrelated Party [Member] |
|
|
|
|
Other income (expense) |
|
|
|
|
Interest expense |
$ (623,465)
|
$ (604,716)
|
$ (1,952,147)
|
$ (920,660)
|
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v3.23.3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)
|
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Common Stock to be Issued [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
|
$ 93
|
$ 4,150,867
|
$ 16,340
|
$ (5,795,432)
|
$ (1,628,132)
|
Balance, shares at Dec. 31, 2021 |
1,213
|
9,312,152
|
|
|
|
|
Warrants issued for financing costs |
|
|
319,643
|
|
|
319,643
|
Stock-based compensation |
|
|
166,533
|
|
|
166,533
|
Net loss |
|
|
|
|
(681,839)
|
(681,839)
|
Common stock issued for restricted stock units |
|
|
|
|
|
|
Common stock issued for restricted stock units, shares |
|
5,104
|
|
|
|
|
Common stock issued for conversion of accrued interest |
|
|
16,340
|
(16,340)
|
|
|
Common stock issued for conversion of accrued interest, shares |
|
839
|
|
|
|
|
Dividends on Series A preferred stock |
|
|
|
|
(25,768)
|
(25,768)
|
Balance at Mar. 31, 2022 |
|
$ 93
|
4,653,383
|
|
(6,503,039)
|
(1,849,563)
|
Balance, shares at Mar. 31, 2022 |
1,213
|
9,318,095
|
|
|
|
|
Balance at Dec. 31, 2021 |
|
$ 93
|
4,150,867
|
16,340
|
(5,795,432)
|
(1,628,132)
|
Balance, shares at Dec. 31, 2021 |
1,213
|
9,312,152
|
|
|
|
|
Net loss |
|
|
|
|
|
$ (2,277,539)
|
Common stock issued for conversion of convertible debt, shares |
|
147,500
|
|
|
|
839
|
Common stock issued for cash, shares |
|
1,409,771
|
|
|
|
|
Balance at Sep. 30, 2022 |
|
$ 136
|
16,548,719
|
|
(8,143,980)
|
$ 8,404,875
|
Balance, shares at Sep. 30, 2022 |
|
13,586,393
|
|
|
|
|
Balance at Mar. 31, 2022 |
|
$ 93
|
4,653,383
|
|
(6,503,039)
|
(1,849,563)
|
Balance, shares at Mar. 31, 2022 |
1,213
|
9,318,095
|
|
|
|
|
Stock-based compensation |
|
|
166,533
|
|
|
166,533
|
Net loss |
|
|
|
|
(597,275)
|
(597,275)
|
Common stock issued for restricted stock units |
|
|
|
|
|
|
Common stock issued for restricted stock units, shares |
|
5,104
|
|
|
|
|
Dividends on Series A preferred stock |
|
|
|
|
(25,768)
|
(25,768)
|
Balance at Jun. 30, 2022 |
|
$ 93
|
4,819,916
|
|
(7,126,082)
|
(2,306,073)
|
Balance, shares at Jun. 30, 2022 |
1,213
|
9,323,199
|
|
|
|
|
Warrants issued for financing costs |
|
|
92,598
|
|
|
92,598
|
Stock-based compensation |
|
|
23,667
|
|
|
23,667
|
Net loss |
|
|
|
|
(998,425)
|
(998,425)
|
Common stock issued for conversion of convertible debt |
|
$ 1
|
588,523
|
|
|
$ 588,524
|
Common stock issued for conversion of convertible debt, shares |
|
147,500
|
|
|
|
0
|
Common stock issued for restricted stock units |
|
|
|
|
|
|
Common stock issued for restricted stock units, shares |
|
1,045
|
|
|
|
|
Dividends on Series A preferred stock |
|
|
|
|
(19,473)
|
(19,473)
|
Common stock issued for cash |
|
$ 14
|
10,031,401
|
|
|
10,031,415
|
Common stock issued for cash, shares |
|
1,409,771
|
|
|
|
|
Warrants exercised for cash |
|
$ 14
|
14,084
|
|
|
14,098
|
Warrants exercised for cash, shares |
|
1,409,771
|
|
|
|
|
Common stock issued for exercise of warrants with settlement of notes payable |
|
$ 9
|
576,467
|
|
|
576,476
|
Common stock issued for exercise of warrants with settlement of notes payable, shares |
|
857,780
|
|
|
|
|
Common shares issued for dividends on and conversion of Series A preferred stock |
|
$ 5
|
402,064
|
|
|
402,069
|
Common shares issued for dividends on and conversion of Series A preferred stock, shares |
(1,213)
|
437,327
|
|
|
|
|
Balance at Sep. 30, 2022 |
|
$ 136
|
16,548,719
|
|
(8,143,980)
|
8,404,875
|
Balance, shares at Sep. 30, 2022 |
|
13,586,393
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 136
|
16,572,622
|
|
(8,894,889)
|
7,677,869
|
Balance, shares at Dec. 31, 2022 |
|
13,603,129
|
|
|
|
|
Warrants issued for financing costs |
|
|
99,543
|
|
|
99,543
|
Financing fees allocated to warrants |
|
|
(8,727)
|
|
|
(8,727)
|
Common stock issued for conversion of accrued interest and principal |
|
$ 1
|
104,546
|
|
|
104,547
|
Common stock issued for conversion of accrued interest and principal, shares |
|
50,998
|
|
|
|
|
Stock-based compensation |
|
|
8,333
|
|
|
8,333
|
Net loss |
|
|
|
|
(975,097)
|
(975,097)
|
Balance at Mar. 31, 2023 |
|
$ 137
|
16,776,317
|
|
(9,869,986)
|
6,906,468
|
Balance, shares at Mar. 31, 2023 |
|
13,654,127
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 136
|
16,572,622
|
|
(8,894,889)
|
7,677,869
|
Balance, shares at Dec. 31, 2022 |
|
13,603,129
|
|
|
|
|
Net loss |
|
|
|
|
|
$ (4,952,223)
|
Common stock issued for conversion of convertible debt, shares |
|
|
|
|
|
2,380,996
|
Common stock issued for cash |
|
|
|
|
|
$ 10,031,415
|
Common stock issued for cash, shares |
|
2,380,996
|
|
|
|
|
Balance at Sep. 30, 2023 |
|
$ 160
|
19,456,701
|
|
(13,847,112)
|
5,609,749
|
Balance, shares at Sep. 30, 2023 |
|
15,999,125
|
|
|
|
|
Balance at Mar. 31, 2023 |
|
$ 137
|
16,776,317
|
|
(9,869,986)
|
6,906,468
|
Balance, shares at Mar. 31, 2023 |
|
13,654,127
|
|
|
|
|
Common stock issued for conversion of accrued interest and principal |
|
$ 18
|
2,163,974
|
|
|
2,163,992
|
Common stock issued for conversion of accrued interest and principal, shares |
|
1,827,911
|
|
|
|
|
Stock-based compensation |
|
|
49,522
|
|
|
49,522
|
Net loss |
|
|
|
|
(2,184,372)
|
(2,184,372)
|
Balance at Jun. 30, 2023 |
|
$ 155
|
18,989,813
|
|
(12,054,358)
|
6,935,610
|
Balance, shares at Jun. 30, 2023 |
|
15,482,038
|
|
|
|
|
Stock-based compensation |
|
|
37,583
|
|
|
37,583
|
Net loss |
|
|
|
|
(1,792,754)
|
(1,792,754)
|
Common stock issued for conversion of convertible debt |
|
$ 5
|
429,305
|
|
|
$ 429,310
|
Common stock issued for conversion of convertible debt, shares |
|
502,087
|
|
|
|
502,087
|
Common stock issued for restricted stock units |
|
|
|
|
|
|
Common stock issued for restricted stock units, shares |
|
15,000
|
|
|
|
|
Stock based compensation, shares |
|
|
|
|
|
|
Common stock issued for cash, shares |
|
502,087
|
|
|
|
|
Balance at Sep. 30, 2023 |
|
$ 160
|
$ 19,456,701
|
|
$ (13,847,112)
|
$ 5,609,749
|
Balance, shares at Sep. 30, 2023 |
|
15,999,125
|
|
|
|
|
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (4,952,223)
|
$ (2,277,539)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
4,828
|
4,484
|
Change in fair value of derivative liabilities |
(2,118,175)
|
(94,025)
|
Amortization of debt discount and finance fees |
1,654,724
|
885,505
|
Gain on marketable securities |
(1,744)
|
|
Change in fair value of marketable securities |
(21,134)
|
|
Accrued interest settled with common stock |
294,927
|
|
Loss on settlement of convertible debt |
477,221
|
|
Gain on settlement of accounts payable |
|
(328,687)
|
Gain on forgiveness of Paycheck Protection Program note payable |
|
(73,007)
|
Gain on interest relief on conversion of notes payable |
|
12,625
|
Stock-based compensation |
95,438
|
356,733
|
Changes in operating assets and liabilities: |
|
|
Accrued interest income |
(12,435)
|
|
Contracts receivable |
|
(5,954)
|
Prepaid expenses |
(8,956)
|
(158,276)
|
Operating lease right of use asset |
|
|
Accounts payable and accrued expenses |
63,255
|
(392,473)
|
Accounts payable and accrued expenses - related parties |
(12,500)
|
|
Accrued interest payable |
106,578
|
5,727
|
Accrued interest payable - related parties |
(98,135)
|
38,286
|
Change in operating lease asset and liability |
9,358
|
(3,986)
|
Net cash used in operating activities |
(4,518,973)
|
(2,030,587)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Investment in marketable securities |
(2,977,714)
|
|
Proceeds from disposition of marketable securities |
80,000
|
|
Purchase of equipment |
(19,046)
|
|
Net cash used in investing activities |
(2,916,760)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Proceeds from issuance of common shares and exercise of warrants |
|
10,045,513
|
Proceeds from note payable-related party |
|
50,000
|
Repayment of note payable-related party |
(685,473)
|
(50,000)
|
Proceeds from convertible notes payable and warrants |
3,935,000
|
600,715
|
Payment for finance costs related to convertible note payable |
(345,000)
|
|
Net cash provided by financing activities |
2,904,527
|
10,646,228
|
Net change in cash and cash equivalents |
(4,531,206)
|
8,615,641
|
Cash and cash equivalents, beginning of period |
8,417,203
|
504,749
|
Cash and cash equivalents, end of period |
3,885,997
|
9,120,390
|
Cash paid for: |
|
|
Interest |
102,373
|
17,489
|
Income taxes |
|
|
Supplemental non-cash financing activities: |
|
|
Common stock issued for conversion of accrued interest |
|
16,340
|
Common stock issued for settlement of debt |
2,697,849
|
588,524
|
Common stock issued for exercise of warrants with settlement of notes payable |
|
576,476
|
Common stock issued for dividend payable |
|
402,067
|
Warrants issued for financing fees |
90,816
|
|
Initial recognition of right of use asset and liability |
$ 365,556
|
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v3.23.3
Organization and Liquidity
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Liquidity |
Note
1 – Organization and Liquidity
Organization
and Line of Business
The
Company was formed as Shuttle Pharmaceuticals, LLC, in the State of Maryland on December 18, 2012. On August 12, 2016, the Company filed
articles of conversion with the State of Maryland to convert from an LLC to a C corporation, at which time the Company changed its name
to Shuttle Pharmaceuticals, Inc. (“Shuttle”). In connection with the conversion the Company issued 45,000,000 shares of common
stock in exchange for 100% of the outstanding membership interests in Shuttle prior to conversion. On June 4, 2018, Shuttle completed
a reverse merger with Shuttle Pharmaceuticals Holdings, Inc. (then known as Shuttle Pharma Acquisition Corp, Inc.), a Delaware corporation
(the “Company”), pursuant to which Shuttle, our operating entity, became a wholly owned subsidiary of the Company.
The
Company’s primary purpose is to develop and commercialize unique drugs for the sensitization of cancers and protection of normal
tissues, with the goal of improving outcomes for cancer patients receiving radiation therapy. Shuttle has deployed its proprietary technology
to develop novel cancer immunotherapies, producing a pipeline of selective HDAC inhibitors for cancer and immunotherapy applications.
The Company’s HDAC platform is designed to target candidate molecules with potential roles in therapeutics beyond cancer, including
autoimmune, inflammatory, metabolic, neurological and infectious diseases. The Company’s Ropidoxuridine product, which is used
with radiation therapy to sensitize cancer cells, was funded by a Small Business Innovation Research (“SBIR”) contract provided
by the National Cancer Institute (“NCI”), a unit of the National Institutes of Health (“NIH”). Ropidoxuridine
has been further developed though the Company’s collaborations with scientists at the University of Virginia for use in combination
with proton therapy to improve patient survival. Historically, and prior to the Company’s initial public offering, the Company
has obtained funding to develop products through NIH grants, including a product to predict late effects of radiation with metabolite
biomarkers and develop prostate cancer cell lines in health disparities research.
The
production and marketing of the Company’s products and its ongoing research and development activities will be and are subject
to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any products
or combination of products developed by the Company must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive
regulatory approval process implemented by the Food and Drug Administration (“FDA”) under the Food, Drug and Cosmetic Act.
There can be no assurance that the Company will not encounter problems in clinical trials that will cause the Company or the FDA to delay
or suspend clinical trials.
The
Company’s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and
operate without infringing on the proprietary rights of others, both in the United States and in other countries. There can be no assurance
that patents issued to or licensed by the Company will not be challenged, invalidated or circumvented, or that the rights granted thereunder
will provide proprietary protection or competitive advantages to the Company now or in the future.
Liquidity
The
Company has incurred losses since inception and a net loss of $4,952,223 during the nine months ended September 30, 2023. However, in
September 2022, the Company completed its initial public offering of common stock, generating net proceeds of $10,022,193. Additionally,
in January 2023, the Company entered into a securities purchase agreement with an institutional investor through which the Company sold
a convertible note with a principal value of $4,300,000, along with a four year warrant to purchase 1,018,079 shares of common stock,
exercisable at $2.35 per share, providing the Company with $3,590,000 in net proceeds. To date, the warrant has not yet been exercised.
Consequently, the Company’s existing cash resources and marketable securities and the cash received from the equity offering are
expected to provide sufficient funds to carry out the Company’s planned operations through the fourth quarter of 2024.
|
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v3.23.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2 – Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“GAAP”) for interim financial statements and with the instructions to Form 10-Q
and Rule 8-03 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not
contain all information and notes required by accounting principles generally accepted in the United States of America for annual financial
statements. A complete discussion of the Company’s significant accounting policies is included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2022.
In
the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all of
the adjustments necessary to present the financial position of the Company as of September 30, 2023 and the results of operations and
cash flows for the periods presented. The accompanying condensed consolidated financial statements of the Company have not been audited
by the Company’s independent registered public accounting firm, except that the year-end condensed consolidated balance sheet was
derived from audited financial statements. The results of operations for the three and nine months ended September 30, 2023 are not necessarily
indicative of the operating results for the full fiscal year or any future period. These unaudited condensed consolidated financial statements
should be read in conjunction with the financial statements and related notes thereto for the year ended December 31, 2022 included in
the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2023.
Basis
of Consolidation
The
unaudited condensed consolidated financial statements have been prepared on a consolidated basis with those of the Company’s
wholly-owned subsidiary, Shuttle Pharmaceuticals, Inc. All intercompany transactions and balances have been eliminated.
Reclassifications
Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations.
Use
of Estimates
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts,
historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that
are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from
the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future
results of operations will be affected. Significant estimates are contained in the accompanying condensed consolidated financial
statements for the valuation of derivatives, share-based compensation, useful lives
for depreciation and amortization of long-lived assets, and the incremental borrowing rate used on right-of-use assets.
Cash
and Cash Equivalents
Cash
and cash equivalents include cash in bank accounts and money market funds with maturities of less than three months from inception, which
are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss
in value. As of September 30, 2023 and December 31, 2022, cash and cash equivalents consisted of the following:
Schedule
of Cash and Cash Equivalents
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Cash | |
$ | 2,867,519 | | |
$ | 5,411,378 | |
Money market funds | |
| 1,018,478 | | |
| 3,005,825 | |
Total cash
and cash equivalents | |
$ | 3,885,997 | | |
$ | 8,417,203 | |
Periodically,
the Company may carry cash balances at financial institutions in excess of the federally insured limit of $250,000 per institution. The
amount in excess of the FDIC insurance as of September 30, 2023 was approximately $3,256,000. The Company has not experienced losses
on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to
these deposits is not significant.
Marketable
Securities
Our
investments in debt securities are carried at fair value. Investments in debt securities that are not classified as held-to-maturity
are carried at fair value and classified as either trading or available-for-sale. Realized and unrealized gains and losses on trading
of debt securities are charged to income.
The
marketable securities held by the Company, which are classified as trading marketable securities, consisted of an outstanding balance
of $2,920,592 and $0 as of September 30, 2023 and December 31, 2022, respectively. During the nine months ended September 30, 2023 and
2022, the Company recognized interest income of $56,720 and $0, realized gains of $1,744 and $0, and unrealized gains of $21,134 and
$0, respectively.
Fair
Value of Financial Instruments
The
Company follows accounting guidelines on fair value measurements for financial instruments measured on a recurring basis, as well as
for certain assets and liabilities that are initially recorded at their estimated fair values. Fair Value is defined as the exit price,
or the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
as of the measurement date. The Company uses the following three-level hierarchy that maximizes the use of observable inputs and minimizes
the use of unobservable inputs to value its financial instruments:
|
● |
Level
1: Observable inputs such as unadjusted quoted prices in active markets for identical instruments. |
|
|
|
|
● |
Level
2: Quoted prices for similar instruments that are directly or indirectly observable in the marketplace. |
|
|
|
|
● |
Level
3: Significant unobservable inputs which are supported by little or no market activity and that are financial instruments whose values
are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which
the determination of fair value requires a significant judgment or estimation. |
Financial
instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair
value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety
requires the Company to make judgments and consider factors specific to the asset or liability. The use of different assumptions and/or
estimation methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed, or initial
amounts recorded, may not be indicative of the amount that the Company or holders of the instruments could realize in a current market
exchange.
The
carrying amounts of the Company’s financial instruments including cash and cash equivalents, prepaid expenses, accounts payable
and accrued liabilities approximate fair value due to the short-term maturities of these instruments.
Set
out below are the Company’s financial instruments that are required to be remeasured at fair value on a recurring basis and their
fair value hierarchy as of September 30, 2023 (none for December 31, 2022):
Schedule
of Fair Value, Assets and Liabilities Measured on Recurring Basis
September 30, 2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Carrying Value | |
Assets | |
| | | |
| | | |
| | | |
| | |
Marketable Securities: | |
| | | |
| | | |
| | | |
| | |
United States Treasury Bonds | |
$ | 2,920,592 | | |
$ | - | | |
$ | - | | |
$ | 2,920,592 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Derivative Liability - Warrants | |
$ | - | | |
$ | - | | |
$ | 497,157 | | |
$ | 497,157 | |
Derivative Liability - Accelerated feature | |
| - | | |
| - | | |
| 15,668 | | |
| 15,668 | |
Total Liabilities | |
$ | - | | |
$ | - | | |
$ | 512,825 | | |
$ | 512,825 | |
Derivative
Financial Instruments
The
Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. We evaluate all of our
financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For
derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value
and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For our derivative
financial instruments, the Company used a Monte Carlo valuation model to value the derivative instruments at inception and on subsequent
valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or
as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or
non-current based on whether or not net-cash settlement or conversion of the instrument could be required within twelve (12) months of
the balance sheet date.
Research
and Development Expenses
Research
and development expenses are charged to expense as incurred. Research and development expenses include, but are not limited to, product
development, clinical and regulatory expenses, payroll and other personnel expenses, materials, supplies, related subcontract expenses,
and consulting costs. In September of 2022, TCG GreenChem, Inc. (“TCG GreenChem”) was contracted for process research, development
and cGMP compliant manufacture of IpdR, for which the final report was completed and delivered by TCG GreenChem during September 2023.
The total project cost was $1,500,000 paid in four milestone payments. The Company has made all required milestone payments as follows:
the first payment of $450,000 was paid during the quarter ended September 30, 2022, pursuant to which TCG GreenChem commenced work on
the project, the second milestone payment of $300,000 was paid during the three months ended March 31, 2023, the third payment of $300,000
was paid on June 8, 2023, and the final payment of $450,000 was made during September 2023. As of the date of this filing, sufficient
quantities of the API have been completed in order to perform our Phase II clinical trial. On September 14, 2023 the FDA
provided written responses to Shuttle’s request for pre-investigational new drug application (PIND) meeting to discuss the clinical
development of Ropidoxuridine and a new Phase II protocol in patients with unME-MGMT glioblastoma. The positive feedback from the FDA
has been incorporated into the clinical trial protocol.
Regarding
the accounting treatment for reimbursements, GAAP provides limited guidance on the accounting for government grants received by for-profit
companies. We understand there is more than one acceptable alternative for the accounting treatment – a reduction of costs, a deferred
credit to be amortized, revenue or other income. The Company has concluded that reimbursements are more akin to a reduction of costs
and applies reimbursements against incurred research costs.
Net
Loss Per Common Stock
Net
loss per share of common stock requires presentation of basic earnings per share on the face of the statements of operations for all
entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic earnings per share
computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average
number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing net income by the weighted
average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the
potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants unless
the result would be antidilutive.
The
dilutive effect of restricted stock units subject to vesting and other share-based payment awards is calculated using the “treasury
stock method,” which assumes that the “proceeds” from the exercise of these instruments are used to purchase common
shares at the average market price for the period. The dilutive effect of convertible securities is calculated using the “if-converted
method.” Under the if-converted method, securities are assumed to be converted at the beginning of the period, and the resulting
shares of common stock are included in the denominator of the diluted calculation for the entire period being presented.
For
the three and nine months ended September 30, 2023 and 2022, the following common stock equivalents were excluded from the
computation of diluted net loss per share as the result of the computation was anti-dilutive.
Schedule
of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | |
Convertible notes (Note 6) | |
| 1,101,830 | | |
| - | |
Warrants | |
| 1,446,155 | | |
| 20,000 | |
Restricted stock units | |
| 168,050 | | |
| - | |
| |
| 2,716,035 | | |
| 20,000 | |
Recent
Accounting Pronouncements
The
Company has considered all recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have
a material impact on its financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under
the circumstances.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.3
Leases
|
9 Months Ended |
Sep. 30, 2023 |
Leases |
|
Leases |
Note
3 – Leases
Operating
lease right-of-use (“ROU”) assets and liabilities are recognized at the present value of the future lease payments as of
the lease commencement date. The interest rate used to determine the present value of our lease ending in October of 2023 was our incremental
borrowing rate estimated at 10% when the lease was entered into in 2019. Our new lease beginning in June of 2023, the interest rate used
was an equity built up, risk adjusted rate, estimated to be 10.48%, as the interest rate implicit in most of our leases is not readily
determinable. Operating lease expense is recognized on a straight-line basis over the lease term.
The
Company currently has two lease agreements which allow for the use of a laboratory facility. The first is for a monthly payment of $6,480,
with a security deposit of $6,480 held for the duration of the lease, and commenced on October 1, 2018, with the first payment made on
January 1, 2019 and an expiry date of October 31, 2023. On February 16, 2023, the Company entered into a new lease agreement for new
office and laboratory space, with base rent of $7,206 per month for a period of 64 months, which increases at the rate of 3% per year,
that commenced June 1, 2023. The new lease included a six-month 50% rent abatement upon commencement. Additional common area maintenance
(“CAM”) fees are charged monthly and revised annually. The estimated monthly CAM fees are $3,300 per month for the first
year of the lease, which are being expensed as incurred. An irrevocable letter of credit (“LOC”) for the security deposit
of $43,234 and base rent of $3,891, including 50% abatement, and $3,315 of CAM cost, was due and paid on execution of the lease agreement.
Alexandria Real Estate (ARE-QRS-CORP) is the beneficiary of the LOC, and the expiry date of the LOC is February 15, 2024.
The
following summarizes the right-of use asset and lease information for the Company’s operating leases:
Schedule
of Right-of Use Asset and Lease Information About Operating Lease
| |
2023 | | |
2022 | |
| |
Nine Months Ended | |
| |
September 30, | |
| |
2023 | | |
2022 | |
Operating lease cost | |
$ | 83,230 | | |
$ | 52,631 | |
Sublease income | |
| (6,377 | ) | |
| (4,949 | ) |
Total lease cost | |
$ | 76,853 | | |
$ | 47,682 | |
| |
| | | |
| | |
Other information | |
| | | |
| | |
Cash paid for operating cash flows from operating leases | |
$ | 73,884 | | |
$ | 56,617 | |
Right-of-use assets obtained in exchange for new operating lease liability | |
$ | 365,556 | | |
$ | - | |
| |
| | | |
| | |
Weighted-average remaining lease term — operating leases (year) | |
| 4.93 | | |
| 1.05 | |
Weighted-average discount rate — operating leases | |
| 10.48 | % | |
| 10 | % |
Future
non-cancelable minimum lease payments under the operating lease liability as of September 30, 2023, are as follows:
Schedule
of Future Non-cancelable Minimum Lease Payments Under the Operating Lease Liability
Years
Ended December 31, | |
Lease
Ending
August 31, 2028 | | |
Lease
Ending
October 31, 2023 | |
| |
As of September 30, 2023 | |
Years Ended December 31, | |
Lease Ending
August 31, 2028 | | |
Lease Ending
October 31, 2023 | |
2023 (remaining three months) | |
$ | 15,677 | | |
$ | 6,480 | |
2024 | |
| 91,545 | | |
| - | |
2025 | |
| 94,247 | | |
| - | |
2026 | |
| 97,074 | | |
| - | |
2027 | |
| 99,986 | | |
| - | |
2028 | |
| 68,235 | | |
| - | |
Total future minimum lease payments | |
| 466,764 | | |
| 6,480 | |
Less: imputed interest | |
| (103,785 | ) | |
| - | |
Present value of payments | |
$ | 362,979 | | |
$ | 6,480 | |
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.23.3
Notes Payable-Related Party
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
Notes Payable-Related Party |
Note
4 – Notes Payable-Related Party
On
December 1, 2020, the Company consolidated all of the outstanding loans owed to an officer of the Company and to his spouse, resulting
in the following two loans: (i) a single loan from the spouse of an officer of the Company, dated December 1, 2020, with a principal
balance of $, bearing interest at the rate of per annum, with a maturity date of ; and (ii) a single loan
owed to an officer of the Company in the principal amount of $139,229, bearing interest at the rate of 7.5% per annum, with a maturity
date of December 31, 2021. In December of 2021 the maturity dates of these loans were further extended to June 30, 2022. In July of 2022,
the notes were extended to June 30, 2023.
On
June 21, 2021, the Company entered into a loan from the spouse of an officer of the Company in the amount of $ (principal) with
an interest rate of per annum due June 21, 2022. In July of 2022, the loan was extended to June 30, 2023.
During
the six months ended June 30, 2023 principal payments of $ and interest of $ were paid. As of September 30, 2023 the principal
and interest balances for the related party notes were $0.
|
X |
- 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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v3.23.3
Convertible Notes and Notes Payable
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Convertible Notes and Notes Payable |
Note
5 – Convertible Notes and Notes Payable
Alto
Opportunity Master Fund, SPC
On
January 11, 2023, the Company entered into a securities purchase agreement (the “SPA”) with Alto Opportunity Master Fund,
SPC – Segregated Master Portfolio B, a Cayman entity (the “Investor”), pursuant to which the Company sold to the Investor
a $4,300,000 convertible note (the “Alto Convertible Note”) and warrant (the “Warrant”) to purchase 1,018,079
shares of common stock, exercisable at $2.35 per share, in exchange for gross proceeds of $3,935,000 million (the “Investment Amount”)
(See Note 6). The Company determined that the warrants contain a net cash settlement feature at inception and categorized the warrants
as a liability in the accompanying unaudited condensed consolidated financial statements. The Alto Convertible Note matures on March 11,
2025, but may be extended at the option of the noteholder. The Alto Convertible Note amortizes on a monthly basis and the Company can
make such monthly amortization payments in cash or, subject to certain equity conditions, in registered shares of common stock or a combination
thereof. Installments may be deferred by the noteholder, resulting in a variable interest rate. However, the effective interest rate
is approximately 366% based on the internal rate of return calculated on a series of cash flows that occur at regular intervals. For equity
repayment, the Alto Convertible Note is convertible into shares of common stock at a price per share equal to the lower of (i) $2.35,
(ii) 90% of the three lowest daily VWAPs of the 15 trading days prior to the payment date, or (iii) 90% of the VWAP of the trading day
prior to payment date. The noteholder may convert at any time at a fixed price of $2.35 per share. The noteholder has an acceleration
of installment amount conversion option (the “Acceleration Option”), whereby the noteholder, with certain share percentage
limitations, can convert to common stock any outstanding installment amount at an amount equal to the installment amount plus five times
(5x) the installment amount at any time. The Company has determined the Acceleration Option is an embedded derivative within the host
instrument and has bifurcated it from the host instrument and recorded it as a derivative liability valued at $1,442,000, using a Monte
Carlo simulation model (Note 7). The Convertible Note is repayable over 26 months and bears interest at the rate of 5% per annum. Additionally,
the note contains certain redemption options and “Make Whole” provisions.
In
conjunction with entry into the SPA, the Company entered into a series of related agreements, including a security agreement (the “Security
Agreement”), an intellectual property security agreement (the “IP Security Agreement”) and a subsidiary guaranty (the
“Subsidiary Guaranty”). The security agreements and guaranty allow, among other things, for the Investor to have a security
interest in and place a lien on all of the Company’s assets and intellectual property until such time as the Alto Convertible Note
is paid off. In addition, the SPA called for the Company to enter into a springing deposit account control agreement (the “Springing
DACA”), which, in the event the Company defaults on its repayment of the Alto Convertible Note, would allow the Investor to assume
control of the Company’s bank account only with regard to any funds remaining outstanding under the Alto Convertible Note. As such,
in conjunction with entry into the SPA, the Company established a separate bank account in which it deposited the Investment Amount and
pursuant to which the Company, the Investor and the bank holding the Investment Amount, First Republic Bank, entered into the Springing
DACA agreement. As the Investment Amount had been held at First Republic Bank, in light of certain banking crises then affecting smaller
banks, on March 12, 2023, the Company and the Investor moved the Investment Amount from First Republic Bank, after which time the Springing
DACA was no longer in effect. Further, pursuant to amendments to the SPA entered into in May and June of 2023, the Company and the Investor
agreed that all of the Investment Amount would be released to the Company and the relevant provision of the SPA which required the Springing
DACA would no longer be deemed applicable. In addition, the Company granted the Investor the option to purchase up to an additional $10
million in convertible notes and warrants on substantially the same terms as the Alto Convertible Note and Warrant, excluding the Springing
DACA requirement, with such option to be effective through December 31, 2025. The Company’s agreement with the Investor anticipates that the
Company will require additional capital and, as such, provides access to additional capital that the Company may need in order to complete
the Phase II clinical trial. The Company expects that such subsequent convertible notes and warrants would be issued on substantially
similar terms as the January 11, 2023 initial agreement, as amended, thus providing the Company the opportunity to negotiate certain
aspects of the agreement.
Boustead
Securities, LLC (“Boustead”) served as a placement agent for the Alto Convertible Note and Warrant offering and received
$345,000 cash compensation and a warrant to purchase 71,266 shares of common stock, exercisable at $2.35 per share. The Boustead warrant
was determined to be an equity instrument valued on a non-recurring basis. The Company used the Black Scholes valuation model using a
term of five years, volatility of 110%, a risk-free rate of 3.53% for a value of $99,543.
The
Company allocated the finance costs related to the Boustead placement agent fee of $345,000, based on the relative fair market values
of the Convertible Note and warrants issued. The allocation of the financing costs applied $232,027 to the debt component as a debt discount
that is being amortized to interest expense over the term of the Convertible Note, $104,245 to the warrant derivative liability component,
expensed as a finance fee, and $8,727 to the equity warrant as a reduction in additional paid in capital.
The
Company allocated to the debt component of the note an original discount of $300,000, legal fees of $65,000, $215,000 for additional
interest fees on day one added to note principal, $1,442,000 for the accelerated conversion feature, and $1,288,543 for the fair value
of warrants, resulting in an additional $3,310,543 debt discount that is being amortized to interest expense over the term of the Alto
Convertible Note.
During
the three and nine months ended September 30, 2023, the Company recorded interest expense of $623,465
and $1,952,147
respectively, which included amortization of debt discount as interest expense of $538,302
and $1,550,479 respectively. During the
three and nine months ended September 30, 2023, the Company settled $331,800
and $1,925,700
of principal, respectively, and settled $54,096
and $294,927,
respectively, of accrued interest, which settlements were made in the form of 502,087
and 2,380,996
shares of common stock, respectively, during the three and nine months ended September 30, 2023.
As
of September 30, 2023, the outstanding principal for the convertible note was $2,589,300 and the debt discount remaining was $1,992,093,
with a net convertible note carrying value of $597,207, which represents the current and non-current portions of the convertible note
as of September 30, 2023.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
Stockholders’ Equity
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity |
Note
6 – Stockholders’ Equity
Common
Stock
During
the three and nine months ended September 30, 2023, the Company issued:
|
● |
502,087
and 2,380,996 shares of common stock to settle $331,800 and $1,925,700 of principal and $54,096 and $294,927 of interest, respectively,
on a Convertible Note and incurred $43,414 and $477,221 of loss on settlement, respectively. |
|
● |
15,000 and 15,000 shares of common stock issued for vesting of restricted
stock units. |
During
the three and nine months ended September 30, 2022, the Company issued:
|
● |
0
and 839 shares of common stock for conversion of $0 and $16,340 of accrued interest, respectively. |
|
● |
1,045
and 11,253 shares of common stock upon vesting of restricted stock units, respectively. |
|
● |
1,409,771 and 1,409,771 shares of common stock upon completion of the Company’s initial public offering for
$10,031,415 and $10,031,415, respectively. |
|
● |
147,500 and 147,500 shares of common stock upon settlement of notes payable for $588,524 and $588,524, respectively. |
|
● |
2,267,551 and 2,267,551 shares of common stock upon exercise of warrants to settle notes payable for $590,574 and
$590,574, respectively. |
|
● |
336,810 and 336,810 shares of common stock upon conversion of preferred shares and 100,517 to settle dividends payable
for $402,068 and $402,068, respectively. |
Warrants
In
connection with the January 2023 Alto Convertible Note, Boustead was granted warrants to purchase 71,266 shares of common stock, at an
exercise price of $2.35 per share (Note 5). In addition, Alto was granted warrants to purchase 1,018,079 shares of common stock, at an
exercise price of $2.35 per share (Note 5, 7).
A
summary of activity regarding all warrants issued for the nine months ended September 30, 2023 were as follows:
Schedule
of Warrants Activity
| |
Number of | | |
Weighted Average | | |
Average | |
| |
warrants | | |
Exercise Price | | |
Life (years) | |
Outstanding, December 31, 2022 | |
| 356,810 | | |
$ | 3.92 | | |
| 2.79 | |
Granted - Boustead | |
| 71,266 | | |
| 2.35 | | |
| 5.00 | |
Granted - Ayrton | |
| 1,018,079 | | |
| 2.35 | | |
| 4.00 | |
Outstanding, September 30, 2023 | |
| 1,446,155 | | |
$ | 2.74 | | |
| 3.03 | |
The
intrinsic value of the warrants as of September 30, 2023 is $0. All of the outstanding warrants are exercisable as of September 30, 2023.
Equity
Incentive Plan
Our
2018 Equity Incentive Plan (the “2018 Plan”) provides for equity incentives to be granted to our employees, executive officers,
directors and key advisers and consultants. Equity incentive grants may be made in the form of stock options with an exercise price of
not less than the fair market value of the underlying shares as determined pursuant to the 2018 Equity Incentive Plan, restricted stock
awards, other stock-based awards, or any combination of the foregoing. The 2018 Equity Incentive Plan is administered by the Company’s
compensation committee. We have reserved 3,000,000 shares of our common stock for issuance under the 2018 Equity Incentive Plan. As of
September 30, 2023, 578,180 shares have been granted under the 2018 Equity Incentive Plan, of which 410,130 shares have vested.
Restricted
Stock Units
We
may grant restricted stock units (“RSU”) under our 2018 Plan. RSUs are bookkeeping entries representing an amount equal to
the fair market value of one share of our common stock. Subject to the provisions of our 2018 Plan, the administrator determines the
terms and conditions of RSUs, including the vesting criteria and the form and timing of payment. Notwithstanding the foregoing, the administrator,
in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed. RSUs granted typically vest annually
in one third increments from the date of appointment.
During
the nine months ended September 30, 2023 and 2022, pursuant to agreements with directors and officers, 159,326 and 0 RSUs with a value
of $291,400 and $0 were granted and compensation expense for the RSUs of $95,438 and $356,733, respectively, and was included in compensation
under Research and Development.
As
of September 30, 2023, there was $257,072 of unrecognized RSU compensation cost related to non-vested share-based compensation arrangements
which is expected to be recognized by the end of May 31, 2026.
A
summary of activity regarding the Restricted Stock Units issued follows:
Schedule
of Restricted Stock Units (RSUs)
| |
Number of RSU | | |
Weighted
Average Grant
Date Fair
Value Per RSU | |
Outstanding, December 31, 2022 | |
| 99,273 | | |
$ | 15.06 | |
Granted | |
| 159,326 | | |
| 1.83 | |
Vested | |
| (90,549 | ) | |
| - | |
Outstanding, September 30, 2023 | |
| 168,050 | | |
$ | 1.98 | |
|
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- DefinitionThe entire disclosure for equity.
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v3.23.3
Derivative Liabilities
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Derivative Liabilities |
Note
7 – Derivative Liabilities
Fair
Value Assumptions Used in Accounting for Derivative Liabilities
ASC
815 requires us to assess the fair market value of derivative liabilities at the end of each reporting period and recognize any change
in the fair market value as other income or expense.
In
January 2023, in connection with the Alto Convertible Note, the Company issued warrants to purchase 1,018,079 shares of common stock,
with an exercise price of $2.35 per share, valued at $1,189,000. The Company determined our derivative liabilities from the warrants
issued in relation to the Alto Convertible Note do not satisfy the classification as equity instruments due to the existence of a certain
net cash settlement provision that is not within the sole control of the Company. In addition, there are certain down round provisions
that could reduce the exercise price if the Company issues securities at lower prices in the future.
The
Company determined our derivative liability from the noteholder’s Acceleration Option for the Alto Convertible Note is not clearly
and closely related to the host, and should be thus accounted for as a bifurcated derivative liability.
We
classified these derivative liabilities as a Level 3 fair value measurement and used the Monte Carlo pricing model to calculate the fair
value as of January 11, 2023 ($2,631,000 included in debt discount) and September 30, 2023 ($512,825). Key inputs for the simulation
are summarized below. The Monte Carlo simulation uses an implied VWAP for the January 11, 2023 valuation date. The implied VWAP was backsolved
by setting the summation of the parts (e.g., derivatives and debt without derivatives) equal to the cash proceeds. The simulation was
then iterated and manipulated to solve for the implied share price, which was approximately $1.58 per share (or an approximate 14% discount
to the quoted market VWAP on January 11, 2023).
The
key inputs for the Monte Carlo simulation for the nine months ended September 30, 2023, were as follows:
Schedule
of Monte Carlo Simulation Assumption
Net cash settlement and down round key valuation inputs – warrants | |
| |
Annualized volatility | |
58.91% - 95.99 | % |
Risk-free interest rate | |
4.77% - 5.55% | |
VWAP | |
0.49 - 0.59 | |
Dividend yield | |
| 0 | % |
Exercise price | |
| 2.35 | |
Probability of fundamental transaction | |
| 5% - 25 | % |
Date of fundamental transaction | |
| 0.28 years to 3.28 years | |
* |
Based
on a Monte Carlo simulation analysis of 75,000 – 100,000 iterations |
Acceleration
option key valuation inputs | |
| | |
Annualized volatility | |
| 17.23% - 54.7 | % |
Risk-free interest rate | |
| 5.16% - 5.55 | % |
VWAP | |
| 0.49 - 0.59 | |
Probability of fundamental transaction | |
| 5% - 25 | % |
Date of fundamental transaction | |
| 0 years to 1.45 years | |
* |
Based
on a Monte Carlo simulation analysis of 75,000 – 100,000 iterations |
The
following table summarizes the changes in the derivative liabilities:
Schedule
of Derivative Liabilities
Fair
Value Measurements Using Significant Unobservable Inputs (Level 3) |
| |
Warrants | | |
Accelerated
Feature | |
Balance
- December 31, 2022 | |
$ | - | | |
$ | - | |
Addition
of new derivatives | |
| 1,189,000 | | |
| 1,442,000 | |
Gain
on change in fair value | |
| (383,000 | ) | |
| (858,000 | ) |
Balance
- March 31, 2023 | |
$ | 806,000 | | |
$ | 584,000 | |
| |
| | | |
| | |
Gain
on change in fair value | |
| (328,243 | ) | |
| (106,032 | ) |
Balance
- June 30, 2023 | |
$ | 477,757 | | |
$ | 477,968 | |
| |
| | | |
| | |
(Gain)
loss on change in fair value of the derivative | |
| 19,400 | | |
| (462,300 | ) |
Balance
- September 30, 2023 | |
$ | 497,157 | | |
$ | 15,668 | |
Fair Value Measurements Using Significant Unobservable
Inputs (Level 3) |
Balance - December 31, 2021 | |
$ | 94,025 | |
Gain on change in fair value - warrants | |
| (94,025 | ) |
Balance - September 30, 2022 | |
$ | - | |
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
8 – Subsequent Events
Management
evaluated all additional events subsequent to the balance sheet date through the date the unaudited interim condensed consolidated financial
statements were issued and determined that, other than as set forth below, there were no items required to be disclosed.
On October 24, 2023, the Company entered into a license agreement (the
“License Agreement”) with Georgetown University (“Georgetown”), pursuant to which Georgetown agreed to license
the invention known as “Predictive Biomarkers for Adverse Effects of Radiation Therapy,” (U.S. Application No. 17/476,148,
titled Predictive Biomarkers for Adverse Effects of Radiation Therapy, filed on September 15, 2021) (the “Intellectual Property”),
which had previously been developed by the Company’s officers when they were employees of Georgetown. Under the terms of the License
Agreement, the Company will be entitled to use the Intellectual Property on a worldwide basis in exchange for making certain milestone
payments and adhering to other terms of the License Agreement: including initiating a validation clinical trial of the Licensed Product,
completion of the validation of the clinical trial in relation to the Licensed Products, obtaining U.S. regulatory approval of the Licensed
Product, and reaching certain fundraising and sales milestones in relation to the Licensed Product. In addition, assuming the Company
successfully obtains FDA approval and commences commercial sale of the Licensed Product, the Company will be obligated to pay at least
a guaranteed minimum royalty payment each year following the First Commercial Sale (as defined in the License Agreement), along with earned
royalty payments of 5% of any Net Sales of any Licensed Product or Licensed Method sold in the Licensed Territory.
|
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“GAAP”) for interim financial statements and with the instructions to Form 10-Q
and Rule 8-03 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not
contain all information and notes required by accounting principles generally accepted in the United States of America for annual financial
statements. A complete discussion of the Company’s significant accounting policies is included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2022.
In
the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all of
the adjustments necessary to present the financial position of the Company as of September 30, 2023 and the results of operations and
cash flows for the periods presented. The accompanying condensed consolidated financial statements of the Company have not been audited
by the Company’s independent registered public accounting firm, except that the year-end condensed consolidated balance sheet was
derived from audited financial statements. The results of operations for the three and nine months ended September 30, 2023 are not necessarily
indicative of the operating results for the full fiscal year or any future period. These unaudited condensed consolidated financial statements
should be read in conjunction with the financial statements and related notes thereto for the year ended December 31, 2022 included in
the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2023.
|
Basis of Consolidation |
Basis
of Consolidation
The
unaudited condensed consolidated financial statements have been prepared on a consolidated basis with those of the Company’s
wholly-owned subsidiary, Shuttle Pharmaceuticals, Inc. All intercompany transactions and balances have been eliminated.
|
Reclassifications |
Reclassifications
Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations.
|
Use of Estimates |
Use
of Estimates
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts,
historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that
are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from
the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future
results of operations will be affected. Significant estimates are contained in the accompanying condensed consolidated financial
statements for the valuation of derivatives, share-based compensation, useful lives
for depreciation and amortization of long-lived assets, and the incremental borrowing rate used on right-of-use assets.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
Cash
and cash equivalents include cash in bank accounts and money market funds with maturities of less than three months from inception, which
are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss
in value. As of September 30, 2023 and December 31, 2022, cash and cash equivalents consisted of the following:
Schedule
of Cash and Cash Equivalents
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Cash | |
$ | 2,867,519 | | |
$ | 5,411,378 | |
Money market funds | |
| 1,018,478 | | |
| 3,005,825 | |
Total cash
and cash equivalents | |
$ | 3,885,997 | | |
$ | 8,417,203 | |
Periodically,
the Company may carry cash balances at financial institutions in excess of the federally insured limit of $250,000 per institution. The
amount in excess of the FDIC insurance as of September 30, 2023 was approximately $3,256,000. The Company has not experienced losses
on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to
these deposits is not significant.
|
Marketable Securities |
Marketable
Securities
Our
investments in debt securities are carried at fair value. Investments in debt securities that are not classified as held-to-maturity
are carried at fair value and classified as either trading or available-for-sale. Realized and unrealized gains and losses on trading
of debt securities are charged to income.
The
marketable securities held by the Company, which are classified as trading marketable securities, consisted of an outstanding balance
of $2,920,592 and $0 as of September 30, 2023 and December 31, 2022, respectively. During the nine months ended September 30, 2023 and
2022, the Company recognized interest income of $56,720 and $0, realized gains of $1,744 and $0, and unrealized gains of $21,134 and
$0, respectively.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Company follows accounting guidelines on fair value measurements for financial instruments measured on a recurring basis, as well as
for certain assets and liabilities that are initially recorded at their estimated fair values. Fair Value is defined as the exit price,
or the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
as of the measurement date. The Company uses the following three-level hierarchy that maximizes the use of observable inputs and minimizes
the use of unobservable inputs to value its financial instruments:
|
● |
Level
1: Observable inputs such as unadjusted quoted prices in active markets for identical instruments. |
|
|
|
|
● |
Level
2: Quoted prices for similar instruments that are directly or indirectly observable in the marketplace. |
|
|
|
|
● |
Level
3: Significant unobservable inputs which are supported by little or no market activity and that are financial instruments whose values
are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which
the determination of fair value requires a significant judgment or estimation. |
Financial
instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair
value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety
requires the Company to make judgments and consider factors specific to the asset or liability. The use of different assumptions and/or
estimation methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed, or initial
amounts recorded, may not be indicative of the amount that the Company or holders of the instruments could realize in a current market
exchange.
The
carrying amounts of the Company’s financial instruments including cash and cash equivalents, prepaid expenses, accounts payable
and accrued liabilities approximate fair value due to the short-term maturities of these instruments.
Set
out below are the Company’s financial instruments that are required to be remeasured at fair value on a recurring basis and their
fair value hierarchy as of September 30, 2023 (none for December 31, 2022):
Schedule
of Fair Value, Assets and Liabilities Measured on Recurring Basis
September 30, 2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Carrying Value | |
Assets | |
| | | |
| | | |
| | | |
| | |
Marketable Securities: | |
| | | |
| | | |
| | | |
| | |
United States Treasury Bonds | |
$ | 2,920,592 | | |
$ | - | | |
$ | - | | |
$ | 2,920,592 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Derivative Liability - Warrants | |
$ | - | | |
$ | - | | |
$ | 497,157 | | |
$ | 497,157 | |
Derivative Liability - Accelerated feature | |
| - | | |
| - | | |
| 15,668 | | |
| 15,668 | |
Total Liabilities | |
$ | - | | |
$ | - | | |
$ | 512,825 | | |
$ | 512,825 | |
|
Derivative Financial Instruments |
Derivative
Financial Instruments
The
Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. We evaluate all of our
financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For
derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value
and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For our derivative
financial instruments, the Company used a Monte Carlo valuation model to value the derivative instruments at inception and on subsequent
valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or
as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or
non-current based on whether or not net-cash settlement or conversion of the instrument could be required within twelve (12) months of
the balance sheet date.
|
Research and Development Expenses |
Research
and Development Expenses
Research
and development expenses are charged to expense as incurred. Research and development expenses include, but are not limited to, product
development, clinical and regulatory expenses, payroll and other personnel expenses, materials, supplies, related subcontract expenses,
and consulting costs. In September of 2022, TCG GreenChem, Inc. (“TCG GreenChem”) was contracted for process research, development
and cGMP compliant manufacture of IpdR, for which the final report was completed and delivered by TCG GreenChem during September 2023.
The total project cost was $1,500,000 paid in four milestone payments. The Company has made all required milestone payments as follows:
the first payment of $450,000 was paid during the quarter ended September 30, 2022, pursuant to which TCG GreenChem commenced work on
the project, the second milestone payment of $300,000 was paid during the three months ended March 31, 2023, the third payment of $300,000
was paid on June 8, 2023, and the final payment of $450,000 was made during September 2023. As of the date of this filing, sufficient
quantities of the API have been completed in order to perform our Phase II clinical trial. On September 14, 2023 the FDA
provided written responses to Shuttle’s request for pre-investigational new drug application (PIND) meeting to discuss the clinical
development of Ropidoxuridine and a new Phase II protocol in patients with unME-MGMT glioblastoma. The positive feedback from the FDA
has been incorporated into the clinical trial protocol.
Regarding
the accounting treatment for reimbursements, GAAP provides limited guidance on the accounting for government grants received by for-profit
companies. We understand there is more than one acceptable alternative for the accounting treatment – a reduction of costs, a deferred
credit to be amortized, revenue or other income. The Company has concluded that reimbursements are more akin to a reduction of costs
and applies reimbursements against incurred research costs.
|
Net Loss Per Common Stock |
Net
Loss Per Common Stock
Net
loss per share of common stock requires presentation of basic earnings per share on the face of the statements of operations for all
entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic earnings per share
computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average
number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing net income by the weighted
average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the
potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants unless
the result would be antidilutive.
The
dilutive effect of restricted stock units subject to vesting and other share-based payment awards is calculated using the “treasury
stock method,” which assumes that the “proceeds” from the exercise of these instruments are used to purchase common
shares at the average market price for the period. The dilutive effect of convertible securities is calculated using the “if-converted
method.” Under the if-converted method, securities are assumed to be converted at the beginning of the period, and the resulting
shares of common stock are included in the denominator of the diluted calculation for the entire period being presented.
For
the three and nine months ended September 30, 2023 and 2022, the following common stock equivalents were excluded from the
computation of diluted net loss per share as the result of the computation was anti-dilutive.
Schedule
of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | |
Convertible notes (Note 6) | |
| 1,101,830 | | |
| - | |
Warrants | |
| 1,446,155 | | |
| 20,000 | |
Restricted stock units | |
| 168,050 | | |
| - | |
| |
| 2,716,035 | | |
| 20,000 | |
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
The
Company has considered all recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have
a material impact on its financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under
the circumstances.
|
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v3.23.3
Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Cash and Cash Equivalents |
Cash
and cash equivalents include cash in bank accounts and money market funds with maturities of less than three months from inception, which
are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss
in value. As of September 30, 2023 and December 31, 2022, cash and cash equivalents consisted of the following:
Schedule
of Cash and Cash Equivalents
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Cash | |
$ | 2,867,519 | | |
$ | 5,411,378 | |
Money market funds | |
| 1,018,478 | | |
| 3,005,825 | |
Total cash
and cash equivalents | |
$ | 3,885,997 | | |
$ | 8,417,203 | |
|
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
Set
out below are the Company’s financial instruments that are required to be remeasured at fair value on a recurring basis and their
fair value hierarchy as of September 30, 2023 (none for December 31, 2022):
Schedule
of Fair Value, Assets and Liabilities Measured on Recurring Basis
September 30, 2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Carrying Value | |
Assets | |
| | | |
| | | |
| | | |
| | |
Marketable Securities: | |
| | | |
| | | |
| | | |
| | |
United States Treasury Bonds | |
$ | 2,920,592 | | |
$ | - | | |
$ | - | | |
$ | 2,920,592 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Derivative Liability - Warrants | |
$ | - | | |
$ | - | | |
$ | 497,157 | | |
$ | 497,157 | |
Derivative Liability - Accelerated feature | |
| - | | |
| - | | |
| 15,668 | | |
| 15,668 | |
Total Liabilities | |
$ | - | | |
$ | - | | |
$ | 512,825 | | |
$ | 512,825 | |
|
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share |
For
the three and nine months ended September 30, 2023 and 2022, the following common stock equivalents were excluded from the
computation of diluted net loss per share as the result of the computation was anti-dilutive.
Schedule
of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | |
Convertible notes (Note 6) | |
| 1,101,830 | | |
| - | |
Warrants | |
| 1,446,155 | | |
| 20,000 | |
Restricted stock units | |
| 168,050 | | |
| - | |
| |
| 2,716,035 | | |
| 20,000 | |
|
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v3.23.3
Leases (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Leases |
|
Schedule of Right-of Use Asset and Lease Information About Operating Lease |
The
following summarizes the right-of use asset and lease information for the Company’s operating leases:
Schedule
of Right-of Use Asset and Lease Information About Operating Lease
| |
2023 | | |
2022 | |
| |
Nine Months Ended | |
| |
September 30, | |
| |
2023 | | |
2022 | |
Operating lease cost | |
$ | 83,230 | | |
$ | 52,631 | |
Sublease income | |
| (6,377 | ) | |
| (4,949 | ) |
Total lease cost | |
$ | 76,853 | | |
$ | 47,682 | |
| |
| | | |
| | |
Other information | |
| | | |
| | |
Cash paid for operating cash flows from operating leases | |
$ | 73,884 | | |
$ | 56,617 | |
Right-of-use assets obtained in exchange for new operating lease liability | |
$ | 365,556 | | |
$ | - | |
| |
| | | |
| | |
Weighted-average remaining lease term — operating leases (year) | |
| 4.93 | | |
| 1.05 | |
Weighted-average discount rate — operating leases | |
| 10.48 | % | |
| 10 | % |
|
Schedule of Future Non-cancelable Minimum Lease Payments Under the Operating Lease Liability |
Future
non-cancelable minimum lease payments under the operating lease liability as of September 30, 2023, are as follows:
Schedule
of Future Non-cancelable Minimum Lease Payments Under the Operating Lease Liability
Years
Ended December 31, | |
Lease
Ending
August 31, 2028 | | |
Lease
Ending
October 31, 2023 | |
| |
As of September 30, 2023 | |
Years Ended December 31, | |
Lease Ending
August 31, 2028 | | |
Lease Ending
October 31, 2023 | |
2023 (remaining three months) | |
$ | 15,677 | | |
$ | 6,480 | |
2024 | |
| 91,545 | | |
| - | |
2025 | |
| 94,247 | | |
| - | |
2026 | |
| 97,074 | | |
| - | |
2027 | |
| 99,986 | | |
| - | |
2028 | |
| 68,235 | | |
| - | |
Total future minimum lease payments | |
| 466,764 | | |
| 6,480 | |
Less: imputed interest | |
| (103,785 | ) | |
| - | |
Present value of payments | |
$ | 362,979 | | |
$ | 6,480 | |
|
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v3.23.3
Stockholders’ Equity (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Schedule of Warrants Activity |
A
summary of activity regarding all warrants issued for the nine months ended September 30, 2023 were as follows:
Schedule
of Warrants Activity
| |
Number of | | |
Weighted Average | | |
Average | |
| |
warrants | | |
Exercise Price | | |
Life (years) | |
Outstanding, December 31, 2022 | |
| 356,810 | | |
$ | 3.92 | | |
| 2.79 | |
Granted - Boustead | |
| 71,266 | | |
| 2.35 | | |
| 5.00 | |
Granted - Ayrton | |
| 1,018,079 | | |
| 2.35 | | |
| 4.00 | |
Outstanding, September 30, 2023 | |
| 1,446,155 | | |
$ | 2.74 | | |
| 3.03 | |
|
Schedule of Restricted Stock Units (RSUs) |
A
summary of activity regarding the Restricted Stock Units issued follows:
Schedule
of Restricted Stock Units (RSUs)
| |
Number of RSU | | |
Weighted
Average Grant
Date Fair
Value Per RSU | |
Outstanding, December 31, 2022 | |
| 99,273 | | |
$ | 15.06 | |
Granted | |
| 159,326 | | |
| 1.83 | |
Vested | |
| (90,549 | ) | |
| - | |
Outstanding, September 30, 2023 | |
| 168,050 | | |
$ | 1.98 | |
|
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v3.23.3
Derivative Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of Monte Carlo Simulation Assumption |
The
key inputs for the Monte Carlo simulation for the nine months ended September 30, 2023, were as follows:
Schedule
of Monte Carlo Simulation Assumption
Net cash settlement and down round key valuation inputs – warrants | |
| |
Annualized volatility | |
58.91% - 95.99 | % |
Risk-free interest rate | |
4.77% - 5.55% | |
VWAP | |
0.49 - 0.59 | |
Dividend yield | |
| 0 | % |
Exercise price | |
| 2.35 | |
Probability of fundamental transaction | |
| 5% - 25 | % |
Date of fundamental transaction | |
| 0.28 years to 3.28 years | |
* |
Based
on a Monte Carlo simulation analysis of 75,000 – 100,000 iterations |
Acceleration
option key valuation inputs | |
| | |
Annualized volatility | |
| 17.23% - 54.7 | % |
Risk-free interest rate | |
| 5.16% - 5.55 | % |
VWAP | |
| 0.49 - 0.59 | |
Probability of fundamental transaction | |
| 5% - 25 | % |
Date of fundamental transaction | |
| 0 years to 1.45 years | |
* |
Based
on a Monte Carlo simulation analysis of 75,000 – 100,000 iterations |
|
Schedule of Derivative Liabilities |
The
following table summarizes the changes in the derivative liabilities:
Schedule
of Derivative Liabilities
Fair
Value Measurements Using Significant Unobservable Inputs (Level 3) |
| |
Warrants | | |
Accelerated
Feature | |
Balance
- December 31, 2022 | |
$ | - | | |
$ | - | |
Addition
of new derivatives | |
| 1,189,000 | | |
| 1,442,000 | |
Gain
on change in fair value | |
| (383,000 | ) | |
| (858,000 | ) |
Balance
- March 31, 2023 | |
$ | 806,000 | | |
$ | 584,000 | |
| |
| | | |
| | |
Gain
on change in fair value | |
| (328,243 | ) | |
| (106,032 | ) |
Balance
- June 30, 2023 | |
$ | 477,757 | | |
$ | 477,968 | |
| |
| | | |
| | |
(Gain)
loss on change in fair value of the derivative | |
| 19,400 | | |
| (462,300 | ) |
Balance
- September 30, 2023 | |
$ | 497,157 | | |
$ | 15,668 | |
Fair Value Measurements Using Significant Unobservable
Inputs (Level 3) |
Balance - December 31, 2021 | |
$ | 94,025 | |
Gain on change in fair value - warrants | |
| (94,025 | ) |
Balance - September 30, 2022 | |
$ | - | |
|
X |
- DefinitionTabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.
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v3.23.3
Organization and Liquidity (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Aug. 12, 2016 |
Jan. 31, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jan. 11, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Net income loss |
|
|
|
$ 1,792,754
|
$ 2,184,372
|
$ 975,097
|
$ 998,425
|
$ 597,275
|
$ 681,839
|
$ 4,952,223
|
$ 2,277,539
|
|
Proceeds from issuance or sale of equity |
|
|
$ 10,022,193
|
|
|
|
|
|
|
|
|
|
Exercisable price per share |
|
$ 2.35
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable price per share |
|
|
|
|
|
|
|
|
|
|
|
$ 2.35
|
Institutional Investor [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
$ 4,300,000
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from warrants |
|
$ 3,590,000
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares issued |
45,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, percentage of ownership after transaction |
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
Net income loss |
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Institutional Investor [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Four year warrant to purchase |
|
1,018,079
|
|
|
|
|
|
|
|
|
|
|
Exercisable price per share |
|
$ 2.35
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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v3.23.3
Schedule of Cash and Cash Equivalents (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
|
Cash |
$ 2,867,519
|
$ 5,411,378
|
Money market funds |
1,018,478
|
3,005,825
|
Total cash and cash equivalents |
$ 3,885,997
|
$ 8,417,203
|
X |
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v3.23.3
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details)
|
Sep. 30, 2023
USD ($)
|
Liabilities |
|
Total Liabilities |
$ 512,825
|
Warrant [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
497,157
|
Accelerated Feature [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
15,668
|
US Treasury Securities [Member] |
|
Assets |
|
United States Treasury Bonds |
2,920,592
|
Fair Value, Inputs, Level 1 [Member] |
|
Liabilities |
|
Total Liabilities |
|
Fair Value, Inputs, Level 1 [Member] | Warrant [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
|
Fair Value, Inputs, Level 1 [Member] | Accelerated Feature [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
|
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] |
|
Assets |
|
United States Treasury Bonds |
2,920,592
|
Fair Value, Inputs, Level 2 [Member] |
|
Liabilities |
|
Total Liabilities |
|
Fair Value, Inputs, Level 2 [Member] | Warrant [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
|
Fair Value, Inputs, Level 2 [Member] | Accelerated Feature [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
|
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] |
|
Assets |
|
United States Treasury Bonds |
|
Fair Value, Inputs, Level 3 [Member] |
|
Liabilities |
|
Total Liabilities |
512,825
|
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
497,157
|
Fair Value, Inputs, Level 3 [Member] | Accelerated Feature [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
15,668
|
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|
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|
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|
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v3.23.3
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
2,716,035
|
20,000
|
2,716,035
|
20,000
|
Convertible Debt Securities [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
1,101,830
|
|
1,101,830
|
|
Warrant [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
1,446,155
|
20,000
|
1,446,155
|
20,000
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive securities |
168,050
|
|
168,050
|
|
X |
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v3.23.3
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
|
Jun. 08, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Cash FDIC insured amount |
|
$ 250,000
|
|
|
$ 250,000
|
|
|
Cash, uninsured amount |
|
3,256,000
|
|
|
3,256,000
|
|
|
Marketable securitie outstanding balance |
|
2,920,592
|
|
|
2,920,592
|
|
|
Interest income |
|
|
|
|
56,720
|
$ 0
|
|
Marketable securities realized gain loss |
|
|
|
|
1,744
|
0
|
|
Marketable securities unrealized gain loss |
|
|
|
|
21,134
|
$ 0
|
|
TCG Green Chem Inc [Member] |
|
|
|
|
|
|
|
Project expected cost |
|
1,500,000
|
|
|
$ 1,500,000
|
|
|
Payments to invoices in research and development |
$ 300,000
|
|
$ 300,000
|
$ 450,000
|
|
|
|
Other research and development expense |
|
$ 450,000
|
|
|
|
|
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v3.23.3
Schedule of Right-of Use Asset and Lease Information About Operating Lease (Details) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Leases |
|
|
Operating lease cost |
$ 83,230
|
$ 52,631
|
Sublease income |
(6,377)
|
(4,949)
|
Total lease cost |
76,853
|
47,682
|
Other information |
|
|
Cash paid for operating cash flows from operating leases |
73,884
|
56,617
|
Right-of-use assets obtained in exchange for new operating lease liability |
$ 365,556
|
|
Weighted-average remaining lease term - operating leases (year) |
4 years 11 months 4 days
|
1 year 18 days
|
Weighted-average discount rate - operating leases |
10.48%
|
10.00%
|
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v3.23.3
Schedule of Future Non-cancelable Minimum Lease Payments Under the Operating Lease Liability (Details)
|
Sep. 30, 2023
USD ($)
|
August 31, 2028 [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
2023 (remaining three months) |
$ 15,677
|
2024 |
91,545
|
2025 |
94,247
|
2026 |
97,074
|
2027 |
99,986
|
2028 |
68,235
|
Total future minimum lease payments |
466,764
|
Less: imputed interest |
(103,785)
|
Present value of payments |
362,979
|
October 31, 2023 [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
2023 (remaining three months) |
6,480
|
2024 |
|
2025 |
|
2026 |
|
2027 |
|
2028 |
|
Total future minimum lease payments |
6,480
|
Less: imputed interest |
|
Present value of payments |
$ 6,480
|
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v3.23.3
Leases (Details Narrative) - USD ($)
|
|
9 Months Ended |
Feb. 16, 2023 |
Sep. 30, 2023 |
Lessee, Lease, Description [Line Items] |
|
|
Lessee, operating lease, assumptions and judgments, discount rate, description |
|
The interest rate used to determine the present value of our lease ending in October of 2023 was our incremental
borrowing rate estimated at 10% when the lease was entered into in 2019. Our new lease beginning in June of 2023, the interest rate used
was an equity built up, risk adjusted rate, estimated to be 10.48%, as the interest rate implicit in most of our leases is not readily
determinable.
|
Lessee, operating lease, description |
|
The first is for a monthly payment of $6,480,
with a security deposit of $6,480 held for the duration of the lease, and commenced on October 1, 2018, with the first payment made on
January 1, 2019
|
Payments for rent |
|
$ 6,480
|
Deposits |
|
$ 6,480
|
Lease expiration date |
|
Oct. 31, 2023
|
Common area maintenance cost |
$ 3,300
|
$ 3,315
|
Proceeds from lines of credit |
|
43,234
|
Security deposit |
|
$ 3,891
|
New Lease Agreement [Member] |
|
|
Lessee, Lease, Description [Line Items] |
|
|
Lessee, operating lease, description |
commenced June 1, 2023
|
|
Payments for rent |
$ 7,206
|
|
Rent variable rate |
3.00%
|
|
X |
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v3.23.3
Notes Payable-Related Party (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
6 Months Ended |
9 Months Ended |
Jun. 21, 2021 |
Dec. 01, 2020 |
Dec. 31, 2021 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
|
In December of 2021 the maturity dates of these loans were further extended to June 30, 2022. In July of 2022,
the notes were extended to June 30, 2023
|
|
|
|
Interest Paid, Excluding Capitalized Interest, Operating Activities |
|
|
|
|
$ 102,373
|
$ 17,489
|
Debt Instrument, Increase, Accrued Interest |
|
|
|
|
$ 0
|
|
Officers Spouse [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Related Party Transaction, Amounts of Transaction |
$ 120,000
|
$ 426,243
|
|
|
|
|
Related Party Transaction, Rate |
7.50%
|
7.50%
|
|
|
|
|
Related Party Transaction, Date |
|
Dec. 31, 2021
|
|
|
|
|
Proceeds from (Repayments of) Related Party Debt |
|
|
|
$ 685,473
|
|
|
Interest Paid, Excluding Capitalized Interest, Operating Activities |
|
|
|
$ 102,373
|
|
|
Related Party Officer [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Related Party Transaction, Amounts of Transaction |
|
$ 139,229
|
|
|
|
|
Related Party Transaction, Rate |
|
7.50%
|
|
|
|
|
Related Party Transaction, Date |
|
Dec. 31, 2021
|
|
|
|
|
X |
- DefinitionIncrease for accrued, but unpaid interest on the debt instrument for the period.
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v3.23.3
Convertible Notes and Notes Payable (Details Narrative)
|
|
3 Months Ended |
9 Months Ended |
|
Jan. 11, 2023
USD ($)
$ / shares
shares
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Sep. 30, 2022
USD ($)
shares
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Sep. 30, 2022
USD ($)
shares
|
Jan. 31, 2023
$ / shares
shares
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Convertible debt |
|
$ 2,589,300
|
|
$ 2,589,300
|
|
|
Warrants to purchase common stock | shares |
|
|
|
|
|
1,018,079
|
Warrants exerciable shares | $ / shares |
|
|
|
|
|
$ 2.35
|
Proceeds from convertible note payable |
|
|
|
3,935,000
|
$ 600,715
|
|
Convertible notes payable |
|
10,000,000
|
|
10,000,000
|
|
|
Allocation of financing costs |
|
|
|
345,000
|
|
|
Legal fees |
|
288,416
|
$ 70,566
|
1,072,728
|
$ 659,958
|
|
Interest expense debt |
|
538,302
|
|
1,550,479
|
|
|
Accrued interest |
|
|
|
0
|
|
|
Amortization of Debt Issuance Costs |
|
|
|
1,992,093
|
|
|
Convertible note payable |
|
597,207
|
|
597,207
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Debt, principal |
|
$ 331,800
|
|
$ 1,925,700
|
|
|
Stock Issued During Period, Shares, New Issues | shares |
|
502,087
|
1,409,771
|
2,380,996
|
1,409,771
|
|
Measurement Input, Expected Term [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Expected years |
|
5 years
|
|
5 years
|
|
|
Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Warrants and rights outstanding measurement input |
|
110
|
|
110
|
|
|
Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Warrants and rights outstanding measurement input |
|
3.53
|
|
3.53
|
|
|
Boustead Securities LLC [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Warrants to purchase common stock | shares |
|
71,266
|
|
71,266
|
|
|
Warrants exerciable shares | $ / shares |
|
$ 2.35
|
|
$ 2.35
|
|
|
Warrant derivative liability |
|
$ 104,245
|
|
$ 104,245
|
|
|
Proceeds from convertible note and warrant offering |
|
|
|
345,000
|
|
|
Fair value of warrants |
|
|
|
99,543
|
|
|
Allocation of financing costs |
|
|
|
232,027
|
|
|
Equity warrant as reduction in additional paid in capital |
|
8,727
|
|
8,727
|
|
|
Interest expense debt |
|
623,465
|
|
1,952,147
|
|
|
Debt, principal |
|
331,800
|
|
1,925,700
|
|
|
Accrued interest |
|
54,096
|
|
294,927
|
|
|
Boustead Securities LLC [Member] | Convertible Note [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Fair value of warrants |
|
|
|
1,288,543
|
|
|
Debt discount |
|
300,000
|
|
300,000
|
|
|
Legal fees |
|
|
|
65,000
|
|
|
Interest fee |
|
|
|
215,000
|
|
|
Debt principal amount |
|
$ 1,442,000
|
|
1,442,000
|
|
|
Interest expense debt |
|
|
|
$ 3,310,543
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Convertible debt |
$ 4,300,000
|
|
|
|
|
|
Warrants to purchase common stock | shares |
1,018,079
|
|
|
|
|
|
Warrants exerciable shares | $ / shares |
$ 2.35
|
|
|
|
|
|
Proceeds from convertible note payable |
$ 3,935,000
|
|
|
|
|
|
Effective interest rate |
366.00%
|
|
|
|
|
|
Debt description |
the Alto Convertible Note is convertible into shares of common stock at a price per share equal to the lower of (i) $2.35,
(ii) 90% of the three lowest daily VWAPs of the 15 trading days prior to the payment date, or (iii) 90% of the VWAP of the trading day
prior to payment date. The noteholder may convert at any time at a fixed price of $2.35 per share
|
|
|
|
|
|
Warrant derivative liability |
$ 1,442,000
|
|
|
|
|
|
Debt interest rate |
5.00%
|
|
|
|
|
|
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v3.23.3
Schedule of Warrants Activity (Details) - Warrant [Member] - $ / shares
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Number of Warrants Outstanding, Beginning Balance |
356,810
|
|
Weighted Average Exercise Price, Outstanding Beginning Balance |
$ 3.92
|
|
Weighted Average Life (Years), Outstanding Ending |
3 years 10 days
|
2 years 9 months 14 days
|
Number of Warrants Outstanding, Ending Balance |
1,446,155
|
356,810
|
Weighted Average Exercise Price, Outstanding Ending Balance |
$ 2.74
|
$ 3.92
|
Boustead [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Number of Warrants Outstanding, Granted |
71,266
|
|
Weighted Average Exercise Price, Granted |
$ 2.35
|
|
Weighted Average Life (Years), Granted |
5 years
|
|
Ayrton [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Number of Warrants Outstanding, Granted |
1,018,079
|
|
Weighted Average Exercise Price, Granted |
$ 2.35
|
|
Weighted Average Life (Years), Granted |
4 years
|
|
X |
- DefinitionShare based compensation arrangement by share based payment award non option equity instruments outstanding in period weighted average exercise price.
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v3.23.3
Schedule of Restricted Stock Units (RSUs) (Details) - Restricted Stock Units (RSUs) [Member]
|
9 Months Ended |
Sep. 30, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of RSUs, Outstanding, Beginning Balance | shares |
99,273
|
Weighted Average Grant Date Fair Value Per RSU, Beginning Balance | $ / shares |
$ 15.06
|
Number of Stock Option Outstanding, Granted | shares |
159,326
|
Weighted Average Exercise Price, Granted | $ / shares |
$ 1.83
|
Number of RSUs, Vested | shares |
(90,549)
|
Weighted Average Grant Date Fair Value Per RSU, Vested | $ / shares |
|
Number of RSUs, Outstanding, Ending Balance | shares |
168,050
|
Weighted Average Grant Date Fair Value Per RSU, Ending Balance | $ / shares |
$ 1.98
|
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v3.23.3
Stockholders’ Equity (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jan. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Common stock issued for conversion of convertible debt, shares |
502,087
|
0
|
|
|
2,380,996
|
839
|
|
Accrued interest settled with common stock |
|
$ 0
|
|
|
|
$ 16,340
|
|
Loss on settlement of convertible debt |
$ 43,414
|
|
|
|
$ 477,221
|
|
|
Common stock vesting of restricted stock unit |
|
1,045
|
|
|
|
11,253
|
|
Common stock issued for cash |
|
$ 10,031,415
|
|
|
10,031,415
|
|
|
Common stock issued for conversion of convertible debt,value |
|
$ 88,524
|
|
|
|
|
|
Common stock issued for exercise of warrants, shares |
|
2,267,551
|
|
|
|
2,267,551
|
|
Common stock issued for exercise of warrants notes payable, value |
|
$ 590,574
|
|
|
|
$ 590,574
|
|
Number shares issued for conversion of note, Shares |
|
336,810
|
|
|
|
336,810
|
|
Number shares issued for conversion dividends payable, shares |
|
|
|
|
|
100,517
|
|
Number of warrants to purchase |
|
|
|
|
|
|
1,018,079
|
Exercise price per share |
|
|
|
|
|
|
$ 2.35
|
Aggregate intrinsic value of warrants |
0
|
|
|
|
$ 0
|
|
|
Number of shares vested under plan |
|
|
|
|
410,130
|
|
|
Restricted stock award granted value |
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
$ 95,438
|
$ 356,733
|
|
2018 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Common stock, capital shares reserved for future issuance |
3,000,000
|
|
|
|
3,000,000
|
|
|
Number of shares granted under plan |
|
|
|
|
578,180
|
|
|
Alto Convertible Note [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Number of warrants to purchase |
|
|
|
|
|
|
71,266
|
Exercise price per share |
|
|
|
|
|
|
$ 2.35
|
Restricted Stock [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Common stock issued for conversion of convertible debt, shares |
15,000
|
|
|
|
15,000
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Number of shares granted under plan |
|
|
|
|
159,326
|
|
|
Share based compensation |
|
|
|
|
$ 95,438
|
$ 356,733
|
|
Unrecognized compensation cost |
$ 257,072
|
|
|
|
$ 257,072
|
|
|
Restricted Stock Units (RSUs) [Member] | Directors and Officers [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Restricted stock award granted shares |
|
|
|
|
159,326
|
0
|
|
Restricted stock award granted value |
|
|
|
|
$ 291,400
|
$ 0
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Common stock issued for conversion of convertible debt, shares |
502,087
|
147,500
|
|
|
|
147,500
|
|
Debt instrument periodic payment principal |
$ 331,800
|
|
|
|
1,925,700
|
|
|
Accrued interest settled with common stock |
54,096
|
|
|
|
294,927
|
|
|
Loss on settlement of convertible debt |
$ 43,414
|
|
|
|
$ 477,221
|
|
|
Common stock issued for cash, shares |
502,087
|
1,409,771
|
|
|
2,380,996
|
1,409,771
|
|
Common stock issued for cash |
|
$ 14
|
|
|
|
|
|
Common stock issued for conversion of convertible debt,value |
|
|
|
|
|
$ 588,524
|
|
Common stock issued for dividends payable |
|
$ 402,068
|
|
|
|
$ 402,068
|
|
Restricted stock award granted shares |
15,000
|
1,045
|
5,104
|
5,104
|
|
|
|
Restricted stock award granted value |
|
|
|
|
|
|
|
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v3.23.3
Schedule of Monte Carlo Simulation Assumption (Details)
|
9 Months Ended |
|
Sep. 30, 2023
$ / shares
|
Jan. 11, 2023
$ / shares
|
Measurement Input, Price Volatility [Member] | Minimum [Member] | Equity Option [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
17.23
|
|
Measurement Input, Price Volatility [Member] | Minimum [Member] | Warrant [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
58.91
|
|
Measurement Input, Price Volatility [Member] | Maximum [Member] | Equity Option [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
54.7
|
|
Measurement Input, Price Volatility [Member] | Maximum [Member] | Warrant [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
95.99
|
|
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | Equity Option [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
5.16
|
|
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | Warrant [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
4.77
|
|
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | Equity Option [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
5.55
|
|
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | Warrant [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
5.55
|
|
Measurement Input Volume Weighted Average Price [Member] | Warrant [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
|
1.58
|
Measurement Input Volume Weighted Average Price [Member] | Minimum [Member] | Equity Option [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
0.49
|
|
Measurement Input Volume Weighted Average Price [Member] | Minimum [Member] | Warrant [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
0.49
|
|
Measurement Input Volume Weighted Average Price [Member] | Maximum [Member] | Equity Option [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
0.59
|
|
Measurement Input Volume Weighted Average Price [Member] | Maximum [Member] | Warrant [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
0.59
|
|
Measurement Input, Expected Dividend Rate [Member] | Warrant [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
0
|
|
Measurement Input, Exercise Price [Member] | Warrant [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
2.35
|
|
Measurement Input, Default Rate [Member] | Minimum [Member] | Equity Option [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
5
|
|
Measurement Input, Default Rate [Member] | Minimum [Member] | Warrant [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
5
|
|
Measurement Input, Default Rate [Member] | Maximum [Member] | Equity Option [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
25
|
|
Measurement Input, Default Rate [Member] | Maximum [Member] | Warrant [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Measurement Input |
25
|
|
Measurement Input, Expected Term [Member] | Minimum [Member] | Equity Option [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Term |
0 years
|
|
Measurement Input, Expected Term [Member] | Minimum [Member] | Warrant [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Term |
3 months 10 days
|
|
Measurement Input, Expected Term [Member] | Maximum [Member] | Equity Option [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Term |
1 year 5 months 12 days
|
|
Measurement Input, Expected Term [Member] | Maximum [Member] | Warrant [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Debt Instrument, Term |
3 years 3 months 10 days
|
|
X |
- DefinitionPeriod of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
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v3.23.3
Schedule of Derivative Liabilities (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
Gain on change in fair value of the derivative |
$ 442,900
|
|
|
$ 112,797
|
$ 2,118,175
|
$ 94,025
|
Gain on change in fair value of the derivative |
(442,900)
|
|
|
(112,797)
|
(2,118,175)
|
(94,025)
|
Accelerated Feature [Member] |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
Beginning balance |
477,968
|
$ 584,000
|
|
|
|
|
Addition of new derivatives recognized as debt discounts |
|
|
$ 1,442,000
|
|
|
|
Gain on change in fair value of the derivative |
|
(106,032)
|
(858,000)
|
|
|
|
Gain on change in fair value of the derivative |
(462,300)
|
|
|
|
|
|
Ending balance |
15,668
|
477,968
|
584,000
|
|
15,668
|
|
Gain on change in fair value of the derivative |
462,300
|
|
|
|
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
Beginning balance |
477,757
|
806,000
|
|
|
|
94,025
|
Addition of new derivatives recognized as debt discounts |
|
|
1,189,000
|
|
|
|
Gain on change in fair value of the derivative |
|
(328,243)
|
(383,000)
|
|
|
|
Gain on change in fair value of the derivative |
19,400
|
|
|
|
|
94,025
|
Ending balance |
497,157
|
$ 477,757
|
$ 806,000
|
|
$ 497,157
|
|
Gain on change in fair value of the derivative |
$ (19,400)
|
|
|
|
|
$ (94,025)
|
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v3.23.3
Derivative Liabilities (Details Narrative)
|
Sep. 30, 2023
USD ($)
|
Jan. 31, 2023
USD ($)
$ / shares
shares
|
Jan. 11, 2023
USD ($)
$ / shares
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Number of warrants to purchase | shares |
|
1,018,079
|
|
Exercise price per share | $ / shares |
|
$ 2.35
|
|
Warrants price | $ |
|
$ 1,189,000
|
|
Derivative, Fair Value, Net | $ |
$ 512,825
|
|
$ 2,631,000
|
Measurement Input Volume Weighted Average Price [Member] | Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Implied share price | $ / shares |
|
|
1.58
|
Derivative discount percentage |
|
|
14.00%
|
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