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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 UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT OF 1934
From
the transition period from ___________ to ____________
Commission
File Number 000-54933
BIOSTAX
CORP
(Exact
name of small business issuer as specified in its charter)
Florida |
|
59-3226705 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
2431
Aloma Ave., Suite 124, Winter Park, FL |
|
32792 |
(Address
of principal executive offices) |
|
(Zip
Code) |
888-613-8802
(Registrant’s
telephone number, including area code)
(Former
name or former address, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act: None
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large
Accelerated Filer ☐ |
Accelerated
Filer ☐ |
|
|
|
|
|
|
Non-Accelerated
Filer ☐ |
Smaller
Reporting Company ☒ |
|
|
|
|
|
|
|
Emerging
growth Company ☐ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by a check mark whether the company is a shell company (as defined by Rule 12b-2 of the Exchange Act: Yes ☐ No
☒
APPLICABLE
ONLY TO CORPORATE ISSUERS:
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As
of November 14, 2023, there were 83,657,853 shares of common stock, $0.0001 par value per share, outstanding.
TABLE
OF CONTENTS
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain
statements contained or incorporated by reference in this Quarterly Report on Form 10-Q are considered forward-looking statements (within
the meaning of the Private Securities Litigation Reform Act of 1995) concerning our business, results of operations, economic performance
and/or financial condition, based on management’s current expectations, plans, estimates, assumptions, and projections. Forward-looking
statements are included, for example, in the discussions about:
|
● |
strategy; |
|
|
|
|
● |
new
product discovery and development; |
|
|
|
|
● |
current
or pending clinical trials; |
|
|
|
|
● |
our
products’ ability to demonstrate efficacy or an acceptable safety profile; |
|
|
|
|
● |
actions
by the U.S. Food and Drug Administration and other regulatory authorities; |
|
|
|
|
● |
product
manufacturing, including our arrangements with third-party suppliers; |
|
|
|
|
● |
product
introduction and sales; |
|
|
|
|
● |
royalties
and contract revenues; |
|
|
|
|
● |
expenses
and net income; |
|
|
|
|
● |
credit
and foreign exchange risk management; |
|
|
|
|
● |
liquidity; |
|
|
|
|
● |
asset
and liability risk management; |
|
|
|
|
● |
the
outcome of litigation and other proceedings; |
|
|
|
|
● |
intellectual
property rights and protections; |
|
|
|
|
● |
economic
factors; |
|
|
|
|
● |
competition;
and |
|
|
|
|
● |
legal
risks. |
Any
statements contained in this report that are not statements of historical fact may be deemed forward-looking statements. Forward-looking
statements generally are identified by the words “expects,” “anticipates,” “believes,” “intends,”
“estimates,” “aims,” “plans,” “may,” “could,” “will,” “will
continue,” “seeks,” “should,” “predict,” “potential,” “outlook,” “guidance,”
“target,” “forecast,” “probable,” “possible” or the negative of such terms and similar
expressions. Forward-looking statements are subject to change and may be affected by risks and uncertainties, most of which are difficult
to predict and are generally beyond our control. Forward-looking statements speak only as of the date they are made, and we undertake
no obligation to update any forward-looking statement in light of new information or future events, except as required by law, although
we intend to continue to meet our ongoing disclosure obligations under the U.S. securities laws and other applicable laws.
We
caution you that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or
implied by, the forward-looking statements, and therefore you should not place too much reliance on them. These factors include, among
others, those described herein, and elsewhere in this Quarterly Report and in our other public reports filed with the Securities and
Exchange Commission. It is not possible to predict or identify all such factors, and therefore the factors that are noted are not intended
to be a complete discussion of all potential risks or uncertainties that may affect forward-looking statements. If these or other risks
and uncertainties materialize, or if the assumptions underlying any of the forward-looking statements prove incorrect, our actual performance
and future actions may be materially different from those expressed in, or implied by, such forward-looking statements. We can offer
no assurance that our estimates or expectations will prove accurate or that we will be able to achieve our strategic and operational
goals.
Forward-looking
statements are based on information we have when those statements are made or management’s good faith belief as of that time with
respect to future events and are subject to significant risks and uncertainties that could cause actual performance or results to differ
materially from those expressed in or suggested by the forward-looking statements.
Important
factors that could cause such differences include, but are not limited to:
|
● |
our
lack of operating history; |
|
|
|
|
● |
our
current and future capital requirements and our ability to satisfy our capital needs; |
|
|
|
|
● |
our
inability to keep up with industry competition; |
|
|
|
|
● |
interpretations
of current laws and the passages of future laws; |
|
|
|
|
● |
acceptance
of our business model by investors and our ability to raise capital; |
|
|
|
|
● |
our
drug discovery and development activities may not result in products that are approved by the applicable regulatory authorities and
even if our drug candidates do obtain regulatory approval, they may never achieve market acceptance or commercial success; |
|
|
|
|
● |
our
reliance on key personnel and collaborative partners, including our ability to attract and retain scientists; |
|
|
|
|
● |
our
reliance on third-party manufacturing to supply drugs for clinical trials and sales; |
|
|
|
|
● |
our
limited distribution organization with no sales and marketing staff; |
|
|
|
|
● |
our
being subject to product liability claims; |
|
|
|
|
● |
our
reliance on key personnel, including our ability to attract and retain scientists; |
|
|
|
|
● |
legislation
or regulation that may increase the cost of our business or limit our service and product offerings; |
|
|
|
|
● |
risks
related to our intellectual property, including our ability to adequately protect intellectual property rights; |
|
|
|
|
● |
risks
related to government regulation, including our ability to obtain approvals for the commercialization of some or all of our drug
candidates, and ongoing regulatory obligations and continued regulatory review which may result in significant additional expense
and subject us to penalties if we fail to comply with applicable regulatory requirements; and |
|
|
|
|
● |
our
ability to obtain regulatory approvals to allow us to market our products internationally. |
Moreover,
new risks regularly emerge, and it is not possible for our management to predict or articulate all risks we face, nor can we assess the
impact of all risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ from
those contained in any forward-looking statements. All forward-looking statements included in this Quarterly Report are based on information
available to us on the date of this Quarterly Report. Except to the extent required by applicable laws or rules, we undertake no obligation
to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise. All subsequent
written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety
by the cautionary statements contained above and throughout this Quarterly Report.
PART
1 – FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
BIOSTAX
CORP AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash | |
$ | 4,531 | | |
$ | 150,491 | |
Total current assets | |
| 4,531 | | |
| 150,491 | |
| |
| | | |
| | |
Intangible Assets: | |
| | | |
| | |
Patents and licenses, net | |
| 721,969 | | |
| 762,500 | |
| |
| | | |
| | |
Deposits | |
| 5,500 | | |
| 50,728 | |
| |
| | | |
| | |
Total Assets | |
$ | 732,000 | | |
$ | 963,719 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 1,349,816 | | |
$ | 1,300,366 | |
Accrued payroll | |
| 336,002 | | |
| 336,002 | |
Notes payable, net of debt discount | |
| 1,118,978 | | |
| 696,478 | |
Due to related parties | |
| 864,834 | | |
| 394,736 | |
Accrued interest | |
| 121,544 | | |
| 64,455 | |
Accrued liabilities | |
| 136,057 | | |
| 136,057 | |
License fees payable | |
| 284,630 | | |
| 549,079 | |
Total current liabilities | |
| 4,211,861 | | |
| 3,477,173 | |
| |
| | | |
| | |
Total Liabilities | |
| 4,211,861 | | |
| 3,477,173 | |
| |
| | | |
| | |
Stockholders’ Deficit: | |
| | | |
| | |
Common stock – par value $0.0001; 750,000,000
shares authorized; 83,620,764
and 83,045,857 shares issued and
outstanding respectively | |
| 8,362 | | |
| 8,305 | |
Additional paid in capital | |
| 380,779,078 | | |
| 380,436,432 | |
Stock to be issued | |
| 10,303 | | |
| 10,303 | |
Accumulated deficit | |
| (384,277,604 | ) | |
| (382,968,494 | ) |
| |
| | | |
| | |
Total stockholders’ deficit | |
| (3,479,861 | ) | |
| (2,513,454 | ) |
Total Liabilities and Stockholders’ Deficit | |
$ | 732,000 | | |
$ | 963,719 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
BIOSTAX
CORP AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR
THE PERIODS ENDED SEPTEMBER 30, 2023 AND 2022
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
Three Months ended September 30, | | |
Nine Months ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative | |
$ | 233,109 | | |
$ | 420,862 | | |
$ | 689,111 | | |
$ | 894,596 | |
Research and development expense | |
| 105,837 | | |
| - | | |
| 461,969 | | |
| - | |
Depreciation and amortization expense | |
| 13,377 | | |
| - | | |
| 40,531 | | |
| - | |
Total operating expense | |
| 352,323 | | |
| 420,862 | | |
| 1,191,611 | | |
| 894,596 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (352,323 | ) | |
| (420,862 | ) | |
| (1,191,611 | ) | |
| (894,596 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Gain on issuance of license agreement | |
| - | | |
| - | | |
| - | | |
| 3,165,151 | |
Loss on settlement of obligations | |
| - | | |
| (1,467,271 | ) | |
| (40,000 | ) | |
| (1,169,691 | ) |
Loss from warrant modification and debt settlement | |
| - | | |
| (594,288 | ) | |
| - | | |
| (1,605,913 | ) |
Impairment loss investment in common stock | |
| - | | |
| - | | |
| - | | |
| (2,645,000 | ) |
Interest expense | |
| (36,437 | ) | |
| (11,034 | ) | |
| (77,499 | ) | |
| (107,102 | ) |
Total other expense, net | |
| (36,437 | ) | |
| (2,072,593 | ) | |
| (117,499 | ) | |
| (2,362,555 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (388,760 | ) | |
$ | (2,493,455 | ) | |
$ | (1,309,110 | ) | |
$ | (3,257,151 | ) |
Net loss attributable to common stockholders | |
$ | (388,760 | ) | |
$ | (2,493,455 | ) | |
$ | (1,309,110 | ) | |
$ | (3,257,151 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic loss income per share attributable to common stockholders | |
$ | (0.00 | ) | |
$ | (0.04 | ) | |
$ | (0.02 | ) | |
$ | (0.16 | ) |
Diluted loss earnings per share attributable to common stockholders | |
$ | (0.00 | ) | |
$ | (0.04 | ) | |
$ | (0.02 | ) | |
$ | (0.16 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic weighted average number of shares outstanding | |
| 83,239,115 | | |
| 60,089,305 | | |
| 83,461,806 | | |
| 20,643,181 | |
Diluted weighted average number of shares outstanding | |
| 83,239,115 | | |
| 60,089,305 | | |
| 83,461,806 | | |
| 20,643,181 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
BIOSTAX
CORP AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ EQUITY/(DEFICIT)
FOR
THE PERIODS ENDED SEPTEMBER 30, 2023 AND 2022
(Unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Common Stock | | |
Additional Paid-in | | |
Stock To Be | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Issued | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Balance December 31, 2021 | |
| 483,714 | | |
$ | 49 | | |
$ | 371,473,810 | | |
$ | 10,303 | | |
$ | (379,432,418 | ) | |
$ | (7,948,256 | ) |
Issuance of common stock upon conversion of notes and obligations | |
| 64,028,803 | | |
| 6,403 | | |
| 6,196,516 | | |
| - | | |
| - | | |
| 6,202,919 | |
Issuance of common stock for services | |
| 99,500 | | |
| 10 | | |
| 95,963 | | |
| - | | |
| - | | |
| 95,973 | |
Issuance of common stock upon warrant exercise | |
| 17,586,680 | | |
| 1,758 | | |
| 696,566 | | |
| - | | |
| - | | |
| 698,324 | |
Charge resulting from warrant modification | |
| - | | |
| - | | |
| 1,605,913 | | |
| - | | |
| - | | |
| 1,605,913 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,257,151 | ) | |
| (3,257,151 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance September 30, 2022 | |
| 82,198,697 | | |
$ | 8,220 | | |
$ | 380,068,768 | | |
$ | 10,303 | | |
$ | (382,035,431 | ) | |
$ | (2,602,278 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance December 31, 2022 | |
| 83,045,857 | | |
$ | 8,305 | | |
$ | 380,436,432 | | |
$ | 10,303 | | |
$ | (382,968,494 | ) | |
$ | (2,513,454 | ) |
Balance | |
| 83,045,857 | | |
$ | 8,305 | | |
$ | 380,436,432 | | |
$ | 10,303 | | |
$ | (382,968,494 | ) | |
$ | (2,513,454 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for extension of patent and license agreement | |
| 500,000 | | |
| 50 | | |
| 299,950 | | |
| - | | |
| - | | |
| 300,000 | |
Issuance of common stock upon settlement of notes and obligations | |
| 74,907 | | |
| 7 | | |
| 42,696 | | |
| - | | |
| - | | |
| 42,703 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,309,110 | ) | |
| (1,309,110 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance September 30, 2023 | |
| 83,620,764 | | |
$ | 8,362 | | |
$ | 380,779,078 | | |
$ | 10,303 | | |
$ | (384,277,604 | ) | |
$ | (3,479,861 | ) |
Balance | |
| 83,620,764 | | |
$ | 8,362 | | |
$ | 380,779,078 | | |
$ | 10,303 | | |
$ | (384,277,604 | ) | |
$ | (3,479,861 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
BIOSTAX
CORP AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR
THE PERIODS ENDED SEPTEMBER 30, 2023 AND 2022
(Unaudited)
| |
| | | |
| | |
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net loss | |
$ | (1,309,110 | ) | |
$ | (3,257,151 | ) |
| |
| | | |
| | |
Adjustments to reconcile net loss to net cash flows used in operating activities: | |
| | | |
| | |
Gain on issuance of license agreement | |
| - | | |
| (3,165,151 | ) |
Loss on settlement of obligations | |
| 40,000 | | |
| 1,169,691 | |
Loss on impairment on investment in common stock | |
| - | | |
| 2,645,000 | |
Loss from warrant modification | |
| - | | |
| 1,605,913 | |
Depreciation and amortization | |
| 40,531 | | |
| - | |
Common stock issued for the extension of patent and license agreement | |
| 300,000 | | |
| - | |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Deposits | |
| 45,228 | | |
| (5,500 | ) |
Accounts payable | |
| 39,450 | | |
| (75,895 | ) |
License fees payable | |
| (264,449 | ) | |
| - | |
Accrued payroll | |
| - | | |
| 4,620 | |
Accrued interest | |
| 69,792 | | |
| 116,929 | |
Accrued liabilities | |
| - | | |
| (35,321 | ) |
Due to related parties | |
| 470,098 | | |
| - | |
| |
| | | |
| | |
Net cash used in operating activities | |
| (568,460 | ) | |
| (996,865 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from undocumented investor advances | |
| - | | |
| 6,369 | |
Proceeds from related parties | |
| 100,000 | | |
| 417,058 | |
Proceeds from issuance of notes payable | |
| 322,500 | | |
| 265,000 | |
Net cash provided by financing activities | |
| 422,500 | | |
| 688,427 | |
| |
| | | |
| | |
Decrease in cash | |
| (145,960 | ) | |
| (308,438 | ) |
Cash, beginning of year | |
| 150,491 | | |
| 493,885 | |
Cash, end of period | |
$ | 4,531 | | |
$ | 185,447 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCOSURE OF NON-CASH ACTIVITIES: | |
| | | |
| | |
Conversion of debt and accrued interest to common stock | |
$ | 42,703 | | |
$ | 6,901,242 | |
Stock issued for services | |
$ | - | | |
$ | 95,973 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Biostax
Corp
Notes
to the Condensed Consolidated Financial Statements
September
30, 2023
(Unaudited)
1.
Company Overview
Biostax
Corp. (the “Company” or “BTAX”) is a Florida corporation trading on the OTC-Pink. The Company is a drug development
and commercialization company. We identify, evaluate, and seek to acquire technologies in the medical device and drug development sectors
with the intent to further develop them and move them to commercialization. On February 28, 2023, we received a written consent from
a majority of our outstanding shareholders to change the name of our Company to “Biostax Corp.” On March 27, 2023, we filed
a definitive information statement on Schedule 14C and mailed the information statement to shareholders on record as of the date of the
filing. We filed our name change amendment with the Secretary of State of Florida on October 5, 2023 and our new Company name and trading
symbol (BTAX) became effective on October 20, 2023.
Going
Concern
As
of September 30, 2023, the Company had $4,531
in cash on hand, negative working capital of $4,207,330
and accumulated stockholders’ deficit of $384,277,604.
For the nine months ended September 30, 2023, the Company reported a net loss attributable to common shareholders of $1,309,110.
For the nine months ended September 30, 2022, the Company reported a net loss attributable to common shareholders of $3,257,151.
Historically
the Company has relied on the funding of operations through private equity financing and management expects operating losses and negative
cash flows to continue at more significant levels in the future. As the Company continues to incur losses, its transition to profitability
is dependent upon the successful development, approval, and commercialization of its current or future product candidates as they become
available and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may never achieve
profitability, and unless and until it does, the Company will continue to need to raise additional cash. Management intends to fund future
operations through additional private or public debt or equity offerings and may seek additional capital through arrangements with strategic
partners or from other sources.
Working
capital at September 30, 2023 is not sufficient to meet the cash requirements to fund planned operations through the next twelve
months without additional sources of cash. These conditions raise substantial doubt about the Company’s ability to continue as
a going concern. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will
continue as a going concern and do not include adjustments that might result from the outcome of this uncertainty. This basis of
accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of
business.
Management
is continuing to develop strategies to re-capitalize the Company and position it for future growth. Key steps to this process include:
|
● |
Improve
the condition of the consolidated balance sheet via license arrangements and capital infusions. |
|
● |
Identify
and acquire late-stage assets for commercialization. |
|
● |
Build
out operational infrastructure to generate revenue opportunities to grow shareholder value. |
There
can be no guarantee that the Company will be successful in securing adequate capital to continue operations and in identifying and acquiring
assets for future development.
If
the Company is unable to secure new working capital, other alternative strategies will be required.
Historically,
the Company’s strategy has been to acquire and develop assets; potentially spin them out and retain both an equity stake and royalties
and milestone payments. In so doing, the Company would act as an incubator for late-stage drug development. Management believes that
this strategy can be successful. At this time, the Company is reviewing several opportunities which it may pursue as soon as funding
is available. At present, no definitive action has been taken.
There
can be no guarantees that the Company will be successful in:
|
● |
Executing
its restructuring plan; |
|
● |
Securing
adequate capital to continue operations; or |
|
● |
Identifying
and acquiring assets for future development. |
Company
History
The
Company was initially incorporated in Florida on December 2,
1993, as Resort Clubs International, Inc. (“Resort Clubs”). It was formed to manage and market golf course properties in
resort markets throughout the United States. Galliano International Ltd. (“Galliano”) was incorporated in Delaware on
May 27, 1998 and began trading in November 1999 through the filing of a 15C-211. On November 10, 2004, Galliano merged with Resort
Clubs. Resort Clubs was the surviving corporation. On August 23, 2010, Resort Clubs changed its name to pH Environmental Inc.
(“pH Environmental”). On April 23, 2012, pH Environmental completed a name change to TNI BioTech, Inc., and on April 24,
2012, we executed a share exchange agreement for the acquisition of all the outstanding shares of TNI BioTech IP, Inc. On September
4, 2014, a majority of our shareholders approved an amendment to our Amended and Restated Articles of Incorporation, as amended, to
change our name to Immune Therapeutics, Inc. On February 28, 2023, we received a written consent from a majority of our
outstanding shareholders to change the name of our Company to “Biostax Corp.” On March 27, 2023, we filed a definitive
information statement on Schedule 14C and mailed the information statement to shareholders on record as of the date of the filing.
We filed our name change amendment with the Secretary of State of Florida on October 5, 2023 and our new Company name and trading
symbol (BTAX) became effective on October 20, 2023.
2.
Summary of Significant Accounting Policies
Basis
of Presentation
The
condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules
and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been
omitted. However, in the opinion of management, all adjustments (which include only normal recurring adjustments, unless otherwise
indicated) necessary to present fairly the consolidated financial position and consolidated results of operations for the periods
presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for
the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial
statements of the Company for the year ended December 31, 2022 (including the notes thereto) set forth in the Company’s Annual
Report on Form 10- K for that period.
Use
of Estimates
The
preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to
make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying
notes. Actual results could differ from such estimates.
Cash,
Cash Equivalents, and Short-Term Investments
The
Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents.
Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and
money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency
obligations. Cash equivalents are reported at fair value. At September 30, 2023 and December 31, 2022, the Company had cash and cash
equivalents of $4,531 and $150,491, respectively.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company
is exposed to credit risk, subject to federal deposit insurance, in the event of a default by the financial institutions holding its
cash and cash equivalents to the extent of amounts recorded on the condensed consolidated balance sheets. The cash accounts are insured
by the Federal Deposit Insurance Corporation up to $250,000.
Segment
and Geographic Information
Operating
segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief
operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views
its operations and manages its business in one operating segment and does not segment the business for internal reporting or decision
making.
Fair
Value of Financial Instruments
In
accordance with the reporting requirements of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic
825, “Financial Instruments”, the Company calculates the fair value of its assets and liabilities which qualify as
financial instruments under this standard and includes this additional information in the notes to the financial statements when the
fair value is different than the carrying value of those financial instruments.
Cash,
cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity
of these instruments. The carrying value of the Company’s investment in the common stock of Statera BioPharma, Inc.
(“STAB”) reflects an asset impairment charge taken in the second quarter of 2022 and is carried at zero in the
accompanying consolidated balance sheets. The carrying value of notes payable approximate fair value since they bear market rates of
interest and other terms. None of these instruments are held for trading purposes.
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization
of our technologies. The Company incurred $461,969 of research and development costs during the nine months ended September 30, 2023,
which includes legal fees related to the maintenance and prosecution of licensed and owned intellectual property as well as the fair
value of common stock issued to extend the payment terms of the Company’s license agreement with TaiwanJ Pharmaceuticals. The Company
did not incur any research and development costs during the nine months ended September 30, 2022.
Income
Taxes
The
Company follows ASC Topic 740, “Income Taxes”, which requires recognition of deferred tax assets and liabilities for
the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method,
deferred tax assets and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities
using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a
valuation allowance to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences
are expected to be recovered or settled.
The
standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in
the financial statements. Under ASC Topic 740, the Company may recognize the tax benefit from an uncertain tax position only if it is
more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of
the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC Topic 740 also provides guidance on
de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
At
the date of adoption, and as of September 30, 2023 and 2022, the Company does not have a liability for unrecognized tax uncertainties.
The Company’s policy is to record interest and penalties on uncertain tax positions as income tax expense. As of September 30,
2023, and 2022, the Company does not have any interest or penalties related to uncertain tax positions.
Stock-Based
Compensation and Issuance of Common Stock for Non-Cash Consideration
The
Company measures and recognizes compensation expense for share-based awards based on estimated fair values equaling either the market
value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration
pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at
the date of the agreement.
The
Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows
the provisions of ASC Topic 718, “Compensation-Stock Compensation.” The measurement date for the fair value of the
equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor
is reached or (ii) the date at which the consultant or vendor’s performance is complete.
The
Company did not issue any stock-based compensation awards during the nine months ended September 30, 2023.
On
September 20, 2022, the Company issued 50,000 shares of its common stock to for advisory services. This advisor is a shareholder of the
Company. The Company recorded stock compensation of $93,500 reflecting a market value of $1.87 per share on the date of the share issuance.
During the second quarter of 2022, the Company settled a liability through the issuance of 49,500 shares of common stock at $0.05 per
share for professional services of $2,463 provided in a prior year.
Net
Income per Share
For
the three and nine month periods ended September 30, 2023 and 2022, diluted income per share was calculated by dividing the net income
by the weighted-average number of common shares outstanding for the period determined using the treasury-stock method. A reconciliation
of the weighted average shares outstanding used in basic and diluted earnings per share for the periods ended September 30, 2023 and
2022 are as follows:
Schedule of Basic and Diluted Earnings per Share
| |
| | | |
| | |
| |
Three Months ended September 30, | |
| |
2023 | | |
2022 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (388,760 | ) | |
$ | (2,493,455 | ) |
Weighted average common shares (Denominator) | |
| 83,239,115 | | |
| 60,089,305 | |
Basic EPS | |
$ | (0.00 | ) | |
$ | (0.04 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (388,760 | ) | |
$ | (2,493,455 | ) |
Weighted average common shares (Denominator) | |
| 83,239,115 | | |
| 60,089,305 | |
Diluted EPS | |
$ | (0.00 | ) | |
$ | (0.04 | ) |
| |
| | | |
| | |
| |
Nine Months ended September 30, | |
| |
2023 | | |
2022 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (1,309,110 | ) | |
$ | (3,257,151 | ) |
Weighted average common shares (Denominator) | |
| 83,461,806 | | |
| 20,643,181 | |
Basic EPS | |
$ | (0.02 | ) | |
$ | (0.16 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (1,309,110 | ) | |
$ | (3,257,151 | ) |
Weighted average common shares (Denominator) | |
| 83,461,806 | | |
| 20,643,181 | |
Diluted EPS | |
$ | (0.02 | ) | |
$ | (0.16 | ) |
Recent
Accounting Standards
The
Company has reviewed the accounting pronouncements issued by the FASB during the nine months ended September
30, 2023. Applicable pronouncements will be adopted by the Company in accordance with the accounting guidance and definition. Management
does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s
consolidated financial statements.
Management
does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s
consolidated financial statements.
3. Notes Payable
During
the nine-month period ended September 30, 2023 the Company reported the following activity in notes and accrued interest:
On
July 14, 2023, the Company issued a $7,500 promissory note to Global Reverb, a related party. The note accrues interest at 8.5% annually
and matures on July 14, 2025.
On
June 2, 2023, the Company issued a $15,000 promissory note to one lender. The note matures in 90 days and accrues interest of 8% annually.
On
April 13, 2023, the Company issued a $250,000 promissory note to TaiwanJ Pharmaceuticals, pursuant to the Second Extension Agreement
to the Intellectual Property License Agreement. The note accrues interest at 18% annually and matured on May 30, 2023. This note is presently
in default.
On
March 24, 2023, the Company issued $150,000 in promissory notes to two lenders. $100,000 of which was issued to H. Louis Salomonsky,
a Director of the Company. The notes mature in 90 days and pay interest of 8%.
Notes
outstanding as of September 30, 2023 and December 31, 2022 are as follows:
Schedule
of Notes Payable
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Promissory note | |
$ | 231,478 | | |
$ | 231,478 | |
Promissory note issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020. The note is in default. | |
$ | 231,478 | | |
$ | 231,478 | |
| |
| | | |
| | |
Promissory note issued in 2019 for the settlement of debt in the same amount and matured in 2021.
Lender earns interest at 15%.
This note was modified in November 2022, extending maturity to September
2023. This note is in default. | |
| 150,000 | | |
| 150,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matures in July
2023. Lender earns interest at 6%. This note is in default. | |
| 65,000 | | |
| 65,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matures in July
2023. Lender earns interest at 6%.
The holder of the note is a former Director and the former Chief Executive Officer of the Company. This note is in default. | |
| 200,000 | | |
| 200,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matures in December 2023. Lender earns interest at 7.75%. | |
| 50,000 | | |
| 50,000 | |
| |
| | | |
| | |
Promissory note issued in March 2023 and matured in May 2023. Lender earns interest at 8%. This note was issued to H. Louis Salomonsky, a Director of the Company. This note is in default. | |
| 100,000 | | |
| - | |
| |
| | | |
| | |
Promissory note issued in March 2023 and matured in June 2023. Lender earns interest at 8%. This note is in default. | |
| 50,000 | | |
| - | |
| |
| | | |
| | |
Promissory note issued in April 2023 and matured in May 2023. Lender earns interest at 18%. The note is in default. | |
| 250,000 | | |
| - | |
| |
| | | |
| | |
Promissory note issued in June 2023 and matures in June 2024. Lender earns interest at 8%. | |
| 15,000 | | |
| - | |
| |
| | | |
| | |
Promissory note issued in July 2023 and matures in July 2025. Lender earns interest at 8.5%. This note was issued to Global Reverb Corporation, a related party of which Noreen Griffin is the sole beneficial owner. | |
| 7,500 | | |
| - | |
| |
| | | |
| | |
| |
$ | 1,118,978 | | |
$ | 696,478 | |
At
September 30, 2023 and December 31, 2022, the Company had accrued $121,544 and $64,455, respectively, in unpaid interest on notes payable.
4.
Capital Structure – Common Stock and Stock Purchase Warrants
Each
holder of common stock is entitled to vote on all matters and is entitled to one vote for each share held. No holder of shares of stock
of any class shall be entitled as a matter of right to subscribe for or purchase or receive any part of any new or additional issue of
shares of stock of any class, or of securities convertible into shares of stock or any class, whether now hereafter authorized or whether
issued for money, for consideration other than money, or by way of dividend.
Stock
Warrants
During
the nine-month period ended September 30, 2023 no common stock warrants were issued, exercised or modified.
During
the nine-month period ended September 30, 2022 warrant holders exercised 17,225,000 common stock warrants. An additional 2,283,850 warrants
were forfeited or cancelled during the nine-month period ended September 30, 2022.
The
following is a summary of outstanding common stock warrants as of September 30, 2023.
Schedule
of Outstanding Common Stock Warrants
Expiration Date | |
Number of
Shares | | |
Exercise Price | | |
Remaining
Life (years) | |
| |
| | |
| | |
| |
Third Quarter 2028 | |
| 3,000 | | |
$ | 70 | | |
| 5.0 | |
Second Quarter 2032 | |
| 28,995 | | |
$ | 10 - 70 | | |
| 8.67 | |
| |
| 31,995 | | |
$ | 10 - 70 | | |
| | |
Following is a summary of stock warrant activity for
the nine months ended September 30 2023:
Schedule
of Stock Outstanding Warrants Activity
| |
Number
of
Shares | | |
Exercise
Price | | |
Weighted
Average Price | |
Warrants
as of December 31, 2022 | |
| 38,495 | | |
$ | 10
- 200 | | |
$ | 59.42 | |
Issued | |
| - | | |
$ | - | | |
$ | - | |
Expired
and forfeited | |
| (6,500 | ) | |
$ | 30
- 200 | | |
$ | 73.85 | |
Exercised | |
| - | | |
$ | - | | |
$ | - | |
Warrants
as of September 30, 2023 | |
| 31,995 | | |
$ | 10
- 70 | | |
$ | 56.49 | |
5. Income Taxes – Results of Operations
There was no income tax expense reflected in the results
of operations for the periods ended September 30, 2023 and 2022 because the Company has significant net loss operating carryforwards available
to offset the potential tax liabilities. Our tax rate can be affected by recurring items, such as tax rates in foreign jurisdictions and
the relative amount of income we earn in jurisdictions. It may also be affected by discrete items that may occur in any given year but
are not consistent from year to year.
For U.S. federal purposes the corporate statutory
income tax rate was 21%, for 2023 and 2022 tax years. The Company has recognized no tax benefit for the losses generated for the periods
through September 30, 2023.
ASC Topic 740 requires that a valuation allowance
be provided if it is more likely than not that some portion or all a deferred tax asset will not be realized. The Company’s ability
to realize the benefit of its deferred tax asset will depend on the generation of future taxable income. Because the Company has yet to
recognize revenue, we believe that the full valuation allowance should be provided.
6. Subsequent Events
Management of the Company has performed a review of
events and transactions occurring after the condensed consolidated balance sheet date to determine if there were any such events or transactions
requiring adjustment to or disclosure in the accompanying condensed consolidated financial statements and has noted none, other than the
following:
On November 8, 2023, the Company appointed Mr. Craig
Suro, age 49, to the board of directors.
On October 24, 2023, the Company appointed Ms. Clay
Caperton Reynolds, age 61, to the board of directors.
Amendment 2 to License with Cytocom Inc.
(which is now Statera Biopharma Inc.)
In December 2013, the Company formed Cytocom Inc.,
which changed its name to Statera Biopharma Inc. (“Statera”) or STAB, on September 1, 2021, as a subsidiary of the Company,
and transferred rights, titles and interests to the Company as follows:
|
(i) |
Patents, patent applications, and all divisional, continuations and continuations-in-part thereof, together with all reissues, reexaminations, renewals, and extensions thereof and all rights to obtain such divisional, continuations and continuations-in-part, reissues, reexaminations, renewals and extensions, and all utility models and statutory invention registrations and any other such analogous rights. |
|
|
|
|
(ii) |
Trademarks, service marks, internet domain names, trade dress, trade styles, logos, trade names, services names, brand names, corporate names, assumed business names and general intangibles and other source identifiers of a like nature, together with the goodwill associated with any of the foregoing, and all registrations and applications for registrations thereof, together with all renewals and extensions thereof and all rights to obtain such renewals and extensions. |
|
|
|
|
(iii) |
Copyrights, mask work rights, database and design rights, moral rights and rights in internet websites, whether registered or unregistered and whether published or unpublished, all registrations and recordings thereof and all applications in connection therewith, together with all renewals, continuations, reversions and extensions thereof and all rights to obtain such renewals, continuations, reversions and extensions. |
|
|
|
|
(iv) |
Confidential and proprietary information, including, trade secrets and know-how. |
On May 1, 2018, the Company entered into an amended
and restated licensing agreement (the “Restated Agreement”) with STAB. The Restated Agreement restates the licensing arrangement
between the Company and STAB and grants the Company distribution and marketing rights for Lodonal™ and meta enkephalin (MENK) for
humans in certain emerging markets. In addition, the Company was granted the rights to distribute and market Lodonal™ and MENK for
animal use in the United States. The royalty due to STAB was reduced from 5% to 1% of net sales in the Restated Agreement, and the Company
no longer would have any ongoing obligations to pay for costs in connection with the assets of STAB. While the Company formalized the
agreement in May 1 2018, Penn State University, a licensor that was part of the group of intellectual property that was to be moved, did
not consent the move of their license or payables to STAB at the time of the Restated Agreement.
On April 8, 2019, the Company signed a second amendment
to its licensing agreement (the “Second Amendment”) with STAB. The Second Amendment confirmed that, (as of its effective date
December 31, 2018) the Company owned 15.57% of the STAB common shares issued and outstanding on that date. The Company agreed to assume
responsibility to repay all accounts payable obligations and accrued liabilities owed by STAB as of the effective date, except those accounts
payable obligations and accrued liabilities as specified in the Second Amendment. The Company also assumed the responsibility to repay
all notes payable, together with any interest or fees payable thereon, owed by STAB as of the effective date, except those notes payable
obligations, together with any interest or fees payable thereon, as specified by the Second Amendment. The parties further agreed that
in the event of a change of control of STAB, and at the option of STAB, the Company would have the right to purchase outright the Company’s
licensing rights to emerging markets for humans under the License Agreement at a price equal to value of those licensing rights as determined
by and independent valuator acceptable to the Company and STAB.
On May 13, 2020, the Company and STAB entered into
an Amendment to the Second Amendment (“Third Amendment”) that was effective December 31, 2018. The Third Amendment provides
STAB with the Company’s previously licensed rights for LDN and MENK in emerging markets. The original terms for consideration for
the sublicense were not finalized until August 12, 2020, at which time STAB and the Company signed a letter agreement in which STAB agreed
to assume a combination of defaulted notes plus certain other liabilities. Such terms were amended, and the Company agreed to transfer
all the rights, title, and interests to STAB in technology licensed from Penn State Research Foundation (“PSU”) in
exchange for STAB assuming all past due and future obligations under the PSU license. While the Company formalized the agreement to assign
all outstanding liabilities due to PSU, a vendor of the Company, PSU did not consent to the assignment of the payables to STAB. As of
December 31, 2021, the Company had no outstanding accounts payable balances due to PSU.
On July 20, 2021, STAB and the Company agreed to modify
the terms of the original sublicense. The renegotiated terms are presented below. The assignment of the notes and associated accrued interest
and penalties in default was fully executed in the third quarter of 2020 with the transfer of the notes upon the creditors’ signoff.
The Company recognized a gain upon the assignment of these notes in the third quarter of 2020.
Consideration for License to STAB as of December 31,
2022:
Schedule
of Consideration
Consideration / Assumption of: | |
| |
Notes and associated accrued interest in default | |
$ | 3,302,209 | |
Accounts payable and accruals | |
| 230,000 | |
Past Due Employee Obligations | |
| 1,110,567 | |
Total anticipated Consideration | |
$ | 4,642,776 | |
Recognized through December 31, 2020 | |
| (3,302,209 | ) |
To Be Recognized upon Execution | |
$ | 1,340,567 | |
As of December 31, 2022, the Notes transaction has
not been fully executed. The notes in default have been assigned and the transfer signed off by the creditors, but STAB still has not
completed the assumption of the agreed upon obligations.
On March 24, 2023, the Company and STAB entered into
an amendment to the licensing agreement (“Third License Amendment”).
The Third License Amendment:
|
● |
Restates the licensing arrangement between the Company and STAB and grants the Company manufacturing, distribution and marketing rights for LDN and MENK in humans for all indications except Crohn’s Disease (worldwide), and in animals (US only). |
|
● |
Grants the Company the right grant sublicenses to third parties for the manufacturing, distribution and marketing of these products. |
|
● |
Updates the royalty rates as follows: |
Schedule
of Royalty Rate
Annual Sales of Royalty Qualifying Licensed Products | |
Royalty Rate | |
<$500,000,000 | |
| 2 | % |
500,000,000 to < $1,000,000,000 | |
| 4 | % |
> $1,000,000,000) | |
| 6 | % |
This agreement has been on hold, pending the outcome
of Statera’s Involuntary Chapter 11 Bankruptcy case pending in the United States Bankruptcy Court for the District of Colorado.
On September 20, 2023 the Bankruptcy Court dismissed the involuntary case and has cleared all parties to proceed with this License Amendment.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATION
FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISKS
The following management’s discussion and
analysis of financial condition and results of operations provides information that management believes is relevant to an assessment and
understanding of our plans and financial condition. The following financial information is derived from our condensed consolidated financial
statements and should be read in conjunction with such condensed consolidated financial statements and notes thereto and set forth elsewhere
herein.
Use of Terms
Except as otherwise indicated by the context and for
the purposes of this report only, references in this report to “we,” “us,” “our” and the “Company”
refer to Biostax Corp. a Florida corporation and its consolidated subsidiaries.
FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISKS
The Private Securities Litigation Reform Act of 1995
provides a “safe harbor” for forward-looking statements. This report contains certain forward-looking statements that are
based on the beliefs of management as well as assumptions made by and currently available to management. The statements contained in this
report relating to matters that are not historical facts are forward-looking statements that involve risks and uncertainties, including,
but not limited to, future demand for our products and services, the successful commercialization of our products, general domestic and
global economic conditions, government and environmental conditions and regulations, competition and customer strategies, changes in our
business strategy or development plans, capital deployment, business disruptions, including those by fires, raw material supplies, environmental
regulations, and other risks and uncertainties, certain of which are beyond our control. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those forward-looking statements.
For further discussion of certain of the matters described above see the Cautionary Note Regarding Forward-Looking Statements included
in our 2022 Annual Report on Form 10-K.
Undue reliance should not be placed on our forward-looking
statements. Except as required by law, we disclaim an obligation to update any factors or to publicly announce the results of any revisions
to any of the forward-looking statements contained in this quarterly report on Form 10-Q to reflect new information, future events, or
other developments. The following discussion and analysis should be read in conjunction with the accompanying condensed consolidated financial
statements and notes thereto appearing elsewhere in this Form 10-Q.
Forward-looking statements can be identified by words
such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,”
“will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking
statements are not a guarantee of future performance and the Company’s actual results may differ significantly from the results
discussed in the forward-looking statements. Each of the terms the “Company”, “we”, “us” or
“our” as used herein refers collectively to Immune Therapeutics, Inc. and its subsidiaries, unless otherwise stated.
COMPANY OVERVIEW
Biostax Corp. is a Florida corporation trading on
the OTC-Pink. The Company is a drug development and commercialization company. We identify, evaluate, and seek to acquire technologies
in the medical device and drug development sectors with the intent to further develop them and move them to commercialization.
Our strategy has been limited due to lack of capital.
Management is seeking to secure new investment capital with which to continue to pursue the Company’s strategy. There is no guarantee
that the Company will be successful in securing additional capital.
GOING CONCERN
As of September 30, 2023, the Company had $4,531 in
cash on hand, negative working capital of $4,207,330 and accumulated deficit of $384,277,604. For the nine months ended September 30,
2023, the Company reported a net loss attributable to common shareholders of $1,309,110. For the nine months ended September 30, 2022,
the Company reported net loss attributable to common shareholders of $3,257,151.
Historically the Company has relied on the funding
of operations through private equity financing and management expects operating losses and negative cash flows to continue at more significant
levels in the future. As the Company continues to incur losses, transition to profitability is dependent upon the successful development,
approval, and commercialization of its current or future product candidates as they become available and the achievement of a level of
revenues adequate to support the Company’s cost structure. The Company may never achieve profitability, and unless and until it
does, the Company will continue to need to raise additional cash. Management intends to fund future operations through additional private
or public debt or equity offerings and may seek additional capital through arrangements with strategic partners or from other sources.
Working capital at September 30, 2023 is not sufficient
to meet the cash requirements to fund planned operations through the next twelve months without additional sources of cash. These conditions
raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern and do not include adjustments that might result from the outcome
of this uncertainty. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities
in the normal course of business.
Management is continuing to develop strategies to
re-capitalize the Company and position it for future growth. Key steps to this process include:
|
● |
Improve the condition of the balance sheet via license arrangements and capital infusions. |
|
● |
Identify and acquire late-stage assets for commercialization. |
|
● |
Build out operational infrastructure to generate revenue opportunities to grow shareholder value. |
There can be no guarantee that the Company will be
successful in securing adequate capital to continue operations and in identifying and acquiring assets for future development.
If the Company is unable to secure new working capital,
other alternative strategies will be required.
Historically, the Company has been able to acquire
and develop assets, spin them out and retain both an equity stake and royalties and milestone payments. In so doing, the Company has acted
as an incubator for late-stage drug development. Management believes that this strategy can continue to be successful. At this time, the
Company is reviewing several opportunities which it may pursue as soon as funding is available. At present no definitive actions have
been taken.
There can be no guarantees that the Company will be
successful in:
|
● |
Executing its restructuring plan |
|
● |
Securing adequate capital to continue operations. |
|
● |
Identifying and acquiring assets for future development. |
Recent Developments
On September 14, 2023, the Company announced the passing
of H. Louis Salomonsky, a Director of the company.
On November 8, 2023, the Company appointed Mr. Craig
Suro, age XX, to the board of directors.
On October 24, 2023, the Company appointed Ms. Clay
Caperton Reynolds, age 61, to the board of directors.
RESULTS FROM OF THE THREE MONTHS ENDED SEPTEMBER
30, 2023
COMPARED TO THE THREE MONTHS ENDED SEPTEMBER
30, 2022
Revenues
We had no revenues from operations for the three months
ended September 30, 2023 and 2022.
Operating Expenses
Selling, General and Administrative Expenses
Selling, general and administrative expenses for the
three months ended September 30, 2023 and 2022 were as follows:
| |
For the three months ended September 30 | |
| |
2023 | | |
2022 | |
Selling, general and administrative | |
$ | 233,109 | | |
$ | 420,862 | |
Increase (decrease) from prior year | |
$ | (187,753 | ) | |
$ | 306,295 | |
Percent increase (decrease) from prior year | |
| (45 | )% | |
| 267 | % |
During the three months ended September 30, 2023,
the Company has focused on the negotiation and finalization of certain licensing transactions and business development opportunities.
For the three months ended September 30, 2023 and
2022, selling, general and administrative expenses were compised of the following:
| |
For the three months ended September 30 | |
| |
2023 | | |
2022 | |
Shareholder and investor relations | |
$ | 5,743 | | |
$ | 13,734 | |
Professional fees and consulting costs | |
| 21,066 | | |
| 113,597 | |
Consulting fees with related parties | |
| 188,270 | | |
| 113,300 | |
Board fees | |
| 15,000 | | |
| 75,000 | |
Salaries and benefits | |
| - | | |
| 46,505 | |
Occupancy | |
| - | | |
| 47,110 | |
Other expenses | |
| 3,030 | | |
| 11,616 | |
Total | |
$ | 233,109 | | |
$ | 420,862 | |
The decrease in selling, general and administrative
expenses for the three months ended September 30, 2023 over the same period in 2022 was primarily due to the Company focusing on internal
operations after its completion of its recapitalization during the second and third quarters of 2022 and reflect the following:
|
● |
Reduction in payroll expenses related to the elimination of internal financial reporting personnel and subleased office rent. |
|
● |
Reduction in Board fees related to the reduced number of Directors and reversal of Board fees accrued in prior quarter. |
Research
and Development Expenses
R&D
expenses and related percentages for the three months ended September 30, 2023 and 2022 were as follows:
| |
For the three months ended September 30, | |
| |
2023 | | |
2022 | |
Research and development | |
$ | 105,837 | | |
$ | - | |
Increase/(decrease) from prior year | |
$ | 105,837 | | |
$ | - | |
Percent increase/(decrease) from prior year | |
| 100 | % | |
| - | % |
Research
and development expense for the three months ended September 30, 2023 was $105,837, compared to no expenses incurred in the same period
in 2022. The increase in research and development expenses for the three months ended September 30, 2023 over the same period of 2022
was primarily due to an increase in amounts payable to TaiwanJ for our license to use certain intellectual property.
The
research and development expenses for the three months ended September 30, 2023 reflect the following:
● |
Late charges related to the up front payment terms, pursuant
to the license of intangible assets from TaiwanJ Pharmaceuticals. |
● |
Annual license fee due to TaiwanJ Pharmaceuticals. |
Interest
Expense
Interest
expense for the three months ended September 30, 2023 and 2022 were as follows:
| |
For the three months ended September 30, | |
| |
2023 | | |
2022 | |
Interest expense | |
$ | 36,437 | | |
$ | 11,034 | |
Increase (decrease) from prior year | |
$ | 25,403 | | |
$ | (21,163 | ) |
Percentage increase (decrease) from prior year | |
| 230 | % | |
| (66 | )% |
Interest
expense is comprised of accrued interest on notes payable owed by the Company. The increase from 2022 to 2023 reflects the increase in
the amount of notes payable, increases in interest rates and payments of additional penalties and interest accrued on defaulted notes.
RESULTS
FROM THE NINE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED
TO
NINE MONTHS ENDED SEPTEMBER 30, 2022
Revenues
We
had no revenues from operations for the nine months ended September 30, 2023 and 2022.
Operating
Expenses
Selling,
General and Administrative Expenses
For
the nine months ended September 30, 2023 and 2022, selling, general and administrative expenses were made up as follows:
| |
For the nine months ended September 30 | |
| |
2023 | | |
2022 | |
Shareholder and investor relations | |
$ | 20,551 | | |
$ | 19,499 | |
Professional fees and consulting costs | |
| 113,198 | | |
| 207,047 | |
Consulting fees with related parties | |
| 495,018 | | |
| 299,829 | |
Board fees | |
| 45,000 | | |
| 125,000 | |
Occupancy | |
| 580 | | |
| 51,704 | |
Salaries and benefits | |
| - | | |
| 175,014 | |
Other expenses | |
| 14,764 | | |
| 16,503 | |
Total | |
$ | 689,111 | | |
$ | 894,596 | |
Increase (decrease) from prior year | |
$ | (205,485 | ) | |
$ | 456,013 | |
Percent increase (decrease) from prior year | |
| (23 | )% | |
| 104 | % |
During
the nine months ended September 30, 2023, the Company focused on business development activities and the negotiation and finalization
of certain licensing transactions. The decrease in selling, general and administrative expenses during the nine months ended September
30, 2023 reflects the transition to an operating focus upon the completion of the recapitalization of the Company during the second and
third quarters of 2023.
The
selling, general and administrative expenses for the nine months ended September 30, 2023 reflect the following:
|
● |
Professional
advisors were engaged in the areas of legal, tax, accounting, and administrative support in connection with the Company’s financial
reorganization efforts and licensing strategies. |
|
● |
The
Company utilized the services of consultants, including three related parties during 2023 to fill key positions with the Company
(CEO, CFO, COO and SVP of Business Development) and eliminated accounting and other employees. |
|
● |
The
Company reduced the size of the Board from 5 members in 2022 to 2 members in 2023. |
|
● |
The
Company terminated a month-to-month sublease. |
Research
and Development Expenses
R&D
expenses and related percentages for the nine months ended September 30, 2023 and 2022 were as follows:
| |
For the nine months ended September 30, | |
| |
2023 | | |
2022 | |
Research and development | |
$ | 461,969 | | |
$ | - | |
Increase/(decrease) from prior year | |
$ | 461,969 | | |
$ | (152,667 | ) |
Percent increase/(decrease) from prior year | |
| 100 | % | |
| (100 | )% |
The
Company did not incur any research and development related costs during the nine-month period ended September 30, 2022.
The
increase in research and development expenses for the nine months ended September 30, 2023 over the same period of 2022 was primarily
due to an increase in amounts payable to TaiwanJ for our license to use certain intellectual property.
The
research and development expenses for the nine months ended September 30, 2023 reflect the following:
|
● |
Fair
value of 500,000 shares of common stock issued to TaiwanJ Pharmaceuticals, pursuant to the Second Extension of the license of intangible
assets. |
|
● |
Late
charges related to the up front payment terms, pursuant to the license of intangible assets from TaiwanJ Pharmaceuticals. |
|
● |
Legal
fees related to the maintenance and prosecution of licensed and owned intellectual property. |
Non-operating
Income (Expense)
The
Company recognized several non-recurring non-operating transactions during the nine-month period ended September 30, 2022 as described
below.
|
● |
The
Company recognized a non-cash gain of $3,165,151 upon the assumption of certain Company defaulted notes and other vendor and employee
obligations by Forte. The assignments of these obligations were made as consideration for the July 8, 2021 Amended License Agreement
with Forte. |
|
● |
The
Company recognized a non-cash charge of $1,169,691 upon the receipt of signed releases of obligations from certain vendors, employees,
and notes holders in connection with the corporate recapitalization which allowed for certain of these obligations to be converted
into common stock at $0.05 per share. |
|
● |
During
the nine-month period ended September 30, 2022, the Company recognized an asset impairment associated of $2,645,000 associated with
the carrying value of the shares of common stock of STAB held by the Company. |
|
● |
On
June 29, 2022, the Company entered into agreements to allow certain warrants holders of promissory notes currently in default
to exercise and convert these instruments at $0.05 per share. The Company recognized the fair market value of the warrants using
the Black Scholes valuation model and recognized a charge of $1,605,913 in connection with this action. |
Interest
Expense
Interest
expense for the nine months ended September 30, 2023 and 2022 were as follows (dollar amounts in thousands):
| |
For the nine months ended September 30 | |
| |
2023 | | |
2022 | |
Interest expense | |
$ | 77,498 | | |
$ | 107,102 | |
Decrease from prior year | |
$ | (29,604 | ) | |
$ | (57,629 | ) |
Percent decrease from prior year | |
| (28 | )% | |
| (35 | )% |
The
decrease in interest expense is related to:
|
● |
Settlement
of $1,585,456 of Notes Payable in the nine month period ending September 30, 2022, offset in part by the issuance of $472,500 new Notes
Payable in the nine month period ending September 30, 2023. |
LIQUIDITY
AND CAPITAL RESOURCES
Overview
Liquidity
is measured by our ability to secure enough cash to meet our contractual and operating needs as they arise. The Company does not anticipate
generating sufficient cash flows from our operations to fund the next twelve months. We had cash on hand of $4,531 at September 30, 2023,
compared to $150,491 at December 31, 2022.
Summary
of Cash Flows
| |
For the nine months ended September 30, | |
| |
2023 | | |
2022 | |
Net cash used in operating activities | |
$ | (568,460 | ) | |
$ | (996,865 | ) |
Net cash provided by financing activities | |
| 422,500 | | |
| 688,427 | |
Net decrease in cash and cash equivalents | |
$ | (145,960 | ) | |
$ | (308,424 | ) |
Net
cash used in operating activities was $568,460 for the nine months ended September 30, 2023, compared to $996,865 for the corresponding
period in 2022. The use of cash in 2023 resulted primarily from our loss from operations, the issuance of Notes payable for substantially
all of the license fees due under our agreement with TaiwanJ, and the accrual of consulting fees due to Company Officers.
For
the nine months ended September 30, 2022, the Company used $996,865 in cash to support operating activities. Included in net income for
the nine months ended September 30, 2022, are non-cash gains of: $3,165,151 recognized upon the assignment of notes and other obligations
in connection with a license agreement, offset by losses of $1,169,691 recognized upon the settlement with owners of the obligations,
non-cash charges upon the recognition of an asset impairment of the STAB common shares held by the Company, and a charge for the market
value from the modification of certain warrant provisions.
The
Company had no cash used or provided from investing activities during the nine month periods ended September 30, 2023 and 2022.
For
the nine months ended September 30, 2023 and 2022, the Company received $422,500 and $688,427 in financing activities from issued notes
payable, respectively.
The
Company does not expect to generate revenues in the foreseeable future. If the Company is unable to raise additional working capital
to meet its operating obligations and expenditures, the Company will be required to modify its business plan.
CONTRACTUAL
OBLIGATIONS
Promissory
Notes
The
notes payable on the Company’s Condensed Consolidated Balance Sheet above contains, at September 30, 2023, certain promissory notes
on which the Company was in arrears on payment of principal as follows:
|
● |
$231,478
in promissory notes issued in 2019. The notes accrue interest at 6% and matured in 2020. |
|
● |
$150,000
promissory note issued in 2023. The note accrued interest at 8% and matured in 2023. |
|
|
$265,000
in promissory notes issued in 2022. The notes accrued interest at 6% and matured in 2023. |
|
|
$150,000
in promissory notes issued in 2023. The notes accrued interest at 8% and matured in 2023. |
|
|
$250,000
promissory note issued in 2023. The note accrued interest at 18% and matured in 2023. |
Please
refer to Note 3 to the Condensed Consolidated Financial Statements of Part I Item 1, which is incorporated by reference, for additional
details regarding these promissory notes.
OFF
BALANCE SHEET ARRANGEMENTS
During
the nine months ended September 30, 2023, and 2022, the Company did not engage in any off-balance sheet arrangements that have or are
reasonably likely to have a current or future effect on our financial conditions, changes in financial condition, revenues or expenses,
results of operations, liquidity, capital expenditures or capital resources.
CRITICAL
ACCOUNTING POLICIES AND ESTIMATES
We
have identified the policies below as critical to our business operations and the understanding of its results of operations. The Company’s
senior management has reviewed these critical accounting policies and related disclosures with the Company’s board of directors.
The impact and any associated risks related to these policies on our business operations are discussed throughout this section where
such policies affect our reported and expected financial results.
Fair
Value of Financial Instruments
In
accordance with the reporting requirements of Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification (“ASC”) Topic 825, “Financial Instruments”, the Company calculates the fair value of its
assets and liabilities which qualify as financial instruments under this standard and includes this additional information in the
notes to the condensed consolidated financial statements when the fair value is different than the carrying value of those financial
instruments.
Cash,
cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity
of these instruments. The carrying value of the Company’s investment in the common stock of STAB reflects an asset impairment
charge taken in the second quarter of 2022 and is carried at zero in the accompanying condensed consolidated balance sheets. The
carrying value of notes payable approximate fair value since they bear market rates of interest and other terms. None of these
instruments are held for trading purposes.
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization
of our technologies.
Income
Taxes
The
Company follows ASC Topic 740, “Income Taxes”, which requires recognition of deferred tax assets and liabilities for
the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method,
deferred tax assets and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities
using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a
valuation allowance to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences
are expected to be recovered or settled.
Stock-Based
Compensation and Issuance of Stock for Non-Cash Consideration
The
Company measures and recognizes compensation expense for share-based awards based on estimated fair values equaling either the market
value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration
pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at
the date of the agreement.
The
Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows
the provisions of ASC Topic 718, “Compensation-Stock Compensation.” The measurement date for the fair value of the
equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor
is reached or (ii) the date at which the consultant or vendor’s performance is complete.
Recent
Accounting Standards
The
Company has reviewed the accounting pronouncements issued by the FASB during the nine months ended September
30, 2023. Applicable pronouncements will be adopted by the Company in accordance with the accounting guidance and definition. Management
does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s
consolidated financial statements.
Management
does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s
condensed consolidated financial statements.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
Applicable.
ITEM
4. CONTROLS AND PROCEDURES
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting that occurred during the period covered by this report on Form 10-Q
that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Evaluation
of Disclosure Controls and Procedures
As
of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our
principal executive officer and principal financial officer, of our disclosure controls and procedures as defined in Rule 13a-15(e) under
the Securities Exchange Act of 1934, as amended, or the Exchange Act. Based on this evaluation, the principal executive officer and the
principal financial officer concluded that, because of the weakness in internal control over financial reporting described below, our
disclosure controls and procedures are ineffective to ensure that information required to be disclosed by us in the reports we file or
submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange
Commission rules and forms.
Management
assessed the effectiveness of our internal control over financial reporting using the framework set forth in Internal Control-Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based upon this assessment, management concluded
that our internal control over financial reporting was not effective. The reportable conditions and material weakness relate to a limited
segregation of duties and lack of an audit committee. The limited segregation of duties within the Company and the lack of an audit committee
are due to the small number of employees. Management has determined that this control deficiency constitutes a material weakness. This
material weakness could result in material misstatements of significant accounts and disclosures that would result in a material misstatement
to our interim or annual financial statements that would not be prevented or detected. In addition, due to limited staffing, we are not
always able to detect minor errors or omissions in reporting.
Going
forward, management anticipates that additional staff will be necessary to remediate these weaknesses, as well as other planned improvements.
Additional staff will enable us to document and apply transactional and periodic controls procedures, permit a better review and approval
process and improve quality of financial reporting. However, the potential addition of new staff is contingent on obtaining additional
financing, and there is no assurance that we will be able to do so.
Limitations
on the Effectiveness of Disclosure Controls and Procedures and Internal Control Over Financial Reporting
Readers
are cautioned that our management does not expect that our disclosure controls and procedures or our internal control over financial
reporting will necessarily prevent all fraud and material error. An internal control system, no matter how well conceived and operated,
can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations
in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any,
within our control have been detected. The design of any system of controls also is based in part upon certain assumptions about the
likelihood of future events, and there can be no assurance that any control design will succeed in achieving its stated goals under all
potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance
with the policies or procedures may deteriorate.
PART
II - OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
We
are not party to any material pending legal proceedings. From time to time, we may be involved in legal proceedings which arise during
the ordinary course of business.
ITEM
1A. RISK FACTORS
Not
applicable.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During
the quarter ended September 30, 2023, the Company issued the following securities:
The
Company issued 22,001 shares of common stock to Ira Gaines, pursuant to the Second Amendment to Promissory Note issued on October 1,
2019.
We
did not repurchase any shares of our common stock during the three months ended September 30, 2023.
The
issuances of shares of common stock described above will not be registered under the Securities Act of 1933, as amended, or the Securities
Act, in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act, and/or Regulation D promulgated
thereunder.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
Refer
to Note 3 to the Condensed Consolidated Financial Statements of Part I Item 1, which is incorporated by reference, for additional details.
The notes payable on the Company’s Condensed Consolidated Balance Sheet above contains, at September 30, 2023, certain promissory
notes on which the Company was in arrears on payment of principal as follows:
$231,478
promissory note issued in 2019. The note accrued interest at 6% and matured in 2020
$150,000
promissory note issued in 2019. The note accrued interest at 15% and matured on September 1, 2023.
$265,000
promissory notes issued in July 2022. The notes accrued interest at 6% and matured on July 19, 2023.
$100,000
promissory note issued in March 2023. The note accrued interest at 8% and matured on May 23, 2023.
$50,000
promissory note issued in March 2023. The note accrued interest at 8% and matured on June 22, 2023.
$250,000
promissory note issued in April 2023. The note accrued interest at 18% and matured on May 30, 2023.
ITEM
4. MINE SAFETY DISCLOSURES
None.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
The
following exhibits are filed with this Quarterly Report:
Exhibit |
|
Description |
|
|
|
3.1 |
|
Articles of Incorporation and Amendments Thereto (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to Form 10 filed with the SEC on June 7, 2013). |
|
|
|
3.2 |
|
Bylaws (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to the Form 10 filed with the SEC on June 7, 2013). |
|
|
|
10.1 |
|
Intellectual Property License Agreement, dated September 30, 2022, between Immune Therapeutics, Inc. and TaiwainJ Pharmaceuticals Co. Ltd. (incorporated by reference to Form 8-K filed on October 12, 2022).*** |
|
|
|
31.1* |
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
31.2* |
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.1** |
|
Certification of Chief Executive Officer pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.2** |
|
Certification of Chief Financial Officer pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
101.INS* |
|
Inline
XBRL Instance Document |
101.SCH* |
|
Inline
XBRL Taxonomy Extension Schema |
101.CAL* |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase |
101.DEF* |
|
Inline
XBRL Taxonomy Extension Definition Linkbase |
101.LAB* |
|
Inline
XBRL Taxonomy Extension Label Linkbase |
101.PRE* |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase |
104* |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
*
Filed herewith
**
Furnished herewith
***
Portions of this exhibit have been omitted in compliance with Regulation S-K Item 601(b)(10)(iv) because the Company has determined that
the information is not material and is the type that the Company treats as private or confidential.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
Biostax
Corp. |
|
|
Date:
November 14, 2023 |
By: |
/s/
Noreen Griffin |
|
Name: |
Noreen
Griffin |
|
Title: |
Chief
Executive Officer |
|
Biostax
Corp. |
|
|
Date:
November 14, 2023 |
By: |
/s/
Glen Farmer |
|
Name: |
Glen
Farmer |
|
Title: |
Chief
Financial Officer |
Exhibit
31.1
CERTIFICATION
I,
Noreen Griffin, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of Biostax Corp.; |
|
|
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 14, 2023 |
By: |
/s/
Noreen Griffin |
|
|
Noreen
Griffin |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATION
I,
Glen Farmer, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of Biostax Corp.; |
|
|
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 14, 2023 |
By: |
/s/
Glen Farmer |
|
|
Glen
Farmer |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. Section 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the quarterly report of Biostax Corp. (the “Company”) on Form 10-Q for the quarter ending September 30, 2023
as filed with the Securities and Exchange Commission (the “Report”), I , Noreen Griffin, Chief Executive Officer (Principal
Executive Officer) of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of
the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company at the dates and for the periods indicated.
Date:
November 14, 2023 |
By: |
/s/
Noreen Griffin |
|
|
Noreen
Griffin |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. Section 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the quarterly report of Biostax Corp. (the “Company”) on Form 10-Q for the quarter ending September 30, 2023
as filed with the Securities and Exchange Commission (the “Report”), I , Glen Farmer, Chief Financial Officer (Principal
Financial and Accounting Officer) of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63,
Section 1350 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my
knowledge:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company at the dates and for the periods indicated.
Date:
November 14, 2023 |
By: |
/s/
Glen Farmer |
|
|
Glen
Farmer |
|
|
Chief
Financial Officer
(Principal
Financial and Accounting Officer) |
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v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current Assets: |
|
|
Cash |
$ 4,531
|
$ 150,491
|
Total current assets |
4,531
|
150,491
|
Intangible Assets: |
|
|
Patents and licenses, net |
721,969
|
762,500
|
Deposits |
5,500
|
50,728
|
Total Assets |
732,000
|
963,719
|
Current Liabilities: |
|
|
Accounts payable |
1,349,816
|
1,300,366
|
Accrued payroll |
336,002
|
336,002
|
Notes payable, net of debt discount |
1,118,978
|
696,478
|
Accrued interest |
121,544
|
64,455
|
Accrued liabilities |
136,057
|
136,057
|
License fees payable |
284,630
|
549,079
|
Total current liabilities |
4,211,861
|
3,477,173
|
Total Liabilities |
4,211,861
|
3,477,173
|
Stockholders’ Deficit: |
|
|
Common stock – par value $0.0001; 750,000,000 shares authorized; 83,620,764 and 83,045,857 shares issued and outstanding respectively |
8,362
|
8,305
|
Additional paid in capital |
380,779,078
|
380,436,432
|
Stock to be issued |
10,303
|
10,303
|
Accumulated deficit |
(384,277,604)
|
(382,968,494)
|
Total stockholders’ deficit |
(3,479,861)
|
(2,513,454)
|
Total Liabilities and Stockholders’ Deficit |
732,000
|
963,719
|
Related Party [Member] |
|
|
Current Liabilities: |
|
|
Due to related parties |
$ 864,834
|
$ 394,736
|
X |
- DefinitionCurrent portion of license fees payable.
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v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, per share |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
750,000,000
|
750,000,000
|
Common stock, shares, issued |
83,620,764
|
83,045,857
|
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83,620,764
|
83,045,857
|
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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 |
Operating expenses |
|
|
|
|
Selling, general and administrative |
$ 233,109
|
$ 420,862
|
$ 689,111
|
$ 894,596
|
Research and development expense |
105,837
|
|
461,969
|
|
Depreciation and amortization expense |
13,377
|
|
40,531
|
|
Total operating expense |
352,323
|
420,862
|
1,191,611
|
894,596
|
Loss from operations |
(352,323)
|
(420,862)
|
(1,191,611)
|
(894,596)
|
Other income (expense): |
|
|
|
|
Gain on issuance of license agreement |
|
|
|
3,165,151
|
Loss on settlement of obligations |
|
(1,467,271)
|
(40,000)
|
(1,169,691)
|
Loss from warrant modification and debt settlement |
|
(594,288)
|
|
(1,605,913)
|
Impairment loss investment in common stock |
|
|
|
(2,645,000)
|
Interest expense |
(36,437)
|
(11,034)
|
(77,499)
|
(107,102)
|
Total other expense, net |
(36,437)
|
(2,072,593)
|
(117,499)
|
(2,362,555)
|
Net loss |
(388,760)
|
(2,493,455)
|
(1,309,110)
|
(3,257,151)
|
Net loss attributable to common stockholders |
$ (388,760)
|
$ (2,493,455)
|
$ (1,309,110)
|
$ (3,257,151)
|
Basic loss income per share attributable to common stockholders |
$ (0.00)
|
$ (0.04)
|
$ (0.02)
|
$ (0.16)
|
Diluted loss earnings per share attributable to common stockholders |
$ (0.00)
|
$ (0.04)
|
$ (0.02)
|
$ (0.16)
|
Basic weighted average number of shares outstanding |
83,239,115
|
60,089,305
|
83,461,806
|
20,643,181
|
Diluted weighted average number of shares outstanding |
83,239,115
|
60,089,305
|
83,461,806
|
20,643,181
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v3.23.3
Consolidated Statements of Stockholders' Equity/(Deficit) (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Stock to be Issued [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
$ 49
|
$ 371,473,810
|
$ 10,303
|
$ (379,432,418)
|
$ (7,948,256)
|
Balance, shares at Dec. 31, 2021 |
483,714
|
|
|
|
|
Issuance of common stock upon settlement of notes and obligations |
$ 6,403
|
6,196,516
|
|
|
6,202,919
|
Issuance of common stock upon settlement of notes and obligations, shares |
64,028,803
|
|
|
|
|
Issuance of common stock for services |
$ 10
|
95,963
|
|
|
95,973
|
Issuance of common stock for services, shares |
99,500
|
|
|
|
|
Issuance of common stock upon warrant exercise |
$ 1,758
|
696,566
|
|
|
698,324
|
Issuance of common stock upon warrant exercise, shares |
17,586,680
|
|
|
|
|
Charge resulting from warrant modification |
|
1,605,913
|
|
|
1,605,913
|
Net loss |
|
|
|
(3,257,151)
|
(3,257,151)
|
Balance at Sep. 30, 2022 |
$ 8,220
|
380,068,768
|
10,303
|
(382,035,431)
|
(2,602,278)
|
Balance, shares at Sep. 30, 2022 |
82,198,697
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 8,305
|
380,436,432
|
10,303
|
(382,968,494)
|
(2,513,454)
|
Balance, shares at Dec. 31, 2022 |
83,045,857
|
|
|
|
|
Issuance of common stock upon settlement of notes and obligations |
$ 7
|
42,696
|
|
|
42,703
|
Issuance of common stock upon settlement of notes and obligations, shares |
74,907
|
|
|
|
|
Net loss |
|
|
|
(1,309,110)
|
(1,309,110)
|
Issuance of common stock for extension of patent and license agreement |
$ 50
|
299,950
|
|
|
300,000
|
Issuance of common stock for extension of patent and license agreement, shares |
500,000
|
|
|
|
|
Balance at Sep. 30, 2023 |
$ 8,362
|
$ 380,779,078
|
$ 10,303
|
$ (384,277,604)
|
$ (3,479,861)
|
Balance, shares at Sep. 30, 2023 |
83,620,764
|
|
|
|
|
X |
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v3.23.3
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss |
$ (1,309,110)
|
$ (3,257,151)
|
Adjustments to reconcile net loss to net cash flows used in operating activities: |
|
|
Gain on issuance of license agreement |
|
(3,165,151)
|
Loss on settlement of obligations |
40,000
|
1,169,691
|
Loss on impairment on investment in common stock |
|
2,645,000
|
Loss from warrant modification |
|
1,605,913
|
Depreciation and amortization |
40,531
|
|
Common stock issued for the extension of patent and license agreement |
300,000
|
|
Changes in operating assets and liabilities: |
|
|
Deposits |
45,228
|
(5,500)
|
Accounts payable |
39,450
|
(75,895)
|
License fees payable |
(264,449)
|
|
Accrued payroll |
|
4,620
|
Accrued interest |
69,792
|
116,929
|
Accrued liabilities |
|
(35,321)
|
Due to related parties |
470,098
|
|
Net cash used in operating activities |
(568,460)
|
(996,865)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from undocumented investor advances |
|
6,369
|
Proceeds from related parties |
100,000
|
417,058
|
Proceeds from issuance of notes payable |
322,500
|
265,000
|
Net cash provided by financing activities |
422,500
|
688,427
|
Decrease in cash |
(145,960)
|
(308,438)
|
Cash, beginning of year |
150,491
|
493,885
|
Cash, end of period |
4,531
|
185,447
|
SUPPLEMENTAL DISCOSURE OF NON-CASH ACTIVITIES: |
|
|
Conversion of debt and accrued interest to common stock |
42,703
|
6,901,242
|
Stock issued for services |
|
$ 95,973
|
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v3.23.3
Company Overview
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Company Overview |
1.
Company Overview
Biostax
Corp. (the “Company” or “BTAX”) is a Florida corporation trading on the OTC-Pink. The Company is a drug development
and commercialization company. We identify, evaluate, and seek to acquire technologies in the medical device and drug development sectors
with the intent to further develop them and move them to commercialization. On February 28, 2023, we received a written consent from
a majority of our outstanding shareholders to change the name of our Company to “Biostax Corp.” On March 27, 2023, we filed
a definitive information statement on Schedule 14C and mailed the information statement to shareholders on record as of the date of the
filing. We filed our name change amendment with the Secretary of State of Florida on October 5, 2023 and our new Company name and trading
symbol (BTAX) became effective on October 20, 2023.
Going
Concern
As
of September 30, 2023, the Company had $4,531
in cash on hand, negative working capital of $4,207,330
and accumulated stockholders’ deficit of $384,277,604.
For the nine months ended September 30, 2023, the Company reported a net loss attributable to common shareholders of $1,309,110.
For the nine months ended September 30, 2022, the Company reported a net loss attributable to common shareholders of $3,257,151.
Historically
the Company has relied on the funding of operations through private equity financing and management expects operating losses and negative
cash flows to continue at more significant levels in the future. As the Company continues to incur losses, its transition to profitability
is dependent upon the successful development, approval, and commercialization of its current or future product candidates as they become
available and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may never achieve
profitability, and unless and until it does, the Company will continue to need to raise additional cash. Management intends to fund future
operations through additional private or public debt or equity offerings and may seek additional capital through arrangements with strategic
partners or from other sources.
Working
capital at September 30, 2023 is not sufficient to meet the cash requirements to fund planned operations through the next twelve
months without additional sources of cash. These conditions raise substantial doubt about the Company’s ability to continue as
a going concern. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will
continue as a going concern and do not include adjustments that might result from the outcome of this uncertainty. This basis of
accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of
business.
Management
is continuing to develop strategies to re-capitalize the Company and position it for future growth. Key steps to this process include:
|
● |
Improve
the condition of the consolidated balance sheet via license arrangements and capital infusions. |
|
● |
Identify
and acquire late-stage assets for commercialization. |
|
● |
Build
out operational infrastructure to generate revenue opportunities to grow shareholder value. |
There
can be no guarantee that the Company will be successful in securing adequate capital to continue operations and in identifying and acquiring
assets for future development.
If
the Company is unable to secure new working capital, other alternative strategies will be required.
Historically,
the Company’s strategy has been to acquire and develop assets; potentially spin them out and retain both an equity stake and royalties
and milestone payments. In so doing, the Company would act as an incubator for late-stage drug development. Management believes that
this strategy can be successful. At this time, the Company is reviewing several opportunities which it may pursue as soon as funding
is available. At present, no definitive action has been taken.
There
can be no guarantees that the Company will be successful in:
|
● |
Executing
its restructuring plan; |
|
● |
Securing
adequate capital to continue operations; or |
|
● |
Identifying
and acquiring assets for future development. |
Company
History
The
Company was initially incorporated in Florida on December 2,
1993, as Resort Clubs International, Inc. (“Resort Clubs”). It was formed to manage and market golf course properties in
resort markets throughout the United States. Galliano International Ltd. (“Galliano”) was incorporated in Delaware on
May 27, 1998 and began trading in November 1999 through the filing of a 15C-211. On November 10, 2004, Galliano merged with Resort
Clubs. Resort Clubs was the surviving corporation. On August 23, 2010, Resort Clubs changed its name to pH Environmental Inc.
(“pH Environmental”). On April 23, 2012, pH Environmental completed a name change to TNI BioTech, Inc., and on April 24,
2012, we executed a share exchange agreement for the acquisition of all the outstanding shares of TNI BioTech IP, Inc. On September
4, 2014, a majority of our shareholders approved an amendment to our Amended and Restated Articles of Incorporation, as amended, to
change our name to Immune Therapeutics, Inc. On February 28, 2023, we received a written consent from a majority of our
outstanding shareholders to change the name of our Company to “Biostax Corp.” On March 27, 2023, we filed a definitive
information statement on Schedule 14C and mailed the information statement to shareholders on record as of the date of the filing.
We filed our name change amendment with the Secretary of State of Florida on October 5, 2023 and our new Company name and trading
symbol (BTAX) became effective on October 20, 2023.
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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 |
2.
Summary of Significant Accounting Policies
Basis
of Presentation
The
condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules
and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been
omitted. However, in the opinion of management, all adjustments (which include only normal recurring adjustments, unless otherwise
indicated) necessary to present fairly the consolidated financial position and consolidated results of operations for the periods
presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for
the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial
statements of the Company for the year ended December 31, 2022 (including the notes thereto) set forth in the Company’s Annual
Report on Form 10- K for that period.
Use
of Estimates
The
preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to
make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying
notes. Actual results could differ from such estimates.
Cash,
Cash Equivalents, and Short-Term Investments
The
Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents.
Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and
money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency
obligations. Cash equivalents are reported at fair value. At September 30, 2023 and December 31, 2022, the Company had cash and cash
equivalents of $4,531 and $150,491, respectively.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company
is exposed to credit risk, subject to federal deposit insurance, in the event of a default by the financial institutions holding its
cash and cash equivalents to the extent of amounts recorded on the condensed consolidated balance sheets. The cash accounts are insured
by the Federal Deposit Insurance Corporation up to $250,000.
Segment
and Geographic Information
Operating
segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief
operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views
its operations and manages its business in one operating segment and does not segment the business for internal reporting or decision
making.
Fair
Value of Financial Instruments
In
accordance with the reporting requirements of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic
825, “Financial Instruments”, the Company calculates the fair value of its assets and liabilities which qualify as
financial instruments under this standard and includes this additional information in the notes to the financial statements when the
fair value is different than the carrying value of those financial instruments.
Cash,
cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity
of these instruments. The carrying value of the Company’s investment in the common stock of Statera BioPharma, Inc.
(“STAB”) reflects an asset impairment charge taken in the second quarter of 2022 and is carried at zero in the
accompanying consolidated balance sheets. The carrying value of notes payable approximate fair value since they bear market rates of
interest and other terms. None of these instruments are held for trading purposes.
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization
of our technologies. The Company incurred $461,969 of research and development costs during the nine months ended September 30, 2023,
which includes legal fees related to the maintenance and prosecution of licensed and owned intellectual property as well as the fair
value of common stock issued to extend the payment terms of the Company’s license agreement with TaiwanJ Pharmaceuticals. The Company
did not incur any research and development costs during the nine months ended September 30, 2022.
Income
Taxes
The
Company follows ASC Topic 740, “Income Taxes”, which requires recognition of deferred tax assets and liabilities for
the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method,
deferred tax assets and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities
using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a
valuation allowance to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences
are expected to be recovered or settled.
The
standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in
the financial statements. Under ASC Topic 740, the Company may recognize the tax benefit from an uncertain tax position only if it is
more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of
the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC Topic 740 also provides guidance on
de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
At
the date of adoption, and as of September 30, 2023 and 2022, the Company does not have a liability for unrecognized tax uncertainties.
The Company’s policy is to record interest and penalties on uncertain tax positions as income tax expense. As of September 30,
2023, and 2022, the Company does not have any interest or penalties related to uncertain tax positions.
Stock-Based
Compensation and Issuance of Common Stock for Non-Cash Consideration
The
Company measures and recognizes compensation expense for share-based awards based on estimated fair values equaling either the market
value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration
pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at
the date of the agreement.
The
Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows
the provisions of ASC Topic 718, “Compensation-Stock Compensation.” The measurement date for the fair value of the
equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor
is reached or (ii) the date at which the consultant or vendor’s performance is complete.
The
Company did not issue any stock-based compensation awards during the nine months ended September 30, 2023.
On
September 20, 2022, the Company issued 50,000 shares of its common stock to for advisory services. This advisor is a shareholder of the
Company. The Company recorded stock compensation of $93,500 reflecting a market value of $1.87 per share on the date of the share issuance.
During the second quarter of 2022, the Company settled a liability through the issuance of 49,500 shares of common stock at $0.05 per
share for professional services of $2,463 provided in a prior year.
Net
Income per Share
For
the three and nine month periods ended September 30, 2023 and 2022, diluted income per share was calculated by dividing the net income
by the weighted-average number of common shares outstanding for the period determined using the treasury-stock method. A reconciliation
of the weighted average shares outstanding used in basic and diluted earnings per share for the periods ended September 30, 2023 and
2022 are as follows:
Schedule of Basic and Diluted Earnings per Share
| |
| | | |
| | |
| |
Three Months ended September 30, | |
| |
2023 | | |
2022 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (388,760 | ) | |
$ | (2,493,455 | ) |
Weighted average common shares (Denominator) | |
| 83,239,115 | | |
| 60,089,305 | |
Basic EPS | |
$ | (0.00 | ) | |
$ | (0.04 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (388,760 | ) | |
$ | (2,493,455 | ) |
Weighted average common shares (Denominator) | |
| 83,239,115 | | |
| 60,089,305 | |
Diluted EPS | |
$ | (0.00 | ) | |
$ | (0.04 | ) |
| |
| | | |
| | |
| |
Nine Months ended September 30, | |
| |
2023 | | |
2022 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (1,309,110 | ) | |
$ | (3,257,151 | ) |
Weighted average common shares (Denominator) | |
| 83,461,806 | | |
| 20,643,181 | |
Basic EPS | |
$ | (0.02 | ) | |
$ | (0.16 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (1,309,110 | ) | |
$ | (3,257,151 | ) |
Weighted average common shares (Denominator) | |
| 83,461,806 | | |
| 20,643,181 | |
Diluted EPS | |
$ | (0.02 | ) | |
$ | (0.16 | ) |
Recent
Accounting Standards
The
Company has reviewed the accounting pronouncements issued by the FASB during the nine months ended September
30, 2023. Applicable pronouncements will be adopted by the Company in accordance with the accounting guidance and definition. Management
does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s
consolidated financial statements.
Management
does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s
consolidated financial statements.
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v3.23.3
Notes Payable
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Notes Payable |
3. Notes Payable
During
the nine-month period ended September 30, 2023 the Company reported the following activity in notes and accrued interest:
On
July 14, 2023, the Company issued a $7,500 promissory note to Global Reverb, a related party. The note accrues interest at 8.5% annually
and matures on July 14, 2025.
On
June 2, 2023, the Company issued a $15,000 promissory note to one lender. The note matures in 90 days and accrues interest of 8% annually.
On
April 13, 2023, the Company issued a $250,000 promissory note to TaiwanJ Pharmaceuticals, pursuant to the Second Extension Agreement
to the Intellectual Property License Agreement. The note accrues interest at 18% annually and matured on May 30, 2023. This note is presently
in default.
On
March 24, 2023, the Company issued $150,000 in promissory notes to two lenders. $100,000 of which was issued to H. Louis Salomonsky,
a Director of the Company. The notes mature in 90 days and pay interest of 8%.
Notes
outstanding as of September 30, 2023 and December 31, 2022 are as follows:
Schedule
of Notes Payable
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Promissory note | |
$ | 231,478 | | |
$ | 231,478 | |
Promissory note issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020. The note is in default. | |
$ | 231,478 | | |
$ | 231,478 | |
| |
| | | |
| | |
Promissory note issued in 2019 for the settlement of debt in the same amount and matured in 2021.
Lender earns interest at 15%.
This note was modified in November 2022, extending maturity to September
2023. This note is in default. | |
| 150,000 | | |
| 150,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matures in July
2023. Lender earns interest at 6%. This note is in default. | |
| 65,000 | | |
| 65,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matures in July
2023. Lender earns interest at 6%.
The holder of the note is a former Director and the former Chief Executive Officer of the Company. This note is in default. | |
| 200,000 | | |
| 200,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matures in December 2023. Lender earns interest at 7.75%. | |
| 50,000 | | |
| 50,000 | |
| |
| | | |
| | |
Promissory note issued in March 2023 and matured in May 2023. Lender earns interest at 8%. This note was issued to H. Louis Salomonsky, a Director of the Company. This note is in default. | |
| 100,000 | | |
| - | |
| |
| | | |
| | |
Promissory note issued in March 2023 and matured in June 2023. Lender earns interest at 8%. This note is in default. | |
| 50,000 | | |
| - | |
| |
| | | |
| | |
Promissory note issued in April 2023 and matured in May 2023. Lender earns interest at 18%. The note is in default. | |
| 250,000 | | |
| - | |
| |
| | | |
| | |
Promissory note issued in June 2023 and matures in June 2024. Lender earns interest at 8%. | |
| 15,000 | | |
| - | |
| |
| | | |
| | |
Promissory note issued in July 2023 and matures in July 2025. Lender earns interest at 8.5%. This note was issued to Global Reverb Corporation, a related party of which Noreen Griffin is the sole beneficial owner. | |
| 7,500 | | |
| - | |
| |
| | | |
| | |
| |
$ | 1,118,978 | | |
$ | 696,478 | |
At
September 30, 2023 and December 31, 2022, the Company had accrued $121,544 and $64,455, respectively, in unpaid interest on notes payable.
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v3.23.3
Capital Structure – Common Stock and Stock Purchase Warrants
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Capital Structure – Common Stock and Stock Purchase Warrants |
4.
Capital Structure – Common Stock and Stock Purchase Warrants
Each
holder of common stock is entitled to vote on all matters and is entitled to one vote for each share held. No holder of shares of stock
of any class shall be entitled as a matter of right to subscribe for or purchase or receive any part of any new or additional issue of
shares of stock of any class, or of securities convertible into shares of stock or any class, whether now hereafter authorized or whether
issued for money, for consideration other than money, or by way of dividend.
Stock
Warrants
During
the nine-month period ended September 30, 2023 no common stock warrants were issued, exercised or modified.
During
the nine-month period ended September 30, 2022 warrant holders exercised 17,225,000 common stock warrants. An additional 2,283,850 warrants
were forfeited or cancelled during the nine-month period ended September 30, 2022.
The
following is a summary of outstanding common stock warrants as of September 30, 2023.
Schedule
of Outstanding Common Stock Warrants
Expiration Date | |
Number of
Shares | | |
Exercise Price | | |
Remaining
Life (years) | |
| |
| | |
| | |
| |
Third Quarter 2028 | |
| 3,000 | | |
$ | 70 | | |
| 5.0 | |
Second Quarter 2032 | |
| 28,995 | | |
$ | 10 - 70 | | |
| 8.67 | |
| |
| 31,995 | | |
$ | 10 - 70 | | |
| | |
Following is a summary of stock warrant activity for
the nine months ended September 30 2023:
Schedule
of Stock Outstanding Warrants Activity
| |
Number
of
Shares | | |
Exercise
Price | | |
Weighted
Average Price | |
Warrants
as of December 31, 2022 | |
| 38,495 | | |
$ | 10
- 200 | | |
$ | 59.42 | |
Issued | |
| - | | |
$ | - | | |
$ | - | |
Expired
and forfeited | |
| (6,500 | ) | |
$ | 30
- 200 | | |
$ | 73.85 | |
Exercised | |
| - | | |
$ | - | | |
$ | - | |
Warrants
as of September 30, 2023 | |
| 31,995 | | |
$ | 10
- 70 | | |
$ | 56.49 | |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
Income Taxes – Results of Operations
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes – Results of Operations |
5. Income Taxes – Results of Operations
There was no income tax expense reflected in the results
of operations for the periods ended September 30, 2023 and 2022 because the Company has significant net loss operating carryforwards available
to offset the potential tax liabilities. Our tax rate can be affected by recurring items, such as tax rates in foreign jurisdictions and
the relative amount of income we earn in jurisdictions. It may also be affected by discrete items that may occur in any given year but
are not consistent from year to year.
For U.S. federal purposes the corporate statutory
income tax rate was 21%, for 2023 and 2022 tax years. The Company has recognized no tax benefit for the losses generated for the periods
through September 30, 2023.
ASC Topic 740 requires that a valuation allowance
be provided if it is more likely than not that some portion or all a deferred tax asset will not be realized. The Company’s ability
to realize the benefit of its deferred tax asset will depend on the generation of future taxable income. Because the Company has yet to
recognize revenue, we believe that the full valuation allowance should be provided.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
6. Subsequent Events
Management of the Company has performed a review of
events and transactions occurring after the condensed consolidated balance sheet date to determine if there were any such events or transactions
requiring adjustment to or disclosure in the accompanying condensed consolidated financial statements and has noted none, other than the
following:
On November 8, 2023, the Company appointed Mr. Craig
Suro, age 49, to the board of directors.
On October 24, 2023, the Company appointed Ms. Clay
Caperton Reynolds, age 61, to the board of directors.
Amendment 2 to License with Cytocom Inc.
(which is now Statera Biopharma Inc.)
In December 2013, the Company formed Cytocom Inc.,
which changed its name to Statera Biopharma Inc. (“Statera”) or STAB, on September 1, 2021, as a subsidiary of the Company,
and transferred rights, titles and interests to the Company as follows:
|
(i) |
Patents, patent applications, and all divisional, continuations and continuations-in-part thereof, together with all reissues, reexaminations, renewals, and extensions thereof and all rights to obtain such divisional, continuations and continuations-in-part, reissues, reexaminations, renewals and extensions, and all utility models and statutory invention registrations and any other such analogous rights. |
|
|
|
|
(ii) |
Trademarks, service marks, internet domain names, trade dress, trade styles, logos, trade names, services names, brand names, corporate names, assumed business names and general intangibles and other source identifiers of a like nature, together with the goodwill associated with any of the foregoing, and all registrations and applications for registrations thereof, together with all renewals and extensions thereof and all rights to obtain such renewals and extensions. |
|
|
|
|
(iii) |
Copyrights, mask work rights, database and design rights, moral rights and rights in internet websites, whether registered or unregistered and whether published or unpublished, all registrations and recordings thereof and all applications in connection therewith, together with all renewals, continuations, reversions and extensions thereof and all rights to obtain such renewals, continuations, reversions and extensions. |
|
|
|
|
(iv) |
Confidential and proprietary information, including, trade secrets and know-how. |
On May 1, 2018, the Company entered into an amended
and restated licensing agreement (the “Restated Agreement”) with STAB. The Restated Agreement restates the licensing arrangement
between the Company and STAB and grants the Company distribution and marketing rights for Lodonal™ and meta enkephalin (MENK) for
humans in certain emerging markets. In addition, the Company was granted the rights to distribute and market Lodonal™ and MENK for
animal use in the United States. The royalty due to STAB was reduced from 5% to 1% of net sales in the Restated Agreement, and the Company
no longer would have any ongoing obligations to pay for costs in connection with the assets of STAB. While the Company formalized the
agreement in May 1 2018, Penn State University, a licensor that was part of the group of intellectual property that was to be moved, did
not consent the move of their license or payables to STAB at the time of the Restated Agreement.
On April 8, 2019, the Company signed a second amendment
to its licensing agreement (the “Second Amendment”) with STAB. The Second Amendment confirmed that, (as of its effective date
December 31, 2018) the Company owned 15.57% of the STAB common shares issued and outstanding on that date. The Company agreed to assume
responsibility to repay all accounts payable obligations and accrued liabilities owed by STAB as of the effective date, except those accounts
payable obligations and accrued liabilities as specified in the Second Amendment. The Company also assumed the responsibility to repay
all notes payable, together with any interest or fees payable thereon, owed by STAB as of the effective date, except those notes payable
obligations, together with any interest or fees payable thereon, as specified by the Second Amendment. The parties further agreed that
in the event of a change of control of STAB, and at the option of STAB, the Company would have the right to purchase outright the Company’s
licensing rights to emerging markets for humans under the License Agreement at a price equal to value of those licensing rights as determined
by and independent valuator acceptable to the Company and STAB.
On May 13, 2020, the Company and STAB entered into
an Amendment to the Second Amendment (“Third Amendment”) that was effective December 31, 2018. The Third Amendment provides
STAB with the Company’s previously licensed rights for LDN and MENK in emerging markets. The original terms for consideration for
the sublicense were not finalized until August 12, 2020, at which time STAB and the Company signed a letter agreement in which STAB agreed
to assume a combination of defaulted notes plus certain other liabilities. Such terms were amended, and the Company agreed to transfer
all the rights, title, and interests to STAB in technology licensed from Penn State Research Foundation (“PSU”) in
exchange for STAB assuming all past due and future obligations under the PSU license. While the Company formalized the agreement to assign
all outstanding liabilities due to PSU, a vendor of the Company, PSU did not consent to the assignment of the payables to STAB. As of
December 31, 2021, the Company had no outstanding accounts payable balances due to PSU.
On July 20, 2021, STAB and the Company agreed to modify
the terms of the original sublicense. The renegotiated terms are presented below. The assignment of the notes and associated accrued interest
and penalties in default was fully executed in the third quarter of 2020 with the transfer of the notes upon the creditors’ signoff.
The Company recognized a gain upon the assignment of these notes in the third quarter of 2020.
Consideration for License to STAB as of December 31,
2022:
Schedule
of Consideration
Consideration / Assumption of: | |
| |
Notes and associated accrued interest in default | |
$ | 3,302,209 | |
Accounts payable and accruals | |
| 230,000 | |
Past Due Employee Obligations | |
| 1,110,567 | |
Total anticipated Consideration | |
$ | 4,642,776 | |
Recognized through December 31, 2020 | |
| (3,302,209 | ) |
To Be Recognized upon Execution | |
$ | 1,340,567 | |
As of December 31, 2022, the Notes transaction has
not been fully executed. The notes in default have been assigned and the transfer signed off by the creditors, but STAB still has not
completed the assumption of the agreed upon obligations.
On March 24, 2023, the Company and STAB entered into
an amendment to the licensing agreement (“Third License Amendment”).
The Third License Amendment:
|
● |
Restates the licensing arrangement between the Company and STAB and grants the Company manufacturing, distribution and marketing rights for LDN and MENK in humans for all indications except Crohn’s Disease (worldwide), and in animals (US only). |
|
● |
Grants the Company the right grant sublicenses to third parties for the manufacturing, distribution and marketing of these products. |
|
● |
Updates the royalty rates as follows: |
Schedule
of Royalty Rate
Annual Sales of Royalty Qualifying Licensed Products | |
Royalty Rate | |
<$500,000,000 | |
| 2 | % |
500,000,000 to < $1,000,000,000 | |
| 4 | % |
> $1,000,000,000) | |
| 6 | % |
This agreement has been on hold, pending the outcome
of Statera’s Involuntary Chapter 11 Bankruptcy case pending in the United States Bankruptcy Court for the District of Colorado.
On September 20, 2023 the Bankruptcy Court dismissed the involuntary case and has cleared all parties to proceed with this License Amendment.
|
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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
condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules
and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been
omitted. However, in the opinion of management, all adjustments (which include only normal recurring adjustments, unless otherwise
indicated) necessary to present fairly the consolidated financial position and consolidated results of operations for the periods
presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for
the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial
statements of the Company for the year ended December 31, 2022 (including the notes thereto) set forth in the Company’s Annual
Report on Form 10- K for that period.
|
Use of Estimates |
Use
of Estimates
The
preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to
make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying
notes. Actual results could differ from such estimates.
|
Cash, Cash Equivalents, and Short-Term Investments |
Cash,
Cash Equivalents, and Short-Term Investments
The
Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents.
Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and
money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency
obligations. Cash equivalents are reported at fair value. At September 30, 2023 and December 31, 2022, the Company had cash and cash
equivalents of $4,531 and $150,491, respectively.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company
is exposed to credit risk, subject to federal deposit insurance, in the event of a default by the financial institutions holding its
cash and cash equivalents to the extent of amounts recorded on the condensed consolidated balance sheets. The cash accounts are insured
by the Federal Deposit Insurance Corporation up to $250,000.
|
Segment and Geographic Information |
Segment
and Geographic Information
Operating
segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief
operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views
its operations and manages its business in one operating segment and does not segment the business for internal reporting or decision
making.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
In
accordance with the reporting requirements of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic
825, “Financial Instruments”, the Company calculates the fair value of its assets and liabilities which qualify as
financial instruments under this standard and includes this additional information in the notes to the financial statements when the
fair value is different than the carrying value of those financial instruments.
Cash,
cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity
of these instruments. The carrying value of the Company’s investment in the common stock of Statera BioPharma, Inc.
(“STAB”) reflects an asset impairment charge taken in the second quarter of 2022 and is carried at zero in the
accompanying consolidated balance sheets. The carrying value of notes payable approximate fair value since they bear market rates of
interest and other terms. None of these instruments are held for trading purposes.
|
Research and Development Costs |
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization
of our technologies. The Company incurred $461,969 of research and development costs during the nine months ended September 30, 2023,
which includes legal fees related to the maintenance and prosecution of licensed and owned intellectual property as well as the fair
value of common stock issued to extend the payment terms of the Company’s license agreement with TaiwanJ Pharmaceuticals. The Company
did not incur any research and development costs during the nine months ended September 30, 2022.
|
Income Taxes |
Income
Taxes
The
Company follows ASC Topic 740, “Income Taxes”, which requires recognition of deferred tax assets and liabilities for
the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method,
deferred tax assets and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities
using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a
valuation allowance to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences
are expected to be recovered or settled.
The
standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in
the financial statements. Under ASC Topic 740, the Company may recognize the tax benefit from an uncertain tax position only if it is
more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of
the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC Topic 740 also provides guidance on
de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
At
the date of adoption, and as of September 30, 2023 and 2022, the Company does not have a liability for unrecognized tax uncertainties.
The Company’s policy is to record interest and penalties on uncertain tax positions as income tax expense. As of September 30,
2023, and 2022, the Company does not have any interest or penalties related to uncertain tax positions.
|
Stock-Based Compensation and Issuance of Common Stock for Non-Cash Consideration |
Stock-Based
Compensation and Issuance of Common Stock for Non-Cash Consideration
The
Company measures and recognizes compensation expense for share-based awards based on estimated fair values equaling either the market
value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration
pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at
the date of the agreement.
The
Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows
the provisions of ASC Topic 718, “Compensation-Stock Compensation.” The measurement date for the fair value of the
equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor
is reached or (ii) the date at which the consultant or vendor’s performance is complete.
The
Company did not issue any stock-based compensation awards during the nine months ended September 30, 2023.
On
September 20, 2022, the Company issued 50,000 shares of its common stock to for advisory services. This advisor is a shareholder of the
Company. The Company recorded stock compensation of $93,500 reflecting a market value of $1.87 per share on the date of the share issuance.
During the second quarter of 2022, the Company settled a liability through the issuance of 49,500 shares of common stock at $0.05 per
share for professional services of $2,463 provided in a prior year.
|
Net Income per Share |
Net
Income per Share
For
the three and nine month periods ended September 30, 2023 and 2022, diluted income per share was calculated by dividing the net income
by the weighted-average number of common shares outstanding for the period determined using the treasury-stock method. A reconciliation
of the weighted average shares outstanding used in basic and diluted earnings per share for the periods ended September 30, 2023 and
2022 are as follows:
Schedule of Basic and Diluted Earnings per Share
| |
| | | |
| | |
| |
Three Months ended September 30, | |
| |
2023 | | |
2022 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (388,760 | ) | |
$ | (2,493,455 | ) |
Weighted average common shares (Denominator) | |
| 83,239,115 | | |
| 60,089,305 | |
Basic EPS | |
$ | (0.00 | ) | |
$ | (0.04 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (388,760 | ) | |
$ | (2,493,455 | ) |
Weighted average common shares (Denominator) | |
| 83,239,115 | | |
| 60,089,305 | |
Diluted EPS | |
$ | (0.00 | ) | |
$ | (0.04 | ) |
| |
| | | |
| | |
| |
Nine Months ended September 30, | |
| |
2023 | | |
2022 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (1,309,110 | ) | |
$ | (3,257,151 | ) |
Weighted average common shares (Denominator) | |
| 83,461,806 | | |
| 20,643,181 | |
Basic EPS | |
$ | (0.02 | ) | |
$ | (0.16 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (1,309,110 | ) | |
$ | (3,257,151 | ) |
Weighted average common shares (Denominator) | |
| 83,461,806 | | |
| 20,643,181 | |
Diluted EPS | |
$ | (0.02 | ) | |
$ | (0.16 | ) |
|
Recent Accounting Standards |
Recent
Accounting Standards
The
Company has reviewed the accounting pronouncements issued by the FASB during the nine months ended September
30, 2023. Applicable pronouncements will be adopted by the Company in accordance with the accounting guidance and definition. Management
does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s
consolidated financial statements.
Management
does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s
consolidated financial statements.
|
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v3.23.3
Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Basic and Diluted Earnings per Share |
Schedule of Basic and Diluted Earnings per Share
| |
| | | |
| | |
| |
Three Months ended September 30, | |
| |
2023 | | |
2022 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (388,760 | ) | |
$ | (2,493,455 | ) |
Weighted average common shares (Denominator) | |
| 83,239,115 | | |
| 60,089,305 | |
Basic EPS | |
$ | (0.00 | ) | |
$ | (0.04 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (388,760 | ) | |
$ | (2,493,455 | ) |
Weighted average common shares (Denominator) | |
| 83,239,115 | | |
| 60,089,305 | |
Diluted EPS | |
$ | (0.00 | ) | |
$ | (0.04 | ) |
| |
| | | |
| | |
| |
Nine Months ended September 30, | |
| |
2023 | | |
2022 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (1,309,110 | ) | |
$ | (3,257,151 | ) |
Weighted average common shares (Denominator) | |
| 83,461,806 | | |
| 20,643,181 | |
Basic EPS | |
$ | (0.02 | ) | |
$ | (0.16 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (1,309,110 | ) | |
$ | (3,257,151 | ) |
Weighted average common shares (Denominator) | |
| 83,461,806 | | |
| 20,643,181 | |
Diluted EPS | |
$ | (0.02 | ) | |
$ | (0.16 | ) |
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v3.23.3
Notes Payable (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Notes Payable |
Notes
outstanding as of September 30, 2023 and December 31, 2022 are as follows:
Schedule
of Notes Payable
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Promissory note | |
$ | 231,478 | | |
$ | 231,478 | |
Promissory note issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020. The note is in default. | |
$ | 231,478 | | |
$ | 231,478 | |
| |
| | | |
| | |
Promissory note issued in 2019 for the settlement of debt in the same amount and matured in 2021.
Lender earns interest at 15%.
This note was modified in November 2022, extending maturity to September
2023. This note is in default. | |
| 150,000 | | |
| 150,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matures in July
2023. Lender earns interest at 6%. This note is in default. | |
| 65,000 | | |
| 65,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matures in July
2023. Lender earns interest at 6%.
The holder of the note is a former Director and the former Chief Executive Officer of the Company. This note is in default. | |
| 200,000 | | |
| 200,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matures in December 2023. Lender earns interest at 7.75%. | |
| 50,000 | | |
| 50,000 | |
| |
| | | |
| | |
Promissory note issued in March 2023 and matured in May 2023. Lender earns interest at 8%. This note was issued to H. Louis Salomonsky, a Director of the Company. This note is in default. | |
| 100,000 | | |
| - | |
| |
| | | |
| | |
Promissory note issued in March 2023 and matured in June 2023. Lender earns interest at 8%. This note is in default. | |
| 50,000 | | |
| - | |
| |
| | | |
| | |
Promissory note issued in April 2023 and matured in May 2023. Lender earns interest at 18%. The note is in default. | |
| 250,000 | | |
| - | |
| |
| | | |
| | |
Promissory note issued in June 2023 and matures in June 2024. Lender earns interest at 8%. | |
| 15,000 | | |
| - | |
| |
| | | |
| | |
Promissory note issued in July 2023 and matures in July 2025. Lender earns interest at 8.5%. This note was issued to Global Reverb Corporation, a related party of which Noreen Griffin is the sole beneficial owner. | |
| 7,500 | | |
| - | |
| |
| | | |
| | |
| |
$ | 1,118,978 | | |
$ | 696,478 | |
|
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v3.23.3
Capital Structure – Common Stock and Stock Purchase Warrants (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Outstanding Common Stock Warrants |
The
following is a summary of outstanding common stock warrants as of September 30, 2023.
Schedule
of Outstanding Common Stock Warrants
Expiration Date | |
Number of
Shares | | |
Exercise Price | | |
Remaining
Life (years) | |
| |
| | |
| | |
| |
Third Quarter 2028 | |
| 3,000 | | |
$ | 70 | | |
| 5.0 | |
Second Quarter 2032 | |
| 28,995 | | |
$ | 10 - 70 | | |
| 8.67 | |
| |
| 31,995 | | |
$ | 10 - 70 | | |
| | |
|
Schedule of Stock Outstanding Warrants Activity |
Following is a summary of stock warrant activity for
the nine months ended September 30 2023:
Schedule
of Stock Outstanding Warrants Activity
| |
Number
of
Shares | | |
Exercise
Price | | |
Weighted
Average Price | |
Warrants
as of December 31, 2022 | |
| 38,495 | | |
$ | 10
- 200 | | |
$ | 59.42 | |
Issued | |
| - | | |
$ | - | | |
$ | - | |
Expired
and forfeited | |
| (6,500 | ) | |
$ | 30
- 200 | | |
$ | 73.85 | |
Exercised | |
| - | | |
$ | - | | |
$ | - | |
Warrants
as of September 30, 2023 | |
| 31,995 | | |
$ | 10
- 70 | | |
$ | 56.49 | |
|
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v3.23.3
Subsequent Events (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
Schedule of Consideration |
Consideration for License to STAB as of December 31,
2022:
Schedule
of Consideration
Consideration / Assumption of: | |
| |
Notes and associated accrued interest in default | |
$ | 3,302,209 | |
Accounts payable and accruals | |
| 230,000 | |
Past Due Employee Obligations | |
| 1,110,567 | |
Total anticipated Consideration | |
$ | 4,642,776 | |
Recognized through December 31, 2020 | |
| (3,302,209 | ) |
To Be Recognized upon Execution | |
$ | 1,340,567 | |
|
Schedule of Royalty Rate |
Schedule
of Royalty Rate
Annual Sales of Royalty Qualifying Licensed Products | |
Royalty Rate | |
<$500,000,000 | |
| 2 | % |
500,000,000 to < $1,000,000,000 | |
| 4 | % |
> $1,000,000,000) | |
| 6 | % |
|
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v3.23.3
Company Overview (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
Cash on hand |
$ 4,531
|
|
$ 4,531
|
|
|
Working capital |
4,207,330
|
|
4,207,330
|
|
|
Accumulated deficit |
384,277,604
|
|
384,277,604
|
|
$ 382,968,494
|
Net loss attributable to common stockholders |
$ 388,760
|
$ 2,493,455
|
$ 1,309,110
|
$ 3,257,151
|
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.
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v3.23.3
Schedule of Basic and Diluted Earnings per Share (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Accounting Policies [Abstract] |
|
|
|
|
Income (loss) available to common shareholders (Numerator) |
$ (388,760)
|
$ (2,493,455)
|
$ (1,309,110)
|
$ (3,257,151)
|
Weighted average common shares (Denominator) |
83,239,115
|
60,089,305
|
83,461,806
|
20,643,181
|
Basic EPS |
$ (0.00)
|
$ (0.04)
|
$ (0.02)
|
$ (0.16)
|
Income (loss) available to common shareholders (Numerator) |
$ (388,760)
|
$ (2,493,455)
|
$ (1,309,110)
|
$ (3,257,151)
|
Weighted average common shares (Denominator) |
83,239,115
|
60,089,305
|
83,461,806
|
20,643,181
|
Diluted EPS |
$ (0.00)
|
$ (0.04)
|
$ (0.02)
|
$ (0.16)
|
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v3.23.3
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
9 Months Ended |
|
Sep. 20, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Cash and cash equivalents |
|
$ 4,531
|
|
|
$ 4,531
|
|
$ 150,491
|
Cash at federal deposit |
|
250,000
|
|
|
250,000
|
|
|
Research and development costs |
|
$ 105,837
|
|
|
461,969
|
|
|
Interest or penalties related to uncertain tax position |
|
|
|
|
0
|
0
|
|
Stock-based compensation |
|
|
|
|
$ 0
|
0
|
|
Issuance of common stock for services, shares |
50,000
|
|
|
|
|
|
|
Stock compensation |
$ 93,500
|
|
|
|
|
|
|
Share price |
$ 1.87
|
|
|
|
|
|
|
Issuance of common stock for services, value |
|
|
|
|
|
$ 95,973
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
Issuance of common stock for services, shares |
|
|
|
49,500
|
|
99,500
|
|
Shares issued price per share |
|
|
|
$ 0.05
|
|
|
|
Issuance of common stock for services, value |
|
|
|
$ 2,463
|
|
$ 10
|
|
X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized.
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v3.23.3
Schedule of Notes Payable (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
Notes payable |
$ 1,118,978
|
$ 696,478
|
Notes Payable [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
231,478
|
231,478
|
Notes Payable One [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
150,000
|
150,000
|
Notes Payable Two [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
65,000
|
65,000
|
Notes Payable Three [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
200,000
|
200,000
|
Notes Payable Four [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
50,000
|
50,000
|
Notes Payable Five [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
100,000
|
|
Notes Payable Six [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
50,000
|
|
Notes Payable Seven [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
250,000
|
|
Notes Payable Eight [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
15,000
|
|
Notes Payable Nine [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
$ 7,500
|
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer.
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- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
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v3.23.3
Notes Payable (Details Narrative) - USD ($)
|
Jun. 02, 2023 |
Apr. 13, 2023 |
Mar. 24, 2023 |
Sep. 30, 2023 |
Jul. 14, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Interest payable |
|
|
|
$ 121,544
|
|
$ 64,455
|
Promissory Notes [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Interest rate |
8.00%
|
18.00%
|
8.00%
|
|
8.50%
|
|
Maturity date description |
|
|
mature in 90 days
|
|
|
|
Maturity date |
|
May 30, 2023
|
|
|
|
|
Promissory Notes [Member] | Intellectual Property License Agreement [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Promissory notes |
|
$ 250,000
|
|
|
|
|
Global Reverb Corporation [Member] | Promissory Notes [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Promissory notes |
|
|
|
|
$ 7,500
|
|
One Lender [Member] | Promissory Notes [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Promissory notes |
$ 15,000
|
|
|
|
|
|
Maturity date description |
matures in 90 days
|
|
|
|
|
|
Two Lender [Member] | Promissory Notes [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Promissory notes |
|
|
$ 150,000
|
|
|
|
H Louis Salomonsky [Member] | Promissory Notes [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Promissory notes |
|
|
$ 100,000
|
|
|
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
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v3.23.3
Schedule of Stock Outstanding Warrants Activity (Details)
|
9 Months Ended |
Sep. 30, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Shares Warrants, Beginning balance | shares |
38,495
|
Weighted Average Price, Beginning balance |
$ 59.42
|
Number of Shares Warrants, Issued | shares |
|
Exercise Price, Issued |
|
Weighted Average Price, issued |
|
Number of Shares Warrants, Expired and forfeited | shares |
(6,500)
|
Weighted Average Price, Expired and forfeited |
$ 73.85
|
Number of Shares Warrants, Exercised | shares |
|
Exercise Price, Exercised |
|
Weighted Average Price, Exercised |
|
Number of Shares Warrants, Ending balance | shares |
31,995
|
Weighted Average Price, Ending balance |
$ 56.49
|
Minimum [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Exercise Price, Beginning balance |
10
|
Exercise Price, Expired and forfeited |
30
|
Exercise Price, Ending balance |
10
|
Maximum [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Exercise Price, Beginning balance |
200
|
Exercise Price, Expired and forfeited |
200
|
Exercise Price, Ending balance |
$ 70
|
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v3.23.3
Schedule of Consideration (Details) - Statera [Member]
|
12 Months Ended |
Dec. 31, 2022
USD ($)
|
Notes and associated accrued interest in default |
$ 3,302,209
|
Accounts payable and accruals |
230,000
|
Past Due Employee Obligations |
1,110,567
|
Total anticipated Consideration |
4,642,776
|
Recognized through December 31, 2020 |
(3,302,209)
|
Total Consideration to be Recognized Upon Execution |
$ 1,340,567
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Mar. 24, 2023 |
Less than 500,000,000 [Member] |
|
Royalty Rate |
2.00%
|
From 500,000,000 to less than 1,000,000,000 [Member] |
|
Royalty Rate |
4.00%
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Greater than 1,000,000,000 [Member] |
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Immune Therapeutics (PK) (USOTC:IMUN)
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