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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the Quarterly Period Ended June 30, 2023
or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the Transition Period from _________ to _________
Commission
file number: 000-21990
Oncotelic
Therapeutics, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
13-3679168 |
(State
or other jurisdiction |
|
(I.R.S.
Employer |
of
incorporation or organization) |
|
Identification
No.) |
29397
Agoura Road Suite 107 |
|
|
Agoura
Hills, CA |
|
91301 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(650)
635-7000
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of exchange on which registered |
None |
|
OTLC |
|
N/A |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
a “smaller reporting company” and an “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
|
Accelerated
filer |
☐ |
|
|
|
|
|
Non-accelerated
filer |
☒ |
|
Smaller
reporting company |
☒ |
|
|
|
|
|
|
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act: ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of August 11, 2023, there were 398,159,128
shares of the registrant’s common stock outstanding.
ONCOTELIC
THERAPEUTICS, INC. AND SUBSIDIARIES
FORM
10-Q
FOR
THE QUARTERLY PERIOD ENDED JUNE 30, 2023
TABLE
OF CONTENTS
PART
I – FINANCIAL INFORMATION
Item
1. Financial Statements
ONCOTELIC
THERAPEUTICS, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(Unaudited)
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 181,872 | | |
$ | 241,452 | |
Restricted cash | |
| 20,000 | | |
$ | 20,000 | |
Accounts receivable | |
| 18,976 | | |
| 19,748 | |
Prepaid
& other current assets | |
| 60,736 | | |
| 21,964 | |
| |
| | | |
| | |
Total current assets | |
| 281,584 | | |
| 303,164 | |
| |
| | | |
| | |
In process R&D | |
| 1,101,760 | | |
| 1,101,760 | |
Goodwill, net of impairment | |
| 5,988,230 | | |
| 12,071,376 | |
Investment in GMP Bio
at fair value | |
| 22,640,519 | | |
| 22,640,519 | |
Total
assets | |
$ | 30,012,093 | | |
$ | 36,116,819 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’
EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued
liabilities | |
$ | 2,458,589 | | |
$ | 2,510,864 | |
Accounts payable to related
party | |
| 343,001 | | |
| 332,432 | |
Contingent consideration | |
| 2,625,000 | | |
| 2,625,000 | |
Derivative liability on
notes | |
| 525,734 | | |
| 198,140 | |
Convertible and short-term
debt, net of costs | |
| 10,261,891 | | |
| 10,091,923 | |
Convertible
debt and short-term debt - related party, net of costs | |
| 1,871,930 | | |
| 1,165,048 | |
| |
| | | |
| | |
Total current liabilities | |
| 18,086,145 | | |
| 16,923,407 | |
| |
| | | |
| | |
Stockholders’ equity: | |
| | | |
| | |
Common stock, $.01 par
value; 750,000,000 shares authorized; 397,531,590 and 391,846,880 issued and outstanding, respectively | |
| 3,975,316 | | |
| 3,918,469 | |
Additional paid-in capital | |
| 41,235,949 | | |
| 41,416,632 | |
Accumulated
deficit | |
| (32,896,062 | ) | |
| (25,926,069 | ) |
| |
| | | |
| | |
Total Oncotelic Therapeutics, Inc. stockholders’
equity | |
| 12,315,203 | | |
| 19,409,032 | |
Non-controlling interests | |
| (389,255 | ) | |
| (215,620 | ) |
| |
| | | |
| | |
Total stockholders’
equity | |
| 11,925,948 | | |
| 19,193,412 | |
Total
liabilities and stockholders’ equity | |
$ | 30,012,093 | | |
$ | 36,116,819 | |
The
accompanying footnotes are an integral part of these unaudited consolidated financial statements.
ONCOTELIC
THERAPEUTICS, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
For
the Three MONTHS AND SIX MONTHS ended JUNE 30, 2023 and 2022
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
For
the Three Months Ended
June 30, | | |
For
the Six Months Ended
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and
development | |
$ | - | | |
$ | 108,707 | | |
$ | 28,927 | | |
$ | 689,004 | |
General
and administrative | |
| 238,758 | | |
| 147,608 | | |
| 436,958 | | |
| 3,911,518 | |
Goodwill impairment | |
| 6,083,146 | | |
| - | | |
| 6,083,146 | | |
| - | |
Total operating expenses | |
| 6,321,904 | | |
| 256,315 | | |
| 6,549,031 | | |
| 4,600,522 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (6,321,904 | ) | |
| (256,315 | ) | |
| (6,549,031 | ) | |
| (4,600,522 | ) |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Reimbursement for expenses
- related party | |
| - | | |
| 247,492 | | |
| 72,246 | | |
| 247,492 | |
Interest expense, net | |
| (257,396 | ) | |
| (1,094,878 | ) | |
| (651,675 | ) | |
| (1,392,341 | ) |
Gain on derecognition of
non-financial asset | |
| - | | |
| 16,951,477 | | |
| - | | |
| 16,951,477 | |
Change in fair value of
derivative on debt | |
| (307,698 | ) | |
| 122,919 | | |
| (327,594 | ) | |
| (67,922 | ) |
Miscellaneous income | |
| 36,988 | | |
| - | | |
| - | | |
| - | |
Loss
on extinguishment / conversion of debt | |
| - | | |
| - | | |
| - | | |
| (257,810 | ) |
Total other income (expense) | |
| (528,106 | ) | |
| 16,227,010 | | |
| (907,023 | ) | |
| 15,480,896 | |
Net income (loss) before non-controlling interests | |
| (6,850,010 | ) | |
| 15,970,695 | | |
| (7,456,054 | ) | |
| 10,880,374 | |
Net loss attributable
to non-controlling interests | |
| (93,010 | ) | |
| (41,424 | ) | |
| (173,635 | ) | |
| (281,964 | ) |
Net income (loss)
attributable to Oncotelic Therapeutics, Inc. | |
| (6,757,000 | ) | |
$ | 16,012,119 | | |
$ | (7,282,419 | ) | |
$ | 11,162,338 | |
| |
| | | |
| | | |
| | | |
| | |
Basic net income (loss)
per share attributable to common stock | |
$ | (0.02 | ) | |
$ | 0.04 | | |
$ | (0.02 | ) | |
$ | 0.03 | |
Basic weighted average
common stock outstanding | |
| 394,374,227 | | |
| 379,203,841 | | |
| 393,829,610 | | |
| 378,588,600 | |
The
accompanying footnotes are an integral part of these unaudited consolidated financial statements.
ONCOTELIC
THERAPEUTICS, INC. AND SUBSIDIARIES
Consolidated
STATEMENT of STOCKHOLDERS’ EQUITY
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2023
(Unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Interests | | |
Equity | |
| |
Preferred
Stock | | |
Common
Stock | | |
Additional
Paid-in | | |
Accumulated | | |
Non
controlling | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Interests | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance
at January 1, 2023 | |
| - | | |
$ | - | | |
| 391,846,880 | | |
$ | 3,918,469 | | |
$ | 41,416,632 | | |
$ | (25,926,069 | ) | |
$ | (215,620 | ) | |
$ | 19,193,412 | |
Adoption
of ASU 2020-06 | |
| | | |
| | | |
| | | |
| | | |
| (521,749 | ) | |
| 312,426 | | |
| | | |
$ | (209,323 | ) |
Common
shares issued upon partial conversion of debt | |
| - | | |
| | | |
| 1,025,000 | | |
| 10,250 | | |
| 61,499 | | |
| - | | |
| - | | |
| 71,749 | |
Net
loss | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| (525,419 | ) | |
| (80,625 | ) | |
| (606,044 | ) |
Balance
at March 31, 2023 | |
| - | | |
| - | | |
| 392,871,880 | | |
| 3,928,719 | | |
| 40,956,382 | | |
| (26,139,062 | ) | |
| (296,245 | ) | |
| 18,449,794 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
shares issued in connection with debt conversion | |
| - | | |
| - | | |
| 4,659,710 | | |
| 46,597 | | |
| 279,567 | | |
| - | | |
| - | | |
| 326,164 | |
Net
income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (6,757,000 | ) | |
| (93,010 | ) | |
| (6,850,010 | ) |
Balance
as of June 30, 2023 | |
| - | | |
$ | - | | |
| 397,531,590 | | |
$ | 3,975,316 | | |
$ | 41,235,949 | | |
$ | (32,896,062 | ) | |
$ | (389,255 | ) | |
$ | 11,925,948 | |
The
accompanying footnotes are an integral part of these unaudited consolidated financial statements.
ONCOTELIC
THERAPEUTICS, INC. AND SUBSIDIARIES
Consolidated
STATEMENT of STOCKHOLDERS’ EQUITY
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2022
(Unaudited)
| |
Preferred
Stock | | |
Common
Stock | | |
Additional
Paid-in | | |
Accumulated | | |
Non
controlling | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Interests | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at January
1, 2022 | |
| - | | |
$ | - | | |
| 375,288,146 | | |
$ | 3,752,881 | | |
$ | 35,223,842 | | |
$ | (31,021,050 | ) | |
$ | 202,758 | | |
$ | 8,158,431 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common shares issued upon cashless
exercise of warrants | |
| - | | |
| | | |
| 3,041,958 | | |
| 30,420 | | |
| (30,420 | ) | |
| - | | |
| - | | |
| - | |
Common shares issued for cash | |
| | | |
| | | |
| 300,000 | | |
| 3,000 | | |
| 48,805 | | |
| | | |
| | | |
| 51,805 | |
Stock compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 297,360 | | |
| - | | |
| - | | |
| 297,360 | |
Warrants issued in connection
with note extension | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,905,316 | | |
| - | | |
| - | | |
| 2,905,316 | |
Net
loss | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| (4,849,781 | ) | |
| (240,540 | ) | |
| (5,090,321 | ) |
Balance at March 31, 2022 | |
| - | | |
| - | | |
| 378,630,104 | | |
| 3,786,301 | | |
| 38,444,903 | | |
| (35,870,831 | ) | |
| (37,782 | ) | |
| 6,322,591 | |
Balance | |
| - | | |
| - | | |
| 378,630,104 | | |
| 3,786,301 | | |
| 38,444,903 | | |
| (35,870,831 | ) | |
| (37,782 | ) | |
| 6,322,591 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Beneficial Conversion Feature
on convertible debt | |
| - | | |
| - | | |
| - | | |
| - | | |
| 570,717 | | |
| - | | |
| - | | |
| 570,717 | |
Warrants issued in connection
with debt issuance | |
| - | | |
| - | | |
| - | | |
| - | | |
| 368,375 | | |
| - | | |
| - | | |
| 368,375 | |
Common shares issued for cash | |
| - | | |
| - | | |
| 300,000 | | |
| 3,000 | | |
| 43,822 | | |
| - | | |
| - | | |
| 46,822 | |
Common shares issued in connection
with debt conversion | |
| - | | |
| - | | |
| 4,525,000 | | |
| 45,250 | | |
| 286,001 | | |
| - | | |
| - | | |
| 331,251 | |
Common shares issued upon cashless
exercise of warrants | |
| - | | |
| - | | |
| 2,586,758 | | |
| 25,867 | | |
| (25,867 | ) | |
| - | | |
| - | | |
| - | |
Stock compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 25,196 | | |
| - | | |
| - | | |
| 25,196 | |
Contribution from shareholder
for payment of liabilities | |
| - | | |
| - | | |
| - | | |
| - | | |
| 644,463 | | |
| - | | |
| - | | |
| 644,463 | |
Net
income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 16,012,119 | | |
| (41,424 | ) | |
| 15,970,695 | |
Net
income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 16,012,119 | | |
| (41,424 | ) | |
| 15,970,695 | |
Balance
as of June 30, 2022 | |
| - | | |
$ | - | | |
| 386,041,862 | | |
$ | 3,860,418 | | |
$ | 40,357,610 | | |
$ | (19,858,712 | ) | |
$ | (79,206 | ) | |
$ | 24,280,110 | |
Balance | |
| - | | |
$ | - | | |
| 386,041,862 | | |
$ | 3,860,418 | | |
$ | 40,357,610 | | |
$ | (19,858,712 | ) | |
$ | (79,206 | ) | |
$ | 24,280,110 | |
The
accompanying footnotes are an integral part of these unaudited consolidated financial statements.
ONCOTELIC
THERAPEUTICS, INC. AND SUBSIDIARIES
Consolidated
STATEMENTS OF CASH FLOWS
FOR
THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022
(Unaudited)
| |
2023 | | |
2022 | |
| |
For
the Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net profit | |
$ | (7,456,054 | ) | |
$ | 10,880,374 | |
Adjustments to reconcile net profit to net
cash provided by (used in) operating activities: | |
| | | |
| | |
Gain on derecognition of non-financial asset | |
| - | | |
| (16,951,477 | ) |
Goodwill impairment | |
| 6,083,146 | | |
| - | |
Amortization of debt discount and deferred
finance costs | |
| 251,782 | | |
| 1,133,270 | |
Amortization of intangible assets | |
| - | | |
| 12,841 | |
Warrants issued in connection with private
placement | |
| - | | |
| 2,905,316 | |
Stock-based compensation | |
| - | | |
| 322,556 | |
Change in fair value of derivative | |
| 327,594 | | |
| 67,922 | |
Loss on debt conversion | |
| - | | |
| 257,810 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses and other current assets | |
| (38,000 | ) | |
| (4,932 | ) |
Accounts payable and accrued expenses | |
| 117,289 | | |
| 276,704 | |
Accounts payable to
related party | |
| 14,663 | | |
| (66,183 | ) |
Net cash provided by
(used in) operating activities | |
| (699,580 | ) | |
| (1,165,799 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from / (repayment
to) private placement | |
| (50,000 | ) | |
| (25,000 | ) |
Proceeds from sales of
common stock | |
| - | | |
| 98,627 | |
Proceeds from convertible
debt | |
| - | | |
| 983,175 | |
Proceeds from short term
loans, others | |
| 690,000 | | |
| 500,000 | |
Repaid to note holders | |
| - | | |
| (500,000 | ) |
Repaid
to related party/others | |
| - | | |
| (60,000 | ) |
Net cash provided by
financing activities | |
| 640,000 | | |
| 996,802 | |
| |
| | | |
| | |
Net increase (decrease) in cash | |
| (59,580 | ) | |
| (168,997 | ) |
| |
| | | |
| | |
Cash and restricted cash - beginning of period | |
| 261,452 | | |
| 588,769 | |
| |
| | | |
| | |
Cash and restricted
cash - end of period | |
$ | 201,872 | | |
$ | 419,772 | |
| |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | |
Cash paid for: | |
| | | |
| | |
Interest paid | |
$ | 197,458 | | |
$ | 328,181 | |
Non-cash investing and financing activities: | |
| | | |
| | |
Warrants issued in connection with private
placement | |
$ | - | | |
$ | 2,905,316 | |
Contribution from shareholder for payment of
liabilities | |
| - | | |
| 644,463 | |
Common shares issued upon conversion of debt | |
$ | 397,912 | | |
$ | 650,001 | |
Beneficial Conversion Feature on convertible
debt and restricted common shares | |
$ | - | | |
$ | 570,717 | |
Adoption of ASU 2020-06, net | |
$ | (209,323 | ) | |
$ | - | |
The
accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements.
ONCOTELIC
THERAPEUTICS, INC. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description
of Business
Oncotelic
Therapeutics, Inc. (“Oncotelic”), was formed in the State of New York in 1988 as OXiGENE, Inc., was reincorporated
in the State of Delaware in 1992, and changed its name to Mateon Therapeutics, Inc. in 2016, and Oncotelic Therapeutics, Inc. in November
2020. Oncotelic conducts business activities through Oncotelic and its wholly owned subsidiaries, Oncotelic, Inc., a Delaware corporation,
PointR Data, Inc. (“PointR”), a Delaware corporation: and EdgePoint AI, Inc. (“Edgepoint”), a Delaware
Corporation for which there are non-controlling interests, (Oncotelic, Oncotelic Inc., PointR, Pet2DAO and Edgepoint are collectively called the
“Company” or “We”). The Company completed a reverse merger with Oncotelic Inc in April 2019, a merger
with PointR in November 2019 and formed a subsidiary Edgepoint in February 2020. For more information on these mergers, refer to our
2020 Annual Report on Form 10-K filed with the SEC on April 15, 2021.
The
Company is currently developing OT-101, through its joint venture (“JV”) with Dragon Overseas Capital Limited (“Dragon”)
and GMP Biotechnology Limited (“GMP Bio”), both affiliates of Golden Mountain Partners (“GMP”),
for various cancers and COVID-19, Artemisinin for COVID-19 and AI technologies for clinical development and manufacturing. The Company
is also independently planning to develop OT-101 for certain animal health indications and contemplating using crypto currencies for
that platform. The Company has acquired apomorphine for Parkinson’s Disease, erectile dysfunction and female sexual dysfunction.
In addition, the Company is evaluating the further development of its product candidates OXi4503 as a treatment for acute myeloid leukemia
and myelodysplastic syndromes and CA4P in combination with a checkpoint inhibitor for the treatment of advanced metastatic melanoma.
The
Company is primarily a cancer immunotherapy company dedicated to the development of first in class self-immunization protocol (“SIP™”)
candidates for difficult to treat cancers. The Company’s proprietary SIP™ candidates are expected to offer advantages over
other immunotherapies because they do not require extraction of the tumor or isolation of the antigens, and they have the potential for
broad-spectrum applicability for multiple cancer types. The Company’s proprietary product candidates have shown promising clinical
activity in phase 2 trials for the treatment of gliomas and pancreatic cancers. The Company aims to translate its unique insights, which
span more than three decades of original work using RNA therapeutics, into the deployment of antisense as a RNA therapeutic for diseases
which are caused by TGF-β overexpression, starting with cancer and expanding to Duchenne Muscular Dystrophy (“DMD”)
and others. OT-101, is being developed as a broad-spectrum anti-cancer drug that can also be used in combination with other standard
cancer therapies to establish an effective multi-modality treatment strategy for difficult-to-treat cancers. The JV plans to initiate
phase 2 and 3 clinical trials for OT-101 in both high-grade glioma and pancreatic cancer, and any other indications that may evolve,
for human pharmaceutical needs. The JV will also be sponsoring many investigator-initiated studies for OT-101 for other oncology indications.
The Company is evaluating the further development of its product candidates OXi4503 as a treatment for acute myeloid leukemia and myelodysplastic
syndromes and CA4P in combination with a checkpoint inhibitor for the treatment of advanced metastatic melanoma. The JV is also developing
OT-101 for the various epidemics and pandemics, similar to the current corona virus (“COVID-19”) pandemic. In this
connection, the Company entered into an agreement and supplemental agreement with GMP for a total of $1.2 million to render services
and was paid for the development of OT-101. The Company is working with the Biomedical Advanced Research and Development Authority to
conduct an observational study to evaluate the effects of long Covid-19 and has been provided a grant of up to $0.75 million for the
study. In 2020 and 2021, the Company was developing Artemisinin as a potential therapy for COVID-19. Artemisinin, purified from a plant
Artemisia annua. For more information on GMP and Artemisinin, refer to our 2022 Annual report on Form 10-K/A filed with the SEC
on April 19, 2023.
Fundraising
J.H.
Darbie Financing Notes & Issuance of Oncotelic Warrants
In
February 2022, the Company and 99 out of 100 of the Investors agreed to extend the maturity date of the notes connected to the Units
from March 31, 2022 to March 31, 2023. In addition, the Company issued approximately 33
million warrants to purchase $50,000
of shares of common stock of the Company in connection with agreeing to extend the maturity date by one year. The issuance of the
additional warrants resulted in the Company recording an expense of approximately $2.9
million in the Company’s statement of operations during the year ended December 31, 2022. For more information on the JD
Darbie financing, refer to Note 7 of these unaudited Notes to the Consolidated Financial Statements. In July 2023, the Company
commenced a new private placement financing through JH Darbie, and converted the debt of 15 accredited investors into the current
Subscription Agreements, which resulted in conversion of $1.0
million of debt to the Company. These debt conversions were for the prior private placement by JH Darbie. As of the date of this filing, we are working on getting the balance note holders from the prior JH Darbie Financing
converted into the new JH Darbie Financing. For more information on the new JH Darbie Financing, refer to Note 14 of these Notes to Consolidate Financial Statements.
Equity
Purchase Agreement
In
May 2021, the Company entered into an Equity Purchase Agreement (the “EPL”) and Registration Rights Agreement (the
“Registration Rights Agreement”) with Peak One Opportunity Fund, L.P. (“Peak One”), pursuant to
which the Company shall have the right, but not the obligation, to direct Peak One to purchase up to $10.0 million (the “Maximum
Commitment Amount”) in shares of the common stock, par value $0.01 per share (“Common Stock”) in multiple
tranches. The Company filed a post-effective amendment to reregister the EPL on April 26, 2022 and the post-effective amendment was found
effective by the SEC on May 6, 2022. Since the EPL was made effective in June 2021 till December 31, 2022, the Company has directed Peak
One, on multiple occasions, for an aggregate of 4.7 million shares of Common Stock for aggregate net cash proceeds of approximately $0.6
million. The Company filed a new post-effective amendment in April 2023 and the new post-effective amendment was found effective on April
25, 2023. The Company also filed a final form 424b3 Prospectus with the SEC on May 2, 2023. For more information on the EPL, refer to
Note 9 of the Notes to the Consolidated Financial Statements.
August
2021 Notes
In
August 2021, the Company issued Note Purchase Agreements with Autotelic Inc., the Company’s Chief Financial Officer (“CFO”),
and certain other accredited investors. Under the terms of the Note Purchase Agreements, the Company issued an aggregate of $698,500
(the “Principal Amount”) in debt in the form of unsecured convertible promissory notes (collectively, the “Notes”).
The Notes are unsecured, and provide for interest at the rate of 5% per annum. For more information on the debt financing of the Company,
refer to Note 5 of the Notes to the Consolidated Financial Statements.
November-December
2021 and March 2022 Notes
In
November / December 2021, the Company entered into various Securities Purchase Agreements with Talos Victory Fund, LLC (the (“Talos”),
Mast Hill Fund, LP (“Mast”), FirstFire Global Opportunities Fund, LLC (“FirstFire”), Blue Lake Partners, LLC
(“Blue Lake”) and Fourth Man, LLC (“Fourth Man”), pursuant to which the Company issued convertible promissory
notes in the aggregate principal amount of $0.25 million each, aggregating gross $1.25 million (the “Notes”), and which Notes
were convertible into shares of the Company’s common stock, par value $0.01 per share (“Common Stock”). As
of December 31, 2022, two of these notes were in default and available for conversion to OTLC shares due to cross default provision contained
in November / December 2021 Notes. As of the date of this Report on Form 10-Q, all the Notes under the November-December 2021 Notes
are fully converted.
In
March 2022, the Company entered into a Securities Purchase Agreement with Fourth Man, pursuant to which the Company
issued convertible promissory note in the aggregate principal amount of $0.25 million, which Note is convertible into shares of the Company’s
Common Stock. As of March 31, 2023, this note is in default and available for conversion to OTLC
shares due to cross default provision contained in November / December 2021 Notes.
For
more information on the debt financing of the Company, refer to Note 5 of the Notes to the Consolidated Financial Statements.
May
2022 Note
In
May 2022, the Company entered into a Securities Purchase Agreement with Mast, pursuant to which the Company issued convertible promissory
notes in the aggregate principal amount of $0.6 million, which note is convertible into shares of the Company’s Common Stock. As
of December 31, 2022, this note is in technical default and available for conversion to OTLC shares due to cross default provision contained
in November / December 2021 Notes. This note was used to fully repay November 2021 Talos note and the December 2021 First Fire
note. $35,000 of the First Fire Note was converted into 500,000 shares of Common Stock and the balance was repaid in cash
In
June 2022, Mast fully converted their November 2021 Note, for which the company issued 4,025,000 shares of Common Stock.
For
more information on the debt financing of the Company, refer to Note 5 of the Notes to the Consolidated Financial Statements.
June
2022 Note
In
June 2022, the Company entered into a Securities Purchase Agreement with Blue Lake, pursuant to which the Company issued convertible
promissory notes in the aggregate principal amount of $0.34
million, which note is convertible into shares
of the Company’s Common Stock.
For
more information on the debt financing of the Company, refer to Note 5 of the Notes to the Consolidated Financial Statements.
GMP
Note purchase agreements and unsecured notes
In
August 2021 the Company, the Company’s Chief Executive Officer (the “CEO”), and GMP executed a letter of intent and
a non-binding term sheet (the “Term Sheet”), which Term Sheet included certain binding terms relating to a standstill
agreement and the issuance of a convertible promissory note (as more fully described below).
Between
June 2020 and January 2022, the Company entered into various purchase agreements and promissory notes with GMP, cumulatively totaling
$4.5 million.
For
more information on the GMP debt financing, refer to Note 5 of the unaudited Notes to the Consolidated Financial Statements.
Joint
Venture with GMP Bio
In
March 2022, the Company formalized a joint venture (“JV”) with Dragon Overseas Capital Limited (“Dragon”)
and GMP Biotechnology Limited (“GMP Bio”), both affiliates of GMP. Although no assurances can be given, the Company
and GMP currently intend to conduct an initial public offering of the JV, at a future date, on either the Hong Kong Exchange or other
stock exchange.
For
more information on the JV, refer to Note 6 of the unaudited Notes to the Consolidated Financial Statements.
Pet2DAO
In
November 2022, the Company formed a Decentralized autonomous organization (“DAO”) entity, Pet2DAO LLC (“Pet2DAO”),
as a wholly owned subsidiary. A DAO is an emerging form of legal structure, that has no central
governing body, and whose members share a common goal to act in the best interest of the entity. Pet2DAO is a DAO technology company,
integrating the strong governance of traditional corporations with the innovative DAO architecture. The Company will look to engage stakeholders,
to build value through the DAO, while maintaining the rigor of traditional corporations, including governance, compliance, and accountability
through a team of veterans in public companies with innovators in AI, blockchain and Web3. Pet2DAO will initially be looking to
develop products for the animal health space. The Company will initially issue regular tokens and non-fungible tokens (“NFT”
and cumulatively “Tokens”) of Pet2DAO called PDAO to its employees, shareholders and key opinion leaders (“KOLs’)
and use the Tokens to propose and vote on various animal health related programs. In the future, the Company will evaluate and plan to
register these tokens with the SEC to make such Tokens freely tradable at a future point in time.
Principles
of Consolidation
The
consolidated financial statements include the accounts of Oncotelic, its wholly owned subsidiaries, Oncotelic Inc. and PointR, and Edgepoint
our non-controlled interest entity. Intercompany accounts and transactions have been eliminated in consolidation.
Basis
of Presentation
The
accompanying consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities
and Exchange Commission including Form 10-Q and Regulation S-X. The information furnished herein reflects all adjustments (consisting
of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly state the operating results
for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in
accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been omitted
pursuant to such rules and regulations.
Liquidity
and Going Concern
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company
has incurred net accumulated losses of approximately $32.9 million since inception of Oncotelic Inc., as the Company’s historical
financial statements before the Merger have been replaced with the historical financial statements of Oncotelic Inc. The Company also
has a negative working capital of approximately $17.8 million at June 30, 2023, of which approximately $2.6 million contingent liability
of issuance of common shares of the Company to PointR shareholders upon achievement of certain milestones in accordance with the PointR
Merger Agreement. The Company has negative cash flows from operations for the six months ended June 30, 2023 of approximately $0.7 million.
These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from
the date of this filing Management expects to incur significantly lower costs and losses in the foreseeable future, as a majority of
the costs related with the development of OT-101 will be incurred by the JV, but the Company also recognizes the need to raise capital
to remain viable. The accompanying consolidated financial statements do not include any adjustments that might be necessary should the
Company be unable to continue as a going concern.
The
Company’s long-term plans include continued development of its current pipeline of products, in addition to continue the development
of OT-101, which is exclusively out-licensed to the JV and the JV will be responsible for the cash required to support the development
in entirety, to generate sufficient revenues, through either technology transfer or product sales, to cover its anticipated expenses.
Until the Company is able to generate sufficient revenues from its current pipeline, the Company plans on funding its operations through
the sale of equity and/or the issuance of debt, combined with or without warrants or other equity instruments.
Although
no assurances can be given as to the Company’s ability to deliver on its revenue plans, or that unforeseen expenses may arise,
management believes that the potential equity and debt financing or other potential financing will provide the necessary funding for
the Company to continue as a going concern. Also, management cannot guarantee any potential debt or equity financing will be available
on favorable terms or at all. As such, management does not believe the Company has sufficient cash for 12 months from the date of this
report. If adequate funds are not available on acceptable terms, or at all, the Company will need to curtail operations, or cease operations
completely.
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use
of Estimates
The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, equity-based transactions and disclosure of contingent liabilities at the date of the financial
statements and revenues and expense during the reporting period. Actual results could materially differ from those estimates.
The
Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation
of the financial statements. Significant estimates include the valuation of goodwill and intangible assets for impairment, deferred tax
asset and valuation allowance, and fair value of financial instruments.
Cash
As
of June 30, 2023, and December 31, 2022 the Company held all its cash in banks. The Company considers investments in highly liquid instruments
with a maturity of three months or less to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2023 and
December 31, 2022, respectively. Restricted cash consists of certificates of deposits held at banks as collateral for various purposes.
Debt
issuance Costs and Debt discount
Issuance
costs are specific incremental costs that are (1) paid to third parties and (2) directly attributable to the issuance of a debt or equity
instrument. The issuance costs attributable to the initial sale of the instrument are offset against the associated proceeds in the determination
of the instrument’s initial net carrying amount.
Debt
issuance costs and debt discounts are being amortized over the lives of the related financings on a basis that approximates the effective
interest method. Costs and discounts are presented as a reduction of the related debt in the accompanying balance sheets if related to
the issuance of debt or presented as a reduction of additional paid in capital if related to the issuance of an equity instrument. The
Company applies the relative fair value to allocate the issuance costs among freestanding instruments that form part of the same transaction.
If
the Company amends the terms of its convertible notes, the Company reviews and applies the guidance per ASC 470-60 Troubled debt restructurings
and ASC 470-50 Debt-Modifications and Extinguishments, evaluates and concludes whether the terms of the agreements were or
were not substantially different as of a particular reporting date and accounts the transaction as a debt modification or a troubled
debt restructuring.
Fair
Value of Financial Instruments
The
carrying value of cash, accounts payable and accrued expense approximate their fair values based on the short-term maturity of these
instruments. As defined in ASC 820, “Fair Value Measurements and Disclosures,” fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit
price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including
assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market
corroborated, or generally unobservable. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair
value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level
1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). This fair value measurement framework applies at
both initial and subsequent measurement.
The
three levels of the fair value hierarchy defined by ASC 820 are as follows:
● |
Level
1 – Quoted prices are available in active markets for identical assets or liabilities
as of the reporting date. Active markets are those in which transactions for the asset or
liability occur in sufficient frequency and volume to provide pricing information on an ongoing
basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives,
marketable securities and listed equities.
|
● |
Level
2 – Pricing inputs are other than quoted prices in active markets included in Level
1, which are either directly or indirectly observable as of the reported date. Level 2 includes
those financial instruments that are valued using models or other valuation methodologies.
These models are primarily industry-standard models that consider various assumptions, including
quoted forward prices for commodities, time value, volatility factors and current market
and contractual prices for the underlying instruments, as well as other relevant economic
measures. Substantially all of these assumptions are observable in the marketplace throughout
the full term of the instrument, can be derived from observable data or are supported by
observable levels at which transactions are executed in the marketplace. Instruments in this
category generally include non-exchange-traded derivatives such as commodity swaps, interest
rate swaps, options and collars.
|
● |
Level
3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be
used with internally developed methodologies that result in management’s best estimate of fair value. |
Investment
in equity securities
The
following table summarizes the cumulative gross unrealized gains and losses and fair values for long-term investments accounted for at
fair value under the fair value option, with the unrealized gains and losses reported within earnings on the Condensed Consolidated Statements
of Operation as of June 30, 2023 and December 31, 2022.:
SCHEDULE
OF UNREALIZED GAINS AND LOSSES
| |
| | |
Cumulative | | |
Cumulative | | |
| |
| |
| | |
Gross | | |
Gross | | |
| |
| |
Initial | | |
Unrealized | | |
Unrealized | | |
Fair | |
| |
Book Value | | |
Gains | | |
Losses | | |
Value | |
June 30, 2023 and December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Investment in GMP Bio (equity securities) | |
$ | 22,640,519 | | |
$ | - | | |
$ | - | | |
$ | 22,640,519 | |
Total | |
$ | 22,640,519 | | |
$ | - | | |
$ | - | | |
$ | 22,640,519 | |
The
table below sets forth a summary of the changes in the fair value of the Company’s long-term investment in equity securities, based
on a third-party valuation report, as a Level 3 fair value as of June 30, 2023 and December 31, 2022:
SUMMARY
OF CHANGES IN FAIR VALUE OF LONG-TERM INVESTMENT IN EQUITY SECURITIES
| |
June
30, 2023 | | |
December
31, 2022 | |
Balance at January 1, 2023 and 2022 | |
$ | 22,640,519 | | |
$ | - | |
Contribution at cost basis | |
| - | | |
| 5,689,042 | |
Gain on derecognition of non-financial asset | |
| - | | |
| 16,591,477 | |
Change in fair value | |
| - | | |
| - | |
| |
| | | |
| | |
Balance at June 30, 2023 and December
31, 2022 | |
$ | 22,640,519 | | |
$ | 22,640,519 | |
Derivative
Liability
The
Company has certain derivative liabilities associated with its 2019 bridge financing Convertible Notes (see Note 5), which consisted
of conversion feature derivatives at June 30, 2023 and December 31, 2022, are Level 3 fair value measurements.
The
table below sets forth a summary of the changes in the fair value of the Company’s derivative liabilities classified as Level 3
as of June 30, 2023 and 2022:
SUMMARY
OF CHANGES IN FAIR VALUE OF DERIVATIVE LIABILITIES
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Conversion Feature | | |
Conversion Feature | |
Balance at January 1, 2023 and 2022 | |
$ | 198,140 | | |
$ | 340,290 | |
New derivative liability | |
| | | |
| - | |
Reclassification to additional paid in capital
from conversion of debt to common stock | |
| | | |
| - | |
Change in fair value | |
| 327,594 | | |
| 67,922 | |
| |
| | | |
| | |
Balance at June, 2023
and 2022 | |
$ | 525,734 | | |
$ | 408,212 | |
As
of June 30, 2023, and 2022, the Company estimated the fair value of the conversion feature derivatives embedded in the convertible debentures
based on assumptions used in the Black-Scholes valuation model. The key valuation assumptions used consists, in part, of the price of
the Company’s Common Stock, a risk-free interest rate based on the yield of a Treasury note and expected volatility of the Company’s
Common Stock all as of the measurement dates. The Company used the following assumptions to estimate fair value of the derivatives as
of June 30, 2023 and 2022, respectively:
SUMMARY
OF ESTIMATE FAIR VALUE OF DERIVATIVE LIABILITIES
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Key | | |
Key | |
| |
Assumptions | | |
Assumptions | |
| |
for fair value | | |
for fair value | |
| |
of
conversions | | |
of
conversions | |
Risk free interest | |
| 5.4 | % | |
| 0.17%
-1.03% | |
Market price of share | |
$ | 0.03 | | |
$ | 0.17-0.23 | |
Life of instrument in years | |
| 0.01 | | |
| 0.01
– 0.33 | |
Volatility | |
| 171.25 | % | |
| 107.50%-109.40% | |
Dividend yield | |
| 0 | % | |
| 0 | % |
When
the Company changes its valuation inputs for measuring financial liabilities at fair value, either due to changes in current market conditions
or other factors, it may need to transfer those liabilities to another level in the hierarchy based on the new inputs used. The Company
recognizes these transfers at the end of the reporting period that the transfers occur. For the periods ended June 30, 2023 and 2022,
respectively, there were no transfers of financial assets or financial liabilities between the hierarchy levels.
The
$2,625,000 of contingent consideration, of shares issuable to PointR shareholders which was recorded and associated with the PointR Merger,
is also classified as Level 3 fair value measurements. The Company initially recorded the contingency based on a valuation conducted
by a third-party valuation expert. The valuation was based on a probability of the completion of certain milestones by PointR for the
shareholders to earn additional shares. The Company evaluated the probability of the earning of the milestones and concluded that the
probability of achievement of the milestones had not changed, primarily due to the shifting of focus by the Company to develop AI technologies
for the COVID-19 pandemic. As such, the Company did not record any change to the valuation during the six months ended June 30, 2023
or 2022, respectively.
Net
Income (Loss) Per Share
Basic
net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding
during the period. Diluted net income (loss) per share includes the effect of Common Stock equivalents (notes convertible into Common
Stock, stock options and warrants) when, under either the treasury or if-converted method, such inclusion in the computation would be
dilutive. For the three and six months ended June 30, 2023, no equivalent shares of the Common Stock were excluded as the company has
a loss and addition of such stock equivalents in the computation would have been anti-dilutive.
Stock-Based
Compensation
The
Company applies the provisions of ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement
and recognition of compensation expense for all stock-based awards made to employees, including employee stock options, in the statements
of operations.
For
stock options issued to employees and members of the Board of Directors (the “Board”) for their services, the Company
estimates the grant date fair value of each option using the Black-Scholes option pricing model. The use of the Black-Scholes option
pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the
Common Stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the Common Stock.
For awards subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes stock-based
compensation expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service period,
which is generally the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time of grant
and revised.
For
warrants issued in connection with fund raising activities, the Company estimates the grant date fair value of each warrant using the
Black-Scholes pricing model. The use of the Black-Scholes option pricing model requires management to make assumptions with respect to
the expected term of the warrant, the expected volatility of the Common Stock consistent with the expected life of the warrant, risk-free
interest rates and expected dividend yields of the Common Stock. If the warrants are issued upon termination or cancellation of prior
issued warrants, then the Company estimates the grant date fair value of the new warrants using the Black-Scholes pricing model and evaluates
whether the new warrants are deemed as equity instruments or liability instruments. If the warrants are deemed to be equity instruments,
the Company records stock compensation expense and an addition to additional paid in capital. If, however, the warrants are deemed to
be liability instruments, then the fair value is treated as a deemed dividend and credited to additional paid in capital.
Impairment
of Long-Lived Assets
The
Company reviews long-lived assets, including definite-lived intangible assets, for impairment whenever events or changes in circumstances
indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the
forecasted undiscounted net cash flows of the operation to which the assets relate to the carrying amount. If the operation is determined
to be unable to recover the carrying amount of its assets, then these assets are written down first, followed by other long-lived assets
of the operation to fair value. Fair value is determined based on discounted cash flows or appraised values, depending on the nature
of the assets. For the three and six months ended June 30, 2023 and the year ended December 31, 2022, there were no impairment losses
recognized for long-lived assets.
Intangible
Assets
The
Company records its intangible assets at cost in accordance with ASC 350, Intangibles – Goodwill and Other. The Company
reviews the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely
than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline
in operating performance, competition, sale or disposition of a significant portion of the business, or other factors. If the review
indicates the impairment, an impairment loss would be recorded for the difference of the value recorded and the new value. For the
three and six months ended June 30, 2023 and 2022, respectively, there were no
impairment losses recognized for intangible assets. When we sell or contribute properties to unconsolidated arrangements and retain
a non-controlling ownership interest in such assets, we recognize the difference between the consideration received and the carrying
amount of the asset sold or contributed. For the three and six months ended June 30, 2022, we derecognized the intangibles of $0.8
million associated with OT-101 upon the transfer of our non-financial asset as a capital contribution for our 45%
ownership in the JV.
Goodwill
Goodwill
represents the excess of the purchase price of acquired business over the estimated fair value of the identifiable net assets acquired.
Goodwill is not amortized but is tested for impairment at least once annually, at the reporting unit level or more frequently if events
or changes in circumstances indicate that the asset might be impaired. The goodwill impairment test is applied by performing a qualitative
assessment before calculating the fair value of the reporting unit. If, on the basis of qualitative factors, it is considered not more
likely than not that the fair value of the reporting unit is less than the carrying amount, further testing of goodwill for impairment
would not be required. Otherwise, goodwill impairment is tested using a two-step approach.
The
first step involves comparing the fair value of the reporting unit to its carrying amount. If the fair value of the reporting unit is
determined to be greater than its carrying amount, there is no impairment. If the reporting unit’s carrying amount is determined
to be greater than the fair value, the second step must be completed to measure the amount of impairment, if any. The second step involves
calculating the implied fair value of goodwill by deducting the fair value of all tangible and intangible assets, excluding goodwill,
of the reporting unit from the fair value of the reporting unit as determined in step one. The implied fair value of the goodwill in
this step is compared to the carrying value of goodwill. If the implied fair value of the goodwill is less than the carrying value of
the goodwill, an impairment loss equivalent to the difference is recorded. As such, for the three and six months ended June 30, 2023
we recorded an impairment loss of approximately $6.1 million on our goodwill. No
similar impairment was recorded for the three
or six months ended June 30, 2022. For the year ended December 31, 2022 we had recorded an impairment loss of approximately $4.1
million on our goodwill and derecognized the
goodwill of $4.8
million associated with OT-101 upon the transfer
of our non-financial asset as a capital contribution for our 45%
ownership in the JV. For more information on goodwill and impairment, refer to Note 3 to these Notes to the Consolidated Financial
Statements.
Derivative
Financial Instruments Indexed to the Company’s Common Stock
We
have generally issued derivative financial instruments, such as warrants, in connection with our equity offerings. We evaluate the terms
of these derivative financial instruments in order to determine their accounting treatment in our financial statements. Key considerations
include whether the financial instruments are freestanding and whether they contain conditional obligations. If the warrants are freestanding,
do not contain conditional obligations and meet other classification criteria, we account for the warrants as an equity instrument. However,
if the warrants contain conditional obligations, then we account for the warrants as a liability until the conditional obligations are
met or are no longer relevant. Because no established market prices exist for the warrants that we issue in connection with our equity
offerings, we must estimate the fair value of the warrants, which is as inherently subjective as it is for stock options, and for similar
reasons as noted in the stock-based compensation section above. For financial instruments which are accounted for as a liability, we
report any changes in their estimated fair values as gains or losses in our Consolidated Statement of Income.
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with ASC 815 “Derivatives
and Hedging”.
ASC
815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and
account for them as free-standing derivative financial instruments. These three criteria include circumstances in which (a) the economic
characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and
risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is
not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported
in earnings as they occur, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered
a derivative instrument. Professional standards also provide an exception to this rule when the host instrument is deemed to be conventional
as defined under professional standards as “The Meaning of Conventional Convertible Debt Instrument.”
The
Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from
their host instruments) in accordance with ASC 470-20 “Debt – Debt with Conversion and Other Options.” Accordingly,
the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments
based upon the differences between the fair value of the underlying Common Stock at the commitment date of the note transaction and the
effective conversion price embedded in the note. Original issue discounts (“OID”) under these arrangements are amortized
over the term of the related debt to their earliest date of redemption. The Company also records when necessary deemed dividends for
the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying
Common Stock at the commitment date of the note transaction and the effective conversion price embedded in the note.
ASC
815-40 “Derivatives and Hedging – Contracts in Entity’s Own Equity” provides that, among other things, generally,
if an event is not within the entity’s control could or require net cash settlement, then the contract shall be classified as an
asset or a liability.
Variable
Interest Entity (VIE) Accounting
The
Company evaluates its ownership, contractual relationships and other interests in entities to determine the nature and extent of the
interests, whether such interests are variable interests and whether the entities are VIEs in accordance with ASC 810, Consolidations.
These evaluations can be complex and involve Management judgment as well as the use of estimates and assumptions based on available historical
information, among other factors. Based on these evaluations, if the Company determines that it is the primary beneficiary of a VIE,
the entity is consolidated into the financial statements. At June 30, 2023 and December 31, 2022, the Company identified EdgePoint to
be the Company’s sole VIE. At June 30, 2023 and December 31, 2022, the Company’s ownership percentage of EdgePoint was 29%
and 29%, respectively. The VIE’s net assets were less than $0.1 million at June 30, 2023 and December 31, 2022, respectively.
Investments
- Equity Method
The
Company accounts for equity method investments at cost, adjusted for the Company’s share of the investee’s earnings or losses,
which are reflected in the consolidated statements of operations. The Company periodically reviews the investments for other than temporary
declines in fair value below cost and more frequently when events or changes in circumstances indicate that the carrying value of an
asset may not be recoverable. The Investment in GMP Bio represents the investment into equity securities for which the Company elected
the fair value option pursuant to ASC 825-10-15 and subsequent fair value changes in the GMP Bio shares shall be included in the result
from other income. Refer to Note 6 to these Notes to the Consolidated Financial Statements.
Joint
Venture agreement
We
have equity interest in unconsolidated arrangement that is primarily engaged in the business of drug discovery, development, and commercialization,
including but not limited to development and commercialization of TGF-beta therapeutics as well as establishing and operating contract
development and manufacturing organization (“CDMO”) facilities and capabilities. The Company first reviews the arrangement
to determine if it meets the definition of an accounting joint venture pursuant to ASC 323-10-20. In order to meet the definition of
a joint venture, the arrangement must have all of the following characteristics, (i) the arrangement is organized within a separate legal
entity, (ii) the entity is under the joint control of the venturers, (iii) the venturers must be able to exercise joint control through
their equity investments, (iv) the qualitative characteristics of the entity, including its purpose and design must be consistent with
the definition of a joint venture.
We
consolidate arrangements that are considered to be VIEs where we are the primary beneficiary. We analyze our investments in joint ventures
to determine if the joint venture is considered a VIE and would require consolidation. We (i) evaluate the sufficiency of the total equity
investment at risk, (ii) review the voting rights and decision-making authority of the equity investment holders as a group and whether
there are limited partners (or similar owning entities) that lack substantive participating or kick out rights, guaranteed returns, protection
against losses, or capping of residual returns within the group and (iii) establish whether activities within the venture are on behalf
of an investor with disproportionately few voting rights in making this VIE determination.
To
the extent that we own interests in a VIE and we (i) have the power to direct the activities that most significantly impact the economic
performance of the VIE and (ii) have the obligation or rights to absorb losses or receive benefits that could potentially be significant
to the VIE, then we would be determined to be the primary beneficiary and would consolidate the VIE. To the extent that we own interests
in a VIE, then at each reporting period, we re-assess our conclusions as to which, if any, party within the VIE is considered the primary
beneficiary.
To
the extent that our arrangements do not qualify as VIEs, they are consolidated if we control them through majority ownership interests
or if we are the managing entity (general partner or managing member) and our partner does not have substantive participating rights.
Control is further demonstrated by our ability to unilaterally make significant operating decisions, refinance debt, and sell the assets
of the joint venture without the consent of the non-managing entity and the inability of the non-managing entity to remove us from our
role as the managing entity.
We
use the equity method of accounting for those arrangements where we exercise significant influence but do not have control. Under the
equity method of accounting, our investment in each arrangement is included on our consolidated balance sheet; however, the assets and
liabilities of the joint ventures for which we use the equity method are not included on our consolidated balance sheet.
When
we sell or contribute properties to unconsolidated arrangements and retain a non-controlling ownership interest in such assets, we recognize
the difference between the consideration received and the carrying amount of the asset sold or contributed when its derecognition criteria
are met. The equity method investment we retain in such partial sale transactions is noncash consideration and is measured at fair value.
As a result, the accounting for a partial sale will result in the recognition of a full gain or loss.
When
circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss in value is
other than temporary. If we conclude it is other than temporary, we recognize an impairment charge to reflect the equity investment at
fair value.
The
Company elected the fair value option under the fair value option Subsection of Section 825-10-15 to account for its equity-method investment
as the Company believes that the fair value option is most appropriate for a company in the biotechnology industry, The fair value option
is more appropriate for companies that are involved in extensive and usually very expensive research and development efforts, which are
not appropriately reflected in the market value or reflective of the true value of the development activities of the company.
Embedded
debt costs in convertible debt instruments
In
August 2020, the FASB issued “ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts
in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”) which simplifies the accounting for convertible
instruments. The guidance removes certain accounting models which separate the embedded conversion features from the host contract for
convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition was permissible
for the adoption of this standard. Update No. 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim
periods within those fiscal years. Early adoption was permitted no earlier than the fiscal year beginning after December 15, 2020. The
Company has adopted ASU 2020-06 effective January 1, 2023.
Revenue
Recognition
The
Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (Topic 606).
Under
Topic 606, the Company recognizes revenue when its customers obtain control of the promised good or services, in an amount that reflects
the consideration which the Company expects to receive in exchange for those goods or services. The Company applies the following five-step:
(i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction
price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the
Company satisfies a performance obligation.
At
contract inception, once the contract is determined to be within the scope of Topic 606, the Company identifies the performance obligation(s)
in the contract by assessing whether the goods or services promised within each contract are distinct. The Company then recognizes revenue
for the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation
is satisfied.
The
Company anticipates generating revenues from rendering services to other third-party customers for the development of certain drug products
and/or in connection with certain out-licensing agreements. In the case of services rendered for development of the drugs, revenue is
recognized upon the achievement of the performance obligations or over time on a straight-line basis over the extended service period.
In the case of out-licensing contracts, the Company records revenues either upon achievement of certain pre-defined milestones, when
there is no obligation of the Company achieve any performance obligations in connection with the said pre-defined milestones, or upon
achievement of the performance obligations if the milestones require the Company to provide the performance obligations.
The
Company occasionally collects advance payments from customers toward commitments to provide services or performance obligations, in which
case the advance payment is recorded as a liability until the obligations are fulfilled and revenue is recognized.
Research
& Development Costs
In
accordance with ASC 730-10-25 “Research and Development”, research and development costs are charged to expense as and when
incurred.
Recent
Accounting Pronouncements
In
August 2020, the FASB issued “ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts
in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”) which simplifies the accounting for convertible
instruments. The guidance removes certain accounting models which separate the embedded conversion features from the host contract for
convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition was permissible
for the adoption of this standard. Update No. 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim
periods within those fiscal years. Early adoption was permitted no earlier than the fiscal year beginning after December 15, 2020. The
Company has adopted ASU 2020-06 effective January 1, 2023 and as of the three months ended March 31, 2023, the Company recorded approximately
$0.5 million as a reduction to the additional paid in capital and added approximately $0.3 million to the opening retained earnings in
accordance with the authoritative guidance under ASU 2020-06.
All
other newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.
NOTE
3 - INTANGIBLE ASSETS AND GOODWILL
Goodwill
from 2019 Reverse Merger with Oncotelic and PointR
The
Company completed the merger with Oncotelic Inc. (“Merger”) in April 2019. The Company completed the merger with PointR Data
Inc (“PointR Merger”) in November 2019. For more details, refer to our 2020 Annual Report on Form 10-K for the year ended
December 31, 2020 filed by the Company on April 15, 2021.
The
Oncotelic merger gave rise to Goodwill of approximately $4.9 million. Upon the non-financial sale of our asset as contribution to our
equity method investment, we derecognized the balance of the carrying value of our goodwill of approximately $4.9 million from the Oncotelic
Merger in accordance with our policy and authoritative accounting guidance.
Further,
we added goodwill of $16,182,456 upon the completion of the Merger with PointR.
We
have one operating segment and reporting unit. Accordingly, our review of goodwill impairment indicators was performed at the entity-wide
level. In performing our annual impairment assessment, we determined if we should qualitatively assess whether it was more likely than
not the fair value of goodwill was less than its carrying amount (the qualitative impairment test). The factors we considered in the
assessment included our market capitalization, general macroeconomic conditions, conditions specific to the industry and market and whether
there had been sustained declines in our share price. If we concluded, it was more likely than not, the fair value of the reporting unit
was less than its carrying amount, or elected not to use the qualitative impairment test, a quantitative impairment test would be performed.
We
used, and will continue to use, our market capitalization as an indicator of fair value. While we believe the fair value measurement
need not be based solely on the quoted market price of an individual share of our Common Stock, and that we also could consider the impact
of a control premium in measuring the fair value of its reporting unit. In the absence of any other valuation metrics, the Company believed
using a control premium utilized would not be appropriate under the current circumstances. We also considered some other market comparable’
trends in our stock price, as well as the industry, over a period of two successive quarters and prospective quarter to evaluate whether
the fair value of our reporting unit was greater than our carrying amount. As such, we performed a quantitative impairment assessment
of goodwill for our single reporting unit at the end of 2022, due to a sustained decline in our market capitalization and an increase
in negative economic outlook for biotech markets We estimated and reconciled the fair value of our reporting unit utilizing our market
capitalization based on the stock price of our Common Stock as of December 31, 2022. Before completing our goodwill impairment test,
we first tested our indefinite-lived intangible asset then our remaining long-lived assets for impairment. We concluded our indefinite-lived
intangible assets were not impaired. Based on the market capitalization, we further concluded the fair value of our single reporting
unit was less than its carrying value and therefore recognized an impairment charge of $4.1 million during the year ended December 31,
2022. The calculation of the impairment charge included substantial fact-based determinations and estimates.
A
summary of our goodwill as of June 30, 2023 and December 31, 2022 is shown below:
SUMMARY
OF GOODWILL
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Balance at beginning of the year | |
$ | 12,071,376 | | |
$ | 21,062,455 | |
Less: Derecognition upon recording of gain
on non-financial asset | |
| - | | |
| (4,880,000 | ) |
Less;: Goodwill impairment
due to market capitalization | |
| (6,083,146 | ) | |
| (4,111,079 | ) |
| |
| | | |
| | |
Balance at the end of
the period | |
$ | 5,988,230 | | |
$ | 12,071,376 | |
In
general, the goodwill is tested on an annual impairment date of December 31, unless we observe any further deterioration in our market
capitalization, in which case we may, depending on the materiality of the impairment, record an impairment at the end of other reporting
periods. Since we observed a significant drop in the stock price of our Common Stock, we assessed that an additional impairment needed
to be recorded, solely based on the market capitalization of our stock as of June 30, 2023 as compared to December 31, 2022. as such,
the Company concluded that an additional impairment was required to be recorded for the three and six months ended June 30, 2023 of approximately
$6.1 million. No similar impairment was recorded during the six months ended June 30, 2022.
Assignment
and Assumption Agreement with Autotelic, Inc.
In
April 2018, Oncotelic Inc. entered into an Assignment and Assumption Agreement (the “Assignment Agreement”) with Autotelic
Inc., an affiliate company, and Autotelic LLC, an affiliate company, pursuant to which Oncotelic acquired the rights to all intellectual
property (“IP”) related to a patented product. As consideration for the Assignment Agreement, Oncotelic Inc. issued
204,798 shares of its Common Stock for a value of $819,191. The Assignment Agreement also provides that Oncotelic Inc. shall be responsible
for all costs related to the IP, including development and maintenance, going forward. After the formation of the JV with Dragon, the
costs of development and maintenance are now the responsibility of the JV.
Intangible
Asset Summary
The
following table summarizes the balances as of December 31, 2022, of the intangible assets acquired, their useful life,
and annual amortization. As the intangible assets acquired were already derecognized as of December 31, 2023, we had no similar assets or
adjustments thereto as of June 30, 2023:
SCHEDULE
OF INTANGIBLE ASSETS
|
|
December
31,
2022 |
|
|
Remaining
Estimated
Useful Life
(Years) |
|
Intangible
asset – Intellectual property |
|
$ |
819,191 |
|
|
|
|
|
Intangible
asset – Capitalization of license cost |
|
|
190,989 |
|
|
|
|
|
|
|
|
1,010,180 |
|
|
|
|
|
Less
Accumulated Amortization |
|
|
(201,180 |
) |
|
|
|
|
Less:
Derecognition of carrying value upon transfer of non-financial asset |
|
|
(809,000 |
) |
|
|
|
|
Total |
|
$ |
- |
|
|
|
|
|
Amortization
of identifiable intangible assets for the three months ended June 30, 2023 and 2022 was $0. Amortization of identifiable intangible assets
for the six months ended June 30, 2023 and 2022 was $0 and $12,841, respectively. Upon the sale of our non-financial sale, as the contribution
to our equity method investment of approximately $809,000, we derecognized the balance of the carrying value of our intangibles in accordance
with our policy and authoritative accounting guidance.
There
will be no future yearly amortization expense related to our intangibles.
In-Process
Research & Development (“IPR&D”) Summary
The
IPR&D assets were acquired in the PointR Merger during the year ended December 31, 2019. Since January 2021, the Company has determined
that the IPR&D should be reported as an indefinitely lived asset and therefore will evaluate, on an annual basis, for any impairment
on the IPR&D and will record an impairment if identified. The balance of IPR&D as of June 30, 2023 and December 31, 2022 was
$1,101,760. For more information on the IPR&D, please refer to our 2022 Annual Report on Form 10-K filed with the SEC on April 14,
2023 or our Amended 2022 Annual Report on Form 10-K/A filed with the SEC on April 19, 2023.
NOTE
4 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts
payable and accrued expense consists of the following amounts:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Accounts payable | |
$ | 1,682,943 | | |
$ | 1,735,764 | |
Accrued expense | |
| 775,646 | | |
| 775,100 | |
Accounts payable and
accrued liabilities | |
$ | 2,458,589 | | |
$ | 2,510,864 | |
|
|
June
30,
2023 |
|
|
December
31,
2022 |
|
|
|
|
|
|
|
|
Accounts payable – related
party |
|
$ |
343,001 |
|
|
$ |
332,432 |
|
NOTE
5 – CONVERTIBLE DEBENTURES, NOTES AND OTHER DEBT
As
of June 30, 2023 special purchase agreements (SPAs) with convertible debentures and notes, net of debt discount and including accrued
interest, if any, consist of the following amounts:
SCHEDULE
OF CONVERTIBLE DEBENTURES AND NOTES, NET OF DISCOUNT
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
Convertible
debentures | |
| | | |
| | |
10% Convertible
note payable, due April 23, 2022 – Bridge Investor | |
$ | 35,556 | | |
$ | 35,556 | |
10% Convertible note payable,
due April 23, 2022 – Related Party | |
| 164,444 | | |
| 164,444 | |
10%
Convertible note payable, due August 6, 2022 – Bridge Investor | |
| 200,000 | | |
| 200,000 | |
| |
| 400,000 | | |
| 400,000 | |
Fall
2019 Notes | |
| | | |
| | |
5% Convertible note payable
– Stephen Boesch | |
| 126,458 | | |
| 123,958 | |
5% Convertible note payable
– Related Party | |
| 294,983 | | |
| 288,733 | |
5% Convertible note payable
– Dr. Sanjay Jha (Through his family trust) | |
| 294,503 | | |
| 288,253 | |
5% Convertible note payable
– CEO, CTO* & CFO – Related Parties | |
| 96,509 | | |
| 94,457 | |
5%
Convertible note payable – Bridge Investors | |
| 197,722 | | |
| 193,522 | |
| |
| 1,010,175 | | |
| 988,923 | |
August
2021 Convertible Notes | |
| | | |
| | |
5% Convertible note –
Autotelic Inc– Related Party | |
| 273,802 | | |
| 267,553 | |
5% Convertible note –
Bridge investors | |
| 409,061 | | |
| 399,722 | |
5%
Convertible note – CFO – Related Party | |
| 82,142 | | |
| 80,266 | |
| |
| 765,005 | | |
| 747,541 | |
JH
Darbie PPM Debt | |
| | | |
| | |
16% Convertible Notes - Non-related
parties | |
| 2,397,238 | | |
| 2,441,471 | |
16%
Convertible Notes – CEO – Related Party | |
| 125,000 | | |
| 124,547 | |
| |
| 2,522,238 | | |
| 2,566,018 | |
November/December
2021 & March 2022 Notes | |
| | | |
| | |
16%
Convertible Notes – Accredited Investors | |
| 323,622 | | |
| 619,345 | |
| |
| | | |
| | |
Debt
for Clinical Trials – GMP | |
| | | |
| | |
2%
Convertible Notes – GMP | |
| 4,704,631 | | |
| 4,659,782 | |
| |
| | | |
| | |
May
and June 2022 Note | |
| | | |
| | |
16%
Convertible Notes – Accredited Investors | |
| 1,286,809 | | |
| 885,312 | |
| |
| | | |
| | |
Other
Debt | |
| | | |
| | |
Short term debt – Bridge
investors | |
| 245,000 | | |
| 245,000 | |
Short term debt from CFO | |
| 35,050 | | |
| 25,050 | |
Short
term debt – Autotelic Inc– Related Party | |
| 800,000 | | |
| 120,000 | |
| |
| 1,080,050 | | |
| 390,050 | |
Accrued
interest | |
| 58,791 | | |
| - | |
Total
of convertible debentures & notes and other debt | |
$ | 12,133,821 | | |
| 11,256,971 | |
Bridge
Financing
Notes
with Officer and Bridge Investor
In
April 2019, the Company entered into a Securities Purchase Agreement (the “Bridge SPA”) with our CEO (the “Trieu
Note”) and a Bridge Investor with a commitment to purchase convertible notes in the aggregate of $400,000. For more information
on the Bridge SPA, refer to our 2022 Annual Report on Form 10-K/A filed with the SEC on April 19, 2023.
The
issuance of the Trieu Note resulted in a discount from the beneficial conversion feature totaling $131,555 related to the conversion
feature. Total amortization of the OID and the discount totaled $0 and $19,493 for the six months ended June 30, 2023, and 2022, respectively.
Total unamortized discount on this note was approximately $0 as of June 30, 2023, and December 31, 2022.
In
April 2019, pursuant to the Bridge SPA the Company entered into Convertible Note Tranche #1 (“Tranche #1”) with the
Bridge Investor. For more information on Tranche #1, refer to our Annual Report on Form 10-K filed with the SEC on April 14, 2023.
The
issuance of the note resulted in a discount from the beneficial conversion feature totaling $28,445. Total amortization of the OID and
discount totaled approximately $0 and $4,400 for the six months June 30, 2023, and 2022, respectively. Total unamortized discount on
this note was approximately $0 as of June 30, 2023, and December 31, 2022.
On
August 6, 2019, pursuant to the Bridge SPA the Company entered into Convertible Note Tranche #2 (“Tranche #2”) with
the Bridge Investor. For more information on Tranche #2, refer to our Annual Report on Form 10-K filed with the SEC on April 14, 2023.
The
issuance of the note resulted in a discount from the beneficial conversion feature totaling $175,000. Total amortization of the OID
and discount totaled approximately $0 and $10,000 for the six months ended June 30, 2023, and 2022, respectively. Total unamortized
discount on this note was $0 as of June 30, 2023, and December 31, 2022.
As
of June 30, 2023, the Company had a derivative liability of approximately $525,000 and recorded a change in fair value of approximately
$327,000 on the Convertible Debentures issued in 2019 to our CEO and a bridge investor.
Fall
2019 Debt Financing
In
December 2019, the Company closed its Fall 2019 Debt Financing, raising an additional $500,000 bringing the gross proceeds of all debt
financings under the Fall 2019 Debt Financing to $1,000,000. The Company entered into those certain Note Purchase Agreements (the “Fall
2019 Note Purchase Agreements”) with certain accredited investors and the officers of the Company for the sale of convertible
promissory notes (the “Fall 2019 Notes”). The Company completed the initial closing under the Fall 2019 Note Purchase
Agreements in November 2019. The Company issued Fall 2019 Notes in the principal amount of $250,000 to each of Dr. Vuong Trieu, the Company’s
Chief Executive Officer, and Stephen Boesch, in exchange for gross proceeds of $500,000. In connection with the second and final closing
of the Fall 2019 Debt Financing, the Company issued Fall 2019 Notes to additional investors including $250,000 to Dr. Sanjay Jha, through
his family trust, the former CEO of Motorola and COO/President of Qualcomm. The Company also offset certain amounts due to Dr. Vuong
Trieu, the Company’s Chief Executive Officer, Chulho Park, then Company’s Chief Technology Officer, and Amit Shah, the Company’s
Chief Financial Officer, all related parties as Officers of the Company, and converted such amounts due into the Fall 2019 Notes. $35,000
due to Dr. Vuong Trieu, $27,000 due to Chulho Park and $20,000 due to Amit Shah were converted into debt. The Company also issued the
Fall 2019 Notes of $168,000 to two accredited investors.
The
total unamortized principal amount of the Fall 2019 Notes was $850,000 as of June 30, 2023, and December 31, 2022.
The
Company recorded interest expense of $10,625 and $21,250 on these Fall 2019 Notes for the three and six months ended June 30, 2023. Similarly,
the Company recorded interest expense of $10,625 and $21,250 for the three and six months ended June 30, 2022 on the Fall 2019 Notes.
The total amount outstanding under the Fall 2019 Notes, net of discounts and including accrued interest thereon, as of June 30, 2023
and December 31, 2022, was $1,010,175 and $988,923, respectively.
GMP
Notes
In
June 2020, the Company secured $2 million in debt financing, evidenced by a one-year convertible note (the “GMP Note”)
from GMP, to conduct a clinical trial evaluating OT-101 against COVID-19 bearing 2% annual interest, and is personally guaranteed by
Dr. Vuong Trieu, the Chief Executive Officer of the Company. The GMP Note is convertible into the Company’s Common Stock upon the
GMP Note’s maturity of the GMP Note, at the Company’s Common Stock price on the date of conversion with no discount. GMP
has waived the default in the maturity of the GMP Note and as such there is no event of default and also agreed to extend the date of
maturity of the GMP Note to December 31, 2023. GMP does not have the option to convert prior to the GMP Note’s maturity. Such financing
will be utilized solely to fund the clinical trial. The Company’s liability under GMP Note commenced to accrue when GMP first began
to pay for services related to the clinical trial to our third-party clinical research organization, up to a maximum of $2 million. GMP
has been invoiced by the clinical research organization for the full $2 million as of March 31, 2022, and as such the Company has recognized
the liability as a convertible debt.
In
September 2021, the Company secured a further $1.5 million in debt financing, evidenced by a one-year convertible note (the “GMP
Note 2”) from GMP, to fund the same clinical trial evaluating OT-101 against COVID-19 bearing 2% annual interest. The GMP Note
is convertible into the Company’s Common Stock upon the GMP Note 2’s maturity one year from the date of the GMP Note 2, at
the Company’s Common Stock price on the date of conversion with no discount. GMP has waived the default in the maturity of the
GMP Note and as such there is no event of default and also agreed to extend the date of maturity of the GMP Note to December 31, 2023.
GMP does not have the option to convert prior to the GMP Note 2’s maturity at the end of one year. Such financing was to be utilized
solely to fund the clinical trial. As of March 31, 2023, GMP was invoiced by the clinical research organization for $1.5 million. Till
date, GMP paid the clinical trial organization the $1.0 million.
In
October 2021, the Company entered into an Unsecured Convertible Note Purchase Agreement (the “October Purchase Agreement”)
with GMP, pursuant to which the Company issued a convertible promissory note in the aggregate principal amount of $0.5 million (the “October
2021 Note”), which October 2021 Note is convertible into shares of the Company’s Common Stock. GMP has waived the default
in the maturity of the GMP Note and as such there is no event of default and also agreed to extend the date of maturity of the GMP Note
to December 31, 2023.
In
January 2022, the Company entered into an Unsecured Convertible Note Purchase Agreement (the “January Purchase Agreement”)
with GMP, pursuant to which the Company issued a convertible promissory note in the aggregate principal amount of $0.5 million (the “January
2022 Note”), which January 2022 Note is convertible into shares of the Company’s Common Stock. GMP agreed to extend the
date of maturity of the January 2022 Note to December 31, 2023.
Cumulatively,
the GMP Note, GMP Note 2, October 2021 Note and the January 2022 Notes are referred to as the “GMP Notes”.
The
GMP Notes carry an interest rate of 2% per annum and mature on the earlier of (a) the one-year anniversary of the date of the Purchase
Agreement, or (b) the acceleration of the maturity by GMP upon occurrence of an Event of Default (as defined below). All Notes contain
a voluntary conversion mechanism whereby GMP may convert the outstanding principal and accrued interest under the terms of all the GMP
Notes into shares of Common Stock (the “Conversion Shares”), at the consolidated closing bid price of the Company’s
Common Stock on the applicable OTC Market as of the date the Company receives a Notice of Conversion from GMP. Prepayment of the GMP
Notes may be made at any time by payment of the outstanding principal amount plus accrued and unpaid interest. The October Note contains
customary events of default (each an “Event of Default”). If an Event of Default occurs, at GMP’s election,
the outstanding principal amount of the GMP Notes, plus accrued but unpaid interest, will become immediately due and payable in cash.
The October Purchase Agreement requires the Company to use of the proceeds received under the October 2021 Note to support the clinical
development of OT-101, including payroll and has been made in continuation of the relationship between the Company and GMP.
The
total principal outstanding on all the GMP notes, inclusive of accrued interest, was approximately $4.7 million as of June 30, 2023,
and December 31, 2022, respectively.
During
the three and six months ended June 30, 2023, the Company incurred approximately $22,438 and $44,850 of interest expense, respectively.
During the three and six months ended June 30, 2022, the Company incurred approximately $22,440 and $44,630 of interest expense, respectively.
August
2021 Notes
In
August 2021, the Company entered into Note Purchase Agreements with Autotelic - a related party, our CFO - a related party, and certain
accredited investors (the “August 2021 investors”), whereby the Company issued four convertible notes in the aggregate principal
amount of $698,500 convertible into shares of common stock of the Company for net proceeds of $690,825. The convertible notes carry a
five (5%) percent coupon and mature one year from issuance. The majority of the August 2021 investors have the right, but not the obligation,
not more than five days following the maturity date, to convert all, but not less than all, the outstanding and unpaid principal plus
accrued interest into the Company’s common stock, at a conversion price of $0.18. The August 2021 Note Holders has waived the default
in the maturity of the August 2021 Notes and as such there is no event of default and also agreed to extend the date of maturity of the
August 2021 Notes to December 31, 2023. The Company determined that the economic characteristics and risks of the embedded conversion
option are not clearly and closely related to the economic characteristics and risks of the debt host instrument. Further, the Company
determined that the embedded conversion feature meets the definition of a derivative but met the scope exception to the derivative accounting
required under ASC 815 for certain contracts involving a reporting entity’s own equity.
As
of June 30, 2023, and December 31, 2022, the August 2021 convertible notes, inclusive of accrued interest, consist of the following amounts:
SCHEDULE
OF CONVERTIBLE NOTES, NET OF DISCOUNT
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Autotelic Related
party convertible note, 5% coupon August 2022 | |
$ | 273,802 | | |
$ | 267,553 | |
CFO Related party convertible
note, 5% coupon August 2022 | |
| 409,061 | | |
| 399,722 | |
Accredited
investors convertible note, 5% coupon August 2022 | |
| 82,142 | | |
| 80,266 | |
| |
$ | 765,005 | | |
$ | 747,541 | |
During
the three and six months ended June 30, 2023, the Company recognized approximately $8,730 and $17,460 of interest expense on the August
2021 Investors notes, of which approximately $4,060 and $8,125 are attributable to related parties, respectively.
At
June 30, 2023, and December 31, 2022, accrued interests on these convertible notes totaled approximately $66,500 and $49,040, respectively.
November
– December 2021 and March 2022 Financing
In
November and December 2021, the Company entered into securities purchase agreement with five institutional investors, whereby the Company
issued five convertible notes in the aggregate principal amount of $1,250,000 convertible into shares of common stock of the Company.
The convertible notes carry a twelve (12%) percent coupon and a default coupon of 16% and mature at the earliest of one year from issuance
or upon event of default. Investors has the right at any time following issuance date to convert all or any part of the outstanding and
unpaid amount of the note into the Company’s common stock at a conversion price established at a fixed rate of $0.07. The Company
granted a total number of 9,615,385 warrants convertible into an equivalent number of the Company common shares at a strike price of
$0.13 up to five years after issuance. The Placement agent was also granted a total amount of 961,540 as part of a finder’s fee
agreement.
Further,
in March 2022, the Company entered into a Securities Purchase Agreement with Fourth Man, pursuant to which the Company issued convertible
promissory note in the aggregate principal amount of $0.25 million, convertible into shares of common stock of the Company. The convertible
notes carry a twelve (12%) percent coupon and a default coupon of 16% and mature at the earliest of one year from issuance or upon event
of default. Investors has the right at any time following issuance date to convert all or any part of the outstanding and unpaid amount
of the note into the Company’s common stock at a conversion price established at a fixed rate of $0.10. The Company granted a total
number of 1,250,000 warrants convertible into an equivalent number of the Company common shares at a strike price of $0.20 up to five
years after issuance. The Placement agent was also granted a total amount of 125,000 as part of a finder’s fee agreement.
As
of June 30, 2023, and December 31, 2022, convertible notes under the November-December 2021 Financing, net of debt discount, consist
of the following amounts:
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Blue Lake Partners LLC Convertible
note, 16% coupon, December 2021 (In default and inclusive of accrued interest) | |
| - | | |
| 227,817 | |
Fourth Man LLC Convertible note, 16% coupon
December 2022 (In default and inclusive of accrued interest) | |
| 37,030 | | |
| 112,500 | |
Convertible notes, gross | |
$ | 37,030 | | |
$ | 339,687 | |
Less: Debt discount recorded | |
| (500,000 | ) | |
| (500,000 | ) |
Amortization debt discount | |
| 500,000 | | |
| 500,000 | |
Convertible notes, net | |
$ | 37,030 | | |
$ | 339,687 | |
The
Company recognized approximately $8,600 and $18,300 of interest during the three and six months ended June 30, 2023, respectively. The
Company recognized approximately $33,000 and $112,600 of interest during the three and six months ended June 30, 2022, respectively.
The
balance of accrued interest was approximately $4,530 and $30,000 as of June 30, 2023, and December 31, 2022, respectively. In July 2023,
Fourth Man converted their remaining principal balance, accrued interest and legal fees of approximately $44,000 of their December 2021
Note in exchange for 627,538 shares of our Common Stock. As such, post the close of the six months ended June 30, 2023, the balance due
to Fourth Man, post their conversion, on their December 2021 Note is $0.
The
Company recognized approximately $0 and $657,400 of interest expense attributable to the amortization of the debt discount from the original
debt discount, deferred financing costs, fair value allocated to the warrants and the beneficial conversion feature during the six months
ended June 30, 2023 and 2022, respectively.
The
Company recorded an initial debt discount of approximately $0.4 million representing the intrinsic value of the conversion option embedded
in the convertible debt instrument based upon the difference between the fair value of the underlying common stock at the commitment
date of the note transaction and the effective conversion price embedded in the note. The Company recognized amortization expense related
to the debt discount and debt issuance costs of approximately $0 and $0.5 million for the six months ended June 30, 2023, and 2022, which
is included in interest expense in the consolidated statements of operations.
The
note includes a default amount calculated at 125% of the unpaid principal and accrued interest. As the Company failed to repay the two
notes at maturity date, the Company accrued an additional $68,000 resulting from this default feature, which is included in the consolidated
balance sheets as of June 30, 2023 and December 31, 2022. The balance of the default feature was $22,500 at June 30, 2023.
As
of June 30, 2023, and December 31, 2022, Fourth Man convertible note, net of debt discount, consist of the following amounts:
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Fourth Man Convertible note, 12%
coupon March 2022 (Inclusive of interest and default provision) | |
$ | 286,593 | | |
$ | 340,959 | |
Unamortized debt Discount | |
| - | | |
| (61,301 | ) |
| |
| | | |
| | |
Convertible notes, net | |
$ | 286,593 | | |
$ | 279,658 | |
As
of June 30, 2023, the balance includes the remaining principal of $210,000, accrued interest of $8,400 and approximately $68,000 of accrued
default penalty pursuant to the terms of the underlying agreement.
Accrued
interest was approximately $8,400 and $22,800 at June 30, 2023 and December 31, 2022, respectively.
The
Company recognized approximately $8,400 and $15,600 of interest during the three and six months ended June 30, 2023, respectively. The
Company recognized approximately $7,650 of interest during the three and six months ended June 30, 2022, respectively.
The
Company recognized approximately $35,813 and $63,700 of interest expense attributable to the amortization of the debt discount from the
original deferred financing costs, fair value allocated to the warrants and the beneficial conversion feature (prior to the adoption
of ASU 2020-06) during the six months ended June 30, 2023 and 2022, respectively.
As
of June 30, 2023, and December 31, 2022, the balance of the unamortized debt discount was $0 and $61,301, respectively. The
Company adopted ASU 2020-06 on January 1, 2023, which resulted in the reversal of the original BCF amount to additional paid in
capital for $109,349, reversal of the unamortized debt discount related to the BCF for $25,489 with the balance being recorded through
retained earnings for $78,460.
During
the six months ended June 30, 2023, the Company converted $40,000 in principal and $30,000 in accrued interest into 1,025,000 shares
of common stock. The note includes a default amount calculated at 125% of the unpaid principal and accrued interest. As the Company failed
to repay the note at maturity date, the Company accrued an additional $70,000 resulting from this default feature.
May
2022 Mast Financing
In
May 2022, the Company entered into a securities purchase agreement with one institutional investor, whereby the Company issued one convertible
note in the aggregate principal amount of $605,000 convertible into shares of common stock of the Company (“May 2022 Mast Note”).
The convertible notes carry a twelve (12%) percent coupon and a default coupon of 16% and mature at the earliest of one year from issuance
or upon event of default. Investor has the right at any time following issuance date to convert all or any part of the outstanding and
unpaid amount of the note into the Company’s common stock at a conversion price established at a fixed rate of $0.10. The Company
granted a total number of 3,025,000 warrants convertible into an equivalent number of the Company common shares at a strike price of
$0.20 up to five years after issuance. The Placement agent was also granted a total amount of 302,500 as part of a finder’s fee
agreement. Portion of the proceeds will be used to retire some of the November/December 2021 notes. The extinguishment of existing notes
resulted in the recognition of approximately $258,100 in loss on extinguishment of debt in the consolidated statement of operations in
the six months ended June 30, 2022.
As
of June 30, 2023, and December 31, 2022, the May 2022 Mast Financing, net of debt discount, consist of the following amounts:
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Mast Hill
Convertible note, 16% coupon May 2023, inclusive of accrued interest and penalty | |
$ | 857,084 | | |
$ | 847,000 | |
Convertible notes, gross | |
$ | 857,084 | | |
$ | 847,000 | |
Less Debt discount recorded | |
| (605,000 | ) | |
| (605,000 | ) |
Amortization debt discount,
net of reversal of original and unamortized BCF | |
| 565,725 | | |
| 333,119 | |
Convertible notes, net | |
$ | 817,809 | | |
$ | 575,119 | |
Accrued
interest was $80,667 and $72,600 as of June 30, 2023 and December 31, 2022, which is the guaranteed twelve-month coupon and earned in
full at issuance date and additional coupon at the default rate since the May 2022 Mast financing is past maturity and in default as
of June 30, 2023. The Company recognized approximately $56,464 and $146,461 of interest expense attributable to the amortization of the
debt discount from the original debt discount, deferred financing costs, fair value allocated to the warrants during the three and six
months ended June 30, 2023, respectively. The Company recognized approximately $53,257 of interest
expense attributable to the amortization of the debt discount from the original debt discount, deferred financing costs, fair value allocated
to the warrants and the beneficial conversion feature during the three and six months ended June 30, 2022.
Effective
January 1, 2023, the Company adopted ASU 2020-06, which resulted in the reversal of the original BCF amount to additional paid in capital
for approximately $0.2 million, a reversal of the unamortized debt discount related to the BCF for approximately $0.1 million, with the
balance of approximately $0.1 million being recorded through retained earnings.
June
2022 Financing
In
June 2022, the Company entered into a securities purchase agreement with one institutional investor, whereby the Company issued one convertible
note in the aggregate principal amount of $335,000 convertible into shares of common stock of the Company (“June 2022 Blue Lake
Note”). The convertible notes carry a twelve (12%) percent coupon and a default coupon of 16% and mature at the earliest of one
year from issuance or upon event of default. Investor has the right at any time following issuance date to convert all or any part of
the outstanding and unpaid amount of the note into the Company’s common stock at a conversion price established at a fixed rate
of $0.10. The Company granted a total number of 837,500 warrants convertible into an equivalent number of the Company common shares at
a strike price of $0.20 up to five years after issuance. The Placement agent was also granted a total amount of 83,750 warrants as part
of a finder’s fee agreement. Portion of the proceeds will be used to retire some of the November/December 2021 notes.
As
of June 30, 2023, and December 31, 2022, convertible note under the June 2022 Blue Lake Financing, net of debt discount, consist of the
following amounts:
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Blue Lake
Convertible note, 16% coupon June 2023, inclusive of accrued interest | |
$ | 469,000 | | |
$ | 469,000 | |
Convertible notes, gross | |
$ | 469,000 | | |
$ | 469,000 | |
Less Debt discount recorded | |
| (332,748 | ) | |
| (332,748 | ) |
Amortization debt discount,
net of reversal of original and unamortized BCF | |
| 332,748 | | |
| 173,941 | |
Convertible notes, net | |
$ | 469,000 | | |
$ | 310,193 | |
The
Company recognized approximately $29,408 and $61,642 of interest expense attributable to the amortization of the debt discount from the
original debt discount, deferred financing costs, fair value allocated to the warrants during the three and six months ended June 30,
2023, respectively. The Company recognized approximately $7,305 of interest expense attributable to the amortization of the debt discount
from the original debt discount, deferred financing costs, fair value allocated to the warrants and BCF (prior to adoption of ASU 2020-06)
during the three and six months ended June 30, 2022. The Company adopted ASU 2020-06 effective January 1, 2023, which resulted in the
reversal of the original BCF amount to additional paid in capital of approximately $0.2 million, reversal of the unamortized debt discount
of approximately $0.1 million related to the BCF and the balance of $0.1 million being recorded through retained earnings. As of June
30, 2023, these notes are in default. However, the Company has not received notification of default from the lender. The Company has
recorded an estimated default penalty of approximately $94,000.
Other
short-term advances
As
of June 30, 2023 compared to December 31, 2022, other short-term advances consist of the following amounts obtained from various employees
and related parties:
SCHEDULE
OF SHORT-TERM LOANS
Other Advances | |
June 30, 2022 | | |
December 31, 2022 | |
Short term advance from CFO – Related Party | |
$ | 35,050 | | |
$ | 25,050 | |
Short term advances – bridge investors & others | |
| 245,000 | | |
| 245,000 | |
Short term advance – Autotelic Inc. – Related Party | |
| 800,000 | | |
| 120,000 | |
Short term
advance | |
$ | 1,080,050 | | |
$ | 390,050 | |
During
the year ended December 31, 2021, the Company’s CFO provided short term advances of approximately $45,000. Of that amount, $20,000
was repaid to the CFO in January 2022. In the six months ended June 30, 2023, the company’s CFO provided additional short-term
advance of $10,000. As such approximately $35,000 was outstanding at June 30, 2023.
During
the year ended December 31, 2021, the CFO provided a total of approximately $120,000, of which $75,000 was converted into the August
2021 Notes. During the year ended December 31, 2021, the Company received approximately $630,000 primarily from two bridge investors,
of which $373,500 was converted into the August 2021 Notes, and $20,000 was repaid. During the six months ended June 2023, an additional
$17,500 was repaid to one of the bridge investors. Approximately $228,000 was outstanding as short-term advances from bridge investors
as of June 30, 2023.
In
May 2021, Autotelic provided an additional short-term funding of $250,000
to the Company, which was converted into the August 2021 Notes. Autotelic provided an additional $120,000
short term loan to the company during the year ended December 31, 2022. During the six months ended June 30, 2023 Autotelic provided
$680,000
in various short term loans to the Company. As such, $800,000
was outstanding and payable to Autotelic at June 30, 2023.
NOTE
6 - JOINT VENTURE WITH GMP BIO AND AFFILIATES, EQUITY METHOD INVESTMENT
On
March 31, 2022, the Company entered into (i) a joint venture (the “JV”) agreement with Dragon and GMP Bio, both affiliates
of GMP, (and the Company, Dragon and GMP Bio are collectively called the “Parties”) (the “JVA”),
(ii) a license agreement for rights to OT-101 (the “US License Agreement”) for the territory within the United States
of America (the “US”) with Sapu Holdings, LLC, a subsidiary of GMP Bio and (iii) a license agreement for rights to
OT-101 for the rest of the world with GMP Bio (the “Ex-US Rights Agreement”, and the US License Agreement and the
Ex-US License Agreement are collectively called the “Agreements”). For more information on the JV, JVA, and Agreements,
refer to our 2022 Annual Report on Form 10-K/A filed with the SEC on April 19, 2023.
As
of the effective date of the formation of the JV, the combined enterprise value of GMP Bio was approximately $50.4
million, comprising of the fair value of the Company’s investment in GMP Bio of approximately $22.7
million and the total original capital contributions by Dragon Overseas of approximately $27.7
million. As of June 30, 2023, the JV had approximately $22.7
million in assets, not including GMP Bio’s capital subscriptions of approximately $19
million; recorded approximately $0.5
million in liabilities and incurred approximately $1.5
million in operational expenses for the three months ended June 30, 2023, as GMP’s fiscal year commences on April 1 and ends on March 31. The Company elected the fair value option under subsection of Section 825-10-15 to account for its
equity-method investment as the Company believes that it the most appropriate method to properly value the Company and record a
change in value when and upon conducting a fair value assessment. As of June 30, 2023, the Company does not believe the fair value
of the JV has changed and hence has not recorded a change in value.
For
information on the various notes from GMP, refer to Note 5 – GMP Notes of the Notes to the Consolidated Financial Statements
above.
NOTE
7 - PRIVATE PLACEMENT AND JH DARBIE FINANCING
During
the period from July 2020 to March 31, 2021, the Company entered into various subscription agreements with certain accredited investors,
including the CEO, pursuant to the JH Darbie Financing, whereby the Company issued and sold a total of 100 Units, for total gross proceeds
of approximately $5 million, pursuant to the JH Darbie Placement Agreement, with each Unit consisting of:
|
■ |
25,000
shares of Edge Point Common stock for a price of $1.00 per share of Edge Point Common stock. |
|
■ |
One
convertible promissory note, convertible up to 25,000 shares of Edge Point Common stock, at a conversion price of $1.00 per share
or up to 138,889 shares of the Company’s common stock, at a conversion price of $0.18 per share. |
|
■ |
50,000
warrants to purchase an equivalent number of shares of Edge Point Common stock at $1.00 per share and an equivalent number of shares
of the Company’s common stock at $0.20 per share with a three-year expiration date. Either the Edgepoint or the Company’s
warrants would be exercised. |
As
June 30, 2023 and December 31, 2022 funds received under the JH Darbie Financing, net of debt discount, consist of the following amounts:
SCHEDULE
OF FUNDS RECEIVED UNDER THE SUBSCRIPTION AGREEMENT
| |
June
30, 2023 | | |
December
31, 2022 | |
Convertible promissory notes | |
| | | |
| | |
Subscription agreements - accredited investors | |
$ | 2,397,238 | | |
$ | 2,441,471 | |
Subscription agreements – related party | |
| 125,000 | | |
| 124,547 | |
Total convertible promissory notes | |
$ | 2,522,238 | | |
$ | 2,566,018 | |
The
Company incurred approximately $0.64 million of issuance costs, including legal costs of approximately $39,000, that are incremental
costs directly related to the issuance of the various instruments bundled in the offering.
Concurrently
with the sale of the Units, JH Darbie was granted a warrant, exercisable over a five-year period, to purchase 10% of the number of Units
sold in the JH Darbie Financing. As such, the Company granted 10 Units to JH Darbie pursuant to the JH Darbie Placement Agreement.
The
terms of convertible notes are summarized as follows:
|
■ |
Term:
Through March 31, 2022, extended further to March 31, 2023 |
|
■ |
Coupon:
16%. |
|
■ |
Convertible
at the option of the holder at any time in the Company’s Common Stock or Edgepoint Common Stock. |
|
■ |
The
conversion price is initially set at $0.18 per share for the Company’s Common Stock or $1.00 for Edgepoint Common Stock, subject
to adjustment. |
For
more information on the private placement, refer to our 2022 Annual Report on Form 10-K filed with the SEC on April 19, 2023.
In
February 2022, the Company and all except one of the Investors agreed to extend the maturity date of the Notes from March 31, 2022, to
March 31, 2023. In consideration for the extension of the Notes, the Company issued to the Investors an aggregate of 33,000,066 Oncotelic
Warrants at a price of $0.15 per share of Company’s Common Stock. Each Investor will be entitled to receive 333,334 Oncotelic Warrants
for each Unit purchased. Upon the amendment of the terms of the convertible notes under the private placement memorandum. As incentive
to extend the maturity date, approximately 33 million warrants were issued to the Unit Holders who participated in the amendment, The
Company repaid the 1-unit holder who did not participate in the amendment shortly after March 31, 2022. During the six months ended June 30, 2023, the Company partially repaid one unit holder,who will not be participating in the new JH Darbie financing.
The
Company recognized amortization expense related to the debt discount and debt issuance costs of approximately $8,400 and approximately
$52,000 for the six months ended June 30, 2023 and 2022, respectively, which is included in interest expense in the statements of operations.
As
of June 30, 2023, the JH Darbie PPM Notes are in default as these notes were to be paid at the end of March 2023. The Company is in
discussion with JH Darbie to close out these notes. The Company and JH Darbie have started a new private placement financing and
which will be used, partially, to have the earlier PPM participants to roll over their investments into the new private placement.
In this connection, 40 unit holders, comprising 15 investors, have already converted their notes into the new private placement
after the close of this quarter. The Company is still working with the remaining prior JH Darbie financing investors to roll over
their promissory notes into the new private placement. While the Company is fairly confident most, if not all the prior PPM
investors, will roll over their debt into the new private placement.
NOTE
8 - RELATED PARTY TRANSACTIONS
Master
Service Agreement with Autotelic Inc.
In
October 2015, Oncotelic entered into a Master Service Agreement (the “MSA”) with Autotelic Inc., a related party that
is partly-owned by the Company’s CEO Vuong Trieu, Ph.D. Dr. Trieu, a related party, is a control person in Autotelic Inc. Autotelic
Inc. currently owns less than 10% of the Company. The MSA stated that Autotelic Inc. will provide business functions and services to
the Company and allowed Autotelic Inc. to charge the Company for these expenses paid on its behalf. The MSA includes personnel costs
allocated based on amount of time incurred and other services such as consultant fees, clinical studies, conferences and other operating
expenses incurred on behalf of the Company. The MSA requires a 90-day written termination notice in the event either party requires to
terminate such services.
Expenses
related to the MSA were $0 for the three months ended June 30, 2023 as compared to approximately $1,000 for the same
period of 2022.
License
Agreement with Autotelic Inc.
In
September 2021, the Company entered into an exclusive License Agreement with Autotelic. For more information on the exclusive license
Agreement with Autotelic, refer to our 2022 Annual Report on Form 10-K filed with SEC on April 15, 2022.
Note
Payable and Short-Term Loan – Related Parties
In
April 2019, the Company issued a convertible note to Dr. Trieu totaling $164,444, including OID of $16,444, receiving net proceeds of
$148,000, which was used by the Company for working capital and general corporate purposes. The Company issued a Fall 2019 Note to Dr.
Trieu in the principal amount of $250,000. Dr. Trieu also offset certain amounts due to him in the amount of $35,000 and was converted
into the Fall 2019 debt. During the year ended December 31, 2020, Dr. Trieu provided additional short-term funding of $70,000 to the
Company, of which the Company repaid $50,000 prior to December 31, 2020. During the year ended December 31, 2020, Dr. Trieu purchased
a total of 5 Units under the private placement for a gross total of $250,000.
In
May 2021, Autotelic provided an additional short-term funding of $250,000 to the Company, which was converted into the August 2021 Notes.
Autotelic provided an additional $120,000 short term loan to the company during the year ended December 31, 2022. During the six months
ended June 30, 2023 Autotelic provided $680,000 short term loan to the Company. As such, $800,000 was outstanding and payable to Autotelic
at June 30, 2023.
Artius
Consulting Agreement
On
March 9, 2020, the Company and Artius Bioconsulting, LLC (“Artius”), for which Mr. King is the Managing Member, entered
into an amendment to the Consulting Agreement dated December 1, 2018, under which Artius agreed to serve as a consultant to the Company
for services related to the Company’s business from time to time, effective December 1, 2019 (the “Effective Date”)
(the “Artius Agreement”). For more information on this Agreement, refer to our 2021 Annual Report on Form 10-K filed
with the SEC on April 15, 2022.
No
expense was recorded during the three and six months ended June 30, 2023 or 2022, respectively, related to this Agreement.
Maida
Consulting Agreement
Effective
May 5, 2020, the Company and Dr. Maida entered into an independent consulting agreement, commencing April 1, 2020 (the “Maida Agreement”),
under which Dr. Maida will assist the Company in providing medical expertise and advice from time to time in the design, conduct and
oversight of the Company’s existing and future clinical trials. For more information on this Agreement, refer to our 2021 Annual
Report on Form 10-K filed with the SEC on April 15, 2022.
The
Company recorded an expense of $0 during the six months ended June 30, 2023 related to this Agreement as compared to $75,000 during the
same period in 2022. No similar expense was recorded during the three months of June 30, 2023 or 2022. Effective April 1, 2022, Dr Maida’s
compensation shall be borne by the JVA with GMP Bio.
NOTE
9 - EQUITY PURCHASE AGREEMENT AND REGISTRATION RIGHTS AGREEMENT
In
May 2021, the Company entered into an Equity Purchase Agreement (“EPL”) and Registration Rights Agreement with Peak
One Opportunity Fund LP (“Peak One” or the “Investor”). For further information on EPL, refer to
our 2021 Annual Report on Form 10-K filed with the SEC on April 15, 2022.
The
Company filed a post-effective amendment Registration Statement on Form S-1 with the Commission in April 2022, and the Form S-1 was declared
effective in May 2022 and the Company filed the prospectus in this connection in May 2022. Further, the Company filed a second post-effective
amendment Registration Statement on Form S-1 with the Commission in April 2023, and the Form S-1 was declared effective in April 2023.
The Company filed the prospectus in this connection on May 2, 2023.
During
the six months ended June 30, 2023, the Company did not sell any shares of Common Stock under the EPL.
During
the six months ended June 30, 2022, the Company sold a total of 600,000 shares of Common Stock at price ranging from $0.16 and $0.22
for total gross proceeds of approximately $114,930 and approximately $98,627, net of issuance costs.
NOTE
10 - STOCKHOLDERS’ EQUITY
The
following transactions affected the Company’s Stockholders’ Equity:
Issuance
of Common Stock during the six months ended June 30, 2023
In
February 2023, Blue Lake partially converted $71,750 of their debt. In connection with the partial Note conversion, the Company issued
1,025,000 shares of Common Stock to Blue Lake.
In
June 2023, Blue Lake converted the full remainder of their $181,750 debt, accrued interest and penalty. In connection with this Note
conversion, the Company issued 3,466,853 shares of Common Stock to Blue Lake.
In
May and June 2023, Fourth Man converted $50,000 in principal and $30,000 in accrued interest into 1,192,857 shares of common stock.
Issuance
of Common Stock during the six months ended June 30, 2022
In
January 2022, three of the five investors from the November/December 2021 financing made a cashless exercise for their warrants. In connection
with this exercise, the Company issued 3,041,958 shares of Common Stock in exchange of approximately 5,769,231 million warrants.
In
March 2022, the Company sold 300,000 shares of its Common Stock to Peak One under the EPL for net proceeds of approximately $52 thousand.
In
May 2022, Blue Lake made a cashless exercise for their warrants. In connection with this exercise, the Company issued 1,403,326 shares
of Common Stock in exchange of 1,923,077 warrants.
In
June 2022, the Company sold 300,000 shares of its Common Stock to Peak One under the EPL for net proceeds of approximately $47 thousand.
In
June 2022, Mast Hill converted their debt of approximately $0.28 million. In connection with the Note conversion, the Company
issued 4,025,000 shares of Common Stock to Mast Hill.
In
June 2022, Company issued 500,000 shares of Common Stock to First Fire under partial repayment of convertible debt of $35,000.
In
June 2022, First Fire made a cashless exercise for their warrants. In connection with this exercise, the Company issued 1,183,400 shares
of Common Stock in exchange for 1,923,077 warrants.
For
further information on Common Stock issuance, refer to our 2021 Annual Report on Form 10-K filed with the SEC on April 15, 2022.
NOTE
11 – STOCK-BASED COMPENSATION
Options
Pursuant
to the Merger, the Company’s Common Stock and corresponding outstanding options survived. The below information details the Company’s
associated option activity.
As
of June 30, 2023, the Company had options to purchase Common Stock that were outstanding under three stock option plans – the 2017
Equity Incentive Plan (the “2017 Plan”), the 2015 Equity Incentive Plan (the “2015 Plan”) and the
2005 Stock Plan (the “2005 Plan”). Under the 2017 Plan, up to 2,000,000 shares of the Company’s Common Stock
may be issued pursuant to awards granted in the form of nonqualified stock options, restricted and unrestricted stock awards, and other
stock-based awards. Under the 2015 and 2005 Plans, taken together, up to 27,250,000 shares of the Company’s Common Stock may be
issued pursuant to awards granted in the form of incentive stock options, nonqualified stock options, restricted and unrestricted stock
awards, and other stock-based awards
Employees,
consultants, and directors are eligible for awards granted under the 2017 and 2015 Plans. Since the adoption of the 2015 Plan, no further
awards may be granted under the 2005 Plan, although options previously granted remain outstanding in accordance with their terms.
Compensation
based stock option activity for qualified and unqualified stock options are summarized as follows:
SCHEDULE
OF COMPENSATION BASED STOCK OPTION ACTIVITY
| |
| | |
Weighted | |
For the six months ended June 30, 2023 | |
| | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at January 1, 2023 | |
| 25,690,261 | | |
$ | 0.23 | |
Expired or cancelled | |
| (1,512,500 | ) | |
| 0.46 | |
Outstanding at June 30, 2023 | |
| 24,177,761 | | |
| 0.21 | |
| |
| | |
Weighted | |
For the six months ended June 30, 2022 | |
| | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at January 1, 2022 | |
| 16,592,620 | | |
$ | 0.30 | |
Expired or cancelled | |
| (2,359 | ) | |
| 11.88 | |
Outstanding at June 30, 2022 | |
| 16,590,261 | | |
$ | 0.30 | |
Information
on compensation-based stock option activity for qualified and unqualified stock options for the year ended December 31, 2021 can be found
in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on April 19, 2023.
The
following table summarizes information about options to purchase shares of the Company’s Common Stock outstanding and exercisable
at June 30, 2023:
SCHEDULE OF OPTIONS TO PURCHASE SHARES OF COMMON STOCK OUTSTANDING AND EXERCISABLE
| | |
| | |
Weighted- | | |
Weighted- | | |
| |
| | |
| | |
Average | | |
Average | | |
| |
| | |
Outstanding | | |
Remaining Life | | |
Exercise | | |
Number | |
Exercise prices | | |
Options | | |
In Years | | |
Price | | |
Exercisable | |
| | |
| | |
| | |
| | |
| |
$ | 0.1 to 0.15 | | |
| 16,250,000 | | |
| 8.7 | | |
$ | 0.12 | | |
| 6,057,500 | |
| 0.16 | | |
| 5,502,761 | | |
| 8.0 | | |
| 0.16 | | |
| 5,502,761 | |
| 0.22 | | |
| 1,000,000 | | |
| 5.0 | | |
| 0.22 | | |
| 1,000,000 | |
| 0.38 | | |
| 550,000 | | |
| 3.5 | | |
| 0.38 | | |
| 550,000 | |
| 0.73 | | |
| 500,000 | | |
| 2.7 | | |
| 0.73 | | |
| 500,000 | |
| 1.43 | | |
| 300,000 | | |
| 1.9 | | |
| 1.43 | | |
| 300,000 | |
| 15.00 | | |
| 75,000 | | |
| 1.9 | | |
| 15.00 | | |
| 75,000 | |
| | | |
| 25,690,261 | | |
| 8.0 | | |
$ | 0.21 | | |
| 13,985,261 | |
The
compensation expense attributed to the issuance of the options is recognized as they are vested. The employee stock option plan stock
options are generally exercisable for ten years from the grant date and vest over various terms from the grant date to three years.
As
of June 30, 2023, there was no
unamortized stock compensation cost related to the stock options granted during the year as the stock options granted during the
year ended December 31, 2022 are considered vested. Of the approximately 14 million unvested stock options, the vesting criteria for 7.3 million
options is still being evaluated as on the date of this Report, as those options are subject to individual milestone achievements.
For more information on the stock options, refer to our 2022 Annual Report on Form 10-K filed with the SEC on April 14, 203 or 2022
Annual Report on Form 10-K/A filed with the SEC on April 19, 2023.
The
Company amortized $0 stock compensation expense during the six months ended June 30, 2023 on the 2021 and 2022 grants. The Company recorded
$50,000 of similar expense during the same period of 2022.
Warrants
The
Company has issued warrants in connection with the various financings conducted by the Company. For mor information on the warrant issuances,
refer to our 2022 Annual Report on Form 10-K/A filed with the SEC on April 17, 2023. The Company issued 10,576,924 warrants related to
the November/December 2021 Notes (See Note 6). The fair value of these warrants on issue date amounted to $1,172,753 as calculated using
a Black Scholes valuation model.
The
issuance of warrants to purchase shares of the Company’s Common Stock, including those attributed to debt issuances, as of June
30, 2023 and 2022 are summarized as follows:
SCHEDULE OF WARRANTS ACTIVITY
For the three months ended June 30, 2023 | |
| | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at January 1, 2023 | |
| 81,072,855 | | |
$ | 0.18 | |
Issued during the six months ended June 30, 2023 | |
| - | | |
| - | |
Exercised / cancelled during the six months ended June 30, 2023 | |
| (42,737,500 | ) | |
| 0.2 | |
Outstanding at June 30, 2023 | |
| 38,335,355 | | |
$ | 0.16 | |
For the six months ended June 30, 2022 | |
| | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at January 1, 2022 | |
| 53,314,424 | | |
$ | 0.20 | |
Issued during the six months ended June 30, 2022 | |
| 34,375,066 | | |
| 0.15-0.20 | |
Exercised / cancelled during the six months ended June 30, 2022 | |
| (9,615,385 | ) | |
| 0.13 | |
Outstanding at June 30, 2022 | |
| 82,322,855 | | |
$ | 0.18 | |
The
following table summarizes information about warrants outstanding and exercisable at June 30, 2023:
SCHEDULE
OF WARRANTS OUTSTANDING AND EXERCISABLE
| | |
Outstanding and exercisable | |
| | |
| | |
Weighted- | | |
Weighted- | | |
| |
| | |
| | |
Average | | |
Average | | |
| |
| | |
Number | | |
Remaining Life | | |
Exercise | | |
Number | |
Exercise Price | | |
Outstanding | | |
in Years | | |
Price | | |
Exercisable | |
$ | 0.13 | | |
| 961,539 | | |
| 3.46 | | |
| 0.13 | | |
| 961,539 | |
| 0.15 | | |
| 33,000,066 | | |
| 0.75 | | |
| 0.15 | | |
| 33,000,066 | |
| 0.20 | | |
| 4,373,750 | | |
| 3.75-3.98 | | |
| 0.20 | | |
| 4,373,750 | |
| | | |
| 38,335,355 | | |
| 0.75 | | |
$ | 0.15 | | |
| 38,335,355 | |
NOTE
12 – INCOME TAXES
The
Company had gross deferred tax assets, which primarily relate to net operating loss carryforwards. As of December 31, 2021, the Company
had gross federal and state net operating loss carryforwards, which are available to offset future taxable income, if any. The Company
recorded a valuation allowance in the full amount of its net deferred tax assets since realization of such tax benefits has been determined
by our management to be less likely than not. For information on our deferred tax assets and liabilities, refer to our 2022 Annual Report
on Form 10-K filed with the SEC on April 14, 203 or 2022 Annual Report on Form 10-K/A filed with the SEC on April 19, 2023.
Portions
of these carryforwards will expire through 2038, if not otherwise utilized. The Company’s utilization of net operating loss carryforwards
could be subject to an annual limitation. as a result of certain past or future events, such as stock sales or other equity events constituting
a “change in ownership” under the provisions of Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, and
similar state provisions. The annual limitations could result in the expiration of net operating loss carryforwards and tax credits before
they can be utilized. We have not performed a formal analysis, but we believe our ability to use such net operating losses and tax credit
carryforwards will be subject to annual limitations, due to change of ownership control provisions under Section 382 and 383 of the Internal
Revenue Code, which would significantly impact our ability to realize these deferred tax assets.
NOTE
13 – COMMITMENTS AND CONTINGENCIES
Leases
Currently,
the Company is leasing the office located at 29397 Agoura Road, Suite 107, Agoura Hills, CA 91301 on a month-to-month basis until such
time a new office is identified. The Company believes the office is sufficient for its current operations.
PointR
Merger Contingent Consideration
The
total purchase price in the PointR Merger of $17,831,427 represented the consideration transferred from the Company and was calculated
based on the number of shares of Common Stock plus the preferred shares outstanding but convertible into Common Stock outstanding at
the date of the PointR Merger and included $2,625,000 of contingent consideration of shares issuable to PointR shareholders, which could
increase to $15 million of contingent consideration, upon achievement of certain milestones. For more information on the PointR Merger
Contingent Consideration, refer to our 2021 Annual Report on Form 10-K filed with the SEC on April 15, 2022.
Third
Party Service Provider Claim
The
Company is disputing a judgement of $20,000 for a non-payment to a third service provider. The Company considers the claim to be immaterial
to the financial position of the Company. The Company has filed a counter claim on the third party service provider as the Company believes
the claim to be false and malicious to the interests of the Company, and intends to vigorously defend the counter claim.
Other
claims
From
time to time, the Company may become involved in certain claims arising in the ordinary course of business. One of the Company’s
ex-employees has made a claim against the Company. The Company is evaluating the validity of the claim, as the Company believes that
such claim has limited merits and is hopeful to attain a positive outcome for such claim. Since the Company is still evaluating the claim,
we are unable to quantify the amount such claim would be settled at, if at all settled.
NOTE
14 – SUBSEQUENT EVENTS
New
Private Placement with JH Darbie
In
July 2023, completed entering into subscription agreements with certain accredited investors (“Subscription Agreement”),
whereby the Company issued a total of 40 units (“Units”), with each Unit consisting of (i) one convertible promissory
note issued by the Company (the “Note”), convertible into up to 250,000 shares of 250,000 shares of the Company’s
common stock, par value $0.01 per share (“the Company’s Common Stock”), at a conversion price of $0.10 per Company’s
Common Stock; and (iii) 250,000 warrants (the “Warrants”) to purchase an equivalent number of shares of Company Common
Stock at $0.12 per share (the “Financing”). The Company converted the debt of 15 accredited investors into the current
Subscription Agreements, which resulted in conversion of $1.0 million of debt to the Company. These conversions were for the prior private
placement by JH Darbie (See Note 7 of these Notes to Unaudited Financial Statement. Placement agent fees of $150,000 were paid to JH
Darbie & Co., Inc. (“JH Darbie. JH Darbie and the Company are parties to a placement agent agreement, dated March 10,
2023 (“Agreement”) pursuant to which DH Darbie has the right to sell a minimum of 10 Units and a maximum of 200 Units
on a best efforts basis.
Share
Issuance
In
July 2023, Fourth Man converted the final balance of approximately $44,000, inclusive of interest and penalty, of their December 2021
Note in exchange for 627,538 shares of our Common Stock.
ITEM
2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Note
Regarding Forward-Looking Statements
This
Quarterly Report on Form 10-Q (the “Quarterly Report” or “Report”) includes a number of forward-looking
statements that reflect management’s current views with respect to future events and financial performance. Forward-looking statements
are projections in respect of future events or our future financial performance. In some cases, you can identify forward-looking statements
by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “potential” or “continue” or the negative
of these terms or other comparable terminology. Those statements include statements regarding the intent, belief or current expectations
of us and members of our management team, as well as the assumptions on which such statements are based.
Although
we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels
of activity, or performance. These statements are only predictions and involve known and unknown risks, uncertainties and other factors.
Some of these risks are included in the section entitled “Risk Factors” set forth in this Quarterly Report and in other reports
that we file with the SEC. The occurrence of any of these risks, or others of which we are currently unaware, may cause our company’s
actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity,
performance or achievements expressed or implied by these forward-looking statements. These risks include, by way of example and without
limitation:
● |
our
ability to successfully commercialize our products and services on a large enough scale to generate profitable operations; |
● |
our
ability to maintain and develop relationships with customers and suppliers; |
● |
our
ability to successfully integrate acquired businesses or new products, or to realize anticipated synergies in connection with acquisitions
of businesses or products; |
● |
expectations
concerning our ability to raise additional funding and to continue as a going concern; |
● |
our
ability to successfully implement our business plan; and |
● |
our
ability to avoid, or to adequately address any intellectual property claims brought by third parties; and |
● |
the
anticipated impact of any changes in industry regulation. |
Readers
are urged to carefully review and consider the various disclosures made by us in this report and in our other reports filed with the
SEC. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated
events or changes in the future operating results over time except as required by law. We believe that our assumptions are based upon
reasonable data derived from and known about our business and operations. No assurances are made that actual results of operations or
the results of our future activities will not differ materially from our assumptions.
Corporate
History
Oncotelic
Therapeutics, Inc. (also d/b/a Mateon Therapeutics, Inc.) (“Oncotelic”), was formed in the State of New York in
1988 as OXiGENE, Inc., was reincorporated in the State of Delaware in 1992, changed its name to Mateon Therapeutics, Inc. in 2016,
and then Oncotelic Therapeutics, Inc. in November 2020. Oncotelic conducts business activities through Oncotelic and its
wholly-owned subsidiaries, Oncotelic, Inc., a Delaware corporation, PointR Data, Inc. (“PointR”), a Delaware
corporation, Pet2DAO Inc., a Delaware corporation and EdgePoint AI, Inc. (“Edgepoint”), a Delaware Corporation
for which there are non-controlling interests, (Oncotelic, Oncotelic Inc., PointR and Edgepoint are collectively called the
“Company”or “We”). The Company completed a reverse merger with Oncotelic Inc in April
2019, a merger with PointR in November 2019 and formed a subsidiary Edgepoint in February 2020. For more information on these
mergers, refer to our 2020 Annual Report on Form 10-K filed with the SEC on April 15, 2021.
Company
Overview
We
are a clinical stage biopharmaceutical company developing drugs for the treatment of cancer. Our goal is to advance our drug candidates
into late-stage pivotal clinical trials and either sell marketing rights to a larger pharmaceutical company or seek FDA approval ourselves.
The
Company is currently developing OT-101, through its joint venture (“JV”) with Dragon Overseas Capital Limited (“Dragon”)
and GMP Biotechnology Limited (“GMP Bio”), both affiliates of Golden Mountain Partners (“GMP”),
for various cancers and COVID-19, Artemisinin for COVID-19 and AI technologies for manufacturing, COVID-19 and other AI technologies.
The Company is also independently planning to develop OT-101 for certain animal health indications and contemplating using crypto currencies
for that platform. The Company has acquired apomorphine for Parkinson’s Disease, erectile dysfunction and female sexual dysfunction.
In addition, the Company is evaluating the further development of its product candidates OXi4503 as a treatment for acute myeloid leukemia
and myelodysplastic syndromes and CA4P in combination with a checkpoint inhibitor for the treatment of advanced metastatic melanoma.
Between
June 2020 and January 2022, the Company entered into various purchase agreements and promissory notes with GMP, cumulatively totaling
$4.5 million. $3.5 million of this amount was to fund the COVID-19 trial in Latin America and the rest was to debt to fund our operations
till the culmination of the JV.
For
more information on the GMP debt financing and the JV, refer to Notes 5 and 6 of the unaudited Notes to the Consolidated Financial Statements.
In
November 2022, the Company formed a Decentralized autonomous organization (“DAO”) entity, Pet2DAO, Inc. (“Pet2DAO”),
as a wholly owned subsidiary. A DAO is an emerging form of legal structure, that has no central
governing body, and whose members share a common goal to act in the best interest of the entity. Pet2DAO is a DAO technology company,
integrating the strong governance of traditional corporations with the innovative DAO architecture. The Company will look to engage stakeholders,
to build value through the DAO, while maintaining the rigor of traditional corporations, including governance, compliance, and accountability
through a team of veterans in public companies with innovators in AI, blockchain and Web3. Pet2DAO will initially be looking to
develop products for the animal health space. The Company will initially issue regular tokens and non-fungible tokens (“NFT”
and cumulatively “Tokens”) of Pet2DAO called PDAO to its employees, shareholders, and key opinion leaders (“KOLs’)
and use the Tokens to propose and vote on various animal health related programs. In the future, the Company will evaluate and plan to
register these tokens with the SEC to make such Tokens freely tradable at a future point in time.
Since
April 2019, we have been operating under significant capital constraints, which has curtailed our ability to achieve meaningful progress
in either of the Company’s two clinical programs – one of which is developing OXi4503 as a treatment for acute myeloid leukemia
and myelodysplastic syndromes and the other of which is developing CA4P in combination with a checkpoint inhibitor for the treatment
of advanced metastatic melanoma. We believe that the merger of Oncotelic and Oncotelic Inc. creates a combined company that has potential
to generate shareholder value through a promising pipeline of next generation immunotherapies targeting several significant cancer markets
where there is a lack of therapeutic options and lack of an effective immunotherapy protocol.
Research
Service Agreement between and Financing between GMP and the Company
When
COVID-19 emerged in China, the Company and GMP contemplated a collaboration to develop drug candidates for COVID-19.
In
consideration for the financial support provided to GMP for the research, pursuant to the terms of the GMP Research Agreement (as amended
by the GMP Research Supplement), GMP was entitled to obtain certain exclusive rights to the use of the GMP Agreement Product in the COVID
Field on a global basis, and an economic interest in the use of the GMP Agreement Product in the COVID-19 Field including profit sharing
to be decided. For more information on the collaborations with GMP, refer to our 20212 Annual Report on Form 10-K/A filed with the SEC
on April 19, 2023. In March 2022, the Company entered into a JV transaction with Dragon to form GMP Bio, both entities being affiliates
of GMP. Dragon and the Company will own in a / ratio, respectively, and its principal activities shall be to research, develop, bring
to market and commercialize: (i) the GMP Agreement Products in the COVID-19 Field on a global basis, (ii) the GMP Agreement Products
in the OT-101 Oncology Field in the territory set forth above, and if GMP so decides to include (iii) OXi4503 in the territory set forth
above; and (iv) CA4P in the territory set forth above.
In
June 2020, the Company secured a $2 million in debt financing, evidenced by a one-year secured convertible note from GMP, to conduct
a clinical trial evaluating OT-101 against COVID-19. For more information and terms on the Note, refer to our 2022 Annual Report on Form
10-K/A filed with the SEC on April 19, 2023 GMP has extended the maturity of the GMP Note to December 31, 2023, with no concessions granted
to GMP for such extension. Such financing was utilized solely to fund the clinical trial. Similarly, in September 2021, the Company secured
a further $1.5 million in debt financing
Between
October 2021 and January 2022, the Company entered into two Unsecured Convertible Note Purchase Agreement with GMP, pursuant to which
the Company raised a total of $1.0 million. The terms were the same as the June 2020 and September 2021 Notes. Such financings were utilized
solely to fund the operations of the Company till the culmination of the JV.
For
more information on the various notes with GMP, refer to Note 5 of this Quarterly Report.
Joint
Venture
In
March 2022, the Company entered into (i) a joint venture (the “JV”) agreement with Dragon and GMP Bio (and the Company,
Dragon and GMP Bio are collectively called the “Parties”) (the “JVA”), (ii) a license agreement
for rights to OT-101 (the “US License Agreement”) for the territory within the United States of America (the “US”)
with Sapu Holdings, LLC, a subsidiary of GMP Bio and (iii) a license agreement for rights to OT-101 for the rest of the world with GMP
Bio (the “Ex-US Rights Agreement”, and the US License Agreement and the Ex-US License Agreement are collectively called
the “Agreements”). For more information on the development of Artemisinin, refer to our Annual Report on Form 10K
filed with the SEC on April 14, 2023 or our Amended Annual Report on Form 10K/A filed with the SEC on April 19, 2023.
This
JV is a significant milestone in the history of the Company as it permits the Company to monetize and develop the assets it holds, by
minimal to no shareholder dilution. This transaction allows us to unburden the Company of the high cost of drug development, which the
JV will be responsible for, while the Company will participate in its upside through appreciation in the value of its shares in the JV
and up to $50 million on the sale of the RPD voucher following marketing approval of OT-101 for DIPG has agreed to invest cash and other
assets with a value of approximately $27.6 million for 55% ownership of the JV; and Oncotelic had granted the License to the JV for 45%
ownership in the JV for a fair value of about $22.6 million. The cash contributions by Dragon will allow the JV to commence the development
of OT-101.
For
information on the JV, refer to Note 6 – Joint Venture and GMP of the Notes to the Consolidated Financial Statements above.
New Private Placement with JH Darbie
In July
2023, completed entering into subscription agreements with certain accredited investors (“Subscription Agreement”),
whereby the Company issued a total of 40 units (“Units”), with each Unit consisting of (i) one convertible promissory
note issued by the Company (the “Note”), convertible into up to 250,000 shares of 250,000 shares of the Company’s
common stock, par value $0.01 per share (“the Company’s Common Stock”), at a conversion price of $0.10 per Company’s
Common Stock; and (iii) 250,000 warrants (the “Warrants”) to purchase an equivalent number of shares of Company Common
Stock at $0.12 per share (the “Financing”). The Company converted the debt of 15 accredited investors into the current
Subscription Agreements, which resulted in conversion of $1.0 million of debt to the Company. These conversions were for the prior private
placement by JH Darbie (See Note 7 of these Notes to Unaudited Financial Statement. Placement agent fees of $150,000 were paid to JH Darbie
& Co., Inc. (“JH Darbie. JH Darbie and the Company are parties to a placement agent agreement, dated March 10, 2023 (“Agreement”)
pursuant to which DH Darbie has the right to sell a minimum of 10 Units and a maximum of 200 Units on a best efforts basis.
For more information on the prior JH Darbie Financing, review Note 5 of this Quarterly Report.
August 2021 Notes
In August 2021, the Company entered into Note Purchase Agreements with Autotelic, the Company’s CFO, and certain
other accredited investors. Under the terms of the Note Purchase Agreements, the Company issued an aggregate of $698,500 (the “Principal
Amount”) in debt in the form of unsecured convertible promissory notes (collectively, the “August 2021 Notes”).
For more information on the August 2021 Notes, refer to Note 5 of this Quarterly Report.
November
– December 2021 and March 2022 Financing
In
November and December 2021, the Company entered into securities purchase agreement with five institutional investors, whereby the Company
issued five convertible notes in the aggregate principal amount of $1,250,000 convertible into shares of common stock of the Company.
For more information on the November-December 2021 and March 2022 Financing Note
5 of this Quarterly Report.
May
2022 Financing
In
May 2022, the Company entered into a Securities Purchase Agreements with Mast, pursuant to which the Company issued convertible promissory
notes in the aggregate principal amount of $0.6 million, which Note is convertible into shares of the Company’s common stock, par
value $0.01 per share (“Common Stock”). This note was used to fully repay November 2021 Talos note and the December 2021
First Fire note. For more information on the May 2022 Financing, refer to Note 5 of this Quarterly Report.
June
2022 Financing
In
June 2022, the Company entered into a Securities Purchase Agreements with Blue Lake, pursuant to which the Company issued convertible
promissory notes in the aggregate principal amount of $0.34 million, which Note is convertible into shares of the Company’s common
stock, par value $0.01 per share (“Common Stock”). This note was utilized for corporate expenses. For more information on
the June 2022 Financing, refer to Note 5 of this Quarterly Report.
Short-term
loans
During
the year ended December 31, 2021, the Company’s CFO, a related Party, provided short term advances of approximately $45,000. $20,000
was repaid to the CFO in January 2022. In the six months ended June 30, 2023, the company’s CFO provided additional short-term
advance of $10,000. As such approximately $35,000 was outstanding at June 30, 2023.
During
the year ended December 31, 2021, the CFO provided a total of approximately $120,000, of which $75,000 was converted into the August
2021 Notes. During the year ended December 31, 2021, the Company received approximately $630,000 primarily from two bridge investors,
of which $373,500 was converted into the August 2021 Notes, and $20,000 was repaid. During the six months ended June 2023, an additional
$17,500 was repaid to one of the bridge investors. Approximately $228,000 was outstanding as short-term advances from bridge investors
as of June 30, 2023.
In
May 2021, Autotelic provided an additional short-term funding of $250,000 to the Company, which was converted into the August 2021 Notes.
Autotelic provided an additional $120,000 short term loan to the company during the year ended December 31, 2022. During the six months
ended June 30, 2023 Autotelic provided $680,000 in various short term loans to the Company. As such, $800,000 was outstanding and payable
to Autotelic at June 30, 2023.
Critical
Accounting Policies and Significant Judgments and Estimates
The
preparation of financial statements in accordance with U.S. generally accepted accounting principles requires us to make estimates and
assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the
date of the financial statements, as well as the reported revenues and expense during the reporting periods. We base our estimates on
historical experience and on various other assumptions that we believe to be reasonable under the circumstances at the time we make such
estimates. Actual results and outcomes may differ materially from our estimates, judgments and assumptions. We periodically review our
estimates in light of changes in circumstances, facts and experience. The effects of material revisions in estimates are reflected in
the financial statements prospectively from the date of the change in estimate. Our significant accounting policies are more fully described
in Note 2 to our Unaudited Consolidated Financial Statements included elsewhere in this Quarterly Report.
We
define our critical accounting policies as those accounting principles that require us to make subjective estimates and judgments about
matters that are uncertain and are likely to have a material impact on our financial condition and results of operations, as well as
the specific manner in which we apply those principles. We believe the critical accounting policies used in the preparation of our financial
statements that require significant estimates and judgments are the following:
Impairment
of Long-Lived Assets
The
Company reviews long-lived assets, including definite-lived intangible assets, for impairment whenever events or changes in circumstances
indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the
forecasted undiscounted net cash flows of the operation to which the assets relate to the carrying amount. If the operation is determined
to be unable to recover the carrying amount of its assets, then these assets are written down first, followed by other long-lived assets
of the operation to fair value. Fair value is determined based on discounted cash flows or appraised values, depending on the nature
of the assets. For the six months ended June 30, 2022 and 2021, there were no impairment losses recognized for long-lived assets.
Intangible
Assets
The
Company records its intangible assets at cost in accordance with ASC 350, Intangibles – Goodwill and Other. The Company reviews
the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely than not
that they are impaired. These events could include a significant change in the business climate, legal factors, a decline in operating
performance, competition, sale or disposition of a significant portion of the business, or other factors.
Goodwill
Goodwill
represents the excess of the purchase price of acquired business over the estimated fair value of the identifiable net assets acquired.
Goodwill is not amortized but is tested for impairment at least once annually, at the reporting unit level or more frequently if events
or changes in circumstances indicate that the asset might be impaired. The goodwill impairment test is applied by performing a qualitative
assessment before calculating the fair value of the reporting unit. If, on the basis of qualitative factors, it is considered not more
likely than not that the fair value of the reporting unit is less than the carrying amount, further testing of goodwill for impairment
would not be required. Otherwise, goodwill impairment is tested using a two-step approach.
The
first step involves comparing the fair value of the reporting unit to its carrying amount. If the fair value of the reporting unit is
determined to be greater than its carrying amount, there is no impairment. If the reporting unit’s carrying amount is determined
to be greater than the fair value, the second step must be completed to measure the amount of impairment, if any. The second step involves
calculating the implied fair value of goodwill by deducting the fair value of all tangible and intangible assets, excluding goodwill,
of the reporting unit from the fair value of the reporting unit as determined in step one. The implied fair value of the goodwill in
this step is compared to the carrying value of goodwill. If the implied fair value of the goodwill is less than the carrying value of
the goodwill, an impairment loss equivalent to the difference is recorded.
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with ASC 815 “Derivatives
and Hedging”.
ASC
815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and
account for them as free-standing derivative financial instruments. These three criteria include circumstances in which (a) the economic
characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and
risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is
not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported
in earnings as they occur, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered
a derivative instrument. Professional standards also provide an exception to this rule when the host instrument is deemed to be conventional
as defined under professional standards.
The
Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from
their host instruments) in accordance with ASC 470-20 “Debt – Debt with Conversion and Other Options.” Accordingly,
the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments
based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the
effective conversion price embedded in the note. Original issue discounts under these arrangements are amortized over the term of the
related debt to their earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of
conversion options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the
commitment date of the note transaction and the effective conversion price embedded in the note.
ASC
815-40 “Derivatives and Hedging – Contracts in Entity’s Own Equity” provides that, among other things, generally,
if an event is not within the entity’s control could or require net cash settlement, then the contract shall be classified as an
asset or a liability.
Derivative
Financial Instruments Indexed to the Company’s Common Stock
We
have generally issued derivative financial instruments, such as warrants, in connection with our equity offerings. We evaluate the terms
of these derivative financial instruments in order to determine their accounting treatment in our financial statements. Key considerations
include whether the financial instruments are freestanding and whether they contain conditional obligations. If the warrants are freestanding,
do not contain conditional obligations and meet other classification criteria, we account for the warrants as an equity instrument. However,
if the warrants contain conditional obligations, then we account for the warrants as a liability until the conditional obligations are
met or are no longer relevant. Because no established market prices exist for the warrants that we issue in connection with our equity
offerings, we must estimate the fair value of the warrants, which is as inherently subjective as it is for stock options, and for similar
reasons as noted in the stock-based compensation section above. For financial instruments which are accounted for as a liability, we
report any changes in their estimated fair values as gains or losses in our Consolidated Statement of Income.
Variable
Interest Entity (VIE) Accounting
We
evaluate our ownership, contractual relationships and other interests in entities to determine the nature and extent of the interests,
whether such interests are variable interests and whether the entities are VIEs in accordance with ASC 810, Consolidations. These evaluations
can be complex and involve Management judgment as well as the use of estimates and assumptions based on available historical information,
among other factors. Based on these evaluations, if the Company determines that it is the primary beneficiary of a VIE, the entity is
consolidated into the financial statements.
Investments
- Equity Method
The
Company accounts for equity method investments at cost, adjusted for the Company’s share of the investee’s earnings or losses,
which are reflected in the consolidated statements of operations. The Company periodically reviews the investments for other than temporary
declines in fair value below cost and more frequently when events or changes in circumstances indicate that the carrying value of an
asset may not be recoverable.
The
Investment in GMP Bio represents the investment into equity securities for which the Company elected the fair value option pursuant to
ASC 825-10-15 and subsequent fair value changes in the GMP Bio shares are included in the result from continuing operations. Refer to
Note 6 to these Notes to the Consolidated Financial Statements.
Joint
Venture agreement
We
have equity interest in unconsolidated arrangement that is primarily engaged in the business of drug discovery, development, and commercialization,
including but not limited to development and commercialization of TGF-beta therapeutics as well as establishing and operating contract
development and manufacturing organization (CDMO) facilities and capabilities. The Company first review the arrangement to determine
if it meets the definition of an accounting joint venture pursuant to ASC 323-10-20. In order to meet the definition of a joint venture,
the arrangement must have all of the following characteristics, (i) the arrangement is organized within a separate legal entity, (ii)
the entity is under the joint control of the venturers, (iii) the venturers must be able to exercise joint control through their equity
investments, (iv) the qualitative characteristics of the entity, including its purpose and design must be consistent with the definition
of a joint venture
We
consolidate arrangements that are considered to be VIEs where we are the primary beneficiary. We analyze our investments in joint ventures
to determine if the joint venture is considered a VIE and would require consolidation. We (i) evaluate the sufficiency of the total equity
investment at risk, (ii) review the voting rights and decision-making authority of the equity investment holders as a group and whether
there are limited partners (or similar owning entities) that lack substantive participating or kick out rights, guaranteed returns, protection
against losses, or capping of residual returns within the group and (iii) establish whether activities within the venture are on behalf
of an investor with disproportionately few voting rights in making this VIE determination.
To
the extent that we own interests in a VIE and we (i) have the power to direct the activities that most significantly impact the economic
performance of the VIE and (ii) have the obligation or rights to absorb losses or receive benefits that could potentially be significant
to the VIE, then we would be determined to be the primary beneficiary and would consolidate the VIE. To the extent that we own interests
in a VIE, then at each reporting period, we re-assess our conclusions as to which, if any, party within the VIE is considered the primary
beneficiary.
To
the extent that our arrangements do not qualify as VIEs, they are consolidated if we control them through majority ownership interests
or if we are the managing entity (general partner or managing member) and our partner does not have substantive participating rights.
Control is further demonstrated by our ability to unilaterally make significant operating decisions, refinance debt, and sell the assets
of the joint venture without the consent of the non-managing entity and the inability of the non-managing entity to remove us from our
role as the managing entity.
We
use the equity method of accounting for those arrangements where we exercise significant influence but do not have control. Under the
equity method of accounting, our investment in each arrangement is included on our consolidated balance sheet; however, the assets and
liabilities of the joint ventures for which we use the equity method are not included on our consolidated balance sheet.
When
we sell or contribute properties to unconsolidated arrangements and retain a non-controlling ownership interest in such assets, we recognize
the difference between the consideration received and the carrying amount of the asset sold or contributed when its derecognition criteria
are met. The equity method investment we retain in such partial sale transactions is noncash consideration and is measured at fair value.
As a result, the accounting for a partial sale will result in the recognition of a full gain or loss.
When
circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss in value is
other than temporary. If we conclude it is other than temporary, we recognize an impairment charge to reflect the equity investment at
fair value.
The
Company elected the fair value option under the fair value option Subsection of Section 825-10-15 to account for its equity-method investment.
Research
and Development Expense
Research
and development expense consist of costs we incur for the development of our investigational drugs and, to a lesser extent, for preclinical
research activities. Research and development costs are expensed as incurred. Research and development expense include clinical trial
costs, salaries and benefits of employees, including associated stock-based compensation, payments to clinical investigators, drug manufacturing
costs, laboratory supplies and facility costs. Clinical trial costs are a significant component of our research and development expense,
and these can be difficult to accurately estimate. Included in clinical trial costs are fees paid to other entities that conduct certain
research and development activities on our behalf, such as clinical research organizations, or CROs. We estimate clinical trial expense
based on the services performed pursuant to contracts with research institutions such as CROs and the actual clinical investigators.
These estimates are based on actual time and expenses incurred by the CRO and the clinical investigators. Also included in clinical trial
expense are costs based on the level of patient enrollment into the clinical trial and the actual services performed under the related
clinical trial agreement. Changes in clinical trial assumptions, such as the length of time estimated to enroll all patients, rate of
screening failures, patient drop-out rates, number and nature of adverse event reports and the total number of patients enrolled can
impact the average and expected cost per patient and the overall cost of the clinical trial. Based on patient enrollment reports and
services provided, we may periodically adjust estimates for the clinical trial costs. If we do not identify costs that we have begun
to incur or if we underestimate or overestimate the level of services performed, the length of time for these services or the costs of
these services, our actual expenses could differ from our estimates.
Share-Based
Compensation
We
record the estimated fair value of all share-based payments issued to employees and other service providers. Our share-based payments
consist primarily of stock options. The valuation of stock options is an inherently subjective process, since market values are not available
for any stock options in our equity securities. Market values are also not available on long-term, non-transferable stock options in
other equity securities. With no market values on options to trade in our common stock and no comparable market values on any long-term
non-transferable stock options, the process of valuing our stock options is even more uncertain and subjective. Accordingly, we use a
Black-Scholes option pricing model to derive an estimated fair value of the stock options which we issue. The Black-Scholes option pricing
model requires certain input assumptions, including the expected term of the options and the expected volatility of our common stock.
Changes in these assumptions could have a material impact on the estimated fair value that we record for share-based payments that we
issue. We determine the term of the options based on the simplified method, which averages the vesting period and the contractual life
of the stock option. We determine the expected volatility based on the historical volatility of our common stock over a period commensurate
with the option’s expected term. The Black-Scholes option pricing model also requires assumptions for risk-free interest rates
and the expected dividend yield of our common stock, but we feel that these values are more objective and note that changes in these
values do not have a significant impact on the estimated value of the options when compared to the volatility and term assumptions.
We
are also required to estimate the level of award forfeitures expected to occur and record compensation expense only for those awards
that are ultimately expected to vest. Accordingly, we perform a historical analysis of option awards that are forfeited prior to vesting,
and record total stock option expense that reflects this estimated forfeiture rate.
Results
of Operations
Comparison
of the Results of Operations for the three Months Ended June 30, 2023 to the three Months Ended June, 2022
A
comparison of the Company’s operating results for the three months ended June 30, 2023 and 2022, respectively, is as follows.
| |
June 30, 2023 | | |
June 30, 2022 | | |
Variance | |
Operating expense: | |
| | | |
| | | |
| | |
Research and development | |
| - | | |
| 108,707 | | |
| (108,707 | ) |
General and administrative | |
| 238,758 | | |
| 147,608 | | |
| 91,150 | |
Goodwill impairment | |
| 6,083,146 | | |
| - | | |
| 6,083,146 | |
Total operating expense | |
| 6,321,904 | | |
| 256,315 | | |
| 6,065,589 | ) |
Loss from operations | |
| (6,321,904 | ) | |
| (256,315 | ) | |
| (6,065,589 | ) |
Reimbursement for expenses – related party | |
| - | | |
| 247,492 | | |
| (247,492 | ) |
Interest expense, net | |
| (257,396 | ) | |
| (1,094,878 | ) | |
| 837,482 | |
Gain on derecognition of non-financial asset | |
| - | | |
| 16,951,477 | | |
| (16,951,477 | ) |
Change in the value of derivatives on debt | |
| (307,698 | ) | |
| 122,919 | | |
| (430,617 | ) |
Miscellaneous income | |
| 36,988 | | |
| - | | |
| 36,988 | |
Net income (loss) before controlling interests | |
$ | (6,850,010 | ) | |
$ | 15,970,695 | | |
$ | (22,820,705 | ) |
Net
Income (Loss)
We
recorded a net loss of approximately $6.8 million for the three months ended June 30, 2023, as compared to net income of
approximately $16.0 million for the three months ended June 30, 2022. The difference in net income (loss), of approximately $22.8
million, between the three months ended June 30, 2023 as compared to the same period of 2022 was primarily due to gain on
derecognition of non-financial asset of approximately $17 million, reduced by higher impairment to goodwill of $6.1 million during
the six months ended June 30, 2023;lower change in value of derivatives on debt of approximately $0.4 million, for the three months
ended June 30, 2022 and offset by lower interest of approximately $0.8 million, for the three months ended June 30,
2023.,
Research
and Development Expenses
Research
and development (“R&D”) expenses decreased by approximately $0.1 million for the three months ended June 30, 2023
compared to the same period in 2022, primarily due to lower personnel expenses and other operational expenses relate to OT-101 being
borne by the JV and reversal of over accrual of certain R&D expenses.
As
previously disclosed, and as a result of our JV, we expect our R&D expense to decrease for the remainder of the year 2023,
specifically for activities related to OT-101, including the initiation of new clinical trials. Any other development expenses will
be subject to our continuing ability to secure sufficient funding to continue planned operations.
General
and Administrative Expenses
General
and administrative (“G&A”) expenses increased by approximately $0.1 million for the three months ended June 30,
2023 compared to the three months ended June 30, 2022, primarily due to higher legal and professional expenses.
As
previously disclosed and as a result of our JV, we expect our G&A activities to remain steady or marginally increase for the
remainder of 2023. Any other G&A expenses will be subject to our continuing ability to secure sufficient funding to continue
planned operations.
Goodwill Impairment
We recorded a goodwill impairment
of approximately $6.1 million on the approximately $12 million goodwill, which we recorded upon our acquisition of PointR, for the three
months ended June 30, 2023. No similar impairment was recorded for the same period of 2022.
During
the second quarter of 2023, we observed a significant decline of our stock price, the market capitalization of our Company, and the general
economic conditions, which adversely impacted the majority of the pharmaceutical and biotechnology industry. These were indicative of
a potential impairment of our goodwill. While we evaluated and concluded that the AI technologies related to the PointR acquisition are
not adversely impacted as the Company continues to develop other AI technologies, the significant reduction of our market capitalization
required us to record an impairment on the goodwill to the extent of the difference between the net assets of the Company over the fair
value, solely based on the market capitalization.
Reimbursement
of expenses
The
Company was reimbursed approximately $0.25 million, by Autotelic Inc. a related party, during the three months ended June 30, 2022 on
behalf of our JV. No similar expenses were reimbursed during the three months ended June 30, 2023.
Interest
Expense, Net
We
recorded interest expense, including amortization of debt costs, of approximately $0.3 million for the three months ended June 30, 2023
as compared to approximately $1.1 million for the three months ended June 30, 2022 primarily in connection with debt raised from convertible
notes and the JH Darbie Financing, November/December 2021 Financing and May/June 2022 financing as compared to $0.4 million for the same
period of 2021, in connection with debt raised from convertible notes and JH Darbie during 2021. Interest expense was lower for the three
months ended June 30, 2023 as compared to the same period of 2022 due to lower the adoption of ASU 2020-06 effective from January 1,
2023 and significantly reduced amortization beneficial conversion feature (“BCF”) interest components. For more information
on debt raised from convertible notes and the JH Darbie Financing, see Note 5 and Note 7 of the Unaudited Consolidated Financial Statements
of this Quarterly Report.
Gain
on Derecognition of Non-financial Asset
During
the three months ended June 30, 2022, we recorded a gain of approximately $16.9 million on the sale of our non-financial asset upon the
transfer of OT-101 as our capital contribution for the JV. We adopted the fair value measurements under the equity method and the gain
was net of the fair value of the asset of approximately $22.6 million as reduced by the removal of the value of the intangibles of approximately
$0.8 million for OT-101 and the value of the goodwill of $4.8 million recorded at the time of the 2019 Merger with Oncotelic Inc. No
similar gain has been recorded during the three months ended June 30, 2023.
Change
in Value of Derivatives
During
the three months ended June, 2023, we recorded approximately $0.3 million change in value upon conversion of certain debt owed on the
convertible promissory notes issued to our CEO and a bridge investor (collectively, the “Convertible Notes”). The
Company recorded approximately $0.1 million change during the same period in 2021. The Convertible Notes became convertible 180 days
after issuance, and as such the CEO and the bridge investor had the ability to convert that debt into equity at a variable conversion
price, giving rise to a derivative feature within the debt instrument resulting in the recording of a derivative liability and change
in value of the derivative. For more information on value of derivatives, refer to the Note 5 of the Unaudited Consolidated Financial
Statements of this Quarterly Report.
Comparison
of the Results of Operations for the Six Months Ended June 30, 2023 to the Six Months Ended June 30, 2022
A
comparison of the Company’s operating results for the six months ended June 30, 2023 and 2022, respectively, is as follows.
| |
June 30, 2023 | | |
June 30, 2022 | | |
Variance | |
Operating expense: | |
| | | |
| | | |
| | |
Research and development | |
| 28,927 | | |
| 689,004 | | |
| (660,077 | ) |
General and administrative | |
| 436,958 | | |
| 3,911,518 | | |
| (3,474,560 | ) |
Goodwill impairment | |
| 6,083,146 | | |
| - | | |
| 6,083,146 | |
Total operating expense | |
| 6,549,031 | | |
| 4,600,522 | | |
| 1,948,509 | |
Loss from operations | |
| (6,549,031 | ) | |
| (4,600,522 | ) | |
| (1,948,509 | ) |
Reimbursement for expenses – related party | |
| 72,246 | | |
| 247,492 | | |
| (175,246 | ) |
Interest expense, net | |
| (651,675 | ) | |
| (1,392,341 | ) | |
| 740,666 | |
Gain on derecognition of non-financial asset | |
| - | | |
| 16,951,477 | | |
| (16,951,477 | ) |
Change in the value of derivatives on debt | |
| (327,594 | ) | |
| (67,922 | ) | |
| (259,672 | ) |
Loss on conversion of debt | |
| - | | |
| (257,810 | ) | |
| 257,810 | |
| |
| | | |
| | | |
| | |
Net income (loss) before controlling interests | |
$ | (7,456,054 | ) | |
$ | 10,880,374 | | |
$ | (18,336,428 | ) |
Net
Income
We
recorded a net loss of approximately $7.4 million for the six months ended June 30, 2023 as compared to a net income of approximately
$10.9 million for the six months ended June 30, 2022. The difference in net income (loss), of approximately $18.3 million, for the six
months ended June, 2023 as compared to the same period of 2022, was primarily due to recording a gain on the sale of non-financial asset
of approximately $17 million during the three months ended June 30, 2022, lower operating expense of approximately $4.1 million, reduced
by higher impairment losses of approximately $6.1 million, lower reimbursement of expenses by a related party of approximately $0.2 million,
lower interest cost of approximately $0.7 million, higher change in value of derivatives on debt of approximately $0.3 million and lower
loss on conversion of debt of approximately $0.3 million
Research
and Development Expenses
Research
and development (“R&D”) expenses decreased by approximately $0.7 million for the six months ended June 30, 2023
compared to the same period in 2022, primarily due to reduced compensation and operational costs of approximately $0.6 million and reduced
clinical trial cost of $0.1 million. As a result of our JV with Dragon and GMP Bio, the JV absorbed most of the compensation costs as
well as some of the operational costs.
As
a result of our JV, we expect our R&D expense to decrease for the remainder of the year 2023, specifically for activities related
to OT-101, including the initiation of new clinical trials. Any other development expenses will be subject to our continuing ability
to secure sufficient funding to continue planned operations.
General
and Administrative Expenses
General
and administrative (“G&A”) expenses decreased by approximately $3.5 million for the six months ended June 30,
2023 compared to the six months ended June 30, 2022, primarily due to the lower stock based compensation of approximately $2.9 million,
lower compensation costs of approximately $0.6 million, offset by lower legal and professional and operational costs of approximately
$0.1 million.
As
a result of our JV, we expect our G&A activities to remain steady or marginally increase for the remainder of 2023. Any other G&A
expenses will be subject to our continuing ability to secure sufficient funding to continue planned operations.
Goodwill Impairment
We recorded a goodwill impairment
of approximately $6.1 million on the approximately $12 million goodwill, which we recorded upon our acquisition of PointR, for the six
months ended June 30, 2023. No similar impairment was recorded for the same period of 2022.
During the second quarter of 2023,
we observed a significant decline of our stock price, the market capitalization of our Company, and the general economic conditions, which
adversely impacted the majority of the pharmaceutical and biotechnology industry. These were indicative of a potential impairment of our
goodwill. While we evaluated and concluded that the AI technologies related to the PointR acquisition are not adversely impacted as the
Company continues to develop other AI technologies, the significant reduction of our market capitalization required us to record an impairment
on the goodwill to the extent of the difference between the net assets of the Company over the fair value, solely based on the market
capitalization.
Interest
Expense, Net
We
recorded interest expense, including amortization of debt costs, of approximately $0.7 million for the six months ended June 30, 2023
as compared to $1.4 million for the six months ended June 30, 2022 primarily in connection with debt raised from convertible notes, JH
Darbie Financing, November/December 2021 Financing and May/June 2022 Financing. Interest expense was lower for the three months ended
June 30, 2023 as compared to the same period of 2022 due to lower the adoption of ASU 2020-06 effective from January 1, 2023 and significantly
reduced amortization beneficial conversion feature (“BCF”) interest components. For more information on debt raised from
convertible notes and the JH Darbie Financing, see Note 5 and Note 7 of the Unaudited Consolidated Financial Statements of this Quarterly
Report.
Reimbursement
of expenses
The
Company was reimbursed approximately $0.1 million during the six months ended June 30, 2023 as compared to approximately $0.25 million,
by Autotelic Inc. a related party, on behalf of our JV.
Gain
on Derecognition of Non-financial Asset
During
the three months ended June 30, 2022, we recorded a gain of approximately $16.9 million on the sale of our non-financial asset upon the
transfer of OT-101 as our capital contribution for the JV. We adopted the fair value measurements under the equity method and the gain
was net of the fair value of the asset of approximately $22.6 million as reduced by the removal of the value of the intangibles of approximately
$0.8 million for OT-101 and the value of the goodwill of $4.9 million recorded at the time of the 2019 Merger with Oncotelic Inc. No
similar gain has been recorded during the six months ended June 30, 2023.
Change
in Value of Derivatives
During
the six months ended June 30, 2023, we recorded approximately $0.3 million change in value upon conversion of the debt to liabilities
as a derivative as well as new debt converting to liabilities on the Convertible Notes as compared to approximately $68 thousand change
during the same period of 2022. The Convertible Notes became convertible 180 days after issuance, and as such Peak One, TFK, the CEO
and the bridge investor had the ability to convert that debt into equity at: (i) the variable conversion price of 65% of the Company’s
lowest traded price after the first 180 days, or (ii) at the lower of $0.10 per share or 55% of the Company’s traded stock price
under certain circumstances. This gave rise to a derivative feature within the debt instrument which resulted in the recording of a derivative
liability and change in value of the derivative.
Loss
on Conversion of Debt
During
the six months ended June 30, 2022, we recorded a loss of $0.25 million on conversion of debt. related to the difference in fair value
to the price at which the debt was converted. No similar expense was recorded during the six months ended June 30, 2023.
Liquidity,
Financial Condition and Capital Resources ($s in ‘000’s)
| |
June
30, 2023 | | |
December
31, 2022 | |
Cash, including restricted cash of $20 | |
$ | 202 | | |
$ | 261 | |
Working capital | |
| (17,805 | ) | |
| (16,620 | ) |
Stockholders’ Equity | |
| 11,926 | | |
| 19,193 | |
The
Company has incurred net accumulated losses of approximately $32.9 million, negative working capital of over $17.8 million and negative
cash flow from operations of approximately $0.7 million at June 30, 2023. Management expects to incur significantly lower costs losses
in the foreseeable future and recognizes the need to raise capital to remain viable. The Company’s limited capital resources, history
of recurring losses and uncertainties as to whether the Company’s operations will become profitable raise substantial doubt about
its ability to continue as a going concern. The financial statements contained in this report do not include any adjustments related
to the recoverability of assets or classifications of liabilities that might be necessary should the Company be unable to continue as
a going concern.
The
principal source of the Company’s working capital deficit to date has been the issuance of convertible notes, a substantial part
of which has been provided by officers and certain insiders, and sale of equity under the EPA with Peak One. The Company will need to
raise additional capital in order to fund its operations and continue development of product candidates. The Company is evaluating the
options to further the development of the Company’s product candidates, AL-101, Artemisinin for COVID-19, developing AI technologies
to support the COVID-19 therapies; in addition to evaluating the development pathway of its product candidates; OXi4503 and/or CA4P.
The
Company anticipates raising substantial additional capital through the sale of equity securities and/or debt, but no other financing
arrangements are in place at this time.
If
the Company is unable to access additional funds when needed, it may not be able to continue the development of these investigational
drugs and the Company could be required to delay, scale back or eliminate some or all of its development programs and operations. Any
additional equity financing, if available, would be dilutive to the current stockholders and may not be available on favorable terms.
Additional debt financing, if available, may involve restrictive covenants and could also be dilutive. The Company’s ability to
access capital is not assured and, if access is not achieved on a timely basis, would materially harm the Company’s financial condition,
the value of its Common Stock and its business prospects.
Cash
Flows ($ in ‘000’s)
| |
Six month ended June 30, | |
| |
2023 | | |
2022 | |
Net cash used in operating activities | |
$ | (700 | ) | |
$ | (1,166 | ) |
Net cash provided by financing activities | |
| 640 | | |
| 997 | |
Increase (decrease) in cash | |
$ | (60 | ) | |
$ | (169 | ) |
Operating
Activities
Net
cash used in operating activities was approximately $0.7 million for the six months ended June 30, 2022. This was due to the net loss
of approximately $7.4 million, and primarily offset by approximately $6.1 million of goodwill impairment, approximately $0.3 million
of change in fair value of derivative, approximately $0.3 million due to amortization of debt discounts and deferred financing costs
and changes in operating assets and liabilities of approximately $0.1 million.
Financing
Activities
For the six months ended June
30,2023, net cash provided by financing activities was approximately $0.6 million, due to a receipt of cash from short term loan from
a related party of approximately $0.7 million offset by repayments of debt of approximately $50 thousand to one JH Darbie Financing note
holder.
For the six months ended June
30,2022, net cash provided by financing activities was approximately $1.0 million, due to a receipt of cash from sale of shares under
the EPA of approximately $0.1 million, a short-term convertible loan GMP of $0.5 million, approximately $1.0 million under the March 2022,
May 2022 and June 2022 notes, offset by repayments of debt of approximately $0.5 million to some note holders and approximately $0.1 million
to short term loan holders and one PPM note holder.
Off-Balance
Sheet Arrangements
We
have no off-balance sheet arrangements.
Effects
of Inflation
We
do not believe that inflation has had a material impact on our business, revenues or operating results during the periods presented.
Contractual
Obligations
Our
current drug development programs are based on a series of compounds called combretastatins, which we have exclusively licensed from
Arizona State University, or ASU. If our current drug candidates are approved, we will be required to pay low to mid-single-digit royalties
on future net sales of products associated with the ASU patent rights until these patent rights expire.
We
also have an exclusive license from Bristol-Myers Squibb, or BMS, for certain patent rights to particular combretastatins, including
CA4P. If CA4P is approved, we will be required to pay low-single-digit royalties on future net sales of products associated with the
BMS patent rights until these patent rights expire.
Item
3. Quantitative and Qualitative Disclosures about Market Risk
Our
cash is maintained in U.S. dollar accounts. We have adopted a policy for the cash that we hold, and also for any cash equivalents and
investments that we may hold, the primary objective of which is to preserve principal, while also maintaining liquidity to meet our operating
needs and maximize yields to the extent possible. Although our investments can be subject to credit risk, we follow procedures to limit
the amount of credit exposure in any single issue, issuer or type of investment. Our investments are also subject to interest rate risk
and would be likely to decrease in value if market interest rates increase. However, due to the generally conservative nature of our
investments and relatively short duration, we believe that interest rate risk is mitigated.
Although
we may from time-to-time manufacture drugs and conduct preclinical or clinical trials outside of the United States, we believe our exposure
to foreign currency risk to be immaterial.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms,
and that such information is accumulated and communicated to our management, including our principal executive officer and principal
financial officer, as appropriate, to allow timely decisions regarding required disclosures. In designing disclosure controls and procedures,
our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls
and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood
of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future
conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance
of achieving the desired control objectives.
As
required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) our Chief Executive
Officer (“CEO”) and our Chief Financial Officer (“CFO”) conducted an evaluation as of the end of
the period covered by this Quarterly Report on Form 10-Q, of the effectiveness of our disclosure controls and procedures as defined in
Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on that evaluation, our CEO and our CFO each concluded that our disclosure
controls and procedures are not effective to provide reasonable assurance that information required to be disclosed in the reports that
we file or submit under the Exchange Act, (i) is recorded, processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission’s rules and forms and (ii) is accumulated and communicated to our management, including our
CEO and our CFO, as appropriate to allow timely decisions regarding required disclosure.
Material
Weaknesses in Internal Control over Financial Reporting
Management
conducted an assessment of the effectiveness of our internal control over financial reporting as of June 30, 2023 based on the
framework established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of
the Treadway Commission. Based on this assessment, management has determined that the Registrant’s internal control over
financial reporting as of June 30, 2023 was not effective as a result of certain material weaknesses.
A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is
a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected
on a timely basis.
The
ineffectiveness of our internal control over financial reporting was due to the following material weaknesses which are observed in many
small companies with a small number of accounting and financial reporting staff:
● |
Lack
of formal policies and procedures; |
● |
Lack
of a functioning audit committee and independent directors on the Company’s board of directors to oversee financial reporting
responsibilities; |
● |
Inadequate
or lack of segregation of duties; |
● |
Lack
of dedicated resources and experienced personnel to design and implement internal control procedures to support financial reporting
objectives; |
● |
Lack
of qualified accounting personnel to prepare and report financial information in accordance with GAAP; and |
● |
Lack
of risk assessment procedures on internal controls to detect financial reporting risks on a timely manner. |
Management’s
Plan to Remediate the Material Weaknesses
Management
has been implementing and continues to implement measures designed to ensure that control deficiencies contributing to the material weakness
are remediated, such that these controls are designed, implemented, and operating effectively. The remediation actions planned include:
● |
Continue
to search for, evaluate and recruit qualified independent outside directors; |
● |
Hire
qualified accounting personnel to prepare and report financial information in accordance with GAAP; |
● |
Identify
gaps in our skills base and the expertise of our staff required to meet the financial reporting requirements of a public company;
and |
● |
Continue
to develop policies and procedures on internal control over financial reporting and monitor the effectiveness of operations on existing
controls and procedures. |
Changes
in Internal Control over Financial Reporting
During
the six months ended June 30, 2023, we continued to execute upon our planned remediation actions which are all intended to strengthen
our overall control environment. While we have made progress in our planned remediation efforts and we expect the Company to complete
its planned execution of internal controls over financial reporting during the year ended December 31, 2023, however, our ability to
do so would greatly depend on our ability to obtain financial and other resources to complete the remediation.
We
are committed to maintaining a strong internal control environment and believe that these remediation efforts will represent significant
improvements in our control environment. Our management will continue to monitor and evaluate the relevance of our risk-based approach
and the effectiveness of our internal controls and procedures over financial reporting on an ongoing basis and is committed to taking
further action and implementing additional enhancements or improvements, as necessary and as funds allow.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings
None.
Item
1A. Risk Factors
Please
see the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2022 filed on April 14, 2023 or the
Amended Annual Report on Form 10K/A filed on April 19, 2023 with the SEC. The risks described below and in our Form 10-K or Form 10K/A
are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to
be immaterial also may materially adversely affect our business, financial condition and/or operating results.
Item
2. Unregistered Sales of Equity Securities and Use Of Proceeds
In
February 2023, Blue Lake partially converted $71,750 of their debt. In connection with the partial Note conversion, the Company issued
1,025,000 shares of Common Stock to Blue Lake.
In
June 2023, Blue Lake the converted the full remainder of their $181,750 debt, accrued interest and penalty. In connection with this Note
conversion, the Company issued 3,466,853 shares of Common Stock to Blue Lake.
In
May and June 2023, Fourth Man converted $50,000 in principal and $30,000 in accrued interest into 1,192,857 shares of Common Stock.
In
July 2023, Fourth Man converted $25,000 in principal, $17,178 in accrued interest and $1,750 of legal fees into 627,538 shares of Common
Stock.
Item
3. Defaults upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
Applicable.
Item
5. Other Information
None.
ITEM
6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
In
reviewing the agreements included as exhibits to this Quarterly Report, please remember that they are included to provide you with information
regarding their terms and are not intended to provide any other factual or disclosure information about the Company or the other parties
to the agreements. The agreements may contain representations and warranties by each of the parties to the applicable agreement. These
representations and warranties have been made solely for the benefit of the parties to the applicable agreement and:
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should
not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties
if those statements prove to be inaccurate; |
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have
been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which
disclosures are not necessarily reflected in the agreement; |
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may
apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and |
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were
made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject
to more recent developments. |
Accordingly,
these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time.
Additional information about the Company may be found elsewhere in this Quarterly Report and the Company’s other public filings,
which are available without charge through the SEC’s website at http://www.sec.gov.
The
following exhibits are included as part of this Quarterly Report and is not a complete list of all relevant and material agreements.
A more complete list of previously filed Exhibits can be found with our Annual Report on Form 10K, or Amended Annual Report on Form 10K/A,
filed with the SEC on April 14, 2023 and April 19, 2023, respectively:
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Incorporated
by Reference |
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Exhibit
Number |
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Description |
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Form |
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Filing
Date |
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Exhibit
Number |
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Filed
Herewith |
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10.1 |
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Amendment to the Oncotelic Therapeutics, Inc. 2015 Equity Incentive Plan |
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S-8 |
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4/19/2021 |
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10.1 |
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10.2 |
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Equity Purchase Agreement by and between Oncotelic Therapeutics, Inc., and Peak One Opportunity Fund, L.P., dated May 3, 2021 |
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8-K |
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5/7/2021 |
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10.1 |
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10.3 |
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Registration Rights Agreement, by and between Oncotelic Therapeutics, Inc., and Peak One Opportunity Fund, L.P., dated May 3, 2020 |
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8-K |
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5/7/2021 |
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10.2 |
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10.4 |
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Joint Venture Agreement relating to GMP Biotechnology Limited between Dragon Overseas Capital Limited, Oncotelic Therapeutics, Inc. and GMP Biotechnology Limited dated March 31, 2022 |
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8-K |
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4/6/2022 |
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10.1 |
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10.5 |
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License Agreement between Oncotelic Therapeutics, Inc. and GMP Biotechnology Limited dated March 31, 2022 |
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8-K |
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4/6/2022 |
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10.2 |
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10.6 |
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License Agreement between Oncotelic Therapeutics, Inc. and Sapu Holdings, LLC dated March 31, 2022 |
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8-K |
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4/6/2022 |
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10.3 |
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10.7 |
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Independent consulting agreement between Oncotelic Therapeutics, Inc. and Fatih Uckun, MD, Ph.D. dated May 1, 2022 |
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8-K |
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5/6/2022 |
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10.1 |
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10.8 |
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Independent consulting agreement between Oncotelic Therapeutics, Inc. and Seymour Fein, MD dated May 1, 2022 |
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8-K |
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5/6/2022 |
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10.2 |
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10.9 |
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Securities Purchase Agreement between Oncotelic Therapeutics Inc. and certain accredited investors dated May 27, 2022 |
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8-K |
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6/3/2022 |
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10.1 |
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10.10 |
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Securities Purchase Agreement between Oncotelic Therapeutics Inc. and certain accredited investors dated June 22, 2022 |
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8-K |
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6/27/2022 |
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10.1 |
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31.1 |
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Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a). |
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x |
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31.2 |
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Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a). |
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x |
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32.1 |
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Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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x |
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32.2 |
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Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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x |
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101.1 |
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Interactive
Data Files for the Three and Six months ended June 20, 2023 and June 30, 2022 |
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x |
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101.INS |
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XBRL Instance Document |
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x |
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104 |
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x |
* |
Confidential
treatment has been granted for portions of this Exhibit. Redacted portions filed separately with the Securities and Exchange Commission. |
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+ |
Management
contract or compensatory plan or arrangement. |
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) 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.
ONCOTELIC
THERPAEUTICS INC.
By: |
/s/
Vuong Trieu |
|
|
Vuong
Trieu, Ph.D. |
|
|
Chief
Executive Officer and Director (Principal Executive Officer) |
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Date: |
August
18, 2023 |
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By:
|
/s/
Amit Shah |
|
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Amit
Shah |
|
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Chief
Financial Officer
(Principal
Financial and Accounting Officer) |
|
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Date: |
August
18, 2023 |
|
Exhibit
31.1
ONCOTELIC
THERAPEUTICS, INC.
CERTIFICATION
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Vuong Trieu, Ph.D., certify that:
|
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Oncotelic Therapeutics, Inc. for the period ended June 30, 2023; |
|
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|
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; |
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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; |
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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; |
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(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; |
|
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|
(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 |
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(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 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 |
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|
(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. |
By: |
/s/
Vuong Trieu |
|
|
Vuong
Trieu, Ph.D. |
|
|
Chief
Executive Officer (Principal Executive Officer) |
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Date: |
August
18, 2023 |
|
Exhibit
31.2
ONCOTELIC
THERAPEUTICS, INC.
CERTIFICATION
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Amit Shah, certify that:
|
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Oncotelic Therapeutics, Inc. for the period ended June 30, 2023; |
|
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|
|
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; |
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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; |
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|
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; |
|
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|
|
(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; |
|
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|
|
(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 |
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(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 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. |
By: |
/s/
Amit Shah |
|
|
Amit
Shah |
|
|
Chief
Financial Officer (Principal Financial and Accounting Officer) |
|
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|
Date: |
August
18, 2023 |
|
Exhibit
32.1
ONCOTELIC
THERAPEUTICS, INC.
CERTIFICATION
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with this Quarterly Report on Form 10-Q for the period ended June 30, 2023 of Oncotelic Therapeutics, Inc. (the “Company”)
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity
and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to his knowledge:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of
the Company.
By: |
/s/
Vuong Trieu |
|
|
Vuong
Trieu, Ph.D. |
|
|
Chief
Executive Officer (Principal Executive Officer) |
|
|
|
|
Date: |
August
18, 2023 |
|
Exhibit
32.2
ONCOTELIC
THERAPEUTICS, INC.
CERTIFICATION
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with this Quarterly Report on Form 10-Q for the period ended June 30, 2023 of Oncotelic Therapeutics, Inc. (the “Company”)
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity
and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to his knowledge:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of
the Company.
By: |
/s/
Amit Shah |
|
|
Amit
Shah |
|
|
Chief
Financial Officer (Principal Financial and Accounting Officer) |
|
|
|
|
Date: |
August
18, 2023 |
|
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 11, 2023 |
Cover [Abstract] |
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Document Type |
10-Q
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Amendment Flag |
false
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Document Quarterly Report |
true
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false
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Document Period End Date |
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|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-21990
|
|
Entity Registrant Name |
Oncotelic
Therapeutics, Inc.
|
|
Entity Central Index Key |
0000908259
|
|
Entity Tax Identification Number |
13-3679168
|
|
Entity Incorporation, State or Country Code |
DE
|
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Entity Address, Address Line One |
29397
Agoura Road
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Entity Address, Address Line Two |
Suite 107
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Entity Address, City or Town |
Agoura
Hills
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Entity Address, State or Province |
CA
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Entity Address, Postal Zip Code |
91301
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City Area Code |
(650)
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635-7000
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v3.23.2
Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash |
$ 181,872
|
$ 241,452
|
Restricted cash |
20,000
|
20,000
|
Accounts receivable |
18,976
|
19,748
|
Prepaid & other current assets |
60,736
|
21,964
|
Total current assets |
281,584
|
303,164
|
In process R&D |
1,101,760
|
1,101,760
|
Goodwill, net of impairment |
5,988,230
|
12,071,376
|
Investment in GMP Bio at fair value |
22,640,519
|
22,640,519
|
Total assets |
30,012,093
|
36,116,819
|
Current liabilities: |
|
|
Accounts payable and accrued liabilities |
2,458,589
|
2,510,864
|
Contingent consideration |
2,625,000
|
2,625,000
|
Derivative liability on notes |
525,734
|
198,140
|
Total current liabilities |
18,086,145
|
16,923,407
|
Stockholders’ equity: |
|
|
Common stock, $.01 par value; 750,000,000 shares authorized; 397,531,590 and 391,846,880 issued and outstanding, respectively |
3,975,316
|
3,918,469
|
Additional paid-in capital |
41,235,949
|
41,416,632
|
Accumulated deficit |
(32,896,062)
|
(25,926,069)
|
Total Oncotelic Therapeutics, Inc. stockholders’ equity |
12,315,203
|
19,409,032
|
Non-controlling interests |
(389,255)
|
(215,620)
|
Total stockholders’ equity |
11,925,948
|
19,193,412
|
Total liabilities and stockholders’ equity |
30,012,093
|
36,116,819
|
Related Party [Member] |
|
|
Current liabilities: |
|
|
Accounts payable to related party |
343,001
|
332,432
|
Convertible debt and short-term debt - related party, net of costs |
1,871,930
|
1,165,048
|
Nonrelated Party [Member] |
|
|
Current liabilities: |
|
|
Convertible debt and short-term debt - related party, net of costs |
$ 10,261,891
|
$ 10,091,923
|
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v3.23.2
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|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
750,000,000
|
750,000,000
|
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397,531,590
|
391,846,880
|
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397,531,590
|
391,846,880
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v3.23.2
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Operating expenses: |
|
|
|
|
Research and development |
|
$ 108,707
|
$ 28,927
|
$ 689,004
|
General and administrative |
238,758
|
147,608
|
436,958
|
3,911,518
|
Goodwill impairment |
6,083,146
|
(0)
|
6,083,146
|
(0)
|
Total operating expenses |
6,321,904
|
256,315
|
6,549,031
|
4,600,522
|
Loss from operations |
(6,321,904)
|
(256,315)
|
(6,549,031)
|
(4,600,522)
|
Other income (expense): |
|
|
|
|
Reimbursement for expenses - related party |
|
247,492
|
72,246
|
247,492
|
Interest expense, net |
(257,396)
|
(1,094,878)
|
(651,675)
|
(1,392,341)
|
Gain on derecognition of non-financial asset |
|
16,951,477
|
|
16,951,477
|
Change in fair value of derivative on debt |
(307,698)
|
122,919
|
(327,594)
|
(67,922)
|
Miscellaneous income |
36,988
|
|
|
|
Loss on extinguishment / conversion of debt |
|
|
|
(257,810)
|
Total other income (expense) |
(528,106)
|
16,227,010
|
(907,023)
|
15,480,896
|
Net income (loss) before non-controlling interests |
(6,850,010)
|
15,970,695
|
(7,456,054)
|
10,880,374
|
Net loss attributable to non-controlling interests |
(93,010)
|
(41,424)
|
(173,635)
|
(281,964)
|
Net income (loss) attributable to Oncotelic Therapeutics, Inc. |
$ (6,757,000)
|
$ 16,012,119
|
$ (7,282,419)
|
$ 11,162,338
|
Basic net income (loss) per share attributable to common stock |
$ (0.02)
|
$ 0.04
|
$ (0.02)
|
$ 0.03
|
Basic weighted average common stock outstanding |
394,374,227
|
379,203,841
|
393,829,610
|
378,588,600
|
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v3.23.2
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Dec. 31, 2021 |
|
$ 3,752,881
|
$ 35,223,842
|
$ (31,021,050)
|
$ 202,758
|
$ 8,158,431
|
Balance, shares at Dec. 31, 2021 |
|
375,288,146
|
|
|
|
|
Net income (loss) |
|
|
|
(4,849,781)
|
(240,540)
|
(5,090,321)
|
Common shares issued upon cashless exercise of warrants |
|
$ 30,420
|
(30,420)
|
|
|
|
Common shares issued upon cashless exercise of warrants, shares |
|
3,041,958
|
|
|
|
|
Common shares issued for cash |
|
$ 3,000
|
48,805
|
|
|
51,805
|
Common shares issued for cash, shares |
|
300,000
|
|
|
|
|
Stock compensation expense |
|
|
297,360
|
|
|
297,360
|
Warrants issued in connection with debt issuance |
|
|
2,905,316
|
|
|
2,905,316
|
Balance at Mar. 31, 2022 |
|
$ 3,786,301
|
38,444,903
|
(35,870,831)
|
(37,782)
|
6,322,591
|
Balance, shares at Mar. 31, 2022 |
|
378,630,104
|
|
|
|
|
Balance at Dec. 31, 2021 |
|
$ 3,752,881
|
35,223,842
|
(31,021,050)
|
202,758
|
8,158,431
|
Balance, shares at Dec. 31, 2021 |
|
375,288,146
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
10,880,374
|
Balance at Jun. 30, 2022 |
|
$ 3,860,418
|
40,357,610
|
(19,858,712)
|
(79,206)
|
24,280,110
|
Balance, shares at Jun. 30, 2022 |
|
386,041,862
|
|
|
|
|
Balance at Mar. 31, 2022 |
|
$ 3,786,301
|
38,444,903
|
(35,870,831)
|
(37,782)
|
6,322,591
|
Balance, shares at Mar. 31, 2022 |
|
378,630,104
|
|
|
|
|
Common shares issued in connection with debt conversion |
|
$ 45,250
|
286,001
|
|
|
331,251
|
Common shares issued in connection with debt conversion, shares |
|
4,525,000
|
|
|
|
|
Net income (loss) |
|
|
|
16,012,119
|
(41,424)
|
15,970,695
|
Common shares issued upon cashless exercise of warrants |
|
$ 25,867
|
(25,867)
|
|
|
|
Common shares issued upon cashless exercise of warrants, shares |
|
2,586,758
|
|
|
|
|
Common shares issued for cash |
|
$ 3,000
|
43,822
|
|
|
46,822
|
Common shares issued for cash, shares |
|
300,000
|
|
|
|
|
Stock compensation expense |
|
|
25,196
|
|
|
25,196
|
Warrants issued in connection with debt issuance |
|
|
368,375
|
|
|
368,375
|
Beneficial Conversion Feature on convertible debt |
|
|
570,717
|
|
|
570,717
|
Contribution from shareholder for payment of liabilities |
|
|
644,463
|
|
|
644,463
|
Balance at Jun. 30, 2022 |
|
$ 3,860,418
|
40,357,610
|
(19,858,712)
|
(79,206)
|
24,280,110
|
Balance, shares at Jun. 30, 2022 |
|
386,041,862
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 3,918,469
|
41,416,632
|
(25,926,069)
|
(215,620)
|
19,193,412
|
Balance, shares at Dec. 31, 2022 |
|
391,846,880
|
|
|
|
|
Adoption of ASU 2020-06 |
|
|
(521,749)
|
312,426
|
|
(209,323)
|
Common shares issued in connection with debt conversion |
|
$ 10,250
|
61,499
|
|
|
71,749
|
Common shares issued in connection with debt conversion, shares |
|
1,025,000
|
|
|
|
|
Net income (loss) |
|
|
|
(525,419)
|
(80,625)
|
(606,044)
|
Balance at Mar. 31, 2023 |
|
$ 3,928,719
|
40,956,382
|
(26,139,062)
|
(296,245)
|
18,449,794
|
Balance, shares at Mar. 31, 2023 |
|
392,871,880
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 3,918,469
|
41,416,632
|
(25,926,069)
|
(215,620)
|
19,193,412
|
Balance, shares at Dec. 31, 2022 |
|
391,846,880
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
(7,456,054)
|
Balance at Jun. 30, 2023 |
|
$ 3,975,316
|
41,235,949
|
(32,896,062)
|
(389,255)
|
11,925,948
|
Balance, shares at Jun. 30, 2023 |
|
397,531,590
|
|
|
|
|
Balance at Mar. 31, 2023 |
|
$ 3,928,719
|
40,956,382
|
(26,139,062)
|
(296,245)
|
18,449,794
|
Balance, shares at Mar. 31, 2023 |
|
392,871,880
|
|
|
|
|
Common shares issued in connection with debt conversion |
|
$ 46,597
|
279,567
|
|
|
326,164
|
Common shares issued in connection with debt conversion, shares |
|
4,659,710
|
|
|
|
|
Net income (loss) |
|
|
|
(6,757,000)
|
(93,010)
|
(6,850,010)
|
Balance at Jun. 30, 2023 |
|
$ 3,975,316
|
$ 41,235,949
|
$ (32,896,062)
|
$ (389,255)
|
$ 11,925,948
|
Balance, shares at Jun. 30, 2023 |
|
397,531,590
|
|
|
|
|
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6 Months Ended |
12 Months Ended |
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Mar. 31, 2023 |
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Jun. 30, 2022 |
Dec. 31, 2022 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net profit |
$ (6,850,010)
|
$ (606,044)
|
$ 15,970,695
|
$ (5,090,321)
|
$ (7,456,054)
|
$ 10,880,374
|
|
Adjustments to reconcile net profit to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
Gain on derecognition of non-financial asset |
|
|
(16,951,477)
|
|
|
(16,951,477)
|
|
Goodwill impairment |
6,083,146
|
|
(0)
|
|
6,083,146
|
(0)
|
$ 4,111,079
|
Amortization of debt discount and deferred finance costs |
|
|
|
|
251,782
|
1,133,270
|
|
Amortization of intangible assets |
|
|
|
|
|
12,841
|
|
Warrants issued in connection with private placement |
|
|
|
|
|
2,905,316
|
|
Stock-based compensation |
|
|
|
|
|
322,556
|
|
Change in fair value of derivative |
307,698
|
|
(122,919)
|
|
327,594
|
67,922
|
|
Loss on debt conversion |
|
|
|
|
|
257,810
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Prepaid expenses and other current assets |
|
|
|
|
(38,000)
|
(4,932)
|
|
Accounts payable and accrued expenses |
|
|
|
|
117,289
|
276,704
|
|
Accounts payable to related party |
|
|
|
|
14,663
|
(66,183)
|
|
Net cash provided by (used in) operating activities |
|
|
|
|
(699,580)
|
(1,165,799)
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Proceeds from / (repayment to) private placement |
|
|
|
|
(50,000)
|
(25,000)
|
|
Proceeds from sales of common stock |
|
|
|
|
|
98,627
|
|
Proceeds from convertible debt |
|
|
|
|
|
983,175
|
|
Proceeds from short term loans, others |
|
|
|
|
690,000
|
500,000
|
|
Repaid to note holders |
|
|
|
|
|
(500,000)
|
|
Repaid to related party/others |
|
|
|
|
|
(60,000)
|
|
Net cash provided by financing activities |
|
|
|
|
640,000
|
996,802
|
|
Net increase (decrease) in cash |
|
|
|
|
(59,580)
|
(168,997)
|
|
Cash and restricted cash - beginning of period |
|
$ 261,452
|
|
$ 588,769
|
261,452
|
588,769
|
588,769
|
Cash and restricted cash - end of period |
$ 201,872
|
|
$ 419,772
|
|
201,872
|
419,772
|
$ 261,452
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
Interest paid |
|
|
|
|
197,458
|
328,181
|
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
|
Warrants issued in connection with private placement |
|
|
|
|
|
2,905,316
|
|
Contribution from shareholder for payment of liabilities |
|
|
|
|
|
644,463
|
|
Common shares issued upon conversion of debt |
|
|
|
|
397,912
|
650,001
|
|
Beneficial Conversion Feature on convertible debt and restricted common shares |
|
|
|
|
|
570,717
|
|
Adoption of ASU 2020-06, net |
|
|
|
|
$ (209,323)
|
|
|
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v3.23.2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
|
6 Months Ended |
Jun. 30, 2023 |
Description Of Business And Basis Of Presentation |
|
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION |
NOTE
1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description
of Business
Oncotelic
Therapeutics, Inc. (“Oncotelic”), was formed in the State of New York in 1988 as OXiGENE, Inc., was reincorporated
in the State of Delaware in 1992, and changed its name to Mateon Therapeutics, Inc. in 2016, and Oncotelic Therapeutics, Inc. in November
2020. Oncotelic conducts business activities through Oncotelic and its wholly owned subsidiaries, Oncotelic, Inc., a Delaware corporation,
PointR Data, Inc. (“PointR”), a Delaware corporation: and EdgePoint AI, Inc. (“Edgepoint”), a Delaware
Corporation for which there are non-controlling interests, (Oncotelic, Oncotelic Inc., PointR, Pet2DAO and Edgepoint are collectively called the
“Company” or “We”). The Company completed a reverse merger with Oncotelic Inc in April 2019, a merger
with PointR in November 2019 and formed a subsidiary Edgepoint in February 2020. For more information on these mergers, refer to our
2020 Annual Report on Form 10-K filed with the SEC on April 15, 2021.
The
Company is currently developing OT-101, through its joint venture (“JV”) with Dragon Overseas Capital Limited (“Dragon”)
and GMP Biotechnology Limited (“GMP Bio”), both affiliates of Golden Mountain Partners (“GMP”),
for various cancers and COVID-19, Artemisinin for COVID-19 and AI technologies for clinical development and manufacturing. The Company
is also independently planning to develop OT-101 for certain animal health indications and contemplating using crypto currencies for
that platform. The Company has acquired apomorphine for Parkinson’s Disease, erectile dysfunction and female sexual dysfunction.
In addition, the Company is evaluating the further development of its product candidates OXi4503 as a treatment for acute myeloid leukemia
and myelodysplastic syndromes and CA4P in combination with a checkpoint inhibitor for the treatment of advanced metastatic melanoma.
The
Company is primarily a cancer immunotherapy company dedicated to the development of first in class self-immunization protocol (“SIP™”)
candidates for difficult to treat cancers. The Company’s proprietary SIP™ candidates are expected to offer advantages over
other immunotherapies because they do not require extraction of the tumor or isolation of the antigens, and they have the potential for
broad-spectrum applicability for multiple cancer types. The Company’s proprietary product candidates have shown promising clinical
activity in phase 2 trials for the treatment of gliomas and pancreatic cancers. The Company aims to translate its unique insights, which
span more than three decades of original work using RNA therapeutics, into the deployment of antisense as a RNA therapeutic for diseases
which are caused by TGF-β overexpression, starting with cancer and expanding to Duchenne Muscular Dystrophy (“DMD”)
and others. OT-101, is being developed as a broad-spectrum anti-cancer drug that can also be used in combination with other standard
cancer therapies to establish an effective multi-modality treatment strategy for difficult-to-treat cancers. The JV plans to initiate
phase 2 and 3 clinical trials for OT-101 in both high-grade glioma and pancreatic cancer, and any other indications that may evolve,
for human pharmaceutical needs. The JV will also be sponsoring many investigator-initiated studies for OT-101 for other oncology indications.
The Company is evaluating the further development of its product candidates OXi4503 as a treatment for acute myeloid leukemia and myelodysplastic
syndromes and CA4P in combination with a checkpoint inhibitor for the treatment of advanced metastatic melanoma. The JV is also developing
OT-101 for the various epidemics and pandemics, similar to the current corona virus (“COVID-19”) pandemic. In this
connection, the Company entered into an agreement and supplemental agreement with GMP for a total of $1.2 million to render services
and was paid for the development of OT-101. The Company is working with the Biomedical Advanced Research and Development Authority to
conduct an observational study to evaluate the effects of long Covid-19 and has been provided a grant of up to $0.75 million for the
study. In 2020 and 2021, the Company was developing Artemisinin as a potential therapy for COVID-19. Artemisinin, purified from a plant
Artemisia annua. For more information on GMP and Artemisinin, refer to our 2022 Annual report on Form 10-K/A filed with the SEC
on April 19, 2023.
Fundraising
J.H.
Darbie Financing Notes & Issuance of Oncotelic Warrants
In
February 2022, the Company and 99 out of 100 of the Investors agreed to extend the maturity date of the notes connected to the Units
from March 31, 2022 to March 31, 2023. In addition, the Company issued approximately 33
million warrants to purchase $50,000
of shares of common stock of the Company in connection with agreeing to extend the maturity date by one year. The issuance of the
additional warrants resulted in the Company recording an expense of approximately $2.9
million in the Company’s statement of operations during the year ended December 31, 2022. For more information on the JD
Darbie financing, refer to Note 7 of these unaudited Notes to the Consolidated Financial Statements. In July 2023, the Company
commenced a new private placement financing through JH Darbie, and converted the debt of 15 accredited investors into the current
Subscription Agreements, which resulted in conversion of $1.0
million of debt to the Company. These debt conversions were for the prior private placement by JH Darbie. As of the date of this filing, we are working on getting the balance note holders from the prior JH Darbie Financing
converted into the new JH Darbie Financing. For more information on the new JH Darbie Financing, refer to Note 14 of these Notes to Consolidate Financial Statements.
Equity
Purchase Agreement
In
May 2021, the Company entered into an Equity Purchase Agreement (the “EPL”) and Registration Rights Agreement (the
“Registration Rights Agreement”) with Peak One Opportunity Fund, L.P. (“Peak One”), pursuant to
which the Company shall have the right, but not the obligation, to direct Peak One to purchase up to $10.0 million (the “Maximum
Commitment Amount”) in shares of the common stock, par value $0.01 per share (“Common Stock”) in multiple
tranches. The Company filed a post-effective amendment to reregister the EPL on April 26, 2022 and the post-effective amendment was found
effective by the SEC on May 6, 2022. Since the EPL was made effective in June 2021 till December 31, 2022, the Company has directed Peak
One, on multiple occasions, for an aggregate of 4.7 million shares of Common Stock for aggregate net cash proceeds of approximately $0.6
million. The Company filed a new post-effective amendment in April 2023 and the new post-effective amendment was found effective on April
25, 2023. The Company also filed a final form 424b3 Prospectus with the SEC on May 2, 2023. For more information on the EPL, refer to
Note 9 of the Notes to the Consolidated Financial Statements.
August
2021 Notes
In
August 2021, the Company issued Note Purchase Agreements with Autotelic Inc., the Company’s Chief Financial Officer (“CFO”),
and certain other accredited investors. Under the terms of the Note Purchase Agreements, the Company issued an aggregate of $698,500
(the “Principal Amount”) in debt in the form of unsecured convertible promissory notes (collectively, the “Notes”).
The Notes are unsecured, and provide for interest at the rate of 5% per annum. For more information on the debt financing of the Company,
refer to Note 5 of the Notes to the Consolidated Financial Statements.
November-December
2021 and March 2022 Notes
In
November / December 2021, the Company entered into various Securities Purchase Agreements with Talos Victory Fund, LLC (the (“Talos”),
Mast Hill Fund, LP (“Mast”), FirstFire Global Opportunities Fund, LLC (“FirstFire”), Blue Lake Partners, LLC
(“Blue Lake”) and Fourth Man, LLC (“Fourth Man”), pursuant to which the Company issued convertible promissory
notes in the aggregate principal amount of $0.25 million each, aggregating gross $1.25 million (the “Notes”), and which Notes
were convertible into shares of the Company’s common stock, par value $0.01 per share (“Common Stock”). As
of December 31, 2022, two of these notes were in default and available for conversion to OTLC shares due to cross default provision contained
in November / December 2021 Notes. As of the date of this Report on Form 10-Q, all the Notes under the November-December 2021 Notes
are fully converted.
In
March 2022, the Company entered into a Securities Purchase Agreement with Fourth Man, pursuant to which the Company
issued convertible promissory note in the aggregate principal amount of $0.25 million, which Note is convertible into shares of the Company’s
Common Stock. As of March 31, 2023, this note is in default and available for conversion to OTLC
shares due to cross default provision contained in November / December 2021 Notes.
For
more information on the debt financing of the Company, refer to Note 5 of the Notes to the Consolidated Financial Statements.
May
2022 Note
In
May 2022, the Company entered into a Securities Purchase Agreement with Mast, pursuant to which the Company issued convertible promissory
notes in the aggregate principal amount of $0.6 million, which note is convertible into shares of the Company’s Common Stock. As
of December 31, 2022, this note is in technical default and available for conversion to OTLC shares due to cross default provision contained
in November / December 2021 Notes. This note was used to fully repay November 2021 Talos note and the December 2021 First Fire
note. $35,000 of the First Fire Note was converted into 500,000 shares of Common Stock and the balance was repaid in cash
In
June 2022, Mast fully converted their November 2021 Note, for which the company issued 4,025,000 shares of Common Stock.
For
more information on the debt financing of the Company, refer to Note 5 of the Notes to the Consolidated Financial Statements.
June
2022 Note
In
June 2022, the Company entered into a Securities Purchase Agreement with Blue Lake, pursuant to which the Company issued convertible
promissory notes in the aggregate principal amount of $0.34
million, which note is convertible into shares
of the Company’s Common Stock.
For
more information on the debt financing of the Company, refer to Note 5 of the Notes to the Consolidated Financial Statements.
GMP
Note purchase agreements and unsecured notes
In
August 2021 the Company, the Company’s Chief Executive Officer (the “CEO”), and GMP executed a letter of intent and
a non-binding term sheet (the “Term Sheet”), which Term Sheet included certain binding terms relating to a standstill
agreement and the issuance of a convertible promissory note (as more fully described below).
Between
June 2020 and January 2022, the Company entered into various purchase agreements and promissory notes with GMP, cumulatively totaling
$4.5 million.
For
more information on the GMP debt financing, refer to Note 5 of the unaudited Notes to the Consolidated Financial Statements.
Joint
Venture with GMP Bio
In
March 2022, the Company formalized a joint venture (“JV”) with Dragon Overseas Capital Limited (“Dragon”)
and GMP Biotechnology Limited (“GMP Bio”), both affiliates of GMP. Although no assurances can be given, the Company
and GMP currently intend to conduct an initial public offering of the JV, at a future date, on either the Hong Kong Exchange or other
stock exchange.
For
more information on the JV, refer to Note 6 of the unaudited Notes to the Consolidated Financial Statements.
Pet2DAO
In
November 2022, the Company formed a Decentralized autonomous organization (“DAO”) entity, Pet2DAO LLC (“Pet2DAO”),
as a wholly owned subsidiary. A DAO is an emerging form of legal structure, that has no central
governing body, and whose members share a common goal to act in the best interest of the entity. Pet2DAO is a DAO technology company,
integrating the strong governance of traditional corporations with the innovative DAO architecture. The Company will look to engage stakeholders,
to build value through the DAO, while maintaining the rigor of traditional corporations, including governance, compliance, and accountability
through a team of veterans in public companies with innovators in AI, blockchain and Web3. Pet2DAO will initially be looking to
develop products for the animal health space. The Company will initially issue regular tokens and non-fungible tokens (“NFT”
and cumulatively “Tokens”) of Pet2DAO called PDAO to its employees, shareholders and key opinion leaders (“KOLs’)
and use the Tokens to propose and vote on various animal health related programs. In the future, the Company will evaluate and plan to
register these tokens with the SEC to make such Tokens freely tradable at a future point in time.
Principles
of Consolidation
The
consolidated financial statements include the accounts of Oncotelic, its wholly owned subsidiaries, Oncotelic Inc. and PointR, and Edgepoint
our non-controlled interest entity. Intercompany accounts and transactions have been eliminated in consolidation.
Basis
of Presentation
The
accompanying consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities
and Exchange Commission including Form 10-Q and Regulation S-X. The information furnished herein reflects all adjustments (consisting
of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly state the operating results
for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in
accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been omitted
pursuant to such rules and regulations.
Liquidity
and Going Concern
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company
has incurred net accumulated losses of approximately $32.9 million since inception of Oncotelic Inc., as the Company’s historical
financial statements before the Merger have been replaced with the historical financial statements of Oncotelic Inc. The Company also
has a negative working capital of approximately $17.8 million at June 30, 2023, of which approximately $2.6 million contingent liability
of issuance of common shares of the Company to PointR shareholders upon achievement of certain milestones in accordance with the PointR
Merger Agreement. The Company has negative cash flows from operations for the six months ended June 30, 2023 of approximately $0.7 million.
These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from
the date of this filing Management expects to incur significantly lower costs and losses in the foreseeable future, as a majority of
the costs related with the development of OT-101 will be incurred by the JV, but the Company also recognizes the need to raise capital
to remain viable. The accompanying consolidated financial statements do not include any adjustments that might be necessary should the
Company be unable to continue as a going concern.
The
Company’s long-term plans include continued development of its current pipeline of products, in addition to continue the development
of OT-101, which is exclusively out-licensed to the JV and the JV will be responsible for the cash required to support the development
in entirety, to generate sufficient revenues, through either technology transfer or product sales, to cover its anticipated expenses.
Until the Company is able to generate sufficient revenues from its current pipeline, the Company plans on funding its operations through
the sale of equity and/or the issuance of debt, combined with or without warrants or other equity instruments.
Although
no assurances can be given as to the Company’s ability to deliver on its revenue plans, or that unforeseen expenses may arise,
management believes that the potential equity and debt financing or other potential financing will provide the necessary funding for
the Company to continue as a going concern. Also, management cannot guarantee any potential debt or equity financing will be available
on favorable terms or at all. As such, management does not believe the Company has sufficient cash for 12 months from the date of this
report. If adequate funds are not available on acceptable terms, or at all, the Company will need to curtail operations, or cease operations
completely.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use
of Estimates
The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, equity-based transactions and disclosure of contingent liabilities at the date of the financial
statements and revenues and expense during the reporting period. Actual results could materially differ from those estimates.
The
Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation
of the financial statements. Significant estimates include the valuation of goodwill and intangible assets for impairment, deferred tax
asset and valuation allowance, and fair value of financial instruments.
Cash
As
of June 30, 2023, and December 31, 2022 the Company held all its cash in banks. The Company considers investments in highly liquid instruments
with a maturity of three months or less to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2023 and
December 31, 2022, respectively. Restricted cash consists of certificates of deposits held at banks as collateral for various purposes.
Debt
issuance Costs and Debt discount
Issuance
costs are specific incremental costs that are (1) paid to third parties and (2) directly attributable to the issuance of a debt or equity
instrument. The issuance costs attributable to the initial sale of the instrument are offset against the associated proceeds in the determination
of the instrument’s initial net carrying amount.
Debt
issuance costs and debt discounts are being amortized over the lives of the related financings on a basis that approximates the effective
interest method. Costs and discounts are presented as a reduction of the related debt in the accompanying balance sheets if related to
the issuance of debt or presented as a reduction of additional paid in capital if related to the issuance of an equity instrument. The
Company applies the relative fair value to allocate the issuance costs among freestanding instruments that form part of the same transaction.
If
the Company amends the terms of its convertible notes, the Company reviews and applies the guidance per ASC 470-60 Troubled debt restructurings
and ASC 470-50 Debt-Modifications and Extinguishments, evaluates and concludes whether the terms of the agreements were or
were not substantially different as of a particular reporting date and accounts the transaction as a debt modification or a troubled
debt restructuring.
Fair
Value of Financial Instruments
The
carrying value of cash, accounts payable and accrued expense approximate their fair values based on the short-term maturity of these
instruments. As defined in ASC 820, “Fair Value Measurements and Disclosures,” fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit
price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including
assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market
corroborated, or generally unobservable. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair
value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level
1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). This fair value measurement framework applies at
both initial and subsequent measurement.
The
three levels of the fair value hierarchy defined by ASC 820 are as follows:
● |
Level
1 – Quoted prices are available in active markets for identical assets or liabilities
as of the reporting date. Active markets are those in which transactions for the asset or
liability occur in sufficient frequency and volume to provide pricing information on an ongoing
basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives,
marketable securities and listed equities.
|
● |
Level
2 – Pricing inputs are other than quoted prices in active markets included in Level
1, which are either directly or indirectly observable as of the reported date. Level 2 includes
those financial instruments that are valued using models or other valuation methodologies.
These models are primarily industry-standard models that consider various assumptions, including
quoted forward prices for commodities, time value, volatility factors and current market
and contractual prices for the underlying instruments, as well as other relevant economic
measures. Substantially all of these assumptions are observable in the marketplace throughout
the full term of the instrument, can be derived from observable data or are supported by
observable levels at which transactions are executed in the marketplace. Instruments in this
category generally include non-exchange-traded derivatives such as commodity swaps, interest
rate swaps, options and collars.
|
● |
Level
3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be
used with internally developed methodologies that result in management’s best estimate of fair value. |
Investment
in equity securities
The
following table summarizes the cumulative gross unrealized gains and losses and fair values for long-term investments accounted for at
fair value under the fair value option, with the unrealized gains and losses reported within earnings on the Condensed Consolidated Statements
of Operation as of June 30, 2023 and December 31, 2022.:
SCHEDULE
OF UNREALIZED GAINS AND LOSSES
| |
| | |
Cumulative | | |
Cumulative | | |
| |
| |
| | |
Gross | | |
Gross | | |
| |
| |
Initial | | |
Unrealized | | |
Unrealized | | |
Fair | |
| |
Book Value | | |
Gains | | |
Losses | | |
Value | |
June 30, 2023 and December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Investment in GMP Bio (equity securities) | |
$ | 22,640,519 | | |
$ | - | | |
$ | - | | |
$ | 22,640,519 | |
Total | |
$ | 22,640,519 | | |
$ | - | | |
$ | - | | |
$ | 22,640,519 | |
The
table below sets forth a summary of the changes in the fair value of the Company’s long-term investment in equity securities, based
on a third-party valuation report, as a Level 3 fair value as of June 30, 2023 and December 31, 2022:
SUMMARY
OF CHANGES IN FAIR VALUE OF LONG-TERM INVESTMENT IN EQUITY SECURITIES
| |
June
30, 2023 | | |
December
31, 2022 | |
Balance at January 1, 2023 and 2022 | |
$ | 22,640,519 | | |
$ | - | |
Contribution at cost basis | |
| - | | |
| 5,689,042 | |
Gain on derecognition of non-financial asset | |
| - | | |
| 16,591,477 | |
Change in fair value | |
| - | | |
| - | |
| |
| | | |
| | |
Balance at June 30, 2023 and December
31, 2022 | |
$ | 22,640,519 | | |
$ | 22,640,519 | |
Derivative
Liability
The
Company has certain derivative liabilities associated with its 2019 bridge financing Convertible Notes (see Note 5), which consisted
of conversion feature derivatives at June 30, 2023 and December 31, 2022, are Level 3 fair value measurements.
The
table below sets forth a summary of the changes in the fair value of the Company’s derivative liabilities classified as Level 3
as of June 30, 2023 and 2022:
SUMMARY
OF CHANGES IN FAIR VALUE OF DERIVATIVE LIABILITIES
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Conversion Feature | | |
Conversion Feature | |
Balance at January 1, 2023 and 2022 | |
$ | 198,140 | | |
$ | 340,290 | |
New derivative liability | |
| | | |
| - | |
Reclassification to additional paid in capital
from conversion of debt to common stock | |
| | | |
| - | |
Change in fair value | |
| 327,594 | | |
| 67,922 | |
| |
| | | |
| | |
Balance at June, 2023
and 2022 | |
$ | 525,734 | | |
$ | 408,212 | |
As
of June 30, 2023, and 2022, the Company estimated the fair value of the conversion feature derivatives embedded in the convertible debentures
based on assumptions used in the Black-Scholes valuation model. The key valuation assumptions used consists, in part, of the price of
the Company’s Common Stock, a risk-free interest rate based on the yield of a Treasury note and expected volatility of the Company’s
Common Stock all as of the measurement dates. The Company used the following assumptions to estimate fair value of the derivatives as
of June 30, 2023 and 2022, respectively:
SUMMARY
OF ESTIMATE FAIR VALUE OF DERIVATIVE LIABILITIES
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Key | | |
Key | |
| |
Assumptions | | |
Assumptions | |
| |
for fair value | | |
for fair value | |
| |
of
conversions | | |
of
conversions | |
Risk free interest | |
| 5.4 | % | |
| 0.17%
-1.03% | |
Market price of share | |
$ | 0.03 | | |
$ | 0.17-0.23 | |
Life of instrument in years | |
| 0.01 | | |
| 0.01
– 0.33 | |
Volatility | |
| 171.25 | % | |
| 107.50%-109.40% | |
Dividend yield | |
| 0 | % | |
| 0 | % |
When
the Company changes its valuation inputs for measuring financial liabilities at fair value, either due to changes in current market conditions
or other factors, it may need to transfer those liabilities to another level in the hierarchy based on the new inputs used. The Company
recognizes these transfers at the end of the reporting period that the transfers occur. For the periods ended June 30, 2023 and 2022,
respectively, there were no transfers of financial assets or financial liabilities between the hierarchy levels.
The
$2,625,000 of contingent consideration, of shares issuable to PointR shareholders which was recorded and associated with the PointR Merger,
is also classified as Level 3 fair value measurements. The Company initially recorded the contingency based on a valuation conducted
by a third-party valuation expert. The valuation was based on a probability of the completion of certain milestones by PointR for the
shareholders to earn additional shares. The Company evaluated the probability of the earning of the milestones and concluded that the
probability of achievement of the milestones had not changed, primarily due to the shifting of focus by the Company to develop AI technologies
for the COVID-19 pandemic. As such, the Company did not record any change to the valuation during the six months ended June 30, 2023
or 2022, respectively.
Net
Income (Loss) Per Share
Basic
net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding
during the period. Diluted net income (loss) per share includes the effect of Common Stock equivalents (notes convertible into Common
Stock, stock options and warrants) when, under either the treasury or if-converted method, such inclusion in the computation would be
dilutive. For the three and six months ended June 30, 2023, no equivalent shares of the Common Stock were excluded as the company has
a loss and addition of such stock equivalents in the computation would have been anti-dilutive.
Stock-Based
Compensation
The
Company applies the provisions of ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement
and recognition of compensation expense for all stock-based awards made to employees, including employee stock options, in the statements
of operations.
For
stock options issued to employees and members of the Board of Directors (the “Board”) for their services, the Company
estimates the grant date fair value of each option using the Black-Scholes option pricing model. The use of the Black-Scholes option
pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the
Common Stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the Common Stock.
For awards subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes stock-based
compensation expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service period,
which is generally the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time of grant
and revised.
For
warrants issued in connection with fund raising activities, the Company estimates the grant date fair value of each warrant using the
Black-Scholes pricing model. The use of the Black-Scholes option pricing model requires management to make assumptions with respect to
the expected term of the warrant, the expected volatility of the Common Stock consistent with the expected life of the warrant, risk-free
interest rates and expected dividend yields of the Common Stock. If the warrants are issued upon termination or cancellation of prior
issued warrants, then the Company estimates the grant date fair value of the new warrants using the Black-Scholes pricing model and evaluates
whether the new warrants are deemed as equity instruments or liability instruments. If the warrants are deemed to be equity instruments,
the Company records stock compensation expense and an addition to additional paid in capital. If, however, the warrants are deemed to
be liability instruments, then the fair value is treated as a deemed dividend and credited to additional paid in capital.
Impairment
of Long-Lived Assets
The
Company reviews long-lived assets, including definite-lived intangible assets, for impairment whenever events or changes in circumstances
indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the
forecasted undiscounted net cash flows of the operation to which the assets relate to the carrying amount. If the operation is determined
to be unable to recover the carrying amount of its assets, then these assets are written down first, followed by other long-lived assets
of the operation to fair value. Fair value is determined based on discounted cash flows or appraised values, depending on the nature
of the assets. For the three and six months ended June 30, 2023 and the year ended December 31, 2022, there were no impairment losses
recognized for long-lived assets.
Intangible
Assets
The
Company records its intangible assets at cost in accordance with ASC 350, Intangibles – Goodwill and Other. The Company
reviews the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely
than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline
in operating performance, competition, sale or disposition of a significant portion of the business, or other factors. If the review
indicates the impairment, an impairment loss would be recorded for the difference of the value recorded and the new value. For the
three and six months ended June 30, 2023 and 2022, respectively, there were no
impairment losses recognized for intangible assets. When we sell or contribute properties to unconsolidated arrangements and retain
a non-controlling ownership interest in such assets, we recognize the difference between the consideration received and the carrying
amount of the asset sold or contributed. For the three and six months ended June 30, 2022, we derecognized the intangibles of $0.8
million associated with OT-101 upon the transfer of our non-financial asset as a capital contribution for our 45%
ownership in the JV.
Goodwill
Goodwill
represents the excess of the purchase price of acquired business over the estimated fair value of the identifiable net assets acquired.
Goodwill is not amortized but is tested for impairment at least once annually, at the reporting unit level or more frequently if events
or changes in circumstances indicate that the asset might be impaired. The goodwill impairment test is applied by performing a qualitative
assessment before calculating the fair value of the reporting unit. If, on the basis of qualitative factors, it is considered not more
likely than not that the fair value of the reporting unit is less than the carrying amount, further testing of goodwill for impairment
would not be required. Otherwise, goodwill impairment is tested using a two-step approach.
The
first step involves comparing the fair value of the reporting unit to its carrying amount. If the fair value of the reporting unit is
determined to be greater than its carrying amount, there is no impairment. If the reporting unit’s carrying amount is determined
to be greater than the fair value, the second step must be completed to measure the amount of impairment, if any. The second step involves
calculating the implied fair value of goodwill by deducting the fair value of all tangible and intangible assets, excluding goodwill,
of the reporting unit from the fair value of the reporting unit as determined in step one. The implied fair value of the goodwill in
this step is compared to the carrying value of goodwill. If the implied fair value of the goodwill is less than the carrying value of
the goodwill, an impairment loss equivalent to the difference is recorded. As such, for the three and six months ended June 30, 2023
we recorded an impairment loss of approximately $6.1 million on our goodwill. No
similar impairment was recorded for the three
or six months ended June 30, 2022. For the year ended December 31, 2022 we had recorded an impairment loss of approximately $4.1
million on our goodwill and derecognized the
goodwill of $4.8
million associated with OT-101 upon the transfer
of our non-financial asset as a capital contribution for our 45%
ownership in the JV. For more information on goodwill and impairment, refer to Note 3 to these Notes to the Consolidated Financial
Statements.
Derivative
Financial Instruments Indexed to the Company’s Common Stock
We
have generally issued derivative financial instruments, such as warrants, in connection with our equity offerings. We evaluate the terms
of these derivative financial instruments in order to determine their accounting treatment in our financial statements. Key considerations
include whether the financial instruments are freestanding and whether they contain conditional obligations. If the warrants are freestanding,
do not contain conditional obligations and meet other classification criteria, we account for the warrants as an equity instrument. However,
if the warrants contain conditional obligations, then we account for the warrants as a liability until the conditional obligations are
met or are no longer relevant. Because no established market prices exist for the warrants that we issue in connection with our equity
offerings, we must estimate the fair value of the warrants, which is as inherently subjective as it is for stock options, and for similar
reasons as noted in the stock-based compensation section above. For financial instruments which are accounted for as a liability, we
report any changes in their estimated fair values as gains or losses in our Consolidated Statement of Income.
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with ASC 815 “Derivatives
and Hedging”.
ASC
815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and
account for them as free-standing derivative financial instruments. These three criteria include circumstances in which (a) the economic
characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and
risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is
not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported
in earnings as they occur, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered
a derivative instrument. Professional standards also provide an exception to this rule when the host instrument is deemed to be conventional
as defined under professional standards as “The Meaning of Conventional Convertible Debt Instrument.”
The
Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from
their host instruments) in accordance with ASC 470-20 “Debt – Debt with Conversion and Other Options.” Accordingly,
the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments
based upon the differences between the fair value of the underlying Common Stock at the commitment date of the note transaction and the
effective conversion price embedded in the note. Original issue discounts (“OID”) under these arrangements are amortized
over the term of the related debt to their earliest date of redemption. The Company also records when necessary deemed dividends for
the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying
Common Stock at the commitment date of the note transaction and the effective conversion price embedded in the note.
ASC
815-40 “Derivatives and Hedging – Contracts in Entity’s Own Equity” provides that, among other things, generally,
if an event is not within the entity’s control could or require net cash settlement, then the contract shall be classified as an
asset or a liability.
Variable
Interest Entity (VIE) Accounting
The
Company evaluates its ownership, contractual relationships and other interests in entities to determine the nature and extent of the
interests, whether such interests are variable interests and whether the entities are VIEs in accordance with ASC 810, Consolidations.
These evaluations can be complex and involve Management judgment as well as the use of estimates and assumptions based on available historical
information, among other factors. Based on these evaluations, if the Company determines that it is the primary beneficiary of a VIE,
the entity is consolidated into the financial statements. At June 30, 2023 and December 31, 2022, the Company identified EdgePoint to
be the Company’s sole VIE. At June 30, 2023 and December 31, 2022, the Company’s ownership percentage of EdgePoint was 29%
and 29%, respectively. The VIE’s net assets were less than $0.1 million at June 30, 2023 and December 31, 2022, respectively.
Investments
- Equity Method
The
Company accounts for equity method investments at cost, adjusted for the Company’s share of the investee’s earnings or losses,
which are reflected in the consolidated statements of operations. The Company periodically reviews the investments for other than temporary
declines in fair value below cost and more frequently when events or changes in circumstances indicate that the carrying value of an
asset may not be recoverable. The Investment in GMP Bio represents the investment into equity securities for which the Company elected
the fair value option pursuant to ASC 825-10-15 and subsequent fair value changes in the GMP Bio shares shall be included in the result
from other income. Refer to Note 6 to these Notes to the Consolidated Financial Statements.
Joint
Venture agreement
We
have equity interest in unconsolidated arrangement that is primarily engaged in the business of drug discovery, development, and commercialization,
including but not limited to development and commercialization of TGF-beta therapeutics as well as establishing and operating contract
development and manufacturing organization (“CDMO”) facilities and capabilities. The Company first reviews the arrangement
to determine if it meets the definition of an accounting joint venture pursuant to ASC 323-10-20. In order to meet the definition of
a joint venture, the arrangement must have all of the following characteristics, (i) the arrangement is organized within a separate legal
entity, (ii) the entity is under the joint control of the venturers, (iii) the venturers must be able to exercise joint control through
their equity investments, (iv) the qualitative characteristics of the entity, including its purpose and design must be consistent with
the definition of a joint venture.
We
consolidate arrangements that are considered to be VIEs where we are the primary beneficiary. We analyze our investments in joint ventures
to determine if the joint venture is considered a VIE and would require consolidation. We (i) evaluate the sufficiency of the total equity
investment at risk, (ii) review the voting rights and decision-making authority of the equity investment holders as a group and whether
there are limited partners (or similar owning entities) that lack substantive participating or kick out rights, guaranteed returns, protection
against losses, or capping of residual returns within the group and (iii) establish whether activities within the venture are on behalf
of an investor with disproportionately few voting rights in making this VIE determination.
To
the extent that we own interests in a VIE and we (i) have the power to direct the activities that most significantly impact the economic
performance of the VIE and (ii) have the obligation or rights to absorb losses or receive benefits that could potentially be significant
to the VIE, then we would be determined to be the primary beneficiary and would consolidate the VIE. To the extent that we own interests
in a VIE, then at each reporting period, we re-assess our conclusions as to which, if any, party within the VIE is considered the primary
beneficiary.
To
the extent that our arrangements do not qualify as VIEs, they are consolidated if we control them through majority ownership interests
or if we are the managing entity (general partner or managing member) and our partner does not have substantive participating rights.
Control is further demonstrated by our ability to unilaterally make significant operating decisions, refinance debt, and sell the assets
of the joint venture without the consent of the non-managing entity and the inability of the non-managing entity to remove us from our
role as the managing entity.
We
use the equity method of accounting for those arrangements where we exercise significant influence but do not have control. Under the
equity method of accounting, our investment in each arrangement is included on our consolidated balance sheet; however, the assets and
liabilities of the joint ventures for which we use the equity method are not included on our consolidated balance sheet.
When
we sell or contribute properties to unconsolidated arrangements and retain a non-controlling ownership interest in such assets, we recognize
the difference between the consideration received and the carrying amount of the asset sold or contributed when its derecognition criteria
are met. The equity method investment we retain in such partial sale transactions is noncash consideration and is measured at fair value.
As a result, the accounting for a partial sale will result in the recognition of a full gain or loss.
When
circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss in value is
other than temporary. If we conclude it is other than temporary, we recognize an impairment charge to reflect the equity investment at
fair value.
The
Company elected the fair value option under the fair value option Subsection of Section 825-10-15 to account for its equity-method investment
as the Company believes that the fair value option is most appropriate for a company in the biotechnology industry, The fair value option
is more appropriate for companies that are involved in extensive and usually very expensive research and development efforts, which are
not appropriately reflected in the market value or reflective of the true value of the development activities of the company.
Embedded
debt costs in convertible debt instruments
In
August 2020, the FASB issued “ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts
in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”) which simplifies the accounting for convertible
instruments. The guidance removes certain accounting models which separate the embedded conversion features from the host contract for
convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition was permissible
for the adoption of this standard. Update No. 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim
periods within those fiscal years. Early adoption was permitted no earlier than the fiscal year beginning after December 15, 2020. The
Company has adopted ASU 2020-06 effective January 1, 2023.
Revenue
Recognition
The
Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (Topic 606).
Under
Topic 606, the Company recognizes revenue when its customers obtain control of the promised good or services, in an amount that reflects
the consideration which the Company expects to receive in exchange for those goods or services. The Company applies the following five-step:
(i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction
price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the
Company satisfies a performance obligation.
At
contract inception, once the contract is determined to be within the scope of Topic 606, the Company identifies the performance obligation(s)
in the contract by assessing whether the goods or services promised within each contract are distinct. The Company then recognizes revenue
for the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation
is satisfied.
The
Company anticipates generating revenues from rendering services to other third-party customers for the development of certain drug products
and/or in connection with certain out-licensing agreements. In the case of services rendered for development of the drugs, revenue is
recognized upon the achievement of the performance obligations or over time on a straight-line basis over the extended service period.
In the case of out-licensing contracts, the Company records revenues either upon achievement of certain pre-defined milestones, when
there is no obligation of the Company achieve any performance obligations in connection with the said pre-defined milestones, or upon
achievement of the performance obligations if the milestones require the Company to provide the performance obligations.
The
Company occasionally collects advance payments from customers toward commitments to provide services or performance obligations, in which
case the advance payment is recorded as a liability until the obligations are fulfilled and revenue is recognized.
Research
& Development Costs
In
accordance with ASC 730-10-25 “Research and Development”, research and development costs are charged to expense as and when
incurred.
Recent
Accounting Pronouncements
In
August 2020, the FASB issued “ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts
in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”) which simplifies the accounting for convertible
instruments. The guidance removes certain accounting models which separate the embedded conversion features from the host contract for
convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition was permissible
for the adoption of this standard. Update No. 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim
periods within those fiscal years. Early adoption was permitted no earlier than the fiscal year beginning after December 15, 2020. The
Company has adopted ASU 2020-06 effective January 1, 2023 and as of the three months ended March 31, 2023, the Company recorded approximately
$0.5 million as a reduction to the additional paid in capital and added approximately $0.3 million to the opening retained earnings in
accordance with the authoritative guidance under ASU 2020-06.
All
other newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.
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v3.23.2
INTANGIBLE ASSETS AND GOODWILL
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS AND GOODWILL |
NOTE
3 - INTANGIBLE ASSETS AND GOODWILL
Goodwill
from 2019 Reverse Merger with Oncotelic and PointR
The
Company completed the merger with Oncotelic Inc. (“Merger”) in April 2019. The Company completed the merger with PointR Data
Inc (“PointR Merger”) in November 2019. For more details, refer to our 2020 Annual Report on Form 10-K for the year ended
December 31, 2020 filed by the Company on April 15, 2021.
The
Oncotelic merger gave rise to Goodwill of approximately $4.9 million. Upon the non-financial sale of our asset as contribution to our
equity method investment, we derecognized the balance of the carrying value of our goodwill of approximately $4.9 million from the Oncotelic
Merger in accordance with our policy and authoritative accounting guidance.
Further,
we added goodwill of $16,182,456 upon the completion of the Merger with PointR.
We
have one operating segment and reporting unit. Accordingly, our review of goodwill impairment indicators was performed at the entity-wide
level. In performing our annual impairment assessment, we determined if we should qualitatively assess whether it was more likely than
not the fair value of goodwill was less than its carrying amount (the qualitative impairment test). The factors we considered in the
assessment included our market capitalization, general macroeconomic conditions, conditions specific to the industry and market and whether
there had been sustained declines in our share price. If we concluded, it was more likely than not, the fair value of the reporting unit
was less than its carrying amount, or elected not to use the qualitative impairment test, a quantitative impairment test would be performed.
We
used, and will continue to use, our market capitalization as an indicator of fair value. While we believe the fair value measurement
need not be based solely on the quoted market price of an individual share of our Common Stock, and that we also could consider the impact
of a control premium in measuring the fair value of its reporting unit. In the absence of any other valuation metrics, the Company believed
using a control premium utilized would not be appropriate under the current circumstances. We also considered some other market comparable’
trends in our stock price, as well as the industry, over a period of two successive quarters and prospective quarter to evaluate whether
the fair value of our reporting unit was greater than our carrying amount. As such, we performed a quantitative impairment assessment
of goodwill for our single reporting unit at the end of 2022, due to a sustained decline in our market capitalization and an increase
in negative economic outlook for biotech markets We estimated and reconciled the fair value of our reporting unit utilizing our market
capitalization based on the stock price of our Common Stock as of December 31, 2022. Before completing our goodwill impairment test,
we first tested our indefinite-lived intangible asset then our remaining long-lived assets for impairment. We concluded our indefinite-lived
intangible assets were not impaired. Based on the market capitalization, we further concluded the fair value of our single reporting
unit was less than its carrying value and therefore recognized an impairment charge of $4.1 million during the year ended December 31,
2022. The calculation of the impairment charge included substantial fact-based determinations and estimates.
A
summary of our goodwill as of June 30, 2023 and December 31, 2022 is shown below:
SUMMARY
OF GOODWILL
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Balance at beginning of the year | |
$ | 12,071,376 | | |
$ | 21,062,455 | |
Less: Derecognition upon recording of gain
on non-financial asset | |
| - | | |
| (4,880,000 | ) |
Less;: Goodwill impairment
due to market capitalization | |
| (6,083,146 | ) | |
| (4,111,079 | ) |
| |
| | | |
| | |
Balance at the end of
the period | |
$ | 5,988,230 | | |
$ | 12,071,376 | |
In
general, the goodwill is tested on an annual impairment date of December 31, unless we observe any further deterioration in our market
capitalization, in which case we may, depending on the materiality of the impairment, record an impairment at the end of other reporting
periods. Since we observed a significant drop in the stock price of our Common Stock, we assessed that an additional impairment needed
to be recorded, solely based on the market capitalization of our stock as of June 30, 2023 as compared to December 31, 2022. as such,
the Company concluded that an additional impairment was required to be recorded for the three and six months ended June 30, 2023 of approximately
$6.1 million. No similar impairment was recorded during the six months ended June 30, 2022.
Assignment
and Assumption Agreement with Autotelic, Inc.
In
April 2018, Oncotelic Inc. entered into an Assignment and Assumption Agreement (the “Assignment Agreement”) with Autotelic
Inc., an affiliate company, and Autotelic LLC, an affiliate company, pursuant to which Oncotelic acquired the rights to all intellectual
property (“IP”) related to a patented product. As consideration for the Assignment Agreement, Oncotelic Inc. issued
204,798 shares of its Common Stock for a value of $819,191. The Assignment Agreement also provides that Oncotelic Inc. shall be responsible
for all costs related to the IP, including development and maintenance, going forward. After the formation of the JV with Dragon, the
costs of development and maintenance are now the responsibility of the JV.
Intangible
Asset Summary
The
following table summarizes the balances as of December 31, 2022, of the intangible assets acquired, their useful life,
and annual amortization. As the intangible assets acquired were already derecognized as of December 31, 2023, we had no similar assets or
adjustments thereto as of June 30, 2023:
SCHEDULE
OF INTANGIBLE ASSETS
|
|
December
31,
2022 |
|
|
Remaining
Estimated
Useful Life
(Years) |
|
Intangible
asset – Intellectual property |
|
$ |
819,191 |
|
|
|
|
|
Intangible
asset – Capitalization of license cost |
|
|
190,989 |
|
|
|
|
|
|
|
|
1,010,180 |
|
|
|
|
|
Less
Accumulated Amortization |
|
|
(201,180 |
) |
|
|
|
|
Less:
Derecognition of carrying value upon transfer of non-financial asset |
|
|
(809,000 |
) |
|
|
|
|
Total |
|
$ |
- |
|
|
|
|
|
Amortization
of identifiable intangible assets for the three months ended June 30, 2023 and 2022 was $0. Amortization of identifiable intangible assets
for the six months ended June 30, 2023 and 2022 was $0 and $12,841, respectively. Upon the sale of our non-financial sale, as the contribution
to our equity method investment of approximately $809,000, we derecognized the balance of the carrying value of our intangibles in accordance
with our policy and authoritative accounting guidance.
There
will be no future yearly amortization expense related to our intangibles.
In-Process
Research & Development (“IPR&D”) Summary
The
IPR&D assets were acquired in the PointR Merger during the year ended December 31, 2019. Since January 2021, the Company has determined
that the IPR&D should be reported as an indefinitely lived asset and therefore will evaluate, on an annual basis, for any impairment
on the IPR&D and will record an impairment if identified. The balance of IPR&D as of June 30, 2023 and December 31, 2022 was
$1,101,760. For more information on the IPR&D, please refer to our 2022 Annual Report on Form 10-K filed with the SEC on April 14,
2023 or our Amended 2022 Annual Report on Form 10-K/A filed with the SEC on April 19, 2023.
|
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v3.23.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
NOTE
4 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts
payable and accrued expense consists of the following amounts:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Accounts payable | |
$ | 1,682,943 | | |
$ | 1,735,764 | |
Accrued expense | |
| 775,646 | | |
| 775,100 | |
Accounts payable and
accrued liabilities | |
$ | 2,458,589 | | |
$ | 2,510,864 | |
|
|
June
30,
2023 |
|
|
December
31,
2022 |
|
|
|
|
|
|
|
|
Accounts payable – related
party |
|
$ |
343,001 |
|
|
$ |
332,432 |
|
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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v3.23.2
CONVERTIBLE DEBENTURES, NOTES AND OTHER DEBT
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
CONVERTIBLE DEBENTURES, NOTES AND OTHER DEBT |
NOTE
5 – CONVERTIBLE DEBENTURES, NOTES AND OTHER DEBT
As
of June 30, 2023 special purchase agreements (SPAs) with convertible debentures and notes, net of debt discount and including accrued
interest, if any, consist of the following amounts:
SCHEDULE
OF CONVERTIBLE DEBENTURES AND NOTES, NET OF DISCOUNT
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
Convertible
debentures | |
| | | |
| | |
10% Convertible
note payable, due April 23, 2022 – Bridge Investor | |
$ | 35,556 | | |
$ | 35,556 | |
10% Convertible note payable,
due April 23, 2022 – Related Party | |
| 164,444 | | |
| 164,444 | |
10%
Convertible note payable, due August 6, 2022 – Bridge Investor | |
| 200,000 | | |
| 200,000 | |
| |
| 400,000 | | |
| 400,000 | |
Fall
2019 Notes | |
| | | |
| | |
5% Convertible note payable
– Stephen Boesch | |
| 126,458 | | |
| 123,958 | |
5% Convertible note payable
– Related Party | |
| 294,983 | | |
| 288,733 | |
5% Convertible note payable
– Dr. Sanjay Jha (Through his family trust) | |
| 294,503 | | |
| 288,253 | |
5% Convertible note payable
– CEO, CTO* & CFO – Related Parties | |
| 96,509 | | |
| 94,457 | |
5%
Convertible note payable – Bridge Investors | |
| 197,722 | | |
| 193,522 | |
| |
| 1,010,175 | | |
| 988,923 | |
August
2021 Convertible Notes | |
| | | |
| | |
5% Convertible note –
Autotelic Inc– Related Party | |
| 273,802 | | |
| 267,553 | |
5% Convertible note –
Bridge investors | |
| 409,061 | | |
| 399,722 | |
5%
Convertible note – CFO – Related Party | |
| 82,142 | | |
| 80,266 | |
| |
| 765,005 | | |
| 747,541 | |
JH
Darbie PPM Debt | |
| | | |
| | |
16% Convertible Notes - Non-related
parties | |
| 2,397,238 | | |
| 2,441,471 | |
16%
Convertible Notes – CEO – Related Party | |
| 125,000 | | |
| 124,547 | |
| |
| 2,522,238 | | |
| 2,566,018 | |
November/December
2021 & March 2022 Notes | |
| | | |
| | |
16%
Convertible Notes – Accredited Investors | |
| 323,622 | | |
| 619,345 | |
| |
| | | |
| | |
Debt
for Clinical Trials – GMP | |
| | | |
| | |
2%
Convertible Notes – GMP | |
| 4,704,631 | | |
| 4,659,782 | |
| |
| | | |
| | |
May
and June 2022 Note | |
| | | |
| | |
16%
Convertible Notes – Accredited Investors | |
| 1,286,809 | | |
| 885,312 | |
| |
| | | |
| | |
Other
Debt | |
| | | |
| | |
Short term debt – Bridge
investors | |
| 245,000 | | |
| 245,000 | |
Short term debt from CFO | |
| 35,050 | | |
| 25,050 | |
Short
term debt – Autotelic Inc– Related Party | |
| 800,000 | | |
| 120,000 | |
| |
| 1,080,050 | | |
| 390,050 | |
Accrued
interest | |
| 58,791 | | |
| - | |
Total
of convertible debentures & notes and other debt | |
$ | 12,133,821 | | |
| 11,256,971 | |
Bridge
Financing
Notes
with Officer and Bridge Investor
In
April 2019, the Company entered into a Securities Purchase Agreement (the “Bridge SPA”) with our CEO (the “Trieu
Note”) and a Bridge Investor with a commitment to purchase convertible notes in the aggregate of $400,000. For more information
on the Bridge SPA, refer to our 2022 Annual Report on Form 10-K/A filed with the SEC on April 19, 2023.
The
issuance of the Trieu Note resulted in a discount from the beneficial conversion feature totaling $131,555 related to the conversion
feature. Total amortization of the OID and the discount totaled $0 and $19,493 for the six months ended June 30, 2023, and 2022, respectively.
Total unamortized discount on this note was approximately $0 as of June 30, 2023, and December 31, 2022.
In
April 2019, pursuant to the Bridge SPA the Company entered into Convertible Note Tranche #1 (“Tranche #1”) with the
Bridge Investor. For more information on Tranche #1, refer to our Annual Report on Form 10-K filed with the SEC on April 14, 2023.
The
issuance of the note resulted in a discount from the beneficial conversion feature totaling $28,445. Total amortization of the OID and
discount totaled approximately $0 and $4,400 for the six months June 30, 2023, and 2022, respectively. Total unamortized discount on
this note was approximately $0 as of June 30, 2023, and December 31, 2022.
On
August 6, 2019, pursuant to the Bridge SPA the Company entered into Convertible Note Tranche #2 (“Tranche #2”) with
the Bridge Investor. For more information on Tranche #2, refer to our Annual Report on Form 10-K filed with the SEC on April 14, 2023.
The
issuance of the note resulted in a discount from the beneficial conversion feature totaling $175,000. Total amortization of the OID
and discount totaled approximately $0 and $10,000 for the six months ended June 30, 2023, and 2022, respectively. Total unamortized
discount on this note was $0 as of June 30, 2023, and December 31, 2022.
As
of June 30, 2023, the Company had a derivative liability of approximately $525,000 and recorded a change in fair value of approximately
$327,000 on the Convertible Debentures issued in 2019 to our CEO and a bridge investor.
Fall
2019 Debt Financing
In
December 2019, the Company closed its Fall 2019 Debt Financing, raising an additional $500,000 bringing the gross proceeds of all debt
financings under the Fall 2019 Debt Financing to $1,000,000. The Company entered into those certain Note Purchase Agreements (the “Fall
2019 Note Purchase Agreements”) with certain accredited investors and the officers of the Company for the sale of convertible
promissory notes (the “Fall 2019 Notes”). The Company completed the initial closing under the Fall 2019 Note Purchase
Agreements in November 2019. The Company issued Fall 2019 Notes in the principal amount of $250,000 to each of Dr. Vuong Trieu, the Company’s
Chief Executive Officer, and Stephen Boesch, in exchange for gross proceeds of $500,000. In connection with the second and final closing
of the Fall 2019 Debt Financing, the Company issued Fall 2019 Notes to additional investors including $250,000 to Dr. Sanjay Jha, through
his family trust, the former CEO of Motorola and COO/President of Qualcomm. The Company also offset certain amounts due to Dr. Vuong
Trieu, the Company’s Chief Executive Officer, Chulho Park, then Company’s Chief Technology Officer, and Amit Shah, the Company’s
Chief Financial Officer, all related parties as Officers of the Company, and converted such amounts due into the Fall 2019 Notes. $35,000
due to Dr. Vuong Trieu, $27,000 due to Chulho Park and $20,000 due to Amit Shah were converted into debt. The Company also issued the
Fall 2019 Notes of $168,000 to two accredited investors.
The
total unamortized principal amount of the Fall 2019 Notes was $850,000 as of June 30, 2023, and December 31, 2022.
The
Company recorded interest expense of $10,625 and $21,250 on these Fall 2019 Notes for the three and six months ended June 30, 2023. Similarly,
the Company recorded interest expense of $10,625 and $21,250 for the three and six months ended June 30, 2022 on the Fall 2019 Notes.
The total amount outstanding under the Fall 2019 Notes, net of discounts and including accrued interest thereon, as of June 30, 2023
and December 31, 2022, was $1,010,175 and $988,923, respectively.
GMP
Notes
In
June 2020, the Company secured $2 million in debt financing, evidenced by a one-year convertible note (the “GMP Note”)
from GMP, to conduct a clinical trial evaluating OT-101 against COVID-19 bearing 2% annual interest, and is personally guaranteed by
Dr. Vuong Trieu, the Chief Executive Officer of the Company. The GMP Note is convertible into the Company’s Common Stock upon the
GMP Note’s maturity of the GMP Note, at the Company’s Common Stock price on the date of conversion with no discount. GMP
has waived the default in the maturity of the GMP Note and as such there is no event of default and also agreed to extend the date of
maturity of the GMP Note to December 31, 2023. GMP does not have the option to convert prior to the GMP Note’s maturity. Such financing
will be utilized solely to fund the clinical trial. The Company’s liability under GMP Note commenced to accrue when GMP first began
to pay for services related to the clinical trial to our third-party clinical research organization, up to a maximum of $2 million. GMP
has been invoiced by the clinical research organization for the full $2 million as of March 31, 2022, and as such the Company has recognized
the liability as a convertible debt.
In
September 2021, the Company secured a further $1.5 million in debt financing, evidenced by a one-year convertible note (the “GMP
Note 2”) from GMP, to fund the same clinical trial evaluating OT-101 against COVID-19 bearing 2% annual interest. The GMP Note
is convertible into the Company’s Common Stock upon the GMP Note 2’s maturity one year from the date of the GMP Note 2, at
the Company’s Common Stock price on the date of conversion with no discount. GMP has waived the default in the maturity of the
GMP Note and as such there is no event of default and also agreed to extend the date of maturity of the GMP Note to December 31, 2023.
GMP does not have the option to convert prior to the GMP Note 2’s maturity at the end of one year. Such financing was to be utilized
solely to fund the clinical trial. As of March 31, 2023, GMP was invoiced by the clinical research organization for $1.5 million. Till
date, GMP paid the clinical trial organization the $1.0 million.
In
October 2021, the Company entered into an Unsecured Convertible Note Purchase Agreement (the “October Purchase Agreement”)
with GMP, pursuant to which the Company issued a convertible promissory note in the aggregate principal amount of $0.5 million (the “October
2021 Note”), which October 2021 Note is convertible into shares of the Company’s Common Stock. GMP has waived the default
in the maturity of the GMP Note and as such there is no event of default and also agreed to extend the date of maturity of the GMP Note
to December 31, 2023.
In
January 2022, the Company entered into an Unsecured Convertible Note Purchase Agreement (the “January Purchase Agreement”)
with GMP, pursuant to which the Company issued a convertible promissory note in the aggregate principal amount of $0.5 million (the “January
2022 Note”), which January 2022 Note is convertible into shares of the Company’s Common Stock. GMP agreed to extend the
date of maturity of the January 2022 Note to December 31, 2023.
Cumulatively,
the GMP Note, GMP Note 2, October 2021 Note and the January 2022 Notes are referred to as the “GMP Notes”.
The
GMP Notes carry an interest rate of 2% per annum and mature on the earlier of (a) the one-year anniversary of the date of the Purchase
Agreement, or (b) the acceleration of the maturity by GMP upon occurrence of an Event of Default (as defined below). All Notes contain
a voluntary conversion mechanism whereby GMP may convert the outstanding principal and accrued interest under the terms of all the GMP
Notes into shares of Common Stock (the “Conversion Shares”), at the consolidated closing bid price of the Company’s
Common Stock on the applicable OTC Market as of the date the Company receives a Notice of Conversion from GMP. Prepayment of the GMP
Notes may be made at any time by payment of the outstanding principal amount plus accrued and unpaid interest. The October Note contains
customary events of default (each an “Event of Default”). If an Event of Default occurs, at GMP’s election,
the outstanding principal amount of the GMP Notes, plus accrued but unpaid interest, will become immediately due and payable in cash.
The October Purchase Agreement requires the Company to use of the proceeds received under the October 2021 Note to support the clinical
development of OT-101, including payroll and has been made in continuation of the relationship between the Company and GMP.
The
total principal outstanding on all the GMP notes, inclusive of accrued interest, was approximately $4.7 million as of June 30, 2023,
and December 31, 2022, respectively.
During
the three and six months ended June 30, 2023, the Company incurred approximately $22,438 and $44,850 of interest expense, respectively.
During the three and six months ended June 30, 2022, the Company incurred approximately $22,440 and $44,630 of interest expense, respectively.
August
2021 Notes
In
August 2021, the Company entered into Note Purchase Agreements with Autotelic - a related party, our CFO - a related party, and certain
accredited investors (the “August 2021 investors”), whereby the Company issued four convertible notes in the aggregate principal
amount of $698,500 convertible into shares of common stock of the Company for net proceeds of $690,825. The convertible notes carry a
five (5%) percent coupon and mature one year from issuance. The majority of the August 2021 investors have the right, but not the obligation,
not more than five days following the maturity date, to convert all, but not less than all, the outstanding and unpaid principal plus
accrued interest into the Company’s common stock, at a conversion price of $0.18. The August 2021 Note Holders has waived the default
in the maturity of the August 2021 Notes and as such there is no event of default and also agreed to extend the date of maturity of the
August 2021 Notes to December 31, 2023. The Company determined that the economic characteristics and risks of the embedded conversion
option are not clearly and closely related to the economic characteristics and risks of the debt host instrument. Further, the Company
determined that the embedded conversion feature meets the definition of a derivative but met the scope exception to the derivative accounting
required under ASC 815 for certain contracts involving a reporting entity’s own equity.
As
of June 30, 2023, and December 31, 2022, the August 2021 convertible notes, inclusive of accrued interest, consist of the following amounts:
SCHEDULE
OF CONVERTIBLE NOTES, NET OF DISCOUNT
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Autotelic Related
party convertible note, 5% coupon August 2022 | |
$ | 273,802 | | |
$ | 267,553 | |
CFO Related party convertible
note, 5% coupon August 2022 | |
| 409,061 | | |
| 399,722 | |
Accredited
investors convertible note, 5% coupon August 2022 | |
| 82,142 | | |
| 80,266 | |
| |
$ | 765,005 | | |
$ | 747,541 | |
During
the three and six months ended June 30, 2023, the Company recognized approximately $8,730 and $17,460 of interest expense on the August
2021 Investors notes, of which approximately $4,060 and $8,125 are attributable to related parties, respectively.
At
June 30, 2023, and December 31, 2022, accrued interests on these convertible notes totaled approximately $66,500 and $49,040, respectively.
November
– December 2021 and March 2022 Financing
In
November and December 2021, the Company entered into securities purchase agreement with five institutional investors, whereby the Company
issued five convertible notes in the aggregate principal amount of $1,250,000 convertible into shares of common stock of the Company.
The convertible notes carry a twelve (12%) percent coupon and a default coupon of 16% and mature at the earliest of one year from issuance
or upon event of default. Investors has the right at any time following issuance date to convert all or any part of the outstanding and
unpaid amount of the note into the Company’s common stock at a conversion price established at a fixed rate of $0.07. The Company
granted a total number of 9,615,385 warrants convertible into an equivalent number of the Company common shares at a strike price of
$0.13 up to five years after issuance. The Placement agent was also granted a total amount of 961,540 as part of a finder’s fee
agreement.
Further,
in March 2022, the Company entered into a Securities Purchase Agreement with Fourth Man, pursuant to which the Company issued convertible
promissory note in the aggregate principal amount of $0.25 million, convertible into shares of common stock of the Company. The convertible
notes carry a twelve (12%) percent coupon and a default coupon of 16% and mature at the earliest of one year from issuance or upon event
of default. Investors has the right at any time following issuance date to convert all or any part of the outstanding and unpaid amount
of the note into the Company’s common stock at a conversion price established at a fixed rate of $0.10. The Company granted a total
number of 1,250,000 warrants convertible into an equivalent number of the Company common shares at a strike price of $0.20 up to five
years after issuance. The Placement agent was also granted a total amount of 125,000 as part of a finder’s fee agreement.
As
of June 30, 2023, and December 31, 2022, convertible notes under the November-December 2021 Financing, net of debt discount, consist
of the following amounts:
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Blue Lake Partners LLC Convertible
note, 16% coupon, December 2021 (In default and inclusive of accrued interest) | |
| - | | |
| 227,817 | |
Fourth Man LLC Convertible note, 16% coupon
December 2022 (In default and inclusive of accrued interest) | |
| 37,030 | | |
| 112,500 | |
Convertible notes, gross | |
$ | 37,030 | | |
$ | 339,687 | |
Less: Debt discount recorded | |
| (500,000 | ) | |
| (500,000 | ) |
Amortization debt discount | |
| 500,000 | | |
| 500,000 | |
Convertible notes, net | |
$ | 37,030 | | |
$ | 339,687 | |
The
Company recognized approximately $8,600 and $18,300 of interest during the three and six months ended June 30, 2023, respectively. The
Company recognized approximately $33,000 and $112,600 of interest during the three and six months ended June 30, 2022, respectively.
The
balance of accrued interest was approximately $4,530 and $30,000 as of June 30, 2023, and December 31, 2022, respectively. In July 2023,
Fourth Man converted their remaining principal balance, accrued interest and legal fees of approximately $44,000 of their December 2021
Note in exchange for 627,538 shares of our Common Stock. As such, post the close of the six months ended June 30, 2023, the balance due
to Fourth Man, post their conversion, on their December 2021 Note is $0.
The
Company recognized approximately $0 and $657,400 of interest expense attributable to the amortization of the debt discount from the original
debt discount, deferred financing costs, fair value allocated to the warrants and the beneficial conversion feature during the six months
ended June 30, 2023 and 2022, respectively.
The
Company recorded an initial debt discount of approximately $0.4 million representing the intrinsic value of the conversion option embedded
in the convertible debt instrument based upon the difference between the fair value of the underlying common stock at the commitment
date of the note transaction and the effective conversion price embedded in the note. The Company recognized amortization expense related
to the debt discount and debt issuance costs of approximately $0 and $0.5 million for the six months ended June 30, 2023, and 2022, which
is included in interest expense in the consolidated statements of operations.
The
note includes a default amount calculated at 125% of the unpaid principal and accrued interest. As the Company failed to repay the two
notes at maturity date, the Company accrued an additional $68,000 resulting from this default feature, which is included in the consolidated
balance sheets as of June 30, 2023 and December 31, 2022. The balance of the default feature was $22,500 at June 30, 2023.
As
of June 30, 2023, and December 31, 2022, Fourth Man convertible note, net of debt discount, consist of the following amounts:
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Fourth Man Convertible note, 12%
coupon March 2022 (Inclusive of interest and default provision) | |
$ | 286,593 | | |
$ | 340,959 | |
Unamortized debt Discount | |
| - | | |
| (61,301 | ) |
| |
| | | |
| | |
Convertible notes, net | |
$ | 286,593 | | |
$ | 279,658 | |
As
of June 30, 2023, the balance includes the remaining principal of $210,000, accrued interest of $8,400 and approximately $68,000 of accrued
default penalty pursuant to the terms of the underlying agreement.
Accrued
interest was approximately $8,400 and $22,800 at June 30, 2023 and December 31, 2022, respectively.
The
Company recognized approximately $8,400 and $15,600 of interest during the three and six months ended June 30, 2023, respectively. The
Company recognized approximately $7,650 of interest during the three and six months ended June 30, 2022, respectively.
The
Company recognized approximately $35,813 and $63,700 of interest expense attributable to the amortization of the debt discount from the
original deferred financing costs, fair value allocated to the warrants and the beneficial conversion feature (prior to the adoption
of ASU 2020-06) during the six months ended June 30, 2023 and 2022, respectively.
As
of June 30, 2023, and December 31, 2022, the balance of the unamortized debt discount was $0 and $61,301, respectively. The
Company adopted ASU 2020-06 on January 1, 2023, which resulted in the reversal of the original BCF amount to additional paid in
capital for $109,349, reversal of the unamortized debt discount related to the BCF for $25,489 with the balance being recorded through
retained earnings for $78,460.
During
the six months ended June 30, 2023, the Company converted $40,000 in principal and $30,000 in accrued interest into 1,025,000 shares
of common stock. The note includes a default amount calculated at 125% of the unpaid principal and accrued interest. As the Company failed
to repay the note at maturity date, the Company accrued an additional $70,000 resulting from this default feature.
May
2022 Mast Financing
In
May 2022, the Company entered into a securities purchase agreement with one institutional investor, whereby the Company issued one convertible
note in the aggregate principal amount of $605,000 convertible into shares of common stock of the Company (“May 2022 Mast Note”).
The convertible notes carry a twelve (12%) percent coupon and a default coupon of 16% and mature at the earliest of one year from issuance
or upon event of default. Investor has the right at any time following issuance date to convert all or any part of the outstanding and
unpaid amount of the note into the Company’s common stock at a conversion price established at a fixed rate of $0.10. The Company
granted a total number of 3,025,000 warrants convertible into an equivalent number of the Company common shares at a strike price of
$0.20 up to five years after issuance. The Placement agent was also granted a total amount of 302,500 as part of a finder’s fee
agreement. Portion of the proceeds will be used to retire some of the November/December 2021 notes. The extinguishment of existing notes
resulted in the recognition of approximately $258,100 in loss on extinguishment of debt in the consolidated statement of operations in
the six months ended June 30, 2022.
As
of June 30, 2023, and December 31, 2022, the May 2022 Mast Financing, net of debt discount, consist of the following amounts:
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Mast Hill
Convertible note, 16% coupon May 2023, inclusive of accrued interest and penalty | |
$ | 857,084 | | |
$ | 847,000 | |
Convertible notes, gross | |
$ | 857,084 | | |
$ | 847,000 | |
Less Debt discount recorded | |
| (605,000 | ) | |
| (605,000 | ) |
Amortization debt discount,
net of reversal of original and unamortized BCF | |
| 565,725 | | |
| 333,119 | |
Convertible notes, net | |
$ | 817,809 | | |
$ | 575,119 | |
Accrued
interest was $80,667 and $72,600 as of June 30, 2023 and December 31, 2022, which is the guaranteed twelve-month coupon and earned in
full at issuance date and additional coupon at the default rate since the May 2022 Mast financing is past maturity and in default as
of June 30, 2023. The Company recognized approximately $56,464 and $146,461 of interest expense attributable to the amortization of the
debt discount from the original debt discount, deferred financing costs, fair value allocated to the warrants during the three and six
months ended June 30, 2023, respectively. The Company recognized approximately $53,257 of interest
expense attributable to the amortization of the debt discount from the original debt discount, deferred financing costs, fair value allocated
to the warrants and the beneficial conversion feature during the three and six months ended June 30, 2022.
Effective
January 1, 2023, the Company adopted ASU 2020-06, which resulted in the reversal of the original BCF amount to additional paid in capital
for approximately $0.2 million, a reversal of the unamortized debt discount related to the BCF for approximately $0.1 million, with the
balance of approximately $0.1 million being recorded through retained earnings.
June
2022 Financing
In
June 2022, the Company entered into a securities purchase agreement with one institutional investor, whereby the Company issued one convertible
note in the aggregate principal amount of $335,000 convertible into shares of common stock of the Company (“June 2022 Blue Lake
Note”). The convertible notes carry a twelve (12%) percent coupon and a default coupon of 16% and mature at the earliest of one
year from issuance or upon event of default. Investor has the right at any time following issuance date to convert all or any part of
the outstanding and unpaid amount of the note into the Company’s common stock at a conversion price established at a fixed rate
of $0.10. The Company granted a total number of 837,500 warrants convertible into an equivalent number of the Company common shares at
a strike price of $0.20 up to five years after issuance. The Placement agent was also granted a total amount of 83,750 warrants as part
of a finder’s fee agreement. Portion of the proceeds will be used to retire some of the November/December 2021 notes.
As
of June 30, 2023, and December 31, 2022, convertible note under the June 2022 Blue Lake Financing, net of debt discount, consist of the
following amounts:
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Blue Lake
Convertible note, 16% coupon June 2023, inclusive of accrued interest | |
$ | 469,000 | | |
$ | 469,000 | |
Convertible notes, gross | |
$ | 469,000 | | |
$ | 469,000 | |
Less Debt discount recorded | |
| (332,748 | ) | |
| (332,748 | ) |
Amortization debt discount,
net of reversal of original and unamortized BCF | |
| 332,748 | | |
| 173,941 | |
Convertible notes, net | |
$ | 469,000 | | |
$ | 310,193 | |
The
Company recognized approximately $29,408 and $61,642 of interest expense attributable to the amortization of the debt discount from the
original debt discount, deferred financing costs, fair value allocated to the warrants during the three and six months ended June 30,
2023, respectively. The Company recognized approximately $7,305 of interest expense attributable to the amortization of the debt discount
from the original debt discount, deferred financing costs, fair value allocated to the warrants and BCF (prior to adoption of ASU 2020-06)
during the three and six months ended June 30, 2022. The Company adopted ASU 2020-06 effective January 1, 2023, which resulted in the
reversal of the original BCF amount to additional paid in capital of approximately $0.2 million, reversal of the unamortized debt discount
of approximately $0.1 million related to the BCF and the balance of $0.1 million being recorded through retained earnings. As of June
30, 2023, these notes are in default. However, the Company has not received notification of default from the lender. The Company has
recorded an estimated default penalty of approximately $94,000.
Other
short-term advances
As
of June 30, 2023 compared to December 31, 2022, other short-term advances consist of the following amounts obtained from various employees
and related parties:
SCHEDULE
OF SHORT-TERM LOANS
Other Advances | |
June 30, 2022 | | |
December 31, 2022 | |
Short term advance from CFO – Related Party | |
$ | 35,050 | | |
$ | 25,050 | |
Short term advances – bridge investors & others | |
| 245,000 | | |
| 245,000 | |
Short term advance – Autotelic Inc. – Related Party | |
| 800,000 | | |
| 120,000 | |
Short term
advance | |
$ | 1,080,050 | | |
$ | 390,050 | |
During
the year ended December 31, 2021, the Company’s CFO provided short term advances of approximately $45,000. Of that amount, $20,000
was repaid to the CFO in January 2022. In the six months ended June 30, 2023, the company’s CFO provided additional short-term
advance of $10,000. As such approximately $35,000 was outstanding at June 30, 2023.
During
the year ended December 31, 2021, the CFO provided a total of approximately $120,000, of which $75,000 was converted into the August
2021 Notes. During the year ended December 31, 2021, the Company received approximately $630,000 primarily from two bridge investors,
of which $373,500 was converted into the August 2021 Notes, and $20,000 was repaid. During the six months ended June 2023, an additional
$17,500 was repaid to one of the bridge investors. Approximately $228,000 was outstanding as short-term advances from bridge investors
as of June 30, 2023.
In
May 2021, Autotelic provided an additional short-term funding of $250,000
to the Company, which was converted into the August 2021 Notes. Autotelic provided an additional $120,000
short term loan to the company during the year ended December 31, 2022. During the six months ended June 30, 2023 Autotelic provided
$680,000
in various short term loans to the Company. As such, $800,000
was outstanding and payable to Autotelic at June 30, 2023.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
JOINT VENTURE WITH GMP BIO AND AFFILIATES, EQUITY METHOD INVESTMENT
|
6 Months Ended |
Jun. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
JOINT VENTURE WITH GMP BIO AND AFFILIATES, EQUITY METHOD INVESTMENT |
NOTE
6 - JOINT VENTURE WITH GMP BIO AND AFFILIATES, EQUITY METHOD INVESTMENT
On
March 31, 2022, the Company entered into (i) a joint venture (the “JV”) agreement with Dragon and GMP Bio, both affiliates
of GMP, (and the Company, Dragon and GMP Bio are collectively called the “Parties”) (the “JVA”),
(ii) a license agreement for rights to OT-101 (the “US License Agreement”) for the territory within the United States
of America (the “US”) with Sapu Holdings, LLC, a subsidiary of GMP Bio and (iii) a license agreement for rights to
OT-101 for the rest of the world with GMP Bio (the “Ex-US Rights Agreement”, and the US License Agreement and the
Ex-US License Agreement are collectively called the “Agreements”). For more information on the JV, JVA, and Agreements,
refer to our 2022 Annual Report on Form 10-K/A filed with the SEC on April 19, 2023.
As
of the effective date of the formation of the JV, the combined enterprise value of GMP Bio was approximately $50.4
million, comprising of the fair value of the Company’s investment in GMP Bio of approximately $22.7
million and the total original capital contributions by Dragon Overseas of approximately $27.7
million. As of June 30, 2023, the JV had approximately $22.7
million in assets, not including GMP Bio’s capital subscriptions of approximately $19
million; recorded approximately $0.5
million in liabilities and incurred approximately $1.5
million in operational expenses for the three months ended June 30, 2023, as GMP’s fiscal year commences on April 1 and ends on March 31. The Company elected the fair value option under subsection of Section 825-10-15 to account for its
equity-method investment as the Company believes that it the most appropriate method to properly value the Company and record a
change in value when and upon conducting a fair value assessment. As of June 30, 2023, the Company does not believe the fair value
of the JV has changed and hence has not recorded a change in value.
For
information on the various notes from GMP, refer to Note 5 – GMP Notes of the Notes to the Consolidated Financial Statements
above.
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- DefinitionThe entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.
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v3.23.2
PRIVATE PLACEMENT AND JH DARBIE FINANCING
|
6 Months Ended |
Jun. 30, 2023 |
Private Placement And Jh Darbie Financing |
|
PRIVATE PLACEMENT AND JH DARBIE FINANCING |
NOTE
7 - PRIVATE PLACEMENT AND JH DARBIE FINANCING
During
the period from July 2020 to March 31, 2021, the Company entered into various subscription agreements with certain accredited investors,
including the CEO, pursuant to the JH Darbie Financing, whereby the Company issued and sold a total of 100 Units, for total gross proceeds
of approximately $5 million, pursuant to the JH Darbie Placement Agreement, with each Unit consisting of:
|
■ |
25,000
shares of Edge Point Common stock for a price of $1.00 per share of Edge Point Common stock. |
|
■ |
One
convertible promissory note, convertible up to 25,000 shares of Edge Point Common stock, at a conversion price of $1.00 per share
or up to 138,889 shares of the Company’s common stock, at a conversion price of $0.18 per share. |
|
■ |
50,000
warrants to purchase an equivalent number of shares of Edge Point Common stock at $1.00 per share and an equivalent number of shares
of the Company’s common stock at $0.20 per share with a three-year expiration date. Either the Edgepoint or the Company’s
warrants would be exercised. |
As
June 30, 2023 and December 31, 2022 funds received under the JH Darbie Financing, net of debt discount, consist of the following amounts:
SCHEDULE
OF FUNDS RECEIVED UNDER THE SUBSCRIPTION AGREEMENT
| |
June
30, 2023 | | |
December
31, 2022 | |
Convertible promissory notes | |
| | | |
| | |
Subscription agreements - accredited investors | |
$ | 2,397,238 | | |
$ | 2,441,471 | |
Subscription agreements – related party | |
| 125,000 | | |
| 124,547 | |
Total convertible promissory notes | |
$ | 2,522,238 | | |
$ | 2,566,018 | |
The
Company incurred approximately $0.64 million of issuance costs, including legal costs of approximately $39,000, that are incremental
costs directly related to the issuance of the various instruments bundled in the offering.
Concurrently
with the sale of the Units, JH Darbie was granted a warrant, exercisable over a five-year period, to purchase 10% of the number of Units
sold in the JH Darbie Financing. As such, the Company granted 10 Units to JH Darbie pursuant to the JH Darbie Placement Agreement.
The
terms of convertible notes are summarized as follows:
|
■ |
Term:
Through March 31, 2022, extended further to March 31, 2023 |
|
■ |
Coupon:
16%. |
|
■ |
Convertible
at the option of the holder at any time in the Company’s Common Stock or Edgepoint Common Stock. |
|
■ |
The
conversion price is initially set at $0.18 per share for the Company’s Common Stock or $1.00 for Edgepoint Common Stock, subject
to adjustment. |
For
more information on the private placement, refer to our 2022 Annual Report on Form 10-K filed with the SEC on April 19, 2023.
In
February 2022, the Company and all except one of the Investors agreed to extend the maturity date of the Notes from March 31, 2022, to
March 31, 2023. In consideration for the extension of the Notes, the Company issued to the Investors an aggregate of 33,000,066 Oncotelic
Warrants at a price of $0.15 per share of Company’s Common Stock. Each Investor will be entitled to receive 333,334 Oncotelic Warrants
for each Unit purchased. Upon the amendment of the terms of the convertible notes under the private placement memorandum. As incentive
to extend the maturity date, approximately 33 million warrants were issued to the Unit Holders who participated in the amendment, The
Company repaid the 1-unit holder who did not participate in the amendment shortly after March 31, 2022. During the six months ended June 30, 2023, the Company partially repaid one unit holder,who will not be participating in the new JH Darbie financing.
The
Company recognized amortization expense related to the debt discount and debt issuance costs of approximately $8,400 and approximately
$52,000 for the six months ended June 30, 2023 and 2022, respectively, which is included in interest expense in the statements of operations.
As
of June 30, 2023, the JH Darbie PPM Notes are in default as these notes were to be paid at the end of March 2023. The Company is in
discussion with JH Darbie to close out these notes. The Company and JH Darbie have started a new private placement financing and
which will be used, partially, to have the earlier PPM participants to roll over their investments into the new private placement.
In this connection, 40 unit holders, comprising 15 investors, have already converted their notes into the new private placement
after the close of this quarter. The Company is still working with the remaining prior JH Darbie financing investors to roll over
their promissory notes into the new private placement. While the Company is fairly confident most, if not all the prior PPM
investors, will roll over their debt into the new private placement.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
8 - RELATED PARTY TRANSACTIONS
Master
Service Agreement with Autotelic Inc.
In
October 2015, Oncotelic entered into a Master Service Agreement (the “MSA”) with Autotelic Inc., a related party that
is partly-owned by the Company’s CEO Vuong Trieu, Ph.D. Dr. Trieu, a related party, is a control person in Autotelic Inc. Autotelic
Inc. currently owns less than 10% of the Company. The MSA stated that Autotelic Inc. will provide business functions and services to
the Company and allowed Autotelic Inc. to charge the Company for these expenses paid on its behalf. The MSA includes personnel costs
allocated based on amount of time incurred and other services such as consultant fees, clinical studies, conferences and other operating
expenses incurred on behalf of the Company. The MSA requires a 90-day written termination notice in the event either party requires to
terminate such services.
Expenses
related to the MSA were $0 for the three months ended June 30, 2023 as compared to approximately $1,000 for the same
period of 2022.
License
Agreement with Autotelic Inc.
In
September 2021, the Company entered into an exclusive License Agreement with Autotelic. For more information on the exclusive license
Agreement with Autotelic, refer to our 2022 Annual Report on Form 10-K filed with SEC on April 15, 2022.
Note
Payable and Short-Term Loan – Related Parties
In
April 2019, the Company issued a convertible note to Dr. Trieu totaling $164,444, including OID of $16,444, receiving net proceeds of
$148,000, which was used by the Company for working capital and general corporate purposes. The Company issued a Fall 2019 Note to Dr.
Trieu in the principal amount of $250,000. Dr. Trieu also offset certain amounts due to him in the amount of $35,000 and was converted
into the Fall 2019 debt. During the year ended December 31, 2020, Dr. Trieu provided additional short-term funding of $70,000 to the
Company, of which the Company repaid $50,000 prior to December 31, 2020. During the year ended December 31, 2020, Dr. Trieu purchased
a total of 5 Units under the private placement for a gross total of $250,000.
In
May 2021, Autotelic provided an additional short-term funding of $250,000 to the Company, which was converted into the August 2021 Notes.
Autotelic provided an additional $120,000 short term loan to the company during the year ended December 31, 2022. During the six months
ended June 30, 2023 Autotelic provided $680,000 short term loan to the Company. As such, $800,000 was outstanding and payable to Autotelic
at June 30, 2023.
Artius
Consulting Agreement
On
March 9, 2020, the Company and Artius Bioconsulting, LLC (“Artius”), for which Mr. King is the Managing Member, entered
into an amendment to the Consulting Agreement dated December 1, 2018, under which Artius agreed to serve as a consultant to the Company
for services related to the Company’s business from time to time, effective December 1, 2019 (the “Effective Date”)
(the “Artius Agreement”). For more information on this Agreement, refer to our 2021 Annual Report on Form 10-K filed
with the SEC on April 15, 2022.
No
expense was recorded during the three and six months ended June 30, 2023 or 2022, respectively, related to this Agreement.
Maida
Consulting Agreement
Effective
May 5, 2020, the Company and Dr. Maida entered into an independent consulting agreement, commencing April 1, 2020 (the “Maida Agreement”),
under which Dr. Maida will assist the Company in providing medical expertise and advice from time to time in the design, conduct and
oversight of the Company’s existing and future clinical trials. For more information on this Agreement, refer to our 2021 Annual
Report on Form 10-K filed with the SEC on April 15, 2022.
The
Company recorded an expense of $0 during the six months ended June 30, 2023 related to this Agreement as compared to $75,000 during the
same period in 2022. No similar expense was recorded during the three months of June 30, 2023 or 2022. Effective April 1, 2022, Dr Maida’s
compensation shall be borne by the JVA with GMP Bio.
|
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v3.23.2
EQUITY PURCHASE AGREEMENT AND REGISTRATION RIGHTS AGREEMENT
|
6 Months Ended |
Jun. 30, 2023 |
Equity Purchase Agreement And Registration Rights Agreement |
|
EQUITY PURCHASE AGREEMENT AND REGISTRATION RIGHTS AGREEMENT |
NOTE
9 - EQUITY PURCHASE AGREEMENT AND REGISTRATION RIGHTS AGREEMENT
In
May 2021, the Company entered into an Equity Purchase Agreement (“EPL”) and Registration Rights Agreement with Peak
One Opportunity Fund LP (“Peak One” or the “Investor”). For further information on EPL, refer to
our 2021 Annual Report on Form 10-K filed with the SEC on April 15, 2022.
The
Company filed a post-effective amendment Registration Statement on Form S-1 with the Commission in April 2022, and the Form S-1 was declared
effective in May 2022 and the Company filed the prospectus in this connection in May 2022. Further, the Company filed a second post-effective
amendment Registration Statement on Form S-1 with the Commission in April 2023, and the Form S-1 was declared effective in April 2023.
The Company filed the prospectus in this connection on May 2, 2023.
During
the six months ended June 30, 2023, the Company did not sell any shares of Common Stock under the EPL.
During
the six months ended June 30, 2022, the Company sold a total of 600,000 shares of Common Stock at price ranging from $0.16 and $0.22
for total gross proceeds of approximately $114,930 and approximately $98,627, net of issuance costs.
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v3.23.2
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
10 - STOCKHOLDERS’ EQUITY
The
following transactions affected the Company’s Stockholders’ Equity:
Issuance
of Common Stock during the six months ended June 30, 2023
In
February 2023, Blue Lake partially converted $71,750 of their debt. In connection with the partial Note conversion, the Company issued
1,025,000 shares of Common Stock to Blue Lake.
In
June 2023, Blue Lake converted the full remainder of their $181,750 debt, accrued interest and penalty. In connection with this Note
conversion, the Company issued 3,466,853 shares of Common Stock to Blue Lake.
In
May and June 2023, Fourth Man converted $50,000 in principal and $30,000 in accrued interest into 1,192,857 shares of common stock.
Issuance
of Common Stock during the six months ended June 30, 2022
In
January 2022, three of the five investors from the November/December 2021 financing made a cashless exercise for their warrants. In connection
with this exercise, the Company issued 3,041,958 shares of Common Stock in exchange of approximately 5,769,231 million warrants.
In
March 2022, the Company sold 300,000 shares of its Common Stock to Peak One under the EPL for net proceeds of approximately $52 thousand.
In
May 2022, Blue Lake made a cashless exercise for their warrants. In connection with this exercise, the Company issued 1,403,326 shares
of Common Stock in exchange of 1,923,077 warrants.
In
June 2022, the Company sold 300,000 shares of its Common Stock to Peak One under the EPL for net proceeds of approximately $47 thousand.
In
June 2022, Mast Hill converted their debt of approximately $0.28 million. In connection with the Note conversion, the Company
issued 4,025,000 shares of Common Stock to Mast Hill.
In
June 2022, Company issued 500,000 shares of Common Stock to First Fire under partial repayment of convertible debt of $35,000.
In
June 2022, First Fire made a cashless exercise for their warrants. In connection with this exercise, the Company issued 1,183,400 shares
of Common Stock in exchange for 1,923,077 warrants.
For
further information on Common Stock issuance, refer to our 2021 Annual Report on Form 10-K filed with the SEC on April 15, 2022.
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v3.23.2
STOCK-BASED COMPENSATION
|
6 Months Ended |
Jun. 30, 2023 |
Compensation Related Costs [Abstract] |
|
STOCK-BASED COMPENSATION |
NOTE
11 – STOCK-BASED COMPENSATION
Options
Pursuant
to the Merger, the Company’s Common Stock and corresponding outstanding options survived. The below information details the Company’s
associated option activity.
As
of June 30, 2023, the Company had options to purchase Common Stock that were outstanding under three stock option plans – the 2017
Equity Incentive Plan (the “2017 Plan”), the 2015 Equity Incentive Plan (the “2015 Plan”) and the
2005 Stock Plan (the “2005 Plan”). Under the 2017 Plan, up to 2,000,000 shares of the Company’s Common Stock
may be issued pursuant to awards granted in the form of nonqualified stock options, restricted and unrestricted stock awards, and other
stock-based awards. Under the 2015 and 2005 Plans, taken together, up to 27,250,000 shares of the Company’s Common Stock may be
issued pursuant to awards granted in the form of incentive stock options, nonqualified stock options, restricted and unrestricted stock
awards, and other stock-based awards
Employees,
consultants, and directors are eligible for awards granted under the 2017 and 2015 Plans. Since the adoption of the 2015 Plan, no further
awards may be granted under the 2005 Plan, although options previously granted remain outstanding in accordance with their terms.
Compensation
based stock option activity for qualified and unqualified stock options are summarized as follows:
SCHEDULE
OF COMPENSATION BASED STOCK OPTION ACTIVITY
| |
| | |
Weighted | |
For the six months ended June 30, 2023 | |
| | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at January 1, 2023 | |
| 25,690,261 | | |
$ | 0.23 | |
Expired or cancelled | |
| (1,512,500 | ) | |
| 0.46 | |
Outstanding at June 30, 2023 | |
| 24,177,761 | | |
| 0.21 | |
| |
| | |
Weighted | |
For the six months ended June 30, 2022 | |
| | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at January 1, 2022 | |
| 16,592,620 | | |
$ | 0.30 | |
Expired or cancelled | |
| (2,359 | ) | |
| 11.88 | |
Outstanding at June 30, 2022 | |
| 16,590,261 | | |
$ | 0.30 | |
Information
on compensation-based stock option activity for qualified and unqualified stock options for the year ended December 31, 2021 can be found
in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on April 19, 2023.
The
following table summarizes information about options to purchase shares of the Company’s Common Stock outstanding and exercisable
at June 30, 2023:
SCHEDULE OF OPTIONS TO PURCHASE SHARES OF COMMON STOCK OUTSTANDING AND EXERCISABLE
| | |
| | |
Weighted- | | |
Weighted- | | |
| |
| | |
| | |
Average | | |
Average | | |
| |
| | |
Outstanding | | |
Remaining Life | | |
Exercise | | |
Number | |
Exercise prices | | |
Options | | |
In Years | | |
Price | | |
Exercisable | |
| | |
| | |
| | |
| | |
| |
$ | 0.1 to 0.15 | | |
| 16,250,000 | | |
| 8.7 | | |
$ | 0.12 | | |
| 6,057,500 | |
| 0.16 | | |
| 5,502,761 | | |
| 8.0 | | |
| 0.16 | | |
| 5,502,761 | |
| 0.22 | | |
| 1,000,000 | | |
| 5.0 | | |
| 0.22 | | |
| 1,000,000 | |
| 0.38 | | |
| 550,000 | | |
| 3.5 | | |
| 0.38 | | |
| 550,000 | |
| 0.73 | | |
| 500,000 | | |
| 2.7 | | |
| 0.73 | | |
| 500,000 | |
| 1.43 | | |
| 300,000 | | |
| 1.9 | | |
| 1.43 | | |
| 300,000 | |
| 15.00 | | |
| 75,000 | | |
| 1.9 | | |
| 15.00 | | |
| 75,000 | |
| | | |
| 25,690,261 | | |
| 8.0 | | |
$ | 0.21 | | |
| 13,985,261 | |
The
compensation expense attributed to the issuance of the options is recognized as they are vested. The employee stock option plan stock
options are generally exercisable for ten years from the grant date and vest over various terms from the grant date to three years.
As
of June 30, 2023, there was no
unamortized stock compensation cost related to the stock options granted during the year as the stock options granted during the
year ended December 31, 2022 are considered vested. Of the approximately 14 million unvested stock options, the vesting criteria for 7.3 million
options is still being evaluated as on the date of this Report, as those options are subject to individual milestone achievements.
For more information on the stock options, refer to our 2022 Annual Report on Form 10-K filed with the SEC on April 14, 203 or 2022
Annual Report on Form 10-K/A filed with the SEC on April 19, 2023.
The
Company amortized $0 stock compensation expense during the six months ended June 30, 2023 on the 2021 and 2022 grants. The Company recorded
$50,000 of similar expense during the same period of 2022.
Warrants
The
Company has issued warrants in connection with the various financings conducted by the Company. For mor information on the warrant issuances,
refer to our 2022 Annual Report on Form 10-K/A filed with the SEC on April 17, 2023. The Company issued 10,576,924 warrants related to
the November/December 2021 Notes (See Note 6). The fair value of these warrants on issue date amounted to $1,172,753 as calculated using
a Black Scholes valuation model.
The
issuance of warrants to purchase shares of the Company’s Common Stock, including those attributed to debt issuances, as of June
30, 2023 and 2022 are summarized as follows:
SCHEDULE OF WARRANTS ACTIVITY
For the three months ended June 30, 2023 | |
| | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at January 1, 2023 | |
| 81,072,855 | | |
$ | 0.18 | |
Issued during the six months ended June 30, 2023 | |
| - | | |
| - | |
Exercised / cancelled during the six months ended June 30, 2023 | |
| (42,737,500 | ) | |
| 0.2 | |
Outstanding at June 30, 2023 | |
| 38,335,355 | | |
$ | 0.16 | |
For the six months ended June 30, 2022 | |
| | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at January 1, 2022 | |
| 53,314,424 | | |
$ | 0.20 | |
Issued during the six months ended June 30, 2022 | |
| 34,375,066 | | |
| 0.15-0.20 | |
Exercised / cancelled during the six months ended June 30, 2022 | |
| (9,615,385 | ) | |
| 0.13 | |
Outstanding at June 30, 2022 | |
| 82,322,855 | | |
$ | 0.18 | |
The
following table summarizes information about warrants outstanding and exercisable at June 30, 2023:
SCHEDULE
OF WARRANTS OUTSTANDING AND EXERCISABLE
| | |
Outstanding and exercisable | |
| | |
| | |
Weighted- | | |
Weighted- | | |
| |
| | |
| | |
Average | | |
Average | | |
| |
| | |
Number | | |
Remaining Life | | |
Exercise | | |
Number | |
Exercise Price | | |
Outstanding | | |
in Years | | |
Price | | |
Exercisable | |
$ | 0.13 | | |
| 961,539 | | |
| 3.46 | | |
| 0.13 | | |
| 961,539 | |
| 0.15 | | |
| 33,000,066 | | |
| 0.75 | | |
| 0.15 | | |
| 33,000,066 | |
| 0.20 | | |
| 4,373,750 | | |
| 3.75-3.98 | | |
| 0.20 | | |
| 4,373,750 | |
| | | |
| 38,335,355 | | |
| 0.75 | | |
$ | 0.15 | | |
| 38,335,355 | |
|
X |
- DefinitionThe entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.
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v3.23.2
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
12 – INCOME TAXES
The
Company had gross deferred tax assets, which primarily relate to net operating loss carryforwards. As of December 31, 2021, the Company
had gross federal and state net operating loss carryforwards, which are available to offset future taxable income, if any. The Company
recorded a valuation allowance in the full amount of its net deferred tax assets since realization of such tax benefits has been determined
by our management to be less likely than not. For information on our deferred tax assets and liabilities, refer to our 2022 Annual Report
on Form 10-K filed with the SEC on April 14, 203 or 2022 Annual Report on Form 10-K/A filed with the SEC on April 19, 2023.
Portions
of these carryforwards will expire through 2038, if not otherwise utilized. The Company’s utilization of net operating loss carryforwards
could be subject to an annual limitation. as a result of certain past or future events, such as stock sales or other equity events constituting
a “change in ownership” under the provisions of Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, and
similar state provisions. The annual limitations could result in the expiration of net operating loss carryforwards and tax credits before
they can be utilized. We have not performed a formal analysis, but we believe our ability to use such net operating losses and tax credit
carryforwards will be subject to annual limitations, due to change of ownership control provisions under Section 382 and 383 of the Internal
Revenue Code, which would significantly impact our ability to realize these deferred tax assets.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
13 – COMMITMENTS AND CONTINGENCIES
Leases
Currently,
the Company is leasing the office located at 29397 Agoura Road, Suite 107, Agoura Hills, CA 91301 on a month-to-month basis until such
time a new office is identified. The Company believes the office is sufficient for its current operations.
PointR
Merger Contingent Consideration
The
total purchase price in the PointR Merger of $17,831,427 represented the consideration transferred from the Company and was calculated
based on the number of shares of Common Stock plus the preferred shares outstanding but convertible into Common Stock outstanding at
the date of the PointR Merger and included $2,625,000 of contingent consideration of shares issuable to PointR shareholders, which could
increase to $15 million of contingent consideration, upon achievement of certain milestones. For more information on the PointR Merger
Contingent Consideration, refer to our 2021 Annual Report on Form 10-K filed with the SEC on April 15, 2022.
Third
Party Service Provider Claim
The
Company is disputing a judgement of $20,000 for a non-payment to a third service provider. The Company considers the claim to be immaterial
to the financial position of the Company. The Company has filed a counter claim on the third party service provider as the Company believes
the claim to be false and malicious to the interests of the Company, and intends to vigorously defend the counter claim.
Other
claims
From
time to time, the Company may become involved in certain claims arising in the ordinary course of business. One of the Company’s
ex-employees has made a claim against the Company. The Company is evaluating the validity of the claim, as the Company believes that
such claim has limited merits and is hopeful to attain a positive outcome for such claim. Since the Company is still evaluating the claim,
we are unable to quantify the amount such claim would be settled at, if at all settled.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
14 – SUBSEQUENT EVENTS
New
Private Placement with JH Darbie
In
July 2023, completed entering into subscription agreements with certain accredited investors (“Subscription Agreement”),
whereby the Company issued a total of 40 units (“Units”), with each Unit consisting of (i) one convertible promissory
note issued by the Company (the “Note”), convertible into up to 250,000 shares of 250,000 shares of the Company’s
common stock, par value $0.01 per share (“the Company’s Common Stock”), at a conversion price of $0.10 per Company’s
Common Stock; and (iii) 250,000 warrants (the “Warrants”) to purchase an equivalent number of shares of Company Common
Stock at $0.12 per share (the “Financing”). The Company converted the debt of 15 accredited investors into the current
Subscription Agreements, which resulted in conversion of $1.0 million of debt to the Company. These conversions were for the prior private
placement by JH Darbie (See Note 7 of these Notes to Unaudited Financial Statement. Placement agent fees of $150,000 were paid to JH
Darbie & Co., Inc. (“JH Darbie. JH Darbie and the Company are parties to a placement agent agreement, dated March 10,
2023 (“Agreement”) pursuant to which DH Darbie has the right to sell a minimum of 10 Units and a maximum of 200 Units
on a best efforts basis.
Share
Issuance
In
July 2023, Fourth Man converted the final balance of approximately $44,000, inclusive of interest and penalty, of their December 2021
Note in exchange for 627,538 shares of our Common Stock.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, equity-based transactions and disclosure of contingent liabilities at the date of the financial
statements and revenues and expense during the reporting period. Actual results could materially differ from those estimates.
The
Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation
of the financial statements. Significant estimates include the valuation of goodwill and intangible assets for impairment, deferred tax
asset and valuation allowance, and fair value of financial instruments.
|
Cash |
Cash
As
of June 30, 2023, and December 31, 2022 the Company held all its cash in banks. The Company considers investments in highly liquid instruments
with a maturity of three months or less to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2023 and
December 31, 2022, respectively. Restricted cash consists of certificates of deposits held at banks as collateral for various purposes.
|
Debt issuance Costs and Debt discount |
Debt
issuance Costs and Debt discount
Issuance
costs are specific incremental costs that are (1) paid to third parties and (2) directly attributable to the issuance of a debt or equity
instrument. The issuance costs attributable to the initial sale of the instrument are offset against the associated proceeds in the determination
of the instrument’s initial net carrying amount.
Debt
issuance costs and debt discounts are being amortized over the lives of the related financings on a basis that approximates the effective
interest method. Costs and discounts are presented as a reduction of the related debt in the accompanying balance sheets if related to
the issuance of debt or presented as a reduction of additional paid in capital if related to the issuance of an equity instrument. The
Company applies the relative fair value to allocate the issuance costs among freestanding instruments that form part of the same transaction.
If
the Company amends the terms of its convertible notes, the Company reviews and applies the guidance per ASC 470-60 Troubled debt restructurings
and ASC 470-50 Debt-Modifications and Extinguishments, evaluates and concludes whether the terms of the agreements were or
were not substantially different as of a particular reporting date and accounts the transaction as a debt modification or a troubled
debt restructuring.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
carrying value of cash, accounts payable and accrued expense approximate their fair values based on the short-term maturity of these
instruments. As defined in ASC 820, “Fair Value Measurements and Disclosures,” fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit
price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including
assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market
corroborated, or generally unobservable. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair
value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level
1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). This fair value measurement framework applies at
both initial and subsequent measurement.
The
three levels of the fair value hierarchy defined by ASC 820 are as follows:
● |
Level
1 – Quoted prices are available in active markets for identical assets or liabilities
as of the reporting date. Active markets are those in which transactions for the asset or
liability occur in sufficient frequency and volume to provide pricing information on an ongoing
basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives,
marketable securities and listed equities.
|
● |
Level
2 – Pricing inputs are other than quoted prices in active markets included in Level
1, which are either directly or indirectly observable as of the reported date. Level 2 includes
those financial instruments that are valued using models or other valuation methodologies.
These models are primarily industry-standard models that consider various assumptions, including
quoted forward prices for commodities, time value, volatility factors and current market
and contractual prices for the underlying instruments, as well as other relevant economic
measures. Substantially all of these assumptions are observable in the marketplace throughout
the full term of the instrument, can be derived from observable data or are supported by
observable levels at which transactions are executed in the marketplace. Instruments in this
category generally include non-exchange-traded derivatives such as commodity swaps, interest
rate swaps, options and collars.
|
● |
Level
3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be
used with internally developed methodologies that result in management’s best estimate of fair value. |
|
Investment in equity securities |
Investment
in equity securities
The
following table summarizes the cumulative gross unrealized gains and losses and fair values for long-term investments accounted for at
fair value under the fair value option, with the unrealized gains and losses reported within earnings on the Condensed Consolidated Statements
of Operation as of June 30, 2023 and December 31, 2022.:
SCHEDULE
OF UNREALIZED GAINS AND LOSSES
| |
| | |
Cumulative | | |
Cumulative | | |
| |
| |
| | |
Gross | | |
Gross | | |
| |
| |
Initial | | |
Unrealized | | |
Unrealized | | |
Fair | |
| |
Book Value | | |
Gains | | |
Losses | | |
Value | |
June 30, 2023 and December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Investment in GMP Bio (equity securities) | |
$ | 22,640,519 | | |
$ | - | | |
$ | - | | |
$ | 22,640,519 | |
Total | |
$ | 22,640,519 | | |
$ | - | | |
$ | - | | |
$ | 22,640,519 | |
The
table below sets forth a summary of the changes in the fair value of the Company’s long-term investment in equity securities, based
on a third-party valuation report, as a Level 3 fair value as of June 30, 2023 and December 31, 2022:
SUMMARY
OF CHANGES IN FAIR VALUE OF LONG-TERM INVESTMENT IN EQUITY SECURITIES
| |
June
30, 2023 | | |
December
31, 2022 | |
Balance at January 1, 2023 and 2022 | |
$ | 22,640,519 | | |
$ | - | |
Contribution at cost basis | |
| - | | |
| 5,689,042 | |
Gain on derecognition of non-financial asset | |
| - | | |
| 16,591,477 | |
Change in fair value | |
| - | | |
| - | |
| |
| | | |
| | |
Balance at June 30, 2023 and December
31, 2022 | |
$ | 22,640,519 | | |
$ | 22,640,519 | |
|
Derivative Liability |
Derivative
Liability
The
Company has certain derivative liabilities associated with its 2019 bridge financing Convertible Notes (see Note 5), which consisted
of conversion feature derivatives at June 30, 2023 and December 31, 2022, are Level 3 fair value measurements.
The
table below sets forth a summary of the changes in the fair value of the Company’s derivative liabilities classified as Level 3
as of June 30, 2023 and 2022:
SUMMARY
OF CHANGES IN FAIR VALUE OF DERIVATIVE LIABILITIES
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Conversion Feature | | |
Conversion Feature | |
Balance at January 1, 2023 and 2022 | |
$ | 198,140 | | |
$ | 340,290 | |
New derivative liability | |
| | | |
| - | |
Reclassification to additional paid in capital
from conversion of debt to common stock | |
| | | |
| - | |
Change in fair value | |
| 327,594 | | |
| 67,922 | |
| |
| | | |
| | |
Balance at June, 2023
and 2022 | |
$ | 525,734 | | |
$ | 408,212 | |
As
of June 30, 2023, and 2022, the Company estimated the fair value of the conversion feature derivatives embedded in the convertible debentures
based on assumptions used in the Black-Scholes valuation model. The key valuation assumptions used consists, in part, of the price of
the Company’s Common Stock, a risk-free interest rate based on the yield of a Treasury note and expected volatility of the Company’s
Common Stock all as of the measurement dates. The Company used the following assumptions to estimate fair value of the derivatives as
of June 30, 2023 and 2022, respectively:
SUMMARY
OF ESTIMATE FAIR VALUE OF DERIVATIVE LIABILITIES
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Key | | |
Key | |
| |
Assumptions | | |
Assumptions | |
| |
for fair value | | |
for fair value | |
| |
of
conversions | | |
of
conversions | |
Risk free interest | |
| 5.4 | % | |
| 0.17%
-1.03% | |
Market price of share | |
$ | 0.03 | | |
$ | 0.17-0.23 | |
Life of instrument in years | |
| 0.01 | | |
| 0.01
– 0.33 | |
Volatility | |
| 171.25 | % | |
| 107.50%-109.40% | |
Dividend yield | |
| 0 | % | |
| 0 | % |
When
the Company changes its valuation inputs for measuring financial liabilities at fair value, either due to changes in current market conditions
or other factors, it may need to transfer those liabilities to another level in the hierarchy based on the new inputs used. The Company
recognizes these transfers at the end of the reporting period that the transfers occur. For the periods ended June 30, 2023 and 2022,
respectively, there were no transfers of financial assets or financial liabilities between the hierarchy levels.
The
$2,625,000 of contingent consideration, of shares issuable to PointR shareholders which was recorded and associated with the PointR Merger,
is also classified as Level 3 fair value measurements. The Company initially recorded the contingency based on a valuation conducted
by a third-party valuation expert. The valuation was based on a probability of the completion of certain milestones by PointR for the
shareholders to earn additional shares. The Company evaluated the probability of the earning of the milestones and concluded that the
probability of achievement of the milestones had not changed, primarily due to the shifting of focus by the Company to develop AI technologies
for the COVID-19 pandemic. As such, the Company did not record any change to the valuation during the six months ended June 30, 2023
or 2022, respectively.
|
Net Income (Loss) Per Share |
Net
Income (Loss) Per Share
Basic
net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding
during the period. Diluted net income (loss) per share includes the effect of Common Stock equivalents (notes convertible into Common
Stock, stock options and warrants) when, under either the treasury or if-converted method, such inclusion in the computation would be
dilutive. For the three and six months ended June 30, 2023, no equivalent shares of the Common Stock were excluded as the company has
a loss and addition of such stock equivalents in the computation would have been anti-dilutive.
|
Stock-Based Compensation |
Stock-Based
Compensation
The
Company applies the provisions of ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement
and recognition of compensation expense for all stock-based awards made to employees, including employee stock options, in the statements
of operations.
For
stock options issued to employees and members of the Board of Directors (the “Board”) for their services, the Company
estimates the grant date fair value of each option using the Black-Scholes option pricing model. The use of the Black-Scholes option
pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the
Common Stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the Common Stock.
For awards subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes stock-based
compensation expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service period,
which is generally the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time of grant
and revised.
For
warrants issued in connection with fund raising activities, the Company estimates the grant date fair value of each warrant using the
Black-Scholes pricing model. The use of the Black-Scholes option pricing model requires management to make assumptions with respect to
the expected term of the warrant, the expected volatility of the Common Stock consistent with the expected life of the warrant, risk-free
interest rates and expected dividend yields of the Common Stock. If the warrants are issued upon termination or cancellation of prior
issued warrants, then the Company estimates the grant date fair value of the new warrants using the Black-Scholes pricing model and evaluates
whether the new warrants are deemed as equity instruments or liability instruments. If the warrants are deemed to be equity instruments,
the Company records stock compensation expense and an addition to additional paid in capital. If, however, the warrants are deemed to
be liability instruments, then the fair value is treated as a deemed dividend and credited to additional paid in capital.
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
The
Company reviews long-lived assets, including definite-lived intangible assets, for impairment whenever events or changes in circumstances
indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the
forecasted undiscounted net cash flows of the operation to which the assets relate to the carrying amount. If the operation is determined
to be unable to recover the carrying amount of its assets, then these assets are written down first, followed by other long-lived assets
of the operation to fair value. Fair value is determined based on discounted cash flows or appraised values, depending on the nature
of the assets. For the three and six months ended June 30, 2023 and the year ended December 31, 2022, there were no impairment losses
recognized for long-lived assets.
|
Intangible Assets |
Intangible
Assets
The
Company records its intangible assets at cost in accordance with ASC 350, Intangibles – Goodwill and Other. The Company
reviews the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely
than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline
in operating performance, competition, sale or disposition of a significant portion of the business, or other factors. If the review
indicates the impairment, an impairment loss would be recorded for the difference of the value recorded and the new value. For the
three and six months ended June 30, 2023 and 2022, respectively, there were no
impairment losses recognized for intangible assets. When we sell or contribute properties to unconsolidated arrangements and retain
a non-controlling ownership interest in such assets, we recognize the difference between the consideration received and the carrying
amount of the asset sold or contributed. For the three and six months ended June 30, 2022, we derecognized the intangibles of $0.8
million associated with OT-101 upon the transfer of our non-financial asset as a capital contribution for our 45%
ownership in the JV.
|
Goodwill |
Goodwill
Goodwill
represents the excess of the purchase price of acquired business over the estimated fair value of the identifiable net assets acquired.
Goodwill is not amortized but is tested for impairment at least once annually, at the reporting unit level or more frequently if events
or changes in circumstances indicate that the asset might be impaired. The goodwill impairment test is applied by performing a qualitative
assessment before calculating the fair value of the reporting unit. If, on the basis of qualitative factors, it is considered not more
likely than not that the fair value of the reporting unit is less than the carrying amount, further testing of goodwill for impairment
would not be required. Otherwise, goodwill impairment is tested using a two-step approach.
The
first step involves comparing the fair value of the reporting unit to its carrying amount. If the fair value of the reporting unit is
determined to be greater than its carrying amount, there is no impairment. If the reporting unit’s carrying amount is determined
to be greater than the fair value, the second step must be completed to measure the amount of impairment, if any. The second step involves
calculating the implied fair value of goodwill by deducting the fair value of all tangible and intangible assets, excluding goodwill,
of the reporting unit from the fair value of the reporting unit as determined in step one. The implied fair value of the goodwill in
this step is compared to the carrying value of goodwill. If the implied fair value of the goodwill is less than the carrying value of
the goodwill, an impairment loss equivalent to the difference is recorded. As such, for the three and six months ended June 30, 2023
we recorded an impairment loss of approximately $6.1 million on our goodwill. No
similar impairment was recorded for the three
or six months ended June 30, 2022. For the year ended December 31, 2022 we had recorded an impairment loss of approximately $4.1
million on our goodwill and derecognized the
goodwill of $4.8
million associated with OT-101 upon the transfer
of our non-financial asset as a capital contribution for our 45%
ownership in the JV. For more information on goodwill and impairment, refer to Note 3 to these Notes to the Consolidated Financial
Statements.
|
Derivative Financial Instruments Indexed to the Company’s Common Stock |
Derivative
Financial Instruments Indexed to the Company’s Common Stock
We
have generally issued derivative financial instruments, such as warrants, in connection with our equity offerings. We evaluate the terms
of these derivative financial instruments in order to determine their accounting treatment in our financial statements. Key considerations
include whether the financial instruments are freestanding and whether they contain conditional obligations. If the warrants are freestanding,
do not contain conditional obligations and meet other classification criteria, we account for the warrants as an equity instrument. However,
if the warrants contain conditional obligations, then we account for the warrants as a liability until the conditional obligations are
met or are no longer relevant. Because no established market prices exist for the warrants that we issue in connection with our equity
offerings, we must estimate the fair value of the warrants, which is as inherently subjective as it is for stock options, and for similar
reasons as noted in the stock-based compensation section above. For financial instruments which are accounted for as a liability, we
report any changes in their estimated fair values as gains or losses in our Consolidated Statement of Income.
|
Convertible Instruments |
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with ASC 815 “Derivatives
and Hedging”.
ASC
815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and
account for them as free-standing derivative financial instruments. These three criteria include circumstances in which (a) the economic
characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and
risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is
not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported
in earnings as they occur, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered
a derivative instrument. Professional standards also provide an exception to this rule when the host instrument is deemed to be conventional
as defined under professional standards as “The Meaning of Conventional Convertible Debt Instrument.”
The
Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from
their host instruments) in accordance with ASC 470-20 “Debt – Debt with Conversion and Other Options.” Accordingly,
the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments
based upon the differences between the fair value of the underlying Common Stock at the commitment date of the note transaction and the
effective conversion price embedded in the note. Original issue discounts (“OID”) under these arrangements are amortized
over the term of the related debt to their earliest date of redemption. The Company also records when necessary deemed dividends for
the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying
Common Stock at the commitment date of the note transaction and the effective conversion price embedded in the note.
ASC
815-40 “Derivatives and Hedging – Contracts in Entity’s Own Equity” provides that, among other things, generally,
if an event is not within the entity’s control could or require net cash settlement, then the contract shall be classified as an
asset or a liability.
|
Variable Interest Entity (VIE) Accounting |
Variable
Interest Entity (VIE) Accounting
The
Company evaluates its ownership, contractual relationships and other interests in entities to determine the nature and extent of the
interests, whether such interests are variable interests and whether the entities are VIEs in accordance with ASC 810, Consolidations.
These evaluations can be complex and involve Management judgment as well as the use of estimates and assumptions based on available historical
information, among other factors. Based on these evaluations, if the Company determines that it is the primary beneficiary of a VIE,
the entity is consolidated into the financial statements. At June 30, 2023 and December 31, 2022, the Company identified EdgePoint to
be the Company’s sole VIE. At June 30, 2023 and December 31, 2022, the Company’s ownership percentage of EdgePoint was 29%
and 29%, respectively. The VIE’s net assets were less than $0.1 million at June 30, 2023 and December 31, 2022, respectively.
|
Investments - Equity Method |
Investments
- Equity Method
The
Company accounts for equity method investments at cost, adjusted for the Company’s share of the investee’s earnings or losses,
which are reflected in the consolidated statements of operations. The Company periodically reviews the investments for other than temporary
declines in fair value below cost and more frequently when events or changes in circumstances indicate that the carrying value of an
asset may not be recoverable. The Investment in GMP Bio represents the investment into equity securities for which the Company elected
the fair value option pursuant to ASC 825-10-15 and subsequent fair value changes in the GMP Bio shares shall be included in the result
from other income. Refer to Note 6 to these Notes to the Consolidated Financial Statements.
|
Joint Venture agreement |
Joint
Venture agreement
We
have equity interest in unconsolidated arrangement that is primarily engaged in the business of drug discovery, development, and commercialization,
including but not limited to development and commercialization of TGF-beta therapeutics as well as establishing and operating contract
development and manufacturing organization (“CDMO”) facilities and capabilities. The Company first reviews the arrangement
to determine if it meets the definition of an accounting joint venture pursuant to ASC 323-10-20. In order to meet the definition of
a joint venture, the arrangement must have all of the following characteristics, (i) the arrangement is organized within a separate legal
entity, (ii) the entity is under the joint control of the venturers, (iii) the venturers must be able to exercise joint control through
their equity investments, (iv) the qualitative characteristics of the entity, including its purpose and design must be consistent with
the definition of a joint venture.
We
consolidate arrangements that are considered to be VIEs where we are the primary beneficiary. We analyze our investments in joint ventures
to determine if the joint venture is considered a VIE and would require consolidation. We (i) evaluate the sufficiency of the total equity
investment at risk, (ii) review the voting rights and decision-making authority of the equity investment holders as a group and whether
there are limited partners (or similar owning entities) that lack substantive participating or kick out rights, guaranteed returns, protection
against losses, or capping of residual returns within the group and (iii) establish whether activities within the venture are on behalf
of an investor with disproportionately few voting rights in making this VIE determination.
To
the extent that we own interests in a VIE and we (i) have the power to direct the activities that most significantly impact the economic
performance of the VIE and (ii) have the obligation or rights to absorb losses or receive benefits that could potentially be significant
to the VIE, then we would be determined to be the primary beneficiary and would consolidate the VIE. To the extent that we own interests
in a VIE, then at each reporting period, we re-assess our conclusions as to which, if any, party within the VIE is considered the primary
beneficiary.
To
the extent that our arrangements do not qualify as VIEs, they are consolidated if we control them through majority ownership interests
or if we are the managing entity (general partner or managing member) and our partner does not have substantive participating rights.
Control is further demonstrated by our ability to unilaterally make significant operating decisions, refinance debt, and sell the assets
of the joint venture without the consent of the non-managing entity and the inability of the non-managing entity to remove us from our
role as the managing entity.
We
use the equity method of accounting for those arrangements where we exercise significant influence but do not have control. Under the
equity method of accounting, our investment in each arrangement is included on our consolidated balance sheet; however, the assets and
liabilities of the joint ventures for which we use the equity method are not included on our consolidated balance sheet.
When
we sell or contribute properties to unconsolidated arrangements and retain a non-controlling ownership interest in such assets, we recognize
the difference between the consideration received and the carrying amount of the asset sold or contributed when its derecognition criteria
are met. The equity method investment we retain in such partial sale transactions is noncash consideration and is measured at fair value.
As a result, the accounting for a partial sale will result in the recognition of a full gain or loss.
When
circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss in value is
other than temporary. If we conclude it is other than temporary, we recognize an impairment charge to reflect the equity investment at
fair value.
The
Company elected the fair value option under the fair value option Subsection of Section 825-10-15 to account for its equity-method investment
as the Company believes that the fair value option is most appropriate for a company in the biotechnology industry, The fair value option
is more appropriate for companies that are involved in extensive and usually very expensive research and development efforts, which are
not appropriately reflected in the market value or reflective of the true value of the development activities of the company.
|
Embedded debt costs in convertible debt instruments |
Embedded
debt costs in convertible debt instruments
In
August 2020, the FASB issued “ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts
in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”) which simplifies the accounting for convertible
instruments. The guidance removes certain accounting models which separate the embedded conversion features from the host contract for
convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition was permissible
for the adoption of this standard. Update No. 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim
periods within those fiscal years. Early adoption was permitted no earlier than the fiscal year beginning after December 15, 2020. The
Company has adopted ASU 2020-06 effective January 1, 2023.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (Topic 606).
Under
Topic 606, the Company recognizes revenue when its customers obtain control of the promised good or services, in an amount that reflects
the consideration which the Company expects to receive in exchange for those goods or services. The Company applies the following five-step:
(i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction
price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the
Company satisfies a performance obligation.
At
contract inception, once the contract is determined to be within the scope of Topic 606, the Company identifies the performance obligation(s)
in the contract by assessing whether the goods or services promised within each contract are distinct. The Company then recognizes revenue
for the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation
is satisfied.
The
Company anticipates generating revenues from rendering services to other third-party customers for the development of certain drug products
and/or in connection with certain out-licensing agreements. In the case of services rendered for development of the drugs, revenue is
recognized upon the achievement of the performance obligations or over time on a straight-line basis over the extended service period.
In the case of out-licensing contracts, the Company records revenues either upon achievement of certain pre-defined milestones, when
there is no obligation of the Company achieve any performance obligations in connection with the said pre-defined milestones, or upon
achievement of the performance obligations if the milestones require the Company to provide the performance obligations.
The
Company occasionally collects advance payments from customers toward commitments to provide services or performance obligations, in which
case the advance payment is recorded as a liability until the obligations are fulfilled and revenue is recognized.
|
Research & Development Costs |
Research
& Development Costs
In
accordance with ASC 730-10-25 “Research and Development”, research and development costs are charged to expense as and when
incurred.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
August 2020, the FASB issued “ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts
in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”) which simplifies the accounting for convertible
instruments. The guidance removes certain accounting models which separate the embedded conversion features from the host contract for
convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition was permissible
for the adoption of this standard. Update No. 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim
periods within those fiscal years. Early adoption was permitted no earlier than the fiscal year beginning after December 15, 2020. The
Company has adopted ASU 2020-06 effective January 1, 2023 and as of the three months ended March 31, 2023, the Company recorded approximately
$0.5 million as a reduction to the additional paid in capital and added approximately $0.3 million to the opening retained earnings in
accordance with the authoritative guidance under ASU 2020-06.
All
other newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF UNREALIZED GAINS AND LOSSES |
SCHEDULE
OF UNREALIZED GAINS AND LOSSES
| |
| | |
Cumulative | | |
Cumulative | | |
| |
| |
| | |
Gross | | |
Gross | | |
| |
| |
Initial | | |
Unrealized | | |
Unrealized | | |
Fair | |
| |
Book Value | | |
Gains | | |
Losses | | |
Value | |
June 30, 2023 and December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Investment in GMP Bio (equity securities) | |
$ | 22,640,519 | | |
$ | - | | |
$ | - | | |
$ | 22,640,519 | |
Total | |
$ | 22,640,519 | | |
$ | - | | |
$ | - | | |
$ | 22,640,519 | |
|
SUMMARY OF CHANGES IN FAIR VALUE OF LONG-TERM INVESTMENT IN EQUITY SECURITIES |
SUMMARY
OF CHANGES IN FAIR VALUE OF LONG-TERM INVESTMENT IN EQUITY SECURITIES
| |
June
30, 2023 | | |
December
31, 2022 | |
Balance at January 1, 2023 and 2022 | |
$ | 22,640,519 | | |
$ | - | |
Contribution at cost basis | |
| - | | |
| 5,689,042 | |
Gain on derecognition of non-financial asset | |
| - | | |
| 16,591,477 | |
Change in fair value | |
| - | | |
| - | |
| |
| | | |
| | |
Balance at June 30, 2023 and December
31, 2022 | |
$ | 22,640,519 | | |
$ | 22,640,519 | |
|
SUMMARY OF CHANGES IN FAIR VALUE OF DERIVATIVE LIABILITIES |
The
table below sets forth a summary of the changes in the fair value of the Company’s derivative liabilities classified as Level 3
as of June 30, 2023 and 2022:
SUMMARY
OF CHANGES IN FAIR VALUE OF DERIVATIVE LIABILITIES
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Conversion Feature | | |
Conversion Feature | |
Balance at January 1, 2023 and 2022 | |
$ | 198,140 | | |
$ | 340,290 | |
New derivative liability | |
| | | |
| - | |
Reclassification to additional paid in capital
from conversion of debt to common stock | |
| | | |
| - | |
Change in fair value | |
| 327,594 | | |
| 67,922 | |
| |
| | | |
| | |
Balance at June, 2023
and 2022 | |
$ | 525,734 | | |
$ | 408,212 | |
|
SUMMARY OF ESTIMATE FAIR VALUE OF DERIVATIVE LIABILITIES |
SUMMARY
OF ESTIMATE FAIR VALUE OF DERIVATIVE LIABILITIES
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Key | | |
Key | |
| |
Assumptions | | |
Assumptions | |
| |
for fair value | | |
for fair value | |
| |
of
conversions | | |
of
conversions | |
Risk free interest | |
| 5.4 | % | |
| 0.17%
-1.03% | |
Market price of share | |
$ | 0.03 | | |
$ | 0.17-0.23 | |
Life of instrument in years | |
| 0.01 | | |
| 0.01
– 0.33 | |
Volatility | |
| 171.25 | % | |
| 107.50%-109.40% | |
Dividend yield | |
| 0 | % | |
| 0 | % |
|
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v3.23.2
INTANGIBLE ASSETS AND GOODWILL (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SUMMARY OF GOODWILL |
A
summary of our goodwill as of June 30, 2023 and December 31, 2022 is shown below:
SUMMARY
OF GOODWILL
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Balance at beginning of the year | |
$ | 12,071,376 | | |
$ | 21,062,455 | |
Less: Derecognition upon recording of gain
on non-financial asset | |
| - | | |
| (4,880,000 | ) |
Less;: Goodwill impairment
due to market capitalization | |
| (6,083,146 | ) | |
| (4,111,079 | ) |
| |
| | | |
| | |
Balance at the end of
the period | |
$ | 5,988,230 | | |
$ | 12,071,376 | |
|
SCHEDULE OF INTANGIBLE ASSETS |
The
following table summarizes the balances as of December 31, 2022, of the intangible assets acquired, their useful life,
and annual amortization. As the intangible assets acquired were already derecognized as of December 31, 2023, we had no similar assets or
adjustments thereto as of June 30, 2023:
SCHEDULE
OF INTANGIBLE ASSETS
|
|
December
31,
2022 |
|
|
Remaining
Estimated
Useful Life
(Years) |
|
Intangible
asset – Intellectual property |
|
$ |
819,191 |
|
|
|
|
|
Intangible
asset – Capitalization of license cost |
|
|
190,989 |
|
|
|
|
|
|
|
|
1,010,180 |
|
|
|
|
|
Less
Accumulated Amortization |
|
|
(201,180 |
) |
|
|
|
|
Less:
Derecognition of carrying value upon transfer of non-financial asset |
|
|
(809,000 |
) |
|
|
|
|
Total |
|
$ |
- |
|
|
|
|
|
|
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v3.23.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
Accounts
payable and accrued expense consists of the following amounts:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Accounts payable | |
$ | 1,682,943 | | |
$ | 1,735,764 | |
Accrued expense | |
| 775,646 | | |
| 775,100 | |
Accounts payable and
accrued liabilities | |
$ | 2,458,589 | | |
$ | 2,510,864 | |
|
|
June
30,
2023 |
|
|
December
31,
2022 |
|
|
|
|
|
|
|
|
Accounts payable – related
party |
|
$ |
343,001 |
|
|
$ |
332,432 |
|
|
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v3.23.2
CONVERTIBLE DEBENTURES, NOTES AND OTHER DEBT (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF CONVERTIBLE DEBENTURES AND NOTES, NET OF DISCOUNT |
As
of June 30, 2023 special purchase agreements (SPAs) with convertible debentures and notes, net of debt discount and including accrued
interest, if any, consist of the following amounts:
SCHEDULE
OF CONVERTIBLE DEBENTURES AND NOTES, NET OF DISCOUNT
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
Convertible
debentures | |
| | | |
| | |
10% Convertible
note payable, due April 23, 2022 – Bridge Investor | |
$ | 35,556 | | |
$ | 35,556 | |
10% Convertible note payable,
due April 23, 2022 – Related Party | |
| 164,444 | | |
| 164,444 | |
10%
Convertible note payable, due August 6, 2022 – Bridge Investor | |
| 200,000 | | |
| 200,000 | |
| |
| 400,000 | | |
| 400,000 | |
Fall
2019 Notes | |
| | | |
| | |
5% Convertible note payable
– Stephen Boesch | |
| 126,458 | | |
| 123,958 | |
5% Convertible note payable
– Related Party | |
| 294,983 | | |
| 288,733 | |
5% Convertible note payable
– Dr. Sanjay Jha (Through his family trust) | |
| 294,503 | | |
| 288,253 | |
5% Convertible note payable
– CEO, CTO* & CFO – Related Parties | |
| 96,509 | | |
| 94,457 | |
5%
Convertible note payable – Bridge Investors | |
| 197,722 | | |
| 193,522 | |
| |
| 1,010,175 | | |
| 988,923 | |
August
2021 Convertible Notes | |
| | | |
| | |
5% Convertible note –
Autotelic Inc– Related Party | |
| 273,802 | | |
| 267,553 | |
5% Convertible note –
Bridge investors | |
| 409,061 | | |
| 399,722 | |
5%
Convertible note – CFO – Related Party | |
| 82,142 | | |
| 80,266 | |
| |
| 765,005 | | |
| 747,541 | |
JH
Darbie PPM Debt | |
| | | |
| | |
16% Convertible Notes - Non-related
parties | |
| 2,397,238 | | |
| 2,441,471 | |
16%
Convertible Notes – CEO – Related Party | |
| 125,000 | | |
| 124,547 | |
| |
| 2,522,238 | | |
| 2,566,018 | |
November/December
2021 & March 2022 Notes | |
| | | |
| | |
16%
Convertible Notes – Accredited Investors | |
| 323,622 | | |
| 619,345 | |
| |
| | | |
| | |
Debt
for Clinical Trials – GMP | |
| | | |
| | |
2%
Convertible Notes – GMP | |
| 4,704,631 | | |
| 4,659,782 | |
| |
| | | |
| | |
May
and June 2022 Note | |
| | | |
| | |
16%
Convertible Notes – Accredited Investors | |
| 1,286,809 | | |
| 885,312 | |
| |
| | | |
| | |
Other
Debt | |
| | | |
| | |
Short term debt – Bridge
investors | |
| 245,000 | | |
| 245,000 | |
Short term debt from CFO | |
| 35,050 | | |
| 25,050 | |
Short
term debt – Autotelic Inc– Related Party | |
| 800,000 | | |
| 120,000 | |
| |
| 1,080,050 | | |
| 390,050 | |
Accrued
interest | |
| 58,791 | | |
| - | |
Total
of convertible debentures & notes and other debt | |
$ | 12,133,821 | | |
| 11,256,971 | |
|
SCHEDULE OF CONVERTIBLE NOTES, NET OF DISCOUNT |
As
of June 30, 2023, and December 31, 2022, the August 2021 convertible notes, inclusive of accrued interest, consist of the following amounts:
SCHEDULE
OF CONVERTIBLE NOTES, NET OF DISCOUNT
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Autotelic Related
party convertible note, 5% coupon August 2022 | |
$ | 273,802 | | |
$ | 267,553 | |
CFO Related party convertible
note, 5% coupon August 2022 | |
| 409,061 | | |
| 399,722 | |
Accredited
investors convertible note, 5% coupon August 2022 | |
| 82,142 | | |
| 80,266 | |
| |
$ | 765,005 | | |
$ | 747,541 | |
As
of June 30, 2023, and December 31, 2022, convertible notes under the November-December 2021 Financing, net of debt discount, consist
of the following amounts:
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Blue Lake Partners LLC Convertible
note, 16% coupon, December 2021 (In default and inclusive of accrued interest) | |
| - | | |
| 227,817 | |
Fourth Man LLC Convertible note, 16% coupon
December 2022 (In default and inclusive of accrued interest) | |
| 37,030 | | |
| 112,500 | |
Convertible notes, gross | |
$ | 37,030 | | |
$ | 339,687 | |
Less: Debt discount recorded | |
| (500,000 | ) | |
| (500,000 | ) |
Amortization debt discount | |
| 500,000 | | |
| 500,000 | |
Convertible notes, net | |
$ | 37,030 | | |
$ | 339,687 | |
As
of June 30, 2023, and December 31, 2022, Fourth Man convertible note, net of debt discount, consist of the following amounts:
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Fourth Man Convertible note, 12%
coupon March 2022 (Inclusive of interest and default provision) | |
$ | 286,593 | | |
$ | 340,959 | |
Unamortized debt Discount | |
| - | | |
| (61,301 | ) |
| |
| | | |
| | |
Convertible notes, net | |
$ | 286,593 | | |
$ | 279,658 | |
As
of June 30, 2023, and December 31, 2022, the May 2022 Mast Financing, net of debt discount, consist of the following amounts:
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Mast Hill
Convertible note, 16% coupon May 2023, inclusive of accrued interest and penalty | |
$ | 857,084 | | |
$ | 847,000 | |
Convertible notes, gross | |
$ | 857,084 | | |
$ | 847,000 | |
Less Debt discount recorded | |
| (605,000 | ) | |
| (605,000 | ) |
Amortization debt discount,
net of reversal of original and unamortized BCF | |
| 565,725 | | |
| 333,119 | |
Convertible notes, net | |
$ | 817,809 | | |
$ | 575,119 | |
As
of June 30, 2023, and December 31, 2022, convertible note under the June 2022 Blue Lake Financing, net of debt discount, consist of the
following amounts:
|
SCHEDULE OF SHORT-TERM LOANS |
As
of June 30, 2023 compared to December 31, 2022, other short-term advances consist of the following amounts obtained from various employees
and related parties:
SCHEDULE
OF SHORT-TERM LOANS
Other Advances | |
June 30, 2022 | | |
December 31, 2022 | |
Short term advance from CFO – Related Party | |
$ | 35,050 | | |
$ | 25,050 | |
Short term advances – bridge investors & others | |
| 245,000 | | |
| 245,000 | |
Short term advance – Autotelic Inc. – Related Party | |
| 800,000 | | |
| 120,000 | |
Short term
advance | |
$ | 1,080,050 | | |
$ | 390,050 | |
|
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v3.23.2
PRIVATE PLACEMENT AND JH DARBIE FINANCING (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Private Placement And Jh Darbie Financing |
|
SCHEDULE OF FUNDS RECEIVED UNDER THE SUBSCRIPTION AGREEMENT |
As
June 30, 2023 and December 31, 2022 funds received under the JH Darbie Financing, net of debt discount, consist of the following amounts:
SCHEDULE
OF FUNDS RECEIVED UNDER THE SUBSCRIPTION AGREEMENT
| |
June
30, 2023 | | |
December
31, 2022 | |
Convertible promissory notes | |
| | | |
| | |
Subscription agreements - accredited investors | |
$ | 2,397,238 | | |
$ | 2,441,471 | |
Subscription agreements – related party | |
| 125,000 | | |
| 124,547 | |
Total convertible promissory notes | |
$ | 2,522,238 | | |
$ | 2,566,018 | |
|
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v3.23.2
STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Compensation Related Costs [Abstract] |
|
SCHEDULE OF COMPENSATION BASED STOCK OPTION ACTIVITY |
Compensation
based stock option activity for qualified and unqualified stock options are summarized as follows:
SCHEDULE
OF COMPENSATION BASED STOCK OPTION ACTIVITY
| |
| | |
Weighted | |
For the six months ended June 30, 2023 | |
| | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at January 1, 2023 | |
| 25,690,261 | | |
$ | 0.23 | |
Expired or cancelled | |
| (1,512,500 | ) | |
| 0.46 | |
Outstanding at June 30, 2023 | |
| 24,177,761 | | |
| 0.21 | |
| |
| | |
Weighted | |
For the six months ended June 30, 2022 | |
| | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at January 1, 2022 | |
| 16,592,620 | | |
$ | 0.30 | |
Expired or cancelled | |
| (2,359 | ) | |
| 11.88 | |
Outstanding at June 30, 2022 | |
| 16,590,261 | | |
$ | 0.30 | |
|
SCHEDULE OF OPTIONS TO PURCHASE SHARES OF COMMON STOCK OUTSTANDING AND EXERCISABLE |
The
following table summarizes information about options to purchase shares of the Company’s Common Stock outstanding and exercisable
at June 30, 2023:
SCHEDULE OF OPTIONS TO PURCHASE SHARES OF COMMON STOCK OUTSTANDING AND EXERCISABLE
| | |
| | |
Weighted- | | |
Weighted- | | |
| |
| | |
| | |
Average | | |
Average | | |
| |
| | |
Outstanding | | |
Remaining Life | | |
Exercise | | |
Number | |
Exercise prices | | |
Options | | |
In Years | | |
Price | | |
Exercisable | |
| | |
| | |
| | |
| | |
| |
$ | 0.1 to 0.15 | | |
| 16,250,000 | | |
| 8.7 | | |
$ | 0.12 | | |
| 6,057,500 | |
| 0.16 | | |
| 5,502,761 | | |
| 8.0 | | |
| 0.16 | | |
| 5,502,761 | |
| 0.22 | | |
| 1,000,000 | | |
| 5.0 | | |
| 0.22 | | |
| 1,000,000 | |
| 0.38 | | |
| 550,000 | | |
| 3.5 | | |
| 0.38 | | |
| 550,000 | |
| 0.73 | | |
| 500,000 | | |
| 2.7 | | |
| 0.73 | | |
| 500,000 | |
| 1.43 | | |
| 300,000 | | |
| 1.9 | | |
| 1.43 | | |
| 300,000 | |
| 15.00 | | |
| 75,000 | | |
| 1.9 | | |
| 15.00 | | |
| 75,000 | |
| | | |
| 25,690,261 | | |
| 8.0 | | |
$ | 0.21 | | |
| 13,985,261 | |
|
SCHEDULE OF WARRANTS ACTIVITY |
The
issuance of warrants to purchase shares of the Company’s Common Stock, including those attributed to debt issuances, as of June
30, 2023 and 2022 are summarized as follows:
SCHEDULE OF WARRANTS ACTIVITY
For the three months ended June 30, 2023 | |
| | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at January 1, 2023 | |
| 81,072,855 | | |
$ | 0.18 | |
Issued during the six months ended June 30, 2023 | |
| - | | |
| - | |
Exercised / cancelled during the six months ended June 30, 2023 | |
| (42,737,500 | ) | |
| 0.2 | |
Outstanding at June 30, 2023 | |
| 38,335,355 | | |
$ | 0.16 | |
For the six months ended June 30, 2022 | |
| | |
Average | |
| |
Shares | | |
Exercise Price | |
Outstanding at January 1, 2022 | |
| 53,314,424 | | |
$ | 0.20 | |
Issued during the six months ended June 30, 2022 | |
| 34,375,066 | | |
| 0.15-0.20 | |
Exercised / cancelled during the six months ended June 30, 2022 | |
| (9,615,385 | ) | |
| 0.13 | |
Outstanding at June 30, 2022 | |
| 82,322,855 | | |
$ | 0.18 | |
|
SCHEDULE OF WARRANTS OUTSTANDING AND EXERCISABLE |
The
following table summarizes information about warrants outstanding and exercisable at June 30, 2023:
SCHEDULE
OF WARRANTS OUTSTANDING AND EXERCISABLE
| | |
Outstanding and exercisable | |
| | |
| | |
Weighted- | | |
Weighted- | | |
| |
| | |
| | |
Average | | |
Average | | |
| |
| | |
Number | | |
Remaining Life | | |
Exercise | | |
Number | |
Exercise Price | | |
Outstanding | | |
in Years | | |
Price | | |
Exercisable | |
$ | 0.13 | | |
| 961,539 | | |
| 3.46 | | |
| 0.13 | | |
| 961,539 | |
| 0.15 | | |
| 33,000,066 | | |
| 0.75 | | |
| 0.15 | | |
| 33,000,066 | |
| 0.20 | | |
| 4,373,750 | | |
| 3.75-3.98 | | |
| 0.20 | | |
| 4,373,750 | |
| | | |
| 38,335,355 | | |
| 0.75 | | |
$ | 0.15 | | |
| 38,335,355 | |
|
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v3.23.2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
19 Months Ended |
|
|
|
|
|
Jul. 31, 2023 |
Jun. 30, 2022 |
May 31, 2022 |
Dec. 30, 2021 |
Nov. 30, 2021 |
May 31, 2021 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2022 |
Feb. 28, 2022 |
Jan. 31, 2022 |
Dec. 31, 2021 |
Aug. 31, 2021 |
Jun. 30, 2020 |
Warrants issuance cost |
|
|
|
|
|
|
|
|
|
|
$ 2,900,000
|
|
|
|
|
|
|
Conversion of debt |
|
|
|
|
|
|
|
|
$ 40,000
|
|
|
|
|
|
|
|
|
Common shares issued for cash |
|
|
|
|
|
|
$ 46,822
|
$ 51,805
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
$ 0.01
|
|
$ 0.01
|
$ 0.01
|
|
|
|
|
|
Proceeds from sales of common stock |
|
|
|
|
|
|
|
|
|
$ 98,627
|
|
|
|
|
|
|
|
Proceeds from convertible debt |
|
|
|
|
|
|
|
|
|
983,175
|
|
|
|
|
|
|
|
Net accumulated losses |
|
|
|
|
|
|
|
|
32,896,062
|
|
$ 25,926,069
|
$ 25,926,069
|
|
|
|
|
|
Working capital deficit |
|
|
|
|
|
|
|
|
17,800,000
|
|
|
|
|
|
|
|
|
Contingent liability |
|
|
|
|
|
|
|
|
2,625,000
|
|
$ 2,625,000
|
$ 2,625,000
|
|
|
|
|
|
Net cash used in operating activities |
|
|
|
|
|
|
|
|
699,580
|
1,165,799
|
|
|
|
|
|
|
|
First Fire Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, amount converted |
|
|
$ 35,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, amount converted |
|
|
500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 2021 Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes into common stock, shares |
|
4,025,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
$ 0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oncotelic Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued to purchase shares |
|
|
|
|
|
|
|
|
|
|
|
|
33,000,000
|
|
|
|
|
Purchase of common stock, value |
|
|
|
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
|
|
|
Biomedical Advanced Research and Development Authority [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment company, general partner advisory service |
|
|
|
|
|
|
|
|
750,000
|
|
|
|
|
|
|
|
|
Peak One Opportunity Fund, L.P [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares of common stock |
|
300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of common stock |
|
$ 47,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Agreement [Member] | Golden Mountain Partners LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment company, grant amount |
|
|
|
|
|
|
|
|
1,200,000
|
|
|
|
|
|
|
|
|
JH Darbie Placement Agreement [Member] | Accredited Investors [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of debt |
$ 1,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares of common stock |
|
|
|
|
|
|
|
|
|
|
|
4,700,000
|
|
|
|
|
|
Proceeds from sales of common stock |
|
|
|
|
|
|
|
|
|
|
|
$ 600,000
|
|
|
|
|
|
Equity Purchase Agreement [Member] | Peak One Opportunity Fund, L.P [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issued for cash |
|
|
|
|
|
$ 10,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
$ 0.01
|
|
|
|
|
|
|
|
|
|
|
|
Note Purchase Agreements [Member] | Autotelic Inc. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 698,500
|
|
Debt instrumental interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
Securities Purchase Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
$ 0.01
|
|
|
|
|
|
|
|
|
|
$ 0.01
|
|
|
Debt instrument face amount |
|
|
$ 600,000
|
|
$ 250,000
|
|
|
$ 250,000
|
|
|
|
|
|
|
$ 250,000
|
|
|
Proceeds from convertible debt |
|
|
|
$ 1,250,000
|
$ 1,250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
$ 340,000
|
|
|
|
|
$ 340,000
|
|
$ 210,000
|
$ 340,000
|
|
|
|
|
|
|
|
Securities Purchase Agreement and Purchase Agreement [Member] | Golden Mountain Partners [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,500,000
|
|
|
$ 4,500,000
|
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SCHEDULE OF UNREALIZED GAINS AND LOSSES (Details) - USD ($)
|
6 Months Ended |
|
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Investment in equity securities, initial book value |
$ 22,640,519
|
|
|
Investment in equity securities, unrealized gains |
|
|
|
Investment in equity securities, unrealized losses |
|
|
|
Investment in equity securities, fair value |
22,640,519
|
$ 22,640,519
|
|
GMP Bio [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Investment in equity securities, initial book value |
22,640,519
|
|
|
Investment in equity securities, unrealized gains |
|
|
|
Investment in equity securities, unrealized losses |
|
|
|
Investment in equity securities, fair value |
$ 22,640,519
|
|
|
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v3.23.2
SUMMARY OF CHANGES IN FAIR VALUE OF LONG-TERM INVESTMENT IN EQUITY SECURITIES (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
|
Balance at January 1, 2023 and 2022 |
$ 22,640,519
|
|
Contribution at cost basis |
|
5,689,042
|
Gain on derecognition of non-financial asset |
|
16,591,477
|
Change in fair value |
|
|
Balance at June 30, 2023 and December 31, 2022 |
$ 22,640,519
|
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SUMMARY OF CHANGES IN FAIR VALUE OF DERIVATIVE LIABILITIES (Details) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Accounting Policies [Abstract] |
|
|
Balance at January 1, 2023 and 2022 |
$ 198,140
|
$ 340,290
|
New derivative liability |
|
|
Reclassification to additional paid in capital from conversion of debt to common stock |
|
|
Change in fair value |
327,594
|
67,922
|
Balance at June, 2023 and 2022 |
$ 525,734
|
$ 408,212
|
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|
6 Months Ended |
Jun. 30, 2023
$ / shares
|
Jun. 30, 2022
$ / shares
|
Measurement Input, Risk Free Interest Rate [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative Liability, Measurement Input |
5.4
|
|
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative Liability, Measurement Input |
|
0.17
|
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative Liability, Measurement Input |
|
1.03
|
Measurement Input, Share Price [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative Liability, Measurement Input |
0.03
|
|
Measurement Input, Share Price [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative Liability, Measurement Input |
|
0.17
|
Measurement Input, Share Price [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative Liability, Measurement Input |
|
0.23
|
Measurement Input, Expected Term [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liability, measurement input term |
3 days
|
|
Measurement Input, Expected Term [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liability, measurement input term |
|
3 days
|
Measurement Input, Expected Term [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liability, measurement input term |
|
3 months 29 days
|
Measurement Input, Price Volatility [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative Liability, Measurement Input |
171.25
|
|
Measurement Input, Price Volatility [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative Liability, Measurement Input |
|
107.50
|
Measurement Input, Price Volatility [Member] | Maximum [Member] |
|
|
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|
|
Derivative Liability, Measurement Input |
|
109.40
|
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|
|
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|
|
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0
|
0
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Mar. 31, 2023 |
Jan. 01, 2023 |
Impairment of intangible assets |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
|
|
Gain loss on intangible assets |
|
800,000
|
|
800,000
|
|
|
|
Goodwill, Impairment Loss |
6,083,146
|
$ (0)
|
$ 6,083,146
|
$ (0)
|
$ 4,111,079
|
|
|
Variable interest entity percentage |
|
|
29.00%
|
|
29.00%
|
|
|
Assets |
30,012,093
|
|
$ 30,012,093
|
|
$ 36,116,819
|
|
|
Additional paid in capital |
41,235,949
|
|
41,235,949
|
|
41,416,632
|
|
|
Opening retained earnings |
(32,896,062)
|
|
(32,896,062)
|
|
(25,926,069)
|
|
|
Accounting Standards Update 2020-06 [Member] |
|
|
|
|
|
|
|
Additional paid in capital |
|
|
|
|
|
$ 500,000
|
$ 109,349
|
Opening retained earnings |
|
|
|
|
|
$ 300,000
|
$ 78,460
|
Consolidated Entity, Excluding Consolidated VIE [Member] |
|
|
|
|
|
|
|
Assets |
$ 100,000
|
|
100,000
|
|
$ 100,000
|
|
|
OT-101 [Member] |
|
|
|
|
|
|
|
Ownership percentage |
|
45.00%
|
|
45.00%
|
45.00%
|
|
|
Goodwill, Impairment Loss |
|
|
|
|
$ 4,800,000
|
|
|
Fair Value, Inputs, Level 3 [Member] | PointR [Member] |
|
|
|
|
|
|
|
Contingent consideration |
|
|
$ 2,625,000
|
$ 2,625,000
|
|
|
|
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v3.23.2
SUMMARY OF GOODWILL (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
|
|
|
Balance at beginning of the year |
|
|
$ 12,071,376
|
$ 21,062,455
|
$ 21,062,455
|
Less: Derecognition upon recording of gain on non-financial asset |
|
|
|
|
(4,880,000)
|
Less;: Goodwill impairment due to market capitalization |
$ (6,083,146)
|
$ 0
|
(6,083,146)
|
$ 0
|
(4,111,079)
|
Balance at the end of the period |
$ 5,988,230
|
|
$ 5,988,230
|
|
$ 12,071,376
|
X |
- DefinitionGoodwill derecognition upon recording of gain on non financial asset.
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v3.23.2
SCHEDULE OF INTANGIBLE ASSETS (Details)
|
Dec. 31, 2022
USD ($)
|
Finite-Lived Intangible Assets [Line Items] |
|
Intangible asset, gross |
$ 1,010,180
|
Less Accumulated Amortization |
(201,180)
|
Less: Derecognition of carrying value upon sale of asset |
(809,000)
|
Total |
|
Intellectual Property [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Intangible asset, gross |
819,191
|
License [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Intangible asset, gross |
$ 190,989
|
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v3.23.2
INTANGIBLE ASSETS AND GOODWILL (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
Apr. 30, 2018 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Apr. 30, 2019 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Goodwill |
|
$ 5,988,230
|
|
$ 5,988,230
|
|
$ 12,071,376
|
$ 21,062,455
|
$ 4,900,000
|
Goodwill impairment |
|
6,083,146
|
$ (0)
|
6,083,146
|
$ (0)
|
4,111,079
|
|
|
Amortization of identifiable intangible assets |
|
|
|
|
12,841
|
|
|
|
Derecognition of carrying value upon sale of asset |
|
809,000
|
$ 809,000
|
809,000
|
$ 809,000
|
|
|
|
In process R&D |
|
$ 1,101,760
|
|
$ 1,101,760
|
|
$ 1,101,760
|
|
|
Assignment And Assumption Agreement [Member] | Autotelic Inc. [Member] |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Stock issued during period, shares, acquisitions |
204,798
|
|
|
|
|
|
|
|
Stock issued during period, value, acquisitions |
$ 819,191
|
|
|
|
|
|
|
|
PointR Data Inc [Member] |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
|
|
|
|
$ 16,182,456
|
X |
- DefinitionDerecognition of carrying value upon sale of asset.
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v3.23.2
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Accounts payable |
$ 1,682,943
|
$ 1,735,764
|
Accrued expense |
775,646
|
775,100
|
Accounts payable and accrued liabilities |
2,458,589
|
2,510,864
|
Related Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Accounts payable – related party |
$ 343,001
|
$ 332,432
|
X |
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v3.23.2
SCHEDULE OF CONVERTIBLE DEBENTURES AND NOTES, NET OF DISCOUNT (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
Other debt |
$ 1,080,050
|
$ 390,050
|
Accrued interest |
58,791
|
|
Total of debentures, notes and other debt |
12,133,821
|
11,256,971
|
Bridge Investor [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Other debt |
245,000
|
245,000
|
5% Convertible Note Payable - Stephen Boesch [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible note payable |
126,458
|
123,958
|
5% Convertible Note Payable - Related Party [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible note payable |
294,983
|
288,733
|
5% Convertible Note Payable - Sanjay Jha [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible note payable |
294,503
|
288,253
|
5% Convertible Note Payable - CEO CTO and CFO Related Parties [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible note payable |
96,509
|
94,457
|
5% Convertible note payable - Bridge Investors [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible note payable |
197,722
|
193,522
|
5% Convertible Note Payable [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible note payable |
1,010,175
|
988,923
|
5% Convertible note Autotelic Inc Related Party [Member] | August 2021 Convertible Notes [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible note payable |
273,802
|
267,553
|
5% Convertible Note - Bridge Investors [Member] | August 2021 Convertible Notes [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible note payable |
409,061
|
399,722
|
5% Convertible note CFO Related Party [Member] | August 2021 Convertible Notes [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible note payable |
82,142
|
80,266
|
5% Convertible Note [Member] | August 2021 Convertible Notes [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible note payable |
765,005
|
747,541
|
Chief Financial Officer [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Other debt |
35,050
|
25,050
|
Autotelic [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Other debt |
800,000
|
120,000
|
10% Convertible Note Payable Due April 23, 2022 [Member] | Related Party [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible note payable |
164,444
|
164,444
|
10% Convertible Note Payable Due April 23, 2022 [Member] | Bridge Investor [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible note payable |
35,556
|
35,556
|
10% Convertible Note Payable Due August 6, 2022 [Member] | Bridge Investor [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible note payable |
200,000
|
200,000
|
10% Convertible Note Payable [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible note payable |
400,000
|
400,000
|
16% Convertible Notes [Member] | JH Darbie PPM Debt [Member] |
|
|
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|
|
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2,522,238
|
2,566,018
|
16% Convertible Notes [Member] | Non-related Parties [Member] | JH Darbie PPM Debt [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
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2,397,238
|
2,441,471
|
16% Convertible Notes [Member] | Chief Financial Officer [Member] | JH Darbie PPM Debt [Member] |
|
|
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|
|
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125,000
|
124,547
|
16% Convertible Notes [Member] | Accredited Investors [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
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323,622
|
619,345
|
16% Convertible Notes [Member] | Accredited Investors [Member] | May and June 2022 Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
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1,286,809
|
885,312
|
2% Convertible Note [Member] | Debt Clinical Trials GMP [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
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$ 4,704,631
|
$ 4,659,782
|
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v3.23.2
SCHEDULE OF CONVERTIBLE NOTES, NET OF DISCOUNT (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
Convertible notes, gross |
$ 37,030
|
$ 339,687
|
Less Debt discount recorded |
(500,000)
|
(500,000)
|
Amortization debt discount, net of reversal of original and unamortized BCF |
500,000
|
500,000
|
Convertible notes, net |
37,030
|
339,687
|
Blue Lake [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible notes, gross |
|
227,817
|
Fourth Man [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible notes, gross |
37,030
|
112,500
|
August 2021 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible notes, net |
765,005
|
747,541
|
August 2021 [Member] | Autotelic Related party convertible note, 5% coupon August 2022 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible notes, net |
273,802
|
267,553
|
August 2021 [Member] | Chief Financial Officer Convertible Note 5% Coupon August 2022 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible notes, net |
409,061
|
399,722
|
August 2021 [Member] | Accredited investors convertible note, 5% coupon August 2022 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible notes, net |
82,142
|
80,266
|
Fourth Man Convertible Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible notes, net |
286,593
|
279,658
|
Less Debt discount recorded |
0
|
(61,301)
|
Fourth Man Convertible Note [Member] | Fourth Man Convertible note, 12% coupon March 2022 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible notes, net |
286,593
|
340,959
|
May 2023 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible notes, gross |
857,084
|
847,000
|
Less Debt discount recorded |
(605,000)
|
(605,000)
|
Amortization debt discount, net of reversal of original and unamortized BCF |
565,725
|
333,119
|
Convertible notes, net |
817,809
|
575,119
|
May 2023 [Member] | Mast Hill Convertible note, 16% coupon May 2023 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible notes, gross |
857,084
|
847,000
|
June 2023 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
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469,000
|
469,000
|
Less Debt discount recorded |
(332,748)
|
(332,748)
|
Amortization debt discount, net of reversal of original and unamortized BCF |
332,748
|
173,941
|
Convertible notes, net |
469,000
|
310,193
|
June 2023 [Member] | Blue Lake Partners LLC [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible notes, gross |
$ 469,000
|
$ 469,000
|
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SCHEDULE OF SHORT-TERM LOANS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
Short term advance |
$ 1,080,050
|
$ 390,050
|
Chief Executive Officer [Member] |
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
Short term advance |
35,050
|
25,050
|
Bridge Investor [Member] |
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
Short term advance |
245,000
|
245,000
|
Autotelic [Member] |
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
Short term advance |
$ 800,000
|
$ 120,000
|
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Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
srt_TitleOfIndividualAxis=srt_ChiefExecutiveOfficerMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_TitleOfIndividualAxis=OTLC_BridgeInvestorMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_TitleOfIndividualAxis=OTLC_AutotelicMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
CONVERTIBLE DEBENTURES, NOTES AND OTHER DEBT (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
|
|
|
|
Aug. 06, 2019 |
Jul. 31, 2023 |
Jun. 30, 2023 |
May 31, 2023 |
Jun. 30, 2022 |
May 31, 2022 |
Jan. 31, 2022 |
Dec. 31, 2021 |
Nov. 30, 2021 |
Aug. 31, 2021 |
Dec. 31, 2019 |
Nov. 30, 2019 |
Apr. 30, 2019 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Jan. 02, 2023 |
Jan. 01, 2023 |
Mar. 31, 2022 |
Oct. 31, 2021 |
Sep. 30, 2021 |
May 31, 2021 |
Jun. 30, 2020 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beneficial conversion feature |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 570,717
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt issuance costs and discounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
251,782
|
1,133,270
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, unamortized discount |
|
|
$ 500,000
|
|
|
|
|
|
|
|
|
|
|
$ 500,000
|
|
|
500,000
|
|
$ 500,000
|
|
|
|
|
|
|
|
|
|
Derivative liability |
|
|
525,734
|
|
|
|
|
|
|
|
|
|
|
525,734
|
|
|
525,734
|
|
198,140
|
|
|
|
|
|
|
|
|
|
Gross proceeds from convertible debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
983,175
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,010,175
|
|
988,923
|
|
|
|
|
|
|
|
|
|
Research organization developments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
690,000
|
500,000
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
4,530
|
|
|
|
|
|
|
|
|
|
|
4,530
|
|
|
4,530
|
|
30,000
|
|
|
|
|
|
|
|
|
|
Net proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98,627
|
|
|
|
|
|
|
|
|
|
|
Interest expense, debt, excluding amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
8,600
|
|
$ 33,000
|
18,300
|
112,600
|
|
|
|
|
|
|
|
|
|
|
Amount of debt converted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,000
|
|
|
|
|
|
|
|
|
|
|
|
Original debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
657,400
|
|
|
|
|
|
|
|
|
|
|
Unamortized debt discount |
|
|
500,000
|
|
|
|
|
|
|
|
|
|
|
500,000
|
|
|
500,000
|
|
500,000
|
|
|
|
|
|
|
|
|
|
Additional paid in capital |
|
|
41,235,949
|
|
|
|
|
|
|
|
|
|
|
41,235,949
|
|
|
41,235,949
|
|
41,416,632
|
|
|
|
|
|
|
|
|
|
Retained earnings |
|
|
(32,896,062)
|
|
|
|
|
|
|
|
|
|
|
(32,896,062)
|
|
|
(32,896,062)
|
|
(25,926,069)
|
|
|
|
|
|
|
|
|
|
Extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(257,810)
|
|
|
|
|
|
|
|
|
|
|
Related party debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,000
|
|
|
|
|
|
|
|
|
|
|
Accrued Interest [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of debt converted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 30,000
|
|
|
|
|
|
|
|
|
|
|
|
Accounting Standards Update 2020-06 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 25,489
|
|
|
|
|
|
Additional paid in capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 500,000
|
|
|
|
|
|
|
|
109,349
|
|
|
|
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300,000
|
|
|
|
|
|
|
|
78,460
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes into common stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,025,000
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Golden Mountain Partners LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
22,438
|
|
22,440
|
$ 44,850
|
44,630
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
4,700,000
|
|
|
|
|
|
|
|
|
|
|
4,700,000
|
|
|
4,700,000
|
|
4,700,000
|
|
|
|
|
|
|
|
|
|
Blue Lake Partners LLC [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes into common stock, shares |
|
627,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of debt converted |
|
$ 44,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Lake Partners LLC [Member] | Subsequent Event [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes into common stock, shares |
|
627,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of debt converted |
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bridge Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 630,000
|
|
|
|
|
|
|
|
|
Short term loans repaid |
|
|
|
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
|
|
20,000
|
|
|
|
|
|
|
|
|
Autotelic [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
800,000
|
|
|
|
|
|
|
|
|
|
|
|
Debt Financing [Member] | Golden Mountain Partners LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from lines of credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research organization developments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
Related Party [Member] | Autotelic [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional funding to related party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
120,000
|
|
|
|
|
|
|
|
|
|
Fall 2019 Debt Financing [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds from convertible debt |
|
|
|
|
|
|
|
|
|
|
$ 500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt financing |
|
|
|
|
|
|
|
|
|
|
$ 1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fall 2019 Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
850,000
|
|
|
|
|
|
|
|
|
|
Debt unamortized principal amount |
|
|
850,000
|
|
|
|
|
|
|
|
|
|
|
850,000
|
|
|
850,000
|
|
|
|
|
|
|
|
|
|
|
|
GMP Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,000,000
|
convertible notes interest percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.00%
|
GMP Note 2 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
|
|
convertible notes interest percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.00%
|
|
|
August 2021 Notes [Member] | Bridge Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional shortterm debt average outstanding amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,500
|
|
|
|
|
|
|
|
|
|
|
|
Related party debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
373,500
|
|
|
|
|
|
|
|
|
Convertible Debt [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt issuance costs and discounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
500,000
|
|
|
|
|
|
|
|
|
|
|
Estimated default penalty |
|
|
400,000
|
|
|
|
|
|
|
|
|
|
|
400,000
|
|
|
400,000
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Man Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
8,400
|
|
7,650
|
15,600
|
7,650
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
8,400
|
|
|
|
|
|
|
|
|
|
|
8,400
|
|
|
8,400
|
|
22,800
|
|
|
|
|
|
|
|
|
|
Convertible notes, net |
|
|
286,593
|
|
|
|
|
|
|
|
|
|
|
286,593
|
|
|
286,593
|
|
279,658
|
|
|
|
|
|
|
|
|
|
Original debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,813
|
63,700
|
|
|
|
|
|
|
|
|
|
|
Unamortized debt discount |
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
61,301
|
|
|
|
|
|
|
|
|
|
May 2023 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, unamortized discount |
|
|
565,725
|
|
|
|
|
|
|
|
|
|
|
565,725
|
|
|
565,725
|
|
333,119
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
80,667
|
|
|
|
|
|
|
|
|
|
|
80,667
|
|
|
80,667
|
|
72,600
|
|
|
|
|
|
|
|
|
|
Interest expense, debt, excluding amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
56,464
|
|
53,257
|
146,461
|
53,257
|
|
|
|
|
|
|
|
|
|
|
Unamortized debt discount |
|
|
605,000
|
|
|
|
|
|
|
|
|
|
|
605,000
|
|
|
605,000
|
|
605,000
|
|
|
|
|
|
|
|
|
|
May 2023 [Member] | Accounting Standards Update 2020-06 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,000
|
|
|
|
|
|
Additional paid in capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200,000
|
|
|
|
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
June 2023 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, unamortized discount |
|
|
332,748
|
|
|
|
|
|
|
|
|
|
|
332,748
|
|
|
332,748
|
|
173,941
|
|
|
|
|
|
|
|
|
|
Interest expense, debt, excluding amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
29,408
|
|
7,305
|
61,642
|
7,305
|
|
|
|
|
|
|
|
|
|
|
Estimated default penalty |
|
|
94,000
|
|
|
|
|
|
|
|
|
|
|
94,000
|
|
|
94,000
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized debt discount |
|
|
332,748
|
|
|
|
|
|
|
|
|
|
|
332,748
|
|
|
332,748
|
|
332,748
|
|
|
|
|
|
|
|
|
|
June 2023 [Member] | Accounting Standards Update 2020-06 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
Additional paid in capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200,000
|
|
|
|
|
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
Bridge Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shortterm debt average outstanding amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
228,000
|
|
|
|
|
|
|
|
|
|
|
|
Bridge Investor [Member] | Convertible Debt [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beneficial conversion feature |
|
|
|
|
|
|
|
|
|
|
|
|
$ 28,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt issuance costs and discounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
4,400
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, unamortized discount |
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
0
|
|
|
|
|
|
|
|
|
|
Bridge Investor [Member] | Convertible Debt [Member] | Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beneficial conversion feature |
$ 175,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt issuance costs and discounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
10,000
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, unamortized discount |
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
0
|
|
|
|
|
|
|
|
|
|
Bridge Investor [Member] | Convertible Debentures [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liability |
|
|
525,000
|
|
|
|
|
|
|
|
|
|
|
525,000
|
|
|
525,000
|
|
|
|
|
|
|
|
|
|
|
|
Bridge Investor [Member] | Bridge Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit risk derivative liabilities, at fair value |
|
|
327,000
|
|
|
|
|
|
|
|
|
|
|
327,000
|
|
|
327,000
|
|
|
|
|
|
|
|
|
|
|
|
Vyoung Trieu [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
|
|
|
|
|
|
Vyoung Trieu [Member] | Convertible Debt [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beneficial conversion feature |
|
|
|
|
|
|
|
|
|
|
|
|
131,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt issuance costs and discounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
19,493
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, unamortized discount |
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
0
|
|
|
|
|
|
|
|
|
|
Gross proceeds from convertible debt |
|
|
|
|
|
|
|
|
|
|
|
|
148,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Party [Member] | GMP Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,000,000
|
|
|
|
|
Third Party [Member] | GMP Note [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt financing |
|
|
$ 2,000,000
|
|
|
|
|
|
|
|
|
|
|
2,000,000
|
|
|
2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Man LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes into common stock, shares |
|
|
1,192,857
|
1,192,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of debt converted |
|
|
$ 50,000
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Lake [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated default penalty |
|
|
22,500
|
|
|
|
|
|
|
|
|
|
|
22,500
|
|
|
22,500
|
|
|
|
|
|
|
|
|
|
|
|
Chief Financial Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shortterm debt average outstanding amount |
|
|
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
35,000
|
|
|
45,000
|
|
|
|
|
|
|
|
|
Additional shortterm debt average outstanding amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
CFO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
120,000
|
|
|
|
|
|
|
|
|
CFO [Member] | August 2021 Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments of short-term debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,000
|
|
|
|
|
|
|
|
|
Chief Executive Officer [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional funding to related party |
|
|
680,000
|
|
|
|
|
|
|
|
|
|
|
680,000
|
|
|
680,000
|
|
|
|
|
|
|
|
|
|
$ 250,000
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
$ 210,000
|
|
$ 340,000
|
|
|
|
|
|
|
|
|
$ 210,000
|
|
340,000
|
$ 210,000
|
340,000
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Bridge Investor [Member] | Convertible Debt [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Vyoung Trieu [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, unamortized discount |
|
|
|
|
|
|
|
|
|
|
|
|
16,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Vyoung Trieu [Member] | Convertible Debt [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 164,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Five Institutional Investors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
$ 1,250,000
|
$ 1,250,000
|
|
|
|
|
|
|
|
|
|
|
$ 1,250,000
|
|
|
|
|
|
|
|
|
convertible notes interest percentage |
|
|
|
|
|
|
|
12.00%
|
12.00%
|
|
|
|
|
|
|
|
|
|
|
12.00%
|
|
|
|
12.00%
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
$ 0.07
|
$ 0.07
|
|
|
|
|
|
|
|
|
|
|
$ 0.07
|
|
|
|
|
|
|
|
|
Debt instrument interest rate effective percentage |
|
|
|
|
|
|
|
16.00%
|
16.00%
|
|
|
|
|
|
|
|
|
|
|
16.00%
|
|
|
|
16.00%
|
|
|
|
|
Granted total number of warrants |
|
|
|
|
|
|
|
9,615,385
|
9,615,385
|
|
|
|
|
|
|
|
|
|
|
9,615,385
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
$ 0.13
|
$ 0.13
|
|
|
|
|
|
|
|
|
|
|
$ 0.13
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Placement Agent [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted share warrants |
|
|
|
|
83,750
|
302,500
|
|
961,540
|
961,540
|
|
|
|
|
|
|
|
125,000
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Fourth Man LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 250,000
|
|
|
|
|
Conversion price |
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
|
Granted total number of warrants |
|
|
1,250,000
|
|
|
|
|
|
|
|
|
|
|
1,250,000
|
|
|
1,250,000
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
$ 0.20
|
|
|
|
|
|
|
|
|
|
|
$ 0.20
|
|
|
$ 0.20
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Fourth Man LLC [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
$ 44,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Blue Lake [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated default penalty |
|
|
$ 68,000
|
|
|
|
|
|
|
|
|
|
|
$ 68,000
|
|
|
$ 68,000
|
|
68,000
|
|
|
|
|
|
|
|
|
|
Debt default principal and accrued interest percentage |
|
|
125.00%
|
|
|
|
|
|
|
|
|
|
|
125.00%
|
|
|
125.00%
|
|
|
|
|
|
|
|
|
|
|
|
Estimated default penalty |
|
|
$ 70,000
|
|
|
|
|
|
|
|
|
|
|
$ 70,000
|
|
|
$ 70,000
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | One Institutional Investors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
$ 335,000
|
$ 605,000
|
|
|
|
|
|
|
|
|
|
$ 335,000
|
|
$ 335,000
|
|
|
|
|
|
|
|
|
|
|
convertible notes interest percentage |
|
|
|
|
12.00%
|
12.00%
|
|
|
|
|
|
|
|
|
|
12.00%
|
|
12.00%
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
$ 0.10
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate effective percentage |
|
|
|
|
16.00%
|
16.00%
|
|
|
|
|
|
|
|
|
|
16.00%
|
|
16.00%
|
|
|
|
|
|
|
|
|
|
|
Granted total number of warrants |
|
|
|
|
837,500
|
3,025,000
|
|
|
|
|
|
|
|
|
|
837,500
|
|
837,500
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
$ 0.20
|
$ 0.20
|
|
|
|
|
|
|
|
|
|
$ 0.20
|
|
$ 0.20
|
|
|
|
|
|
|
|
|
|
|
Extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
258,100
|
|
|
|
|
|
|
|
|
|
|
|
Note Purchase Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes, net |
|
|
|
|
|
|
|
|
|
$ 698,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, description |
|
|
|
|
|
|
|
|
|
The convertible notes carry a
five (5%) percent coupon and mature one year from issuance. The majority of the August 2021 investors have the right, but not the obligation,
not more than five days following the maturity date, to convert all, but not less than all, the outstanding and unpaid principal plus
accrued interest into the Company’s common stock, at a conversion price of $0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Purchase Agreements [Member] | Fall 2019 Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
10,625
|
|
$ 10,625
|
21,250
|
$ 21,250
|
|
|
|
|
|
|
|
|
|
|
Note Purchase Agreements [Member] | Dr. Vuong Trieu [Member] | Fall 2019 Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
$ 250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds |
|
|
|
|
|
|
|
|
|
|
|
500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Purchase Agreements [Member] | Dr. Vuong Trieu [Member] | Fall 2019 Notes [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional funding to related party |
|
|
|
|
|
|
|
|
|
|
|
35,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Purchase Agreements [Member] | Dr Sanjay Jha [Member] | Fall 2019 Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Purchase Agreements [Member] | Chulho Park [Member] | Fall 2019 Notes [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional funding to related party |
|
|
|
|
|
|
|
|
|
|
|
27,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Purchase Agreements [Member] | Amit Shah [Member] | Fall 2019 Notes [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional funding to related party |
|
|
|
|
|
|
|
|
|
|
|
20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Purchase Agreements [Member] | Two Accredited Investors [Member] | Fall 2019 Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
$ 168,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Convertible Note Purchase Agreement [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
convertible notes interest percentage |
|
|
|
|
|
|
2.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
|
$ 500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 500,000
|
|
|
|
Note Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
8,730
|
|
|
17,460
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
$ 66,500
|
|
|
|
|
|
|
|
|
|
|
66,500
|
|
|
66,500
|
|
$ 49,040
|
|
|
|
|
|
|
|
|
|
Net proceeds |
|
|
|
|
|
|
|
|
|
$ 690,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
|
$ 0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Purchase Agreement [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,060
|
|
|
$ 8,125
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.2
JOINT VENTURE WITH GMP BIO AND AFFILIATES, EQUITY METHOD INVESTMENT (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Assets |
$ 30,012,093
|
|
$ 30,012,093
|
|
$ 36,116,819
|
Operating Expenses |
6,321,904
|
$ 256,315
|
6,549,031
|
$ 4,600,522
|
|
JV [Member] |
|
|
|
|
|
Intangible Assets, Net (Excluding Goodwill) |
50,400,000
|
|
50,400,000
|
|
|
Assets |
22,700,000
|
|
22,700,000
|
|
|
Common Stock, Value, Subscriptions |
19,000,000
|
|
19,000,000
|
|
|
GMP Bio [Member] |
|
|
|
|
|
Intangible Assets, Net (Excluding Goodwill) |
22,700,000
|
|
22,700,000
|
|
|
Liabilities |
500,000
|
|
500,000
|
|
|
Operating Expenses |
1,500,000
|
|
|
|
|
Dragon Overseas [Member] |
|
|
|
|
|
Intangible Assets, Net (Excluding Goodwill) |
$ 27,700,000
|
|
$ 27,700,000
|
|
|
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v3.23.2
SCHEDULE OF FUNDS RECEIVED UNDER THE SUBSCRIPTION AGREEMENT (Details) - Subscription Agreements [Member] - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Total convertible promissory notes |
$ 2,522,238
|
$ 2,566,018
|
Accredited Investors [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Total convertible promissory notes |
2,397,238
|
2,441,471
|
Related Party [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Total convertible promissory notes |
$ 125,000
|
$ 124,547
|
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v3.23.2
PRIVATE PLACEMENT AND JH DARBIE FINANCING (Details Narrative) - USD ($)
|
1 Months Ended |
6 Months Ended |
9 Months Ended |
Feb. 28, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2021 |
Proceeds from private placement |
|
$ (50,000)
|
$ (25,000)
|
|
Number of warrants for each warrant purchased |
|
38,335,355
|
|
|
Amortization of debt discount and debt issuance costs |
|
$ 0
|
657,400
|
|
Interest Expense [Member] |
|
|
|
|
Amortization of debt discount and debt issuance costs |
|
8,400
|
$ 52,000
|
|
IPO [Member] |
|
|
|
|
Issuance cost |
|
640,000
|
|
|
Legal costs |
|
$ 39,000
|
|
|
Investor [Member] |
|
|
|
|
Number of warrants for each warrant purchased |
333,334
|
|
|
|
Warrants exercise price |
$ 0.15
|
|
|
|
Number of warrant issued |
33,000,066
|
|
|
|
Warrants to purchase common stock, description |
Upon the amendment of the terms of the convertible notes under the private placement memorandum. As incentive
to extend the maturity date, approximately 33 million warrants were issued to the Unit Holders who participated in the amendment, The
Company repaid the 1-unit holder who did not participate in the amendment shortly after March 31, 2022. During the six months ended June 30, 2023, the Company partially repaid one unit holder,who will not be participating in the new JH Darbie financing.
|
|
|
|
JH Darbie Placement Agreement [Member] |
|
|
|
|
Issued in transaction |
|
10
|
|
|
Percentage of units granted |
|
10.00%
|
|
|
Interest rate |
|
|
|
16.00%
|
JH Darbie Placement Agreement [Member] | Edgepoint AI, Inc [Member] |
|
|
|
|
Number of common stock issued |
|
|
|
25,000
|
Shares issued price per share |
|
|
|
$ 1.00
|
Conversion price |
|
|
|
1.00
|
JH Darbie Placement Agreement [Member] | Edgepoint AI, Inc [Member] | Warrant [Member] |
|
|
|
|
Shares issued price per share |
|
|
|
$ 0.20
|
Number of warrants for each warrant purchased |
|
|
|
50,000
|
Warrants exercise price |
|
|
|
$ 1.00
|
JH Darbie Placement Agreement [Member] | Edgepoint AI, Inc [Member] | Maximum [Member] |
|
|
|
|
Conversion price |
|
|
|
$ 0.18
|
JH Darbie Placement Agreement [Member] | Edgepoint AI, Inc [Member] | One Convertible Promissory Note [Member] |
|
|
|
|
Number of convertible promissory note converted shares |
|
|
|
25,000
|
Conversion price |
|
|
|
$ 1.00
|
JH Darbie Placement Agreement [Member] | Edgepoint AI, Inc [Member] | One Convertible Promissory Note [Member] | Maximum [Member] |
|
|
|
|
Number of convertible promissory note converted shares |
|
|
|
138,889
|
Conversion price |
|
|
|
$ 0.18
|
JH Darbie Placement Agreement [Member] | Accredited Investors [Member] |
|
|
|
|
Issued in transaction |
|
|
|
100
|
Proceeds from private placement |
|
|
|
$ 5,000,000
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
May 31, 2021 |
Apr. 30, 2019 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2020 |
Dec. 31, 2022 |
Oct. 31, 2015 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Original issue discount |
|
|
$ 500,000
|
|
|
$ 500,000
|
|
|
$ 500,000
|
|
Proceeds from convertible debt |
|
|
|
|
|
|
$ 983,175
|
|
|
|
Short term loan |
|
|
|
|
|
40,000
|
|
|
|
|
Additional short-term funding |
|
|
1,080,050
|
|
|
1,080,050
|
|
|
390,050
|
|
Payments of related party debt |
|
|
|
|
|
|
60,000
|
|
|
|
Number of private placement unit, value |
|
|
|
$ 46,822
|
$ 51,805
|
|
|
|
|
|
Short term loan |
|
|
1,080,050
|
|
|
1,080,050
|
|
|
390,050
|
|
Vyoung Trieu [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Additional short-term funding |
|
|
|
|
|
|
|
$ 70,000
|
|
|
Payments of related party debt |
|
|
|
|
|
|
|
$ 50,000
|
|
|
Common shares issued for cash, shares |
|
|
|
|
|
|
|
5
|
|
|
Number of private placement unit, value |
|
|
|
|
|
|
|
$ 250,000
|
|
|
Vyoung Trieu [Member] | Fall 2019 Note [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
$ 250,000
|
|
|
|
|
|
|
|
|
Short term loan |
|
35,000
|
|
|
|
|
|
|
|
|
Vyoung Trieu [Member] | Convertible Debt [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Original issue discount |
|
|
0
|
|
|
0
|
|
|
0
|
|
Proceeds from convertible debt |
|
148,000
|
|
|
|
|
|
|
|
|
Autotelic Inc. [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Short term loan |
|
|
680,000
|
|
|
680,000
|
|
|
|
|
Autotelic Inc. [Member] | August 2021 Notes [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Short term loan |
$ 250,000
|
|
|
|
|
|
|
|
|
|
Short term loan |
|
|
800,000
|
|
|
800,000
|
|
|
$ 120,000
|
|
Master Service Agreement [Member] | Autotelic Inc. [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Related party expenses |
|
|
|
|
|
0
|
1,000
|
|
|
|
Master Service Agreement [Member] | Autotelic Inc. [Member] | Vyoung Trieu [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Equity interest rate |
|
|
|
|
|
|
|
|
|
10.00%
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
210,000
|
340,000
|
|
210,000
|
340,000
|
|
|
|
Securities Purchase Agreement [Member] | Vyoung Trieu [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Original issue discount |
|
16,444
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Vyoung Trieu [Member] | Convertible Debt [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
$ 164,444
|
|
|
|
|
|
|
|
|
Artius Consulting Agreement [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Related party expenses |
|
|
$ 0
|
$ 0
|
|
0
|
0
|
|
|
|
Maida Consulting Agreement [Member] | Related Party [Member] | Dr. Maida [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Related party expenses |
|
|
|
|
|
$ 0
|
$ 75,000
|
|
|
|
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v3.23.2
EQUITY PURCHASE AGREEMENT AND REGISTRATION RIGHTS AGREEMENT (Details Narrative) - USD ($)
|
1 Months Ended |
6 Months Ended |
19 Months Ended |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Proceeds from issuance costs |
|
|
$ 98,627
|
|
Equity Purchase Agreement [Member] |
|
|
|
|
Proceeds from issuance costs |
|
|
|
$ 600,000
|
Peak One Opportunity Fund, L.P [Member] |
|
|
|
|
Proceeds from issuance costs |
$ 47,000
|
|
|
|
Common Stock [Member] | Peak One Opportunity Fund, L.P [Member] | Equity Purchase Agreement [Member] |
|
|
|
|
Number of common stock issued |
|
|
600,000
|
|
Proceeds from issuance cost for common stock |
|
|
$ 114,930
|
|
Proceeds from issuance costs |
|
|
$ 98,627
|
|
Common Stock [Member] | Peak One Opportunity Fund, L.P [Member] | Equity Purchase Agreement [Member] | Minimum [Member] |
|
|
|
|
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$ 0.16
|
|
$ 0.16
|
|
Common Stock [Member] | Peak One Opportunity Fund, L.P [Member] | Equity Purchase Agreement [Member] | Maximum [Member] |
|
|
|
|
Shares issued price per share |
$ 0.22
|
|
$ 0.22
|
|
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v3.23.2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
1 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
May 31, 2023 |
Feb. 28, 2023 |
Jun. 30, 2022 |
May 31, 2022 |
Mar. 31, 2022 |
Jan. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Conversion of debt |
|
|
|
|
|
|
|
$ 40,000
|
|
Proceeds from sales of common stock |
|
|
|
|
|
|
|
|
$ 98,627
|
Fourth Man LLC [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Conversion of debt |
$ 50,000
|
$ 50,000
|
|
|
|
|
|
|
|
Debt instrument converted shares |
1,192,857
|
1,192,857
|
|
|
|
|
|
|
|
Debt conversion amount |
$ 30,000
|
$ 30,000
|
|
|
|
|
|
|
|
Five Investors [Member] |
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
Common shares issued for cash, shares |
|
|
|
|
|
|
3,041,958
|
|
|
Number of exchange of warrants shares |
|
|
|
|
|
|
5,769,231
|
|
|
Blue Lake [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Conversion of debt |
$ 181,750
|
|
$ 71,750
|
|
|
|
|
|
|
Debt instrument converted shares |
3,466,853
|
|
1,025,000
|
|
|
|
|
|
|
Blue Lake [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Common shares issued for cash, shares |
|
|
|
|
1,403,326
|
|
|
|
|
Number of exchange of warrants shares |
|
|
|
|
1,923,077
|
|
|
|
|
EPL [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Sale of stock number of shares issued in transaction |
|
|
|
|
|
300,000
|
|
|
|
Sale of stock consideration received on transaction |
|
|
|
|
|
$ 52,000
|
|
|
|
Peak One Opportunity Fund, L.P [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Common shares issued for cash, shares |
|
|
|
300,000
|
|
|
|
|
|
Proceeds from sales of common stock |
|
|
|
$ 47,000
|
|
|
|
|
|
Mast Hill Fund, LP [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Conversion of debt |
|
|
|
$ 280,000
|
|
|
|
|
|
Debt instrument converted shares |
|
|
|
4,025,000
|
|
|
|
|
|
FirstFire Global Opportunities Fund, LLC [Member] |
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Common shares issued for cash, shares |
|
|
|
1,183,400
|
|
|
|
|
|
Number of exchange of warrants shares |
|
|
|
1,923,077
|
|
|
|
|
|
Conversion of repayment of convertible debt |
|
|
|
500,000
|
|
|
|
|
|
Repayment of convertible debt |
|
|
|
$ 35,000
|
|
|
|
|
|
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v3.23.2
SCHEDULE OF COMPENSATION BASED STOCK OPTION ACTIVITY (Details) - $ / shares
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Compensation Related Costs [Abstract] |
|
|
Options outstanding, beginning balance |
25,690,261
|
16,592,620
|
Weighted average exercise price outstanding, beginning balance |
$ 0.23
|
$ 0.30
|
Options outstanding, expired or cancelled |
(1,512,500)
|
(2,359)
|
Weighted average exercise price outstanding,expired or cancelled |
$ 0.46
|
$ 11.88
|
Options outstanding, ending balance |
24,177,761
|
16,590,261
|
Weighted average exercise price outstanding, ending balance |
$ 0.21
|
$ 0.30
|
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v3.23.2
SCHEDULE OF OPTIONS TO PURCHASE SHARES OF COMMON STOCK OUTSTANDING AND EXERCISABLE (Details)
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Number of Outstanding Options | shares |
25,690,261
|
Weighted Average Remaining Life In Years |
8 years
|
Weighted-Average Exercise Price | $ / shares |
$ 0.21
|
Number Exercisable | shares |
13,985,261
|
Exercise Price 1 [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Number of Outstanding Options | shares |
16,250,000
|
Weighted Average Remaining Life In Years |
8 years 8 months 12 days
|
Weighted-Average Exercise Price | $ / shares |
$ 0.12
|
Number Exercisable | shares |
6,057,500
|
Exercise Price 1 [Member] | Minimum [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Exercise prices | $ / shares |
$ 0.1
|
Exercise Price 1 [Member] | Maximum [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Exercise prices | $ / shares |
0.15
|
Exercise Price 2 [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Exercise prices | $ / shares |
$ 0.16
|
Number of Outstanding Options | shares |
5,502,761
|
Weighted Average Remaining Life In Years |
8 years
|
Weighted-Average Exercise Price | $ / shares |
$ 0.16
|
Number Exercisable | shares |
5,502,761
|
Exercise Price 3 [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Exercise prices | $ / shares |
$ 0.22
|
Number of Outstanding Options | shares |
1,000,000
|
Weighted Average Remaining Life In Years |
5 years
|
Weighted-Average Exercise Price | $ / shares |
$ 0.22
|
Number Exercisable | shares |
1,000,000
|
Exercise Price 4 [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Exercise prices | $ / shares |
$ 0.38
|
Number of Outstanding Options | shares |
550,000
|
Weighted Average Remaining Life In Years |
3 years 6 months
|
Weighted-Average Exercise Price | $ / shares |
$ 0.38
|
Number Exercisable | shares |
550,000
|
Exercise Price 5 [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Exercise prices | $ / shares |
$ 0.73
|
Number of Outstanding Options | shares |
500,000
|
Weighted Average Remaining Life In Years |
2 years 8 months 12 days
|
Weighted-Average Exercise Price | $ / shares |
$ 0.73
|
Number Exercisable | shares |
500,000
|
Exercise Price 6 [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Exercise prices | $ / shares |
$ 1.43
|
Number of Outstanding Options | shares |
300,000
|
Weighted Average Remaining Life In Years |
1 year 10 months 24 days
|
Weighted-Average Exercise Price | $ / shares |
$ 1.43
|
Number Exercisable | shares |
300,000
|
Exercise Price 7 [Member] |
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
Exercise prices | $ / shares |
$ 15.00
|
Number of Outstanding Options | shares |
75,000
|
Weighted Average Remaining Life In Years |
1 year 10 months 24 days
|
Weighted-Average Exercise Price | $ / shares |
$ 15.00
|
Number Exercisable | shares |
75,000
|
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v3.23.2
SCHEDULE OF WARRANTS ACTIVITY (Details) - $ / shares
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Number of Stock Options Outstanding, beginning balance |
81,072,855
|
53,314,424
|
Weighted-Average Exercise Price, Outstanding, beginning balance |
$ 0.18
|
$ 0.20
|
Number of Stock Options, Issued |
|
34,375,066
|
Weighted-Average Exercise Price, Issued |
|
|
Number of Stock Options, Expired or cancelled |
(42,737,500)
|
(9,615,385)
|
Weighted-Average Exercise Price, Expired or cancelled |
$ 0.2
|
$ 0.13
|
Number of Stock Options Outstanding, ending balance |
38,335,355
|
82,322,855
|
Weighted-average exercise price, outstanding, ending balance |
$ 0.16
|
$ 0.18
|
Minimum [Member] |
|
|
Weighted-Average Exercise Price, Issued |
|
0.15
|
Maximum [Member] |
|
|
Weighted-Average Exercise Price, Issued |
|
$ 0.20
|
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v3.23.2
SCHEDULE OF WARRANTS OUTSTANDING AND EXERCISABLE (Details)
|
Jun. 30, 2023
$ / shares
shares
|
Warrants Outstanding, Number of Warrants |
38,335,355
|
Weighted Average Remaining Life in Years |
9 months
|
Warrants Weighted Average Exercise Price | $ / shares |
$ 0.15
|
Warrants Outstanding, Number of Exercisable |
38,335,355
|
Exercise Price 1 [Member] | Warrant [Member] |
|
Warrants Outstanding, Exercise Price | $ / shares |
$ 0.13
|
Warrants Outstanding, Number of Warrants |
961,539
|
Weighted Average Remaining Life in Years |
3 years 5 months 15 days
|
Warrants Weighted Average Exercise Price | $ / shares |
$ 0.13
|
Warrants Outstanding, Number of Exercisable |
961,539
|
Exercise Price 2 [Member] | Warrant [Member] |
|
Warrants Outstanding, Exercise Price | $ / shares |
$ 0.15
|
Warrants Outstanding, Number of Warrants |
33,000,066
|
Weighted Average Remaining Life in Years |
9 months
|
Warrants Weighted Average Exercise Price | $ / shares |
$ 0.15
|
Warrants Outstanding, Number of Exercisable |
33,000,066
|
Exercise Price 3 [Member] | Warrant [Member] |
|
Warrants Outstanding, Exercise Price | $ / shares |
$ 0.20
|
Warrants Outstanding, Number of Warrants |
4,373,750
|
Warrants Weighted Average Exercise Price | $ / shares |
$ 0.20
|
Warrants Outstanding, Number of Exercisable |
4,373,750
|
Exercise Price 3 [Member] | Warrant [Member] | Minimum [Member] |
|
Weighted Average Remaining Life in Years |
3 years 9 months
|
Exercise Price 3 [Member] | Warrant [Member] | Maximum [Member] |
|
Weighted Average Remaining Life in Years |
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v3.23.2
STOCK-BASED COMPENSATION (Details Narrative) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Share based compensation |
$ 0
|
|
Stock options description |
Of the approximately 14 million unvested stock options, the vesting criteria for 7.3 million
options is still being evaluated as on the date of this Report, as those options are subject to individual milestone achievements
|
|
Share based compensation |
$ 0
|
$ 50,000
|
November and December 2020 Notes [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Warrants issued to purchase shares |
10,576,924
|
|
Warrant rights outstanding |
$ 1,172,753
|
|
2017 Equity Incentive Plan [Member] | Maximum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of common stock issued to awards |
2,000,000
|
|
2015 and 2005 Equity Incentive Plan [Member] | Maximum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of common stock issued to awards |
27,250,000
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COMMITMENTS AND CONTINGENCIES (Details Narrative)
|
6 Months Ended |
Jun. 30, 2023
USD ($)
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
Non payment of amount |
$ 20,000
|
Merger Agreement [Member] | Point R Merger [Member] |
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
Payments to acquire businesses, gross |
17,831,427
|
Business combination, contingent consideration, liability |
2,625,000
|
Business combination, consideration transferred, equity interests issued and issuable |
$ 15,000,000
|
X |
- DefinitionAmount of equity interests of the acquirer, including instruments or interests issued or issuable in consideration for the business combination.
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v3.23.2
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Jul. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
Common stock, par value |
|
$ 0.01
|
|
|
$ 0.01
|
$ 0.01
|
Conversion of debt |
|
|
|
|
$ 40,000
|
|
Common Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Partially converted shares of common stock, value |
|
4,659,710
|
1,025,000
|
4,525,000
|
|
|
Convertible notes into common stock, shares |
|
|
|
|
1,025,000
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
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$ 0.01
|
|
|
|
|
|
Debt instrument convertible conversion price |
$ 0.10
|
|
|
|
|
|
Placement agent fees |
$ 150,000
|
|
|
|
|
|
Subsequent Event [Member] | Blue Lake Partners LLC [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Conversion of debt |
$ 44,000
|
|
|
|
|
|
Convertible notes into common stock, shares |
627,538
|
|
|
|
|
|
Subsequent Event [Member] | Common Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Partially converted shares of common stock, value |
250,000
|
|
|
|
|
|
Subsequent Event [Member] | Common Stock [Member] | Blue Lake Partners LLC [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Conversion of debt |
$ 0
|
|
|
|
|
|
Convertible notes into common stock, shares |
627,538
|
|
|
|
|
|
Subsequent Event [Member] | Warrant [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Partially converted shares of common stock, value |
250,000
|
|
|
|
|
|
Debt instrument convertible conversion price |
$ 0.12
|
|
|
|
|
|
Subsequent Event [Member] | Warrant [Member] | 15 Accredited Investors [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Conversion of debt |
$ 1,000,000.0
|
|
|
|
|
|
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|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Partially converted shares of common stock, value |
250,000
|
|
|
|
|
|
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