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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2024
OR
☐
TRANSITION REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT OF 1934
From
the transition period from ___________ to ____________
Commission
File Number 000-54933
BIOSTAX
CORP
(Exact
name of small business issuer as specified in its charter)
Florida |
|
59-3226705 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
2431
Aloma Ave., Suite 124, Winter Park, FL |
|
32792 |
(Address
of principal executive offices) |
|
(Zip
Code) |
888-613-8802
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act: None
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large
Accelerated Filer ☐ |
Accelerated
Filer ☐ |
|
|
|
|
|
|
Non-Accelerated
Filer ☐ |
Smaller
Reporting Company ☒ |
|
|
|
|
|
|
|
Emerging
growth Company ☐ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by a check mark whether the company is a shell company (as defined by Rule 12b-2 of the Exchange Act: Yes ☐ No ☒
APPLICABLE
ONLY TO CORPORATE ISSUERS:
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As
of August 19, 2024, there were 83,738,939 shares of common stock, $0.0001 par value per share, outstanding.
TABLE
OF CONTENTS
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain
statements contained or incorporated by reference in this Quarterly Report on Form 10-Q are considered forward-looking statements (within
the meaning of the Private Securities Litigation Reform Act of 1995) concerning our business, results of operations, economic performance
and/or financial condition, based on management’s current expectations, plans, estimates, assumptions, and projections. Forward-looking
statements are included, for example, in the discussions about:
|
● |
strategy; |
|
|
|
|
● |
new
product discovery and development; |
|
|
|
|
● |
current
or pending clinical trials; |
|
|
|
|
● |
our
products’ ability to demonstrate efficacy or an acceptable safety profile; |
|
|
|
|
● |
actions
by the U.S. Food and Drug Administration and other regulatory authorities; |
|
|
|
|
● |
product
manufacturing, including our arrangements with third-party suppliers; |
|
|
|
|
● |
product
introduction and sales; |
|
|
|
|
● |
royalties
and contract revenues; |
|
|
|
|
● |
expenses
and net income; |
|
|
|
|
● |
credit
and foreign exchange risk management; |
|
|
|
|
● |
liquidity; |
|
|
|
|
● |
asset
and liability risk management; |
|
|
|
|
● |
the
outcome of litigation and other proceedings; |
|
|
|
|
● |
intellectual
property rights and protections; |
|
|
|
|
● |
economic
factors; |
|
|
|
|
● |
competition;
and |
|
|
|
|
● |
legal
risks. |
Any
statements contained in this report that are not statements of historical fact may be deemed forward-looking statements. Forward-looking
statements generally are identified by the words “expects,” “anticipates,” “believes,” “intends,”
“estimates,” “aims,” “plans,” “may,” “could,” “will,” “will
continue,” “seeks,” “should,” “predict,” “potential,” “outlook,” “guidance,”
“target,” “forecast,” “probable,” “possible” or the negative of such terms and similar
expressions. Forward-looking statements are subject to change and may be affected by risks and uncertainties, most of which are difficult
to predict and are generally beyond our control. Forward-looking statements speak only as of the date they are made, and we undertake
no obligation to update any forward-looking statement in light of new information or future events, except as required by law, although
we intend to continue to meet our ongoing disclosure obligations under the U.S. securities laws and other applicable laws.
We
caution you that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or
implied by, the forward-looking statements, and therefore you should not place too much reliance on them. These factors include, among
others, those described herein, and elsewhere in this Quarterly Report and in our other public reports filed with the Securities and
Exchange Commission. It is not possible to predict or identify all such factors, and therefore the factors that are noted are not intended
to be a complete discussion of all potential risks or uncertainties that may affect forward-looking statements. If these or other risks
and uncertainties materialize, or if the assumptions underlying any of the forward-looking statements prove incorrect, our actual performance
and future actions may be materially different from those expressed in, or implied by, such forward-looking statements. We can offer
no assurance that our estimates or expectations will prove accurate or that we will be able to achieve our strategic and operational
goals.
Forward-looking
statements are based on information we have when those statements are made or management’s good faith belief as of that time with
respect to future events and are subject to significant risks and uncertainties that could cause actual performance or results to differ
materially from those expressed in or suggested by the forward-looking statements.
Important
factors that could cause such differences include, but are not limited to:
|
● |
our
lack of operating history; |
|
|
|
|
● |
our
current and future capital requirements and our ability to satisfy our capital needs; |
|
|
|
|
● |
our
inability to keep up with industry competition; |
|
|
|
|
● |
interpretations
of current laws and the passages of future laws; |
|
|
|
|
● |
acceptance
of our business model by investors and our ability to raise capital; |
|
|
|
|
● |
our
drug discovery and development activities may not result in products that are approved by the applicable regulatory authorities and
even if our drug candidates do obtain regulatory approval, they may never achieve market acceptance or commercial success; |
|
|
|
|
● |
our
reliance on key personnel and collaborative partners, including our ability to attract and retain scientists; |
|
|
|
|
● |
our
reliance on third-party manufacturing to supply drugs for clinical trials and sales; |
|
|
|
|
● |
our
limited distribution organization with no sales and marketing staff; |
|
|
|
|
● |
our
being subject to product liability claims; |
|
|
|
|
● |
our
reliance on key personnel, including our ability to attract and retain scientists; |
|
|
|
|
● |
legislation
or regulation that may increase the cost of our business or limit our service and product offerings; |
|
|
|
|
● |
risks
related to our intellectual property, including our ability to adequately protect intellectual property rights; |
|
|
|
|
● |
risks
related to government regulation, including our ability to obtain approvals for the commercialization of some or all of our drug
candidates, and ongoing regulatory obligations and continued regulatory review which may result in significant additional expense
and subject us to penalties if we fail to comply with applicable regulatory requirements; and |
|
|
|
|
● |
our
ability to obtain regulatory approvals to allow us to market our products internationally. |
Moreover,
new risks regularly emerge, and it is not possible for our management to predict or articulate all risks we face, nor can we assess the
impact of all risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ from
those contained in any forward-looking statements. All forward-looking statements included in this Quarterly Report are based on information
available to us on the date of this Quarterly Report. Except to the extent required by applicable laws or rules, we undertake no obligation
to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise. All subsequent
written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety
by the cautionary statements contained above and throughout this Quarterly Report.
PART
I – FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
IMMUNE
THERAPEUTICS, INC. AND SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
BIOSTAX
CORP AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash | |
$ | (49 | ) | |
$ | 29,785 | |
Total current assets | |
| (49 | ) | |
| 29,785 | |
| |
| | | |
| | |
Deposits | |
| 5,500 | | |
| 5,500 | |
| |
| | | |
| | |
Total Assets | |
$ | 5,451 | | |
$ | 35,285 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 1,255,584 | | |
$ | 1,213,982 | |
Accrued payroll | |
| 336,002 | | |
| 336,002 | |
Notes payable, net of debt discount | |
| 1,170,294 | | |
| 1,129,242 | |
Due to related parties | |
| 1,431,669 | | |
| 1,069,594 | |
Accrued interest | |
| 218,190 | | |
| 152,315 | |
Accrued liabilities | |
| 418,057 | | |
| 273,057 | |
License fees payable | |
| 317,882 | | |
| 295,230 | |
Derivative liability | |
| 160,515 | | |
| 93,634 | |
Total current liabilities | |
| 5,308,193 | | |
| 4,563,056 | |
| |
| | | |
| | |
Total Liabilities | |
| 5,308,193 | | |
| 4,563,056 | |
| |
| | | |
| | |
Stockholders’ Deficit: | |
| | | |
| | |
Common stock – par value $0.0001; 750,000,000 and 750,000,000 shares authorized, respectively; 83,738,939 and 83,657,853 shares issued and outstanding respectively | |
| 8,374 | | |
| 8,366 | |
Additional paid in capital | |
| 380,800,619 | | |
| 380,795,003 | |
Accumulated deficit | |
| (386,111,735 | ) | |
| (385,331,140 | ) |
| |
| | | |
| | |
Total stockholders’ deficit | |
| (5,302,741 | ) | |
| (4,527,772 | ) |
Total Liabilities and Stockholders’ Deficit | |
$ | 5,451 | | |
$ | 35,285 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
BIOSTAX
CORP AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months ended | | |
Six Months ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative | |
$ | 288,466 | | |
$ | 248,886 | | |
$ | 542,715 | | |
$ | 456,403 | |
Research and development expense | |
| 11,575 | | |
| 175,209 | | |
| 22,652 | | |
| 356,132 | |
Depreciation and amortization expense | |
| - | | |
| 13,377 | | |
| - | | |
| 26,754 | |
Total operating expense | |
| 300,041 | | |
| 437,472 | | |
| 565,367 | | |
| 839,289 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (300,041 | ) | |
| (437,472 | ) | |
| (565,367 | ) | |
| (839,289 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (76,598 | ) | |
| (66,762 | ) | |
| (148,347 | ) | |
| (81,061 | ) |
Gain (loss) on derivative liability | |
| (51,321 | ) | |
| - | | |
| (66,881 | ) | |
| - | |
Total other income (expense) | |
| (127,919 | ) | |
| (66,762 | ) | |
| (215,228 | ) | |
| (81,061 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) income | |
$ | (427,960 | ) | |
$ | (504,234 | ) | |
$ | (780,595 | ) | |
$ | (920,350 | ) |
Net income (loss) attributable to common stockholders | |
$ | (427,960 | ) | |
$ | (504,234 | ) | |
$ | (780,595 | ) | |
$ | (920,350 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic income (loss) income per share attributable to common stockholders | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
Diluted income (loss) earnings per share attributable to common stockholders | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic weighted average number of shares outstanding | |
| 83,698,396 | | |
| 83,285,054 | | |
| 83,725,128 | | |
| 83,381,739 | |
Diluted weighted average number of shares outstanding | |
| 83,698,396 | | |
| 83,285,054 | | |
| 83,725,128 | | |
| 83,381,739 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
BIOSTAX
CORP AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY/(DEFICIT)
FOR
THE PERIODS ENDED JUNE 30, 2024 AND 2023
(Unaudited)
| |
Shares | | |
Amount | | |
Capital | | |
Issued | | |
Deficit | | |
Total | |
| |
Common Stock | | |
Additional
Paid-in | | |
Stock To Be | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Issued | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Balance December 31, 2022 | |
| 483,714 | | |
$ | 49 | | |
$ | 371,473,810 | | |
$ | 10,303 | | |
$ | (379,432,418 | ) | |
$ | (7,948,256 | ) |
Issuance of common stock for extension of patent and license agreement | |
| 500,000 | | |
| 50 | | |
| 299,950 | | |
| - | | |
| - | | |
| 300,000 | |
Issuance of common stock upon settlement of notes and obligations | |
| 52,906 | | |
| 5 | | |
| 31,448 | | |
| - | | |
| - | | |
| 31,453 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (920,350 | ) | |
| (920,350 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance June 30, 2023 | |
| 83,598,763 | | |
$ | 8,360 | | |
$ | 380,767,830 | | |
$ | 10,303 | | |
$ | (383,888,844 | ) | |
$ | (3,102,351 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance December 31, 2023 | |
| 83,657,853 | | |
$ | 8,366 | | |
$ | 380,795,003 | | |
$ | - | | |
$ | (385,331,140 | ) | |
$ | (4,527,772 | ) |
Balance, value | |
| 83,657,853 | | |
$ | 8,366 | | |
$ | 380,795,003 | | |
$ | - | | |
$ | (385,331,140 | ) | |
$ | (4,527,772 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock upon conversion of notes and obligations | |
| 81,086 | | |
| 8 | | |
| 5,616 | | |
| - | | |
| - | | |
| 5,626 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (780,595 | ) | |
| (780,595 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance June 30, 2024 | |
| 83,738,939 | | |
$ | 8,374 | | |
$ | 380,800,619 | | |
$ | - | | |
$ | (386,111,735 | ) | |
$ | (5,302,741 | ) |
Balance, value | |
| 83,738,939 | | |
$ | 8,374 | | |
$ | 380,800,619 | | |
$ | - | | |
$ | (386,111,735 | ) | |
$ | (5,302,741 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
BIOSTAX
CORP AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR
THE PERIODS ENDED JUNE 30, 2024 AND 2023
(Unaudited)
| |
June
30, 2024 | | |
June
30, 2023 | |
| |
Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net loss | |
$ | (780,595 | ) | |
$ | (920,350 | ) |
| |
| | | |
| | |
Adjustments to reconcile net loss to net cash flows used in operating activities: | |
| | | |
| | |
Amortization of intangibles | |
| - | | |
| 26,754 | |
Common stock issued for the extension of patent and license agreement | |
| - | | |
| 300,000 | |
Loss (gain) on derivative liability | |
| 66,881 | | |
| | |
Interest expense from derivative liability | |
| 41,052 | | |
| | |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Deposits | |
| - | | |
| 45,228 | |
Accounts payable | |
| 41,602 | | |
| (340,804 | ) |
License fees payable | |
| 22,652 | | |
| 29,714 | |
Accrued payroll | |
| - | | |
| - | |
Accrued interest | |
| 65,875 | | |
| 39,608 | |
Accrued liabilities | |
| 290,000 | | |
| - | |
Due to related parties | |
| 217,075 | | |
| 240,331 | |
| |
| | | |
| | |
Net cash used in operating activities | |
| (35,458 | ) | |
| (579,519 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from undocumented investor advances | |
| - | | |
| - | |
Proceeds from related parties | |
| - | | |
| 100,000 | |
Proceeds from issuance of notes payable | |
| 5,624 | | |
| 346,453 | |
Net cash provided by financing activities | |
| 5,624 | | |
| 446,453 | |
| |
| | | |
| | |
Decrease in cash | |
| (29,834 | ) | |
| (133,066 | ) |
Cash and cash equivalents, beginning of year | |
| 29,785 | | |
| 150,491 | |
Cash and cash equivalents, end of period | |
$ | (49 | ) | |
$ | 17,426 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCOSURE OF NON-CASH ACTIVITIES: | |
| | | |
| | |
Conversion of debt and accrued interest to common stock | |
$ | 5,624 | | |
$ | 5,625 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
Biostax
Corp
Notes
to the Condensed Consolidated Financial Statements
June
30, 2024
(Unaudited)
1.
Company Overview
Biostax
Corp. (the “Company” or “BTAX”) is a Florida corporation trading on the OTC-Pink. The Company is a drug development
and commercialization company. We identify, evaluate, and seek to acquire technologies in the medical device and drug development sectors
with the intent to further develop them and move them to commercialization. On February 28, 2023, we received a written consent from
a majority of our outstanding shareholders to change the name of our Company to “Biostax Corp.” On March 27, 2023, we filed
a definitive information statement on Schedule 14C and mailed the information statement to shareholders on record as of the date of the
filing. We filed our name change amendment with the Secretary of State of Florida on October 5, 2023 and our new Company name and trading
symbol (BTAX) became effective on October 20, 2023.
Going
Concern
As
of June 30, 2024, the Company had negative cash on hand of $49, negative working capital of $5,308,241 and accumulated stockholders’
deficit of $386,111,735. For the six months ended June 30, 2024, the Company reported a net loss attributable to common shareholders
of $780,595. For the six months ended June 30, 2023, the Company reported net loss attributable to common shareholders of $920,350.
Historically
the Company has relied on the funding of operations through private equity financing and management expects operating losses and negative
cash flows to continue at more significant levels in the future. As the Company continues to incur losses, its transition to profitability
is dependent upon the successful development, approval, and commercialization of its current or future product candidates as they become
available and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may never achieve
profitability, and unless and until it does, the Company will continue to need to raise additional cash. Management intends to fund future
operations through additional private or public debt or equity offerings and may seek additional capital through arrangements with strategic
partners or from other sources.
Working
capital at June 30, 2024 is not sufficient to meet the cash requirements to fund planned operations through the next twelve months without
additional sources of cash. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include
adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s
assets and the satisfaction of liabilities in the normal course of business.
Management
is continuing to develop strategies to re-capitalize the Company and position it for future growth. Key steps to this process include:
|
● |
Improve
the condition of the balance sheet via license arrangements and capital infusions. |
|
● |
Identify
and acquire late-stage assets for commercialization. |
|
● |
Build
out operational infrastructure to generate revenue opportunities to grow shareholder value. |
There
can be no guarantee that the Company will be successful in securing adequate capital to continue operations and in identifying and acquiring
assets for future development.
If
the Company is unable to secure new working capital, other alternative strategies will be required.
Historically,
the Company’s strategy has been to acquire and develop assets; potentially spin them out and retain both an equity stake and royalties
and milestone payments. In so doing, the Company would act as an incubator for late-stage drug development. Management believes that
this strategy can be successful. At this time, the Company is reviewing several opportunities which it may pursue as soon as funding
is available. At present, no definitive action has been taken.
There
can be no guarantees that the Company will be successful in:
|
● |
Executing
its restructuring plan; |
|
● |
Securing
adequate capital to continue operations; or |
|
● |
Identifying
and acquiring assets for future development. |
Company
History
The
Company was initially incorporated in Florida on December 2, 1993, as Resort Clubs International, Inc. (“Resort Clubs”).
It was formed to manage and market golf course properties in resort markets throughout the United States. Galliano International Ltd.
(“Galliano”) was incorporated in Delaware on May 27, 1998 and began trading in November 1999 through the filing of a 15C-211.
On November 10, 2004, Galliano merged with Resort Clubs. Resort Clubs was the surviving corporation. On August 23, 2010, Resort Clubs
changed its name to pH Environmental Inc. (“pH Environmental”). On April 23, 2012, pH Environmental completed a name change
to TNI BioTech, Inc., and on April 24, 2012, we executed a share exchange agreement for the acquisition of all the outstanding shares
of TNI BioTech IP, Inc. On September 4, 2014, a majority of our shareholders approved an amendment to our Amended and Restated Articles
of Incorporation, as amended, to change our name to Immune Therapeutics, Inc. On February 28, 2023, we received a written consent from
a majority of our outstanding shareholders to change the name of our Company to “Biostax Corp.” On March 27, 2023, we filed
a definitive information statement on Schedule 14C and mailed the information statement to shareholders on record as of the date of the
filing. We filed our name change amendment with the Secretary of State of Florida on October 5, 2023 and our new Company name and trading
symbol (BTAX) became effective on October 20, 2023.
2.
Summary of Significant Accounting Policies
Basis
of Presentation
The
condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with U.S. generally accepted accounting principles have been omitted. However, in the opinion of management, all
adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the financial position
and results of operations for the periods presented have been made. The results for interim periods are not necessarily indicative of
trends or of results to be expected for the full year. These financial statements should be read in conjunction with the financial statements
of the Company for the year ended December 31, 2023 (including the notes thereto) set forth in the Company’s Annual Report on Form
10- K/A for that period.
Use
of Estimates
The
preparation of the Company’s financial statements in conformity with U.S. generally accepted accounting principles requires management
to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results
could differ from such estimates.
Cash,
Cash Equivalents, and Short-Term Investments
The
Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents.
Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and
money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency
obligations. Cash equivalents are reported at fair value. At June 30, 2024 and December 31, 2023, the Company had cash and cash equivalents
of $5,451 and $35,285, respectively.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company
is exposed to credit risk, subject to federal deposit insurance, in the event of a default by the financial institutions holding its
cash and cash equivalents to the extent of amounts recorded on the condensed consolidated balance sheets. The cash accounts are insured
by the Federal Deposit Insurance Corporation up to $250,000.
Segment
and Geographic Information
Operating
segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief
operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views
its operations and manages its business in one operating segment and does not segment the business for internal reporting or decision
making.
Fair
Value of Financial Instruments
In
accordance with the reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic
825, “Financial Instruments”, the Company calculates the fair value of its assets and liabilities which qualify as
financial instruments under this standard and includes this additional information in the notes to the financial statements when the
fair value is different than the carrying value of those financial instruments.
Cash,
cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity of
these instruments. The carrying value of notes payable approximate fair value since they bear market rates of interest and other terms.
None of these instruments are held for trading purposes.
Derivative
Financial Instruments
FASB
ASC 815, Fair Value Measurements requires bifurcation of certain embedded derivative instruments in certain debt or equity instruments,
and measurement at their fair value for accounting purposes. A holder redemption feature embedded in the Company’s note payable
requires bifurcation from its host instrument and is accounted for as a freestanding derivative.
ASC
Topic 820, “Fair Value Measurement”, requires that certain financial instruments be recognized at their fair values at our
balance sheet dates. However, other financial instruments, such as debt obligations, are not required to be recognized at their fair
values, but GAAP provides an option to elect fair value accounting for these instruments. GAAP requires the disclosure of the fair values
of all financial instruments, regardless of whether they are recognized at their fair values or carrying amounts in our balance sheets.
For financial instruments recognized at fair value, GAAP requires the disclosure of their fair values by type of instrument, along with
other information, including changes in the fair values of certain financial instruments recognized in income or other comprehensive
income. For financial instruments not recognized at fair value, the disclosure of their fair values is provided below under “Financial
Instruments.”
Nonfinancial
assets, such as property, plant and equipment, and nonfinancial liabilities are recognized at their carrying amounts in the Company’s
balance sheets. GAAP does not permit nonfinancial assets and liabilities to be remeasured at their fair values. However, GAAP requires
the remeasurement of such assets and liabilities to their fair values upon the occurrence of certain events, such as the impairment of
property, plant and equipment. In addition, if such an event occurs, GAAP requires the disclosure of the fair value of the asset or liability
along with other information, including the gain or loss recognized in income in the period the remeasurement occurred.
Level
1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;
Level
2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the
full term of the asset or liability; or
Level
3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported
by little or no market activity).
The
following is a summary of activity of Level 3 liabilities for the quarters ended March 31, 2024 and June 30, 2024:
Summary
of Activity of Level 3 Liabilities
Balance - December 31, 2023 | |
$ | 93,634 | |
Additions | |
| - | |
Settlements | |
| - | |
Change in fair value | |
| 15,560 | |
Balance – March 31, 2024 | |
| 109,194 | |
Additions | |
| - | |
Settlements | |
| - | |
Change in fair value | |
| 51,321 | |
Balance – June 30, 2024 | |
| 160,515 | |
Beginning
on November 17, 2023, the Company issued a note payable agreement which contains conversion provisions meeting the definition of a derivative
liability which therefore require bifurcation. Further, pursuant to the Company’s contract ordering policy, equity linked instruments
subsequent to November 17, 2023, resulted in derivative liabilities.
At
December 31, 2023, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on
assumptions used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common
stock of $0.0730; risk-free interest rate of 5.00%; expected volatility of the Company’s common stock of 199% based on the volatility
of comparable publicly traded entities; exercise price of $0.0366; and term of eight months.
At
March 31, 2024, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on assumptions
used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common stock of $0.0579;
risk-free interest rate of 5.00%; expected volatility of the Company’s common stock of 199% based on the volatility of comparable
publicly traded entities; exercise price of $0.0314; and term of five months.
At
June 30, 2024, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on assumptions
used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common stock of $0.0417;
risk-free interest rate of 5.00%; expected volatility of the Company’s common stock of 199% based on the volatility of comparable
publicly traded entities; exercise price of $0.0; and term of five months.
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization
of our technologies. The Company incurred $22,652 of research and development costs during the six months ended June 30, 2024, which
includes interest and late fees related to the Company’s license agreement with TaiwanJ Pharmaceuticals. The Company incurred $356,132
of research and development costs during the six months ended June 30, 2023, which includes legal fees related to the maintenance and
prosecution of licensed and owned intellectual property as well as the fair value of common stock issued to extend the payment terms
of the Company’s license agreement with TaiwanJ Pharmaceuticals.
Income
Taxes
The
Company follows ASC Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future
tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets
and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax
rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance
to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled.
The
standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in
the financial statements. Under ASC Topic 740, the Company may recognize the tax benefit from an uncertain tax position only if it is
more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of
the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC Topic 740 also provides guidance on
de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
At
the date of adoption, and as of June 30, 2024 and 2023, the Company does not have a liability for unrecognized tax uncertainties. The
Company’s policy is to record interest and penalties on uncertain tax positions as income tax expense. As of June 30, 2024, and
2023, the Company does not have any interest or penalties related to uncertain tax positions.
Stock-Based
Compensation and Issuance of Common Stock for Non-Cash Consideration
The
Company measures and recognizes compensation expense for share-based awards based on estimated fair values equaling either the market
value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration
pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at
the date of the agreement.
The
Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows
the provisions of ASC Topic 718, “Compensation-Stock Compensation.” The measurement date for the fair value of the
equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor
is reached or (ii) the date at which the consultant or vendor’s performance is complete.
The
Company did not issue any stock-based compensation awards during the six months ended June 30, 2024 and 2023.
Net
Income (Loss) per Share
For
the six month period ended June 30, 2024, basic and diluted net loss per share is calculated by dividing the net loss by the weighted
average number of common shares outstanding for the period, without consideration for common stock equivalents.
Diluted
net income (loss) per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents
outstanding for the period, using the treasury-stock method. For purposes of the diluted net income (loss) per share calculation, shares
to be issued pursuant to convertible debt and warrants are considered to be common stock equivalents but are excluded from the calculation
of diluted net income (loss) per share in 2024 and 2023 because their effect would be anti-dilutive. A total of 31,995 warrants and 3,044,497
shares, resulting from the conversion of principal and interest on convertible notes, have been excluded from this calculation for the
six month period ended June 30, 2024.
For
the six month period ended June 30, 2024, diluted income per share was calculated by dividing the net income by the weighted-average
number of common shares outstanding for the period determined using the treasury-stock method. A reconciliation of the weighted average
shares outstanding used in basic and diluted earnings per share for the periods ended June 30, 2024 and 2023 are as follows:
Schedule of Basic and Diluted Earnings per Share
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months ended | |
| |
June 30, 2024 | | |
June 30, 2023 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (427,960 | ) | |
$ | (504,234 | ) |
Weighted average common shares (Denominator) | |
| 83,698,396 | | |
| 83,285,054 | |
Basic EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (427,960 | ) | |
$ | (504,234 | ) |
Weighted average common shares (Denominator) | |
| 83,698,396 | | |
| 83,285,054 | |
Diluted EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Six Months ended | |
| |
June 30, 2024 | | |
June 30, 2023 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (780,595 | ) | |
$ | (920,350 | ) |
Weighted average common shares (Denominator) | |
| 83,725,128 | | |
| 83,381,739 | |
Basic EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (780,595 | ) | |
$ | (920,350 | ) |
Weighted average common shares (Denominator) | |
| 83,725,128 | | |
| 83,381,739 | |
Diluted EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
Recent
Accounting Standards
The
Company has reviewed the accounting pronouncements issued by the Financial Accounting Standards Board during the six months ended June
30, 2024. Applicable pronouncements will be adopted by the Company in accordance with the accounting guidance and definition. Management
does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s
consolidated financial statements.
Management
does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s
consolidated financial statements.
Note
3. Notes payable
During
the three-month period ended June 30, 2023, the Company reported the following activity in notes and accrued interest:
Notes
Payable on June 30, 2024 and December 31, 2023 are as follows:
Schedule of Notes Payable
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
| |
| | |
| |
Promissory note | |
$ | 231,478 | | |
$ | 231,478 | |
Promissory note issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020. This note is in default. Default provisions of this note provide: the holder may accelerate the maturity of the note and demand immediate payment in full for outstanding principal and interest. | |
$ | 231,478 | | |
$ | 231,478 | |
| |
| | | |
| | |
Promissory note issued in 2019 for the settlement of debt in the same amount and matured in 2021. Lender earns interest at 15%. This note was modified in November 2022, extending maturity to September 2023. This note is in default. Default provisions of this note provide: the holder may declare the note immediately due and payable, a late charge fee of 5% for failure to make payment within 10 days of the due date and the Company agrees to pay the note holder’s reasonable attorney fees if holder seeks legal advice to enforce the provisions of the note. | |
| 150,000 | | |
| 150,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matured in July 2023. The lender earns interest at 6%. This note is in default. Default provisions of this note provide: the holder may declare the note immediately due and payable and the Company agrees to pay all costs of collection or defense incurred by the note holder. | |
| 65,000 | | |
| 65,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matured in July 2023. The lender earns interest at 6%. The holder of the note is a former Director and the former Chief Executive Officer of the Company. This note is in default. Default provisions of this note provide for the Company to pay attorney fees incurred by the note holder. | |
| 200,000 | | |
| 200,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matured in December 2023. The lender earns interest at 7.75%. This note is in default. Borrower shall have the option to extend the maturity date by six months from the initial term. In the event of default, holder may declare the debut immediately due and payable. During the occurrence of an event of default, borrower shall continue to pay interest at the rate of 7.75%. | |
| 50,000 | | |
| 50,000 | |
| |
| | | |
| | |
Promissory note issued in March 2023 and matured in May 2023. The lender earns interest at 8%. This note was issued to H. Louis Salomonsky, a Director of the Company. This note is in default. Upon default this note shall this note shall bear interest at 18%, compounded monthly. | |
| 100,000 | | |
| 100,000 | |
| |
| | | |
| | |
Promissory note issued in March 2023 and matured in June 2023. The lender earns interest at 8%. This note is in default. Borrower shall have the option to extend the maturity date by 60 days from the initial term. In the event of default, holder may declare the debut immediately due and payable. During the occurrence of an event of default, borrower shall pay interest on the entire unpaid principal sum at the rate equal to 9%. | |
| 50,000 | | |
| 50,000 | |
| |
| | | |
| | |
Promissory note issued in April 2023 and matured in May 2023. The lender earns interest at 18%. This note is in default. Default provisions of this note provide the holder may declare the debt immediately due. | |
| 250,000 | | |
| 250,000 | |
| |
| | | |
| | |
Promissory note issued in June 2023 and matures in June 2024. The lender earns interest at 8%. Borrower shall have the option to extend the maturity date by 60 days from the initial term. In the event of default, holder may declare the debut immediately due and payable. During the occurrence of an event of default, borrower shall pay interest on the entire unpaid principal sum at the rate equal to 9%. | |
| 15,000 | | |
| 15,000 | |
| |
| | | |
| | |
Promissory note issued in July 2023 and matures in July 2025. The lender earns interest at 8.5%. This note was issued to Global Reverb Corporation, a related party of which Noreen Griffin is the sole beneficial owner. In the event of default, holder may declare the debt immediately due and payable. During the occurrence of an event of default, borrower shall pay interest on the entire unpaid principal sum at the rate equal to 10%. | |
| 7,500 | | |
| 7,500 | |
| |
| | | |
| | |
Promissory note issued in November 2023 and matures in August 2024. The lender earns interest at 22.0% and is convertible into shares of common stock. In the event of default the Company shall pay to the lender an amount equal to 150% of the sum of the then outstanding principal amount of this note, plus accrued and unpaid interest. Net of debt discount of $13,684. | |
| 51,316 | | |
| 10,264 | |
| |
| | | |
| | |
| |
$ | 1,170,294 | | |
$ | 1,129,242 | |
At
June 30, 2024 and December 31, 2023, the Company had accrued $242,144 and $146,690, respectively, in unpaid interest on notes payable.
4.
Capital Structure – Common Stock and Stock Purchase Warrants
Each
holder of common stock is entitled to vote on all matters and is entitled to one vote for each share held. No holder of shares of stock
of any class shall be entitled as a matter of right to subscribe for or purchase or receive any part of any new or additional issue of
shares of stock of any class, or of securities convertible into shares of stock or any class, whether now hereafter authorized or whether
issued for money, for consideration other than money, or by way of dividend.
Stock
Warrants
During
the six month period ended June 30, 2024 no common stock warrants were issued, exercised or modified.
The
following is a summary of outstanding common stock warrants as of June 30, 2024.
Schedule of Outstanding Common Stock Warrants
Expiration
Date | |
Number
of
Shares | | |
Exercise
Price | | |
Remaining
Life (years) | |
| |
| | |
| | |
| |
Third
Quarter 2028 | |
| 3,000 | | |
$ | 70 | | |
| 4.25 | |
Second
Quarter 2032 | |
| 28,995 | | |
$ | 10
- 70 | | |
| 8.00 | |
| |
| 31,995 | | |
$ | 10
- 70 | | |
| | |
Following
is a summary of stock warrant activity for the six months ended June 30, 2024:
Schedule of Stock Outstanding Warrants Activity
| |
Number of Shares | | |
Exercise Price | | |
Weighted
Average
Price | |
Warrants as of December 31, 2023 | |
| 31,995 | | |
$ | 10 - 70 | | |
$ | 56,49 | |
Issued | |
| - | | |
$ | - | | |
$ | - | |
Expired and forfeited | |
| - | | |
$ | - | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
$ | - | |
Warrants as of June 30, 2024 | |
| 33,495 | | |
$ | 10 - 70 | | |
$ | 56.49 | |
5.
Income Taxes – Results of Operations
There
was no income tax expense reflected in the results of operations for the periods ended June 30, 2024 and 2023 because the Company has
significant net loss operating carryforwards available to offset the potential tax liabilities. Our tax rate can be affected by recurring
items, such as tax rates in foreign jurisdictions and the relative amount of income we earn in jurisdictions. It may also be affected
by discrete items that may occur in any given year but are not consistent from year to year.
For
U.S. federal purposes the corporate statutory income tax rate was 21%, for 2024 and 2023 tax years. The Company has recognized no tax
benefit for the losses generated for the periods through June 30, 2024.
ASC
Topic 740 requires that a valuation allowance be provided if it is more likely than not that some portion or all a deferred tax asset
will not be realized. The Company’s ability to realize the benefit of its deferred tax asset will depend on the generation of future
taxable income. Because the Company has yet to recognize revenue, we believe that the full valuation allowance should be provided.
6.
Subsequent Events
Management
of the Company has performed a review of events and transactions occurring after the condensed consolidated balance sheet date to determine
if there were any such events or transactions requiring adjustment to or disclosure in the accompanying condensed consolidated financial
statements and has noted none.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
The
following management’s discussion and analysis of financial condition and results of operations provides information that management
believes is relevant to an assessment and understanding of our plans and financial condition. The following financial information is
derived from our condensed consolidated financial statements and should be read in conjunction with such condensed consolidated financial
statements and notes thereto and set forth elsewhere herein.
Use
of Terms
Except
as otherwise indicated by the context and for the purposes of this report only, references in this report to “we,” “us,”
“our” and the “Company” refer to Biostax Corp. a Florida corporation and its consolidated subsidiaries.
FORWARD-LOOKING
STATEMENTS AND ASSOCIATED RISKS
The
Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This report contains
certain forward-looking statements that are based on the beliefs of management as well as assumptions made by and currently available
to management. The statements contained in this report relating to matters that are not historical facts are forward-looking statements
that involve risks and uncertainties, including, but not limited to, future demand for our products and services, the successful commercialization
of our products, general domestic and global economic conditions, government and environmental conditions and regulations, competition
and customer strategies, changes in our business strategy or development plans, capital deployment, business disruptions, including those
by fires, raw material supplies, environmental regulations, and other risks and uncertainties, certain of which are beyond our control.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may
differ materially from those forward-looking statements. For further discussion of certain of the matters described above see the Cautionary
Note Regarding Forward-Looking Statements included in our 2023 Annual Report on Form 10-K/A.
Undue
reliance should not be placed on our forward-looking statements. Except as required by law, we disclaim an obligation to update any factors
or to publicly announce the results of any revisions to any of the forward-looking statements contained in this quarterly report on Form
10-Q to reflect new information, future events, or other developments. The following discussion and analysis should be read in conjunction
with the accompanying condensed consolidated financial statements and notes thereto appearing elsewhere in this Form 10-Q.
Forward-looking
statements can be identified by words such as “future,” “anticipates,” “believes,” “estimates,”
“expects,” “intends,” “will,” “would,” “could,” “can,” “may,”
and similar terms. Forward-looking statements are not a guarantee of future performance and the Company’s actual results may differ
significantly from the results discussed in the forward-looking statements. Each of the terms the “Company”, “we”,
“us” or “our” as used herein refers collectively to Immune Therapeutics, Inc. and its subsidiaries, unless otherwise
stated.
COMPANY
OVERVIEW
Biostax
Corp is a Florida corporation trading on the OTC-Pink. The Company is a drug development and commercialization company. We identify,
evaluate, and seek to acquire technologies in the medical device and drug development sectors with the intent to further develop them
and move them to commercialization.
Our
strategy has been limited due to lack of capital. Management is seeking to secure new investment capital with which to continue to pursue
the Company’s strategy. There is no guarantee that the Company will be successful in securing additional capital.
GOING
CONCERN
As
of June 30, 2024, the Company had negative $49 in cash on hand, negative working capital of $5,308,241 and accumulated deficit of $386,111,735.
For the six months ended June 30, 2024, the Company reported a net loss attributable to common shareholders of $780,595. For the six
months ended June 30, 2023, the Company reported net loss attributable to common shareholders of $920,350.
Historically
the Company has relied on the funding of operations through private equity financing and management expects operating losses and negative
cash flows to continue at more significant levels in the future. As the Company continues to incur losses, transition to profitability
is dependent upon the successful development, approval, and commercialization of its current or future product candidates as they become
available and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may never achieve
profitability, and unless and until it does, the Company will continue to need to raise additional cash. Management intends to fund future
operations through additional private or public debt or equity offerings and may seek additional capital through arrangements with strategic
partners or from other sources.
Working
capital at June 30, 2024 is not sufficient to meet the cash requirements to fund planned operations through the next twelve months without
additional sources of cash. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include
adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s
assets and the satisfaction of liabilities in the normal course of business.
Management
is continuing to develop strategies to re-capitalize the Company and position it for future growth. Key steps to this process include:
|
● |
Improve
the condition of the balance sheet via license arrangements and capital infusions. |
|
● |
Identify
and acquire late-stage assets for commercialization. |
|
● |
Build
out operational infrastructure to generate revenue opportunities to grow shareholder value. |
There
can be no guarantee that the Company will be successful in securing adequate capital to continue operations and in identifying and acquiring
assets for future development.
If
the Company is unable to secure new working capital, other alternative strategies will be required.
Historically,
the Company has been able to acquire and develop assets, spin them out and retain both an equity stake and royalties and milestone payments.
In so doing, the Company has acted as an incubator for late-stage drug development. Management believes that this strategy can continue
to be successful. At this time, the Company is reviewing several opportunities which it may pursue as soon as funding is available. At
present no definitive actions have been taken.
There
can be no guarantees that the Company will be successful in:
|
● |
Executing
its restructuring plan |
|
● |
Securing
adequate capital to continue operations. |
|
● |
Identifying
and acquiring assets for future development. |
RESULTS
OF OPERATIONS
COMPARISON
OF THE THREE MONTHS ENDED JUNE 30, 2024
TO
THE THREE MONTHS ENDED JUNE 30, 2023
Revenues
We
had no revenues from operations for the three months ended June 30, 2024 and 2023.
Operating
Expenses
Selling,
General and Administrative Expenses
Selling,
general and administrative expenses for the three months ended June 30, 2024 and 2023 were as follows:
| |
For the three months ended June 30 | |
| |
2024 | | |
2023 | |
Selling, general and administrative | |
$ | 288,466 | | |
$ | 248,886 | |
Increase (Decrease) from prior year | |
$ | 39,580 | | |
$ | (43,231 | ) |
Percent change from prior year | |
| 16 | % | |
| (15 | %) |
During
the three months ended June 30, 2024, the Company has focused on the negotiation and finalization of certain licensing transactions and
business development opportunities.
For
the three months ended June 30, 2024 and 2023, selling, general and administrative expenses were compromised of the following:
| |
For the three months ended June 30 | |
| |
2024 | | |
2023 | |
Shareholder and investor relations | |
$ | 4,498 | | |
$ | 6,542 | |
Professional fees and consulting costs | |
| 49,827 | | |
| 35,535 | |
Consulting fees with related parties | |
| 221,154 | | |
| 198,798 | |
Board fees | |
| 12,000 | | |
| - | |
Salaries and benefits | |
| - | | |
| - | |
Other expenses | |
| 987 | | |
| 8,011 | |
Total | |
$ | 288,466 | | |
$ | 248,886 | |
The
increase in selling, general and administrative expenses for the three months ended June 30, 2024 over the same period in 2023 was primarily
due to the increase in costs related to professional fees, consulting costs and board fees. These increases were primarily driven by
the following:
|
● |
Addition
of a full-time, contract CEO in the third quarter of 2023. |
|
● |
Addition
of two directors in the fourth quarter of 2023. |
|
● |
Increase
in outside accounting fees related to financial audit and tax preparation. |
Research
and Development Expenses
R&D
expenses and related percentages for the three months ended June 30, 2023 and 2022 were as follows:
| |
For the three months ended June 30, | |
| |
2024 | | |
2023 | |
Research and development | |
$ | 11,595 | | |
$ | 175,209 | |
Increase/(decrease) from prior year | |
$ | (163,634 | ) | |
$ | 175,209 | |
Percent increase/(decrease) from prior year | |
| (66 | %) | |
| 100 | % |
Research
and development expense for the three months ended June 30, 2024 was $11,595, compared to $175,209 incurred in the same period in 2023.
The
research and development expenses for the three months ended June 30, 2024 reflects amounts accrued for interest and penalties pursuant
to the license of intangible assets from TaiwanJ Pharmaceuticals.
Interest
Expense
Interest
expense for the three months ended June 30, 2024 and 2023 were as follows:
| |
For the three months ended June 30, | |
| |
2024 | | |
2023 | |
Interest expense | |
$ | 76,598 | | |
$ | 66,762 | |
Increase (decrease) from prior year | |
$ | 9,836 | | |
$ | 62,877 | |
Percentage Decrease from prior year | |
| 15 | % | |
| 1,618 | % |
Interest
expense is comprised of accrued interest on notes payable owed by the Company, unpaid amounts owed to consultants and the amortization
of the discount related to derivate instruments underlying notes payable. The increase year over year reflects the increase in outstanding
notes and consulting payments as well as the increase in interest rates.
LIQUIDITY
AND CAPITAL RESOURCES
Overview
Liquidity
is measured by our ability to secure enough cash to meet our contractual and operating needs as they arise. The Company does not anticipate
generating sufficient cash flows from our operations to fund the next twelve months. We had cash on hand of negative $49 at June 30,
2024, compared to $29,785 at December 31, 2023.
Summary
of Cash Flows
| |
For the six months ended June 30, | |
| |
2024 | | |
2023 | |
Net cash used in operating activities | |
$ | (35,458 | ) | |
$ | (579,519 | ) |
Net cash provided by financing activities | |
| 5,624 | | |
| 446,453 | |
Net decrease in cash and cash equivalents | |
$ | (29,834 | ) | |
$ | (133,066 | ) |
Net
cash used in operating activities was $35,458 for the six months ended June 30, 2024, compared to $579,519 for the corresponding period
in 2023. The use of cash in these periods resulted primarily from our losses from operations, as adjusted for changes in our working
capital accounts. For the six-month period ending June 30, 2024, the net loss of $780,595 was adjusted by $107,933 from interest expense
and loss on derivative liability.
Net
cash provided by financing activities was $5,624 for the six months ended June 30, 2024, compared to $446,453 cash provided from investing
activities (issuance of notes payable) during the six-month period ended June 30, 2023.
The
Company does not expect to generate revenues in the foreseeable future. If the Company is unable to raise additional working capital
to meet its operating obligations and expenditures, the Company will be required to modify its business plan.
CONTRACTUAL
OBLIGATIONS
Promissory
Notes
The
notes payable on the Company’s Condensed Consolidated Balance Sheet above contains, at June 30, 2024, certain promissory notes
on which the Company was in arrears on payment of principal as follows:
|
● |
$231,478
in promissory notes issued in 2019. The notes accrue interest at 6% and matured in 2020. |
|
● |
$150,000
promissory note issued in 2023. The note accrued interest at 8% and matured in 2023. |
|
● |
$265,000
in promissory notes issued in 2022. The notes accrued interest at 6% and matured in 2023. |
|
● |
$150,000
in promissory notes issued in 2023. The notes accrued interest at 8% and matured in 2023. |
|
● |
$50,000
in promissory notes issued in 2023. The notes accrued interest at 7.75% and matured in 2023. |
|
● |
$250,000
promissory note issued in 2023. The note accrued interest at 18% and matured in 2023. |
Please
refer to Note 3 to the Condensed Consolidated Financial Statements of Part I Item 1, which is incorporated by reference, for additional
details regarding these promissory notes.
OFF
BALANCE SHEET ARRANGEMENTS
During
the six months ended June 30, 2024 and 2023, the Company did not engage in any off-balance sheet arrangements that have or are reasonably
likely to have a current or future effect on our financial conditions, changes in financial condition, revenues or expenses, results
of operations, liquidity, capital expenditures or capital resources.
CRITICAL
ACCOUNTING POLICIES AND ESTIMATES
We
have identified the policies below as critical to our business operations and the understanding of its results of operations. The Company’s
senior management has reviewed these critical accounting policies and related disclosures with the Company’s board of directors.
The impact and any associated risks related to these policies on our business operations are discussed throughout this section where
such policies affect our reported and expected financial results.
Fair
Value of Financial Instruments
In
accordance with the reporting requirements of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) Topic 825, “Financial Instruments”, the Company calculates the fair value of its assets and liabilities
which qualify as financial instruments under this standard and includes this additional information in the notes to the condensed consolidated
financial statements when the fair value is different than the carrying value of those financial instruments.
Cash,
cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity of
these instruments. The carrying value of notes payable approximate fair value since they bear market rates of interest and other terms.
None of these instruments are held for trading purposes.
Derivative
Financial Instruments
FASB
ASC 815, Fair Value Measurements requires bifurcation of certain embedded derivative instruments in certain debt or equity instruments,
and measurement at their fair value for accounting purposes. A holder redemption feature embedded in the Company’s note payable
requires bifurcation from its host instrument and is accounted for as a freestanding derivative.
ASC
Topic 820, “Fair Value Measurement”, requires that certain financial instruments be recognized at their fair values at our
balance sheet dates. However, other financial instruments, such as debt obligations, are not required to be recognized at their fair
values, but GAAP provides an option to elect fair value accounting for these instruments. GAAP requires the disclosure of the fair values
of all financial instruments, regardless of whether they are recognized at their fair values or carrying amounts in our balance sheets.
For financial instruments recognized at fair value, GAAP requires the disclosure of their fair values by type of instrument, along with
other information, including changes in the fair values of certain financial instruments recognized in income or other comprehensive
income. For financial instruments not recognized at fair value, the disclosure of their fair values is provided below under “Financial
Instruments.”
Nonfinancial
assets, such as property, plant and equipment, and nonfinancial liabilities are recognized at their carrying amounts in the Company’s
balance sheets. GAAP does not permit nonfinancial assets and liabilities to be remeasured at their fair values. However, GAAP requires
the remeasurement of such assets and liabilities to their fair values upon the occurrence of certain events, such as the impairment of
property, plant and equipment. In addition, if such an event occurs, GAAP requires the disclosure of the fair value of the asset or liability
along with other information, including the gain or loss recognized in income in the period the remeasurement occurred.
Level
1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;
Level
2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the
full term of the asset or liability; or
Level
3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported
by little or no market activity).
The
following is a summary of activity of Level 3 liabilities for the quarters ended March 31, 2024 and June 30, 2024:
Balance - December 31, 2023 | |
$ | 93,634 | |
Additions | |
| - | |
Settlements | |
| - | |
Change in fair value | |
| 15,560 | |
Balance – March 31, 2024 | |
| 109,194 | |
Additions | |
| - | |
Settlements | |
| - | |
Change in fair value | |
| 51,321 | |
Balance – June 30, 2024 | |
| 160,515 | |
Beginning
on November 17, 2023, the Company issued a note payable agreement which contains conversion provisions meeting the definition of a derivative
liability which therefore require bifurcation. Further, pursuant to the Company’s contract ordering policy, equity linked instruments
subsequent to November 17, 2023, resulted in derivative liabilities.
At
December 31, 2023, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on
assumptions used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common
stock of $0.0730; risk-free interest rate of 5.00%; expected volatility of the Company’s common stock of 199% based on the volatility
of comparable publicly traded entities; exercise price of $0.0366; and term of eight months.
At
March 31, 2024, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on assumptions
used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common stock of $0.0579;
risk-free interest rate of 5.00%; expected volatility of the Company’s common stock of 199% based on the volatility of comparable
publicly traded entities; exercise price of $0.0314; and term of five months.
At
June 30, 2024, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on assumptions
used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common stock of $0.0417;
risk-free interest rate of 5.00%; expected volatility of the Company’s common stock of 199% based on the volatility of comparable
publicly traded entities; exercise price of $0.0; and term of five months.
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization
of our technologies.
Income
Taxes
The
Company follows ASC Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future
tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets
and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax
rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance
to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled.
Stock-Based
Compensation and Issuance of Stock for Non-Cash Consideration
The
Company measures and recognizes compensation expense for share-based awards based on estimated fair values equaling either the market
value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration
pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at
the date of the agreement.
The
Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows
the provisions of ASC Topic 718, “Compensation-Stock Compensation.” The measurement date for the fair value of the
equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor
is reached or (ii) the date at which the consultant or vendor’s performance is complete.
Recent
Accounting Standards
The
Company has reviewed the accounting pronouncements issued by the Financial Accounting Standards Board during the six months ended June
30, 2024. Applicable pronouncements will be adopted by the Company in accordance with the accounting guidance and definition. Management
does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s
consolidated financial statements.
Management
does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s
consolidated financial statements.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
Applicable.
ITEM
4. CONTROLS AND PROCEDURES
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting that occurred during the period covered by this report on Form 10-Q
that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Evaluation
of Disclosure Controls and Procedures
As
of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our
principal executive officer and principal financial officer, of our disclosure controls and procedures as defined in Rule 13a-15(e) under
the Securities Exchange Act of 1934, as amended, or the Exchange Act. Based on this evaluation, the principal executive officer and the
principal financial officer concluded that, because of the weakness in internal control over financial reporting described below, our
disclosure controls and procedures are ineffective to ensure that information required to be disclosed by us in the reports we file or
submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange
Commission rules and forms.
Management
assessed the effectiveness of our internal controls over financial reporting using the framework set forth in Internal Control-Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based upon this assessment, management concluded
that our internal control over financial reporting was not effective. The reportable conditions and material weakness relate to a limited
segregation of duties and lack of an audit committee. The limited segregation of duties within the Company and the lack of an audit committee
are due to the small number of employees. Management has determined that this control deficiency constitutes a material weakness. This
material weakness could result in material misstatements of significant accounts and disclosures that would result in a material misstatement
to our interim or annual financial statements that would not be prevented or detected. In addition, due to limited staffing, we are not
always able to detect minor errors or omissions in reporting.
Going
forward, management anticipates that additional staff will be necessary to remediate these weaknesses, as well as other planned improvements.
Additional staff will enable us to document and apply transactional and periodic controls procedures, permit a better review and approval
process and improve the quality of financial reporting. However, the potential addition of new staff is contingent on obtaining additional
financing, and there is no assurance that we will be able to do so.
Limitations
on the Effectiveness of Disclosure Controls and Procedures and Internal Control Over Financial Reporting
Readers
are cautioned that our management does not expect that our disclosure controls and procedures or our internal control over financial
reporting will necessarily prevent all fraud and material error. An internal control system, no matter how well conceived and operated,
can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations
in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any,
within our control have been detected. The design of any system of controls also is based in part upon certain assumptions about the
likelihood of future events, and there can be no assurance that any control design will succeed in achieving its stated goals under all
potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance
with the policies or procedures may deteriorate.
PART
II - OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
We
are not party to any material pending legal proceedings. From time to time, we may be involved in legal proceedings which arise during
the ordinary course of business.
ITEM
1A. RISK FACTORS
Not
applicable.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During
the quarter ended June 30, 2024, the Company did not issue any equity securities.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
Refer
to Note 3 to the Condensed Consolidated Financial Statements of Part I Item 1, which is incorporated by reference, for additional details.
The notes payable on the Company’s Condensed Consolidated Balance Sheet above contains, at June 30, 2024, certain promissory notes
on which the Company was in arrears on payment of principal as follows:
● |
$231,478
in promissory notes issued in 2019. The notes accrue interest at 6% and matured in 2020. |
● |
$150,000
promissory note issued in 2023. The note accrued interest at 8% and matured in 2023. |
● |
$265,000
in promissory notes issued in 2022. The notes accrued interest at 6% and matured in 2023. |
● |
$150,000
in promissory notes issued in 2023. The notes accrued interest at 8% and matured in 2023. |
● |
$50,000
in promissory notes issued in 2023. The notes accrued interest at 7.75% and matured in 2023. |
● |
$250,000
promissory note issued in 2023. The note accrued interest at 18% and matured in 2023. |
ITEM
4. MINE SAFETY DISCLOSURES
None.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
The
following exhibits are filed with this Quarterly Report:
*
Filed herewith
**
Furnished herewith
***
Portions of this exhibit have been omitted in compliance with Regulation S-K Item 601(b)(10)(iv) because the Company has determined that
the information is not material and is the type that the Company treats as private or confidential.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
Biostax
Corp |
|
|
Date:
August 19, 2024 |
By: |
/s/
Noreen Griffin |
|
Name: |
Noreen
Griffin |
|
Title: |
Chief
Executive Officer |
|
Biostax
Corp |
|
|
Date:
August 19, 2024 |
By: |
/s/
Glen Farmer |
|
Name: |
Glen
Farmer |
|
Title: |
Chief
Financial Officer |
Exhibit
31.1
CERTIFICATION
I,
Noreen Griffin, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of Biostax Corp; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 19, 2024 |
By: |
/s/
Noreen Griffin |
|
|
Noreen
Griffin |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit 31.2
CERTIFICATION
I, Glen Farmer, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Biostax Corp; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 19, 2024 |
By: |
/s/ Glen Farmer |
|
|
Glen Farmer |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. Section 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report of Biostax
Corp (the “Company”) on Form 10-Q for the quarter ending June 30, 2024 as filed with the Securities and Exchange Commission
(the “Report”), I , Noreen Griffin, Chief Executive Officer (Principal Executive Officer) of the Company, hereby certify as
of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1) The Report fully complies
with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and
(2) The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates
and for the periods indicated.
Date: August 19, 2024 |
By: |
/s/ Noreen Griffin |
|
|
Noreen Griffin |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. Section 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the quarterly report of Biostax, Inc. (the “Company”) on Form 10-Q for the quarter ending June 30, 2023 as
filed with the Securities and Exchange Commission (the “Report”), I , Glen Farmer, Chief Financial Officer (Principal Financial
and Accounting Officer) of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350
of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company at the dates and for the periods indicated.
Date:
August 19, 2024 |
By: |
/s/
Glen Farmer |
|
|
Glen
Farmer |
|
|
Chief
Financial Officer
(Principal
Financial and Accounting Officer) |
v3.24.2.u1
Cover - $ / shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 19, 2024 |
Cover [Abstract] |
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10-Q
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Document Period End Date |
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|
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Document Fiscal Period Focus |
Q2
|
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Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-54933
|
|
Entity Registrant Name |
BIOSTAX
CORP
|
|
Entity Central Index Key |
0001559356
|
|
Entity Tax Identification Number |
59-3226705
|
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Entity Incorporation, State or Country Code |
FL
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|
Entity Address, Address Line One |
2431
Aloma Ave.
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Entity Address, Address Line Two |
Suite 124
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Entity Address, City or Town |
Winter Park
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Entity Address, State or Province |
FL
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Entity Address, Postal Zip Code |
32792
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City Area Code |
888
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Local Phone Number |
613-8802
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v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets: |
|
|
Cash |
$ (49)
|
$ 29,785
|
Total current assets |
(49)
|
29,785
|
Deposits |
5,500
|
5,500
|
Total Assets |
5,451
|
35,285
|
Current Liabilities: |
|
|
Accounts payable |
1,255,584
|
1,213,982
|
Accrued payroll |
336,002
|
336,002
|
Notes payable, net of debt discount |
1,170,294
|
1,129,242
|
Due to related parties |
1,431,669
|
1,069,594
|
Accrued interest |
218,190
|
152,315
|
Accrued liabilities |
418,057
|
273,057
|
License fees payable |
317,882
|
295,230
|
Derivative liability |
160,515
|
93,634
|
Total current liabilities |
5,308,193
|
4,563,056
|
Total Liabilities |
5,308,193
|
4,563,056
|
Stockholders’ Deficit: |
|
|
Common stock – par value $0.0001; 750,000,000 and 750,000,000 shares authorized, respectively; 83,738,939 and 83,657,853 shares issued and outstanding respectively |
8,374
|
8,366
|
Additional paid in capital |
380,800,619
|
380,795,003
|
Accumulated deficit |
(386,111,735)
|
(385,331,140)
|
Total stockholders’ deficit |
(5,302,741)
|
(4,527,772)
|
Total Liabilities and Stockholders’ Deficit |
$ 5,451
|
$ 35,285
|
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
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|
$ 0.0001
|
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|
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v3.24.2.u1
Condensed Consolidated Statement of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Operating expenses |
|
|
|
|
Selling, general and administrative |
$ 288,466
|
$ 248,886
|
$ 542,715
|
$ 456,403
|
Research and development expense |
11,575
|
175,209
|
22,652
|
356,132
|
Depreciation and amortization expense |
|
13,377
|
|
26,754
|
Total operating expense |
300,041
|
437,472
|
565,367
|
839,289
|
Loss from operations |
(300,041)
|
(437,472)
|
(565,367)
|
(839,289)
|
Other income (expense): |
|
|
|
|
Interest expense |
(76,598)
|
(66,762)
|
(148,347)
|
(81,061)
|
Gain (loss) on derivative liability |
(51,321)
|
|
(66,881)
|
|
Total other income (expense) |
(127,919)
|
(66,762)
|
(215,228)
|
(81,061)
|
Net income (loss) income |
(427,960)
|
(504,234)
|
(780,595)
|
(920,350)
|
Net income (loss) attributable to common stockholders |
$ (427,960)
|
$ (504,234)
|
$ (780,595)
|
$ (920,350)
|
Basic income (loss) income per share attributable to common stockholders |
$ (0.01)
|
$ (0.01)
|
$ (0.01)
|
$ (0.01)
|
Diluted income (loss) earnings per share attributable to common stockholders |
$ (0.01)
|
$ (0.01)
|
$ (0.01)
|
$ (0.01)
|
Basic weighted average number of shares outstanding |
83,698,396
|
83,285,054
|
83,725,128
|
83,381,739
|
Diluted weighted average number of shares outstanding |
83,698,396
|
83,285,054
|
83,725,128
|
83,381,739
|
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v3.24.2.u1
Condensed Consolidated Statements of Stockholders' Equity/(Deficit) (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Stock to be Issued [Member] |
Retained Earnings [Member] |
Total |
Balance, value at Dec. 31, 2022 |
$ 49
|
$ 371,473,810
|
$ 10,303
|
$ (379,432,418)
|
$ (7,948,256)
|
Balance, shares at Dec. 31, 2022 |
483,714
|
|
|
|
|
Issuance of common stock for extension of patent and license agreement |
$ 50
|
299,950
|
|
|
300,000
|
Issuance of common stock for extension of patent and license agreement, shares |
500,000
|
|
|
|
|
Issuance of common stock upon conversion of notes and obligations |
$ 5
|
31,448
|
|
|
31,453
|
Issuance of common stock upon conversion of notes and obligations, shares |
52,906
|
|
|
|
|
Net loss |
|
|
|
(920,350)
|
(920,350)
|
Balance, value at Jun. 30, 2023 |
$ 8,360
|
380,767,830
|
10,303
|
(383,888,844)
|
(3,102,351)
|
Balance, shares at Jun. 30, 2023 |
83,598,763
|
|
|
|
|
Balance, value at Dec. 31, 2023 |
$ 8,366
|
380,795,003
|
|
(385,331,140)
|
(4,527,772)
|
Balance, shares at Dec. 31, 2023 |
83,657,853
|
|
|
|
|
Issuance of common stock upon conversion of notes and obligations |
$ 8
|
5,616
|
|
|
5,626
|
Issuance of common stock upon conversion of notes and obligations, shares |
81,086
|
|
|
|
|
Net loss |
|
|
|
(780,595)
|
(780,595)
|
Balance, value at Jun. 30, 2024 |
$ 8,374
|
$ 380,800,619
|
|
$ (386,111,735)
|
$ (5,302,741)
|
Balance, shares at Jun. 30, 2024 |
83,738,939
|
|
|
|
|
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- DefinitionStock issued during period shares issued for extension of patent and license agreement.
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v3.24.2.u1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss |
$ (780,595)
|
$ (920,350)
|
Adjustments to reconcile net loss to net cash flows used in operating activities: |
|
|
Amortization of intangibles |
|
26,754
|
Common stock issued for the extension of patent and license agreement |
|
300,000
|
Loss (gain) on derivative liability |
66,881
|
|
Interest expense from derivative liability |
41,052
|
|
Changes in operating assets and liabilities: |
|
|
Deposits |
|
45,228
|
Accounts payable |
41,602
|
(340,804)
|
License fees payable |
22,652
|
29,714
|
Accrued payroll |
|
|
Accrued interest |
65,875
|
39,608
|
Accrued liabilities |
290,000
|
|
Due to related parties |
217,075
|
240,331
|
Net cash used in operating activities |
(35,458)
|
(579,519)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from undocumented investor advances |
|
|
Proceeds from related parties |
|
100,000
|
Proceeds from issuance of notes payable |
5,624
|
346,453
|
Net cash provided by financing activities |
5,624
|
446,453
|
Decrease in cash |
(29,834)
|
(133,066)
|
Cash and cash equivalents, beginning of year |
29,785
|
150,491
|
Cash and cash equivalents, end of period |
(49)
|
17,426
|
SUPPLEMENTAL DISCOSURE OF NON-CASH ACTIVITIES: |
|
|
Conversion of debt and accrued interest to common stock |
$ 5,624
|
$ 5,625
|
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v3.24.2.u1
Company Overview
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Company Overview |
1.
Company Overview
Biostax
Corp. (the “Company” or “BTAX”) is a Florida corporation trading on the OTC-Pink. The Company is a drug development
and commercialization company. We identify, evaluate, and seek to acquire technologies in the medical device and drug development sectors
with the intent to further develop them and move them to commercialization. On February 28, 2023, we received a written consent from
a majority of our outstanding shareholders to change the name of our Company to “Biostax Corp.” On March 27, 2023, we filed
a definitive information statement on Schedule 14C and mailed the information statement to shareholders on record as of the date of the
filing. We filed our name change amendment with the Secretary of State of Florida on October 5, 2023 and our new Company name and trading
symbol (BTAX) became effective on October 20, 2023.
Going
Concern
As
of June 30, 2024, the Company had negative cash on hand of $49, negative working capital of $5,308,241 and accumulated stockholders’
deficit of $386,111,735. For the six months ended June 30, 2024, the Company reported a net loss attributable to common shareholders
of $780,595. For the six months ended June 30, 2023, the Company reported net loss attributable to common shareholders of $920,350.
Historically
the Company has relied on the funding of operations through private equity financing and management expects operating losses and negative
cash flows to continue at more significant levels in the future. As the Company continues to incur losses, its transition to profitability
is dependent upon the successful development, approval, and commercialization of its current or future product candidates as they become
available and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may never achieve
profitability, and unless and until it does, the Company will continue to need to raise additional cash. Management intends to fund future
operations through additional private or public debt or equity offerings and may seek additional capital through arrangements with strategic
partners or from other sources.
Working
capital at June 30, 2024 is not sufficient to meet the cash requirements to fund planned operations through the next twelve months without
additional sources of cash. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include
adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s
assets and the satisfaction of liabilities in the normal course of business.
Management
is continuing to develop strategies to re-capitalize the Company and position it for future growth. Key steps to this process include:
|
● |
Improve
the condition of the balance sheet via license arrangements and capital infusions. |
|
● |
Identify
and acquire late-stage assets for commercialization. |
|
● |
Build
out operational infrastructure to generate revenue opportunities to grow shareholder value. |
There
can be no guarantee that the Company will be successful in securing adequate capital to continue operations and in identifying and acquiring
assets for future development.
If
the Company is unable to secure new working capital, other alternative strategies will be required.
Historically,
the Company’s strategy has been to acquire and develop assets; potentially spin them out and retain both an equity stake and royalties
and milestone payments. In so doing, the Company would act as an incubator for late-stage drug development. Management believes that
this strategy can be successful. At this time, the Company is reviewing several opportunities which it may pursue as soon as funding
is available. At present, no definitive action has been taken.
There
can be no guarantees that the Company will be successful in:
|
● |
Executing
its restructuring plan; |
|
● |
Securing
adequate capital to continue operations; or |
|
● |
Identifying
and acquiring assets for future development. |
Company
History
The
Company was initially incorporated in Florida on December 2, 1993, as Resort Clubs International, Inc. (“Resort Clubs”).
It was formed to manage and market golf course properties in resort markets throughout the United States. Galliano International Ltd.
(“Galliano”) was incorporated in Delaware on May 27, 1998 and began trading in November 1999 through the filing of a 15C-211.
On November 10, 2004, Galliano merged with Resort Clubs. Resort Clubs was the surviving corporation. On August 23, 2010, Resort Clubs
changed its name to pH Environmental Inc. (“pH Environmental”). On April 23, 2012, pH Environmental completed a name change
to TNI BioTech, Inc., and on April 24, 2012, we executed a share exchange agreement for the acquisition of all the outstanding shares
of TNI BioTech IP, Inc. On September 4, 2014, a majority of our shareholders approved an amendment to our Amended and Restated Articles
of Incorporation, as amended, to change our name to Immune Therapeutics, Inc. On February 28, 2023, we received a written consent from
a majority of our outstanding shareholders to change the name of our Company to “Biostax Corp.” On March 27, 2023, we filed
a definitive information statement on Schedule 14C and mailed the information statement to shareholders on record as of the date of the
filing. We filed our name change amendment with the Secretary of State of Florida on October 5, 2023 and our new Company name and trading
symbol (BTAX) became effective on October 20, 2023.
|
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
2.
Summary of Significant Accounting Policies
Basis
of Presentation
The
condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with U.S. generally accepted accounting principles have been omitted. However, in the opinion of management, all
adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the financial position
and results of operations for the periods presented have been made. The results for interim periods are not necessarily indicative of
trends or of results to be expected for the full year. These financial statements should be read in conjunction with the financial statements
of the Company for the year ended December 31, 2023 (including the notes thereto) set forth in the Company’s Annual Report on Form
10- K/A for that period.
Use
of Estimates
The
preparation of the Company’s financial statements in conformity with U.S. generally accepted accounting principles requires management
to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results
could differ from such estimates.
Cash,
Cash Equivalents, and Short-Term Investments
The
Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents.
Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and
money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency
obligations. Cash equivalents are reported at fair value. At June 30, 2024 and December 31, 2023, the Company had cash and cash equivalents
of $5,451 and $35,285, respectively.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company
is exposed to credit risk, subject to federal deposit insurance, in the event of a default by the financial institutions holding its
cash and cash equivalents to the extent of amounts recorded on the condensed consolidated balance sheets. The cash accounts are insured
by the Federal Deposit Insurance Corporation up to $250,000.
Segment
and Geographic Information
Operating
segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief
operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views
its operations and manages its business in one operating segment and does not segment the business for internal reporting or decision
making.
Fair
Value of Financial Instruments
In
accordance with the reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic
825, “Financial Instruments”, the Company calculates the fair value of its assets and liabilities which qualify as
financial instruments under this standard and includes this additional information in the notes to the financial statements when the
fair value is different than the carrying value of those financial instruments.
Cash,
cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity of
these instruments. The carrying value of notes payable approximate fair value since they bear market rates of interest and other terms.
None of these instruments are held for trading purposes.
Derivative
Financial Instruments
FASB
ASC 815, Fair Value Measurements requires bifurcation of certain embedded derivative instruments in certain debt or equity instruments,
and measurement at their fair value for accounting purposes. A holder redemption feature embedded in the Company’s note payable
requires bifurcation from its host instrument and is accounted for as a freestanding derivative.
ASC
Topic 820, “Fair Value Measurement”, requires that certain financial instruments be recognized at their fair values at our
balance sheet dates. However, other financial instruments, such as debt obligations, are not required to be recognized at their fair
values, but GAAP provides an option to elect fair value accounting for these instruments. GAAP requires the disclosure of the fair values
of all financial instruments, regardless of whether they are recognized at their fair values or carrying amounts in our balance sheets.
For financial instruments recognized at fair value, GAAP requires the disclosure of their fair values by type of instrument, along with
other information, including changes in the fair values of certain financial instruments recognized in income or other comprehensive
income. For financial instruments not recognized at fair value, the disclosure of their fair values is provided below under “Financial
Instruments.”
Nonfinancial
assets, such as property, plant and equipment, and nonfinancial liabilities are recognized at their carrying amounts in the Company’s
balance sheets. GAAP does not permit nonfinancial assets and liabilities to be remeasured at their fair values. However, GAAP requires
the remeasurement of such assets and liabilities to their fair values upon the occurrence of certain events, such as the impairment of
property, plant and equipment. In addition, if such an event occurs, GAAP requires the disclosure of the fair value of the asset or liability
along with other information, including the gain or loss recognized in income in the period the remeasurement occurred.
Level
1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;
Level
2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the
full term of the asset or liability; or
Level
3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported
by little or no market activity).
The
following is a summary of activity of Level 3 liabilities for the quarters ended March 31, 2024 and June 30, 2024:
Summary
of Activity of Level 3 Liabilities
Balance - December 31, 2023 | |
$ | 93,634 | |
Additions | |
| - | |
Settlements | |
| - | |
Change in fair value | |
| 15,560 | |
Balance – March 31, 2024 | |
| 109,194 | |
Additions | |
| - | |
Settlements | |
| - | |
Change in fair value | |
| 51,321 | |
Balance – June 30, 2024 | |
| 160,515 | |
Beginning
on November 17, 2023, the Company issued a note payable agreement which contains conversion provisions meeting the definition of a derivative
liability which therefore require bifurcation. Further, pursuant to the Company’s contract ordering policy, equity linked instruments
subsequent to November 17, 2023, resulted in derivative liabilities.
At
December 31, 2023, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on
assumptions used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common
stock of $0.0730; risk-free interest rate of 5.00%; expected volatility of the Company’s common stock of 199% based on the volatility
of comparable publicly traded entities; exercise price of $0.0366; and term of eight months.
At
March 31, 2024, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on assumptions
used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common stock of $0.0579;
risk-free interest rate of 5.00%; expected volatility of the Company’s common stock of 199% based on the volatility of comparable
publicly traded entities; exercise price of $0.0314; and term of five months.
At
June 30, 2024, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on assumptions
used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common stock of $0.0417;
risk-free interest rate of 5.00%; expected volatility of the Company’s common stock of 199% based on the volatility of comparable
publicly traded entities; exercise price of $0.0; and term of five months.
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization
of our technologies. The Company incurred $22,652 of research and development costs during the six months ended June 30, 2024, which
includes interest and late fees related to the Company’s license agreement with TaiwanJ Pharmaceuticals. The Company incurred $356,132
of research and development costs during the six months ended June 30, 2023, which includes legal fees related to the maintenance and
prosecution of licensed and owned intellectual property as well as the fair value of common stock issued to extend the payment terms
of the Company’s license agreement with TaiwanJ Pharmaceuticals.
Income
Taxes
The
Company follows ASC Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future
tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets
and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax
rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance
to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled.
The
standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in
the financial statements. Under ASC Topic 740, the Company may recognize the tax benefit from an uncertain tax position only if it is
more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of
the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC Topic 740 also provides guidance on
de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
At
the date of adoption, and as of June 30, 2024 and 2023, the Company does not have a liability for unrecognized tax uncertainties. The
Company’s policy is to record interest and penalties on uncertain tax positions as income tax expense. As of June 30, 2024, and
2023, the Company does not have any interest or penalties related to uncertain tax positions.
Stock-Based
Compensation and Issuance of Common Stock for Non-Cash Consideration
The
Company measures and recognizes compensation expense for share-based awards based on estimated fair values equaling either the market
value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration
pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at
the date of the agreement.
The
Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows
the provisions of ASC Topic 718, “Compensation-Stock Compensation.” The measurement date for the fair value of the
equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor
is reached or (ii) the date at which the consultant or vendor’s performance is complete.
The
Company did not issue any stock-based compensation awards during the six months ended June 30, 2024 and 2023.
Net
Income (Loss) per Share
For
the six month period ended June 30, 2024, basic and diluted net loss per share is calculated by dividing the net loss by the weighted
average number of common shares outstanding for the period, without consideration for common stock equivalents.
Diluted
net income (loss) per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents
outstanding for the period, using the treasury-stock method. For purposes of the diluted net income (loss) per share calculation, shares
to be issued pursuant to convertible debt and warrants are considered to be common stock equivalents but are excluded from the calculation
of diluted net income (loss) per share in 2024 and 2023 because their effect would be anti-dilutive. A total of 31,995 warrants and 3,044,497
shares, resulting from the conversion of principal and interest on convertible notes, have been excluded from this calculation for the
six month period ended June 30, 2024.
For
the six month period ended June 30, 2024, diluted income per share was calculated by dividing the net income by the weighted-average
number of common shares outstanding for the period determined using the treasury-stock method. A reconciliation of the weighted average
shares outstanding used in basic and diluted earnings per share for the periods ended June 30, 2024 and 2023 are as follows:
Schedule of Basic and Diluted Earnings per Share
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months ended | |
| |
June 30, 2024 | | |
June 30, 2023 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (427,960 | ) | |
$ | (504,234 | ) |
Weighted average common shares (Denominator) | |
| 83,698,396 | | |
| 83,285,054 | |
Basic EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (427,960 | ) | |
$ | (504,234 | ) |
Weighted average common shares (Denominator) | |
| 83,698,396 | | |
| 83,285,054 | |
Diluted EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Six Months ended | |
| |
June 30, 2024 | | |
June 30, 2023 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (780,595 | ) | |
$ | (920,350 | ) |
Weighted average common shares (Denominator) | |
| 83,725,128 | | |
| 83,381,739 | |
Basic EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (780,595 | ) | |
$ | (920,350 | ) |
Weighted average common shares (Denominator) | |
| 83,725,128 | | |
| 83,381,739 | |
Diluted EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
Recent
Accounting Standards
The
Company has reviewed the accounting pronouncements issued by the Financial Accounting Standards Board during the six months ended June
30, 2024. Applicable pronouncements will be adopted by the Company in accordance with the accounting guidance and definition. Management
does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s
consolidated financial statements.
Management
does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s
consolidated financial statements.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.24.2.u1
Notes payable
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Notes payable |
Note
3. Notes payable
During
the three-month period ended June 30, 2023, the Company reported the following activity in notes and accrued interest:
Notes
Payable on June 30, 2024 and December 31, 2023 are as follows:
Schedule of Notes Payable
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
| |
| | |
| |
Promissory note | |
$ | 231,478 | | |
$ | 231,478 | |
Promissory note issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020. This note is in default. Default provisions of this note provide: the holder may accelerate the maturity of the note and demand immediate payment in full for outstanding principal and interest. | |
$ | 231,478 | | |
$ | 231,478 | |
| |
| | | |
| | |
Promissory note issued in 2019 for the settlement of debt in the same amount and matured in 2021. Lender earns interest at 15%. This note was modified in November 2022, extending maturity to September 2023. This note is in default. Default provisions of this note provide: the holder may declare the note immediately due and payable, a late charge fee of 5% for failure to make payment within 10 days of the due date and the Company agrees to pay the note holder’s reasonable attorney fees if holder seeks legal advice to enforce the provisions of the note. | |
| 150,000 | | |
| 150,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matured in July 2023. The lender earns interest at 6%. This note is in default. Default provisions of this note provide: the holder may declare the note immediately due and payable and the Company agrees to pay all costs of collection or defense incurred by the note holder. | |
| 65,000 | | |
| 65,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matured in July 2023. The lender earns interest at 6%. The holder of the note is a former Director and the former Chief Executive Officer of the Company. This note is in default. Default provisions of this note provide for the Company to pay attorney fees incurred by the note holder. | |
| 200,000 | | |
| 200,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matured in December 2023. The lender earns interest at 7.75%. This note is in default. Borrower shall have the option to extend the maturity date by six months from the initial term. In the event of default, holder may declare the debut immediately due and payable. During the occurrence of an event of default, borrower shall continue to pay interest at the rate of 7.75%. | |
| 50,000 | | |
| 50,000 | |
| |
| | | |
| | |
Promissory note issued in March 2023 and matured in May 2023. The lender earns interest at 8%. This note was issued to H. Louis Salomonsky, a Director of the Company. This note is in default. Upon default this note shall this note shall bear interest at 18%, compounded monthly. | |
| 100,000 | | |
| 100,000 | |
| |
| | | |
| | |
Promissory note issued in March 2023 and matured in June 2023. The lender earns interest at 8%. This note is in default. Borrower shall have the option to extend the maturity date by 60 days from the initial term. In the event of default, holder may declare the debut immediately due and payable. During the occurrence of an event of default, borrower shall pay interest on the entire unpaid principal sum at the rate equal to 9%. | |
| 50,000 | | |
| 50,000 | |
| |
| | | |
| | |
Promissory note issued in April 2023 and matured in May 2023. The lender earns interest at 18%. This note is in default. Default provisions of this note provide the holder may declare the debt immediately due. | |
| 250,000 | | |
| 250,000 | |
| |
| | | |
| | |
Promissory note issued in June 2023 and matures in June 2024. The lender earns interest at 8%. Borrower shall have the option to extend the maturity date by 60 days from the initial term. In the event of default, holder may declare the debut immediately due and payable. During the occurrence of an event of default, borrower shall pay interest on the entire unpaid principal sum at the rate equal to 9%. | |
| 15,000 | | |
| 15,000 | |
| |
| | | |
| | |
Promissory note issued in July 2023 and matures in July 2025. The lender earns interest at 8.5%. This note was issued to Global Reverb Corporation, a related party of which Noreen Griffin is the sole beneficial owner. In the event of default, holder may declare the debt immediately due and payable. During the occurrence of an event of default, borrower shall pay interest on the entire unpaid principal sum at the rate equal to 10%. | |
| 7,500 | | |
| 7,500 | |
| |
| | | |
| | |
Promissory note issued in November 2023 and matures in August 2024. The lender earns interest at 22.0% and is convertible into shares of common stock. In the event of default the Company shall pay to the lender an amount equal to 150% of the sum of the then outstanding principal amount of this note, plus accrued and unpaid interest. Net of debt discount of $13,684. | |
| 51,316 | | |
| 10,264 | |
| |
| | | |
| | |
| |
$ | 1,170,294 | | |
$ | 1,129,242 | |
At
June 30, 2024 and December 31, 2023, the Company had accrued $242,144 and $146,690, respectively, in unpaid interest on notes payable.
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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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v3.24.2.u1
Capital Structure – Common Stock and Stock Purchase Warrants
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Capital Structure – Common Stock and Stock Purchase Warrants |
4.
Capital Structure – Common Stock and Stock Purchase Warrants
Each
holder of common stock is entitled to vote on all matters and is entitled to one vote for each share held. No holder of shares of stock
of any class shall be entitled as a matter of right to subscribe for or purchase or receive any part of any new or additional issue of
shares of stock of any class, or of securities convertible into shares of stock or any class, whether now hereafter authorized or whether
issued for money, for consideration other than money, or by way of dividend.
Stock
Warrants
During
the six month period ended June 30, 2024 no common stock warrants were issued, exercised or modified.
The
following is a summary of outstanding common stock warrants as of June 30, 2024.
Schedule of Outstanding Common Stock Warrants
Expiration
Date | |
Number
of
Shares | | |
Exercise
Price | | |
Remaining
Life (years) | |
| |
| | |
| | |
| |
Third
Quarter 2028 | |
| 3,000 | | |
$ | 70 | | |
| 4.25 | |
Second
Quarter 2032 | |
| 28,995 | | |
$ | 10
- 70 | | |
| 8.00 | |
| |
| 31,995 | | |
$ | 10
- 70 | | |
| | |
Following
is a summary of stock warrant activity for the six months ended June 30, 2024:
Schedule of Stock Outstanding Warrants Activity
| |
Number of Shares | | |
Exercise Price | | |
Weighted
Average
Price | |
Warrants as of December 31, 2023 | |
| 31,995 | | |
$ | 10 - 70 | | |
$ | 56,49 | |
Issued | |
| - | | |
$ | - | | |
$ | - | |
Expired and forfeited | |
| - | | |
$ | - | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
$ | - | |
Warrants as of June 30, 2024 | |
| 33,495 | | |
$ | 10 - 70 | | |
$ | 56.49 | |
|
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2.u1
Income Taxes – Results of Operations
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes – Results of Operations |
5.
Income Taxes – Results of Operations
There
was no income tax expense reflected in the results of operations for the periods ended June 30, 2024 and 2023 because the Company has
significant net loss operating carryforwards available to offset the potential tax liabilities. Our tax rate can be affected by recurring
items, such as tax rates in foreign jurisdictions and the relative amount of income we earn in jurisdictions. It may also be affected
by discrete items that may occur in any given year but are not consistent from year to year.
For
U.S. federal purposes the corporate statutory income tax rate was 21%, for 2024 and 2023 tax years. The Company has recognized no tax
benefit for the losses generated for the periods through June 30, 2024.
ASC
Topic 740 requires that a valuation allowance be provided if it is more likely than not that some portion or all a deferred tax asset
will not be realized. The Company’s ability to realize the benefit of its deferred tax asset will depend on the generation of future
taxable income. Because the Company has yet to recognize revenue, we believe that the full valuation allowance should be provided.
|
X |
- DefinitionThe entire disclosure for income tax.
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v3.24.2.u1
Subsequent Events
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
6.
Subsequent Events
Management
of the Company has performed a review of events and transactions occurring after the condensed consolidated balance sheet date to determine
if there were any such events or transactions requiring adjustment to or disclosure in the accompanying condensed consolidated financial
statements and has noted none.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with U.S. generally accepted accounting principles have been omitted. However, in the opinion of management, all
adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the financial position
and results of operations for the periods presented have been made. The results for interim periods are not necessarily indicative of
trends or of results to be expected for the full year. These financial statements should be read in conjunction with the financial statements
of the Company for the year ended December 31, 2023 (including the notes thereto) set forth in the Company’s Annual Report on Form
10- K/A for that period.
|
Use of Estimates |
Use
of Estimates
The
preparation of the Company’s financial statements in conformity with U.S. generally accepted accounting principles requires management
to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results
could differ from such estimates.
|
Cash, Cash Equivalents, and Short-Term Investments |
Cash,
Cash Equivalents, and Short-Term Investments
The
Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents.
Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and
money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency
obligations. Cash equivalents are reported at fair value. At June 30, 2024 and December 31, 2023, the Company had cash and cash equivalents
of $5,451 and $35,285, respectively.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company
is exposed to credit risk, subject to federal deposit insurance, in the event of a default by the financial institutions holding its
cash and cash equivalents to the extent of amounts recorded on the condensed consolidated balance sheets. The cash accounts are insured
by the Federal Deposit Insurance Corporation up to $250,000.
|
Segment and Geographic Information |
Segment
and Geographic Information
Operating
segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief
operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views
its operations and manages its business in one operating segment and does not segment the business for internal reporting or decision
making.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
In
accordance with the reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic
825, “Financial Instruments”, the Company calculates the fair value of its assets and liabilities which qualify as
financial instruments under this standard and includes this additional information in the notes to the financial statements when the
fair value is different than the carrying value of those financial instruments.
Cash,
cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity of
these instruments. The carrying value of notes payable approximate fair value since they bear market rates of interest and other terms.
None of these instruments are held for trading purposes.
|
Derivative Financial Instruments |
Derivative
Financial Instruments
FASB
ASC 815, Fair Value Measurements requires bifurcation of certain embedded derivative instruments in certain debt or equity instruments,
and measurement at their fair value for accounting purposes. A holder redemption feature embedded in the Company’s note payable
requires bifurcation from its host instrument and is accounted for as a freestanding derivative.
ASC
Topic 820, “Fair Value Measurement”, requires that certain financial instruments be recognized at their fair values at our
balance sheet dates. However, other financial instruments, such as debt obligations, are not required to be recognized at their fair
values, but GAAP provides an option to elect fair value accounting for these instruments. GAAP requires the disclosure of the fair values
of all financial instruments, regardless of whether they are recognized at their fair values or carrying amounts in our balance sheets.
For financial instruments recognized at fair value, GAAP requires the disclosure of their fair values by type of instrument, along with
other information, including changes in the fair values of certain financial instruments recognized in income or other comprehensive
income. For financial instruments not recognized at fair value, the disclosure of their fair values is provided below under “Financial
Instruments.”
Nonfinancial
assets, such as property, plant and equipment, and nonfinancial liabilities are recognized at their carrying amounts in the Company’s
balance sheets. GAAP does not permit nonfinancial assets and liabilities to be remeasured at their fair values. However, GAAP requires
the remeasurement of such assets and liabilities to their fair values upon the occurrence of certain events, such as the impairment of
property, plant and equipment. In addition, if such an event occurs, GAAP requires the disclosure of the fair value of the asset or liability
along with other information, including the gain or loss recognized in income in the period the remeasurement occurred.
Level
1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;
Level
2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the
full term of the asset or liability; or
Level
3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported
by little or no market activity).
The
following is a summary of activity of Level 3 liabilities for the quarters ended March 31, 2024 and June 30, 2024:
Summary
of Activity of Level 3 Liabilities
Balance - December 31, 2023 | |
$ | 93,634 | |
Additions | |
| - | |
Settlements | |
| - | |
Change in fair value | |
| 15,560 | |
Balance – March 31, 2024 | |
| 109,194 | |
Additions | |
| - | |
Settlements | |
| - | |
Change in fair value | |
| 51,321 | |
Balance – June 30, 2024 | |
| 160,515 | |
Beginning
on November 17, 2023, the Company issued a note payable agreement which contains conversion provisions meeting the definition of a derivative
liability which therefore require bifurcation. Further, pursuant to the Company’s contract ordering policy, equity linked instruments
subsequent to November 17, 2023, resulted in derivative liabilities.
At
December 31, 2023, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on
assumptions used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common
stock of $0.0730; risk-free interest rate of 5.00%; expected volatility of the Company’s common stock of 199% based on the volatility
of comparable publicly traded entities; exercise price of $0.0366; and term of eight months.
At
March 31, 2024, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on assumptions
used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common stock of $0.0579;
risk-free interest rate of 5.00%; expected volatility of the Company’s common stock of 199% based on the volatility of comparable
publicly traded entities; exercise price of $0.0314; and term of five months.
At
June 30, 2024, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on assumptions
used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common stock of $0.0417;
risk-free interest rate of 5.00%; expected volatility of the Company’s common stock of 199% based on the volatility of comparable
publicly traded entities; exercise price of $0.0; and term of five months.
|
Research and Development Costs |
Research
and Development Costs
Research
and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization
of our technologies. The Company incurred $22,652 of research and development costs during the six months ended June 30, 2024, which
includes interest and late fees related to the Company’s license agreement with TaiwanJ Pharmaceuticals. The Company incurred $356,132
of research and development costs during the six months ended June 30, 2023, which includes legal fees related to the maintenance and
prosecution of licensed and owned intellectual property as well as the fair value of common stock issued to extend the payment terms
of the Company’s license agreement with TaiwanJ Pharmaceuticals.
|
Income Taxes |
Income
Taxes
The
Company follows ASC Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future
tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets
and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax
rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance
to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled.
The
standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in
the financial statements. Under ASC Topic 740, the Company may recognize the tax benefit from an uncertain tax position only if it is
more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of
the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC Topic 740 also provides guidance on
de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
At
the date of adoption, and as of June 30, 2024 and 2023, the Company does not have a liability for unrecognized tax uncertainties. The
Company’s policy is to record interest and penalties on uncertain tax positions as income tax expense. As of June 30, 2024, and
2023, the Company does not have any interest or penalties related to uncertain tax positions.
|
Stock-Based Compensation and Issuance of Common Stock for Non-Cash Consideration |
Stock-Based
Compensation and Issuance of Common Stock for Non-Cash Consideration
The
Company measures and recognizes compensation expense for share-based awards based on estimated fair values equaling either the market
value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration
pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at
the date of the agreement.
The
Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows
the provisions of ASC Topic 718, “Compensation-Stock Compensation.” The measurement date for the fair value of the
equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor
is reached or (ii) the date at which the consultant or vendor’s performance is complete.
The
Company did not issue any stock-based compensation awards during the six months ended June 30, 2024 and 2023.
|
Net Income (Loss) per Share |
Net
Income (Loss) per Share
For
the six month period ended June 30, 2024, basic and diluted net loss per share is calculated by dividing the net loss by the weighted
average number of common shares outstanding for the period, without consideration for common stock equivalents.
Diluted
net income (loss) per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents
outstanding for the period, using the treasury-stock method. For purposes of the diluted net income (loss) per share calculation, shares
to be issued pursuant to convertible debt and warrants are considered to be common stock equivalents but are excluded from the calculation
of diluted net income (loss) per share in 2024 and 2023 because their effect would be anti-dilutive. A total of 31,995 warrants and 3,044,497
shares, resulting from the conversion of principal and interest on convertible notes, have been excluded from this calculation for the
six month period ended June 30, 2024.
For
the six month period ended June 30, 2024, diluted income per share was calculated by dividing the net income by the weighted-average
number of common shares outstanding for the period determined using the treasury-stock method. A reconciliation of the weighted average
shares outstanding used in basic and diluted earnings per share for the periods ended June 30, 2024 and 2023 are as follows:
Schedule of Basic and Diluted Earnings per Share
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months ended | |
| |
June 30, 2024 | | |
June 30, 2023 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (427,960 | ) | |
$ | (504,234 | ) |
Weighted average common shares (Denominator) | |
| 83,698,396 | | |
| 83,285,054 | |
Basic EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (427,960 | ) | |
$ | (504,234 | ) |
Weighted average common shares (Denominator) | |
| 83,698,396 | | |
| 83,285,054 | |
Diluted EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Six Months ended | |
| |
June 30, 2024 | | |
June 30, 2023 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (780,595 | ) | |
$ | (920,350 | ) |
Weighted average common shares (Denominator) | |
| 83,725,128 | | |
| 83,381,739 | |
Basic EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (780,595 | ) | |
$ | (920,350 | ) |
Weighted average common shares (Denominator) | |
| 83,725,128 | | |
| 83,381,739 | |
Diluted EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
|
Recent Accounting Standards |
Recent
Accounting Standards
The
Company has reviewed the accounting pronouncements issued by the Financial Accounting Standards Board during the six months ended June
30, 2024. Applicable pronouncements will be adopted by the Company in accordance with the accounting guidance and definition. Management
does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s
consolidated financial statements.
Management
does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s
consolidated financial statements.
|
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v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Activity of Level 3 Liabilities |
The
following is a summary of activity of Level 3 liabilities for the quarters ended March 31, 2024 and June 30, 2024:
Summary
of Activity of Level 3 Liabilities
Balance - December 31, 2023 | |
$ | 93,634 | |
Additions | |
| - | |
Settlements | |
| - | |
Change in fair value | |
| 15,560 | |
Balance – March 31, 2024 | |
| 109,194 | |
Additions | |
| - | |
Settlements | |
| - | |
Change in fair value | |
| 51,321 | |
Balance – June 30, 2024 | |
| 160,515 | |
|
Schedule of Basic and Diluted Earnings per Share |
Schedule of Basic and Diluted Earnings per Share
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months ended | |
| |
June 30, 2024 | | |
June 30, 2023 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (427,960 | ) | |
$ | (504,234 | ) |
Weighted average common shares (Denominator) | |
| 83,698,396 | | |
| 83,285,054 | |
Basic EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (427,960 | ) | |
$ | (504,234 | ) |
Weighted average common shares (Denominator) | |
| 83,698,396 | | |
| 83,285,054 | |
Diluted EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Six Months ended | |
| |
June 30, 2024 | | |
June 30, 2023 | |
Basic EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (780,595 | ) | |
$ | (920,350 | ) |
Weighted average common shares (Denominator) | |
| 83,725,128 | | |
| 83,381,739 | |
Basic EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
| | | |
| | |
Diluted EPS | |
| | | |
| | |
Income (loss) available to common shareholders (Numerator) | |
$ | (780,595 | ) | |
$ | (920,350 | ) |
Weighted average common shares (Denominator) | |
| 83,725,128 | | |
| 83,381,739 | |
Diluted EPS | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
|
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v3.24.2.u1
Notes payable (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Notes Payable |
Notes
Payable on June 30, 2024 and December 31, 2023 are as follows:
Schedule of Notes Payable
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
| |
| | |
| |
Promissory note | |
$ | 231,478 | | |
$ | 231,478 | |
Promissory note issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020. This note is in default. Default provisions of this note provide: the holder may accelerate the maturity of the note and demand immediate payment in full for outstanding principal and interest. | |
$ | 231,478 | | |
$ | 231,478 | |
| |
| | | |
| | |
Promissory note issued in 2019 for the settlement of debt in the same amount and matured in 2021. Lender earns interest at 15%. This note was modified in November 2022, extending maturity to September 2023. This note is in default. Default provisions of this note provide: the holder may declare the note immediately due and payable, a late charge fee of 5% for failure to make payment within 10 days of the due date and the Company agrees to pay the note holder’s reasonable attorney fees if holder seeks legal advice to enforce the provisions of the note. | |
| 150,000 | | |
| 150,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matured in July 2023. The lender earns interest at 6%. This note is in default. Default provisions of this note provide: the holder may declare the note immediately due and payable and the Company agrees to pay all costs of collection or defense incurred by the note holder. | |
| 65,000 | | |
| 65,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matured in July 2023. The lender earns interest at 6%. The holder of the note is a former Director and the former Chief Executive Officer of the Company. This note is in default. Default provisions of this note provide for the Company to pay attorney fees incurred by the note holder. | |
| 200,000 | | |
| 200,000 | |
| |
| | | |
| | |
Promissory note issued in 2022 and matured in December 2023. The lender earns interest at 7.75%. This note is in default. Borrower shall have the option to extend the maturity date by six months from the initial term. In the event of default, holder may declare the debut immediately due and payable. During the occurrence of an event of default, borrower shall continue to pay interest at the rate of 7.75%. | |
| 50,000 | | |
| 50,000 | |
| |
| | | |
| | |
Promissory note issued in March 2023 and matured in May 2023. The lender earns interest at 8%. This note was issued to H. Louis Salomonsky, a Director of the Company. This note is in default. Upon default this note shall this note shall bear interest at 18%, compounded monthly. | |
| 100,000 | | |
| 100,000 | |
| |
| | | |
| | |
Promissory note issued in March 2023 and matured in June 2023. The lender earns interest at 8%. This note is in default. Borrower shall have the option to extend the maturity date by 60 days from the initial term. In the event of default, holder may declare the debut immediately due and payable. During the occurrence of an event of default, borrower shall pay interest on the entire unpaid principal sum at the rate equal to 9%. | |
| 50,000 | | |
| 50,000 | |
| |
| | | |
| | |
Promissory note issued in April 2023 and matured in May 2023. The lender earns interest at 18%. This note is in default. Default provisions of this note provide the holder may declare the debt immediately due. | |
| 250,000 | | |
| 250,000 | |
| |
| | | |
| | |
Promissory note issued in June 2023 and matures in June 2024. The lender earns interest at 8%. Borrower shall have the option to extend the maturity date by 60 days from the initial term. In the event of default, holder may declare the debut immediately due and payable. During the occurrence of an event of default, borrower shall pay interest on the entire unpaid principal sum at the rate equal to 9%. | |
| 15,000 | | |
| 15,000 | |
| |
| | | |
| | |
Promissory note issued in July 2023 and matures in July 2025. The lender earns interest at 8.5%. This note was issued to Global Reverb Corporation, a related party of which Noreen Griffin is the sole beneficial owner. In the event of default, holder may declare the debt immediately due and payable. During the occurrence of an event of default, borrower shall pay interest on the entire unpaid principal sum at the rate equal to 10%. | |
| 7,500 | | |
| 7,500 | |
| |
| | | |
| | |
Promissory note issued in November 2023 and matures in August 2024. The lender earns interest at 22.0% and is convertible into shares of common stock. In the event of default the Company shall pay to the lender an amount equal to 150% of the sum of the then outstanding principal amount of this note, plus accrued and unpaid interest. Net of debt discount of $13,684. | |
| 51,316 | | |
| 10,264 | |
| |
| | | |
| | |
| |
$ | 1,170,294 | | |
$ | 1,129,242 | |
|
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v3.24.2.u1
Capital Structure – Common Stock and Stock Purchase Warrants (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Outstanding Common Stock Warrants |
The
following is a summary of outstanding common stock warrants as of June 30, 2024.
Schedule of Outstanding Common Stock Warrants
Expiration
Date | |
Number
of
Shares | | |
Exercise
Price | | |
Remaining
Life (years) | |
| |
| | |
| | |
| |
Third
Quarter 2028 | |
| 3,000 | | |
$ | 70 | | |
| 4.25 | |
Second
Quarter 2032 | |
| 28,995 | | |
$ | 10
- 70 | | |
| 8.00 | |
| |
| 31,995 | | |
$ | 10
- 70 | | |
| | |
|
Schedule of Stock Outstanding Warrants Activity |
Following
is a summary of stock warrant activity for the six months ended June 30, 2024:
Schedule of Stock Outstanding Warrants Activity
| |
Number of Shares | | |
Exercise Price | | |
Weighted
Average
Price | |
Warrants as of December 31, 2023 | |
| 31,995 | | |
$ | 10 - 70 | | |
$ | 56,49 | |
Issued | |
| - | | |
$ | - | | |
$ | - | |
Expired and forfeited | |
| - | | |
$ | - | | |
$ | - | |
Exercised | |
| - | | |
$ | - | | |
$ | - | |
Warrants as of June 30, 2024 | |
| 33,495 | | |
$ | 10 - 70 | | |
$ | 56.49 | |
|
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v3.24.2.u1
Company Overview (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
Cash on hand |
$ (49)
|
|
$ (49)
|
|
$ 29,785
|
Working capital |
5,308,241
|
|
5,308,241
|
|
|
Accumulated deficit |
386,111,735
|
|
386,111,735
|
|
$ 385,331,140
|
Net loss attributable to common stockholders |
$ 427,960
|
$ 504,234
|
$ 780,595
|
$ 920,350
|
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.
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Schedule of Basic and Diluted Earnings per Share (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
|
|
|
Income (loss) available to common shareholders (Numerator) |
$ (427,960)
|
$ (504,234)
|
$ (780,595)
|
$ (920,350)
|
Weighted average common shares (Denominator) |
83,698,396
|
83,285,054
|
83,725,128
|
83,381,739
|
Basic EPS |
$ (0.01)
|
$ (0.01)
|
$ (0.01)
|
$ (0.01)
|
Income (loss) available to common shareholders (Numerator) |
$ (427,960)
|
$ (504,234)
|
$ (780,595)
|
$ (920,350)
|
Weighted average common shares (Denominator) |
83,698,396
|
83,285,054
|
83,725,128
|
83,381,739
|
Diluted EPS |
$ (0.01)
|
$ (0.01)
|
$ (0.01)
|
$ (0.01)
|
X |
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v3.24.2.u1
Summary of Significant Accounting Policies (Details Narrative)
|
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2024
$ / shares
|
Dec. 31, 2023
USD ($)
$ / shares
|
Credit Derivatives [Line Items] |
|
|
|
|
|
|
Cash and cash equivalents |
$ 5,451
|
|
$ 5,451
|
|
|
$ 35,285
|
Cash at federal deposit |
250,000
|
|
250,000
|
|
|
|
Research and development costs |
$ 11,575
|
$ 175,209
|
22,652
|
$ 356,132
|
|
|
Interest or penalties related to uncertain tax position |
|
|
0
|
0
|
|
|
Stock-based compensation |
|
|
$ 0
|
$ 0
|
|
|
Number of warrants | shares |
31,995
|
|
31,995
|
|
|
|
Number of anti-dilutive shares resulting from conversion | shares |
|
|
3,044,497
|
|
|
|
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Share Price [Member] |
|
|
|
|
|
|
Credit Derivatives [Line Items] |
|
|
|
|
|
|
Embedded derivative liability, measurement input | $ / shares |
$ 0.0417
|
|
$ 0.0417
|
|
$ 0.0579
|
$ 0.0730
|
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
Credit Derivatives [Line Items] |
|
|
|
|
|
|
Embedded derivative liability, measurement input |
5.00
|
|
5.00
|
|
5.00
|
5.00
|
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
Credit Derivatives [Line Items] |
|
|
|
|
|
|
Embedded derivative liability, measurement input |
199
|
|
199
|
|
199
|
199
|
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Exercise Price [Member] |
|
|
|
|
|
|
Credit Derivatives [Line Items] |
|
|
|
|
|
|
Embedded derivative liability, measurement input | $ / shares |
0.0
|
|
0.0
|
|
0.0314
|
0.0366
|
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Expected Term [Member] |
|
|
|
|
|
|
Credit Derivatives [Line Items] |
|
|
|
|
|
|
Embedded derivative liability term |
5 months
|
|
5 months
|
|
5 months
|
8 months
|
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v3.24.2.u1
Schedule of Notes Payable (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
Notes payable |
$ 1,170,294
|
$ 1,129,242
|
Notes Payable [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
231,478
|
231,478
|
Notes Payable One [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
150,000
|
150,000
|
Notes Payable Two [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
65,000
|
65,000
|
Notes Payable Three [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
200,000
|
200,000
|
Notes Payable Four [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
50,000
|
50,000
|
Notes Payable Five [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
100,000
|
100,000
|
Notes Payable Six [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
50,000
|
50,000
|
Notes Payable Seven [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
250,000
|
250,000
|
Notes Payable Eight [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
15,000
|
15,000
|
Notes Payable Nine [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
7,500
|
7,500
|
Notes Payable Ten [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
$ 51,316
|
$ 10,264
|
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v3.24.2.u1
Schedule of Notes Payable (Details) (Parenthetical) - USD ($)
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Jul. 31, 2023 |
Jun. 30, 2023 |
Apr. 30, 2023 |
Mar. 31, 2023 |
Mar. 31, 2019 |
Dec. 31, 2022 |
Dec. 31, 2019 |
Notes Payable [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Percentage of interest rate per annum |
|
|
|
|
|
6.00%
|
|
|
Debt instrument maturity date |
|
|
|
|
|
February 2020
|
|
|
Debt default, description |
|
|
|
|
|
Default provisions of this note provide: the holder may accelerate the maturity of the note and demand immediate payment in full for outstanding principal and interest.
|
|
|
Notes Payable One [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Percentage of interest rate per annum |
|
|
|
|
|
|
|
15.00%
|
Debt instrument maturity date |
|
|
|
|
|
|
|
September 2023
|
Debt default, description |
|
|
|
|
|
|
|
Default provisions of this note provide: the holder may declare the note immediately due and payable, a late charge fee of 5% for failure to make payment within 10 days of the due date and the Company agrees to pay the note holder’s reasonable attorney fees if holder seeks legal advice to enforce the provisions of the note.
|
Notes Payable Two [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Percentage of interest rate per annum |
|
|
|
|
|
|
6.00%
|
|
Debt instrument maturity date |
|
|
|
|
|
|
July 2023
|
|
Debt default, description |
|
|
|
|
|
|
Default provisions of this note provide: the holder may declare the note immediately due and payable and the Company agrees to pay all costs of collection or defense incurred by the note holder.
|
|
Notes Payable Three [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Percentage of interest rate per annum |
|
|
|
|
|
|
6.00%
|
|
Debt instrument maturity date |
|
|
|
|
|
|
July 2023
|
|
Debt default, description |
|
|
|
|
|
|
Default provisions of this note provide for the Company to pay attorney fees incurred by the note holder.
|
|
Notes Payable Four [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Percentage of interest rate per annum |
|
|
|
|
|
|
7.75%
|
|
Debt instrument maturity date |
|
|
|
|
|
|
December 2023
|
|
Debt default, description |
|
|
|
|
|
|
This note is in default. Borrower shall have the option to extend the maturity date by six months from the initial term. In the event of default, holder may declare the debut immediately due and payable. During the occurrence of an event of default, borrower shall continue to pay interest at the rate of 7.75%.
|
|
Notes Payable Five [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Percentage of interest rate per annum |
|
|
|
|
8.00%
|
|
|
|
Debt instrument maturity date |
|
|
|
|
May 2023
|
|
|
|
Debt default, description |
|
|
|
|
This note is in default. Upon default this note shall this note shall bear interest at 18%, compounded monthly.
|
|
|
|
Notes Payable Six [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Percentage of interest rate per annum |
|
|
|
|
8.00%
|
|
|
|
Debt instrument maturity date |
|
|
|
|
June 2023
|
|
|
|
Debt default, description |
|
|
|
|
This note is in default. Borrower shall have the option to extend the maturity date by 60 days from the initial term. In the event of default, holder may declare the debut immediately due and payable. During the occurrence of an event of default, borrower shall pay interest on the entire unpaid principal sum at the rate equal to 9%.
|
|
|
|
Notes Payable Seven [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Percentage of interest rate per annum |
|
|
|
18.00%
|
|
|
|
|
Debt instrument maturity date |
|
|
|
May 2023
|
|
|
|
|
Debt default, description |
|
|
|
Default provisions of this note provide the holder may declare the debt immediately due.
|
|
|
|
|
Notes Payable Eight [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Percentage of interest rate per annum |
|
|
8.00%
|
|
|
|
|
|
Debt instrument maturity date |
|
|
June 2024
|
|
|
|
|
|
Debt default, description |
|
|
Borrower shall have the option to extend the maturity date by 60 days from the initial term. In the event of default, holder may declare the debut immediately due and payable. During the occurrence of an event of default, borrower shall pay interest on the entire unpaid principal sum at the rate equal to 9%.
|
|
|
|
|
|
Notes Payable Nine [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Percentage of interest rate per annum |
|
8.50%
|
|
|
|
|
|
|
Debt instrument maturity date |
|
July 2025
|
|
|
|
|
|
|
Debt default, description |
|
In the event of default, holder may declare the debt immediately due and payable. During the occurrence of an event of default, borrower shall pay interest on the entire unpaid principal sum at the rate equal to 10%.
|
|
|
|
|
|
|
Notes Payable Ten [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Percentage of interest rate per annum |
22.00%
|
|
|
|
|
|
|
|
Debt instrument maturity date |
August 2024
|
|
|
|
|
|
|
|
Debt default, description |
In the event of default the Company shall pay to the lender an amount equal to 150% of the sum of the then outstanding principal amount of this note, plus accrued and unpaid interest. Net of debt discount of $13,684.
|
|
|
|
|
|
|
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Net of debt discount |
$ 13,684
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|
6 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Shares, Warrants | shares |
31,995
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Weighted Average Price, Warrants |
$ 56.49
|
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|
Exercise Price, Issued |
|
Weighted Average Price, Issued |
|
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|
Exercise Price, Expired and forfeited |
|
Weighted Average Price, Expired and forfeited |
|
Number of Shares, Exercised | shares |
|
Exercise Price, Exercised |
|
Weighted Average Price, Exercised |
|
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33,495
|
Weighted Average Price, Warrants |
$ 56.49
|
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Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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10
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70
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v3.24.2.u1
Immune Therapeutics (PK) (USOTC:IMUN)
過去 株価チャート
から 7 2024 まで 8 2024
Immune Therapeutics (PK) (USOTC:IMUN)
過去 株価チャート
から 8 2023 まで 8 2024