Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Deficit (Details Textual)

v3.20.2
Shareholders' Deficit (Details Textual) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended
May 08, 2020
Apr. 17, 2020
Apr. 02, 2020
Jan. 13, 2020
Dec. 12, 2019
Apr. 28, 2020
Feb. 20, 2020
Feb. 18, 2020
Nov. 30, 2019
Oct. 31, 2019
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Shareholders' Deficit (Textual)
Preferred Stock par value $ 0.10 $ 0.10 $ 0.10
Net of fees $ 1,750
Amortization of debt discount 305,438 $ 14,142
Accrued interest $ 28,085 $ 28,085
Common shares issued for debt conversion, shares 203,125 13,275,000
Amount of common stock upon conversion 91,365
Accrued dividends 1,195 $ 1,195
Stock-based compensation 287,587 1,429,167
Unaccreted debt discount $ 1,864
Interest expense 216,378 $ 60,105 457,581 112,639
Issuance of common shares for services, amount $ 50,000 50,000
Stock-based professional fees (45,000) (235,042)
Total unrecognized compensation expense related to unvested common shares 279,127 $ 279,127
Weighted average period 1 year
Aggregate principal amount 356,938 $ 356,938 $ 135,833
Convert of deferred compensation $ 16,250
Exercise of stock options, value 19,185
Recorded settlement expense
Increase decrease in accounts payable 211,741 189,861
Increase decrease in accrued expenses 78,045 28,371
Shares issued for deferred compensation, description The Company entered into two one-year advisory board agreements with two individuals for services to be rendered on the Company's medical advisory board. In connection with these advisory board agreements, the Company issued an aggregate of 500,000 restricted common shares of the Company to these advisory board members. These shares vest on April 1, 2021. These shares were valued at $20,000, or $0.04 per common share, based on contemporaneous common share sales by the Company. In connection with this consulting agreement, during the six months ended June 30, 2020, accretion of stock-based consulting fees amounted to $5,000 and the remaining stock-based consulting fees of $15,000 shall be accreted over the remaining vesting period.
Conversion of principal balance $ 74,250
Stock option, description The weighted average period over which stock-based compensation expense related to these options will be recognized is approximately 4 months.
Accrued dividend payable $ 4,123
Equity Option [Member]
Shareholders' Deficit (Textual)
Recognized compensation expense 382,615 $ 1,042,506
Total unrecognized compensation expense related to unvested common shares 227,046 227,046
Accounts Payable [Member]
Shareholders' Deficit (Textual)
Common shares per share $ 0.04
Sale of common shares, shares 151,456
Sale of common shares, value $ 6,058
Consulting Agreement [Member]
Shareholders' Deficit (Textual)
Common shares per share $ 0.04
Shares of grant restricted stock award of common shares 1,250,000
Value of grant restricted stock award of common shares $ 50,000
Stock-based professional fees 33,333
Prepaid expenses $ 16,667 $ 16,667
Employment Agreements [Member]
Shareholders' Deficit (Textual)
Common shares per share $ 0.04
Shares of grant restricted stock award of common shares 200,000
Value of grant restricted stock award of common shares $ 8,000
Restricted Stock Award Agreements [Member]
Shareholders' Deficit (Textual)
Common shares per share $ 0.04
Shares of grant restricted stock award of common shares 6,750,000
Value of grant restricted stock award of common shares $ 270,000
Percentage of restricted shares 100.00%
Investor [Member]
Shareholders' Deficit (Textual)
Common shares per share $ 0.023 $ 0.04 $ 0.04
Sale of common shares, shares 7,000,000 7,000,000 7,000,000
Sale of common shares, value $ 161,000 $ 280,000 $ 280,000
Warrants [Member]
Shareholders' Deficit (Textual)
Exercise price $ 0.10 $ 0.10
Warrant exercise price reduced $ 0.003 $ 0.003
Warrant purchase, description On March 30, 2020 and on April 23, 2020, in connection with Purchase Agreements with an accredited investor (See Note 6), the Company issued warrants to purchase an aggregate amount up to 288,750 shares of the Company's common stock (the "Warrants"). The Warrants are exercisable at any time on or after the date of the issuance and entitles this investor to purchase shares of the Company's common stock for a period of five years from the initial date the warrants become exercisable. Under the terms of the Warrants, the holder is entitled to exercise the Warrants to purchase up to 288,750 shares of the Company's common stock at an initial exercise price of $0.10, subject to adjustment as detailed in the Warrants. In connection with the issuance of the warrants, on the initial measurement date, the relative fair value of the warrants of $14,498 was recorded as a debt discount and an increase in paid-in capital (See Note 6).
2018 Long-term Incentive Plan [Member]
Shareholders' Deficit (Textual)
Aggregate shares of common stock issued without any minimum vesting period 25,000,000
Aggregate number of common stock issued under plan 50,000,000
Incentive stock options 11,445,698 11,445,698
Description of options to acquire common stock The exercise price of options granted under our 2018 Plan must at least be equal to the fair market value of the Company's common stock on the date of grant and the term of an option may not exceed ten years, except that with respect to an incentive stock option granted to any employee who owns more than 10% of the voting power of all classes of the Company's outstanding stock as of the grant date the term must not exceed five years and the exercise price must equal at least 110% of the fair market value on the grant date.
Restricted stock have been issued $ 22,700,000 $ 22,700,000
Series A Preferred Stock [Member]
Shareholders' Deficit (Textual)
Shares designated 800,000 800,000 800,000
Preferred Stock par value $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10
Preferred stock stated value $ 1.00 $ 1.00
Preferred Stock dividend Rate 4.00%
Preferred stock dividend increased 22.00%
Conversion price converted into market price 81.00%
Market price representing at discount rate 19.00%
Debt premium charge to interest expenses $ 42,553
Preferred stock unregistered 159,600 159,600 154,800 154,800
Preferred stock unregistered value $ 133,000 $ 133,000 $ 129,000 $ 129,000
Cash proceeds 127,000 127,000 120,000
Net of fees 6,000 6,000 9,000
Amortization of debt discount $ 6,000 $ 6,000 9,000
Amortization of discount charged to interest expense 10,083
Accrued interest 1,864 1,864
Debt premium to paid-in capital. 37,438 37,438
Stated value $ 159,600 159,600
Amount of common stock upon conversion $ 159,600
Shares of common stock upon conversion 9,982,616
Common shares per share $ 0.833 $ 0.833 $ 0.833 $ 0.833
Accrued dividends $ 3,192 $ 3,192
Series A preferred stock balance 176,543 176,543
Liquidation value 154,800 154,800
Aggregate premium 36,312 36,312
Unaccreted debt discount 12,183 12,183
Unamortized debt offering costs $ 4,250 4,250
Interest expense $ 96,976
Description of options to acquire common stock The Company issued 9,982,616 shares its common stock upon the conversion of 159,600 shares of Series A preferred with a stated redemption value of $159,600 and related accrued dividends payable of $3,192. The conversion price was based on contractual terms of the related Series A preferred shares. Upon conversion, the Company reclassified put premium of $37,438 to paid-in capital.
Series B Preferred Stock [Member]
Shareholders' Deficit (Textual)
Shares designated 100,000 100,000 100,000 100,000
Preferred Stock par value $ 0.10 $ 0.10 $ 0.10 $ 0.10
Preferred Stock dividend Rate 2.00%
Stated value $ 1,000
Accrued dividends $ 108,000 $ 1,195 $ 1,195
Liquidation value $ 108,000 108,000
Conversion of principal balance $ 109,195
Stock option, description The Series B is convertible at the option of a holder or if the closing price of the common stock exceeds 400% of the Conversion Price for a period of twenty consecutive trading days, at the option of the Company. Conversion Price means a price per share of the common stock equal to 100% of the lowest daily volume weighted average price of the common stock during the two years preceding or subsequent two years following the Issuance Date, subject to adjustment as otherwise provided in the Certificate of Designations (the "Conversion Price").
Convertible Preferred Stock [Member]
Shareholders' Deficit (Textual)
Settlement of accrued compensation 108