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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
10-Q
☒
Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For
the quarterly period ended June 30, 2023
☐
Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For
the transition period from __________ to __________
Commission
file number: 000-56145
VICAPSYS
LIFE SCIENCES, INC.
Florida |
|
91-1930691 |
(State
or Other Jurisdiction of |
|
(IRS
Employer |
Incorporation
or Organization) |
|
Identification
Number) |
|
|
|
7778
Mcginnis Ferry Rd. #269 |
|
|
Suwanee,
GA |
|
30024 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(972)
891-8033
(Registrant’s
Telephone Number, Including Area Code)
7778
Mcginnis Ferry Rd. #270, Suwanee GA 30024
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered under Section 12(b) of the Act: None
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
Indicate
by check mark whether the issuer (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 has for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
|
|
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
|
|
Emerging
growth company ☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The
number of shares outstanding of the registrant’s $0.001 par value common stock as of August 14, 2023, was 32,644,313 shares (includes
common stock to be issued of 1,455,852 shares).
Vicapsys
Life Sciences, Inc.
TABLE
OF CONTENTS
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q contains certain forward-looking statements that are subject to various risks and uncertainties. Forward-looking
statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,”
“potential,” “intend,” “expect,” “outlook,” “seek,” “anticipate,”
“estimate,” “approximately,” “believe,” “could,” “project,” “predict,”
or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe
future plans and strategies, contain financial and operating projections or state other forward-looking information. Our ability to predict
results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although we believe that the expectations
reflected in our forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially
from those set forth or anticipated in our forward-looking statements. Factors that could have a material adverse effect on our forward-
looking statements and upon our business, results of operations, financial condition, funds derived from operations, cash available for
dividends, cash flows, liquidity and prospects include, but are not limited to, the factors referenced in this document, including those
set forth below:
|
● |
our
lack of an operating history; |
|
● |
the
net losses that we expect to incur as we develop our business; |
|
● |
Obtaining
U.S. Food and Drug Administration (“FDA”) or other regulatory approvals or clearances for our technology; |
|
● |
implementing
and achieving successful outcomes for clinical trials of our products; |
|
● |
convincing
physicians, hospitals and patients of the benefits of our technology and to convert from current technology; |
|
● |
the
ability of users of our products (when and as developed) to obtain third-party reimbursement; |
|
● |
any
failure to comply with rigorous FDA and other government regulations; and |
|
● |
securing,
maintaining and defending patent or other intellectual property protections for our technology. |
Forward-looking
statements include risks and uncertainties and there are important factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements. These factors, risks and uncertainties can be found in Company’s
Annual Report filed on Form 10-K filed with the Securities and Exchange Commission on April 14, 2023, (the “Form 10-K”) for
the fiscal year ended December 31, 2022, as the same may be updated from time to time, including in Part II, Item 1A, “Risk Factors,”
of this Quarterly Report on Form 10-Q. Readers are cautioned not to place undue reliance on any of these forward-looking statements,
which reflect our views as of the date of this document. The matters discussed herein and elsewhere in this document could cause our
actual results and performance to differ materially from those set forth or anticipated in forward-looking statements. Accordingly, we
cannot guarantee future results or performance. Furthermore, except as required by law, we are under no duty to, and we do not intend
to, update any of our forward-looking statements after the date of this document, whether as a result of new information, future events
or otherwise.
VICAPSYS
LIFE SCIENCES, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
(unaudited) | | |
| |
Assets | |
| | | |
| | |
| |
| | | |
| | |
Current
Assets: | |
| | | |
| | |
Cash | |
$ | 231,277 | | |
$ | 14,097 | |
Prepaid
Expenses | |
| 77,780 | | |
| 7,483 | |
Deferred
offering costs | |
| 69,090 | | |
| 50,441 | |
Total
Current Assets | |
| 378,147 | | |
| 72,021 | |
| |
| | | |
| | |
Total
Assets | |
$ | 378,147 | | |
$ | 72,021 | |
| |
| | | |
| | |
Liabilities
and Stockholders’ Deficit | |
| | | |
| | |
| |
| | | |
| | |
Current
Liabilities: | |
| | | |
| | |
Accounts
payable | |
$ | 665,911 | | |
$ | 635,183 | |
Accounts
payable, related parties | |
| 427,355 | | |
| 272,317 | |
Accrued
salaries | |
| 115,312 | | |
| 115,312 | |
Short-term
note payable | |
| 54,230 | | |
| — | |
Convertible
note payable | |
| 208,877 | | |
| — | |
Total
Current Liabilities | |
| 1,471,685 | | |
| 1,022,812 | |
Commitments
and Contingencies (Note 6) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’
Deficit: | |
| | | |
| | |
Series A Convertible Preferred
Stock; par value $0.001; 3,000,000 shares authorized; -0- shares issued and outstanding | |
| — | | |
| — | |
Series B Convertible Preferred
Stock; par value $0.001; 4,440,000 shares authorized; -0- shares issued and outstanding | |
| — | | |
| — | |
Preferred stock, value | |
| — | | |
| — | |
Common Stock, par value $0.001;
300,000,000 shares authorized; 31,188,460 shares issued and outstanding | |
| 31,188 | | |
| 31,188 | |
Common stock to be issued,
par value $0.001; 1,455,852 and 727,281 shares outstanding, respectively | |
| 1,456 | | |
| 727 | |
Additional paid-in capital | |
| 14,335,203 | | |
| 14,135,257 | |
Accumulated
deficit | |
| (15,461,385 | ) | |
| (15,117,963 | ) |
Total
Stockholders’ Deficit | |
| (1,093,538 | ) | |
| (950,791 | ) |
| |
| | | |
| | |
Total
Liabilities and Stockholders’ Deficit | |
$ | 378,147 | | |
$ | 72,021 | |
See
accompanying notes to unaudited consolidated financial statements.
VICAPSYS
LIFE SCIENCES, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended
June 30, | | |
For the six months ended
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenues | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
Personnel costs | |
| 66,913 | | |
| 30,915 | | |
| 130,944 | | |
| 61,284 | |
Research and development expenses, related party | |
| 2,000 | | |
| — | | |
| 12,000 | | |
| 10,000 | |
Professional fees | |
| 51,467 | | |
| 132,981 | | |
| 164,253 | | |
| 246,866 | |
General and administrative expenses | |
| 15,313 | | |
| 16,160 | | |
| 39,773 | | |
| 28,953 | |
Total operating expenses | |
| 135,693 | | |
| 180,056 | | |
| 346,970 | | |
| 347,103 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (135,693 | ) | |
| (180,056 | ) | |
| (346,970 | ) | |
| (347,103 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income taxes | |
| — | | |
| — | | |
| — | | |
| — | |
Net income (loss) available to common shareholders | |
$ | (135,693 | ) | |
$ | (180,056 | ) | |
$ | (346,970 | ) | |
$ | (347,103 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per common share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.00 | ) | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
Diluted | |
$ | (0.00 | ) | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 35,314,313 | | |
| 31,188,461 | | |
$ | 35,314,313 | | |
| 29,957,398 | |
Diluted | |
$ | 35,314,313 | | |
| 31,188,461 | | |
$ | 35,314,313 | | |
| 29,957,398 | |
See
accompanying notes to unaudited consolidated financial statements.
VICAPSYS
LIFE SCIENCES, INC.
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ DEFICIT
For
the Three and Six Months Ended June 30, 2023 and 2022
(Unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
| |
Common
Stock | | |
Common
Stock to be Issued | | |
Additional
Paid-in | | |
Accumulated | | |
Stockholders’
Equity | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
Balance December
31, 2021 | |
| 19,747,283 | | |
$ | 19,747 | | |
| 12,067,458 | | |
$ | 12,068 | | |
$ | 13,976,159 | | |
$ | (14,129,625 | ) | |
$ | (121,651 | ) |
Common stock issued from common
stock to be issued | |
| 11,441,177 | | |
| 11,441 | | |
| (11,440,177 | ) | |
| (11,441 | ) | |
| — | | |
| — | | |
| — | |
Stock-based compensation expense | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,081 | | |
| — | | |
| 1,081 | |
Net
loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (167,047 | ) | |
| (167,047 | ) |
Balance March 31, 2022 | |
| 31,188,460 | | |
| 31,188 | | |
| 627,281 | | |
| 627 | | |
| 13,977,240 | | |
| (14,296,672 | ) | |
| (287,617 | ) |
Stock-based compensation expense | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,081 | | |
| — | | |
| 1,081 | |
Net
loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| -- | | |
| (180,056 | ) | |
| (180,056 | ) |
Balance June 30, 2022 | |
| 31,188,460 | | |
| 31,188 | | |
| 627,281 | | |
| 627 | | |
| 13,978,321 | | |
| (14,476,728 | ) | |
| (466,592 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance December 31, 2022 | |
| 31,188,460 | | |
| 31,188 | | |
| 727,281 | | |
| 727 | | |
| 14,131,709 | | |
| (15,117,963 | ) | |
| (950,791 | ) |
Stock-based compensation expense | |
| — | | |
| — | | |
| — | | |
| — | | |
| 20,697 | | |
| — | | |
| 20,697 | |
Net
income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (211,277 | ) | |
| (211,277 | ) |
Balance March 31, 2023 | |
| 31,188,460 | | |
| 31,188 | | |
| 727,281 | | |
| 727 | | |
| 14,152,406 | | |
| (15,325,692 | ) | |
| (1,141,371 | ) |
Beginning
balance | |
| 31,188,460 | | |
| 31,188 | | |
| 727,281 | | |
| 727 | | |
| 14,152,406 | | |
| (15,325,692 | ) | |
| (1,141,371 | ) |
Common stock to be issued
pursuant to private placement completed in April 2023 | |
| — | | |
| — | | |
| 400,000 | | |
| 400 | | |
| 99,600 | | |
| — | | |
| 100,000 | |
Common stock to be issued
per loan commitment | |
| -- | | |
| -- | | |
| 328,571 | | |
| 329 | | |
| 83,197 | | |
| — | | |
| 83,526 | |
Net
loss | |
| -- | | |
| -- | | |
| -- | | |
| -- | | |
| -- | | |
| (135,693 | ) | |
| (135,693 | ) |
Net
income (loss) | |
| -- | | |
| -- | | |
| -- | | |
| -- | | |
| -- | | |
| (135,693 | ) | |
| (135,693 | ) |
Balance
June 30, 2023 | |
| 31,188,460 | | |
$ | 31,188 | | |
| 1,455,852 | | |
$ | 1,456 | | |
$ | 14,335,203 | | |
$ | (15,461,385 | ) | |
$ | (1,093,538 | ) |
Ending
balance | |
| 31,188,460 | | |
$ | 31,188 | | |
| 1,455,852 | | |
$ | 1,456 | | |
$ | 14,335,203 | | |
$ | (15,461,385 | ) | |
$ | (1,093,538 | ) |
See
accompanying notes to unaudited consolidated financial statements.
VICAPSYS
LIFE SCIENCES, INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
| |
2023 | | |
2022 | |
| |
For the Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Cash Flows from Operating Activities: | |
| | | |
| | |
Net (loss) | |
$ | (346,970 | ) | |
$ | (347,103 | ) |
Adjustments to reconcile net (loss) to net cash used in operating activities: | |
| | | |
| | |
Amortization of intangible asset | |
| — | | |
| 15,644 | |
Stock-based compensation | |
| 20,697 | | |
| 2,162 | |
Amortization of debt discount | |
| 1,393 | | |
| -- | |
Deferred offering costs | |
| (18,649 | ) | |
| -- | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid Expenses | |
| (70,297 | ) | |
| (3,542 | ) |
Accounts payable | |
| 158,634 | | |
| 78,693 | |
Accounts payable, related parties | |
| 27,132 | | |
| 54,140 | |
Net Cash Used in Operating Activities | |
| (228,060 | ) | |
| (200,006 | ) |
| |
| | | |
| | |
Cash Flows from Financing Activities: | |
| | | |
| | |
Proceeds from private placement | |
| 100,000 | | |
| — | |
Proceeds from short-term note payable | |
| 54,230 | | |
| — | |
Proceeds from short-term convertible note | |
| 291,010 | | |
| — | |
Net Cash Provided By Financing Activities | |
| 445,240 | | |
| — | |
| |
| | | |
| | |
Net Increase (Decrease) in Cash | |
| 217,180 | | |
| (200,006 | ) |
| |
| | | |
| | |
Cash, Beginning of period | |
| 14,097 | | |
| 217,295 | |
| |
| | | |
| | |
Cash, End of period | |
$ | 231,277 | | |
$ | 17,289 | |
| |
| | | |
| | |
Supplementary Cash Flow Information | |
| | | |
| | |
Cash paid for interest | |
$ | 706 | | |
$ | - | |
Cash paid for taxes | |
$ | 545 | | |
$ | - | |
Non-cash investing and financing activities | |
| | | |
| | |
Commitment fee for convertible debt treated as debt discount | |
$ | 83,526 | | |
$ | - | |
Discount on debt | |
$ | 26,400 | | |
$ | - | |
See
accompanying notes to unaudited consolidated financial statements.
VICAPSYS
LIFE SCIENCES, INC.
NOTES
TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 - ORGANIZATION
Business
Vicapsys
Life Sciences, Inc. (“VLS”) was incorporated in the State of Florida on July 8, 1997 under the name All Product Distribution
Corp. On August 19, 1998, the Company changed its name to Phage Therapeutics International, Inc. On November 13, 2007, the Company changed
its name to SSGI, Inc. On December 22, 2017, pursuant to a Share Exchange Agreement (the “Exchange Agreement”) by and among
VLS, Michael W. Yurkowsky, ViCapsys, Inc. (“VI”) and the shareholders of VI, a private company, VI became a wholly owned
subsidiary of VLS. We refer to VLS and VI together as the “Company”. VLS serves as the holding company for VI. Other than
its interest in VI, VLS does not have any material assets or operations.
Per
the schedule 14C filed on July 28, 2023, on July 28, 2023, stockholders of the Company approved a reverse split in the range from 1-for-2
to 1-for-50, with the Board of Directors able to pick the ratio or abandon the split. The split is subject to FINRA clearance and filing
with Secretary of State. As of the date of this filing such split has not occurred.
The
Company’s strategy is to develop and commercialize, on a worldwide basis, various intellectual property rights (patents, patent
applications, know how, etc.) relating to a series of encapsulated products that incorporate proprietary derivatives of the chemokine
CXCL12 for creating a zone of immunoprotection around cells, tissues, organs and devices for therapeutic purposes. The product name VICAPSYN™
is the Company’s proprietary product line that is applied to transplantation therapies and related stem-cell applications in the
transplantation field.
NOTE
2 – GOING CONCERN AND MANAGEMENT’S PLANS
The
accompanying unaudited consolidated financial statements have been prepared assuming the Company will continue as a going concern, which
assumes the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company experienced
a net loss of $346,970 for the six months ended June 30, 2023, had a working capital deficit of $1,093,538 and an accumulated deficit
of $15,461,385 as of June 30, 2023. These factors raise substantial doubt about the Company’s ability to continue as a going concern
and to operate in the normal course of business within one year after the date that the financial statements are issued. These unaudited
consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset
amounts and classification of liabilities that might result from this uncertainty.
In
March 2020, the World Health Organization declared the novel COVID-19 virus as a global pandemic. The COVID-19 outbreak in the United
States continued to negatively impact to the Company’s ability to secure additional debt or equity funding to support operations
in 2022 and 2023. In 2022, the Company received proceeds of $50,000 from the exercise of warrants. In April 2023, the Company raised
an aggregate of $100,000 from the sale of 400,000 shares of common stock to support current operations and extend research and development
of its product line. We also secured a short-term convertible loan in June 2023 for $330,000 which contained separately an original issuance
discount of $26,400. From this short-term convertible loan, we received net proceeds of $290,350. The short-term convertible loan was
also issued with a debt discount of $83,526 that was paid in shares of common stock.
NOTE
3 – SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements in this report have been prepared by the Company without audit. In the opinion of management,
all adjustments necessary to present the financial position, results of operations and cash flows for the stated periods have been made.
Except as described below, these adjustments consist only of normal and recurring adjustments. Certain information and note disclosures
normally included in the Company’s consolidated annual financial statements prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted.
These
unaudited consolidated financial statements should be read in conjunction with a reading of the Company’s consolidated audited
financial statements and notes thereto for the year ended December 31, 2022, filed with the Company’s annual report on Form 10-K
with the Securities and Exchange Commission (the “SEC”) on April 14, 2023. Interim results of operations for the three and
six months ended June 30, 2023, and 2022, are not necessarily indicative of future results for the full year. The unaudited consolidated
financial statements of the Company include the consolidated accounts of VLS and its wholly owned subsidiary VI. All intercompany accounts
and transactions have been eliminated in consolidation.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. Significant
estimates included in the financial statements, include useful the life of intangible assets, valuation allowance for deferred tax assets
and non-cash equity transactions and stock-based compensation.
Cash
The
Company considers all highly liquid investments with an original term of three months or less to be cash equivalents. The Company held
no cash equivalents as of June 30, 2023, and December 31, 2022. Cash balances may, at certain times, exceed federally insured limits.
If the amount of a deposit at any time exceeds the federally insured amount at a bank, the uninsured portion of the deposit could be
lost, in whole or in part, if the bank were to fail.
Intangible
Assets
Costs
of intangible assets are accounted for through the capitalization of those costs incurred in connection with developing or obtaining
such assets. Capitalized costs are included in intangible assets in the unaudited consolidated balance sheets. The Company’s intangible
assets consist of costs incurred in connection with securing an Exclusive Patent License Agreement with The General Hospital Corporation,
d/b/a Massachusetts General Hospital (“MGH”), as amended (the “License Agreement”). These costs are being amortized
over the term of the License Agreement which is based on the remaining patent life of the related patents being licensed.
In
2022, due to the combination of not having met certain due diligence requirements per the License Agreement, and the Company not raising
sufficient capital necessary to maintain regular research and development activities in 2022, the Company reviewed the MGH license agreement
for possible impairment. The Company concluded an impairment of the License Agreement existed due to there being no projected undiscounted
future net cash flows derived from the asset (See Note 4).
Long-Lived
Assets
The
Company recognizes impairment losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted
cash flows estimated to be generated by those assets are less than the assets’ carrying values. In 2022, management reviewed the
Company’s long-lived assets and concluded an impairment of the License Agreement existed as of December 31, 2022 due to there being
no projected undiscounted future net cash flows derived from the asset (See Note 4).
Fair
Value of Financial Instruments
ASC
825, “Disclosures about Fair Value of Financial Instruments,” requires disclosure of fair value information about financial
instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally
accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based
upon certain market assumptions and pertinent information available to management as of June 30, 2023.
The
carrying amounts of the Company’s financial assets and liabilities, such as cash, prepaid expenses, accounts payable and accrued
liabilities, payables with related parties, and debt discounts approximate their fair values because of the short maturity of these instruments.
Revenue
Recognition
Revenue
recognition is accounted for under ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”) and all
the related amendments. The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods
or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those
goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment
and estimates may be required within the revenue recognition process than required under U.S. GAAP including identifying performance
obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction
price to each separate performance obligation.
The
Company’s contracts with customers are generally on a contract and work order basis and represent obligations that are satisfied
at a point in time, as defined in the new guidance, generally upon delivery or has services are provided. Accordingly, revenue for each
sale is recognized when the Company has completed its performance obligations. Any costs incurred before this point in time, are recorded
as assets to be expensed during the period the related revenue is recognized. The Company did not generate any revenue for the three
and six months ended June 30, 2023, and 2022.
Stock-Based
Compensation
Stock-based
compensation is accounted for based on the requirements of ASC 718 – “Compensation –Stock Compensation,”
which requires recognition in the financial statements of the cost of employee, director and non-employee services received in exchange
for an award of equity instruments over the period the employee, director, or non-employee is required to perform the services in exchange
for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee, director, and non-employee
services received in exchange for an award based on the grant-date fair value of the award. The Company has elected to recognize forfeitures
as they occur as permitted under the FASB’s Accounting Standards Update ASU 2016-09 Improvements to Employee Share-Based Payment.
Research
and Development
Costs
and expenses that can be clearly identified as research and development are charged to expense as incurred. The Company incurred $2,000
and $12,000 in research development expenses for the three and six months ended June 30, 2023, respectively, with a related party. The
Company incurred $0 and $10,000 in research development expenses for the three and six months ended June 30, 2022, respectively, with
a related party.
Income
Taxes
The
Company accounts for income taxes in accordance with ASC 740-10, Income Taxes. Deferred tax assets and liabilities are recognized to
reflect the estimated future tax effects, calculated at the tax rate expected to be in effect at the time of realization. A valuation
allowance related to a deferred tax asset is recorded when it is more likely than not that some portion of the deferred tax asset will
not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of
enactment.
ASC
740-10 prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements
and provides guidance on recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure,
and transition issues. Interest and penalties are classified as a component of interest and other expenses. To date, the Company has
not been assessed, nor paid, any interest or penalties.
Uncertain
tax positions are measured and recorded by establishing a threshold for the financial statement recognition and measurement of a tax
position taken or expected to be taken in a tax return. Only tax positions meeting the more-likely-than-not recognition threshold at
the effective date may be recognized or continue to be recognized.
Earnings
(Loss) Per Share
The
Company reports earnings (loss) per share in accordance with ASC 260, “Earnings per Share.” Basic earnings (loss) per share
is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during each period. Diluted
earnings per share is computed by dividing net loss by the weighted-average number of shares of common stock, common stock equivalents
and other potentially dilutive securities outstanding during the period using the treasury stock method and as-if converted method. As
of June 30, 2023, and 2022, the Company’s dilutive securities are convertible into 4,455,852 and 6,587,281 shares of common stock,
respectively, which are not included in the computation of dilutive loss per share because their impact is antidilutive.
The
following table represents the classes of dilutive securities as of June 30, 2023, and 2022:
SCHEDULE OF ANTIDILUTIVE SECURITIES OF EARNINGS PER SHARE
| |
June 30, 2023 | | |
June 30, 2022 | |
Common stock to be issued | |
| 1,455,852 | | |
| 627,281 | |
Stock options | |
| 2,670,000 | | |
| 1,900,000 | |
Convertible Debt | |
| 330,000 | | |
| — | |
Warrants to purchase common stock | |
| — | | |
| 4,060,000 | |
Anti-dilutive securities | |
| 4,455,852 | | |
| 6,587,281 | |
Recent
Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect
on the accompanying unaudited consolidated financial statements for the three and six months ended June 30, 2023, and 2022.
NOTE
4 – INTANGIBLE ASSETS
The
Company’s intangible assets consist of costs incurred in connection with the License Agreement with MGH (See Note 5). The consideration
paid for the rights included in the License Agreement was in the form of common stock shares which resulted in MGH receiving approximately
20% of the total outstanding shares of common stock of VI. The estimated fair value of the common stock as of the date of the agreement
is being amortized over the term of the License Agreement which is based on the remaining patent life of the related patents being licensed
which is approximately 16 years.
Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 360, Property, Plant, and
Equipment (“ASC 360”) requires that a company recognize an impairment loss if, and only if, the carrying amount of a long-lived
asset is not recoverable based on the sum of the undiscounted cash flows expected to result from the use and eventual disposal of the
asset, and if the carrying amount exceeds the asset’s fair value. Per ASC 360, a long-lived asset should be tested for recoverability
whenever events or changes in circumstances indicate that its’ carrying amount may not be recoverable. In 2022, due to the combination
of not having met certain due diligence requirements per the License Agreement, and the Company not raising sufficient capital necessary
to maintain regular research and development activities in 2022, the Company reviewed the MGH license agreement for possible impairment
as of December 31, 2022 by evaluating whether the anticipated future benefit and estimated undiscounted cashflows of the license agreement
exceeded the carrying value of the intangible asset of approximately $348,000 as of that date.
The
Company concluded an impairment of the license agreement existed as of December 31, 2022 due to there being no projected undiscounted
future net cash flows derived from the asset. As such, the Company wrote off the carrying value of the asset as of December 31, 2022.
The Company did not incur any amortization expense related to the License
Agreement for the three and six months ended June 30, 2023. The
Company recognized $7,823 and $15,644 of amortization expense related to the License Agreement with MGH for the three and six months
ended June 30, 2022 which is included in general and administrative expenses on the unaudited consolidated statements of operations.
NOTE
5 – RELATED PARTY TRANSACTIONS
Consulting
Agreements
On
November 5, 2021, the Company entered into a Consulting Agreement (the “Poznansky Agreement”) with Mark Poznansky, MD, a
minority stockholder and former Director. The Company engaged Dr. Poznansky to render consulting services with respect to informing,
guiding, and supervising the development of antagonists to immune repellents or anti-fugetaxins for the treatment of cancer. The
initial term of the Poznansky Agreement was for six months (the “Initial Term”), which was extended indefinitely, and
the Company agreed to pay the Consultant $2,000
per month commencing November 5, 2021, with consideration for an increase in the monthly fee following the completion for the
Company’s successful up listing to the NASDAQ Stock Market. The Company incurred a total of $6,000
and $12,000
in expenses for the three and six months ended June 30, 2023 and 2022, respectively, related to the Poznansky Agreement, which is
included in professional fees on the unaudited consolidated statements of operations. As of June 30, 2023, and December 31, 2022,
$35,500
and $26,000,
respectively, is included in accounts payable, related parties, on the unaudited consolidated balance sheets, related to the
Poznansky Agreement.
MGH
License Agreement
On
May 8, 2013, VI and MGH, a principal stockholder (see Note 6), entered into the License Agreement, pursuant to which MGH granted to the
Company, in the field of coating and transplanting cells, tissues and devices for therapeutic purposes, on a worldwide basis: (i) an
exclusive, royalty-bearing license under its rights in Patent Rights (as defined in the License Agreement) to make, use, sell, lease,
import and transfer Products and Processes (each as defined in the License Agreement); (ii) a non-exclusive, sub-licensable (solely in
the License Field and License Territory (each as defined in the License Agreement)) royalty-bearing license to Materials (as defined
in the License Agreement) and to make, have made, use, have used, Materials for only the purpose of creating Products, the transfer of
Products and to use, have used and transfer processes; (iii) the right to grant sublicenses subject to and in accordance with the terms
of the License Agreement, and (iv) the nonexclusive right to use technological information (as defined in the License Agreement) disclosed
by MGH to the Company under the License Agreement, all subject to and in accordance with the License Agreement (the “License”).
As
amended by the Ninth Amendment to the License Agreement on May 30, 2023 (“Effective Date”), which adds to the due diligence
requirements as amended by Eighth Amendment to the License Agreement, requires that within one year of the Ninth Amendment Effective
Date, the Company shall submit a research and development plan for the patent rights associated with MGH 24644 with mutually acceptable
diligence requirements to be added by amendment to the Agreement for development of the product or process for the therapy and/ or prophylaxis
of a human disorder in the license field.
As
amended by the Eighth Amendment to the License Agreement on March 14, 2022 (“Effective Date”), which replaces the prior pre-sales
due diligence requirements in their entirety, the License Agreement requires that the Company satisfy the following requirements prior
to the first sale of Products (“MGH License Milestones”), by certain dates.
Pre-Sales
Diligence Requirement:
|
(x) |
The
Company shall provide a detailed business plan and development plan by June 1st, 2022. As of the date of this filing the
Company has yet to submit the business and development plan and is negotiating the extension of this requirement with MGH. |
|
(xi) |
The
Company shall raise $2 million in financing by December 1st, 2022. |
|
(xii) |
The
Company shall raise an additional $8 million in financing by December 1st, 2023. |
|
(xiii) |
The
Company shall initiate research regarding the role of CXCL12 in beta cell function and differentiation by January 1st,
2023. |
|
(xiv) |
The
Company shall initiate diabetic non-human primate studies using cadaveric islets encapsulated in the CXCL12 technology by March 1st,
2023. |
|
(xv) |
The
Company shall initiate research regarding other applications of the CXCL12 platform by June 1st, 2023. |
|
(xvi) |
The
Company shall initiate a Phase I clinical trial of a Product or Process by March 1st, 2024. |
|
(xvii) |
The
Company shall initiate a Phase II clinical trial of a Product or Process within thirteen (13) years from Effective Date. |
|
(xviii) |
The
Company shall initiate Phase III clinical trial of a Product or Process within sixteen (16) years from Effective Date. |
Additionally,
as amended by the Eighth Amendment to the License Agreement on March 14, 2022, which replaces the prior post-sales due diligence requirements
in their entirety, the License Agreement requires that the Company satisfy the following requirements post-sales of Products (“MGH
License Milestones”), by certain dates.
Post-Sales
Diligence Requirements:
|
(i) |
The
Company shall itself or through an Affiliate or Sublicensee make a First Commercial Sale within the following countries and regions
in the License Territory within eighteen (18) years after the Effective Date of this Agreement: US and Europe and China or Japan.
|
|
|
|
|
(ii)
|
Following
the First Commercial Sale in any country in the License Territory, Company shall itself or through its Affiliates and/or Sublicensees
use commercially reasonable efforts to continue to make Sales in such country without any elapsed time period of one (1) year or
more in which such Sales do not occur due to lack such efforts by Company. |
In
consideration of the update to the diligence milestones, the Company shall pay the following Annual Minimum Royalty payments:
|
(i) |
Prior
to the First Commercial Sale, the Company shall pay to MGH a non-refundable annual license fee of ten thousand dollars ($10,000)
by June 30, 2022, and on each subsequent anniversary of the Eighth Amendment Effective Date thereafter. The first non-refundable
annual license fee was paid on July 1, 2022. As of June 30, 2023, the Company has yet to pay the second non-refundable license fee
and is included in accounts payable, related party, on the unaudited consolidated balance sheets. |
|
|
|
|
(ii)
|
Following
the First Commercial Sale, Company shall pay MGH a non-refundable annual minimum royalty in the amount of one hundred thousand dollars
United States Dollars ($100,000) per year within sixty (60) days after each annual anniversary of the Effective Date. The annual
minimum royalty shall be credited against royalties subsequently due on Net Sales made during the same calendar year, if any, but
shall not be credited against royalties due on Net Sales made in any other year. |
The
License Agreement also requires VI to pay to MGH a 1% royalty rate on net sales related to the first license sub-field, which is the
treatment of Type 1 Diabetes (“T1D”). Future sub-fields shall carry a reasonable royalty rate, consistent with industry standards,
to be negotiated at the time the first such royalty payment shall become due with respect to the applicable Products and Processes (as
defined in the License Agreement).
The
License Agreement additionally requires VI to pay to MGH a $1.0 million “success payment” within 60 days after the first
achievement of total net sales of Product or Process equal to or to exceed $100,000,000 in any calendar year and $4,000,000 within 60
days after the first achievement of total net sales of Product or Process equal or exceed $250,000,000 in any calendar year. The Company
is also required to reimburse MGH’s expenses in connection with the preparation, filing, prosecution and maintenance of all Patent
Rights.
The
License Agreement expires on the later of (i) the date on which all issued patents and filed patent applications within the Patent Rights
have expired (November 2033) or have been abandoned, and (ii) one year after the last sale for which a royalty is due under the License
Agreement.
The
License Agreement also grants MGH the right to terminate the License Agreement if VI fails to make any payment due under the License
Agreement or defaults in the performance of any of its other obligations under the License Agreement, subject to certain notice and rights
to cure set forth therein. MGH may also terminate the License Agreement immediately upon written notice to VI if VI: (i) shall make an
assignment for the benefit of creditors; or (ii) or shall have a petition in bankruptcy filed for or against it that is not dismissed
within 60 days of filing. As of the date of this filing, this License Agreement remains active and the Company has not received any termination
notice from MGH.
VI
may terminate the License Agreement prior to its expiration by giving 90 days’ advance written notice to MGH, and upon such termination
shall, subject to the terms of the License Agreement, immediately cease all use and sales of Products and Processes.
The
Company incurred costs to MGH of $2,000 and $12,000 for the three and six months ended June 30, 2023 which is
classified as research and development costs, related party, on the consolidated unaudited statements of operations. The Company incurred
costs to MGH of $-0- and $10,000, respectively, for the three and six months ended June 30, 2022. As of June 30, 2023, and December 31,
2022, $15,097 and $3,097, respectively, is included in accounts payable, related parties, on the consolidated balance sheets, for services
that remain unpaid.
During
the three and six months ended June 30, 2023, and 2022, there have not been any sales of Product or Process under this License Agreement.
Accounts
Payable, related parties and Accrued Salaries, related party
The
Company incurred director fees of $62,500 and $125,000, respectively, for the three and six months ended June 30, 2023 to Federico Pier,
the Company’s Chief Executive Officer and Chairman of the Board, which are included in personnel costs on the unaudited consolidated
statements of operations. The Company incurred director fees of $30,000 and $60,000 for the three and six months ended June 30, 2022,
respectively, to Mr. Pier. As of June 30, 2023, and December 31, 2022, $242,955 and $144,000, respectively, of these director fees are
included in accounts payable, related parties, on the unaudited consolidated balance sheets.
The
Company incurred consulting fees of $22,500 and $45,000 for the three and six months ended June 30, 2023 and 2022, respectively, to Jeff
Wright, the Company’s Chief Financial Officer, which are included in professional fees on the unaudited consolidated statements
of operations. As of June 30, 2023, and December 31, 2022, $133,906 and $99,000, respectively, is included in accounts payable, related
parties, on the unaudited consolidated balance sheets.
In
August 2020, Frances Tonneguzzo, the Company’s Chief Executive Officer (the “former CEO”) tendered her resignation
as CEO. For the three and six months ended June 30 2023, and 2022, the Company did not incur any expenses to the former CEO. As of June
30, 2023, and December 31, 2022, $115,312, respectively, of unpaid salary to the former CEO is included in accrued salaries, related
party on the unaudited consolidated balance sheets. See Note 6 for a consulting agreement executed with the former CEO.
NOTE
6– COMMITMENTS AND CONTINGENCIES
Legal
Matters
The
Company is not aware of any material, existing or pending legal proceedings against the Company, nor is it involved as a plaintiff in
any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any
registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.
MGH
License Agreement
As
discussed in Note 5, the
Company executed a License Agreement with MGH. Prior to the first commercial sale, the License Agreement requires the Company to pay
MGH a non-refundable annual license fee of $10,000
by June 30, 2022, and on each subsequent anniversary of the Effective Date thereafter. The first non-refundable annual license fee
was paid on July 1, 2022. As of June 30, 2023, the Company had yet to pay the second non-refundable license fee and is included in
accounts payable, related party, on the unaudited consolidated balance sheets. Additionally, following the first commercial sale,
the License agreement requires the Company to pay MGH a non-refundable annual minimum royalty in the amount of $100,000
per year within sixty days after each annual anniversary of the Effective Date. The Company has yet to generate any revenue as of June 30, 2023.
The
License Agreement also requires VI to pay to MGH a 1% royalty rate on net sales related to the first license sub-field, which is the
treatment of T1D. Future sub-fields shall carry a reasonable royalty rate, consistent with industry standards, to be negotiated at the
time the first such royalty payment shall become due with respect to the applicable Products and Processes (as defined in the License
Agreement).
The
License Agreement additionally requires VI to pay to MGH a $1.0 million “success payment” within 60 days after the first
achievement of total net sales of Product or Process equal or exceeding $100,000,000 in any calendar year and $4,000,000 within 60 days
after the first achievement of total net sales of Product or Process equal to or exceeding $250,000,000 in any calendar year. The Company
is also required to reimburse MGH’s expenses in connection with the preparation, filing, prosecution and maintenance of all Patent
Rights. No expense reimbursements were paid to MGH during the three and six months ended June 30, 2023, and 2022. As of June 30, 2023,
and December 31, 2022, $15,097 and $3,097, respectively, is included in accounts payable, related parties, on the unaudited consolidated
balance sheets.
Consulting
Agreements
On
January 12, 2022, the Company entered into a Consulting Agreement (the “Donohoe Agreement”) with Donohoe Advisory Associates,
LLC. (the “Consultant”). The Company engaged the Consultant to provide assistance and advice to the Company in support of
the Company’s efforts to obtain a listing on a national securities exchange. The Company agreed to pay the Consultant a retainer
fee of $17,500, which is to be applied to the Company’s monthly invoices until such time as the retainer fee is exhausted or the
engagement under the agreement ends. The Company did not incur any expenses related to the Donohoe Agreement for the three and six months
ended June 30, 2023. The Company incurred $5,820 and $10,680 in expenses for the three and six months ended June 30, 2022, respectively,
which are included in professional fees on the unaudited consolidated statements of operations, and none of which is included in accounts
payable on the unaudited consolidated balance sheet. As of June, 2023, the remaining balance of the retainer paid to the Consultant was
$6,820 and is included in prepaid expenses on the unaudited consolidated balance sheet. If the Company is successful in listing on an
exchange, the Company will be obligated to pay a “success fee” to the Consultant of either $10,000 or that number of registered
common shares equivalent to $10,000 divided by the closing price of the Company’s common stock on the last day of trading on the
OTC Market. The form of the success fee will be determined by the Company.
On
March 7, 2022, the Company entered into a Consulting Agreement (the “Consulting Agreement”) with Alpha IR Group, LLC. (the
“Consultant”). The Company engaged the Consultant to provide consulting, investor relations, and corporate and transaction
communication related services. The initial term of the Consulting Agreement was for three months (the “Initial Term”) beginning
March 1, 2022, and the Company agreed to pay compensation equal to the sum of $50,000 payable in cash or stock options for the three
months of service. The Company incurred $24,000 and $0, respectively, in expenses for the three and six months ended June 30, 2023, which
are included in professional fees on the unaudited consolidated statements of operations. The Company incurred $16,667 and $33,333 in
expenses for the three and six months ended June 30, 2022. As of June 30, 2023, the balance owed to the Consultant was $74,000 which
is included in accounts payable on the unaudited consolidated balance sheet.
Employment
Agreement
The
Company has an employment agreement with Federico Pier, the Company’s Chief Executive Officer and Chairman of the Board. Pursuant
to the terms of the employment agreement, Mr. Pier will receive a $100,000 one-time cash bonus if the Company’s common stock is
up listed to NASDAQ or the New York Stock Exchange, or the Company secures and receives financing of at least $8 million. Additionally,
the Company shall issue Mr. Pier, pursuant to the Company’s equity incentive plan, a restricted stock unit award containing the
following terms: Mr. Pier shall receive shares of common stock of the Company (i) representing 1% of the Company’s fully diluted
equity as of the payment date (the “Initial Equity Payment”) if the Company achieves a market capitalization of at least
$250 million for sixty consecutive days during the Term (the “Initial Market Capitalization Target”); and (ii) representing
the difference between 2% of the Company’s fully diluted equity as of the payment date and the amount of Initial Equity Payment
(the “Subsequent Equity Payment” and, together with Initial Equity Payment, “Equity Payments”) if the Company
achieves a market capitalization of at least $500 million for sixty consecutive days during the Term (the “Subsequent Market Capitalization
Target” and, together with Initial Market Capitalization Target, “Market Capitalization Targets”), such that Mr. Pier
has, in the aggregate, received shares of common stock of the Company representing 2% of the Company’s fully diluted equity as
of the date of payment of Subsequent Equity Payment. The Company will use issue such Equity Payments within seventy-three days after
the attainment of the applicable Market Capitalization Target. Mr. Pier shall remain eligible to receive additional equity-based compensation
awards as the Company may grant from time to time.
On
January 1, 2022, the Company entered into a consulting agreement (the “Toneguzzo Agreement”) with Frances Toneguzzo, Ph.D.,
the Company’s former CEO. Pursuant to the one-year term of the Toneguzzo Agreement in exchange for services in leading the research
and development teams and laboratory work, the consultant received $5,000 per month. The Company did not extend the Toneguzzo Agreement
after the expiration of the one-year term. As of June 30 2023, and December 31, 2022, $40,000 is included in accounts payable on the
unaudited consolidated balance sheets, related to the Toneguzzo Agreement.
NOTE
7 – SHORT-TERM LIABILITIES
Convertible
Note Payable
As
discussed in Note 2, on June 27, 2023, the Board of Directors approved a resolution authorizing the Company to obtain a secured six-month
term loan for the principal amount of $330,000. In connection therewith, on June 27, 2023, the Company entered into a Securities Purchase
Agreement with selected accredited investors whereby the Company had the right to secure the convertible note. The holder has conversion
rights upon event of default and the conversion price is equal to the average of the three lowest prices of the Company’s common
stock of the trailing ten days prior to the date conversion of the convertible note. At issuance and at June 30, 2023, the Company estimated
the fair value of the conversion option embedded in the Note and determined its value to be de minimis due to the fact that settlement
into shares of common stock only occurs upon an event of default. If the event of default were triggered this would provide the Note
holder with little upside potential and therefore no value was allocated to the embedded derivative.
Original
Issuance Discount
The
principal face value of the loan is $330,000 and was issued with an original issuance discount of $26,400 which resulted in aggregate
proceeds of $303,600. The loan carries an interest rate of 10% per year, has a default interest rate of 18% per year, and a maturity
date of December 27, 2023. Interest is payable on a monthly basis beginning one month following the issue date. Following an event of
default, the noteholder has the right to convert all or any part of the outstanding and unpaid principal, interest, penalties, and all
other amounts under the note into fully paid and non-assessable shares of Common Stock. Additionally, the noteholders have the option
to convert the $26,400 original issuance discount, which will accrete over the life of the loan based on the effective interest method.
The convertible note is also presented net of the issuance costs of $13,250 which will accrete over the life of the note, based on the
effective interest method. Accretion expense incurred related to the original issuance discount for the three and six months ended June
30, 2023 was approximately $661.
Debt
Discount
To
secure the convertible note, the Company paid a commitment fee of $83,526 by issuing 328,571 shares of the Company’s common stock.
The common stock was yet to be issued as of June 30, 2023. See Note 8. The convertible note is also presented net of the debt discount
of $83,526 which represents the relative fair value of the common stock issued as of June 30, 2023, which will accrete over the life
of the convertible note. Accretion expense incurred related to the debt discount for the three and six months ended June 30, 2023 was
approximately $1,393.
The
balance of the convertible note as of June 30, 2023 was $208,877, which is presented net of aggregate debt discount of $206,824 and aggregate
accretion expense of $2,054.
Short-Term
Note Payable
The
Company entered into a commercial insurance premium finance and security agreement in May 2023. The agreement finances the Company’s
annual D&O insurance premium. Payments are due in monthly installments of approximately $6,400 and carry an annual percentage interest
rate of 13.9%.
The
Company had an outstanding premium balance of approximately $54,230 at June 30, 2023 related to the agreement, which is included in short-term
note payable in the consolidated balance sheets. Interest expense for the three and six months ended June 30, 2023 was approximately
$706.
NOTE
8 – STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred
Stock
The
Company has 20,000,000 authorized shares of preferred stock, $0.001 par value per share.
Series
A Preferred Stock
On
December 19, 2017, the Company amended its articles of incorporation by filing a certificate of designation with the Secretary of State
of Florida therein designating a class of preferred stock as Series A Preferred Stock, $0.001 par value per share, consisting of 3 million
(3,000,000) shares. Each holder of shares of Series A Preferred Stock shall be entitled to the number of votes equal to the number of
votes held by the number of shares of common stock into which such share of Series A Preferred Stock could be converted, and except as
otherwise required by applicable law, shall have the voting rights and power equal to the voting rights and powers of the common stock.
The holders of the Series A Preferred Stock shall vote together with the holders of the common stock of the Company as a single class
and as single voting group upon all matters required to be submitted to a class or series vote pursuant to the protective provisions
of the Certificate of Designation or under applicable law.
In
the event of liquidation, dissolution or winding up of the Company, either voluntarily or involuntarily, the holders of Series A Preferred
Stock shall be entitled to receive, prior and in preference to any common stock holders, distribution of any surplus funds equal to the
greater of (i) the sum of $1.67 per share or (ii) such amount per share as would have been payable had all shares been converted to common
stock.
Each
share of Series A Preferred Stock is convertible into shares of common stock at a conversion Rate of 2:1 (the “Series A Conversion
Rate”). The Series A Conversion Rate shall be adjusted for stock splits, stock combinations, stock dividends or similar recapitalizations.
Pursuant
to the Articles of Incorporation, the shares of Series A Preferred Stock automatically converted into 6,000,000 shares of common stock
to be issued on February 12, 2021, (the one-year anniversary of the initial filing by the Company of the Form 10 filed with the SEC).
The common stock shares for the conversion of the Series A Preferred Stock were issued on January 13, 2022.
As
of June 30, 2023, and December 31, 2022, there were -0- shares of Series A Preferred Stock issued and outstanding.
Series
B Preferred Stock
On
December 19, 2017, the Company amended the articles of incorporation by filing a certificate of designation with the Secretary of State
of Florida therein designating a class of preferred stock as Series B Preferred Stock, $0.001 par value per share, consisting of 4.44
million (4,440,000) shares (the “Series B Preferred Stock Certificate of Designation”).
Each
holder of shares of Series B Preferred Stock shall be entitled to the number of votes equal to the number of votes held by the number
of shares of common stock into which such share of Series B Preferred Stock could be converted, and except as otherwise required by applicable
law, shall have the voting rights and power equal to the voting rights and powers of the common stock. The holders of the Series B Preferred
Stock shall vote together with the holders of the common stock of the Company as a single class and as single voting group upon all matters
required to be submitted to a class or series vote pursuant to the protective provisions of the Series B Preferred Stock Certificate
of Designation or under applicable law. In the event of liquidation, dissolution or winding up of the Corporation, either voluntarily
or involuntarily, the holders of Series A Preferred Stock shall be entitled to receive, prior and in preference to any common stock holders,
distribution of any surplus funds equal to the greater of : the sum of $0.83 per share or such amount per share as would have been payable
had all shares been converted to common stock.
The
holder of Series B Preferred Stock may elect at any time to convert such sharers into common stock of the Company. Each share of Series
B Preferred Stock is convertible into shares of common stock at a conversion rate of 1:1 (the “Series B Conversion Rate”).
The Series B Conversion Rate shall be adjusted for stock splits, stock combinations, stock dividends or similar recapitalizations.
Pursuant
to the Articles of Incorporation, the shares of Series B Preferred Stock automatically converted into 4,440,000 shares of common stock
to be issued on February 12, 2021, the one-year anniversary of the initial filing by the Company of the Form 10 filed by the Company
with the SEC. The common stock shares for the conversion of the Series B Preferred Stock were issued on January 13, 2022.
As
of June 30, 2023, and December 31, 2022, there were -0- shares of Series B Preferred Stock issued and outstanding.
Common
Stock
The
Company has 300,000,000 authorized shares of common stock, $0.001 par value per share. As of June 30, 2023, and December 31, 2022, there
were 31,188,460 shares, respectively, of common stock issued and outstanding.
Common
Stock Issuances
On
February 12, 2021, the Company issued 6,000,000 shares of common stock to the holders of Series A Preferred Stock, pursuant to the automatic
conversion feature of the Series A Certificate of Designation, whereby, the Series A shares are to automatically convert on the one-year
anniversary of the Company filing its Registration Statement on Form 10. The Form 10 Registration Statement was filed with the SEC on
February 12, 2020. The common stock shares for the conversion of the Series A Preferred Stock were issued on January 13, 2022.
On
February 12, 2021, the Company issued 4,440,000 shares of common stock to the holders of Series B Preferred Stock, pursuant to the automatic
conversion feature of the Series B Certificate of Designation, whereby, the Series B shares are to automatically convert on the one-year
anniversary of the Company filing its Registration Statement on Form 10. The Form 10 Registration Statement was filed with the SEC on
February 12, 2020. The common stock shares for the conversion of the Series B Preferred Stock were issued on January 13, 2022.
In
2022, the Company determined that the former Series B Preferred Stockholders, subsequent to all Series B Preferred Stock having previously
been converted to shares of common stock in 2021, were owed additional shares of common stock due to an adjustment to the conversion
price that occurred as a result of a down round trigger event that occurred in 2019 when the Company sold shares of common stock and
a warrant in a private placement at a price of $0.25, which was below the original conversion ratio of the Series B Preferred Stock.
Management determined the total additional shares owed to the Preferred B Stockholders to be 1,001,177 as a result of the down round
trigger. The financial statement impact of this down round trigger was not significant. The shares owed to the Series B Preferred Stockholders
due to the 2019 trigger event have been presented on the statement of stockholders’ deficit retrospectively as common stock to
be issued with no impact on total stockholders’ deficit. The Company issued the additional shares to the Series B Preferred Stockholders
on March 24, 2022.
In
July 2022, the Company received proceeds totaling $50,000 and issued 100,000 shares of common stock pursuant to the exercise of warrants
at $0.50 per share.
Common
Stock to be issued
As
of June 30, 2023 and December 31, 2022, there were 1,455,852 and 727,281, respectively, shares of common stock to be issued.
In
April 2023, the Company entered into Security Purchase Agreements (“SPA’s) with select accredited investors in connection
with a private offering. The Company raised an aggregate amount of $100,000 issuing 400,000 shares of common stock at $0.25 per share.
In
connection with the promissory note as discussed in Note 7, to secure the note, the Company paid a commitment fee by issuing 328,571
shares of the Company’s common stock. The relative fair value of the common stock was $83,526 as of June 30, 2023. The shares were
subsequently issued in July 2023.
The
remaining amount of common shares to be issued relates to 597,281 shares to be issued pursuant to a Stock Issuance and Release Agreement
(“SRI Agreement”) executed by the Company in February 2019 to stockholders for no consideration who purchased shares in 2018
at $1.85, 30,000 shares of common stock to be issued to two initial shareholders of VI, and 100,000 shares to be issued pursuant to the
exercise of warrants in July 2022.
Stock
Option-Based Compensation Plan
On
August 10, 2022, the Board of Directors of the Company approved and adopted the Vicapsys Life Sciences, Inc., 2022 Omnibus Equity Incentive
Plan (the “Plan”). The material terms of the 2022 Plan are set forth below:
● |
The
Board or a committee established by the Board will administer the 2022 Plan. |
● |
The
total number of shares of common stock authorized for issuance under the 2022 Plan is 3,200,000 shares of Common Stock plus, to the
extent the Company issues new shares of Common Stock other than under the terms of the 2022 Plan or other than certain Inducement
Awards, 3.1% of the shares of Common Stock issued by the Company in such issuance (or such lower amount as determined by the Board).
As of August 16, 2022, 3,200,000 shares of Common Stock represents approximately 10.1% of our common stock outstanding. |
● |
Eligible
recipients of awards include an employee, director or independent contractor of the Company who has been selected as an eligible
participant by the Administrator, subject to certain limitations relating to Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”). |
● |
No
non-employee director may be granted awards under the 2022 plan during any calendar year if such awards and cash fees paid for serving
as a non-employee director would exceed $150,000 in the non-employee director’s initial year of service, or $195,000 in any
year thereafter. |
● |
In
no event shall the exercise price of an option issued pursuant to the 2022 Plan be less than one hundred percent (100%) of the Fair
Market Value of a share of Common Stock on the date of grant. |
The
purposes of the Plan are to (i) provide an additional incentive to selected employees, directors, and independent contractors of the
Company or its Affiliates whose contributions are essential to the growth and success of the Company, (ii) strengthen the commitment
of such individuals to the Company and its Affiliates, (iii) motivate those individuals to faithfully and diligently perform their responsibilities
and (iv) attract and retain competent and dedicated individuals whose efforts will result in the long-term growth and profitability of
the Company. To accomplish these purposes, the Plan provides that the Company may grant Options, Stock Appreciation Rights, Restricted
Stock, Restricted Stock Units, Other Stock-Based Awards or any combination of the foregoing.
Stock
Option Activity
The
following table summarizes activities related to stock options of the Company for the three months ended June 30, 2023:
SCHEDULE OF STOCK OPTIONS ACTIVITY
| |
Number of Options | | |
Weighted- Average Exercise Price per Share | | |
Weighted- Average Remaining Life (Years) | | |
Aggregate Intrinsic Value (Per Option) | |
Outstanding at December 31, 2022 | |
| 2,670,000 | | |
$ | 0.62 | | |
| 6.21 | | |
$ | — | |
Outstanding at June 30, 2023 | |
| 2,670,000 | | |
$ | 0.62 | | |
| 5.71 | | |
$ | — | |
Exercisable at June 30, 2023 | |
| 2,670,000 | | |
$ | 0.62 | | |
| 5.71 | | |
$ | — | |
The
Company did not grant any options to purchase shares of common stock during the three months and six months ended June 30, 2023. As of
June 30, 2023, there were 2,670,000 shares of fully vested stock options. The Company recorded stock compensation expense of $0 and $20,697,
respectively, for the three and six months ended June 30, 2023. The Company recorded stock compensation expense of $0 and $20,697 for
the three and six months ended June 30, 2023, respectively. The Company recorded stock compensation expense of $1,081 and $2,162 for
the three and six months ended June 30, 2022, respectively.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited
consolidated financial statements and the notes thereto appearing in Part I, Item 1 of this Quarterly Report. Historical results and
trends that might appear in this Quarterly Report should not be interpreted as being indicative of future operations.
Overview
Vicapsys
Life Sciences, Inc. (“VLS”) was incorporated in the State of Florida on July 8, 1997 under the name All Product Distribution
Corp. On August 19, 1998, the Company changed its name to Phage Therapeutics International, Inc. On November 13, 2007, the Company changed
its name to SSGI, Inc. On December 22, 2017, pursuant to a Share Exchange Agreement (the “Exchange Agreement”) by and among
VLS, Michael W. Yurkowsky, ViCapsys, Inc. (“VI”) and the shareholders of VI, a private company, VI became a wholly owned
subsidiary of VLS. We refer to VLS and VI together as the “Company”.
The
Company’s strategy is to develop and commercialize, on a worldwide basis, various intellectual property rights (patents, patent
applications, know how, etc.) relating to a series of encapsulated products that incorporate proprietary derivatives of the chemokine
CXCL12 for creating a zone of immuno protection around cells, tissues, organs and devices for therapeutic purposes. The product name
VICAPSYN™ is the Company’s proprietary product line that is applied to transplantation therapies and related stem-cell applications
in the transplantation field.
Results
of Operations – Three and Six Months Ended June 30, 2023, and 2022
Revenues
The
Company did not have any revenues for the three and six months ended June 30, 2023 and 2022.
Operating
Expenses
We
classify our operating expenses into four categories: personnel costs, research and development expenses, professional fees, and general
and administrative expenses. The Company’s total operating expenses for the three and six months ended June 30, 2023 were $135,693
and $346,970, respectively, compared to $180,056 and $347,103 for the three and six months ended June 30, 2022.
$10,833
monthly increase in Director fees for our CEO commencing in January 2023, resulted in an increase in personnel costs to $66,913 and $130,944
for the three and six months ended June 30, 2023, respectively, from $30,915 and $61,284 for the three and six months ended June 30,
2022. We incurred $2,000 and $12,000 in research and development expenses during the three and six months ended June 30, 2023, respectively,
related to a ninth amendment license fee and also an annual royalty fee we agreed to pay upon execution of the Eighth Amendment to the
License Agreement with MGH. Research and development expenses remained consistently low as the Company continued ongoing financing efforts
in the wake of the negative impact of COVID-19, which continued to hinder the Company’s ability to raise the additional capital
necessary to maintain regular operating activities. The decrease in general and administrative costs to $15,313 for the three months
ended June 30, 2023, from $16,160 for the three months ended June 30, 2022, was primarily due to no amortization expense incurred during
the three months ended June 30, 2023 related to the intangible asset that was written off as of December 31, 2022, and was partially
offset by an increase in insurance expense related to the new D&O policy. The increase in general and administrative costs to $39,773
for the six months ended June 30, 2023, from $28,953 for the six months ended June 30, 2022, was primarily due to insurance expense incurred
related to the new D&O policy. The decrease in professional fees to $51,467 and $164,253 for the three and six months ended June
30, 2023, from $132,981 and $246,866 for the three and six months ended June 30, 2022, was primarily attributable to the legal, accounting,
and consulting and investor relations costs incurred in 2022 in support of the Company’s efforts to obtain a listing on a national
securities exchange.
Funding
Requirements
We
anticipate that substantial additional equity or debt financings or funding from collaborative agreements or from foundations, government
grants or other sources, will be needed to complete preclinical and animal testing necessary to file an Investigational New Drug Application
with the U.S. Food and Drug Administration, and that further funding beyond such amounts will be required to commence trials and other
activities necessary to begin the process of development and regulatory approval of a product for the continued growth of the Company.
Additional capital will also be required for the clinical development of the recently discovered anti-fibrotic applications and corporate
partnerships will be necessary to move Company products into advanced clinical development and commercialization. We also anticipate
our cash expenditures will increase as we continue to operate as a publicly traded entity.
Liquidity
and Capital Resources
At
June 30, 2023, we had $231,277 of cash on hand and an accumulated deficit of $15,461,385.
We
do not believe that we have enough cash on hand to operate our business during the next 12 months. We anticipate we will need to raise
an additional $1 million through the issuance of debt or equity securities to sustain base operations during the next 12 months, excluding
development work. There can be no assurance that we will be able to obtain additional funding on commercially reasonable terms, or at
all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interests
of our common stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely
affect the rights of our common stockholders. Debt financing, if available, may involve agreements that include conversion discounts
or covenants limiting or restricting our ability to take specific actions, such as incurring debt, making capital expenditures or declaring
dividends.
If
we raise additional funds through government or other third-party funding, marketing and distribution arrangements or other collaborations,
or strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights to our future revenue
streams, products or therapeutic candidates or to grant licenses on terms that may not be favorable to us.
To
date, we have financed our operations through our sale of equity and debt securities. Failure to generate revenue or to raise funds could
cause us to go out of business, which would result in the complete loss for investors in our Company.
To
date, we have generated no revenues, and no substantial revenues are anticipated until we have implemented our full plan of operations.
To implement our strategy to grow and expand per our business plan, we intend to generate working capital via a private placement of
equity or debt securities, or to secure a loan. If we are unsuccessful in raising capital or securing a loan, we could be required to
cease business operations and investors would lose all of their investment.
In
July 2022, the Company received aggregate proceeds totaling $50,000 and issued 100,000 shares of common stock pursuant to the exercise
of warrants at $0.50 per share.
In
April 2023, the Company entered into Security Purchase Agreements (“SPA’s) with select accredited investors in connection
with a private offering by the Company to raise a maximum of $300,000 through the sale of shares of common stock at $0.25 per share.
The Company has raised an aggregate amount of $100,000 as of the date of these consolidated financial statements.
In
June 2023, the Board of Directors approved a resolution authorizing the Company to obtain a six-month term loan for the principal amount
of $330,000. In connection therewith, the Company entered into a Securities Purchase Agreement with selected accredited investors whereby
the Company secured a convertible promissory note in the amount of $330,000, which was issued with an original issuance discount of $26,400
and resulted in aggregate proceeds of $303,600. The Company received aggregate proceeds of $290,350, net of issuance costs.
Additionally,
we will have to meet all the financial disclosure and reporting requirements associated with being a publicly reporting company. Our
management will have to spend additional time on policies and procedures to make sure our Company is compliant with various regulatory
requirements.
This
additional corporate governance time required of management could limit the amount of time management has to implement our business plan
and may impede the speed of our operations.
Working
Capital Deficit
| |
June 30, 2023 | | |
December 31, 2022 | |
Current Assets | |
$ | 378,147 | | |
$ | 72,021 | |
Current Liabilities | |
| 1,471,685 | | |
| 1,022,812 | |
Working Capital Deficit | |
$ | (1,093,538 | ) | |
$ | (950,791 | ) |
Cash
Flows
Cash
activity for the six months ended June 30, 2023, and 2022 is summarized as follows:
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Net cash used in operating activities | |
$ | (228,060 | ) | |
$ | (200,006 | ) |
Net increase (decrease) in cash | |
$ | 217,180 | | |
$ | (200,006 | ) |
Off-Balance
Sheet Arrangements
We
do not have any off-balance sheet arrangements as defined in Regulation S-K Item 303(a)(4) during the periods presented, investments
in special-purpose entities or undisclosed borrowings or debt. Additionally, we are not a party to any derivative contracts or synthetic
leases.
Contractual
Obligations
MGH
License Agreement
The
Company has executed a License Agreement with MGH. Prior to the first commercial sale, the License Agreement requires the Company to
pay MGH a non-refundable annual license fee of $10,000 by June 30, 2022, and on each subsequent anniversary of the Effective Date thereafter.
The first non-refundable annual license fee was paid on July 1, 2022. Additionally, following the first commercial sale, the License
agreement requires the Company to pay MGH a non-refundable annual minimum royalty in the amount of $100,000 per year within sixty days
after each annual anniversary of the Effective Date.
The
License Agreement also requires VI to pay to MGH a 1% royalty rate on net sales related to the first license sub-field, which is the
treatment of T1D. Future sub-fields shall carry a reasonable royalty rate, consistent with industry standards, to be negotiated at the
time the first such royalty payment shall become due with respect to the applicable Products and Processes (as defined in the License
Agreement).
The
License Agreement additionally requires VI to pay to MGH a $1.0 million “success payment” within 60 days after the first
achievement of total net sales of Product or Process equal or exceeding $100,000,000 in any calendar year and $4,000,000 within 60 days
after the first achievement of total net sales of Product or Process equal to or exceeding $250,000,000 in any calendar year. The Company
is also required to reimburse MGH’s expenses in connection with the preparation, filing, prosecution and maintenance of all Patent
Rights.
The
Company entered into a consulting agreement with Donohoe Advisory Associates, LLC to provide assistance and advice to the Company in
support of the Company’s efforts to obtain a listing on a national securities exchange. The Company will be obligated to pay a
“success fee” to the Consultant of either $10,000 or that number of registered common shares equivalent to $10,000 divided
by the closing price of the Company’s common stock on the last day of trading on the OTC Market. The form of the success fee will
be determined by the Company.
Employment
Agreement
The
Company has an employment agreement with Federico Pier, the Company’s Chief Executive Officer and Chairman of the Board. Pursuant
to the terms of the employment agreement, Mr. Pier will receive a $100,000 one-time cash bonus if the Company’s common stock is
up listed to NASDAQ or the New York Stock Exchange, or the Company secures and receives financing of at least $8 million. Additionally,
the Company shall issue Mr. Pier, pursuant to the Company’s equity incentive plan, a restricted stock unit award containing the
following terms: Mr. Pier shall receive shares of common stock of the Company (i) representing 1% of the Company’s fully diluted
equity as of the payment date (the “Initial Equity Payment”) if the Company achieves a market capitalization of at least
$250 million for sixty consecutive days during the Term (the “Initial Market Capitalization Target”); and (ii) representing
the difference between 2% of the Company’s fully diluted equity as of the payment date and the amount of Initial Equity Payment
(the “Subsequent Equity Payment” and, together with Initial Equity Payment, “Equity Payments”) if the Company
achieves a market capitalization of at least $500 million for sixty consecutive days during the Term (the “Subsequent Market Capitalization
Target” and, together with Initial Market Capitalization Target, “Market Capitalization Targets”), such that Mr. Pier
has, in the aggregate, received shares of common stock of the Company representing 2% of the Company’s fully diluted equity as
of the date of payment of Subsequent Equity Payment. The Company will use issue such Equity Payments within seventy-three days after
the attainment of the applicable Market Capitalization Target. Mr. Pier shall remain eligible to receive additional equity-based compensation
awards as the Company may grant from time to time.
The
Company entered into a consulting agreement with Alpha IR Group, LLC to provide consulting, investor relations, and corporate and transaction
communication related services. The initial term of the consulting agreement was for three months beginning March 1, 2022, and the Company
agreed to pay compensation equal to the sum of $50,000 payable in cash or stock options for the three months of service.
Critical
Accounting Policies and Estimates
Our
discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have
been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these consolidated
financial statements and related disclosures requires us to make estimates and judgments that affect the reported amounts of assets,
liabilities, expenses, and related disclosure of contingent assets and liabilities. We evaluate, on an ongoing basis, our estimates and
judgments, including those related to the useful life of the assets. We base our estimates on historical experience and assumptions that
we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values
of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The
methods, estimates and judgments we use in applying our most critical accounting policies have a significant impact on the results that
we report in our consolidated financial statements. The Securities and Exchange Commission (the “SEC”), considers an entity’s
most critical accounting policies to be those policies that are both most important to the portrayal of a company’s financial condition
and results of operations and those that require management’s most difficult, subjective or complex judgments, often as a result
of the need to make estimates about matters that are inherently uncertain at the time of estimation.
We
believe the following critical accounting policies, among others, require significant judgments and estimates used in the preparation
of our interim consolidated financial statements.
Our
significant accounting policies are described in more detail in the notes to our consolidated financial statements for the fiscal year
ended December 31, 2022, included in the Company’s Annual Report filed on Form 10-K with the SEC on April 14, 2023.
Recent
Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect
on the accompanying unaudited consolidated financial statements.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Pursuant
to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as
it is a “smaller reporting company,” as defined by Rule 229.10(f)(1).
ITEM
4. CONTROLS AND PROCEDURES.
Evaluation
of Disclosure Controls and Procedures
The
Company maintains “disclosure controls and procedures” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us
in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified
in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including
its Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.
In
designing and evaluating the Company’s disclosure controls and procedures, management recognizes that disclosure controls and procedures,
no matter how well designed and operated, can provide only reasonable assurance of achieving the desired objectives, and the Company
necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures.
The
Company’s management, including its Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design
and operation of the Company’s disclosure controls and procedures as of March 31, 2023, and concluded that the Company’s
disclosure controls and procedures were not effective as of March 31, 2023, due to a material weakness in the Company’s internal
control over financial reporting.
The
Company has an ineffective control environment due to a lack of internal resources with expertise to determine entries and disclosures
related to some of the Company’s more complex equity transactions. Management believes this lack of internal expertise has been
historically mitigated by continuing to retain consultants with this expertise when needed. The Company expects that this material weakness
will be further remediated with future capital raises.
Changes
in Internal Control Over Financial Reporting
There
were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the
Exchange Act) identified in connection with the evaluation during the quarter ended March 31, 2023 that have materially affected, or
that are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART
II – OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS.
The
Company is not a party to any pending legal proceeding, nor is the Company’s property the subject of a pending legal proceeding.
None of the Company’s directors, officers or affiliates are involved in a proceeding adverse to our business or has a material
interest adverse to the Company’s business.
ITEM
1A. RISK FACTORS.
As
a smaller reporting company, the Company is not required to disclose material changes to the risk factors that were contained in the
Company’s Form 10 registration statement originally filed with the SEC on February 12, 2020, as amended (the “Form 10”).
However, in light of the recent coronavirus (COVID-19) pandemic, set forth below is a risk factor relating to COVID-19. Other than as
set forth below, as of the filing date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors
faced by the Company from those previously disclosed in the Form 10.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM
4. MINE SAFETY DISCLOSURES.
Not
applicable.
ITEM
5. OTHER INFORMATION.
None.
ITEM
6. EXHIBITS.
* |
Filed
herewith. |
** |
This
certification is being furnished solely to accompany this Quarterly Report pursuant to 18 U.S.C. Section 1350, and it is not being
filed for purposes of Section 18 of the Securities Exchange Act of 1934 and is not to be incorporated by reference into any filing
of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. |
SIGNATURES
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.
Date:
August 14, 2023
|
Vicapsys Life Sciences, Inc. |
|
|
|
|
By: |
/s/
Federico Pier |
|
|
Federico
Pier |
|
|
Chief
Executive Officer and Executive Chairman of the Board |
|
|
(Principal
Executive Officer) |
|
|
|
|
By: |
/s/
Jeffery Wright |
|
|
Jeffery
Wright |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer and |
|
|
Principal
Accounting Officer) |
EXHIBIT 31.1
CERTIFICATIONS
I, Federico Pier, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2023, of Vicapsys Life Sciences, Inc.; |
|
|
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(s) 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(s) 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 14, 2023 |
/s/ Federico Pier |
|
Federico Pier, |
|
Chief Executive Officer and Executive Chairman of the Board (principal executive officer) |
EXHIBIT 31.2
CERTIFICATIONS
I, Jeffery Wright, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2023, of Vicapsys Life Sciences, Inc.; |
|
|
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(s) 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(s) 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 14,2023 |
/s/ Jeffery Wright |
|
Jeffery Wright, |
|
Chief Financial Officer (principal financial officer) |
EXHIBIT 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND
CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14(b)
UNDER
THE SECURITIES EXCHANGE ACT OF 1934 AND SECTION
1350 OF
CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE
Each of the undersigned, Federico Pier and Jeffery
Wright, certifies pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the
United States Code, that (1) this quarterly report on Form 10-Q for the quarter ended June 30, 2023, of Vicapsys Life Sciences, Inc.
(the “Company”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, and (2) the
information contained in this report fairly presents, in all material respects, the financial condition and results of operations of the
Company.
Date: August 14, 2023
|
/s/ Federico Pier |
|
Federico Pier, |
|
Chief Executive Officer and Executive Chairman of the Board (principal executive officer) |
|
|
|
/s/ Jeffery Wright |
|
Jeffery Wright, |
|
Chief Financial Officer (principal financial officer) |
This certification accompanies this Quarterly Report
on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed
filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such
certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except to the extent that the Company specifically incorporates it by reference.
v3.23.2
Cover - shares
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Jun. 30, 2023 |
Aug. 14, 2023 |
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Current Fiscal Year End Date |
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|
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Entity File Number |
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|
|
Entity Registrant Name |
VICAPSYS
LIFE SCIENCES, INC.
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Entity Central Index Key |
0001468639
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current Assets: |
|
|
Cash |
$ 231,277
|
$ 14,097
|
Prepaid Expenses |
77,780
|
7,483
|
Deferred offering costs |
69,090
|
50,441
|
Total Current Assets |
378,147
|
72,021
|
Total Assets |
378,147
|
72,021
|
Current Liabilities: |
|
|
Accounts payable |
665,911
|
635,183
|
Accounts payable, related parties |
427,355
|
272,317
|
Accrued salaries |
115,312
|
115,312
|
Short-term note payable |
54,230
|
|
Convertible note payable |
208,877
|
|
Total Current Liabilities |
1,471,685
|
1,022,812
|
Commitments and Contingencies (Note 6) |
|
|
Stockholders’ Deficit: |
|
|
Preferred stock, value |
|
|
Common Stock, par value $0.001; 300,000,000 shares authorized; 31,188,460 shares issued and outstanding |
31,188
|
31,188
|
Common stock to be issued, par value $0.001; 1,455,852 and 727,281 shares outstanding, respectively |
1,456
|
727
|
Additional paid-in capital |
14,335,203
|
14,135,257
|
Accumulated deficit |
(15,461,385)
|
(15,117,963)
|
Total Stockholders’ Deficit |
(1,093,538)
|
(950,791)
|
Total Liabilities and Stockholders’ Deficit |
378,147
|
72,021
|
Series A Preferred Stock [Member] |
|
|
Stockholders’ Deficit: |
|
|
Preferred stock, value |
|
|
Series B Preferred Stock [Member] |
|
|
Stockholders’ Deficit: |
|
|
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|
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Preferred stock par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
20,000,000
|
20,000,000
|
Common stock, par or stated value per share |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
300,000,000
|
300,000,000
|
Common stock, shares issued |
31,188,460
|
31,188,460
|
Common stock, shares outstanding |
31,188,460
|
31,188,460
|
Common stock to be issued, par value |
$ 0.001
|
$ 0.001
|
Common stock to be issued, shares outstanding |
1,455,852
|
727,281
|
Series A Preferred Stock [Member] |
|
|
Preferred stock par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
3,000,000
|
3,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Series B Preferred Stock [Member] |
|
|
Preferred stock par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
4,440,000
|
4,440,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
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v3.23.2
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
|
|
|
|
Operating Expenses: |
|
|
|
|
Personnel costs |
66,913
|
30,915
|
130,944
|
61,284
|
Research and development expenses, related party |
2,000
|
|
12,000
|
10,000
|
Professional fees |
51,467
|
132,981
|
164,253
|
246,866
|
General and administrative expenses |
15,313
|
16,160
|
39,773
|
28,953
|
Total operating expenses |
135,693
|
180,056
|
346,970
|
347,103
|
Loss from operations |
(135,693)
|
(180,056)
|
(346,970)
|
(347,103)
|
Income (loss) before income taxes |
(135,693)
|
(180,056)
|
(346,970)
|
(347,103)
|
Income taxes |
|
|
|
|
Net income (loss) available to common shareholders |
$ (135,693)
|
$ (180,056)
|
$ (346,970)
|
$ (347,103)
|
Net income (loss) per common share: |
|
|
|
|
Basic |
$ (0.00)
|
$ (0.01)
|
$ (0.01)
|
$ (0.01)
|
Diluted |
$ (0.00)
|
$ (0.01)
|
$ (0.01)
|
$ (0.01)
|
Weighted average common shares outstanding: |
|
|
|
|
Basic |
35,314,313
|
31,188,461
|
35,314,313
|
29,957,398
|
Diluted |
35,314,313
|
31,188,461
|
35,314,313
|
29,957,398
|
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v3.23.2
Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member] |
Common Stock to be Issued [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance at Dec. 31, 2021 |
$ 19,747
|
$ 12,068
|
$ 13,976,159
|
$ (14,129,625)
|
$ (121,651)
|
Beginning balance, shares at Dec. 31, 2021 |
19,747,283
|
12,067,458
|
|
|
|
Common stock issued from common stock to be issued |
$ 11,441
|
$ (11,441)
|
|
|
|
Common stock issued for common stock to be issued, shares |
11,441,177
|
(11,440,177)
|
|
|
|
Stock-based compensation expense |
|
|
1,081
|
|
1,081
|
Net income (loss) |
|
|
|
(167,047)
|
(167,047)
|
Ending balance at Mar. 31, 2022 |
$ 31,188
|
$ 627
|
13,977,240
|
(14,296,672)
|
(287,617)
|
Ending balance, shares at Mar. 31, 2022 |
31,188,460
|
627,281
|
|
|
|
Beginning balance at Dec. 31, 2021 |
$ 19,747
|
$ 12,068
|
13,976,159
|
(14,129,625)
|
(121,651)
|
Beginning balance, shares at Dec. 31, 2021 |
19,747,283
|
12,067,458
|
|
|
|
Net income (loss) |
|
|
|
|
(347,103)
|
Ending balance at Jun. 30, 2022 |
$ 31,188
|
$ 627
|
13,978,321
|
(14,476,728)
|
(466,592)
|
Ending balance, shares at Jun. 30, 2022 |
31,188,460
|
627,281
|
|
|
|
Beginning balance at Mar. 31, 2022 |
$ 31,188
|
$ 627
|
13,977,240
|
(14,296,672)
|
(287,617)
|
Beginning balance, shares at Mar. 31, 2022 |
31,188,460
|
627,281
|
|
|
|
Stock-based compensation expense |
|
|
1,081
|
|
1,081
|
Net income (loss) |
|
|
|
(180,056)
|
(180,056)
|
Ending balance at Jun. 30, 2022 |
$ 31,188
|
$ 627
|
13,978,321
|
(14,476,728)
|
(466,592)
|
Ending balance, shares at Jun. 30, 2022 |
31,188,460
|
627,281
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 31,188
|
$ 727
|
14,131,709
|
(15,117,963)
|
(950,791)
|
Beginning balance, shares at Dec. 31, 2022 |
31,188,460
|
727,281
|
|
|
|
Stock-based compensation expense |
|
|
20,697
|
|
20,697
|
Net income (loss) |
|
|
|
(211,277)
|
(211,277)
|
Ending balance at Mar. 31, 2023 |
$ 31,188
|
$ 727
|
14,152,406
|
(15,325,692)
|
(1,141,371)
|
Ending balance, shares at Mar. 31, 2023 |
31,188,460
|
727,281
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 31,188
|
$ 727
|
14,131,709
|
(15,117,963)
|
(950,791)
|
Beginning balance, shares at Dec. 31, 2022 |
31,188,460
|
727,281
|
|
|
|
Net income (loss) |
|
|
|
|
(346,970)
|
Ending balance at Jun. 30, 2023 |
$ 31,188
|
$ 1,456
|
14,335,203
|
(15,461,385)
|
(1,093,538)
|
Ending balance, shares at Jun. 30, 2023 |
31,188,460
|
1,455,852
|
|
|
|
Beginning balance at Mar. 31, 2023 |
$ 31,188
|
$ 727
|
14,152,406
|
(15,325,692)
|
(1,141,371)
|
Beginning balance, shares at Mar. 31, 2023 |
31,188,460
|
727,281
|
|
|
|
Net income (loss) |
|
|
|
(135,693)
|
(135,693)
|
Common stock to be issued pursuant to private placement completed in April 2023 |
|
$ 400
|
99,600
|
|
100,000
|
Common stock to be issued pursuant to private placement completed in April 2023, shares |
|
400,000
|
|
|
|
Common stock to be issued per loan commitment |
|
$ 329
|
83,197
|
|
83,526
|
Common stock to be issued per loan commitment, shares |
|
328,571
|
|
|
|
Ending balance at Jun. 30, 2023 |
$ 31,188
|
$ 1,456
|
$ 14,335,203
|
$ (15,461,385)
|
$ (1,093,538)
|
Ending balance, shares at Jun. 30, 2023 |
31,188,460
|
1,455,852
|
|
|
|
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v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash Flows from Operating Activities: |
|
|
Net (loss) |
$ (346,970)
|
$ (347,103)
|
Adjustments to reconcile net (loss) to net cash used in operating activities: |
|
|
Amortization of intangible asset |
|
15,644
|
Stock-based compensation |
20,697
|
2,162
|
Amortization of debt discount |
1,393
|
|
Deferred offering costs |
(18,649)
|
|
Changes in operating assets and liabilities: |
|
|
Prepaid Expenses |
(70,297)
|
(3,542)
|
Accounts payable |
158,634
|
78,693
|
Accounts payable, related parties |
27,132
|
54,140
|
Net Cash Used in Operating Activities |
(228,060)
|
(200,006)
|
Cash Flows from Financing Activities: |
|
|
Proceeds from private placement |
100,000
|
|
Proceeds from short-term note payable |
54,230
|
|
Proceeds from short-term convertible note |
291,010
|
|
Net Cash Provided By Financing Activities |
445,240
|
|
Net Increase (Decrease) in Cash |
217,180
|
(200,006)
|
Cash, Beginning of period |
14,097
|
217,295
|
Cash, End of period |
231,277
|
17,289
|
Supplementary Cash Flow Information |
|
|
Cash paid for interest |
706
|
|
Cash paid for taxes |
545
|
|
Non-cash investing and financing activities |
|
|
Commitment fee for convertible debt treated as debt discount |
83,526
|
|
Discount on debt |
$ 26,400
|
|
X |
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v3.23.2
ORGANIZATION
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION |
NOTE
1 - ORGANIZATION
Business
Vicapsys
Life Sciences, Inc. (“VLS”) was incorporated in the State of Florida on July 8, 1997 under the name All Product Distribution
Corp. On August 19, 1998, the Company changed its name to Phage Therapeutics International, Inc. On November 13, 2007, the Company changed
its name to SSGI, Inc. On December 22, 2017, pursuant to a Share Exchange Agreement (the “Exchange Agreement”) by and among
VLS, Michael W. Yurkowsky, ViCapsys, Inc. (“VI”) and the shareholders of VI, a private company, VI became a wholly owned
subsidiary of VLS. We refer to VLS and VI together as the “Company”. VLS serves as the holding company for VI. Other than
its interest in VI, VLS does not have any material assets or operations.
Per
the schedule 14C filed on July 28, 2023, on July 28, 2023, stockholders of the Company approved a reverse split in the range from 1-for-2
to 1-for-50, with the Board of Directors able to pick the ratio or abandon the split. The split is subject to FINRA clearance and filing
with Secretary of State. As of the date of this filing such split has not occurred.
The
Company’s strategy is to develop and commercialize, on a worldwide basis, various intellectual property rights (patents, patent
applications, know how, etc.) relating to a series of encapsulated products that incorporate proprietary derivatives of the chemokine
CXCL12 for creating a zone of immunoprotection around cells, tissues, organs and devices for therapeutic purposes. The product name VICAPSYN™
is the Company’s proprietary product line that is applied to transplantation therapies and related stem-cell applications in the
transplantation field.
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v3.23.2
GOING CONCERN AND MANAGEMENT’S PLANS
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN AND MANAGEMENT’S PLANS |
NOTE
2 – GOING CONCERN AND MANAGEMENT’S PLANS
The
accompanying unaudited consolidated financial statements have been prepared assuming the Company will continue as a going concern, which
assumes the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company experienced
a net loss of $346,970 for the six months ended June 30, 2023, had a working capital deficit of $1,093,538 and an accumulated deficit
of $15,461,385 as of June 30, 2023. These factors raise substantial doubt about the Company’s ability to continue as a going concern
and to operate in the normal course of business within one year after the date that the financial statements are issued. These unaudited
consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset
amounts and classification of liabilities that might result from this uncertainty.
In
March 2020, the World Health Organization declared the novel COVID-19 virus as a global pandemic. The COVID-19 outbreak in the United
States continued to negatively impact to the Company’s ability to secure additional debt or equity funding to support operations
in 2022 and 2023. In 2022, the Company received proceeds of $50,000 from the exercise of warrants. In April 2023, the Company raised
an aggregate of $100,000 from the sale of 400,000 shares of common stock to support current operations and extend research and development
of its product line. We also secured a short-term convertible loan in June 2023 for $330,000 which contained separately an original issuance
discount of $26,400. From this short-term convertible loan, we received net proceeds of $290,350. The short-term convertible loan was
also issued with a debt discount of $83,526 that was paid in shares of common stock.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES |
NOTE
3 – SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements in this report have been prepared by the Company without audit. In the opinion of management,
all adjustments necessary to present the financial position, results of operations and cash flows for the stated periods have been made.
Except as described below, these adjustments consist only of normal and recurring adjustments. Certain information and note disclosures
normally included in the Company’s consolidated annual financial statements prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted.
These
unaudited consolidated financial statements should be read in conjunction with a reading of the Company’s consolidated audited
financial statements and notes thereto for the year ended December 31, 2022, filed with the Company’s annual report on Form 10-K
with the Securities and Exchange Commission (the “SEC”) on April 14, 2023. Interim results of operations for the three and
six months ended June 30, 2023, and 2022, are not necessarily indicative of future results for the full year. The unaudited consolidated
financial statements of the Company include the consolidated accounts of VLS and its wholly owned subsidiary VI. All intercompany accounts
and transactions have been eliminated in consolidation.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. Significant
estimates included in the financial statements, include useful the life of intangible assets, valuation allowance for deferred tax assets
and non-cash equity transactions and stock-based compensation.
Cash
The
Company considers all highly liquid investments with an original term of three months or less to be cash equivalents. The Company held
no cash equivalents as of June 30, 2023, and December 31, 2022. Cash balances may, at certain times, exceed federally insured limits.
If the amount of a deposit at any time exceeds the federally insured amount at a bank, the uninsured portion of the deposit could be
lost, in whole or in part, if the bank were to fail.
Intangible
Assets
Costs
of intangible assets are accounted for through the capitalization of those costs incurred in connection with developing or obtaining
such assets. Capitalized costs are included in intangible assets in the unaudited consolidated balance sheets. The Company’s intangible
assets consist of costs incurred in connection with securing an Exclusive Patent License Agreement with The General Hospital Corporation,
d/b/a Massachusetts General Hospital (“MGH”), as amended (the “License Agreement”). These costs are being amortized
over the term of the License Agreement which is based on the remaining patent life of the related patents being licensed.
In
2022, due to the combination of not having met certain due diligence requirements per the License Agreement, and the Company not raising
sufficient capital necessary to maintain regular research and development activities in 2022, the Company reviewed the MGH license agreement
for possible impairment. The Company concluded an impairment of the License Agreement existed due to there being no projected undiscounted
future net cash flows derived from the asset (See Note 4).
Long-Lived
Assets
The
Company recognizes impairment losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted
cash flows estimated to be generated by those assets are less than the assets’ carrying values. In 2022, management reviewed the
Company’s long-lived assets and concluded an impairment of the License Agreement existed as of December 31, 2022 due to there being
no projected undiscounted future net cash flows derived from the asset (See Note 4).
Fair
Value of Financial Instruments
ASC
825, “Disclosures about Fair Value of Financial Instruments,” requires disclosure of fair value information about financial
instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally
accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based
upon certain market assumptions and pertinent information available to management as of June 30, 2023.
The
carrying amounts of the Company’s financial assets and liabilities, such as cash, prepaid expenses, accounts payable and accrued
liabilities, payables with related parties, and debt discounts approximate their fair values because of the short maturity of these instruments.
Revenue
Recognition
Revenue
recognition is accounted for under ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”) and all
the related amendments. The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods
or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those
goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment
and estimates may be required within the revenue recognition process than required under U.S. GAAP including identifying performance
obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction
price to each separate performance obligation.
The
Company’s contracts with customers are generally on a contract and work order basis and represent obligations that are satisfied
at a point in time, as defined in the new guidance, generally upon delivery or has services are provided. Accordingly, revenue for each
sale is recognized when the Company has completed its performance obligations. Any costs incurred before this point in time, are recorded
as assets to be expensed during the period the related revenue is recognized. The Company did not generate any revenue for the three
and six months ended June 30, 2023, and 2022.
Stock-Based
Compensation
Stock-based
compensation is accounted for based on the requirements of ASC 718 – “Compensation –Stock Compensation,”
which requires recognition in the financial statements of the cost of employee, director and non-employee services received in exchange
for an award of equity instruments over the period the employee, director, or non-employee is required to perform the services in exchange
for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee, director, and non-employee
services received in exchange for an award based on the grant-date fair value of the award. The Company has elected to recognize forfeitures
as they occur as permitted under the FASB’s Accounting Standards Update ASU 2016-09 Improvements to Employee Share-Based Payment.
Research
and Development
Costs
and expenses that can be clearly identified as research and development are charged to expense as incurred. The Company incurred $2,000
and $12,000 in research development expenses for the three and six months ended June 30, 2023, respectively, with a related party. The
Company incurred $0 and $10,000 in research development expenses for the three and six months ended June 30, 2022, respectively, with
a related party.
Income
Taxes
The
Company accounts for income taxes in accordance with ASC 740-10, Income Taxes. Deferred tax assets and liabilities are recognized to
reflect the estimated future tax effects, calculated at the tax rate expected to be in effect at the time of realization. A valuation
allowance related to a deferred tax asset is recorded when it is more likely than not that some portion of the deferred tax asset will
not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of
enactment.
ASC
740-10 prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements
and provides guidance on recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure,
and transition issues. Interest and penalties are classified as a component of interest and other expenses. To date, the Company has
not been assessed, nor paid, any interest or penalties.
Uncertain
tax positions are measured and recorded by establishing a threshold for the financial statement recognition and measurement of a tax
position taken or expected to be taken in a tax return. Only tax positions meeting the more-likely-than-not recognition threshold at
the effective date may be recognized or continue to be recognized.
Earnings
(Loss) Per Share
The
Company reports earnings (loss) per share in accordance with ASC 260, “Earnings per Share.” Basic earnings (loss) per share
is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during each period. Diluted
earnings per share is computed by dividing net loss by the weighted-average number of shares of common stock, common stock equivalents
and other potentially dilutive securities outstanding during the period using the treasury stock method and as-if converted method. As
of June 30, 2023, and 2022, the Company’s dilutive securities are convertible into 4,455,852 and 6,587,281 shares of common stock,
respectively, which are not included in the computation of dilutive loss per share because their impact is antidilutive.
The
following table represents the classes of dilutive securities as of June 30, 2023, and 2022:
SCHEDULE OF ANTIDILUTIVE SECURITIES OF EARNINGS PER SHARE
| |
June 30, 2023 | | |
June 30, 2022 | |
Common stock to be issued | |
| 1,455,852 | | |
| 627,281 | |
Stock options | |
| 2,670,000 | | |
| 1,900,000 | |
Convertible Debt | |
| 330,000 | | |
| — | |
Warrants to purchase common stock | |
| — | | |
| 4,060,000 | |
Anti-dilutive securities | |
| 4,455,852 | | |
| 6,587,281 | |
Recent
Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect
on the accompanying unaudited consolidated financial statements for the three and six months ended June 30, 2023, and 2022.
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v3.23.2
INTANGIBLE ASSETS
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS |
NOTE
4 – INTANGIBLE ASSETS
The
Company’s intangible assets consist of costs incurred in connection with the License Agreement with MGH (See Note 5). The consideration
paid for the rights included in the License Agreement was in the form of common stock shares which resulted in MGH receiving approximately
20% of the total outstanding shares of common stock of VI. The estimated fair value of the common stock as of the date of the agreement
is being amortized over the term of the License Agreement which is based on the remaining patent life of the related patents being licensed
which is approximately 16 years.
Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 360, Property, Plant, and
Equipment (“ASC 360”) requires that a company recognize an impairment loss if, and only if, the carrying amount of a long-lived
asset is not recoverable based on the sum of the undiscounted cash flows expected to result from the use and eventual disposal of the
asset, and if the carrying amount exceeds the asset’s fair value. Per ASC 360, a long-lived asset should be tested for recoverability
whenever events or changes in circumstances indicate that its’ carrying amount may not be recoverable. In 2022, due to the combination
of not having met certain due diligence requirements per the License Agreement, and the Company not raising sufficient capital necessary
to maintain regular research and development activities in 2022, the Company reviewed the MGH license agreement for possible impairment
as of December 31, 2022 by evaluating whether the anticipated future benefit and estimated undiscounted cashflows of the license agreement
exceeded the carrying value of the intangible asset of approximately $348,000 as of that date.
The
Company concluded an impairment of the license agreement existed as of December 31, 2022 due to there being no projected undiscounted
future net cash flows derived from the asset. As such, the Company wrote off the carrying value of the asset as of December 31, 2022.
The Company did not incur any amortization expense related to the License
Agreement for the three and six months ended June 30, 2023. The
Company recognized $7,823 and $15,644 of amortization expense related to the License Agreement with MGH for the three and six months
ended June 30, 2022 which is included in general and administrative expenses on the unaudited consolidated statements of operations.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
5 – RELATED PARTY TRANSACTIONS
Consulting
Agreements
On
November 5, 2021, the Company entered into a Consulting Agreement (the “Poznansky Agreement”) with Mark Poznansky, MD, a
minority stockholder and former Director. The Company engaged Dr. Poznansky to render consulting services with respect to informing,
guiding, and supervising the development of antagonists to immune repellents or anti-fugetaxins for the treatment of cancer. The
initial term of the Poznansky Agreement was for six months (the “Initial Term”), which was extended indefinitely, and
the Company agreed to pay the Consultant $2,000
per month commencing November 5, 2021, with consideration for an increase in the monthly fee following the completion for the
Company’s successful up listing to the NASDAQ Stock Market. The Company incurred a total of $6,000
and $12,000
in expenses for the three and six months ended June 30, 2023 and 2022, respectively, related to the Poznansky Agreement, which is
included in professional fees on the unaudited consolidated statements of operations. As of June 30, 2023, and December 31, 2022,
$35,500
and $26,000,
respectively, is included in accounts payable, related parties, on the unaudited consolidated balance sheets, related to the
Poznansky Agreement.
MGH
License Agreement
On
May 8, 2013, VI and MGH, a principal stockholder (see Note 6), entered into the License Agreement, pursuant to which MGH granted to the
Company, in the field of coating and transplanting cells, tissues and devices for therapeutic purposes, on a worldwide basis: (i) an
exclusive, royalty-bearing license under its rights in Patent Rights (as defined in the License Agreement) to make, use, sell, lease,
import and transfer Products and Processes (each as defined in the License Agreement); (ii) a non-exclusive, sub-licensable (solely in
the License Field and License Territory (each as defined in the License Agreement)) royalty-bearing license to Materials (as defined
in the License Agreement) and to make, have made, use, have used, Materials for only the purpose of creating Products, the transfer of
Products and to use, have used and transfer processes; (iii) the right to grant sublicenses subject to and in accordance with the terms
of the License Agreement, and (iv) the nonexclusive right to use technological information (as defined in the License Agreement) disclosed
by MGH to the Company under the License Agreement, all subject to and in accordance with the License Agreement (the “License”).
As
amended by the Ninth Amendment to the License Agreement on May 30, 2023 (“Effective Date”), which adds to the due diligence
requirements as amended by Eighth Amendment to the License Agreement, requires that within one year of the Ninth Amendment Effective
Date, the Company shall submit a research and development plan for the patent rights associated with MGH 24644 with mutually acceptable
diligence requirements to be added by amendment to the Agreement for development of the product or process for the therapy and/ or prophylaxis
of a human disorder in the license field.
As
amended by the Eighth Amendment to the License Agreement on March 14, 2022 (“Effective Date”), which replaces the prior pre-sales
due diligence requirements in their entirety, the License Agreement requires that the Company satisfy the following requirements prior
to the first sale of Products (“MGH License Milestones”), by certain dates.
Pre-Sales
Diligence Requirement:
|
(x) |
The
Company shall provide a detailed business plan and development plan by June 1st, 2022. As of the date of this filing the
Company has yet to submit the business and development plan and is negotiating the extension of this requirement with MGH. |
|
(xi) |
The
Company shall raise $2 million in financing by December 1st, 2022. |
|
(xii) |
The
Company shall raise an additional $8 million in financing by December 1st, 2023. |
|
(xiii) |
The
Company shall initiate research regarding the role of CXCL12 in beta cell function and differentiation by January 1st,
2023. |
|
(xiv) |
The
Company shall initiate diabetic non-human primate studies using cadaveric islets encapsulated in the CXCL12 technology by March 1st,
2023. |
|
(xv) |
The
Company shall initiate research regarding other applications of the CXCL12 platform by June 1st, 2023. |
|
(xvi) |
The
Company shall initiate a Phase I clinical trial of a Product or Process by March 1st, 2024. |
|
(xvii) |
The
Company shall initiate a Phase II clinical trial of a Product or Process within thirteen (13) years from Effective Date. |
|
(xviii) |
The
Company shall initiate Phase III clinical trial of a Product or Process within sixteen (16) years from Effective Date. |
Additionally,
as amended by the Eighth Amendment to the License Agreement on March 14, 2022, which replaces the prior post-sales due diligence requirements
in their entirety, the License Agreement requires that the Company satisfy the following requirements post-sales of Products (“MGH
License Milestones”), by certain dates.
Post-Sales
Diligence Requirements:
|
(i) |
The
Company shall itself or through an Affiliate or Sublicensee make a First Commercial Sale within the following countries and regions
in the License Territory within eighteen (18) years after the Effective Date of this Agreement: US and Europe and China or Japan.
|
|
|
|
|
(ii)
|
Following
the First Commercial Sale in any country in the License Territory, Company shall itself or through its Affiliates and/or Sublicensees
use commercially reasonable efforts to continue to make Sales in such country without any elapsed time period of one (1) year or
more in which such Sales do not occur due to lack such efforts by Company. |
In
consideration of the update to the diligence milestones, the Company shall pay the following Annual Minimum Royalty payments:
|
(i) |
Prior
to the First Commercial Sale, the Company shall pay to MGH a non-refundable annual license fee of ten thousand dollars ($10,000)
by June 30, 2022, and on each subsequent anniversary of the Eighth Amendment Effective Date thereafter. The first non-refundable
annual license fee was paid on July 1, 2022. As of June 30, 2023, the Company has yet to pay the second non-refundable license fee
and is included in accounts payable, related party, on the unaudited consolidated balance sheets. |
|
|
|
|
(ii)
|
Following
the First Commercial Sale, Company shall pay MGH a non-refundable annual minimum royalty in the amount of one hundred thousand dollars
United States Dollars ($100,000) per year within sixty (60) days after each annual anniversary of the Effective Date. The annual
minimum royalty shall be credited against royalties subsequently due on Net Sales made during the same calendar year, if any, but
shall not be credited against royalties due on Net Sales made in any other year. |
The
License Agreement also requires VI to pay to MGH a 1% royalty rate on net sales related to the first license sub-field, which is the
treatment of Type 1 Diabetes (“T1D”). Future sub-fields shall carry a reasonable royalty rate, consistent with industry standards,
to be negotiated at the time the first such royalty payment shall become due with respect to the applicable Products and Processes (as
defined in the License Agreement).
The
License Agreement additionally requires VI to pay to MGH a $1.0 million “success payment” within 60 days after the first
achievement of total net sales of Product or Process equal to or to exceed $100,000,000 in any calendar year and $4,000,000 within 60
days after the first achievement of total net sales of Product or Process equal or exceed $250,000,000 in any calendar year. The Company
is also required to reimburse MGH’s expenses in connection with the preparation, filing, prosecution and maintenance of all Patent
Rights.
The
License Agreement expires on the later of (i) the date on which all issued patents and filed patent applications within the Patent Rights
have expired (November 2033) or have been abandoned, and (ii) one year after the last sale for which a royalty is due under the License
Agreement.
The
License Agreement also grants MGH the right to terminate the License Agreement if VI fails to make any payment due under the License
Agreement or defaults in the performance of any of its other obligations under the License Agreement, subject to certain notice and rights
to cure set forth therein. MGH may also terminate the License Agreement immediately upon written notice to VI if VI: (i) shall make an
assignment for the benefit of creditors; or (ii) or shall have a petition in bankruptcy filed for or against it that is not dismissed
within 60 days of filing. As of the date of this filing, this License Agreement remains active and the Company has not received any termination
notice from MGH.
VI
may terminate the License Agreement prior to its expiration by giving 90 days’ advance written notice to MGH, and upon such termination
shall, subject to the terms of the License Agreement, immediately cease all use and sales of Products and Processes.
The
Company incurred costs to MGH of $2,000 and $12,000 for the three and six months ended June 30, 2023 which is
classified as research and development costs, related party, on the consolidated unaudited statements of operations. The Company incurred
costs to MGH of $-0- and $10,000, respectively, for the three and six months ended June 30, 2022. As of June 30, 2023, and December 31,
2022, $15,097 and $3,097, respectively, is included in accounts payable, related parties, on the consolidated balance sheets, for services
that remain unpaid.
During
the three and six months ended June 30, 2023, and 2022, there have not been any sales of Product or Process under this License Agreement.
Accounts
Payable, related parties and Accrued Salaries, related party
The
Company incurred director fees of $62,500 and $125,000, respectively, for the three and six months ended June 30, 2023 to Federico Pier,
the Company’s Chief Executive Officer and Chairman of the Board, which are included in personnel costs on the unaudited consolidated
statements of operations. The Company incurred director fees of $30,000 and $60,000 for the three and six months ended June 30, 2022,
respectively, to Mr. Pier. As of June 30, 2023, and December 31, 2022, $242,955 and $144,000, respectively, of these director fees are
included in accounts payable, related parties, on the unaudited consolidated balance sheets.
The
Company incurred consulting fees of $22,500 and $45,000 for the three and six months ended June 30, 2023 and 2022, respectively, to Jeff
Wright, the Company’s Chief Financial Officer, which are included in professional fees on the unaudited consolidated statements
of operations. As of June 30, 2023, and December 31, 2022, $133,906 and $99,000, respectively, is included in accounts payable, related
parties, on the unaudited consolidated balance sheets.
In
August 2020, Frances Tonneguzzo, the Company’s Chief Executive Officer (the “former CEO”) tendered her resignation
as CEO. For the three and six months ended June 30 2023, and 2022, the Company did not incur any expenses to the former CEO. As of June
30, 2023, and December 31, 2022, $115,312, respectively, of unpaid salary to the former CEO is included in accrued salaries, related
party on the unaudited consolidated balance sheets. See Note 6 for a consulting agreement executed with the former CEO.
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
6– COMMITMENTS AND CONTINGENCIES
Legal
Matters
The
Company is not aware of any material, existing or pending legal proceedings against the Company, nor is it involved as a plaintiff in
any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any
registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.
MGH
License Agreement
As
discussed in Note 5, the
Company executed a License Agreement with MGH. Prior to the first commercial sale, the License Agreement requires the Company to pay
MGH a non-refundable annual license fee of $10,000
by June 30, 2022, and on each subsequent anniversary of the Effective Date thereafter. The first non-refundable annual license fee
was paid on July 1, 2022. As of June 30, 2023, the Company had yet to pay the second non-refundable license fee and is included in
accounts payable, related party, on the unaudited consolidated balance sheets. Additionally, following the first commercial sale,
the License agreement requires the Company to pay MGH a non-refundable annual minimum royalty in the amount of $100,000
per year within sixty days after each annual anniversary of the Effective Date. The Company has yet to generate any revenue as of June 30, 2023.
The
License Agreement also requires VI to pay to MGH a 1% royalty rate on net sales related to the first license sub-field, which is the
treatment of T1D. Future sub-fields shall carry a reasonable royalty rate, consistent with industry standards, to be negotiated at the
time the first such royalty payment shall become due with respect to the applicable Products and Processes (as defined in the License
Agreement).
The
License Agreement additionally requires VI to pay to MGH a $1.0 million “success payment” within 60 days after the first
achievement of total net sales of Product or Process equal or exceeding $100,000,000 in any calendar year and $4,000,000 within 60 days
after the first achievement of total net sales of Product or Process equal to or exceeding $250,000,000 in any calendar year. The Company
is also required to reimburse MGH’s expenses in connection with the preparation, filing, prosecution and maintenance of all Patent
Rights. No expense reimbursements were paid to MGH during the three and six months ended June 30, 2023, and 2022. As of June 30, 2023,
and December 31, 2022, $15,097 and $3,097, respectively, is included in accounts payable, related parties, on the unaudited consolidated
balance sheets.
Consulting
Agreements
On
January 12, 2022, the Company entered into a Consulting Agreement (the “Donohoe Agreement”) with Donohoe Advisory Associates,
LLC. (the “Consultant”). The Company engaged the Consultant to provide assistance and advice to the Company in support of
the Company’s efforts to obtain a listing on a national securities exchange. The Company agreed to pay the Consultant a retainer
fee of $17,500, which is to be applied to the Company’s monthly invoices until such time as the retainer fee is exhausted or the
engagement under the agreement ends. The Company did not incur any expenses related to the Donohoe Agreement for the three and six months
ended June 30, 2023. The Company incurred $5,820 and $10,680 in expenses for the three and six months ended June 30, 2022, respectively,
which are included in professional fees on the unaudited consolidated statements of operations, and none of which is included in accounts
payable on the unaudited consolidated balance sheet. As of June, 2023, the remaining balance of the retainer paid to the Consultant was
$6,820 and is included in prepaid expenses on the unaudited consolidated balance sheet. If the Company is successful in listing on an
exchange, the Company will be obligated to pay a “success fee” to the Consultant of either $10,000 or that number of registered
common shares equivalent to $10,000 divided by the closing price of the Company’s common stock on the last day of trading on the
OTC Market. The form of the success fee will be determined by the Company.
On
March 7, 2022, the Company entered into a Consulting Agreement (the “Consulting Agreement”) with Alpha IR Group, LLC. (the
“Consultant”). The Company engaged the Consultant to provide consulting, investor relations, and corporate and transaction
communication related services. The initial term of the Consulting Agreement was for three months (the “Initial Term”) beginning
March 1, 2022, and the Company agreed to pay compensation equal to the sum of $50,000 payable in cash or stock options for the three
months of service. The Company incurred $24,000 and $0, respectively, in expenses for the three and six months ended June 30, 2023, which
are included in professional fees on the unaudited consolidated statements of operations. The Company incurred $16,667 and $33,333 in
expenses for the three and six months ended June 30, 2022. As of June 30, 2023, the balance owed to the Consultant was $74,000 which
is included in accounts payable on the unaudited consolidated balance sheet.
Employment
Agreement
The
Company has an employment agreement with Federico Pier, the Company’s Chief Executive Officer and Chairman of the Board. Pursuant
to the terms of the employment agreement, Mr. Pier will receive a $100,000 one-time cash bonus if the Company’s common stock is
up listed to NASDAQ or the New York Stock Exchange, or the Company secures and receives financing of at least $8 million. Additionally,
the Company shall issue Mr. Pier, pursuant to the Company’s equity incentive plan, a restricted stock unit award containing the
following terms: Mr. Pier shall receive shares of common stock of the Company (i) representing 1% of the Company’s fully diluted
equity as of the payment date (the “Initial Equity Payment”) if the Company achieves a market capitalization of at least
$250 million for sixty consecutive days during the Term (the “Initial Market Capitalization Target”); and (ii) representing
the difference between 2% of the Company’s fully diluted equity as of the payment date and the amount of Initial Equity Payment
(the “Subsequent Equity Payment” and, together with Initial Equity Payment, “Equity Payments”) if the Company
achieves a market capitalization of at least $500 million for sixty consecutive days during the Term (the “Subsequent Market Capitalization
Target” and, together with Initial Market Capitalization Target, “Market Capitalization Targets”), such that Mr. Pier
has, in the aggregate, received shares of common stock of the Company representing 2% of the Company’s fully diluted equity as
of the date of payment of Subsequent Equity Payment. The Company will use issue such Equity Payments within seventy-three days after
the attainment of the applicable Market Capitalization Target. Mr. Pier shall remain eligible to receive additional equity-based compensation
awards as the Company may grant from time to time.
On
January 1, 2022, the Company entered into a consulting agreement (the “Toneguzzo Agreement”) with Frances Toneguzzo, Ph.D.,
the Company’s former CEO. Pursuant to the one-year term of the Toneguzzo Agreement in exchange for services in leading the research
and development teams and laboratory work, the consultant received $5,000 per month. The Company did not extend the Toneguzzo Agreement
after the expiration of the one-year term. As of June 30 2023, and December 31, 2022, $40,000 is included in accounts payable on the
unaudited consolidated balance sheets, related to the Toneguzzo Agreement.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
SHORT-TERM LIABILITIES
|
6 Months Ended |
Jun. 30, 2023 |
Short-term Liabilities |
|
SHORT-TERM LIABILITIES |
NOTE
7 – SHORT-TERM LIABILITIES
Convertible
Note Payable
As
discussed in Note 2, on June 27, 2023, the Board of Directors approved a resolution authorizing the Company to obtain a secured six-month
term loan for the principal amount of $330,000. In connection therewith, on June 27, 2023, the Company entered into a Securities Purchase
Agreement with selected accredited investors whereby the Company had the right to secure the convertible note. The holder has conversion
rights upon event of default and the conversion price is equal to the average of the three lowest prices of the Company’s common
stock of the trailing ten days prior to the date conversion of the convertible note. At issuance and at June 30, 2023, the Company estimated
the fair value of the conversion option embedded in the Note and determined its value to be de minimis due to the fact that settlement
into shares of common stock only occurs upon an event of default. If the event of default were triggered this would provide the Note
holder with little upside potential and therefore no value was allocated to the embedded derivative.
Original
Issuance Discount
The
principal face value of the loan is $330,000 and was issued with an original issuance discount of $26,400 which resulted in aggregate
proceeds of $303,600. The loan carries an interest rate of 10% per year, has a default interest rate of 18% per year, and a maturity
date of December 27, 2023. Interest is payable on a monthly basis beginning one month following the issue date. Following an event of
default, the noteholder has the right to convert all or any part of the outstanding and unpaid principal, interest, penalties, and all
other amounts under the note into fully paid and non-assessable shares of Common Stock. Additionally, the noteholders have the option
to convert the $26,400 original issuance discount, which will accrete over the life of the loan based on the effective interest method.
The convertible note is also presented net of the issuance costs of $13,250 which will accrete over the life of the note, based on the
effective interest method. Accretion expense incurred related to the original issuance discount for the three and six months ended June
30, 2023 was approximately $661.
Debt
Discount
To
secure the convertible note, the Company paid a commitment fee of $83,526 by issuing 328,571 shares of the Company’s common stock.
The common stock was yet to be issued as of June 30, 2023. See Note 8. The convertible note is also presented net of the debt discount
of $83,526 which represents the relative fair value of the common stock issued as of June 30, 2023, which will accrete over the life
of the convertible note. Accretion expense incurred related to the debt discount for the three and six months ended June 30, 2023 was
approximately $1,393.
The
balance of the convertible note as of June 30, 2023 was $208,877, which is presented net of aggregate debt discount of $206,824 and aggregate
accretion expense of $2,054.
Short-Term
Note Payable
The
Company entered into a commercial insurance premium finance and security agreement in May 2023. The agreement finances the Company’s
annual D&O insurance premium. Payments are due in monthly installments of approximately $6,400 and carry an annual percentage interest
rate of 13.9%.
The
Company had an outstanding premium balance of approximately $54,230 at June 30, 2023 related to the agreement, which is included in short-term
note payable in the consolidated balance sheets. Interest expense for the three and six months ended June 30, 2023 was approximately
$706.
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v3.23.2
STOCKHOLDERS’ EQUITY (DEFICIT)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY (DEFICIT) |
NOTE
8 – STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred
Stock
The
Company has 20,000,000 authorized shares of preferred stock, $0.001 par value per share.
Series
A Preferred Stock
On
December 19, 2017, the Company amended its articles of incorporation by filing a certificate of designation with the Secretary of State
of Florida therein designating a class of preferred stock as Series A Preferred Stock, $0.001 par value per share, consisting of 3 million
(3,000,000) shares. Each holder of shares of Series A Preferred Stock shall be entitled to the number of votes equal to the number of
votes held by the number of shares of common stock into which such share of Series A Preferred Stock could be converted, and except as
otherwise required by applicable law, shall have the voting rights and power equal to the voting rights and powers of the common stock.
The holders of the Series A Preferred Stock shall vote together with the holders of the common stock of the Company as a single class
and as single voting group upon all matters required to be submitted to a class or series vote pursuant to the protective provisions
of the Certificate of Designation or under applicable law.
In
the event of liquidation, dissolution or winding up of the Company, either voluntarily or involuntarily, the holders of Series A Preferred
Stock shall be entitled to receive, prior and in preference to any common stock holders, distribution of any surplus funds equal to the
greater of (i) the sum of $1.67 per share or (ii) such amount per share as would have been payable had all shares been converted to common
stock.
Each
share of Series A Preferred Stock is convertible into shares of common stock at a conversion Rate of 2:1 (the “Series A Conversion
Rate”). The Series A Conversion Rate shall be adjusted for stock splits, stock combinations, stock dividends or similar recapitalizations.
Pursuant
to the Articles of Incorporation, the shares of Series A Preferred Stock automatically converted into 6,000,000 shares of common stock
to be issued on February 12, 2021, (the one-year anniversary of the initial filing by the Company of the Form 10 filed with the SEC).
The common stock shares for the conversion of the Series A Preferred Stock were issued on January 13, 2022.
As
of June 30, 2023, and December 31, 2022, there were -0- shares of Series A Preferred Stock issued and outstanding.
Series
B Preferred Stock
On
December 19, 2017, the Company amended the articles of incorporation by filing a certificate of designation with the Secretary of State
of Florida therein designating a class of preferred stock as Series B Preferred Stock, $0.001 par value per share, consisting of 4.44
million (4,440,000) shares (the “Series B Preferred Stock Certificate of Designation”).
Each
holder of shares of Series B Preferred Stock shall be entitled to the number of votes equal to the number of votes held by the number
of shares of common stock into which such share of Series B Preferred Stock could be converted, and except as otherwise required by applicable
law, shall have the voting rights and power equal to the voting rights and powers of the common stock. The holders of the Series B Preferred
Stock shall vote together with the holders of the common stock of the Company as a single class and as single voting group upon all matters
required to be submitted to a class or series vote pursuant to the protective provisions of the Series B Preferred Stock Certificate
of Designation or under applicable law. In the event of liquidation, dissolution or winding up of the Corporation, either voluntarily
or involuntarily, the holders of Series A Preferred Stock shall be entitled to receive, prior and in preference to any common stock holders,
distribution of any surplus funds equal to the greater of : the sum of $0.83 per share or such amount per share as would have been payable
had all shares been converted to common stock.
The
holder of Series B Preferred Stock may elect at any time to convert such sharers into common stock of the Company. Each share of Series
B Preferred Stock is convertible into shares of common stock at a conversion rate of 1:1 (the “Series B Conversion Rate”).
The Series B Conversion Rate shall be adjusted for stock splits, stock combinations, stock dividends or similar recapitalizations.
Pursuant
to the Articles of Incorporation, the shares of Series B Preferred Stock automatically converted into 4,440,000 shares of common stock
to be issued on February 12, 2021, the one-year anniversary of the initial filing by the Company of the Form 10 filed by the Company
with the SEC. The common stock shares for the conversion of the Series B Preferred Stock were issued on January 13, 2022.
As
of June 30, 2023, and December 31, 2022, there were -0- shares of Series B Preferred Stock issued and outstanding.
Common
Stock
The
Company has 300,000,000 authorized shares of common stock, $0.001 par value per share. As of June 30, 2023, and December 31, 2022, there
were 31,188,460 shares, respectively, of common stock issued and outstanding.
Common
Stock Issuances
On
February 12, 2021, the Company issued 6,000,000 shares of common stock to the holders of Series A Preferred Stock, pursuant to the automatic
conversion feature of the Series A Certificate of Designation, whereby, the Series A shares are to automatically convert on the one-year
anniversary of the Company filing its Registration Statement on Form 10. The Form 10 Registration Statement was filed with the SEC on
February 12, 2020. The common stock shares for the conversion of the Series A Preferred Stock were issued on January 13, 2022.
On
February 12, 2021, the Company issued 4,440,000 shares of common stock to the holders of Series B Preferred Stock, pursuant to the automatic
conversion feature of the Series B Certificate of Designation, whereby, the Series B shares are to automatically convert on the one-year
anniversary of the Company filing its Registration Statement on Form 10. The Form 10 Registration Statement was filed with the SEC on
February 12, 2020. The common stock shares for the conversion of the Series B Preferred Stock were issued on January 13, 2022.
In
2022, the Company determined that the former Series B Preferred Stockholders, subsequent to all Series B Preferred Stock having previously
been converted to shares of common stock in 2021, were owed additional shares of common stock due to an adjustment to the conversion
price that occurred as a result of a down round trigger event that occurred in 2019 when the Company sold shares of common stock and
a warrant in a private placement at a price of $0.25, which was below the original conversion ratio of the Series B Preferred Stock.
Management determined the total additional shares owed to the Preferred B Stockholders to be 1,001,177 as a result of the down round
trigger. The financial statement impact of this down round trigger was not significant. The shares owed to the Series B Preferred Stockholders
due to the 2019 trigger event have been presented on the statement of stockholders’ deficit retrospectively as common stock to
be issued with no impact on total stockholders’ deficit. The Company issued the additional shares to the Series B Preferred Stockholders
on March 24, 2022.
In
July 2022, the Company received proceeds totaling $50,000 and issued 100,000 shares of common stock pursuant to the exercise of warrants
at $0.50 per share.
Common
Stock to be issued
As
of June 30, 2023 and December 31, 2022, there were 1,455,852 and 727,281, respectively, shares of common stock to be issued.
In
April 2023, the Company entered into Security Purchase Agreements (“SPA’s) with select accredited investors in connection
with a private offering. The Company raised an aggregate amount of $100,000 issuing 400,000 shares of common stock at $0.25 per share.
In
connection with the promissory note as discussed in Note 7, to secure the note, the Company paid a commitment fee by issuing 328,571
shares of the Company’s common stock. The relative fair value of the common stock was $83,526 as of June 30, 2023. The shares were
subsequently issued in July 2023.
The
remaining amount of common shares to be issued relates to 597,281 shares to be issued pursuant to a Stock Issuance and Release Agreement
(“SRI Agreement”) executed by the Company in February 2019 to stockholders for no consideration who purchased shares in 2018
at $1.85, 30,000 shares of common stock to be issued to two initial shareholders of VI, and 100,000 shares to be issued pursuant to the
exercise of warrants in July 2022.
Stock
Option-Based Compensation Plan
On
August 10, 2022, the Board of Directors of the Company approved and adopted the Vicapsys Life Sciences, Inc., 2022 Omnibus Equity Incentive
Plan (the “Plan”). The material terms of the 2022 Plan are set forth below:
● |
The
Board or a committee established by the Board will administer the 2022 Plan. |
● |
The
total number of shares of common stock authorized for issuance under the 2022 Plan is 3,200,000 shares of Common Stock plus, to the
extent the Company issues new shares of Common Stock other than under the terms of the 2022 Plan or other than certain Inducement
Awards, 3.1% of the shares of Common Stock issued by the Company in such issuance (or such lower amount as determined by the Board).
As of August 16, 2022, 3,200,000 shares of Common Stock represents approximately 10.1% of our common stock outstanding. |
● |
Eligible
recipients of awards include an employee, director or independent contractor of the Company who has been selected as an eligible
participant by the Administrator, subject to certain limitations relating to Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”). |
● |
No
non-employee director may be granted awards under the 2022 plan during any calendar year if such awards and cash fees paid for serving
as a non-employee director would exceed $150,000 in the non-employee director’s initial year of service, or $195,000 in any
year thereafter. |
● |
In
no event shall the exercise price of an option issued pursuant to the 2022 Plan be less than one hundred percent (100%) of the Fair
Market Value of a share of Common Stock on the date of grant. |
The
purposes of the Plan are to (i) provide an additional incentive to selected employees, directors, and independent contractors of the
Company or its Affiliates whose contributions are essential to the growth and success of the Company, (ii) strengthen the commitment
of such individuals to the Company and its Affiliates, (iii) motivate those individuals to faithfully and diligently perform their responsibilities
and (iv) attract and retain competent and dedicated individuals whose efforts will result in the long-term growth and profitability of
the Company. To accomplish these purposes, the Plan provides that the Company may grant Options, Stock Appreciation Rights, Restricted
Stock, Restricted Stock Units, Other Stock-Based Awards or any combination of the foregoing.
Stock
Option Activity
The
following table summarizes activities related to stock options of the Company for the three months ended June 30, 2023:
SCHEDULE OF STOCK OPTIONS ACTIVITY
| |
Number of Options | | |
Weighted- Average Exercise Price per Share | | |
Weighted- Average Remaining Life (Years) | | |
Aggregate Intrinsic Value (Per Option) | |
Outstanding at December 31, 2022 | |
| 2,670,000 | | |
$ | 0.62 | | |
| 6.21 | | |
$ | — | |
Outstanding at June 30, 2023 | |
| 2,670,000 | | |
$ | 0.62 | | |
| 5.71 | | |
$ | — | |
Exercisable at June 30, 2023 | |
| 2,670,000 | | |
$ | 0.62 | | |
| 5.71 | | |
$ | — | |
The
Company did not grant any options to purchase shares of common stock during the three months and six months ended June 30, 2023. As of
June 30, 2023, there were 2,670,000 shares of fully vested stock options. The Company recorded stock compensation expense of $0 and $20,697,
respectively, for the three and six months ended June 30, 2023. The Company recorded stock compensation expense of $0 and $20,697 for
the three and six months ended June 30, 2023, respectively. The Company recorded stock compensation expense of $1,081 and $2,162 for
the three and six months ended June 30, 2022, respectively.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Principles of Consolidation |
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements in this report have been prepared by the Company without audit. In the opinion of management,
all adjustments necessary to present the financial position, results of operations and cash flows for the stated periods have been made.
Except as described below, these adjustments consist only of normal and recurring adjustments. Certain information and note disclosures
normally included in the Company’s consolidated annual financial statements prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted.
These
unaudited consolidated financial statements should be read in conjunction with a reading of the Company’s consolidated audited
financial statements and notes thereto for the year ended December 31, 2022, filed with the Company’s annual report on Form 10-K
with the Securities and Exchange Commission (the “SEC”) on April 14, 2023. Interim results of operations for the three and
six months ended June 30, 2023, and 2022, are not necessarily indicative of future results for the full year. The unaudited consolidated
financial statements of the Company include the consolidated accounts of VLS and its wholly owned subsidiary VI. All intercompany accounts
and transactions have been eliminated in consolidation.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. Significant
estimates included in the financial statements, include useful the life of intangible assets, valuation allowance for deferred tax assets
and non-cash equity transactions and stock-based compensation.
|
Cash |
Cash
The
Company considers all highly liquid investments with an original term of three months or less to be cash equivalents. The Company held
no cash equivalents as of June 30, 2023, and December 31, 2022. Cash balances may, at certain times, exceed federally insured limits.
If the amount of a deposit at any time exceeds the federally insured amount at a bank, the uninsured portion of the deposit could be
lost, in whole or in part, if the bank were to fail.
|
Intangible Assets |
Intangible
Assets
Costs
of intangible assets are accounted for through the capitalization of those costs incurred in connection with developing or obtaining
such assets. Capitalized costs are included in intangible assets in the unaudited consolidated balance sheets. The Company’s intangible
assets consist of costs incurred in connection with securing an Exclusive Patent License Agreement with The General Hospital Corporation,
d/b/a Massachusetts General Hospital (“MGH”), as amended (the “License Agreement”). These costs are being amortized
over the term of the License Agreement which is based on the remaining patent life of the related patents being licensed.
In
2022, due to the combination of not having met certain due diligence requirements per the License Agreement, and the Company not raising
sufficient capital necessary to maintain regular research and development activities in 2022, the Company reviewed the MGH license agreement
for possible impairment. The Company concluded an impairment of the License Agreement existed due to there being no projected undiscounted
future net cash flows derived from the asset (See Note 4).
|
Long-Lived Assets |
Long-Lived
Assets
The
Company recognizes impairment losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted
cash flows estimated to be generated by those assets are less than the assets’ carrying values. In 2022, management reviewed the
Company’s long-lived assets and concluded an impairment of the License Agreement existed as of December 31, 2022 due to there being
no projected undiscounted future net cash flows derived from the asset (See Note 4).
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
ASC
825, “Disclosures about Fair Value of Financial Instruments,” requires disclosure of fair value information about financial
instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally
accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based
upon certain market assumptions and pertinent information available to management as of June 30, 2023.
The
carrying amounts of the Company’s financial assets and liabilities, such as cash, prepaid expenses, accounts payable and accrued
liabilities, payables with related parties, and debt discounts approximate their fair values because of the short maturity of these instruments.
|
Revenue Recognition |
Revenue
Recognition
Revenue
recognition is accounted for under ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”) and all
the related amendments. The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods
or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those
goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment
and estimates may be required within the revenue recognition process than required under U.S. GAAP including identifying performance
obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction
price to each separate performance obligation.
The
Company’s contracts with customers are generally on a contract and work order basis and represent obligations that are satisfied
at a point in time, as defined in the new guidance, generally upon delivery or has services are provided. Accordingly, revenue for each
sale is recognized when the Company has completed its performance obligations. Any costs incurred before this point in time, are recorded
as assets to be expensed during the period the related revenue is recognized. The Company did not generate any revenue for the three
and six months ended June 30, 2023, and 2022.
|
Stock-Based Compensation |
Stock-Based
Compensation
Stock-based
compensation is accounted for based on the requirements of ASC 718 – “Compensation –Stock Compensation,”
which requires recognition in the financial statements of the cost of employee, director and non-employee services received in exchange
for an award of equity instruments over the period the employee, director, or non-employee is required to perform the services in exchange
for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee, director, and non-employee
services received in exchange for an award based on the grant-date fair value of the award. The Company has elected to recognize forfeitures
as they occur as permitted under the FASB’s Accounting Standards Update ASU 2016-09 Improvements to Employee Share-Based Payment.
|
Research and Development |
Research
and Development
Costs
and expenses that can be clearly identified as research and development are charged to expense as incurred. The Company incurred $2,000
and $12,000 in research development expenses for the three and six months ended June 30, 2023, respectively, with a related party. The
Company incurred $0 and $10,000 in research development expenses for the three and six months ended June 30, 2022, respectively, with
a related party.
|
Income Taxes |
Income
Taxes
The
Company accounts for income taxes in accordance with ASC 740-10, Income Taxes. Deferred tax assets and liabilities are recognized to
reflect the estimated future tax effects, calculated at the tax rate expected to be in effect at the time of realization. A valuation
allowance related to a deferred tax asset is recorded when it is more likely than not that some portion of the deferred tax asset will
not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of
enactment.
ASC
740-10 prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements
and provides guidance on recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure,
and transition issues. Interest and penalties are classified as a component of interest and other expenses. To date, the Company has
not been assessed, nor paid, any interest or penalties.
Uncertain
tax positions are measured and recorded by establishing a threshold for the financial statement recognition and measurement of a tax
position taken or expected to be taken in a tax return. Only tax positions meeting the more-likely-than-not recognition threshold at
the effective date may be recognized or continue to be recognized.
|
Earnings (Loss) Per Share |
Earnings
(Loss) Per Share
The
Company reports earnings (loss) per share in accordance with ASC 260, “Earnings per Share.” Basic earnings (loss) per share
is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during each period. Diluted
earnings per share is computed by dividing net loss by the weighted-average number of shares of common stock, common stock equivalents
and other potentially dilutive securities outstanding during the period using the treasury stock method and as-if converted method. As
of June 30, 2023, and 2022, the Company’s dilutive securities are convertible into 4,455,852 and 6,587,281 shares of common stock,
respectively, which are not included in the computation of dilutive loss per share because their impact is antidilutive.
The
following table represents the classes of dilutive securities as of June 30, 2023, and 2022:
SCHEDULE OF ANTIDILUTIVE SECURITIES OF EARNINGS PER SHARE
| |
June 30, 2023 | | |
June 30, 2022 | |
Common stock to be issued | |
| 1,455,852 | | |
| 627,281 | |
Stock options | |
| 2,670,000 | | |
| 1,900,000 | |
Convertible Debt | |
| 330,000 | | |
| — | |
Warrants to purchase common stock | |
| — | | |
| 4,060,000 | |
Anti-dilutive securities | |
| 4,455,852 | | |
| 6,587,281 | |
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect
on the accompanying unaudited consolidated financial statements for the three and six months ended June 30, 2023, and 2022.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF ANTIDILUTIVE SECURITIES OF EARNINGS PER SHARE |
The
following table represents the classes of dilutive securities as of June 30, 2023, and 2022:
SCHEDULE OF ANTIDILUTIVE SECURITIES OF EARNINGS PER SHARE
| |
June 30, 2023 | | |
June 30, 2022 | |
Common stock to be issued | |
| 1,455,852 | | |
| 627,281 | |
Stock options | |
| 2,670,000 | | |
| 1,900,000 | |
Convertible Debt | |
| 330,000 | | |
| — | |
Warrants to purchase common stock | |
| — | | |
| 4,060,000 | |
Anti-dilutive securities | |
| 4,455,852 | | |
| 6,587,281 | |
|
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v3.23.2
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SCHEDULE OF STOCK OPTIONS ACTIVITY |
The
following table summarizes activities related to stock options of the Company for the three months ended June 30, 2023:
SCHEDULE OF STOCK OPTIONS ACTIVITY
| |
Number of Options | | |
Weighted- Average Exercise Price per Share | | |
Weighted- Average Remaining Life (Years) | | |
Aggregate Intrinsic Value (Per Option) | |
Outstanding at December 31, 2022 | |
| 2,670,000 | | |
$ | 0.62 | | |
| 6.21 | | |
$ | — | |
Outstanding at June 30, 2023 | |
| 2,670,000 | | |
$ | 0.62 | | |
| 5.71 | | |
$ | — | |
Exercisable at June 30, 2023 | |
| 2,670,000 | | |
$ | 0.62 | | |
| 5.71 | | |
$ | — | |
|
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v3.23.2
GOING CONCERN AND MANAGEMENT’S PLANS (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Apr. 30, 2023 |
Jul. 31, 2022 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
$ 135,693
|
$ 211,277
|
$ 180,056
|
$ 167,047
|
$ 346,970
|
$ 347,103
|
|
Working capital deficit |
$ 1,093,538
|
|
|
1,093,538
|
|
|
|
1,093,538
|
|
|
Accumulated deficit |
15,461,385
|
|
|
15,461,385
|
|
|
|
15,461,385
|
|
$ 15,117,963
|
Proceeds from exercise of warrants |
|
|
|
|
|
|
|
|
|
$ 50,000
|
Proceeds from sale of common stock |
|
$ 100,000
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
400,000
|
100,000
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
Convertible Loan [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Short term convertible loan |
330,000
|
|
|
|
|
|
|
|
|
|
Debt instrument discount |
26,400
|
|
|
26,400
|
|
|
|
26,400
|
|
|
Proceeds from short term debt |
290,350
|
|
|
|
|
|
|
|
|
|
Convertible Loan [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument discount |
$ 83,526
|
|
|
$ 83,526
|
|
|
|
$ 83,526
|
|
|
X |
- DefinitionAmount, after accumulated amortization, of debt discount.
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v3.23.2
SCHEDULE OF ANTIDILUTIVE SECURITIES OF EARNINGS PER SHARE (Details) - shares
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
4,455,852
|
6,587,281
|
Common Stock to be Issued [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
1,455,852
|
627,281
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
2,670,000
|
1,900,000
|
Convertible Note [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
330,000
|
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
|
4,060,000
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
Cash equivalents |
$ 0
|
|
$ 0
|
|
$ 0
|
Research and development expenses, related party |
$ 2,000
|
|
$ 12,000
|
$ 10,000
|
|
Dilutive securities |
|
|
4,455,852
|
6,587,281
|
|
Convertible Debt Securities [Member] |
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
Dilutive securities |
|
|
4,455,852
|
6,587,281
|
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
6 Months Ended |
|
Mar. 14, 2022 |
Nov. 05, 2021 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Accounts payable |
|
|
$ 427,355
|
|
$ 427,355
|
|
$ 272,317
|
Annual license fee |
|
|
|
$ 10,000
|
|
$ 10,000
|
|
Royalty expense |
$ 100,000
|
|
|
|
|
|
|
Research and development expenses |
|
|
2,000
|
|
12,000
|
10,000
|
|
Fees |
|
|
51,467
|
132,981
|
164,253
|
246,866
|
|
Accrued salaries, current |
|
|
115,312
|
|
115,312
|
|
115,312
|
Federico Pier [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Fees |
|
|
62,500
|
30,000
|
125,000
|
60,000
|
|
Jeff Wright [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Fees |
|
|
22,500
|
|
45,000
|
|
|
CEO [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Accrued salaries, current |
|
|
115,312
|
|
115,312
|
|
115,312
|
Massachusetts General Hospital [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Research and development expenses |
|
|
2,000
|
|
12,000
|
|
|
Research and development expenses, related party |
|
|
|
$ 0
|
|
10,000
|
|
License Agreement [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Financing amount |
2,000,000
|
|
|
|
|
|
|
Additional financing amount |
$ 8,000,000
|
|
|
|
|
|
|
Royalty rate on sales |
1.00%
|
|
|
|
|
|
|
Related parties, description |
The
License Agreement additionally requires VI to pay to MGH a $1.0 million “success payment” within 60 days after the first
achievement of total net sales of Product or Process equal to or to exceed $100,000,000 in any calendar year and $4,000,000 within 60
days after the first achievement of total net sales of Product or Process equal or exceed $250,000,000 in any calendar year. The Company
is also required to reimburse MGH’s expenses in connection with the preparation, filing, prosecution and maintenance of all Patent
Rights.
|
|
|
|
|
|
|
License Agreement [Member] | Massachusetts General Hospital [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Payment to related party |
|
|
|
|
1,000,000.0
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Accounts payable |
|
|
15,097
|
|
15,097
|
|
3,097
|
Related Party [Member] | Federico Pier [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Accounts payable |
|
|
242,955
|
|
242,955
|
|
144,000
|
Related Party [Member] | Jeff Wright [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Accounts payable |
|
|
133,906
|
|
133,906
|
|
99,000
|
Related Party [Member] | Massachusetts General Hospital [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Accounts payable |
|
|
15,097
|
|
15,097
|
|
3,097
|
Related Party [Member] | Consulting Agreement [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related party expenses |
|
|
|
|
6,000
|
$ 12,000
|
|
Accounts payable |
|
|
$ 35,500
|
|
$ 35,500
|
|
$ 26,000
|
Initial Term [Member] | Consultant [Member] | Consulting Agreement [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Payment to related party |
|
$ 2,000
|
|
|
|
|
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
|
Mar. 07, 2022 |
Jan. 12, 2022 |
Jan. 02, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Annual license fee |
|
|
|
|
$ 10,000
|
|
$ 10,000
|
|
Annual royalty |
|
|
|
$ 100,000
|
|
$ 100,000
|
|
|
Accounts payable |
|
|
|
427,355
|
|
427,355
|
|
$ 272,317
|
Professional fees |
|
|
|
51,467
|
132,981
|
164,253
|
246,866
|
|
Prepaid expense |
|
|
|
77,780
|
|
77,780
|
|
7,483
|
Related Party [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
15,097
|
|
15,097
|
|
3,097
|
Massachusetts General Hospital [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
15,097
|
|
$ 15,097
|
|
3,097
|
License Agreement [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
License agreement, description |
|
|
|
|
|
the
Company executed a License Agreement with MGH. Prior to the first commercial sale, the License Agreement requires the Company to pay
MGH a non-refundable annual license fee of $10,000
by June 30, 2022, and on each subsequent anniversary of the Effective Date thereafter. The first non-refundable annual license fee
was paid on July 1, 2022. As of June 30, 2023, the Company had yet to pay the second non-refundable license fee and is included in
accounts payable, related party, on the unaudited consolidated balance sheets. Additionally, following the first commercial sale,
the License agreement requires the Company to pay MGH a non-refundable annual minimum royalty in the amount of $100,000
per year within sixty days after each annual anniversary of the Effective Date. The Company has yet to generate any revenue as of June 30, 2023.
|
|
|
License Agreement [Member] | Massachusetts General Hospital [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
License agreement, description |
|
|
|
|
|
The
License Agreement additionally requires VI to pay to MGH a $1.0 million “success payment” within 60 days after the first
achievement of total net sales of Product or Process equal or exceeding $100,000,000 in any calendar year and $4,000,000 within 60 days
after the first achievement of total net sales of Product or Process equal to or exceeding $250,000,000 in any calendar year. The Company
is also required to reimburse MGH’s expenses in connection with the preparation, filing, prosecution and maintenance of all Patent
Rights
|
|
|
Percentage for royalty |
|
|
|
|
|
1.00%
|
|
|
Repayment of related party debt |
|
|
|
|
|
$ 1,000,000.0
|
|
|
Consulting Agreement [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Expenses included in professional fees |
|
|
|
24,000
|
16,667
|
0
|
33,333
|
|
Consulting Agreement [Member] | Toneguzzo Ph.D [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Repayment of related party debt |
|
|
$ 5,000
|
|
|
|
|
|
Consulting Agreement [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
35,500
|
|
35,500
|
|
26,000
|
Consulting Agreement [Member] | Related Party [Member] | Toneguzzo Ph.D [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
40,000
|
|
40,000
|
|
$ 40,000
|
Consulting Agreement [Member] | Donohoe Advisory Associates, LLC [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Professional fees |
|
|
|
|
$ 5,820
|
|
$ 10,680
|
|
Prepaid expense |
|
|
|
6,820
|
|
6,820
|
|
|
Dividends, common stock |
|
|
|
|
|
10,000
|
|
|
Consulting Agreement [Member] | Donohoe Advisory Associates, LLC [Member] | Consultant [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Retainer fees |
|
$ 17,500
|
|
|
|
|
|
|
Professional fees |
|
|
|
|
|
10,000
|
|
|
Consulting Agreement [Member] | Alpha IR Group, LLC [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Agreed to payment of compensation |
$ 50,000
|
|
|
|
|
|
|
|
Consulting Agreement [Member] | Alpha IR Group, LLC [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
74,000
|
|
74,000
|
|
|
Employment Arrangement [Member] | Chief Executive Officer and Chairman [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Capital |
|
|
|
$ 8,000,000
|
|
$ 8,000,000
|
|
|
Share based compensation description |
|
|
|
|
|
(i) representing 1% of the Company’s fully diluted
equity as of the payment date (the “Initial Equity Payment”) if the Company achieves a market capitalization of at least
$250 million for sixty consecutive days during the Term (the “Initial Market Capitalization Target”); and (ii) representing
the difference between 2% of the Company’s fully diluted equity as of the payment date and the amount of Initial Equity Payment
(the “Subsequent Equity Payment” and, together with Initial Equity Payment, “Equity Payments”) if the Company
achieves a market capitalization of at least $500 million for sixty consecutive days during the Term (the “Subsequent Market Capitalization
Target” and, together with Initial Market Capitalization Target, “Market Capitalization Targets”), such that Mr. Pier
has, in the aggregate, received shares of common stock of the Company representing 2% of the Company’s fully diluted equity as
of the date of payment of Subsequent Equity Payment.
|
|
|
Employment Arrangement [Member] | Deferred Bonus [Member] | Chief Executive Officer and Chairman [Member] |
|
|
|
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
|
$ 100,000
|
|
|
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v3.23.2
SHORT-TERM LIABILITIES (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Jul. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 27, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
Commitment fee |
|
$ 83,526
|
$ 83,526
|
|
Issuance of shares |
$ 50,000
|
|
328,571
|
|
Convertible Note [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Debt instrument principal value |
|
54,230
|
54,230
|
|
Accretion expenses |
|
1,393
|
1,393
|
|
Debt instrument discount |
|
83,526
|
83,526
|
|
Interest expense |
|
$ 706
|
$ 706
|
|
Convertible Notes [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Interest rate |
|
13.90%
|
13.90%
|
|
Accretion expenses |
|
|
$ 2,054
|
|
Debt instrument discount |
|
$ 206,824
|
206,824
|
|
Convertible note |
|
208,877
|
208,877
|
|
Principal payment |
|
6,400
|
6,400
|
|
Convertible Notes Payable [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Debt instrument principal value |
|
330,000
|
330,000
|
$ 330,000
|
Debt instrument discount |
|
$ 26,400
|
26,400
|
|
Proceeds from short term debt |
|
|
$ 303,600
|
|
Interest rate |
|
10.00%
|
10.00%
|
|
Default interest rate |
|
18.00%
|
18.00%
|
|
Maturity date |
|
|
Dec. 27, 2023
|
|
Debt issuance costs |
|
$ 13,250
|
$ 13,250
|
|
Accretion expenses |
|
|
$ 661
|
|
X |
- DefinitionAmount of the total principal payments made during the annual reporting period.
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v3.23.2
SCHEDULE OF STOCK OPTIONS ACTIVITY (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Equity [Abstract] |
|
|
Number of Options, Outstanding, Balance |
2,670,000
|
|
Weighted- Average Exercise Price per Share, Outstanding, Balance |
$ 0.62
|
|
Weighted- Average Remaining Life (Years) |
5 years 8 months 15 days
|
6 years 2 months 15 days
|
Number of option, Aggregate Intrinsic Value (Per Option) - Balance |
|
|
Number of Options, Outstanding, Balance |
2,670,000
|
2,670,000
|
Weighted- Average Exercise Price per Share, Outstanding, Balance |
$ 0.62
|
$ 0.62
|
Number of option, Aggregate Intrinsic Value (Per Option) - Balance |
|
|
Number of Options, Exercisable Outstanding, Balance |
2,670,000
|
|
Weighted-Average Exercise Price per Share, Exercisable, Balance |
$ 0.62
|
|
Weighted- Average Remaining Life (Years), Exercisable |
5 years 8 months 15 days
|
|
Number of option, Aggregate Intrinsic Value (Per Option), Exercisable - Balance |
|
|
X |
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v3.23.2
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Aug. 16, 2022 |
Aug. 10, 2022 |
Feb. 12, 2021 |
Dec. 19, 2017 |
Apr. 30, 2023 |
Jul. 31, 2022 |
Apr. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
20,000,000
|
|
20,000,000
|
|
20,000,000
|
Preferred stock par value |
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
Shares of common stock |
|
|
|
|
400,000
|
100,000
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
300,000,000
|
|
300,000,000
|
|
300,000,000
|
Common stock par value |
|
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
Common stock, shares issued |
|
|
|
|
|
|
|
31,188,460
|
|
31,188,460
|
|
31,188,460
|
Common stock, shares, outstanding |
|
|
|
|
|
|
|
31,188,460
|
|
31,188,460
|
|
31,188,460
|
Issuance of shares |
|
|
|
|
|
$ 50,000
|
|
|
|
$ 328,571
|
|
|
Class of warrant or right, exercise price of warrants or rights |
|
|
|
|
|
$ 0.50
|
|
|
|
|
|
|
Number of common stock to be issued |
|
|
|
|
|
|
|
1,455,852
|
|
1,455,852
|
|
727,281
|
Debt instrument fair value |
|
|
|
|
|
|
|
$ 83,526
|
|
$ 83,526
|
|
|
Shares issued for conversion |
|
|
|
|
|
|
|
|
|
597,281
|
|
|
Number of shares fully vested stock options |
|
|
|
|
|
|
|
2,670,000
|
|
2,670,000
|
|
2,670,000
|
Equity Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation expense |
|
|
|
|
|
|
|
$ 0
|
$ 1,081
|
$ 20,697
|
$ 2,162
|
|
2022 Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Description |
|
The
total number of shares of common stock authorized for issuance under the 2022 Plan is 3,200,000 shares of Common Stock plus, to the
extent the Company issues new shares of Common Stock other than under the terms of the 2022 Plan or other than certain Inducement
Awards, 3.1% of the shares of Common Stock issued by the Company in such issuance (or such lower amount as determined by the Board).
As of August 16, 2022, 3,200,000 shares of Common Stock represents approximately 10.1% of our common stock outstanding.
|
|
|
|
|
|
|
|
|
|
|
Number of shares authorized under plan |
|
3,200,000
|
|
|
|
|
|
|
|
|
|
|
NUmber of shares outstanding |
3,200,000
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares outstanding under plan percentage |
10.10%
|
|
|
|
|
|
|
|
|
|
|
|
Stock option exercise price percentage |
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
2022 Plan [Member] | Non Employee Director [Member] | Initial Year [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of stock and warrants for services or claims |
|
$ 150,000
|
|
|
|
|
|
|
|
|
|
|
2022 Plan [Member] | Non Employee Director [Member] | Any Year Thereafter [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of stock and warrants for services or claims |
|
$ 195,000
|
|
|
|
|
|
|
|
|
|
|
Security Purchase Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock |
|
|
|
|
400,000
|
|
|
|
|
|
|
|
Stock price per share |
|
|
|
|
$ 0.25
|
|
|
|
|
|
|
|
Issuance of shares |
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
Stock Issuance and Release Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock to be issued |
|
|
|
|
|
|
|
30,000
|
|
30,000
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
$ 1.85
|
|
$ 1.85
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
3,000,000
|
|
|
|
3,000,000
|
|
3,000,000
|
|
3,000,000
|
Preferred stock par value |
|
|
|
$ 0.001
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
Preferred stock voting rights |
|
|
|
Each holder of shares of Series A Preferred Stock shall be entitled to the number of votes equal to the number of
votes held by the number of shares of common stock into which such share of Series A Preferred Stock could be converted, and except as
otherwise required by applicable law, shall have the voting rights and power equal to the voting rights and powers of the common stock
|
|
|
|
|
|
|
|
|
Preferred stock conversion price per share |
|
|
|
$ 1.67
|
|
|
|
|
|
|
|
|
Preferred stock conversion, description |
|
|
|
Each
share of Series A Preferred Stock is convertible into shares of common stock at a conversion Rate of 2:1 (the “Series A Conversion
Rate”). The Series A Conversion Rate shall be adjusted for stock splits, stock combinations, stock dividends or similar recapitalizations.
|
|
|
|
|
|
|
|
|
Shares of common stock |
|
|
6,000,000
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
0
|
|
0
|
|
0
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
0
|
|
0
|
|
0
|
Series B Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
4,440,000
|
|
|
|
4,440,000
|
|
4,440,000
|
|
4,440,000
|
Preferred stock par value |
|
|
|
$ 0.001
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
Preferred stock voting rights |
|
|
|
Each
holder of shares of Series B Preferred Stock shall be entitled to the number of votes equal to the number of votes held by the number
of shares of common stock into which such share of Series B Preferred Stock could be converted, and except as otherwise required by applicable
law, shall have the voting rights and power equal to the voting rights and powers of the common stock
|
|
|
|
|
|
|
|
|
Preferred stock conversion price per share |
|
|
|
$ 0.83
|
|
|
|
|
|
|
|
|
Preferred stock conversion, description |
|
|
|
The
holder of Series B Preferred Stock may elect at any time to convert such sharers into common stock of the Company. Each share of Series
B Preferred Stock is convertible into shares of common stock at a conversion rate of 1:1 (the “Series B Conversion Rate”).
The Series B Conversion Rate shall be adjusted for stock splits, stock combinations, stock dividends or similar recapitalizations.
|
|
|
|
|
|
|
|
|
Shares of common stock |
|
|
4,440,000
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
0
|
|
0
|
|
0
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
0
|
|
0
|
|
0
|
Series B Preferred Stock [Member] | Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock price per share |
|
|
|
|
|
|
|
$ 0.25
|
|
$ 0.25
|
|
|
Sale of stock |
|
|
|
|
|
|
|
|
|
1,001,177
|
|
|
X |
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Vicapsys Life Sciences (CE) (USOTC:VICP)
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