Commitments and Contingencies (Details Narrative) |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jan. 10, 2020
USD ($)
|
Dec. 13, 2019
USD ($)
$ / shares
shares
|
Aug. 07, 2019 |
Mar. 31, 2020
USD ($)
|
Mar. 31, 2020
EUR (€)
|
Mar. 31, 2019
USD ($)
|
Mar. 31, 2020
EUR (€)
|
Dec. 31, 2019
USD ($)
|
|
Total Collaborative Agreement Obligations | $ 2,048,180 | |||||||
Total long-term debt payable | 2,675,755 | |||||||
Total Grants Repayable | $ 335,014 | |||||||
Common stock, restricted shares issued in exchange of purchased outstanding shares, value | 73,263 | $ 333,969 | ||||||
Common stock, restricted shares issued in exchange of purchased outstanding shares, shares | shares | 73,263 | |||||||
Weighted trading price | $ / shares | $ 4.56 | |||||||
Repayment of debt | $ 357,000 | $ 350,000 | ||||||
Holdback period | 9 months | |||||||
Net liabilities | $ 55,404 | $ 6,535 | ||||||
Stock based compensation expense | $ 165,464 | $ 338,331 | ||||||
Operating Lease Right of Use Obligations [Member] | ||||||||
Weighted average discount rate | 4.47% | 4.47% | ||||||
Weighted average remaining lease term | 22 months | 22 months | ||||||
Operating lease right-of-use assets and liabilities | $ 330,131 | $ 338,906 | ||||||
Payment of lease liabilities | 62,089 | |||||||
Operating lease expense | 63,035 | |||||||
Short term lease costs | $ 5,466 | |||||||
In 2018 [Member] | Finance Lease Obligations [Member] | BNP Paribas leasing solutions [Member] | ||||||||
Maturity date | Jan. 31, 2022 | Jan. 31, 2022 | ||||||
Amount payable | $ 17,150 | |||||||
Purchase price for the property | € | € 25,000 | |||||||
Leased equipment amortized term | 5 years | 5 years | ||||||
May 1, 2019 [Member] | Collaborative Arrangement, Co-promotion [Member] | ||||||||
Collaborative obligations amount due | $ 224,000 | |||||||
Research collaboration agreement description | The Company entered into a research collaboration agreement with the University of Taiwan to collect a total of 1,200 samples for a 2-year period for a cost to the Company of up to $320,000 payable over such period. | The Company entered into a research collaboration agreement with the University of Taiwan to collect a total of 1,200 samples for a 2-year period for a cost to the Company of up to $320,000 payable over such period. | ||||||
In 2015 [Member] | Finance Lease Obligations [Member] | Automated Liquid Handling Robots [Member] | ||||||||
Maturity date | May 31, 2020 | May 31, 2020 | ||||||
Amount payable | $ 21,155 | |||||||
Purchase price for the property | € | 550,454 | |||||||
In 2016 [Member] | Finance Lease Obligations [Member] | ING Asset Finance Belgium S.A. [Member] | ||||||||
Maturity date | Sep. 30, 2024 | Sep. 30, 2024 | ||||||
Amount payable | $ 619,061 | |||||||
Purchase price for the property | € | 1,120,000 | |||||||
University of Michigan [Member] | In 2017 [Member] | Clinical Study Research Agreement [Member] | ||||||||
Lease agreement expire period | 3 years | 3 years | ||||||
Collaborative obligations amount | $ 3,000,000 | |||||||
Collaborative obligations amount due | $ 138,000 | |||||||
Munich University [Member] | In 2016 [Member] | Collaborative Research Agreement [Member] | ||||||||
Lease agreement expire period | 3 years | 3 years | ||||||
Collaborative obligations amount | € | 360,000 | |||||||
Collaborative obligations amount due | $ 108,031 | |||||||
DKFZ [Member] | In 2016 [Member] | Research Co-operation Agreement [Member] | ||||||||
Lease agreement expire period | 5 years | 5 years | ||||||
Collaborative obligations amount | € | 400,000 | |||||||
Collaborative obligations amount due | $ 220,472 | |||||||
DKFZ [Member] | In 2015 [Member] | Research Sponsorship Agreement [Member] | ||||||||
Lease agreement expire period | 3 years | 3 years | ||||||
Collaborative obligations amount | € | 338,984 | |||||||
Collaborative obligations amount due | $ 82,677 | |||||||
University of Taiwan [Member] | In 2018 [Member] | Clinical Study Research Agreement [Member] | ||||||||
Lease agreement expire period | 3 years | 3 years | ||||||
Collaborative obligations amount | $ 2,550,000 | |||||||
Collaborative obligations amount due | 1,280,000 | |||||||
Walloon Region Government [Member] | In 2018 [Member] | Colorectal Cancer Research Agreement [Member] | ||||||||
Amount payable | $ 200,079 | |||||||
Grant receivable | € | 605,000 | |||||||
Repayment of grants | € | 181,500 | |||||||
Terms of agreement description | It is due to pay a 3.53% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of 181,500 Euros and the 3.53% royalty on revenue, is equal to the amount of funding received. | It is due to pay a 3.53% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of 181,500 Euros and the 3.53% royalty on revenue, is equal to the amount of funding received. | ||||||
Walloon Region Government [Member] | In 2010 [Member] | ||||||||
Amount payable | $ 134,935 | |||||||
Grant receivable | € | 1,050,000 | |||||||
Repayment of grants | € | € 314,406 | |||||||
Terms of agreement description | It is due to pay a 6% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of 314,406 Euros and the 6% royalty on revenue, is twice the amount of funding received. | It is due to pay a 6% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of 314,406 Euros and the 6% royalty on revenue, is twice the amount of funding received. | ||||||
Other income | € | € 733,614 | |||||||
Long-term Debt [Member] | In 2017 [Member] | Namur Innovation and Growth [Member] | ||||||||
Fixed interest rate on lease | 4.00% | 4.00% | ||||||
Long-term Debt [Member] | Namur Invest [Member] | In 2017 [Member] | ||||||||
Fixed interest rate on lease | 4.00% | 4.00% | ||||||
Long-term Debt [Member] | Namur Invest [Member] | In 2016 [Member] | ||||||||
Fixed interest rate on lease | 4.85% | 4.85% | ||||||
Long-term Debt [Member] | SOFINEX [Member] | In 2017 [Member] | ||||||||
Fixed interest rate on lease | 4.50% | 4.50% | ||||||
Long-term Debt [Member] | ING [Member] | In 2016 [Member] | ||||||||
Fixed interest rate on lease | 4.80% | 4.80% | ||||||
Texas A&M University [Member] | ||||||||
Agreement description | The Company entered into agreement with the Texas A&M University (“TAMU”) System for provision of in kind services of personnel, animal samples and laboratories equipment for a non-controlling interest of 7.5% in Volition Vet and in a year from the agreement TAMU would receive a further 5%, giving them in total 12.5%. | The Company entered into agreement with the Texas A&M University (“TAMU”) System for provision of in kind services of personnel, animal samples and laboratories equipment for a non-controlling interest of 7.5% in Volition Vet and in a year from the agreement TAMU would receive a further 5%, giving them in total 12.5%. | ||||||
Consulting Services Agreement [Member] | Novis Animal Solutions LLC [Member] | ||||||||
Potential equity interest | 5.00% | |||||||
Managing Director's Agreement [Member] | ||||||||
Transaction agreement description | In connection with the transaction agreement, the Company also entered into a 2-year Managing Director’s agreement with the founder of Octamer for a payment of €288,000 Euros payable in equal monthly installments over such 2-year period and a royalty agreement with the founder providing for the payment of royalties in the amount of 6% of net sales of Octamer’s nucleosomes as reagents to pharmaceutical companies for use in the development, manufacture and screening of molecules for use as therapeutic drugs for a period of 5 years post-closing. | In connection with the transaction agreement, the Company also entered into a 2-year Managing Director’s agreement with the founder of Octamer for a payment of €288,000 Euros payable in equal monthly installments over such 2-year period and a royalty agreement with the founder providing for the payment of royalties in the amount of 6% of net sales of Octamer’s nucleosomes as reagents to pharmaceutical companies for use in the development, manufacture and screening of molecules for use as therapeutic drugs for a period of 5 years post-closing. | ||||||
Stock based compensation expense | $ 753,000 | |||||||
Due to related party | 277,794 | |||||||
Loan Agreement [Member] | Long-term Debt [Member] | In 2017 [Member] | Namur Innovation and Growth [Member] | ||||||||
Total long-term debt payable | $ 551,180 | |||||||
Repayment of long-term loan amount | € | € 500,000 | |||||||
Loan agreement term | 4 years | 4 years | ||||||
Loan Agreement [Member] | Long-term Debt [Member] | Namur Invest [Member] | In 2019 [Member] | ||||||||
Total long-term debt payable | $ 551,180 | |||||||
Repayment of long-term loan amount | € | € 500,000 | |||||||
Loan agreement term | 4 years | 4 years | ||||||
Fixed interest rate on lease | 4.80% | 4.80% | ||||||
Maturity date | Sep. 30, 2024 | Sep. 30, 2024 | ||||||
Loan Agreement [Member] | Long-term Debt [Member] | Namur Invest [Member] | In 2017 [Member] | ||||||||
Total long-term debt payable | $ 153,372 | |||||||
Repayment of long-term loan amount | € | € 350,000 | |||||||
Loan agreement term | 4 years | 4 years | ||||||
Loan Agreement [Member] | Long-term Debt [Member] | Namur Invest [Member] | In 2016 [Member] | ||||||||
Total long-term debt payable | $ 304,298 | |||||||
Repayment of long-term loan amount | € | € 440,000 | |||||||
Loan agreement term | 7 years | 7 years | ||||||
Loan Agreement [Member] | Long-term Debt [Member] | SOFINEX [Member] | In 2017 [Member] | ||||||||
Total long-term debt payable | $ 1,047,242 | |||||||
Repayment of long-term loan amount | € | € 1,000,000 | |||||||
Loan agreement term | 7 years | 7 years | ||||||
Loan Agreement [Member] | Long-term Debt [Member] | ING [Member] | In 2016 [Member] | ||||||||
Total long-term debt payable | $ 243,720 | |||||||
Repayment of long-term loan amount | € | € 270,000 | |||||||
Loan agreement term | 15 years | 15 years |