Commitments and Contingencies (Details Narrative)
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9 Months Ended |
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Aug. 15, 2020
USD ($)
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Dec. 13, 2019
USD ($)
$ / shares
shares
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Aug. 07, 2019 |
Sep. 30, 2020
USD ($)
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Sep. 30, 2020
EUR (€)
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Sep. 30, 2020
EUR (€)
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Dec. 31, 2019
USD ($)
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Texas A&M University [Member] |
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Agreement description |
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the Company entered into an agreement with TAMU for provision of in kind services of personnel, animal samples and laboratory equipment in exchange for a non-controlling interest of 7.5% in Volition Vet with an additional 5%, vesting in a year from the date of the agreement, giving TAMU in aggregate, a 12.5% equity interest
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the Company entered into an agreement with TAMU for provision of in kind services of personnel, animal samples and laboratory equipment in exchange for a non-controlling interest of 7.5% in Volition Vet with an additional 5%, vesting in a year from the date of the agreement, giving TAMU in aggregate, a 12.5% equity interest
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Operating Lease Right of Use Obligations [Member] |
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Weighted average discount rate |
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4.48%
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4.48%
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Weighted average remaining lease term |
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24 months
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24 months
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Operating lease right-of-use assets and liabilities |
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$ 257,903
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$ 266,101
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Payment of lease liabilities |
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184,796
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Operating lease expense |
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185,077
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Short term lease costs |
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10,737
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Managing Director's Agreement [Member] |
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Total long-term debt |
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211,028
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Stock based compensation expenses |
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753,000
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Amount payable |
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$ 229
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Royality |
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6.00%
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6.00%
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Transaction agreement description |
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In connection with the transaction agreement, the Company also entered into a 2-year Managing Director’s agreement with the founder of Octamer to continue to manage Volition Germany 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 Volition Germany’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.
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In connection with the transaction agreement, the Company also entered into a 2-year Managing Director’s agreement with the founder of Octamer to continue to manage Volition Germany 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 Volition Germany’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.
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Due to related party |
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$ 277,794
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Novis Animal Solutions LLC [Member] |
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sales commission |
5.00%
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consultancy fees |
$ 20,000
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Potential Equity Interest |
2.00%
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Novis Animal Solutions LLC [Member] | Consulting Services Agreement [Member] |
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Potential Equity Interest |
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0.05%
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1 October 2020 [Member] |
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Total Collaborative Agreement Obligations |
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1,960,000
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Total long-term debt |
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2,675,755
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Common stock, restricted shares issued in exchange of purchased outstanding shares, value |
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$ 333,969
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73,263
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Common stock, restricted shares issued in exchange of purchased outstanding shares, shares | shares |
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73,263
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Weighted trading price | $ / shares |
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$ 4.56
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Repayment of debt |
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$ 350,000
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$ 357,000
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Holdback period |
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9 months
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9 months
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Net liabilities |
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$ 6,535
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$ 55,404
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Stock based compensation expenses |
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$ 165,464
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On September 16,2020[Member] | Bioinformatic Analytics Of Cell Free DNA [Member] |
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Total long-term debt |
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64,338
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Repayment of long-term loan amount | € |
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€ 54,879
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In 2019 [Member] | Taxes A&M University [Member] |
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Total long-term debt |
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$ 329,986
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Repayment of long-term loan amount | € |
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€ 400,000
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Loan agreement term |
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5 years
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5 years
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In 2019 [Member] | Biomerica Inc. [Member] |
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Total long-term debt |
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$ 54,663
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Repayment of long-term loan amount | € |
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€ 160,000
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In 2019 [Member] | Namur Invest [Member] | Loan Agreement [Member] | Long-term Debt [Member] |
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Total long-term debt |
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$ 2,596,172
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Repayment of long-term loan amount | € |
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€ 500,000
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Loan agreement term |
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4 years
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4 years
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Principal balance payable |
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$ 586,189
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Maturity date |
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Sep. 30, 2023
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Sep. 30, 2023
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In 2018 [Member] | Long-term Debt [Member] | Namur Innovation and Growth [Member] |
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Fixed interest rate on lease |
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4.00%
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4.00%
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In 2018 [Member] | Loan Agreement [Member] | Long-term Debt [Member] | Namur Innovation and Growth [Member] |
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Total long-term debt |
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$ 317,254
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Repayment of long-term loan amount | € |
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€ 500,000
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Loan agreement term |
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4 years
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4 years
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In 2017 [Member] | Namur Invest [Member] | Long-term Debt [Member] |
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Fixed interest rate on lease |
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0.04%
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0.04%
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In 2017 [Member] | Namur Invest [Member] | Loan Agreement [Member] | Long-term Debt [Member] |
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Total long-term debt |
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$ 102,962
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Repayment of long-term loan amount | € |
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€ 350,000
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Loan agreement term |
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4 years
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4 years
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In 2017 [Member] | SOFINEX [Member] | Long-term Debt [Member] |
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Fixed interest rate on lease |
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4.50%
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4.50%
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In 2017 [Member] | SOFINEX [Member] | Loan Agreement [Member] | Long-term Debt [Member] |
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Total long-term debt |
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$ 1,055,139
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Repayment of long-term loan amount | € |
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€ 1,000,000
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Loan agreement term |
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7 years
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7 years
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In 2017 [Member] | University of Michigan [Member] | Clinical Study Research Agreement [Member] |
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Lease agreement expire period |
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3 years
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3 years
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Collaborative obligations amount | € |
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€ 3,000,000
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Collaborative obligations amount due |
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$ 138,000
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In 2017 [Member] | Munich University [Member] | Collaborative Research Agreement [Member] |
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Lease agreement expire period |
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3 years
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3 years
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Collaborative obligations amount | € |
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€ 360,000
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Collaborative obligations amount due |
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$ 0
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In 2016 [Member] | Namur Invest [Member] | Long-term Debt [Member] |
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Fixed interest rate on lease |
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4.85%
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4.85%
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In 2016 [Member] | Namur Invest [Member] | Loan Agreement [Member] | Long-term Debt [Member] |
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Total long-term debt |
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$ 284,741
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Repayment of long-term loan amount | € |
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€ 440,000
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Loan agreement term |
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7 years
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7 years
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In 2016 [Member] | ING [Member] | Long-term Debt [Member] |
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Fixed interest rate on lease |
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2.62%
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2.62%
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In 2016 [Member] | ING [Member] | Loan Agreement [Member] | Long-term Debt [Member] |
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Total long-term debt |
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$ 249,887
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Repayment of long-term loan amount | € |
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€ 270,000
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Loan agreement term |
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15 years
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15 years
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In 2016 [Member] | DKFZ [Member] | Research Co-operation Agreement [Member] |
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Lease agreement expire period |
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5 years
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5 years
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Collaborative obligations amount | € |
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€ 400,000
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Collaborative obligations amount due |
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$ 234,475
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In 2015 [Member] | Finance Lease Obligations [Member] | Automated Liquid Handling Robots [Member] |
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Maturity date |
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May 31, 2020
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May 31, 2020
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Amount payable |
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$ 0
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Purchase price for the property | € |
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550,454
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In 2018 [Member] | Finance Lease Obligations [Member] | BNP Paribas leasing solutions [Member] |
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Maturity date |
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Jan. 31, 2022
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Jan. 31, 2022
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Amount payable |
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$ 13,575
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Purchase price for the property | € |
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25,000
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Leased equipment amortized term |
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5 years
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5 years
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In 2018 [Member] | Walloon Region Government [Member] | Colorectal Cancer Research Agreement [Member] |
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Amount payable |
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$ 212,786
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Grant receivable | € |
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605,000
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Repayment of grants | € |
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181,500
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Terms of agreement description |
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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.
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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.
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Total grants repayable |
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$ 315,259
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In 2018 [Member] | University of Taiwan [Member] | Clinical Study Research Agreement [Member] |
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Lease agreement expire period |
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3 years
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3 years
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Collaborative obligations amount |
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$ 2,550,000
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Collaborative obligations amount due |
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$ 892,500
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In 2016 [Member] | Finance Lease Obligations [Member] | ING Asset Finance Belgium S.A. [Member] |
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Maturity date |
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May 31, 2031
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May 31, 2031
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Amount payable |
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$ 635,130
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Purchase price for the property | € |
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1,120,000
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In 2010 [Member] | Walloon Region Government [Member] |
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Amount payable |
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$ 102,473
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Grant receivable | € |
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1,050,000
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Repayment of grants | € |
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314,406
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Terms of agreement description |
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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 equal to twice the amount of funding received.
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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 equal to twice the amount of funding received.
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In 2015 [Member] | DKFZ [Member] | Research Sponsorship Agreement [Member] |
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Lease agreement expire period |
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3 years
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3 years
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Collaborative obligations amount | € |
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€ 338,984
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Collaborative obligations amount due |
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$ 87,928
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May 1, 2019 [Member] | Collaborative Arrangement, Co-promotion [Member] |
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Collaborative obligations amount due |
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$ 160,000
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Research collaboration agreement description |
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the Company entered into a research collaboration agreement with the University of Taiwan for a 2-year period to collect a total of 1,200 samples for a cost to the Company of up to $320,000 payable over such period
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the Company entered into a research collaboration agreement with the University of Taiwan for a 2-year period to collect a total of 1,200 samples for a cost to the Company of up to $320,000 payable over such period
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